MONEY MARKET.
STOCK EXCHANGE, FEIDAY AFTERNOON.
The buoyancy of our Money-market has been affected by the depression of the Funds in France under the threat of a Ministerial crisis; but that effect has not been of long duration. Consols for Account fell about 1 per cent on Monday and Tuesday, declining to 100*. Prices have since gradually recovered; the quotation of this afternoon being lool }, or within * per cent of the highest recent price. The business of the week has been unimportant. The Three-and-a-. quarterper Cents have, however, gained upon the other descriptions of Stock in price, being quoted at 104; while Reduced Three per Cents are at 1001.: thus marking a difference in value of 311 per cent, of which 1 per cent is the estimate put upon the guarantee against the reduction of the interest below 3 per cent until after 1854. Bank Stock continues to improve, and is quoted at 212; while India Stock has advanced more than 1 per cent, and is at 288. Money has been more in demand during the last week than it has been for some time past, and is in demand for loans on the security of English Stock at 3 per cent. The demand has been entirely confined to the 'Stock F.xchange; the rate of commercial discount being unaltered.
The settlement of the Foreign Stock Account occurred on Tuesday, and rates of interest varying from 4 to 10 per cent were paid for loans upon Foreign Bonds and Railway Shares. The transactions of the week in Foreign Stock have been very unimportant. The Dutch Two-and-a-half per Cents, Portuguese Converted Bonds, and Spanish Three per Cents, are now quoted without the dividend. Spanish Five per Cent Active Stock experienced a decline; and after being at 28* it fell to 271, rallied again, and for the last day or two has been steady a little above that quotation, with but few bargains. Buenos Ayres. Bonds continue to rise; and the South American Bonds generally are without much variation. Mexican Stock is also nearly the same. The attention of the speculators has been mainly attracted to Railway Shares; of which most of the old lines and some of the new ones are advancing; especially the Great Western, which are quoted today at 157, being higher than the have ever reached before. Indeed, the speculation has so matenally in
that unless it speedily receive a check, it cannot fail to produce a monetary crisis. Some idea may be formed of the extent to which it is carried, when we state that the Shares of the Great Northern Railway of France, which only made their appearance in the market on Monday, have been largely purchased at 2 prin. on the mere chance that the Company in question may be successful in obtaining a lease of the line, though nothing has yet been done by. which the slightest idea can be formed as to whether the projectors may ever be in a condition to construct the railway. There are 300,000 shares in this undertaking. Another instance may be furnished by the South-western New Shares. When the Directors of the South-western Company obtained the sanction of their proprietary to the gigantic scheme which aimed at giving the Company the monopolies( the sailway-traffic throughout nearly the whole of South-western England, they issued new sham in order to raise the necessary capital: those shares immediately rose to 8 prem. The recently gazetted decision of the Board of Trade, who decline to recommend Parliament to sanction the subsidiary South-western Railways, has virtually destroyed the new shares. As the capital intended to be raised will not be required, the shares themselves are still current in the market at about 4 prem.; the speculators hoping that some part of the capital may yet be required for the Ilungerford terminus. The decision of the Board of Trade, which relates to several schemes, has indeed been the chief feature of the week; and its effect upon some other railway shares has been most important. Those of the Bristol and Exeter have been affected in the greatest degree. In our last, we noticed the decline of these shares to 66/, in consequence of the threatened competition of the projected line from the South-western Railway to Yeovil: when it became known that this latter was one of the condemned lines, Bristol and Exeter Shares rose immediately, and were yesterday done at 80; thus indicating an improvement of more than 131. per share; they are not quite so high to-day, being 76 to 78. The South-western Shares were slightly affected at first, but have improved again, and are to-day at 77; which is higher than recent prices. The above are the most important results of the decision of the Board of Trade ; which, RS far as we can learn, has caused general satisfaction, and is considered to have been given with the laudable desire of furthering the public convenience and not individual interests. The only grumblers are those speculators whose projects are overthrown. The honourable secrecy with which a decision so important in its results was guarded, so that not a whisper as to what it would be was heard, until publicity was given to it by the Gazette, has been the theme of universal praise.
SATURDAY, TWELVE O'CLOCK.
The English Stock Market is firmer; there have been buyers of Consols for Account at 1001, but the price is now 1001 1.
The only change in the -Foreign Market is in Spanish Bonds, both varieties of which are at an improvement. The reported amalgamation of the two competing lines to York has given an impetus to the hitherto neglected shares of Beanie's line, which have nsen to 1 prem. The other railway transactions have been of a very general character, and the late advance in price has been fully maintained; as will be seen by the following list of bargains actually occurring: Birmingham and Gloucester, 102 ; Brighton, Lewes, and Hastings,21; Bristol and Exeter' 78; Bristol and Gloucester,40; Caledonian, 41; Chester and Holyhead, 5/ ; Eastern Counties, 151; Great North of England, 134; Great Southern and Western, 101; Lancaster and Carlisle, 141; South-western 77; Croydon, 17 161; Newcastle and Darlington, 62* 2; Southeastern and Dover, 41; Ditto, New, 14; York and North Midland, 1051Ditto, New, 52; York, North Midland, and Selby, Scrip, 70* 691; Dublin and belfast, 4; York, 41; Churnet Valley, 41; Orleans and Bordeaux, 71; Paris and Lyons, 31; Boulogne and Amiens, 5. SAVORDAY, Two o'cLocw.
The report of a large increase in the Quarter's Revenue has caused a further
improvement in the English Funds. Consols for Account close at 1001.g. Thus Three-and-a-quarter per Cents have also improved to 100*. Bank Stock is quoted at 212*; and India Stock at 289. In the Foreign Stock Market, Spanish Stock has improved ; both varieties closing at an advance of * per cent. The Railway business has been of the usual extensive character. On a rumour that Rennie's York will be amalgamated with its competitor the Direct York, the shares of the former' from being unsaleable, have risen to A prem. The New Southampton shares have improved to 51. prem. Indeed, the tendency to improvement is still general. Bristol and Exeter, 77; Chester and Holyhead Great ;North of England, 137; Great Western Half-shares, 931; Birmingham, 230: Brighton, 511; Ditto, Loan-notes, 121; South-western, 761; Midland, 11511 161; Newcastle and Darlington 62/ 611; Norwich and Brandon, 14*; Yarmouth and Norwich, 104 5; iastern Union, 111; Cambridge and Lincohi„24 1; Rugby, 11 1; Newcastle and Berwick, 71; New Southampton, Penh and Orleans, 44* 1; Orleans and Bordeaux, 81; Paris and
8 21; Orleans and Vierzon, 11*; Lyons and Avignon, 211.
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