MONEY MARKET.

STOCK EXCHANGE, FR1DAT AFTERNOON.

The competition for the Loan of 8,000,0001. took place on Monday, according to previous notice. Messrs. Barings and Messrs. Rothschilds coalesced; their offers were similar, viz. 891* ; and they were declared the contractors at that price. It has been already stated that the Loan is in Three per Cent Consols, and that the bidding was to state at what price per cent the contractors were willing to purchase that description of Stock of the Government. It has been usual for the competitors to tender for the amount of Stock they are willing to purchase with 1001. money; and the tender naming the lowest amount of Stock is consequently accepted. The total amount of Stock created by this operation is 8,938,548L Three per Cent Consols; the annual charge for the dividend is 268,1561. 8s. 10d.; and the amount is raised at the annual interest of 31. 7s. per cent. We have al- ready mentioned an expectation that the Loan would have been in Three-and-a- half per Cent Stock; and it is not doubted that if a sufficient term of years had been guaranteed during which it should have been irreducible, the Minis- ter might have sold Three-and-a-half per Cent Stock at par. When the price of Three per Cent Consols is 891*, a Three-and-a-half per Cent Stock, irreducible for thirty-nine years, is worth 100 per cent.

The value being compounded of that of 1001. Three per Cent. £.

a. d.

Consols 89

10 0

And the value of an annuity of 10s. per annum, for thirty-nine

years; which, reckoning interest at 3a per cent, is worth

10 11 8

100 1 8 As, however, Three-and-a-half per Cent Stock is not so current an article in the money-market as Three per Cent Consols, the Ministers must have given some bonus to induce the public to take the Loan in the former description of Stock: if he had announced his intention of making a loan in Three-and-a-half per Cent Stock at par, taken the biddings in the number of years for which the Stock should be guaranteed against reduction, and extended that guarantee to fifty years, the value of the Stock would have been raised to 1011: there could consequently have been no difficulty in disposing of 8,000,0001. of this description at par. Thus an addition of nearly 1,000,0001. to the capital of the debt would have been avoided; and by providing that the interest of the new Stock should at maturity be absolutely reduced to Three per Cent, a future saving of 40,0001. would then be effected in the annual charge. At the opening of the market on Monday, the Scrip was at 2 premium; but it

has since been gradually declining, and has been today as low as premium. Consols have also declined nearly 1 per cent; the price for Money having been as low as 896, while for Account the quotation has fallen to 90; the market closing heavily, and without any symptom of reaction. This is the last day fixed for the exchange of the Exchequer Bills which arrive at maturity in March. The recent increase of interest to 2d. per diem has not given them any increased firmness. In the early part of the week, a large sale occurred, and the price declined to 2s. discount, but subsequently fluctuated between 3s. and 6s. The decided change in the appearance of the market is chiefly ettril ntable to the demand for money for the completion of the railways; many of the principal Railway Companies being now in the market as borrowers at 5 per cent; and as long as such an interest CUR be obtained, capital will be attracted to the best market.

Scarcely any business has occurred in the Foreign Funds. The Northern European and better class of Stocks are higher, while the Portuguese and Spanish have declined.

Most of the Railway Shares have been supported at or near the quotations of last week; the evident tendency to improvement being checked by the heaviness of the English Funds. Scarcely any transactions have occurred in the French Shares; which till today, were generally well supported at the quotations of last week; but with the decline of the English they have given way, and the closing

SATURDAY, TWELVE O'CLOCK.

Advices from St. Petersburg received this morning bring intelligence of a de- cline in the exchange of nearly 7 per cent,—viz. from 41d per rouble to 38d. As this decline, if continuous, will put an end to all shipments of bullion to Russia, the knowledge of its occurrence produced a momentary effect upon prices. Consols for Account were first done at 89/, and afterwards at 90. The price has, how- ever, again given way; and is now quoted at 891 fi. The Scrip of the new Loan is premium. The premium of Exchequer Bills is michanged-3s. to 6s. In the Foreign Market, the only variation is in Spanish Stock; both varieties of which are lower. The business in Railway Shares has been of a very general character; and upon the whole prices are not quite so well supported as yester- day. The following are the principal bargains occurring: Ambergate, Notts, and Boston, 21*; Birmingham and Gloucester, 124; Ditto, Wolverhampton and Stour Valley, 6fi; Boston, Stamford, and Birmingham, 4fi ; Caledonian, 261* ; Eastern Counties, 20} 1; Ditto, York Extension, 4fi; East Lancashire, New Scrip, 2fi ; East Lincolnshire, 7fi; Edinburgh and Glasgow, Half-shares, 20fi; Great Northern, (London and York Registered,) 2fi; Great Western, Fifth-shares, 27%; Lancaster and Carlisle, New, 10fi ; Brighton, 54; Ditto, Consolidated Eighths, 13fi ; South-western, 64; Manchester and Southampton, 1; Newcastle and Berwick, 341 5fi; North British, Quarter-shares, 4a a; Ditto, Ditto, One-third-shares, 31; North Staffordshire, 8; Shrewsbury and Birmingham, A, 38fi 4a; Shropshire Union, fi; South-eastern and Dover, 37f,; West Riding Union 11 A; York and

Newcastle 36fi ; Ditto, Ditto, New, 161; York and North Midland, 86fi ; Ditto, East and Vest Riding Extension, 221*. quotations are from 5s. to 10.1. per share lower.

SATURDAY, Two o'CLOcx. The English Stocks have declined considerably since the morning: at one pe- riod Consols for Account were as low as 891*, thus marking a decline of* per cent from the highest quotation of the day. A large purchaser has since made his ap- pearance, and the quotation advanced to 891. A downward movement however again occurred, and the closing quotation is 89i for Money, and 89fi a for Ac- count. The scrip of the new loan has fluctuated between f and >i premium and closes at f f premium. The premium of Exchequer Bills is 3s. to 6s. The trans-

, actions in the Foreign Market have not been important; the few bargains occur- ing however indicate rather lower prices. The Railway Share-market has been in an active state; as will be seen by the following list of transactions since the morning. The general tendency of the operations has been to depress prices, as might have been inferred from the heaviness of the English Funds. The heaviness of this Market today may be attributed to the stoppage of two country banks- nsmely, one at Newcastle and the other at Manchester. These establishments are understood to have made large advances upon Railway Shares.

SATURDAY, TI MM O'CLOCK.

Business has been prolonged to this hour, and since two o'clock the tone of the Market has improved, the last quotation of Consols for Account being 891 I, and of Scrip >l 1 premium. Aberdeen, 284 8; Ambergate, Notts, and Boston, 2+; Bristol and Exeter, New, 12; Caledonian, 26f 51 61; Ditto, Half-shares, 21; Eastern Counties, 201; Ditto, York Extension, 4f A; Edinburgh and Glasgow, 77 8; Ditto, Half-shares, 20f 21; Great Western, 117; Ditto, Half-shares, 70; Ditto, Fifth-shares, 27f 63; London and North-western, 183 4 2 3; Ditto, Quarters, 211 Ditto, Fifths, 18f ; London and Brighton, 544 3 4; London and Blackwell, 71 8; London and South-western, 64 3; Midland, 120; Scottish Central, 22f• 3 2f; South-eastern and Dover, 37 8 ; Boulogne and Amiens, 14; Great Northern of France, Constituted, 12f I; Luxembourg, 24; Namur and Liege, Sf ; Orleans and Bordeaux, 7; Paris and Lyons, Constituted, 74; Tours and Nantes Constituted, 24.

891

69129#

1 921 204 5 36 shut 85 7 95 6 40 2 93 5 BANK OP ENGLAND.

An Account, pursuant to the Act 7th and 8th Victoria, cap. 32, for the week ending on Saturday the 27th day of Feb. 1817.

Notes issued 595,319,620 Government Debt tH,oism* ISSUE DEPARTUBST •

Other Securities 2.9'1.900 Gold Coin and Bullion 9,801428

Silver Bullion 1,548392

523.319,920 525,349.820 RANKING DEPARTMENT.

Proprietors. Capital 514,553,000 Government Securities, On-

Rest 3,&99,220 eluding Dead Weigh tannuitylK11,990,079 Public Deposits' 6,928,187 Other Securities 16519,118 Otber Deposits 9,7.21,695 Notes 4,016,195

Seven Day and other Bills ... 811.634 Gold and Silver Coin 495,114

534,621,036 531,521.031

• Including Exchequer, Savings Banks, Commissioners of National Debt& Dividend Accounts.

3 per Cent Consols Ditto for Account 3 per Cent Reduced

II per Cents

Long Annuities

Bane Stock

Exchequer Bills prem.

India Stock Brazilian 5 per Cents Belgian 41 per Cents Buenos Ayres 6 per Cent Milan 6 per Cents Danish 3 per Cents 88 90

Dutch 21 per Cents 58I 9

Ditto 4 per Cents 921 1 Mexican 5 per Cents. • .1846 211 221 New Grenada 19 20 Portuguese New 5 p. Cts.1841 33 4 Peruvian 38 40 Russian 5 per Cents ex city 109 111

Spanish (Active) 5 per Cents 221 1 Ditto 3 per Cents 1842 331 4 Venezuela 38 40