hl 0.NET MARKET.

STOCK EXCHANGE, FRIDAY AFTERNOON.

The English Funds have been heavy for the last few days, in the almost total absence of any business; and the appearance is still gloomy, the quotations today being nearly 1 per cent below those of last week. It is difficult to account for this depression, except upon the supposition that the speculation in Railway Shares has begun to operate prejudicially upon the money-market by causing &de- mand for capital. The fears that have been occasionally expressed by the far-sighted seem now to become more general, and there is at present scarcely any one Re- painted with business who does not participate in the belief that a pecuniary crisis must be the inevitable consequence of the Railway speculations now in progress. So extensive is this belief, that it was anticipated that, at their weekly meeting yesterday, the Bank Directors would raise the rate of discount to 3 per cents one means of making money more valuable and checking the spirit of specula- tion. The day passed over without the issue of any notice to that effect, and the alarm occasioned by the report subsided. During its prevalence, however, both the Funds and the Railway Shares, especially the newer and more speculative varieties of the latter, declined; and though there is in many cases a better feeling today, there is no general improvement in prices. Notwithstanding the immense varieties of schemes now in the market, others are continually brought forward. Among the most recent are those of a Railway from Birmingham to Brighton, one from Liverpool to Leeds, and the South Union or Manchester and Potteries direct line. The Birmingham and Brighton is yet in embryo; but, though there has not been any allotment of Shares in either of the other two lines, the South Union have been done at more than 4/. per Share pre- mium, and the Leeds and Liverpool are quoted 6/.. to Si. There is already a rail- way communication, in the one instance by the Leeds and Manchester Railway, and in the other, in addition to the reticulation of railways round Manchester, there are two competing lines, in the two Direct Manchester and London Railways now in existence • but still the Shares command the premium stated. The Committee of the Stock Exchange have issued a notice recommending it to the members to abstain from buying or selling Shares the Scrip of which 43 not been issued. They have already discountenanced this proceeding as much as possible by refusing to allow bargains in such Shares to be quoted in the Official List; and although they have no power to enforce their recommendation, this expression of opinion will tend to check the practice. There is little doubt that but for the fictitious value given to certain Shares before the period of the issue of the Scrip, very many schemes now flourishing would never have had more than a brief existence. We could name many the Shares of which were totally neglected upon their first issue, and the major part of them repudiated by those who had applied for them; but when the concocters of the scheme, by purchasing the few that were then actually paid u.pon, had got the shares to a premium in the market, a new allotment of the forfeited shares to another set of speculators has taken place, and the hope of the premium has thus induced the payment of the deposits in many a scheme which had no other recommendation. The correspondence connected with the Country Share business has become HO extensive, that it is impossible for brokers here to read their letters before the commencement of business, or to despatch their correspondence between the usual hour of closing the Stock Exchange and that of post. It is consequently in contemplation to snake a further curtailment of the hours of business, and, though the establishment will continue open from ten till four o'clock, not to allow the registration in the Official List of any bargain effected before eleven or after three. The effect of this regulation (if adopted) will be to restrict the hours for bargaining between the periods mentioned. At the beginning of the week, the various Foreign Shares were in &!reat de- mand; and it seemed of small consequence to the speculators where the railway was situated—the only anxiety seemed to be to bay. All Dutch, Belgian, and French Shares, were consequently in demand at advanced prices, especially those of the Companies now tinned for the completion of the Great Northern French line; which stood in respect of premium in the following order—Lafitte, Resume], Decan and Le Bceuf, Pepin le Halleur. The Shares of the constituted line or in the amalgamated Company were also sold at 141 premium. With the fall of the English Shares, however, the various Foreign ones evinced symptoms of decline; and the prices would no doubt have gone back more considerably, but that the purchasers of the Shares in the constituted Company on French account gave a sup- port to the market; which, after being heavy for two days, is firmer this afternoon. A rise of nearly 10s. per share has occurred today in the Great Luxemburg, in consequence of the Company's having obtained from the Belgian Government the "concession " of a district which, by uniting them with the existing Belgian railways, will bring them in ;connexion with Brussels, and thence of course with Antwerp and the sea. The success that attended the formation of the Companies of Decan and Le Boeuf and Pepin he Haneur, has led to the formation of two new Companies; one that of Aymard, to bid for the Paris and Strasburg line; and another by Decan and Le Bcenf, to compete for that from Paris to Lyons. The Companies of Decan and Pepin le Bellew, although formed only just before the period fixed for the competition of the Great Northern line of France, yet compelled the previously associated Companies, Rommel's and Lafitte's, to admit them into the union, as the only means of preventing a ruinous competition. The two new Companies about to be formed will doubtless follow the same course, and compel their admission to the association of existing Companies for securing the Pans and Strasburg and Paris and Lyons lines.

The books of the various Stocks, Dividends upon which become due in October, have closed, and will reopen as under.

Bank Stock Tuesday 2d September Thursday 6th October.

Three-and-a-quarter per Cents Thursday 9th September Tuesday 21st October. Three per Cent Reduced Wednesday 3d September Wednesday 22d October- Long Annuities Wednesday 3d September Tuesday 21st October.

Annuities 1859 Wednesday 3d September Tuesday 21st October. Old South Sea Annuities Wednesday 3d September Thursday 16th Octobei.

SATURDAY, TWELVE O'CLOCK.

There is no change of importance either in the English or Foreign Funds. The Share-market has recovered the shock occasioned by the alarm of Thursday, and though no material advance has occurred in prices, is firmer at the current quota- tions. We have to notice the occurrence of the following bargains. Direct Northern, 31; Manchester and Leeds, 221; Midland, New, 251; Dutch Rhenish, 91 /I; Luxemburg, 3; Dublin and Belfast, 91; Eastern Counties, 201; Eastern Union Extension, 81; Grand Union, 21; South-western Extension, 181 1; Great Western, 170; Leicester and Birminghlim,3 prem.; Leicester and Bedford, ; London and York, 61; London and Windsor, 21; Manchester and Leeds, 221; Manchester and Birmingham, 80; North Kent and Dover Direct, 41 1; North Staffordshire' 5; North Wales, 41; Oxford and Worcester, 101; South-eastern and Dover, 4811 1; Ditto, New, No. 1, 231; Ditto, Ditto, No. 2, 18 17i; Pitt., Ditto, No. 3, 91 SATURDAY, TWO O'CLOCK. The English Funds close 1 per cent lower than in the morning; the effect of some sales of Stock for Money. The Foreign Funds are without material change. The business in Railway Shares both Foreign and English, has been general and extensive; prices being rather firmer. We have to notice the following additional bargains: Aberdeen, 41; .Annagh, Portrush, and Coleraine, 21 ; Birmingham and Gloucester, 132/ 31; Birmingham and Oxford, 51; Caledonian, 111 &; Ditto, Extension, 31 1 1; Cambridge and Lincoln, 41; Ditto, New, 41; Cheltenham and Oxford, 9*; Cork and Waterford, 21 1; Cornwall, 81; Ely and Bedford, 41; Great North of England, New, 54; Birmingham, 223; Cro don,

26 1 1; Ditto, New, premium; and York, 61; Newcastle and

ton Junction, 434; Newry and Enniskillen, 34; Newark and Sheffield, 64; North British, 284; Preston and Wyre, 454 6; South Midland, 7; South Wales, 6 54; Trent Valley Union, 194 19; Waterford and Kilkenny, si; Waterford, Wexford, Wicklow, and Dublin, 24; Worcester, Shrewsbury, and Crewe Union, 44; York and Carlisle, 54; York and North Midland, 110; York and North Midland, Half-shares, 54 54; York, North Midland, and Selby, 78/ 94; Ditto, Ditto, Extension, 254 64; Great North of France, (Lafitte's,) 6/ 4; Great North of France, (Rosamers,) 34 4; Great Paris and Lyons, 24; Louvain and Jemappe, 54; Lyons and Avignon, 24; Namur, and Liege, 64; Orleans and Vierzon, 22; Orleans, Tours, and Bordeaux, 144; Paris and Lyons, (Laffitte's,) 84; Paris and Lyons, (Ganneron's,) 24; Paris and Lyons, (Calon's,) 244; Paris and Orleans, 504; Paris and Rouen, 43; Paris and Strasburg, (Ganneron's,) 24 3; Paris and Strasburg, (Hainguerlot's,) 24; Sambre and klense, 84 4; Tours and Nantes, 3; East Indian, 144; Dendre Valley, 244; Luxemburg, 34.

3 per Cent Consols .... - -

Ditto for Account

3 per Cent Reduced 34 per Cents Long Annuities Bank Stock for Account: Exchequer Bills prem.

India Stock Brazilian 5 per Cents Belgian 44 per Cents

Chill= 6 per Cents 984 4 924 4 shut shut 114 4 shut 45 7 276 4 89 90 100 1 102 4

Columbian ex Venezuela...

Danish 3 per Cents Dutch 24 per Cents Ditto 4 per Cents Mexican 5 per Cents Ditto Deferred Portuguese New 5 p. Cts.1841 Ditto 4 per Cents 1845 Russian 5 per Cents Spanish (Active) 5 per Cents Ditto 3 Cents 1842 184 89 91 631 1004 32' 31 164 174 64 5 634 44 117 119 274 4 384 4