MONEY MARKET.
STOCK EXCHANGE, FRIDAY AFTERNOON.
The English Funds have been rather more buoyant, and the market has during the week evinced a greater degree of activity than has for some time been observable. In the course of Wednesday, the price of Consols reached 961 both for Money and Account. This quotation was maintained during
intelligence of the war in Caffraria, closing this afternoon at 961 . The the early part of yesterday ; but the market gave way upon the receipt of the
improvement in prices has been produced by the investments of e Go- vernment Broker on account of the Sinking-fund and of others on private account. Fears are entertained that the reduction of taxes imposed upon the Ministers will absorb all surplus revenue. But against this it is argued, that the investments on account of the Sinking-fund must continue until the 10th October, and it is believed that a surplus may arise from increase of revenue even should no specific sum be specially set apart for the reduction of the Debt. The rate of interest for money is rather lower in the Stock Exchange, though that of discount may be considered unaltered. The rates of exchange upon Paris, Hamburg, and Holland, are all slightly lower. The tone of the Foreign Market is better than it was last week ; almost all the Stocks usually current being at improved prices. Russian Four-and-a- half per Cent Stock is firm at an advance of fromi to 1 per cent; the market having been cleared of the superiucumbent weight of Stock by several pur- chases for investment. A large transaction occurred today in Dutch Two-and- a-half per Cents, at 58/ and 58f. Peruvian Stock continues to advance; the quotation of the Active Bonds being today as high as 84, while the Deferred have advanced to 38. This improvement has been occasioned by the continued arrivals of cargoes of guano, by the sale of which a large sum has accumulated for the payment of the dividends of 1862; those for the current year being, it is understood, provided for. Mexican Stock has also risen, and has today reached 34f. Spanish Active Stock is without material change ; though the market today is rather firmer, in consequence of the receipt of despatches from Madrid of a favourable character as regards the claims of the bond- holders for an increase of the terms proposed by the Spanish Government for the conversion of the overdue Coupons of the Active Debt. The speculation in Railway Shares still continues. The more important lines have been steady, and the stream of speculation has set in towards those of minor magnitude, which from their not having paid any dividends had been almost in abeyance. The traffic of the last half-year has afforded a small dividend upon some of these Shares; and speculation has given them a value in the market infinitely beyond their worth as present investments, or indeed beyond any increase in value that can be reasonably anticipated from augmented traffic. Of the larger portion of Shares it may be truly said, that with reference to the dividends now paid they are dearer than during the mania of 1845. It remains to be seen whether the expectations of immense receipts forthcoming during the current year will be realized to the extent ne- cessary to _justify the great recent rise in prices. But it should not be forgotten that a majority of the lines are now charged with a heavy preference debt, bearing interest at from 6 to 7 per cent ; whereas in 1845 the comparatively small amount raised upon mortgage only bore an interest of from 31 to 5 per cent. The public, however, seem determined to find another El Dorado in the Share Market, and the cry of "caveat °raptor 1" even if uttered by a Solon or a Solomon, will be beard in vain.
SATURDAY TWELVE O'CLOCK.
The English Funds opened at the closing quotations of yesterday, and the market has continued steady at the opening prices, with but few transac- tions. The Foreign Funds are generally firm at the nominal quotations of yesterday. Some activity and disposition to business is apparent in Spanish Stock, which is firm at yesterday's prices, the Active being 201 1 and the Three per Cents 371 81. The Railway Share Market is in a state of compa- rative calm, without any material change in prices, but apparently a down- ward tendency. The following are the principal transactions—Aberdeen, 14 16; Caledonian, 14; East Anglian, 41; Eastern Counties, 7k ; East Lancaahire, 17a ; Blackwell, 81 ; North-western, 131; Ditto Quarter-shares, 23; Midland, 641 ; Ditto 501. Shares, 211, South-eastern, 271 ; York and North Midland, 264.
3 per Cent Consols Ditto for Account 3 per Cent Reduced 34 per Cents Long Annuities Bank Stock 964 961 97 i 99 74 i shut Danish 3 per Cents Dutch 24 per Cents Ditto 4 per Cents Mexican 5 per Cents 1846
Peruvian 6 per Cents
Portuguese 4 per Cents 1842 78 80 58 9 91 92 34 } 83 4 33 Exchequer Bills 49 52 pm. Portuguese 5 per Cents 1824. 88 90 India Stock shut Russian 5 per Cents 110 12 Brazilian 5 per Cents 924 Ditto 441 per Cents 97 i Belgian 44 per Cents
91 3
Spanish (Active) 5 per Cents.
21 f
Chilian 6 per Cents 105 7 Ditto 3 per Cents 1842 37 84 Danish 5 per Cents 100 101 Venezuela 30 2
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