MONEY MARKET.
STOCK EXCHANGE, FRIDAY AFTERNOON.
The extreme pressure upon the Money Market was considerably relieved in the early part of the week ; and although money was still in demand in the commercial world, the continued investments in the Funds had rendered it vet plentifal in the Stock Exchange. As a natural consequence of this 1. things, the prices of the public Securities were, and would doubtless have gone on improving, but for the depression which occurred in the French Funds on Tuesday in Paris, occasioned by the tone of the French Government in its dispute with the Swiss Cantons. When this became known here, yesterday morning, the Consol Market gave way about a per cent., and has not as yet shown any symptoms of rallying. I id. Exchequer Bills were also done at Is. discount, and have not improved to-day. The rate of discount still continues at 5 per cent. ; and accommodation is eagerly sought by the holders of acceptances of the most eminent houses at that rate. As yet, the pressure for money does not seem to have reached the stockholder ; for although some extensive sales of Stock have occurred, they have been for time, and no large delivery of Stock has as yet taken place. On the contrary, the investments by small capitalists seem to be sufficient to clear the market ; and stock is so scarce that the jobbers sometimes find a difficulty in supplying the demand. If, however, the Scotch Banks should deliver the amount of stock sold by them for the next settling-day, (the 13th,) there can be no doubt that the supply thus afforded will completely alter the state of the market, and give more vigour to the operations of the speculators for a fall. The approaching issue of money for the payment of the October Dividends will place the Bank Directors in a state of some embarrassment, as the amount thus added to the circulation will go far to undo what they have been labouring to accomplish for some time ; and it is the general opinion that they will be driven to counteract its effect by the sale of Exchequer Bills,—a proceeding which the languid state of the market for those securities will render difficult if attempted to any extent. In the Foreign Market, all descriptions of the cur rent.Bonds have been improving. The European Continental Stocks are all higher. In the Dutch Two-and-a-Half per Cents. some considerable purchases have occurred ; one broker alone having bought stock to the extent of 3,000,000 guilders (250,0001.) during the last few days. The stock has consequently risen about 3 per cent. ; and although it underwent a slight reaction yesterday, the price has been well. maintained to day.
Spanish Stock has been as high as 28, but has again suddenly receded more than 2 per cent. This rise has been occasioned by the belief that some arrangement will be made, by which the Dividends due on the 1st November next on the Active Stock will be paid : but it would appear from the prices of the Bonds in the markets of Paris and Holland, that this belief is confined to the Bondholders in London, where the Bonds have risen, while they have been falling in every other market. Portuguese Stock, in the absence of intelligence from Lisbon, has continued steady. There is a continued disposition for investment manifested in this stock, and it has consequently become scarce : the market is, however, kept down by the speculators who sell " time" on every improvement. The South American Stocks are rather firmer ; but the business in them has been unimportant. Some inquiry has occurred for the cheaper varieties of Railway Shares ; the others are quite neglected.
SATURDAY, TWEY.VE O'CLOCK.
The Consol Market iv lower this morning, the price for Money and Account being 88a sellers. Exchequer Bills are at the same quotations as yesterday. Money still continues very scarce. In the Foreign Market, the European Stocks are heavier, in consequence of the fall of Consols. Some disposition to sell Russian Stock has been manifested, and this Stock is quoted from 1 to 2 per cent. lower. Dutch Stock is also lower. Spanish Stock has fallen I per cent, from the closing price of yesterday,—the probability of the payment of the next dividend not being estimated so highly as it was a few days ago. The Active
Stock is 254, the Deferred 10i 4 , and the Passive 7i The Portuguese Bonds are also depressed ; but, in the absence of the expected intelligence from Lisbon, the transactions of the morning in these Bonds have not been important. SATURDAY. Form o'cr.onr.
The Consol Market closes higher than in the morning; but not any transec tion of importance has occurred during the afternoon. Exchequer Bills are heavy : the lid. Bills have been done at 2 dis, and close at 2 dia. to par ; while the 24. Bills are quoted at 3s. 5s. prem. In the Foreign Market, Dutch Stock has improved, in consequence of the firmness of the Consol Market. Spanish Active Stock has declined more than 1 per cent, from the opening price ; and after being at 24a, closes at 24i i. This depression is understood to have been occasioned by the refusal of a mercantile house here to accept some bills drawn upon it by the Government at Madrid. Portuguese Stock has not varied materially. Advices have been received to-day from the Candonga Mines to the 1st July last ; from which it appears that the produce of seven days' workings, from the 24th June to the 1st July inclusive, was upwards of 22 pounds weight of gold : the Shares, which were yesterday at i dis., close to-day at 1/. premium.
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