MONEY MARKET.
STOCK ACK ARCM, FRIDAY A VEER NOW/.
The Como! Market has been heavy and money scarce during the week ;
chequer Bills have also declined. The sales which have occurred of the latter Securities have been universally attributed to the desire of the Bank to curtail the amount of its notes now in circulation ; a measure rendered necessary by the continued exportation of the precious metals, which it is alleged is going on both to America and Portugal. We believe that, whatever may have been the demand for gold to both the countries in question, it is very nearly at an end ; and though the cautionary measures of the Hank may have in some slight degree operated to produce the fall in English Securities, we are inclined to refer the depression, particularly in Exchequer Bills, to the large premiums which have been paid, and still continue to he given, by the speculators in Foreign Funds, to enable them to carry over their accounts ; the high interest obtainable in this manner having diverted much of the capital whieh was formerly invested in those Securities from its original channel. India Stock is at 2674 '265; and Bank Stock is rather higher than last week, being quoted at Console foe Account have been 90,1; and after being at 90, close this afternoon at 901 4. In the Foreign lalerket, the principal transactions have been confined to Spanish Cortes Bonds, the market for which has been in an unusually excited state. The impulse given to these Securities by the opening of the Curtes has not been maintained ; but the prices have been depressed by the uncertainty in which the movements of the belligerents have been involved. Nothing yet is known as to the terms upon which the recognition of these Bonds will proceed. Two stories are current here ; one of which is, that two-fifths or 40 per mnt. of the capital of the Bonds, will he converted into a 5 per Cent. Stock, which is to hear interest from the time of conversion ; and the remaining 60 per cent. is to be exchanged for a 5 per Cent. Stock, the interest on which is to be deferred for ten years ; and that the over-due dividends, which will amount to 55 per cent. in November next, are not to be considered in the arrangement. The other version is. that three-fifths or 60 per cent, of the Cortes Debt is to be converted into a 5 per Cent. Stock, bearing interest ; and the remaining 40 per cent, of capital and 55 per Cent, of dividend into a deferted Stock, which is to bear interest at the end of ten years. It is impossible to say which of the two versions (if either) is correct; but having regard to the quarter from which each emanates, we should consider the latter to be the more entitled to credit. The operations of the two parties have been extensive, each acting upon the supposition of the reality of its information ; and as the difference between the two plans is so material, some extensive speculations both for the rise and fill have arisen out of them. The speculators for the fall have hitherto prevailed ; and the Bonds, which in the beginning of the week were at 44, have been today as low as 483 ; and after touching 441, close at de& 3. We had almost forgiaten to state, that according to the first project, the value of the Cortes Bonds would be at present from 40 to 41; while if the second should be followed in the recognition, the value is estimated at from 52 to 55. The Portuguese Bonds are lower than they were last week. Advices have been received from Lisbon to time -28th instant, by which it appears that another loan of 1,000,000/. sterling had been negotiated for the purpose vf tedeetning the vitiated paper currency which now forms a great part of the circulation a the country. This measure, although highly advantageous for Portugal, cannot fail to depress for a while the price of her Foreign Debt; and the Bonds of the Regency Loan, which were on Tuesday at Sol, have been to-day at 64, and close at 84% Accounts have recently been received from Mexico, by which it appears that the country is in a very disturbed state. A large quantity of dollars, upwards of 2,000,000, was delayed in the city of Mexico, for want of a proper escort to convey it to the coast. The price of Bonds is of course lower under these circumstances, being 40i. Late accounts have also been received from Colombia. No progress had yet been made in the apportiontuent of the Foreign Debt ; the Cemmissioner from the State of the Equator not having yet arrived. The continued delay thus arising in the arrangement of this question, has depressed the Stock, which is now 291 :30.
The business in the other Foreign Stocks has been unimportant ; but they have generally shared in the heaviness of the English Market.
SATURDAY, TWELVE. &emelt. The only transactions which have occurred have been in Spanish Stock, which has 'fluctuated considerably : the opening price was 441, butsome large purchases soon caused an improvement to 44; ; after declining to 443, the price again improved, and is now nearly at the highest quotation, viz. 45146. We are still in uncertainty as to the terms to be offered to the Cortes Band. holders, but believe that the proposition to reduce the debt to three-fifths is the one at present likely to be resorted to by the Government. The letters from Madrid to the 80th ultimo, which have been received this morning, do not allude to the other plan. The Portuguese Bonds are higher, in consequence of the improvement in the Spanish Market.
SATURDAY. FOUR O'CLOCK.
Consols for Account have been as high as 90,1, and close at 904 :. The Spanish Market has continued to improve during the afternoon, but closes I per cent. below the highest prices. Nothing certain is yet known as to the terms of conversion ; but the two rumours referred to yesterday are still the subject of discussion.
3 per Cent. Consols 90: # Dutch 21 per Cents. 511 Ditto for Aceeunt 9..); 4 French 3 per Cents —
New 34 per Cent. Annuities 98k Greek, 1833.5 per Cents. . — Bank Stuck — Mexican 6 per Cents 40 41 India Sleek. ex. die. — Portuguese 5 per Cents 85 Es:dimmer hills 40 41 pr. Pe. Regency Serip,5per cent 85
Belgian 5 per Cent • 0:i Prussian.1418, 5 per Cent... — Btazilian 5 per ('cuts 77: 81 Russian, l••2. 5 per Cent... 105t 61. Danish:3 per Cents 711 75k Spanish, 1.21, 5 per Cent... 461 1
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