The Press.
London, England, 1853-11-26 00:00:00

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FRIDAY EVENING,
Tni: Money Market this week presents no remark-
able feature. There has been a steady demand for
money during the week for commercial purposes: and
the rate in the Discount Market may fairly be quoted
at to per cent. for tirst-class paper, and 4 to 5
for the ordinary run of mercantile acceptances.
Dming the week, hallimperials, to the amount of
nearly sof loot sterling, have been shipped for St.
Petersburg: mai it is e‘illent that the Russian Omni.
ment are withdrawing their balances from this coun-
try, which at one time amounted to a very consider-
able sum.

tiohl has also been shipped fur France ; and the
la,t arrivals from America brought the exchanges

SATURDAY,

lower, so for the present we fear that our supplies
from that quarter will cease.
The most remarkable feature of the week is that
the scarcity of stock in the Stock Exchange has
diminished; and, instead of a premium being paid
for the loan of Consols, money has been borrowed
on them at 2 per cent., and this in the face of large
purchases being made on account of the Court of
Chancery.
In consequence of these purchases, and rumours
of renewed negotiations in respect of the Eastern
question, having for their object the bringing about
an armistice, Consols have risen to 951; the Beers
have also been closing their accounts; nevertheless
money stock has evidently, on balance, come to mar.
ket—partly o►► account of the increased demand for
money, and partly because the price is now suffi-
ciently high to induce sales on the part of those who
do not like the aspect of politics.
Exchequer Bills are tt to U premium, with a firm
market: the very circumstance of stuck being brought
to market causes temporary investments in Exchequer
Bills, which pay, it is true, less interest, but then
the holders are secured from any loss below par.
We drew attention last week to the probability of
there being an increased demand for money in Paris,
and from the continued drain of bullion from the
Bank of France it is not improbable that the rate of
discount may be raised to 5 per cent. France is also
suffering under the calamity of a bad harvest, and
the outflow of coin may yet be very considerable in
payment for corn. Many timid persons also attach
importance to the reconciliation of the members of
the house of Bourbon, anti whenever anything of a
political intrigue is brewing the lower orders in France
invariably make a practice of hoarding coin.
Taking, therefore, a view of monetary affairs at
home and abroad, we see no reason at present to
hope that the Money Market will be othetwise than
tight, the more especially when we consider that
France, Austria, Russia, and Turkey must all sooner
or later require loans.
Another reason for a tight Money Market is the
high prices of provisions ; and, indeed, of every
article of consumption. This alone will require a
larger amount of capital to carry on the trade of the
country.

The commercial world have received with great satin •
faction the intelligence of the lowering of the duties ( u
coal and iron by the Government of Louis Napolcon :
they consider it as another pledge for the continuance
of that good understanding between England and
France which has already wrought such important
benefits to both countries. There is a rumour that
this move on the part of the French Government
will be met in an equally liberal spirit on this side of
the water, and that one of the measures of the
approaching session will be the lowering the duties
on French wines.

It is also stated that the American Government
are about to lower the duties on iron and other pro
duets of our industry.
These events will, however, cause an inert ascd
employment of capital, and only tend to confiiin six
view we take, that the demand for capital sill be
very active.
The exchanges are without any material alteration
this afternoon. Money has been in demand today,
and nothing under 5 per cent. has been charged
for discount in Lombard-street.

FOREIGN FUNDS.
There has been slight improvement in the foreign
funds during the week. Mexican Stock has risen
about I per cent.; Spanish has also improved. The
death of the Queen of Portugal does not appear to
have affected the value of Portuguese Stock. Peru-
vian Stook is also rather more in demand.

Very few transactions have taken place in Russian
Bonds, which, however, are rather higher than last
week.

South American Stocks remain heavy, owing to
the had faith evinced by their (iovrrnments, especially
that of Venezuela. S otter or later the British Govern-
ment will compel these Governments to be honest.
RAILWAYS.

The market for Railway Shares has been very well
supported throughout the week, and a marked rise
has taken place in the shares of some of the lines.
Lancashire and Yorkshire, Midland, and threat Tor•
them -hares have shown the most marked improve-
ment. Foreign railway shares have also risen,
e,reeially Luxembourg shares, to which we drew atten-
tion last week. Antwerp and Rotterdam shares have
likewise improved, and also Grand Trunk of Camidst,
which were considerably below their value. consider-
ing the nature of their guarantee.

NOVEMBER 26, 1853.