The Sun.
London, England, 1848-07-31 00:00:00

MONETARY
_INTELLIGENCE,

REVIEW OF THE MONEY MARKET FOR THE
MONTH OF JULY, 1848.

The symptoms of revival, which had begun to show
themselves during the past month, have become more
palpable and apparent during the progress of the pre-
sent. As far as the mere market for capital is
concerned, there have been few periods when the
wants of borrowers on reasonable security have
been more readily met or met on lower terms.
This facility of the rates of interest has in
reality become a subject of remark, and there is
again the old complaints that money cannot find a secure
and adequate outlet. If the monthly drafts, kept up by
the railways, should be put an end to, we must suppose
that these complaints would assail us with increased
vehemence, and from a greater variety of quarters. The
average amount of the railway calls for the last three or
four months has been within a trifle as large as it was
last year. The country, in fact, is sustaining
an expenditure of more than thirty millions a
year. The existence of so immense a source
of demand, and the prevalence of a rate
of interest, not much beyond 2 per cent., may reasonably
suggest a doubt of the solidity of the outcry raised
against the railway expenditure of 1847. We have al-
ways admitted, in these pages, that, carried beyond a
certain point, the railway calls would be simply impos-
sible. The entire difficulty turns upon this certain point,
and we suspect that by this time most practical people
are agreed that neither during the last year nor the pre-
sent, looking at the question free from extraneous com-
plications, has this extreme limit been ever attained.
A history of the Consol market during the month
would be an exceedingly chequered narrative. Starting
at 83 to 84, the price was run up to 89 by the aid of
fine weather, improved trade, and the payment of the
dividends. At the time we write the quotations are
down to 85, and the alleged reasons are the
prospect of an Irish rebellion, the continuance of wet
weather, and, we dare say, the example of a few leading
men who have suddenly become " bears." The railway
share niaket has sympathised very closely—but in a
manner less diversified by excitement and extremes—
with the condition of the public funds.
Immediately subsequent to the events of February, we
inserted a short comparative table of the prices of the
leading foreign funds before and subsequent to that
cycle of extraordinary occurrences. The following
figures will enable us to form an opinion as to how far
the violent depreciation of property then incurred has
been removed by restoration of confidence.
18th February, 24th March, 21st July,
1816. 1642. MS.
Dutch 2i per Cents
Dutch 4 per Cent. Certificates 85i 61 ... 72
Russian Bonds, 5 per Cents lll ... 87 ... 100
Belgian Bonds, 4i per Cents 9O ... 58 ... 71
French Rentes, 5 per Cents.
French Rentes, 3 per Cents.
Bank of France Shares
The securities of the French Government stand in by
far the worst position in this list, nor is it likely that
this position will be improved by the present financial
dilemma of the Republican Government. The original
loan of 50,000,000 of francs by the Bank of France in
March last, was recently extended to 150,000,000
of francs. Even this respectable sum is now ex-
hausted, and the Minister of Finance has, during
the last few days, obtained the consent of the
Assembly to a project for a new loan, by the crea-
tion of five per cent. rentes equal to an annual
chargehe poufb lt,hoooor
af rt ae nocfs .
75f.TThese rentesfo r
evear rye
fit obe sold
to tat
v francse
of rents. supposing the whole of the rentes to be disposed
of at this sate, the result would be that a gross loan of