The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1835-06-02 00:00:00

LONDON LATEST NEWS.

City, Saturday Evening, Half-past Seven o'clock.
is iippossible to convey an adequate idea of the state of the
money market here in consequence of the enormous speculation
and recent-great depreciation in, the. Spanish and other foreign
bonds. Fridaywas.the period appointed for the settlement of
the foreign itccqunt, and since Wednesday the attempts' of the
brokers to prepare for the adjustment has produced the greatest
confusion. On Thursday such-was the state of excitement that
the jobbers closed their books, refusing, for two hours, to downy
businesi whatever, and the -market at Ow close exhibited the
greatest agitation. On the following -day all attempts to ar-
range the account proved fruitless, the jobbers refusing to take
the cheques of the brokers for the bondsltheybad to deliver; de-
manding money, which the latter could not obtain without pre-
viously furnishing their principals with those bonds for which
they could only be paid when they had them to deliver. In this
state of things failure after failure ensued, and the " time bar-
gaio,:husiness,- as the gambling for the account is termed, hai'
received a coup.degrace.- "Up to the close of the market this
afternoon the accounts have not been adjusted, a. standing com-
mittee having been appointed to attempt the further liquidation
of the outstanding. ones on Monday and Tuesday. All sorts of
compromises hive taken plaCe, 10s., 75., and 4s. in the pound
have been accepted, and the brokers hate been very severe
losers by the failure of parties out of the stock exchange to pay
them their differences, and which, as the transactions are ille-
gal, they have no means of recovering or compelling. Money
was so scarce yesterday in consequence of the bankers and ca-
pitalists refusing to advance it on any stock, refusing even Ex-
chequer bills, India bonds, and Dutch stock (reckoned the most
stable of our foreign securities,) that a sale of Exchequer bills,
which had been done at 16 prem., was made at par, another at
5 prem. In this state of the market the Bank of England:
issued its notice (earlier than customary) that they were
willing to make their quarterly advances on Exchequer
bills, India •bonds-, and other " approved securities" at the
usual rate, in sums of- not less than two thousand pounds.
Although under the head of "approved securities" none of the
foreign stock pressing on the market was included, yet it had
the effect of making money rather more abundant, and Ex-
chequer bills ranged from 13 to 18 prem. India bonds, which
had fallen to par, rose to 3 preen, and the consol market rallied
a little. The committee of the Stock Exchange fixed the
" making-up price" of Spanish at 50, and the scrip, at 5. Con-
sols to-day have rallied to 911 for account. and 91 for money,
but all the foreign securities are entirely nominal. This is the
severest blow the Stock Exchange has ever had—far exceeding
1825-6. Some idea of the ruin may be formed when we state,
that in the space of fourteen days Spanish bonds have fallen from
67i to 50, the scrip. from 7 prem. to 5 discount, Portuguese
from 1011 to 92, Chilian from 54 to about 46, Colombian from
461 to 37, and Mexican from 47 to 37. The market closed this
afternoon in the greatest disorder.