The pilot and transcript. [volume] (Baltimore, Md.) 1840-1841, 1840-11-06
LONDON MONEY MARKET.

TFtdny, CCE. 10, lS4u.
The present state of affairs is generally con-
sdered so singular, that the knowledge of the
most experienced fails in offering any clue to e
events which in course of deVelopement
great caution is thus rendered necessary, and
most persons disposed to abstain from bust
ness altogether, rather than endanger their pro-
perty during the present crisis by any operations
| of magnitude.
| The action Of the Bank OF England upon the
money market for the contraction of the circula-
ton has been severely felt, and to such an ex-
tent is the screw applied, that we scarcely re-
collect a more stringent period than the past
week; every means appear to be resorted to for
increasing the scarcity of money: bills of ex-
change have been rejected when offered for dis
count, while large sales of stock have been
forced for the purpose of absorbing all the avail
able capital.
The condition of the money market has been
| effected more by the adverse state of the ex-
changes than by the prospects of war; the ex-
portation OF gold having now rendered it neces-
sary that some decisive measures should be
taken by the Bank of England for its own pre-
sergation. Various are the opinions as to the
means likely to be used for contracting the cir
culation, and an advance in the rate of discount
or sale of securities advocated as most ef-
fective by different parties, according as their
own advantage directs them. Under all these
sources OF apprehension the full rate of per
ct. has been maintained, both in the Stock Ex-
change and in the discount market, although in
some cases we have heard as much as 10 per
cent. being paid with first class Bills of Ex-
change.
Oct. 19.-In our money market to-day there is
less agitation than we have noticed during the
last fortnight; and the effect of the late measure
adopted by the directors of the Bank of England
appears to work more upon mems minds than
upon their pockets. We hope it will pass over
smoothly.
Oct. 1.-THE Foreign Exchanges Yesterday
showed evident symptoms of the efficacy Of the
measures adopted by the Bank of England to
correct them. There more bills than mo-
ney on all places.
The usual average account for the last twelve
of England, which appears in the Gazette of
last night, shows proof of contraction in every
item of the account. Compared with the ave-
RACES in September last, the reduction is 80 ,OOOl
on circulation; 913, 000l. on deposites; 265 oOOl
on securities; and 20S ,000l on bullion OF
course the actual reduction may be presumed to
be much larger than is here shown by the ~
weeks average. 5s...'-
The Stock Market is gloomy, and prices
dropping, as the advces from Paris are again
disheartening. The opening rates were-Con-
soils for Money 81 to S74, and for Account S7s
to 674; New 81 per cents. 96s to 96a; Exchequer
Bills 2s to Is. premium htsa
Consols have been sold at S6a for Money, but
they are now 81 to II, and for Account 81;
New 81 per cents. are 96s to }; and Exchequer
Bills rs. to As premium. Spanish Bonds are
steady at about %; Portuguese per cent. 30 to
S23; Columbian, p; and Dutch "a per cents.
49a.