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MONEY MARKET. .

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MONEY MARKET. LONDON, Thursday. The continued inquiry for gold for Ge, many is attesting the Money Market. Rates are, harden- ing. 11, certainly is necessary to protect the bullion reserves, tut until the operi market balances »."« lowered it will be a matter of difii- culty to suj >port quotations. Three I sal)nths' bills are quoted at 2± per cent., and day-to-day money I., offering at II per cent. Continental 2 exchanges tnu* e adversely to us, with a continued demand tor German bills, but the A jnencan rate Js unchanged. The I-aris Cheque -ate was tele- graphed at 25'20. The Bank of England returns show some important changes. There is a heavy: loss Ul the restive or £ 795,189, and the p roportion to liabilities has declined from 46'1 to 4 4-^63 per cent. The deficiency m bullion is £ 369, 0^4, or ahout i;b,UOO more than the sum exporte d, whilst the note circulation increased £ 396,165. The reserve now stands at Ll,2,162,607, and is nearly one million more than a year ago, whih ;t the stock of bullion 16 L20,894,947, being £ 700,()00 more than theu. Private deposits decreased duiing the week £ 52t;,931, and this may be accepted as a iavourauio as showing an ira'proving demand tor money but the Government. securities have increased £ 3*99,939. Quiet and aull markets have prevailed. The progress of tba elections is e. erly watched, and somewhat interferes with business. The tone to-day has uot been strong, having been rather frequent. Consols were 1-16 tetter* at 99* to 99-, xd for delivery, and 99 7-16 to 99 9-16 xd. for account. Reduced and ^ew 3 per Cents., 99 to !19; New 24 per Cents., 37i to SSj. The Railway Market was througuout very quiet. with a. weak tendency, but so little was uassni" that the variations wer e altogether insig- nificant. The result of the p^t week s working on 17 principal lines of England and Scotland was disappointing. The decrease in the gross receipts, compared with previous years, was £ 49 664 the loss in goods being £23,64-7, and in passengers £ 26,037. Great Eastern rose £ Great Western, Brighton A, Chatham Ordinary, Sheffield Deferred and Midland fell -4 South Eastern A, j. A ciuiet business was passing in Indian Rail- ways, but at steady pricus. Bombay and Baroda advanced 1. As regards Canadian Railways, some realisa- tions weakened Grand Trunks. There was very little fresh business done. Traffic showed a de- crease of L7 074 the loss to date being 2239,976. Ordinary teU a; First. and Third Preference, lour per Cents., I. Second Preference rose 4. Canada Pacific, i lower. The Foreign Railway Ibusmess was quiet. Mexicans were rather wea.k. Ordinary fell 4 Second Preterence, j Lombards and Varnas were without change. A much quieter tone is characterising the American Railway market. Speculative buying has certainly for the moment been checked, and will no doubt remain more or less suspended until after the decision respecting the West Shore. In- junctions have been carried out without weaken- ing the market. Erie fell g do Second, i; New York, Pennsylvania, aud Ohio First Mortgage, -4 Lake Shore, i Central Pacific of California, Illinois Central, 1 New York and Ontario, £ JNew York Central, i Philadelphia and Reading Shares, Chicago and Milwaukee, å; Union ilacific, 4A Denver and Rio Grande, Bonds, I; Louisville and Nash-ville, lg. The feature of the Foueign Bond Market has been the inquiry for Spanish to close accounts for the tall. In other respectjs very little has beeia done. Egyptian were again speculatively sold, and the toue generally was not so strong. Mexican, how- ever, rallied on the publication of the statement showing that the report of the insurrection had been considerably exaggerated, no bloodshed having occurred. Spanish 4 per Cents. rose i; do, Secmd, Mexican, 21. Amongst Egyptians, Unified fell g; but Preference rose g, and State 4. Peruvian 5 per Cents, declined a; Turkish, 1871, J. Banks.—Bank of British North America rose 1; Chartered of India, Australia, and China, i: UnlCiu yf Spam and England, 1. Bank of Africa fell J. Gas.-Commercial rose 2 Continental Union, i Hong Kong and Shanghai, 5 South Metro- politan B, 1. lusitra,nce.-Alliance British and Foreign rose ij London, 1 Indemnity Marine fell 5 Marine, 5. lines.—Home Mines Trust rose 1-16; West Godolphin, Roman, 3s New Albion, 5 Organas, £ Panulcillo Copper, g United Mexican, a 11O Tinto fell i Wheal Crebor, S and M outana, i- Telegraphs and Telephones.—Anglo-American fell Cuba, i United Telephone rose g. Tramways.—Birkenhead 6 per Cent. Preference rose 4 Bordeaux fell 4. Waterworks.—West Middlesex: rose 1. Miscellaneous.—English Crown Spelter rose g; Vickers, Son, and Company, 3 Surrey Com- mercial lhck, 1 Mauritius Land Credit and Agency, 4 International Financial, it. Hudson's Bay leil £ Canada Nortli West Land, a River Plate Trust Loan and Agency, i; Anglo- American Brash Light, The rzites telegraphed from the East were :— Bombay Telegraphic Transfers, Is 6gd Calcutta do., Is 6 3-16(1; llong Kong 4 months bills, 3s 4d; Shanghai do., 4s 8d. Indian Exchanges were quoted:—Bank Bills, sixty day, Is 6 3-16,1 thirty days, Is 63d and demand, Is 6 5 16d. Private bills, 60 days, Is S3J 1 20 days, Is 6d demand, Is 6 3-16d. Rupee Paper 4 per Cents., 74 to 74 £ do. 4^ per Cents., 75i to 75j. Silver is quiet. Bars, 47id Mexican dollars, 47 13-16d. c, Changes in-bank returns- INCREASES. Circulation £ 398,165 Government Securities 399,938 DECREASES. Vub ie Deposits £ 215,145 Otner Deposits 538 931 Other Securities 402!506 »ul"°" 363,024 £ es<- 33,500 Reserve 765,189 1 ha total amount of bills and cheques which passed through the bankers' clearing house durincr the week ended December 2nd was £ 138,758,000° aud £ 125,565,000 last year.

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NOTES AND ANTICIPATIONS