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Monetary Transactions of the Week

Source: The Illustrated London News, August 5, 1848, p.78

(From our City Correspondent.)

The satisfactory nature of the news from Ireland, on Monday, caused a temporary advance In Consols of about 1/2 per cent, which, on the arrival of the Dublin news, on Tuesday, further improved. Consols, on Monday, at opening, quoted 86 3/4 to , and closed at 86 7/8. The opening price, on Tuesday, was 87 1/8 to 1/2; and, after some slight fluctuations, prices closed the same. But, although on Wednesday the price quoted during the day was 87 1/4 to 1/2, the market towards the close of business displayed some weakness, and after the customary hours prices receded to 87. This heaviness marked the opening en Thursday, arising from the showery state of the weather creating uneasiness with regard to the harvest, joined to a confirmation of the preceding day's news of the defeat of the Piedmontese, and consequent probability of French intervention. As the day progressed,increased flatness prevailed, prices receding to 86 5/8 for Money and Time. The approaching settlement has had, and will have, some effect on quotations, until after its adjustment. At its commencement, the Bulls had it all their own way, until the Irish disturbances; since which the Bear party have been enabled, in many instances, to buy in their accounts; and, as Money Stock is far from scarce, may, towards the close of the account, have more stock to deliver than the Bulls can take. Apart from these circumstances, the unsettled state of Italian affairs, necessarily reflecting itself in French politics, coupled with the probability of a harvest not exceeding an average, will tend to depress prices, notwithstanding the abundance of unemployed capital. Exchequer Bills have maintained their value during the week; the remainder of the English Funds fluctuating with Consols. At the close of business, prices stood for Bank Stock, 196 1/2; Reduced, 87 1/8 86 1/2; Consuls, 86 5/8; New Three-and-a-Quarter per Cent. Annuities, 87 3/8; Long Annuities, to expire Jan. 1860, 8 7/8; Ditto, Oct. 10, 1859, 8 11-16; India Bonds, 1000, 30 pm ; Ditto, under 1000, 31 pm; Consols for Account, 86 3/4; Exchequer Bills, 1000, March, 41 pm; 1000, June, 37 pm; 500, June, 34 pm; Small, March, 40 pm.

The Foreign Market has been neglected during the week, transactions having been confined to Mexican, Brazilian, Portuguese, Russian, and Dutch. Mexican, on Tuesday, quoted 18, but is since a shade lower. Prices generally are flat. In Spanish Three per Cents no transactions have been registered. The following list of the closing quotations may be regarded as almost nominal:—Brazilian Bonds, Small, 69; Buenos Ayres Bonds, Six per Cent.. 21; Mexican, Five per Cent., 1846, Account, 17 5/8 ; Spanish Five per Cent., 1840, 11; Ditto, Passive, 2 7/8; Ditto, Deferred, 6 3/4; Dutch Two-and-a-Half per Cent., 43 .

View of London Stock Exchange, 19th Century