The Money Market.

In financial circles there was a slight flutter at the settlement this week, but in the end there was more than enough money to go round. There seems no probability that the Bank of France will reduce its rate, and so long as our powerful neighbour feels it necessary to strengthen its poßition, it is not probable that the Bank of England will make a move downward. At the same time, we confirm what we wrote last week, that there is no reason to look for any pressure until the early months of the Autumn, and no one feels inclined to predict the result of the Autumn demand. To be well aware of a possible stringency is the best way to avoid it and the conservative policy is likely to be followed by our banks and financial institutions.

For the moment the price of gold is down, the quotation being 77/107 per ounce. Silver also has receded a fraction to 31. In neither case, however, is the reduction likely to be permanent.

With the return of currency from the provinces, the stock of coin and bullion at the Bank shows a rise of £95,000, notwithstanding the efflux of over £500,000 for abroad. The active note circulation has contracted by £89,000, and the result is an addition of £184,000 to the reserve, which now stands at £24,864,000. The proportion of reserve to liabilities is practically unchanged at 461 per cent. Last year the total reserve amounted to £23,177,000, and the proportion was about 44 per cent.

The Stock Markets.

The past week has not been without its financial discomforts, and there seems no doubt that the steady shrinkage in the value of "stocks and shares which has been going on for some time past has been undermining the resources of a great many old Stock Exchange houses. At the same time, the few failures that have occurred from time to time are for very small amounts, and there is no speculation the result of which can bring about any serious trouble. Heavy expenses and want of business, leading to yearly losses, are the main causes of complaint, and these readily lend themselves to treatment as things get better, as they must do.

It is satisfactory to note that during the latter part of the week the tone of the stock markets has been much firmer. Two failures have been announced, Messrs. Hubert Brunton & Co., and Messrs. James Shepherd & Co., both highly respectable firms, but the amounts for which they have failed are comparatively small.

To-day the tone has not been quite so favourable, owing to the small amount of business transacted.

Consols.

After continuing in a very depressed state for some weeks, the gilt-edged market on Wednesday developed a very cheerful tone. Consols which had been put down to 843, closed for higher. Yesterday the improvement was maintained, and Consols registered a further advance of t for cash and account. This morning the premier security eased off slightly on a few sales to close accounts. The closing price to-night for cash is 84 9/16, a loss on the day of . For the account yesterday's quotation, 84 13/16, is unchanged.

Foreign Bonds.

The foreign section is quiet and steady. There has been some revival of interest in Russians, and the Fives have been up to 839, but have receded to-day. The Fours leave off at 75.

Japanese are firm, but little business has been done in them. The changes in prices are insignificant, and are confined to about two of the stocks..

Home Ralls.

In sympathy with the gilt-edged market, home railway shares have been much steadier, although there is still a certain amount of liquidation, which helps to keep prices low. In most cases, however, a fairly appreciable advance is shown, Brighton Deferred have Auctuated somewhat. On Wednesday the shares were put up 1%, but yesterday gave way ) to 864. South Western Ordinary and Deferred and South Eastern were marked up a full point yesterday,

To-day there has been a slight reaction in several cases. Brighton and Deferred' have dropped , and Districts have had a sharp fall of 2 to 101.

Americans.

The American market has now a better apI pearance, but the revival was hindered yesterday by the Decoration Day holiday in New York. The previous day the market had been very firm, and substantial advances were registered in most of the leading shares. Yesterday Unions were quoted ex dividend and rights, together nearly 3 dollars, and at the close were about 2g up, a gain for the two days of about 5, Southern Pacifics rose 1}, and Chesapeake 24.

Americans have to-day been quiet, but the movements are generally in favour of holders.

Egyptians.

There has not been much business passing in the Egyptian market during the past week, and prices are practically unchanged. National Bank of Egypt have been as good as 23, but closed off again yesterday at 221. To-day they have been very firm, and leave off at 23. Although there has been further good buying for investment of Agricultural Bank of Egypt, the price, after being 8, closed last night with Egypt sellers at 84. They leave of to-night at

A large business has been done in Egyptian Markets at the advanced prices of 26/-8. and 26/3, and five or six thousand shares have changed hands at these figures. Egyptian Estates have been dull but close better at 1 5/16--7/16. The Deferred are unmentioned. Delta Preference Bearer are firmer with buyers at 97-104, and the Debentures are quoted 98-100. Delta Land and Investment are steady at 21-).

Daira are a quiet market at 143-15), and the Deferred 78-80. Salt and Soda are about | 19/-. and Union Fonciere 54. Comptoir Financier are flat without support at 39-4. Land and General Trust at $ are steady, and Khedivial Mail Ordinary at 17, Bank of Roumania have been dealt in at 9.

Mining.

This market has shown some signs of a revival, but the upward movement has received a set-back as the result of liquidation in connection with some weak accounts Yesterday the tone was distinctly more cheerful in the early hours, but fell away later, and the leading shares closed with slight declines.

Mining shares have not moved much to-day, and the tendency has been rather adverse.

Egyptian mining shares are still neglected, and the changes in prices are quite fractional. Egyptian Mines Exploration leave off rather better at 2/-. Nile Valley close at 1/-.

The closing prices to-night are as follows: Abyssinia Bank 2 - @ 1 dis Agricultural Bank 8 9/16 ,, - 11/16 , Preferred 9 1/4 ,, - 1/2 ,, 3 ½% Bonds 86 - ,, 8 - Anglo-Egyptian Bank 13 5/8 ,, - 7/8 Corporation of Western Egypt - 5/8 ,, - 3/4 Daira Sanieh Ordinary 14 7/8 ,, 15 1/8 ,, Deferred 76 - ,, 80 - Delta Preference 9 3/4 ,, 10 1/4 ,, Deferred 7 - ,, 11 - Delta Lands 2 1/4 ,, - 1/2 Egyptian States 1 5/16 ,, - 7/16 ,, Estates Deferred 12 - ,, 14 - Egyptian Mines Exploration Ltd 1/9 - ,, 2/3 - Building Lands of Egypt 2 - ,, 4 - Egyptian Land and General Trust - 9/16 ,, - 11/16 ,, Options - 1/16 ,, - 3/16 Khedivial Mail S.S. Company 1 1/8 ,, - 3/8 Land Bank of Egypt 7 3/4 ,, 8 1/4 Mysore Reefs 1/ - ,, 2/ - New Egyptian Company - 7/8 ,, 1 - National Bank 23 - ,, - 1/4 Nile Valley 9/ - ,, 1/3 - ,, Block "E" - 1/16 ,, - 3/16 North Nile Valley 6 - ,, 1/6 - Salt & Soda - 7/8 ,, 1 - United African Exploration 1 3/16 ,, - 5/16 Union Fonciere d'Egypte 4 7/8 ,, - 1/8 Egyptian Investment & Agency - par ,, - 1/8 ,, pm Egyptian Markets 1 1/4 ,, - 3/8 United Egyptian Lands - 9/16 ,, - 11/16 ,, ,, Deferred - - ,, - - Comptior Finan. Commer. d'Egypte 3 1/2 ,, 4 -

REGATTA.

The following is the result of yesterday's Regatta: -

The wind was fresh from the N.W. The Celtic and L'Aiglon both carried away some of their main stays, which was unfortunate for the former boat, as she was doing well and would no doubt have won the race.