Magazines Of The Month.

is its Aristophanic mode of treatment . Mr . Martin ' s earlier portion of the life of H . R . H the late Prince Consort is also favourably reviewed . Tho two serials , " Alice Lorraine" and "Valentino and his Brother , " are continued from tho previous number , but we judge them to belong to that sterling class of novel which we look for in

the pages of magazines . The subject of tho " Greville Journals" is also handled in Temple Bar , but tho writer ' s criticism , even if meant as a juke , is , to say the least , eminently unsatisfactory . But there is plenty of readable

matter in this magazine notwithstanding . We need only mention " Bnlwer and Dickens , " in which the merits of these eminent writers are contrasted together , and " Henri de la Rochijacqnelin , " in confirmation of this view .

The Argosy is fortunate in numbering such a writer as Johnny Ludlow among its contributors . His pathetic story of Charles Van Bheyn , is admirably written . The opening chapter of the new novel , " A Secret from tho Sea , " by the author of " In the Dead of Night , "

recently concluded , bids fair to rival its predecessor in this class of sensational writing . Tho Editor's contribution is tho first two chapters of a new Serial , " Parkwater , " from which we anticipate much agreeable occupation for many months to come , during the long winter evenings , or when the leisure hour is not infrequent .

All the Year Round contains , in addition to its usual quantum of excellent matter , the Christmas story— " The Opal Ring . " This latter , we strongly recommend to the notice of our readers , who will like it amazingly .

Wo have received copies of Whitaker's Almanack and Blackwood's Scribbling Diary , both works of' such recognised value , for every office , that we need hardly refer at length to them . The former is now recognised as an invaluable book of reference on general and commercial snbjects .

Money Market And City News.

MONEY MARKET AND CITY NEWS .

FRIDAY . AS usual on New Year ' s Day , the Stock Exchange has been closed , although not recognised as a " Bank Holiday . " No transactions in the stock or share markets have therefore been going forward , but at the close of the fortnightly settlement , on Wednesday , the tone was decidedly on an improving scale . Many enquiries also bt . 'ing made for securities hitherto but little appreciated .

At this period of the year , when the investment of money is occupying tho attention of thoso who aro benefitted by the payment of the various dividends , it may not be out of place to offer a few words of advice on tho subject , taken from the Money Market Review The judicious investment of money is by no means an easy matter , even to thoso well acquainted with the various securities doalt iu on

the Stock Exchange , and to many people it is an affair attended with considerable trouble and anxiety . AVith people whoso knowledge of the various securities is very limited , and those probably include the majority of investors , the selection of a stock that exactly meets their requirements is a very unsatisfactory and uncertain process ; there may bo a tolerably distinct idea as to what

is wanted in an investment . But there is very Jittlo knowledge to enable those stocks which fulfil the required conditions to bo picked out . Au investor , for example , may desire to obtain a certain rate per cent , of return for his money , and , at tho same time , ho may require that tho safety of the stock shall be up to a specified standard , that the stock itself shall be in a fixed form , that is to say

either in a registered form , or in bonds to bearer ; that ib shall bo redeemable or irredeemable ( as the case may be ) , that there shall be no liability attaching to it , aud that it may be of such a character that be may be able from time to time , to obtain correct information respecting its position and progress . An investor may have a desire that the stock he selects shall possess these or some special features ,

and still he may be uncertain , after ho has bought , whether he has actually obtained them . Although the features and characters ot the ditferent stocks are very numerous , there are , nevertheless , certain combinations of these points which arc not attainable in any individual stock . It is necessary , therefore , for a buyer to mould his requirements according to the conditions of some one or

other of the different classes . As regards the rate of interest , more especially , he will bo obliged , as a matter of course , to limit his requirements according to the degree of safety he is prepared to accept . But an intending buyer , having before him a concise statement of the general character and features of the dili ' erent classes of securities , would be able in the first place , to select the class ; and

in the second place , tho individual stock from that class , which most nearly meets his requirements . There arc other points beyond the mere selection of stock which ought to be attended to if it be desired to make a profitable investment ; and amongst these are , —to choose the right time for buying , not to hold too much of any one stock , and to sell occasionally certain stocks , and re-invest the proceeds in

others . In tho case of speculative investments , by which is meant those offering to the holder more than 5 per cent ., there are special precautious to bo observed in order to render the outlay profitable . These are ; first , to reserve a certain proportion of the interest received as a fund of insurance against losses ; and , secondly , to sell a stock when it falls iu market price to a certain level , from causes affecting

its intrinsic value . After tho completion of tho fortnightly settlement ou Wednesday , the markets gave signs of further recovery ; inquiries extending to some descri ptions of securities hitherto but little noticed . "" The English Funds have been steady , aud the tendency generally is

towards higher prices . The directors of tho Bank of England met yesterday , but made no alteration in the rate of discount , notwithstanding that there is a falling off in the reserve since last week . Jttuts in tUo English Railway Market have taken , upward , turn ,

Money Market And City News.

and values continue to be fairly supported , the only exception to the otherwise favourable character of tho proceedings being a farther fall iu Great Western Stock , duo to the apprehension that tho Company may bo called upon for heavy damages on account of the late terrible accident on tho line .

Foreign stocks have advanced to a moderate extent , the principle demand being for Egyptians , the rise in which is general . What effect the tidings of Don Alphonso ' s proclamation will have on Spanish finance remains to be seen—at any rate , it cannot be attended with worse consequences to the bondholders , who have just held a meeting , and decided to accept the terms lately made to them , which verges

we might almost say , on confiscation ot their rights . A demand has sprung up for American securities , Government Bonds among others , and the market holds firm . In Telegraphs Anglo-Americans have been largely bought on speculative account , the failure of the Faraday expedition being looked upon as leaving tho others free from competition for some time to come .

The ordinary general meeting of the Crystal Palace Company was held on Wednesday , when tho report of the directors and the statement of accounts was adopted , and a resolution passed appointing a committee to inquire into tho affairs of the Company , and to report to the shareholders the result of their labours . There will be no reduction of fares to places at which the Midland

and Great Western Companies compete . On other portions of the Midland system the reduced prices will come into effect on and after to-day . At the same time , several alterations of faros take effect on other lines . The Great Northern Company have issued a notice , stating that it is intended to extend the date of return on all tickets up to fifty miles , for seven clays , and over that distance for a month .

The Directors of the National Provincial Bank of England have again voted a bonus of 10 per cent , to all their officers and clerks on their salaries for the past year . In addressing a meeting of shareholders of the Alexandra Palace Company , a few days ago , the chairman gave an interesting account

of the present position of tho undertaking , and expressed himself perfectly satisfied with the progress that had been made with the new building , which the directors expected would be ready for opening early in the season of 1875 . No fears wero entertained as to their nltimate success , under the management of Sir E . Lee , a gentleman of great and successful experience in similar undertakings .

The following is from the monthly circular of Pirn , Vaughan aud Co ., stock and share brokers : — " Neither financially or politically has the year just closed been an eventful one , and , compared with 1873 , the Money Market has been quiet , although not without some f eatnres of interest . Our commercial requirements being on a diminished scale , the value of money would , undoubtedly , have ruled low , had it

not have been for tho drain of gold to Germany and France , which began to bo seriously felt in the autumn , when an advance of the Bank rato to 4 , aud ultimately , in November , to G per cent ., was fonnd necessary iu order to strengthen the Bank reserve , and protect our stock of bullion . This has corrected the Exchanges sufficiently to check the efflux aud to bring gold in fair amounts to tho Bank .

Tho usual requirements at the close of the year prevent any important change just now in tho position of the Money Market , but with the disbursement of the January dividends , a return to lower rates may be looked for , especially as large amounts aro due here from abroad on foreign securities . But , of course , all depends on whether the flow of gold to Franco and Germany has been effectually

stopped . They aro scarcely likely , however , to persist in an operation which must ho as expensive to them as it is profitable to tho capitalists of this country , although very inconvenient to those in trade . During tho past year , tho extent of business in our Stock Markets has been on a fair average scale , gradually dwindling , however , towards the close , and on tho whole , being considerably less than in 1873 . English

Government Stocks have ceased to excite public attention ; none but a millionaire coula live ou tho interest of Consols with tho necessaries of life at present prices . There are , probably , no homo investments in such general favour as English Railway Stocks , but the changes during tho past year have , in many cases , been unfavourable to holders ; the "heavy

goods lines have suffered from tho inactivity in trade , and prices , towards the close of the year , show rather a severe depreciation j some of the passenger lines , however , being an exception . Daring the past six months speculative operations were freely entered into for a fall , but , although based on fairly accurate calculations , prices held up ou scarcity of stock , tho fact being that , although holders

may grumble at disappointing dividends , they , as a rule , feel too much confidence iu tho elasticity and soundness of their property to part with it . Just now there is considerable gloom over the market , not so much from unfavourable views as to coming dividends , but the effect of the competition started by the Midland Company , in the rearrangement of classes , and the probability of some

Government restrictions , arising out of the many accidents during the year , Preference Stocks are becoming gradually scarcer , and stand at higher prices ; as these become absorbed attention must be given to tho Ordinary stocks of the leading companies by the same class of investors . Submarine Telegraphs have barely maintained their position , the most serious fall has been in Anglo , on the competition of the Direct

United States Cable . Gas Shares show a very handsome rise , on the probability of their being absorbed by the Board of Works and Corporation of London . Insurance aro dull , especially Marine , on the ] v ,. vy losses by lato scries of disasters . A quiet business is done i .. English Mines , and , at times , the speculative Foreign nn . dertakings attract attention , but all confidence has been lost in them .

there being but little hope in their future . Tramways make but poor progress , tbe expense of horsing and keeping the tramways iu repair being heavier than expected . Steam Navigation Shares still suffer from the high prico of fnel . Cable Construction Companies , from comparatively unremunerative contracts , and Iron and Coal undertakings , in many instances , have proved that original vaUia < tious were based ou exceptionally fortunate periods ,