The Press. — London, England, 1857-03-07 00:00:00

Along Vadat anti Citg FRIDAY EVENING. Tune return of the Bank of England for the week ending the 28th ult., shows the following :cnauges compared with that for the week preceding : Decrease in Circulation Increase in Public Deposits Increase in Other Deposits .. Increase in Government Securities 43,676 Increase in Other Securities Decrease in Bullion Increase iu Rest Decrease in Reserve Bullion iii Both Departments .Circulation, including Bank Post Bills The most prominent feature shown by this comparison is the effect produced by the heavy demand for money which prevailed during the greater part of last week. The Bank appears to have made advances to an amount exceeding 1,860:r01., much of which, no doubt, was required to assist .a providing for the heavy commercial acceptances due on the 4th inst. The means of affording this ac• commoilation to trade were obtained from a large increase in the Private Deposits, a considerable portion of which were made on account of the East India Company, and from an addition to the Public Deposits; but these sources were inadequate to supply the demand without trenching ,to some extent upon the Reserve. The Bullion ,shows the effect of the transmissions to the Continent last week in payment for silver; and we apprehend the next return will present analogous features in this respect. The Bakal has now fallen to 10,343,7151., and the Reserve of notes to 5,516,9101. The Public Deposits now amount to 7,884,1891. On the whole, though there are circumstances about this return that are not quite satisfactory, they are, for the most part, only of a temporary and incidental character. To the infinite annoyance of all his supporters in the City, Lord Palmerston was defeated in the House of Commons on Tuesday upon Mr. Cobden's resolution expressing dissatisfaction at the proceedings in the case of the Arrow, which have led to our present difficulties with the Chinese. Every one of them had made up his mind that there must be a majority of at least thirtyfive, and many had backed their opinions by that which proved the sineerity of their convictions—staking money upon the Issue. An adverse majority of sixteen therefore afflicted them is a double sense, for not only did they lose their cause, but their money. On Wednesday, therefore, they 'were highly indignant, but yesterday and to-day they began to cool down,although attempts are being made to get up a requisition inviting him to stand for the City in the event of a new election. As to the vote itself, although it must be admitted to have caused temporary surprise, the prudence of it is now better understood, and a complete change of opinion is gradually taking place among the independent electors, and those who regard the Chinese war as only a blind to keep them from urging the necessity of reducing taxation and minimising overgrown establish- Dents. Long before the elections are over these sentiments rill prevail, and " war with China " will fail to serve the urpose of its authors as a political cry to keep in office an inreforming Administration. Such, we believe, is an accurate view of the present state of opinion among nearly all classes of commercial men in the City. The Money Market has not been affected to any mate 'nil extent by the political events of the week. It has gone rn as usual, unmoved by the defeat of the Government, and it remains undisturbed by the fact that a general elec tion is at hand. For nearly the whole week, however, there has been an exceedingly active commercial demand, partly caused by the preparations to meet the bills at maturity on the 4th, the gross amount of which was much heavier than has been known at the same period for many ears, and partly for new mercantile enterprises, which are rapidly enlarging, particularly with Australia. The mini mum Bank rate has consequently been charged throughout the week, and considerable tightness was apparent. At present the demand is active, but the best bills can be negotiated rather below the Bank rates, and the supplies are good. In the Stock Exchange the arrangements for the settlement of the Consol account have caused a good demand, but, on the whole, there was no excessive pressure. The East India House lent a large sum out of the amount paid to them by the Great Indian Peninsular Railway Company at five and a half per cent., and this circumstance helped materially to keep rates down to six per cent., which was the average value of money up to the end of the settle inent. The specie movements of the week have been rather int portant. The arrivals have consisted of '2 t,OOO/. from Australia, and 195.0001. from the West Indies and Mexico, making a total of 219,0001. On the other hand, 792,14101. have been sent to India and China, and 50,0001. to the Cape of Good Hope. Notwithstanding the large amount of silver brought by the Mexican packet, the price of that article has advanced fully }I. per ounce, owing to a heavy demand for export to India by the next mail, and further orders to obtain supplies are now in course of execution upon the Continent. To pay for the supplies so obtained about 53,0001. has been withdrawn from the Bank during the week. The exchanges with the. United States are still adverse to the export of specie to this country, consequently alone is sent. AU that is sent is on French account, and it is immediately forwarded to Faris. The continental ex• clianges nearly all continue favourable for this country, but Ito•day they were rather flatter on France and Germany. Public Securities have shown no variation of importance since our last. This may be attributed to the unwilling ness of operators to enter into engagements during a •iending Ministerial crisis, and to the state of the account hich closed yesterday. Railway Shares, on the other h a ecl t hare fluctuated to some extent, but the general movement in them has been upward, and it is still thought that the best descriptions have not yet attained their natural value, particularly if money becomes cheaper—a prospeot not very clear at present, even if the general election produces no disturbing influences. Banking, Mining, and Miscellaneous Securities /live been partially active, and, on the whole, well supported. Consols, which left off last Friday for the new account on the sth of April at 94 to 1, were stationary for a time. The defeat of the Government caused them to decline to 94, but a slight rally followed, and they stood at 941 to 1 for the greater part of yesterday. At the final close, how ever, they were quoted at 91k exactly, rather flat. Today they opened at 94 to 1, and closed heavy at O 3 to 9 L. Railway Shares are fully one per cent. higher than fast week. Caledonians have improved to the amount of three per cent. Colonial and French lines have been in demand at a moderate advance in prices. Indeed, the market has been firm (luring the whole week, and these securities are still in favour for investment. The majority f the orders to purchase come up from the country—a tolerably sure proof that confidence is felt in the rising value of share property at the present moment. The activity of the Railway Market, indeed, has been to some extent the cause of the dulness of Consols. To-day, however, the market was dull, in aymgathy with Consols, and there was a decline in some descriptions of fully one-half per cent. Foreign Securities have been well supported. Turkish Stocks have improved about one per cent. Joint-stock Rank Shares, particularly those in the established undertakings, have been very firm. Bank of Egypt have slightly advanced. In Ovomatis some fluctua twos have occurred, but they are now firmer than they have been. Miscellaneous and Mining Securities have been in some inquiry. Crystal Palace have been dealt in 2&. United Mexican Shares have been very active. Three suspensions have been announced,—Messrs. Swayne and Bovill, merchants and patentees of machinery of various kinds, with liabilities to the amount of 100,0001.; Messrs. Cheape and Leslie, East India merchants; and Messrs. Conland, Barnes, and Co., provision merchants. In the latter case the liabilities are estimated at about 40,000/. The report of the Great Northern Railway Company states the amount of stock fraudulently put forth by Red path to have been about 220,0001. Against this there is a fiet-off of the houses and property seized of 50,000/. Redpath received only 2501. per annum, and, though he was known to be a speculator, he was under no control, the directors being satisfied with a promise ou his part to abstain from the practice. The prospectus has been issued of a new Indian Railway Company, to be called the " Northern Bengal," with a capital of 2,000,000/. in 201. shares. Among the promoters are some of the best known names connected with Indian enterprise. The railway calls for the month of March amount to 495,975/. Commercial advices from India by the oyez land mail are generally satisfactory. At Bombay and Calcutta an active business had been done at advanced prices ; and the rates of exchange were rather more favourable. From China the news was such as to give renewed impulse to the tea market, and prices have ruled higher. Advices have been received from Constantinople to the effect that the concession of the National Bank of Turkey to certain London capitalists has been retitled. The bank are to be allowed a maximum note circulation of 15,000,000/., on condition of a reserve being held of one• third in gold. The withdrawal of the existing currency is to be effected gradually. The bank is to have the Government account, and the capital is to be 10,000,0001., one-fourth of which is to be called up at the commence ment. It is stated from Flushing that the whole of the silver and a quantity of other valuable property have been recovered front the steamer itarensbourne, lately sunk at the entrance of that harbour. Mexican advices state that a loan has been obtained from the United states of )5,000,00U dols., the security for which is a grant to the United States of fifteen per cent. of the Mexican Customs' Duties. A portion of the amount is to be applied in liquidation of the claims of the English bondholders ; and Mexican Stock has advanced in con sequence. The prospectus of a new undertaking, the London Non- Adulterative Food Company, to be established under the Limited Liability Act, has been issued. The object of it is to manufacture and sell some of the articles of loud which are most exposed to deleterious admixture in a form which will guarantee their genuineness. The chief analyst is Dr. Letheby ; and the names of the directors afford every security that the objects in view will be faithfully carried out. The capital is to be 100,0001., in 3,000 shares of 201. each. The Country Trade Reports are all of an improving character. BANK OF ENGLAND. An Account, pursuant to the Act 7th and ath Victoria, cap. 32 for the week ending on Saturday, the Seth day of Feb., 1867. - 19R0_11 Notes issued .... £24,113,64C' Government Debt £11,015,100 Other Securities .. 3,469,900 Gold Coin et Bullion 9.638.610 Silver Bullion .... --- A 24,113,040 BANKING nava/mm(l'. Proprletora'CapitalSl4,ss3.A o o, Government Seen. Rest Public Deposita , — 7,661,40,) Dead Weight An.) 411,573.881 Other Deposits Seven Day & other ' Notes 5,518,9 0 Bills . 743,583 Gold k SilverColn 705 075 :177,4: 8,217 • Including Exchequer, Commission( Savings' Banks, and Dividend Accounts. 124,115,640 A 37,116,217 of National Debt, MARCH 7, 1857. THE PRESS. 3 per Cent.Coneole Ditto for Account perCente Reduced 3 per Ceuts -- • .• Long Aut. , ities Bank Steel, 7 per Ceut Vinniuiu 14:xoh. Bills, 2 3 / 4 d. India n0nd5,(1.0002.) BRITISH FUNDS. Closing Prices. OFFICIAL QUOTATIONS. 1 Mond. Tata. Wed. Thurs. Friday l ay g 94 93. 1134 1931 Q 933 g 0.3 g g gi, '330 4 193 ; 4 94 g 931 7d3 i 931 I , 94g k 94 194 g 9JI 221 j 221 220 220 ) 2•20 i - -I - 2tl 12d 21.1 3p 'par 3p par par par par FOREIGN FUNDS. Per Cent. Mond.i Brazilian Danish Otch. (F.:12 Gull. Freuoh Uo. Do. Bank Stoc_ kit.zican 3 Peruvian 44 Portuguese 4 Russian Spanish S I Turkish Acc.l3 '97 8 i 651 70: 45c ; zl &taw. & Rttrdm. Bellow East. J. Dutch Ftheuish East Indian Gt. Indian Pen G. W .of eau.,Sh Lyons & Geneva Madras & Lge.( win ) Nrthrn.of kernut Norw. Truk. Prf Parts & Lyons Paris & Orleans ?aria .fc Rouen - f. , 50 — xd1 10 - 7icll i i -m. :71i5•3' I f e 71'90n f el I7oTxdl I V 4 St 1 0i In; FOREIGN RAILWAYS Mond. Tuesday. Wednes. Thuri 1I 6j 7 I 61 7 61 11 1 11 1 1 1 I i *PHI I M P I 11$ 5 113 5 211 1 1 211 1 I 211 1 211 251 3I 351 62 u5l u 6 1 292 81/1 1191 3u4 291 301 30 1 1 191 201 192 104 191 201 191 21 3 9 8 9 di 39j 401 391 401 392 2 411 1 3J 9 9 t I 9 I 9 1 V 11 53 2 i 53 1 581 9 881 56 856 8, 56 8 37 Tuesd. Wed. gltirogolitan 'farkets. (Reportedsxclusivelyfor "Taz Pmts.") CORN EXCHANGE—OnIy limited supplies of English wheat have come to hand this week, coastwise and by land carriage. Toe best samples have moved oil steadily, at full prices Other kinds have ruled inactive, at late rates. Fur foreign wheat—the imports of which have been limited—the inquiry has been chiefly confined to retail parcels, on former terms. Floating cargoes of grain have ruled tolerably active. Fine malting barley has sold readily, at an improvement in value of la per quarter. Grinding and distilling sorts have realised previous rates. The malt trade has been tolerably firm, but we have no change to notice in prices. Oats have bold slowly, but we have no actual change to notice in their value. Beans and peas have barely maintained last week's currency. Flour has ruled about stationary, with a limited demand. ENGLISH—Wheat, Essex and Kent red, 49s to 80s; white, 50s to 708; Norfolk.and Lincoln red, 48s to 60s. Malting barley. 98s to 50s ; grinding ditto, 30s to 32s ; distilling, Sts to Sas. Malt, 62s to 775. Feed oats, 24s to 255; potato, 25s to 325. Rye, 38a to 40s. Tick beano, 32s to 345; Marrow, to 38s; pigeon, 384 to 41s. Orey peas, 36s to Slis ; maple, 38s to 39s ; white boilers, 38s to 408 per quarter. Town made flour, 64s to 57,; country marks, 401 to 435; households, 44a to 47s per SdOlbs. ARRIVALS THIS WEEK. Wheat. Barley. Malt. Oats. Flour. nglieh 2640 .. 1350 .. 6.120 .. 340 .. 1330 Irish Foreign .. 2620 .. 9660 14090 .. 530 elm bls, LONDON AVERAGES DECLARED ON FRIDAY—Wheat, 2,762 quarters, stislld; barley, 1,094 quarters, 488 4d ; oats, 318 quarters, 23s Id ; rye, 88 quarters,4os 9d; be aus,Bl3 quarters, 353 7d ; peas, 180 quarters, 39s 6d. IMPERI AL WEEKLY AVERAGES—Wheat, 558 5d ; bar. ley, 45s 3d; oats, 230 8d; rye, 39. ld ; beaus, 38s Ild; peas, 39s sd. THE SIX WEEKS' AVERAGES—Wheat, 561 10d; barley, 45s 7d; oats, 23a 4d; rye, 39a 4J; beans, 39e 9d; peas, 395 4d. ENGLISH GRAIN SOLD LAST WEEK—Wheat, 108,805; barley, 68,1°1; oats, 17,101; rye, 1s1; beans, 8,358; peas, 2,010 quarters. BREAD—The prices of wheaten bread In the metropolis are from Bjd to Ud; of household ditto, 7d to 8d per !Ibis 1 oaf. TEA—As the advises from China stat 3 that the shipments of tea were 13,000,0001 es less than in 1656, our market is very inactive, and prices have been on the advance. The present rates are as follows :—Congou, is lad to 2s 6d; King Yong and Oolong, is 2d to 2s; Souchong, la Id to xs 6d; Flowery Pekoe, 2s to 4s; Caper, —to —; Scented Caper, Is Id to Is 10d; Orange Pekoe, is 24 to Is 44; Scented Orange Pekoe, is 4d to 2s 4d; Twankay, Ad to Is 3d ; Hyson Skin, 84 to Is 2d: Ilyson, ls 3d to 4s ; Young Hyson, la to 2s 4ii; Imperial•, ls,to 2s 4d; Gunpowder, le 14 to 35 6d; Assam, Is ld to 4s 4d per lb. SUGAR—Throughout the week our market has been in a most inactive state. Very few sales have been effected. Fine samples have mostly commanded previous rates; but inferior kinds have fallen Gd per cwt. The demand fur retitled goods is inactive, at 63s Id to 67s 64 per cwt. Several parcels of Eng lish loaves have sold for exp,irt, at 43s to 30a per cwt. COFFEE—There has been a good consumptive demand for all kinds, at the extreme rates of last week. The supply on offer continues very moderate. Ceylon, cative, 66s 64 to tiOs ; plantation, tine, 811 s to 818; tine middling, 77s to 791; good middling, 74s lid to 765; tuiddltrg 70s to 735; tine ordinary to middling, Gds to 695; triage, 52s to 655. Mocha, line, t,43s to 925; garbled, 74s to 86s; ungarbled, sds to 635. Costa Rica, mid to rine, 665 to 775; good and tine ordinary, dos to 655. Jamaica, good mid to line, 67s to 853; line ordinary, Gls to tids per cwt. COCOA—Very little business has been transacted in this article; nevertheless, the late high currencies are supported. Red Trinidad, 76s to 80s; and Granada, 72s to 7t;s per cwt. RICE—The stock is becoming less extensive, and the demand is steady, at full prices. Broken white Bengal, los ; low to middling, 10s 2d to 10s tid; good and tine, 11s 641 to 13s per cwt. PROVISIONS—Most kinds of Irish butter are dull in sale and lower to purchase. In foreign very little is passing, on easier terms. English butter moves off heavily, but we have no Thurs. F►idny. ) 1041 TS ,71f 100 f. /7i- }l 71f 250 f o 'lo7i a 971 I Friday 6 1 11 f ip 112 4 126 ' 3.4 1 191 211 Kt 91 981 9 9 91 57j 8 57 9 235