The Press. — London, England, 1857-04-11 00:00:00

APRIL 11, 1857. glom Pact ant( (Sit!! itttiligence. FRIDAY EVENING. THE return of the Bank of England for the week ending the 4th inst., shows the following cuauges compared with that for the week preceding : Increase in Circulation Decrease in Public Deposits Decrease in Other Deposits Decrease in Government Securities 44 Increase in Other Securities 107,035 Decrease in Bullion Increase in Rest Decrease in Reserve Bullion iu Both Departments Circulation, including Bank Post Bills This comparison shows that the Bank had no alternative last week but to adopt some restrictive measures in order to maintain its position against the double demand for bullion and discount accommodation. For, though the addition to the Private Securities is comparatively moderate, it will be observed that they amount, according to the present return, to no less than 21,649,7871., a greater aggregate than has hitherto been attained since the greatest pressure of 1850. But in estimating the nature of the commercial demand, it must further be observed, that the brokers and others having balanceb at the Bank with drew more than three quarters of a million ; so that the draw upon the Bank from these two sources diminished the Reserve to the enormous extent of more than 1,124,00(1. The Directors, therefore, had no alternative but to apply the screw. At the same time the Bullion has fallen to 9,343,7201., being by far the lowest aggregate of the year. Altogether this return is, perhaps, no worse than was expected from the adverse reports current yesterday ; but it is calculated to maintain a considerable degree of anxiety as to the possibility of a further change in the rate of discount. The position of the Money Market during the week has been very peculiar. The season of pressure which we anticipated a fortnight ago has arrived; we are now in the midst of it, and the commercial mind is greatly unsettled as to the kind of future which is before it. Rather un expectedly, and indeed after the regular hours of business, the Bank, on Monday, gave notice that the rate for loans on stock would be advanced from six and a half to seven per cent., and that they would only be granted for periods of seven days, and the next day a further restrictive measure was adopted in limiting the discount of bills for the regular brokers to such as have not more than one month to run, and their advances upon those of a longer date to a fortnight. The state of things indicated by this policy naturally engendered a good deal of anxiety, which immediately took the form of an anticipation that the Directors might, at their weekly court yesterday, ad- vance the current rate of discount from six and a half to seven per cent. This extreme measure, however, was not taken, and to a certain extent opinion was reassured, but the impressions created by the two previous steps have by no means passed away. The commercial demand for capital is too heavy and too constant for mercantile men not to feel extremely sensitive at a state of things which discourages the hope of money being cheaper; but with our own extending foreign trade, and with the claims put forward for the creation and extension of great public works all over Europe, no great surprise can be felt if capital, as we expect, remains permanently dear. We see no signs whatever of cheap money. and we would rather not have it if it is to be accompanied by an inactive trade awl a diminudon of public enterprise. This week the demand has been extraordinarily active. It has been espe cially visible in the repayments to the Bank of advances made upon stocks during the shutting, and in taking up the bills at maturity at the beginning of the month. A large amount, too, has recently been invested in foreign railways, the supplies for which have only just been found. In the present week, also, vast sums have been paid in London and all the great ports for tea duties—these pay ments having been delayed for fully a month past, in order to take advantage of the reduced duty which has just come into operation. To these sources of demand must Le added another for payments for silver imported from the Continent. Here is a combination of causes, altoge ther independent of the wants of trade, quite sufficient to explain the magnitude of the pressure which, operating upon diminishing stocks of bullion and notes, impelled the Bank Directors to resort to a more restrictive policy. A little better feeling prevailed in the Money Market yesterday, but we do not expect any solid ease for the next week or ten days. It is quite understood that the drain of gold was the primary cause of the Bank advancing the rate of discount last week. It is now understood that that drain has been -arrested, and that 100,0001, or nearly that amount, have been purchased by the Bank, and that further sums are offering; but this sum is not equal to the arrivals. The arrivals have amounted to 420,0001., nearly all from Ans. tralia. About 130,0001. have been sent to Rio, New York, the Peninsula, and the West Indies, leaving a fair surplus in the market, of which a portion will be sent into the Rank, as the purchasers for the Continent are believed to be discouraged by the high terms of discount here. There is, further, some reason to believe that the gold now upon its way to this country from Australia amounts in value to no less than 1,500,000/. It is impossible to assume that the Bank will not obtain some portion of this vast aggregate ; consequently it is expected that the next and following returns will show con , iderable additions to the stock of bullion. The Oneida, which has not yet been heard of since she left Melbourne upon her return voyage to Suez, has 40,0001. on board, on which insurances have been effected at Llo yd's at the rate of twenty guineas per cent. THE PRESS. The English Funds are about one-half per cent. lower than last week, owing to the state of the Money Market and to the arrangements connected with the Consol set tle►neut which was brought to a close yesterday. To-day, being Mood Friday, the Stock Exchange was closed, bat yesterday Consols left off at 93 to I, the lowest price of the week having been inf to 1. Business has been exceedingly dull. Exchequer Dills are flatter. The March descriptions are is. dis. to 3s. prem., and the June Os. dis. to 2s. dis. Railway Shares have fluctuated with Consols to the extent of fully one per cent., but, on the whole, they left off yesterday without essential change from the quotations of this day week. The traffics are still comparatively low, but in general stock is firmly held. Foreign Securities are slightly lower than last week, and business in them has been limited. Joint-stock Bank, Miscellaneous, and Mining Shares are all dull, at about previous rates. Mr. Stapleton, the deputy-governor of the Royal British Bank, was examined at the Court of Bankruptcy on Wed nesday, with reference to his share in the management of that notorious concern. The hon. gentleman meant well, but he showed that he was not equal in moral courage to the duties which were required from him. The total amount of duty paid on tea on Monday last, when the reduced rate came into force, was 628,2301., re presenting 8,84'),897 lbs. In London alone the amount was 324,122/. Large arrivals of tea continue to be reported. The amount paid into the Treasury of the East India house for bills on India hetween the 26th of March and the Bth of April was 178,8141., a much larger amount than usual of late. The Imperial Brazilian Milting Association is to be dissolved provisionally. The payment of the April dividends commenced on Wednesday. Late commercial advices from Australia are not very favourable. The imports have been excessive, and great difficulty was expe►ienced in effecting sales. A dividend of seven and a half per cent. on the preference stock and of three per cent. on the consolidated stock has been declared by the Governor and Company of Copper Miners in England. . _ . The present price of bar silver is ss. 11d. per ounce. The Provincial Trade Reports of the week are as satis •factory as could he expected, but serious complaints are made of the effects produced by the rise in the value of money. The Monthly Debtor and Creditor Account of the Bank of France was published in the Monileur of this morning. The following are the principal changes in the position of the establishment : Increase in Circulation .. Decrease in Public Deposits Increase in Other Deposits Increase in Commercial Discounts Increase in Bullion .. Decrease in Advances on Bullion Increase in Advances on Public 2,976 157,675 Securities Decrease in Advances on Railway Securities Increase in Premiums on Purchase of Gold and Silver Circulation (April 10) Stock of Bullion (April 10) . _ This return is upon the whole of a favourable character. The bullion has increased more than half a million, at rather a less sacrifice in premiums than was incurred in the previous month, while there is reason to believe that the irregular purchases so long adopted are being gradually abandoned. The total amount paid in these premiums during the current half-year is now 57,3461. The Treasury has redeemed 40,000,00', francs Exchequer Bills, and that item has consequently disappeared from the account ; and this payment will assist in explaining the large diminution in the public deposits. The activity of trade has compelled the Bank to enlarge its advances, but they have been only to a moderate amount, as may be seen by the following comparison : Commersial Discounts Advances on 1;ullion „ Public Securities ” Railway „ Total Deduct APRIL MARCH. • • R 10,753,733 £20,053,179 102,892 104,1498 .. 1,1141,129 1,023,451 783,778 806,240 .. 412,821,532 1'21,988,747 .. 21,988,747 Increase in April .. £832,785 As a whole this return is the most satisfactory that has appeared in the present year. BRITISH FUNDS. Closing Prices. OFFICIAL QUOTATIONS. ,Mond. Tuesd. Wed. Thurs.:Fridetp 3 per Cent.Consols i9 33 9) 7f Ti 2 E 9 ti i .— Ditto for Account ^3l it 934 031 293 1 i per Cents Reduced 92 xd 91} id 91i 91} 1 r,,;',' 4 3 per Cents Long Ant, itles Bank Stock 7 per Cent 2lBfxd; -.. ;316 6 217 6; *.V. . .•_-_• ()minium 1 1 F:xeh. Bills , W... (June) , India 80nd5,(1,0001.).... 1 Id Brazilian -- b Danish 5 Dtch. (F.:12 Guil )241 French 3_ Do. 44 Do. Bank Stock Mexican 3 Peruvian 44 Portuguese 4 Russian 5 Spanish S Turkish tscc.6 MI id 2 Id, I i FOREIGN FUNDS. Per Cent. Al ond Tvead. Wed.' DOI ± 100 65} 69'25e, -f. ' 41 i 974 a 1 - 97i OP s 94 71. MOM I /shiny. - asa '69f 30c Sr 10: 69f60. ›; Cctc a f. f.' 1. CI 23 —7 BANK OF ENGLANI). An Account, pursuant to the Act 7th and Bth Victoria, cep. 32 for the week ending on Saturday, the 4th day of April, 107. ISRUI DICP&HTMENT. Notes Issued .... .123,015,180 ' Government Debt 811,015,100 Other Securities .. 3,459,000 Gold Coin .t Bullion 8,570,180 Silver Bullion 223,015,180 I £t3,045,180 BANKING DErsirmticirr. Proprietors'Capltal2l4,ss3,ooo Government Seen- Rest Public Deposims 9.019,533 I DeadWeightAn.) 211,645.974 other Deposits Seven Day k other Notes 3,537,4'.1 Bills 437,576,775 X 37,576,776 • Including Exchequer, Conimissioneri of National Debt Savings' Banks, and Dividend Accounts. FOREIGN RAILWAYS 3fond. Tuesday. Widnes. Thurs. t Fridap. , I 7f 7 7 I If ilf t! It 1 11 , par ip id par lid par r iU 11 We 1 108 , id 104 1 pa o • 211 I 11/ 1 I 21/ 1 1, 4 433 ,;t 4 116 laf 14 eta / 31 161 1 „ 119/ 10 19 19 19 10 19 20 I "4 1181 4 1 Ul stl I " sti 5 10 9 10 9 10 . 11i 1 1 62 j $ 10 1 2/ 621 1 3 60 60 2 90 2 Antw..t Rttrdm. Belgian East. J ' Dutch Rheuish East Indian—. Gt. Indian Pen , Lyons it General Madras Na.kLge.(w.in ) Nrthrn.of limo( . Norw. Trnk. Pr!. Paris & Lyons i Paris 4 Orleans Paris & Rotten RitLWAI S- Aberdeen SHARES 3lond. Tuesd. Wad. Ms. Ai 9 8/ 9 81 , 2 2.90 9 X 90 93 Ga eBl 91:68 g 681 9 1 34 634 6 '34 6 U 6 1912- 01 19 20 19 20 Ll 9 90 331 e 1 s 61141 et 331 61 1001 . 96. 9E98 9 iii ° 1i 111 I 111 1:111 IHI 11 37 8 36, 708 7 ,36 7 :C4 8 .104 6 104 6104 5 661 71 661 n 681 7 i6l 1107 10114 101 s 100111i/ull p 9 107 107 9 1 6 1 4 p 6 1061 6 :06 1 6 0 1 41 2el at - -••• 7 9 R 79 Birm.Wolv.&Bl Bristol wad Eic •Val. :r .... Caledonian Chester and Holynead Cork and Bandon Vublln & Belfast Juno. East Anglian Eastern Union (B) East Lancashire 31 14! B,i 6 4111 • 7 30 1 30 1 106 8 100 8' 71 3 :71 3 174 di 17841 ,75 6 76 11; 11t,310 187 8+ . 87 1 - 1.--.,. 20! 1i.20i 152 7 160 2 : . t2t Isr s 443 d !b -;7 ,291306 i 171 3 1 1 1 NI 1 ." 87 8 j 107 i bi di .14)41 ;814 1,37 9 J t a 5, IS 43d 7 28430 i in 3 Ft St .74 Sul t ,87 8 isqj lil iso 0 Si i ; 201 li 10 SS fie el le e I:1 3 11 3 2i i 'l3b 11 3 tj I I I 21 i a* ? 11 Eastern Counties Great Northern Gt. Sth. and Wet of Ire Great Western Lancashiret Yorkshire Lon.,Tilburyot S. Brkg.: Lon.,Brighton,&c London and Blackwall' London and Srth- West iiidland Newmarket Newry and Enniskillen Norfolk Nrthru. Counties Union North British Kurth Staffordshire North• Western Ox(., Wrcstr., and WWI Scottish Central Scottish Midland South Devon South- Eastern au d Dov South. Weateru South Wales Waterford tt Limerick NiISCELLANZOI3B— Canada Cryistal Pa1ace...... .. Crystal Palace of France , North BritishAucLand Peel River Land A Mn.l Scottish Aust. Invest. South Australian Land Von Iliernon'g Lend .. - ,4lttropolitait Markets. 'll 3 (Reported exclusivelp /Or "THE PRESS.") CORN EXCHANGE—Notwithstanding that only limited supplies of English wheat have come to hand fir our market during the present week, all kinds have move! off heavily. and prices have further receded le to 2s per quarter. The imports of foreign wheat have not been extensive; never theless, the inquiry for that grain has fallen off, and the quota tions have had a downward tendency. Floating cargoes of grain have commanded very little attention. The barley trade— owing to large supplies having come in from the Continent — has ruled heavy, at is to 2s per quarter less money. Malt has been rather lower to purchase. The receipts of foreign oats have been again large. and the oat trade has continued dull, at Is to 25 per quarter beneath last week's currency. in the value of beans and peas no change has taken place. Town-made flour has given way 4s--other qualities quite is per 2anlbs. k;NOLlBll—Wheat, Essex and Kent red, 47s to 565; white, 483 to 645; Norfolk and Lincoln red, 46s to 563. Malting barley, 3Ss to 465; grinding ditto, 235 to 30s : distilling, 35. to sm. Malt, 62s to :as. Feed oats, 20s to 223; potato, 223 to 29a. Rye, 32s to 365. Tick beans, 32s to 335; Harrow, 33. to 345; pigeon, ads to 40a. Grey peas, 35s tons ; maple, 37s to 38a; white boilers, 33s to 38s per quarter. Town-made flour, 50s to 325; country marks, 3as to 49.; households,42s to 44a pee Sdelbs. ARRIVALS THIS WEEK. Wheat. Barley. Malt. Oats. Flour. English 1350 .. 420 .. 490 .. 1190 .. 670 Irish .. .. 940 .. -- Foreign .. 3700 .. 10700 .. .. 17810 .. sks. IMPERIAL WEEKLY AVERAGES—Wheat, 54s 8d bar ley, 47s 3d; oats, 23s 6d; rye, 37s 841; beans, 394 8d; pens, 39s Id. THE SIX WEEKS' AVERAGES—Wheat, 55s sd; barley, 46s 4d; oats, 23. ed; rye, 39e bd; beans, 39. sd; peas, 39i 241. ENGLISH GRAIN SOLD LAST WF.F.IC Wheat, Ab,441• barley, 3f;,068 ; oats, 16,709; rye, 124; beans, 5,713; peas, 99T Quarters. BREAD—The prices of wheaten bread in the metropolis are sd to A;cl; of household ditto, 6-d to 74d per 4lbr loos' TEA—The new duties haying come into operation, about 6,0u0,0001be have been released from bond this week. Our market may be considered steady, and prices generally are well supported. The following are present rates:—Congou, Is jd to 2s 44; ;Sing Yong and Oolong, is 2d to 2s; bouchong,ls Id to traiIifforMINIMIIIIIMA