The Press. — London, England, 1857-02-14 00:00:00

164 life casting aside their party watchwords, and consenting to act together for one great object, which all admitted re• lated immediately to the well•being of the country. It was a high and holy cause; it was a cause the success of which depended upon the support it received from the people of this great commer2ial city, and, through them, of the people of the country at large. He believed they had such support and assistance as to insure to the cause a triumphant issue. _ one ilnrket anb 6itg `lnteiligcnce. FRIDAY EVZNING. TUE return of the Bank of England fur the week ending the 7th inst., shows the following citanges cudipured with that for the week preceding:— Decrease in Circulation ..... £818,799 Increase in Public Deposits 1,138,619 Decrease in Other Deposits .. Decrease in Government Securities 32,657 Increase in Other Securities Decrease in Bullion Increase in Rest Increase in Reserve Bullion iu Both Departments 9,979,246 Circulation, including Bank Post Bills This comparison presents few favourable features. Indeed, it is unsatisfactory with respect to the decrease in the Bullion and the addition to the Private Securities; but as there is every probability of gull flowing into the country, partly from Australian arrivals and partly from the natural operations of the exchanges which have now taken a turn, it may be regarded as the turning point towards a better state of things. The Bullion is now less than 10,000,000/., but since the return was made up the Bank has been a considerable purchaser. The increase in the Public Deposits is very large ; they now amount to more than 11,5000001., rather a considerable amount at this period of the quarter. The financial statement of the Government was made this evening ; and it was, upon the whole, tolerably well received, though there were points about it which certainly failed to command approval. The income tax is to be re.luced to 7d. in the pound ►or three years ; but, on the other hand, the tea and sugar duties are to be practically increased after next year. This part of the budget affords no real relief. The monthly return of the Bank of France was pub lished this morning. It contains ample evidence of an active demand for money during the month, and, from the fact of the discounts and advances having decreased more that 1,1;90.000/., it appears that the Bank is still pursuing its policy of discouraging merely speculative transactions. Money has been iu active demand commercially, but the pressure for it has mitigated considerably since it was un derstood that the difficulties with Persia have been arranged, and that the public expenditure fur the next financial year would be materially reduced, while the burden of the income tax would be greatly lessened. Besides these cir cumstances, the arrival of a considerable amount of Australian gold has checked the withdrawals from the Bank, and put an end, for the present, to any expectation of further restrictions upon discounts. Added to these circumstances is the fact of a favourable turn in the exchanges. So that, externally, the market has received a good deal of benefit front the more promising aspect of things, though the improvement is not yet so far consoli dated as to reach any but large dealers. Hates conse quently for the general run of bills are still at the Bank minimum : but, from the extent to which confidence in the future has apparently recovered, we rather think that lower terms will be conceded, in the open market, before the end of next week. We have no expectation, however, of the Bank making any change ao early, but the Directors must speedily follow the policy of their competitors when- ever a reduction is made if they intend to enlarge their discount business, as there is rea-on to expect that they do. On the Stock Exchange, the railway and foreign settle ments have occurred during the week. For short loans about six and a half per cent. has been the average rate ; but there has been no great pressure, and money, generally, iu the language of the House, has been easy. We have to report some rather considerable arrivals of specie from Australia. Three vessels have arrived—the Morning Light, the Heather Bell, and the Centurion — bringing an aggregate of 143,81X►1. ; besides which, other amounts have come in from the coast of Africa and else where, which bring up the total import during the week to not leas than SBO,OOO/. Of this amount about 200,0001. has gone into the Bank. The export has consisted of about 5000101. to France and the Continent, and 119,0001. to ltio for the use of the bank there, to retrieve errors in the management of the circulation. Some other amounts have also gone away. The exportation of gold, however, to pay for silver purchased un the Continent is suspended,—the supply of silver in our own market, oaing to the late arrivals from South America, being so considerable as to have caused a decline in the price of id. to id. per ounce. Four ships, all with gold on board, are now upon their way from Australia ; and, one or two being nearly due, they may be expected to arrive by the end of next week. English Securities were heavy and dull in the early part of the week, but the Australian arrivals rapidly infused strength into the market, and being followed by distinct intimations as to the financial policy of the Government, the public were encouraged to purchase. The effect has been an advance of per cent. since this day week, with a continued disposition to make engagements at the improved prices. Consuls left off last Friday at 931 to I. The improvement fairly set in on Wednesday. There was every disposition for it on Tuesday, but a banking establishment sold largely on that day for money, so that the improvement wen checked for the time. But on THE PRESS. Wednesday, and again yesterday, it was obtained to the extent of three•eighths per cent. each day, the final quotation yesterday being 941 exactly. Co•day the opening and closing price was 941 to ; but a little more dulness prevailed. Exchequer Bills have stood at par to 3s. prem. all the week. There have been few sales, and they are firm at the present prices. To day they advanced Is., the quota. tions being Is. to 3s. prem. Railway Shares are from one to two per cent. better than this day week, the improvement being tolerably general, but mainly in the heavier stocks, which fur some time have been much depressed. More business has been done, and the market has now assumed a healthy and animated tone, though we look for some reaction, not much, however, from the rapidity of the present rise. In the Foreign Market the principal transactions con• tinue to be in Turkish Six per Cents. These securities are fully two per cent. better than this day week. Russian and most other descriptions have derived improvement to a more limited extent.. Joint•stock Banks have been in greater inquiry. Those connected with the Australian colonies have especially been in request. The newly introduced undertakings, though firmer, have not varied much since our last. Dock, Mining, and Miscellaneous Shares, have all been more active. A compromise is likely to be effected between the share holders and the creditors of the Royal British Bank. An agreement has been made between the committee of the shareholders and the committee of depositors, under which the creditors of the bank will receive a composition of Os. Ud. in the pound, by two instalments of 3s. and 3s. 01 each, payable on the 2nd of March and the lith of April next. The Venezuelan bondholders have agreed to the modified terms fur the arrangement of the debt of that Republic. The shareholders in the Australian Royal Mail Com pany have confirmed the proposal of the directors to apply fur a supplemental charter; but the directors are not to take any measures for further operations without pre• vionsly consulting the shareholders. The amount paid into the treasury of the East India Company for hills on India from the 23th January to the 9th inst. was 1'23,19t♦1. It appears from a statement made in the House of Commons that the Government do not contemplate any amendment in the law upon the dock•warrant question until the mercantile community are themselves agreed upon it. The Trade Reports of the week are more favourable; but great complaints are made of the uncertainty and the smallness of profits. THE BANK OF FRANCE. THE Monthly Debtor and Creditor Account of the Bank of France, made up to yesterday, was pub lished this morning. We copy the following clear analysis of its main features from the circular of Mr. William Avens, stock and share broker, of No. 13, Tokenhouselard, Lotlibury The return is of a more favourable character than that for the previous month of January, inasmuch as k shows that the Bank is resolutely persisting in its successful policy of discouraging speculation upon borrowed capital. Altogether, it appears that by reducing its commercial dis counts, and its advances upon public and private securi ties, more than a million and a half sterling has been withdrawn in this way from enterprises, the greater part of which must probably have beeit the reverse of legitimate undertakings. The large falling off in the discounts is, however, mgarded in some quarters as a hardship upon trade, and we hear complaints about it from some of the shipping ports of France ; but it must be observed that this item has increased greatly since this time last year, and that it still presents a much larger aggregate than at the latter end of I:StAI, when exactly similar complaints were made. Corn pared with the previous return, the following will show the principal changes made in the position of the estab lishment during the month, expressed in English currency at an exchange of twenty-live francs to the pound sterling : Decrease in Circulation .... £682,384 Increase in Public Deposits Decrease in Other Deposits .... Decrease in Commercial Discounts Increase in Bullion Decrease in Advances on Bullion .... 29,870 Decrease in Advances on Public Securities Decrease in Advances on Railway Securities Increase in Premiums on Purchase of Gold and Silver Circulation ( February 12th) 23,810,835 Stock of Bullion (February 12th) 7,80'3,935 The decrease in the private deposits implies an active demand for money during the month, which has been the fact. Indeed, as far as concerns the operations and influ ence of the Bank at the great centres of trade, it could scarcely be otherwise, for it is certain that the commerce of the country, particularly with foreigners, is being greatly extended. Any considerable withdrawal of capital from at must, therefore, be sensibly felt, particularly at the out porta. The bullion is gradually recovering; but had it not been for the extensive purchases made in London, out e the Australian arrivals in the current week, it would have shown a diminution of probably not less than 150,0001. or 200,1001. The total amount of premiums paid on these purchases since the commencement of the current halflear, is 24,8271.—a sum quite large enough to satisfy us that very great purchases must have been made, much larger, indeed, than are represented by the simple net increase of 110,0001. Returning to the SATURDAY, advances" made by the Bank, the following table will show them comparatively for the last two months Fun. JAN. .. £21,178,908 ,C 22,029,791 123,18 t 153,060 1,1113,698 1,236,406 888,892 932,195 Commercial Discounts Advances on Bullion „ Public Securities „ Railway „ Total .. £23,257,682 AC24,950,422 Deduct .. 23,257,682 Increase in February £1,692,770 On the whole, the present return is calculated to satisfy the commercial public with the general administration of the Bank ; but we do not think it likely to arrest the desire for greater banking facilities, or to stop the agita tion fur an increase in the means of banking accommoda- Lion tl.rough the agency of competition. BRITISH FU OFFICIA [NDS. - ILL QUI ,Mond. Closing Prices. 'CITATIONS. Tuesd. Wed. Thurs. 93 193 1 9.4 93} 4 f. , 11 01 94 93/ :931 ,931 9 3 3 1 1 !It 234 931 93 1194} 2i I 2171 I 2171 3 per Cent.Coneols Ditto for Account per Cents Reduced per Cents Long Annuities Hank Stock, 7 per Ceut 0111111t1111 Exch. Bills, 20. India Donds,(1,0001.) 1317 ej par 'par apjpar 31 par I 2d BANK OF ENGLANis. An Account, pursuaut to the Act 7th and Bth Victoria, cap. 32 for the week ending on Saturday, the 7th 4ay of Feb., 1807. ISRUZ Lr P,turmiracr. Notes issued .... 4123,:67,t,C01 Government Debt 511,015,100 Other Securities .. 3,459,1100 Gold Coin dt Bullion 9292,600 I Silver Bullion 123,767400 RANKING IMPARTMENT. Proprletors'eapitsl/14,553,0 - 00 Government Seen. deal Public Deposit:3* Other Depos:ts 10,ii3e,d08 Other Securities .. 17,901.633 Seven Day h other Notes Bills 423,767,500 436,007.181 • Including Exchequer, Commissioners of Netionsl Debt, Savings' Bunks. end Dividend Accounts. 135,007,161 FOREIGN RAILWAYS iMond. Tuesday. Wednes. 5 6 5 , 5i 1} , 5} ;1! i l id par par ip par Ip 109 11 20i 1i ;:41 S !9e 30e 19& 20 d j 36 e 7 9 541 53 Autw. a Thurs. • m pllO 12P 21 4 244 fot 1 301 19 201 8 3 4 2 titt 5 I Friday Aj 61 iP Belgian East. J. Dutch Itliehish East Indian... Gt. Indian Pen. G. W.ot Cau.,Sh Lyons 8 Geneve Madras Na. A Lge.( win ) Nrthrn.ot Frost Norw. Truk. Prt Paris & Lyons Pans A Orleans Paris rt Rouen :201 1 29i 90i 19; 39} i 9 i S 3 6. 20i 1 14i 5 291 3(4 I')* 136 j 7 9 " 54j 55 29i 30h t 9 3 1i 61 7} 9 9i 6t; bk 63 6 Brazilian oauish Inch. ( Ex 12 Owl : French Do. Do. Bank Stoct Mexican Peruvian 46 Portuguese 4 itussum 6 'panish 3 Turkish Acc.6 1 - 93i il 1 93 T 3 101 it Thum Pricing. 68:35c 1 2 7. 1 68f 730 f o 95a a FROM THE LONDON GAZETTE . Tuesday, February 10. BANKRUPTCY ANNULLED.—H ENRY JOHN OIRDLISTONN, Brighton, Berlin wool dealer. BANKRUPTS.—WM. EnwAans, Hlgh.street, Wappilg, ale and porter merchant-411011A8 SKINNER, Sheffield, elecW plater and engraver—HYAM LEVI, Liverpool, clothier. SCOTCH SEQUESTRATIONS.—Amtx. MtIIRHEAD, Glasgow —ROBERT GOVAN, Glasgow, atone merchant—Wx. GARDNER and Co., Glasgow, builders—JAmEs MILLER, Glasgow, farmer-- JAMES ANDERSON, Cumnock, Ayrshire, diaper. Friday, February 13. BANKRUPTCIES ANNULLED.—Davin SMITH, Duke's road, St. Pancras, licensed victualler—Jona ATKINSON, West. bourne-grove. Bayswater, builder. BANKRUPTS.—WM. EDWARD HAWKEY, Sykes. terrace, Mile End-road, tailor--WILLIAM BRYANT, Stratford, Essex, boot and shoe maker—Anotrtins SCHERMAN, George-street, Minories, general merchant—JOHN SMITH, Star)1011111'SL Kent, corn deaIer—FREDERICK KINDRED, Framlingham, Suffolk, miller— StoismuND GANS, Essex-street, Strand, merchant—JOHN DANGERFIELD, Sell., Kirkley, Suffolk, builder—THOMAS COB. NELL, King-street, Regent-street, carver and gilder—GEORGE CAULTON, Bedford, Nottingham, brewer—JOAN LEES, Garrison lane, Birmingham, brit:kit:taker—MlCHAEL PARKER, Kingston upon-Hull, ironmonger—JOHN PAUL, St. Mary Axe, City, seed merchant—CHAßLES Fox, Rulme, Manchester, corn and flour dealer—JOHN WILLIAM LANORIDOE, Birmingham, stay maker— GAVIN WCLYMONT, jun., Bradford, draper—CHARLES H•DSON CLAYTON, Liverpool, milliner—JOHN DAVISON, Kingston-upon- Hull, anchor maker—PHILIP PORTER, Liverpool, cotton broker— MICHAEL STEPANOFT, Liverpool, merchant—GEOßGE CAYKNN, Carlisle, jeweller—Janms WATTS, Norton Saint Phillips, Some]. setabire, innholder —WILLIAM CALVERT anti WILLIAM CALVER r the younger, Sunderland, busters—sir CHARLES Fox and don't HENDERSON, London Works, Stnethwick, Stafford, Fore-street, imehowse, and 8, New Spring-gardens, engineers and con tractors. SCOTCH SEQUESTRATIONS.—WILLIAM KELLY, Kentt road, Glasgow, contractor—Davin Watotur, Harwood, near Wes- Calder, farmer—Hiu.soN, TURNER, and Company, North Bridge•atreet, Edinburgh, cIotbiers—WILLIAMSHISLIT and Jesus ts ars, tireenvok, Larne Pottery Company. FOREIGN FUNDS. Per Cent. MondiTuesd. Wed. .3 .4i k .8 f e; f z' fd 65k 65 . 41 Cof 35e c0:35: f c f c; - - f.I 21k . I, - , 7;44 t 93j 1 LL 341 t 91t Sp 1 1p