The Press. — London, England, 1857-04-18 00:00:00

The Money Market, during the whole week, has mani fested nearly all the usual signs of a pending crisis. It has had to support an amount of pressure that we believe to have been unparalleled since 1817—an amount certainly greater than has existed since discounts assumed some thing like permanently high rates. In face, an incipient panic has threstenel the market. We attribate the sensi tiveness that has prevailed, not to any disorganisation in our extending trade, or to any limitation of credits—though a silent process of that character has been apparent for some time—orto the natural results of unsound speculation ; but to the unavoidable operation of the causes pointed out last week. The restrictions imposed by the Bank upon discounts and advances, by increasing the rates upon one, and limiting the duration of the other, naturally produced some degree of alarm as to the future, especially as it was well understood that the reasons upon which that policy was founded still existed in almost undiminished force. The import of silver from the Continent to supply the India demand had not, nor has it yet, relaxl ; the demand fir gold to pay for that silver was therefore in full action, most of the geld being obtained by means of discount and loans upon stock. Then there is a constant demand for foreign enterprises of various descriptions, besides a home demand to meet a large aggregate of commercial acceptances, falling due at irregular but almost daily intet•tls. From these causes, to which must be added the slow improvement of the exchanges, arose a community of sentiment that the market would be unable to sustain the adverse influences thus created. This feeling prevailed on Monday ; on Tuesday it assumed a more tangible and outspoken aspect; and on Wednesday it was nearly a universal expectation that the Bank Directors would. at their weekly court yesterday, advance the rate of discount from six and a half to seven per cent., and altogether refuse to take brokers' bills or to make advances on stock. If such a policy had been resorted to, we believe the con sequences would have been highly disastrous. Up to the very close of business on Wednesday, however, something of this sort was anticipated. But yesterday morning before the Bank court assembled better impressions existed; opinion was generally more reassured ; and when it was found that the Directors separated without doing anything, and after a shorter sitting than usual at such im • portant periods, confidence fully returned into its usual channels, and the market assumed an appearance of solid e tse. On taking a calm review of the tendencies mani• f ?stet' during the week, it was then generally admitted t tat the apprehensions prevailing up to Wednesday had b greatly exaggerated ; that us we had received large arrivals of Australian gold, the mass of which had been sent into the Bank, the stock of bullion must have been largely increased, while the payment of the dividends had enabled parties to withdraw a vast amount of private secu rities, and so the reserve was rapidly recovering. So far as to the position of the Bank. It was believed to be im- proving, and the simple opinion supported confidence. But although the alleged weakness of the Bank has been a highly adverse element in the state of the market this week, it has not been the only one. About 2,000,001)1. of railway debentures fell due on Wednesday. To provide this sum several of the leading banks called in their loans. This compelled the borrowers to sell stock, and to obtain advances where and at what price they could. In one instance a sudden sale of 200,0001. stock was the immediate consequence. Hence the market has been in anything but a natural position, and its irregularity has tended to produce very considerable evil. !tut the pay ment of the railway debentures and the dispersion of the dividends have, beth yesterday and to-day, greatly helped to restore it. A full demand, however, still exists; but the feeling is improved, and bat little uneasiness is left. The specie movements of the week have been important. Australian gold has arrived to the value of 531,0001. ; last week there came from the same source 340,0001., making a gross total of 890,0001 in about ten days. The Bank obtained none of this gold before Saturday, but since that day there have been taken to it about 070,0001., leaving, in round numbers, about 20 O,OOW. still in the market. But against this must be placed several amounts sent to the Continent, 60,000/. sent to the West Indies, and about 700,0001. which will be despatched to India by the packet leaving Southampton on the 20111 inst. The balance would therefore appear to be exceedingly adverse ; but it must be remembered that nearly all the 700,0001. for India is silver, which has been accumulating for the last fortnight from the Continent and South America, and that there is still so much in the market that the price declined yester• day one-eighth per ounce. Tho West India packet which arrived to-day brought 137,9601., so that, on the whole, our prospects with regard to our stocks of bullion are improving, particularly as the Bank of France is com peting with us less actively. Still, a report prevailed at a late hour this evening that the Bank of France had in creased the premium per mille upon its gold purchases to the old rate. If this report is confirmed, gold will be withdrawn from this country for France as rapidly as before, and it may be difficult to retain any large portion of future Australian arrivals. We doubt, however, the cor rectness of the report. The Foreign Exchanges waver a little, but they are slowly improving. The Indian arc no better. Public Securities have not varied much, notwithstanding the agitation of the Money Market. They were, however, very weak up to yesterday, and were only sustained by reinvestments of trust and other monies, out of the divi dends. Railway Shares have, however, fluctuated to a greater extent, being affected by the haltmontlily settle 'tient, which was brought to a close yesterday, and by the disturbing influences of the Money Market. Foreign Stocks have been dull. Consols, which closed last Thursday at 93 to have been as low at 94 to 93, and never higher than 931 to 1. Last night they closed at 931 exactly. Today they opened at 031 to I, and improved to 93f to f ; but rumours of a bad Bank return, and of the change made by the Bank of France, caused a reaction, and they closed at 93t to 4, looking weak. Exchequer Bills have been flat; yesterday the sale of a large amount by a leading broker caused a decided decline, until there is now a doebt whet) ee they will float in the market, unless the Chancellor of the Exchequer interposes with an undertaking to advance the rate of interest—a course which we do not anticipate he will be willing to take just at present. The March descriptions are at Os. dig. to par; and the June at Ins, t o 'ls. dis. Railway Shares improved with the Money Market im• mediately after the settlement, and some descriptions are from one-half to one per cent. better than this day week. During the depression which has been the characteristic of the week, there has been no disposition to part with stock; on the contrary, at the settlement a vast amount was carried over in the expectation of better prices. Turkish Six per Cents. are now quoted ex div. They have been dealt in to some extent at various prices, and are now one half per cent. better than un Wednesday. Mexicans have been steady throughout. Other foreign securities have changed very little. Joint stock Bank, Miscellaneous, and Mining Shares have all been inanimate. Crystal Palace Shares ate in favour, at a shade better prices. Letters from the north of Europe express an opinion that the recent Order in Council, prohibiting the importa• tion of foreign cattle from the Baltic ports, will be ineffec• tual, from the ease with which they can be transported by rail to Hamburg, and thence sent to Hull. The disease is very bad in Holstein. It is now causing great precautions to he adopted by our own breeders. The charter of the Bank of France is likely to be re• newed for a period of fifty years from the Ist of January, 1854. The capital of the bank is to be increased to 8,000,010/., 4,000,0001. of which is to be advanced to the Government at a rate of interest one per cent. below the market rate, for a period not yet defined. This has been truly described as a loan in disguise. The Russian railway scheme is being quietly ventilated by degrees in this ccuntry. A Liverpool paper has been the first to render it a hold and direct support. Capitalists are rather inclined to nibble ; but a constant series of attacks upon it, in the shape of warnings from an influen• fiat organ of the Money Market, are being kept up with consistent bitterness, so that very few persons of any con• siderable standing have yet ventured upon giving it more countenance than is comprised in being quiet, and ab staining from opposition or criticism. Several branches are likely to be constructed in connec tion with the Northern of France Railway. One of them will run between Boulogne and Calais. The Bank of Amsterdam has declared a dividend at the rate of about fifteen per cent. per annum. An adjudication of Bankruptcy has been made against Colonel Waugh, one of the directors of the London and Eastern Bank. He is described as of I3ranksea Island, Dorset, and of Little Abiugdon-street, brick and tile manu facturer. Mr. Sheffield Leave has been elected Governor, and Mr. Bonamy Dotree Deputy Governor, of the Bank of England. The Trade Reports from the provinces show less activity this week. BANK OF ENGLAND. An Account, pursuant to the Act 7th and Nth Victoria, cap. 32 for the week ending on Saturday, the 11th day of April, 1e57. ISSUE DICPARTIKENT. Notes issued .... .422,796,165 Government Debt £11,015,1( 0 Other Securities .. 3,159,90. Gold Coin& Bullion 6.321 1t Silver Bullion .... i22,79G.1G5 L 12,736,165 BANKING DEPARTMENT. Proprietore'CapitalZl4,s33,ono, Government Secu. Rest Public Deposita* .. 6.1:0,350 Dead Weight An.) 111,3331 2'1 Other Deposits 10,481,057 Other Securities 1 8 ,964 640 Seven Day & tithe; I Notes 3,144,120 Bale 434,105,333 £34,10),333 • Including Exchequer, Commissioners of National Debt Savings' Banks, and Dividend Accounts. BRITISH FUNDS.— Closing Pzices. OFFICIAL. QUOTATIONS. 3 per Cant.Consols Ditto for Account per Cents Reduced 3 per Cents Long Annuities Bank Stock. 7 per Cent Oinniuin Exch. Rills, 20... (June) India Bonds,( 1,000i.) FO Per Cent. Brazlltan Danish Dtch. ( Ex 12 Gull ) French D 0.... Do. Bank Btoci Mexican Peruvian Portuguese Russian :punish Turkish Ac Moir!. Tueid.lied. Thurs. Friclny N 92+ 92 19 . 11 93 y y 1231 y 931 yOh 93Y y, 93y 191 g 1 91 g f9l st 91y 0,91 y !91y 2. 91y ,91 y 91 Y el 91/ 2 1 !' 2Y ; 21 1213 6! ! 213 )213 24 ,9 81 1 10 d 8 die lIGN FUNDS. Mond. 7'uesd. Wed. Thurs, 994 100} 100: 63 21V lk 70f 20c t t e f.l 1. 111 231 t' - 42 1: 70'15c' f.l 231 77 Friel n 11 100 e 901 101 64i f c f o 83f 9So :0.6 342 911 xd lOREIGN RAILWAYS. Mond. Tuesday. Wednes. 71 II 7 k 7 14 1 11 1 1 pad ip id par 1 108 10 108 10 wa ! 1 211 1 211 214 1 1441 1 1 20 111 61 I s 2 3 32 $2 3 t 19 20 19 20 19 20 gt 161 ' 391 39 1 10 9 10 9 10 621 3 02/ t 621 6() 9 81 01 3 41 911 Antw. & Rttrdm. Belgian East. J. Dutch Rtiet.ish East Indian Gt. Indian Pen G.W.ofCan.,Sh Lyons & Geneva Madras N . A.& Lga.(w.in ) Nrthrn.of orw. Truk. Prf. Paris & Lyons Paris & Orleans Paris di RouguiA Thurs. 71 1 7; 1 11 11 %d par id par 103 9 103 9 91$ 1 214 1 151 Gi 25 4 34 3 32 3 19 20 19 20 8 I' :;90 404 391 40 I 621 3 1U1 629 10 1 3 } E 1 3I 61 03 FROM THE LONDON GAZETTE. Tuesday, April 14. . - -- BANKRUPTCIES ANNULLED. —THOMAS ATKINSON, I3rearley, near Luddenden.foot, woolleinnanufacturer—EbW4ltll GRAY, Broeklehurst, Liverpool, hose and strap manufacturer. BANKRUPTS.—EDWARD BEVAN, liididOCUROSISI, victualler-- THOMAS 111DLET, Hartlepool, Durham, draper—RW.lEla SWAN Youxo, West Hartlepool, Durham, tea dealer and grocer— TltollAB 11UNTLEY, Sunderland, grocer. scOTC IL S EQU ESTRATIONS.—Tuomas Ronor.r. (de,-cased ), Coatbridge, Old Monkland, Lanarkshire, grocer—Cli.O;LE.ll MANSON, Saint Andrews, potato merchant—Jamas ADAM, Porn. Glasgow, joiner—WlLlAlM WILSON, Content Fann, Wallace. town, St. Evox, Ayrshire, fanner and provision merchant-- GEORGE DAVIS, Cowcaddens.street, Glasgow, draper—WlLLlAll WILSON, Clovorhill, Ayrshire, cattle dealer'—DAVlD GOVAN, 6, Mathieson's•latte, liutcheson-toau, Glasgow, cow feeder. Friday, April 17. BANKRUPTCY ANNUL LE D.—WILLIAIt Porium DAVIS, and JAMES DAVIS, Cardiff, slate, marble, and brick merchants. BANKRUPTS.—JAMES CHoAr, Albert-road, Daliston, tailor— WILLIAM ADAMS, Huntingdon, miIIer—ALEXANDER DLoitiAlt, HEND-itsoN, London-street, Paddington, livery-stable keeper— TROMAs HICHARDs, Aberystwith, draper —FREDEuicic LErT, High-street, Lambeth, potter—JosEPH SUITH, Brcail-street, Lambeth, dealer in iron—WILLIAM JAMES TAYLOR. Albiuu terrace, De Beauvoir.square, Kingsland, cabinet maker—As- DERSoN STOKOE, nation Hill, Durham, grocer—RICHARD WINTER NEAVE, Sheffield, miIIer—GEORGE JAYNE, juti. Newport, builder—SAMUEL DALTON, DANIEL DALTON, ALFRED DALTON, Chester, iroumasters—WlLLlAM TENT, Royal Exchange, City, hosier. SCOTCH SEQU RSTRATIONS.—Joms BURosriE, Cried, flesher—DAVlO SPENCE, Ferry•Purt.on-Craig, merchant— JAMES GLENNIE, littehauall-strlet, Glasgow, lace and sewed muslin warehouSetnall—WlLLlAM SliAlip, Kirkwall, draper— THOMAS 3ilultßAV, Port -Glasgow, tailor and clothier. 311(trapolitan Markets. (Reportedexclusivelyfor "TRz Pazes.") CORN EXCHANGE—OnIy moderato supplies of Eng. lish wheat, chiefly in poor condition, have beeu on otferiu our marsetthis week. Selected samples of both red and white have sold steadily, at full quotations; but interior qualities have moved off slowly, at the late decline in value. There has beim a better feeling iu the trade for foreign wheat, but we have no change to notice in the value of any kind. Floating cargoes have ruled dull. Fine English barley has r ealised full quota. tions ; but other kinds have given way fully is per quarter. The malt trade has ruled dull, on tomer terms. A full average business has been passing in outs, at is per quarter less money. Beaus, peas, and flour have ruled steady, at lute rates. The imports trout ab road have been trilling. N;NOLISII—Mieat, Essex and Kent red, 47. to 565; white, Oda to his; Norfolk and Lincoln red, 468 to 565. Malting barley, 36s to 40e ; grinding ditto, 23s to 30s : distilling, 35s to 378. Malt, 62s to 78s. Feed oats, 20s to 225; potato, 22s to 28e. Rye, 32s to 365. Tick beans, 321 to 33s ; Harrow, 33s to 345; pigeon, 38. to 40s. Grey peas, 35s to igis ; maple, 37s to 38s; white boilers, 35. to atis per quarter. Town-made dour, cos to 525; country marks, 36s to 395; households,42s to 44s per StiOlbs. ♦RRIVALS THIS WEEP. Wheat. Barley. Malt. Oats. Flour. .. 33u .. 3130 40 A) Irish Foreign .. 4320 .. 14710 1837 - 0 3010sks. 3520 LONDON AVERAGES DECLARED ON FRID A.Y—Wheat, 2,7r;3 quarters, 56s ,sd; barley, 369 quarters, 468 Ild ; oats, 249 quarters, 258 Id ; rye, 15 quarters, 33s 7d; beaus, 561 quarters, 388; peas. 68 quarters,39s Id. IMPERIAL WEEKLY AVERAGES—Wheat, 53s111; bar. ley, 458 9d ; oats, 248 4d; rye, 3,3 s 9d; beaus, 39s 10.1; peas, 38s sd. THE SIX WEEKS' AVERAGES—Wheat, 55s 2d; barley, 468 sd; oats, 23a 9d; rye, 39s 7d; beaus, 39s id; 398 2d. F.NL,LISH GRAIN SOLD LAST WE E. K Wheat , 93,845: barley, 32,i73 ; oats, 9,728; rye, 4111; beans, 6,119; peas, 436 quarters. BREAD—The prices of wheaten bread in the metropolis are 8d to Aid; of household ditto, 6d to 71d per 41bs lust. TEA—The amount of business doing in our market this week is very moderate. In prices, however, we hate no change to notice. The following are present rates :—Couguu, is id to 2s 4d ; Sing Yong and Oolong, Is 2d to 2s; Souchong, Is id to 2s ed ; Flowery Pekoe, 2s to 4s ; Caper,— to —; Scented Caper, la Id to is 104; Orange Pekoe, is 2d to Is 4d; Scented Orange Pekoe, is 4d to 2s 4d ; Twaukay, 9d to is 3d ; Dyson Skin, ed to ls 24: ilyson, is 51 to 4s ; Young Ilyson, 10,1 to 25 4,1; Imperial, Is to 2s 4d; Gunpowder, 11/d to 3s 6,1; MUM, is Id to 45 44 per lb. SUGAR—There has been only a limited inquiry for all kinds of raw sugar; nevertheless, the quotatioLs have undergone very little change. The supply on otter is much less than last year. liarbadoes has realised 53s 6,1 to 59a; Berbice, hls to 55s (;( 1 ; Mauritius, 46s to 17s 61 ; Madras, 42s to 411 s; Bengal, 46a 6,i to 568 per cwt. Floating cargoes of foreign sugar have com manded full prices. Refined goods are steady, at wily late rates —viz., 64s tit to Ilea Gd per cwt. MOLASSES—The demand is chiefly confined to small pat eels, yet previous rates are supported. Present quutauons vary from 22s 6,1 to 26s per cwt. COFFEE—Our market has been very inactive, and to have forced sales of most kind s o f co ff ee l o wer prices must have been submitted to. Good or d na ti v e Ceyl o n is held at 604 per cwt COCOA—The supply is still rather on the increase, and the value of most kinds is drooping. Grey Trinidad has sold at 71s to 7:is ; common red, 7 , : , s to 80s; and SL Vincent's, ties to 70s per cwt. RlCE—Very few transactions have taken place in sr* , kind. Prices, however, rule about stationary. Bengal, 103 to 13s 6(1 per cwt. COTTON—The demand has continued heavy, at barely last week's quotations. HEMP AND FLAX—AII kinds of hemp are very dull, and almost nominal in price. Max moves off slowly, on former terms. Jute and Coir goods are held at full currencies. WOOL—About 8,000 bales of foreign and colonial wool have come fresh to hand. Owing to the high value of money, our m ortedarket generally is heavy, and prices are with difficulty sup p. SPIRITS—For rum there is still an active demand, and prices have an upward tendency. Foreign proof has sold es high as 2s 84 per gallon. The brandy mar ket is active, an.lsales of the best vintage of last year have been effected as high as 15s led per gallon. Malt apii ii a are steady. INDIGO—The next public sales will be commenced on tho 12th of May, when about 16,000 chests will be brought forward. All kinds are dull, but aot cheaper. METALS—Scotch pig iron has sold to a moderate extent, at 74a 041 to ha 9d cash. Thu abipmeuta from OlaagoW lug THE PRESS. SATURDAY ) 392