The Press. — London, England, 1857-05-23 00:00:00

5t2 matchless state, being uncoloured, not pasted back to back as is generally the case with similar books, as the ‘g Ars Moriendi," " Apocalypsis S. Johannis," &e., but the leaves are set, as in books of ordinary printing, with the reverses blank. The margins also are of ample dimensions. Vow pact ad 64 tgittelligtact. FRIDAY EVENING. THE return of the Bank of England for the week ending the 16th inst., shows the following cuanges compared with that for the week preceding : Decrease in Circulation X121,11.1 Increase in Public Deposits Decrease iu Other Deposits Increase in Government Securities 25,20:3 Decrease in Other Securities Increase in Bullion Increase in Rest Increase in Reserve Bullion iu Both Departments Circulation, including Bank Post Bills The changes shown in this comparison indicate a stronger position on the part of the Bank ; but the improvement in this respect is not equal to that which was expected. The Bullion has increased only to a small extent, but the 11,2 serve is more satisfactory, for it is 11'2.1171. more than last week, although the Private Deposits have fallen off rather largely. The increase in the Public Deposits is considerable ; some of it is, no doubt, owing to the in. vestments now making in Exchequer Bills by the Savings. banks Commissioners. The Money alarket is in a very anomalous and per pl !ling condition. It is in one of those phases which appear to promise some ease and relaxation in the terms, bat in which improvement eludes the grasp, and causes a doubt whether there are any grounds for the assertion made in Parliament the other day that no pressure is felt, an I that mercantile enterprise is in a state of prosperity. We hear of failures, suspensions, and compositions among Lime of the most important branches of manufacturing industry, while there is an organised agitation for limiting the staple productions of Lancashire by one-third, sup parted by the chief factory-owners, upon the two grounds of the dearness of raw materials and the high value of money. We have yet to see the full effect of this movement upon tie Money Market; but its influence is apparent already in the diminished bill circulation from that part of the o wintry which is sent up to London. The Australian trade, too, is falling off, and there are some branches of o ir trade with other of our colonial dependencies which hwe sensibl - , declined in amount. Under these circum stinces, the demand for money has not been active in the present week. For speculative purposes, however, and in connection with the Stock Exchange, some degree of pees- sure has been temporarily felt, but the high terms required f w advances were found too onerous, and hence the parties closed their engagements, and the usual consequences 101-1 1 iwed in a decline of all classes of securities. The appli • ttions at the Bank and in Lombard-street being appre o ably reduced from these causes, supplies have grown in eteess ; but, with fuller reserves, the holders of large o tpitala have rather tightened than relaxed their conditions of business. What is the explanation of this anomaly— of this apparent contradiction of the economical cation that price is regulated by supply and demand'? To some extent it will be found in the nature of the advices from India and China. Those from India bave stimulated a much larger export of silver than was anticipated, while large cargoes of tea are coming in from China, whither also heavy orders for silk have been despatched. It is esti. mated that, from these causes, the silver exported to India from the 4th of the present month to the 4th of June will reach 2,000,00111. in value. Now, much of this silver, not withstanding our own stocks, must be drawn from the Continent and be paid for in gold. Hence the export of gild to the Continent, in spite of the state of theexchanges, has recommenced, and the Bank of France resumed its purchases in this market through the agency of the leading Hebrew firm. No doubt, the anxieties and micas taintiea at present felt with regard to the silk crop have partly led to this resumption of an irregular process; but i must also be recollected that a great failure has occurred in Paris, which has materially shaken confidence here in the stability, financially, of some of the most important undertakings in that capital. Thus it appears that there we ample reasons why capitalists here should manifest caution at the present moment. Supposing the silk crop to be a partial failure, it would le impossible to prevent very injurious effects upon the Paris Money Market, and inked upon all the markets of the Continent; and we in L indon should suffer in proportion. But as, before the silk crops can be realised, or their result correctly neer tained, there is, as there happens to be at this moment, undisguised distrust here as to the soundness of things in Pins, no other policy can be adopted than that of the utmost prudence and watchfulness in commitments. This policy will probably create temporary embarrassment in many different quarters, and even be followed by disaster to some biasses; but, 011 the whole, it can scarcely fail to be satisfactory to all whose trade has not been pushed beyond the boundaries of prudent enterprise and whose operations are conducted upon leAtimate capital. From such consideration.' a• these we draw a deduction that the Money Market is likely for some time longer to present a variety of anomalies and perplexities, and that the best policy under existing circumstances is to abstain from all merely speculative undertakings. The specie arrivals this week have amounted in value to about ;00,0001., and the exports, including 751,3101. to India and China (all of which except 2,12111. was in silver), to about 770,0001. The 400,0001. gold from St. Petersburg, TIIE PRESS. referred to in our last, has been taken for Paris : 30,0001. has been sent there this week, being the whole amount brought by the arrival of one of the overdue Australian ships. ['he Marabout arrived at Plymouth to-day from Melbourne with 180,0001. So active is the French de mand that the whole was immediately purchased for Paris. It is reported that the Bank of France has engaged with Messrs. Rothschild and another house in London for a supply of 1,200,0001. gold within six weeks or two months. on the other hand this report is denied, hut it is admitted that a previous contract has not been ccm pleted, and that to do so 000,0001. are required. We have some reason to believe that a new contract has been made, partly of a positive and partly of a contingent character, for the supply of at least 1,000,0001.; but, whether under the new or under the old engagement, there is no doubt that orders ou a'.count of the Bank of France for purchases are in course of execution in this market, and that so long as they are in force the Bank of England is not likely to increase its stock of bullion, but rather to see it fall off to some extent. Some arrivals of silver are expected from Mazatlan, in a Government ship, either at the end of this month or the beginning of June; between 34)0,0001. and 400,000!. is named as the amount. This will assist the silver market here, which at present is very firm. The Continental Exchanges continue firm. Those with the United States are still favourable for the transmission of specie to this side. From India they are stimulating the export of silver. To-day they were rather less favour. able on Paris, but on other places there was no alteration. Four failures connected with the manufacturing districts are reported this week. They are all of middle-class firms —some proof of the quarter wherein the existing pressure is felt the heaviest. Something like consternation has been produced in Paris by the stoppage and flight of M. Charles Thurneyssen, a banker and share-dealer, with debts estimated at $OO,OOOl. Gross misappmpriations of large sums of money appear to have been made by this individual, and great suffering will be the consequence among certain highly placed personages. In one case the sum is mentioned as no less than 300,0001.; bat this is probably an exaggeration. M. Tharneyssen was closely connected with some of the leading directors of the Credit Mobilier, and had other wise abundant facilities for carrying on his operations. How much money he has lost by speculations on the Bonnie does not, and probably never will, appear ; but justice is pursuing him for his fraudulent misappropria tions. It is supposed he has absconded to America. If so, he will probably be given up under the Extradition Treaty between the United States and France. This event has revived the distrust always felt here as to the financial soundness of the operations of the Credit Mobilier. The Bank Broker has daily continued his purchases of Exchequer Bills for the savings•banks at the rate of 30,0001. per diem, 'luring the week. Console, which left oft' at 941 last Friday, have not maintained that quotation since. They began to decline on Saturday, and the downward movement, with few in• terruptions, was continued till Wednesday, when they left off at 94 exactly. After business hours that day it trans pined that the Bank of Fiance was buying gold. This, with the failures here and in Paris, caused quotations to open a quarter per cent. lower yesterday—namely, at 93f to 1, front which they receded to 931 to 1, but eventually rallied to 931 exactly, at which they finally left off. Sales have preponderated all the week, many of them by the public. who have wanted money. The Greek speculators, however, were heavy sellers on Wednesday, principally on the accounts they received from Finis. This morning the opening price was 931 to 94, but quotations soon receded to 93f to 1, at which they finally left off weak. Large sales were made. One dealer was a bona fide seller of 190,0001. Railway Shares are fully one and a half per cent lower than this day week. Transactions have not been nume rous, but speculators have been moved to sell by the aspect of the Money Market, while the fear of high con tinuations has for the time extinguished the enterprise of the operators for the rise. The fall has extended pretty nearly over shares of all descriptions. Foreign Securities have also declined. Turkish Six per Cents. are about one per cent. lower. Mexicans a quarter. Business uniformly dull. Joint-stock Bank, Mining, and Miscellaneous Shares have all been heavy, with a very inactive business. The Shares in tie Atlantic Telegraph Company have further declined. They are now quoted at 60 to 40 dis. The Attorney-General is not quite insensible to the demand made upon him for a criminal prosecution of some of the British Bank directors, for in the House of Commons last night he condescended to intimate his determination to try whether the law as it stands is not strong enough to reach their delinquencies. This has given satisfaction in the City; but the Attorney-General must show more vigour in the fulfilment of what is believed to be his duty before he can hope to be very popular among commercial men with a keen sense of right and wrong. His bills, so far as they are understood today, to make fraudulent breaches of trust criminally liable, and to facilitate the winding•up of joint-stock companies unable to meet their pecuniary engagements, are generally approved. The South• Eastern Railway have now extended the ' through registering spitcm " for luggage to Brussels, Cologne, and other places in Germany, via Dover and Calais; and the examination will be made at London bridge instead of at Folkestone. The prospects of the silk crops in France, Italy, and Spain are now exciting a great deal of interest, as their results will seriously affect the state of the Money Market upon the Continent and here also. So far as we can see, the crops in France are fair and good. The mulberry leaf is flue and abundant, but the price is high. In Italy, there are at present no unfavourable indications, though Lombardy is at present doubtful; and in Spain the crop is " half-good." SATURDAY, The arrangement by Messrs. Coutts and Co., to which we referred in our last, with regard to the allowance of interest on deposits, is limited to those customers only who may desire temporarily to employ large balances. A further dividend of sixpence in the pound has been announced by the inspectors of the estate of Messrs Reid, Irving, and Co., the amount previously distributed having been t2s. dd. in the pound. In their circular to the creditors the inspectors seem to have it ye.t in their power to continue " further and more considerable dividends." The creditors of Mr. William Pitcher of Northtleet, ship. owner, dc., who lately suspended, have agreed to take Us. sd. in the pound, to be paid withie two months. The death of Mr. James Freshtield, jun., the solicitor to the Bank of England, is announced. He was in his fifty third year. His loss will be extensively felt among the leading commercial interests of the City. The Provincial flank of Ireland have declared a dividend of four per cent. for the half-year, with a bonus of six per cent. free from income tax. lu refereuee to the case of John S. Tripp, a bankrupt, the committee of the Stock Exchange have officially de. dared that any broker selling stock or shares to their principals without having made the purchase in the market, trusting to get each stock or shares on their own account, at some favourable subsequent turn in prices, is liable to expulsion for the first proved offence. The Provincial Trade Iteportsare not of a very satisfactory character this week, particularly those from Lancashire. BANK OF ENGLAND. An Account, pursuant to the Act 7th and Bth Victoria, cap. 3$ for the week ending on Saturday, the lhth day of Jlay, latt7. HMV DtPAITMENT. N ote , i ssue d .... 423,594,;b0 tiovertmient Debt 411,015,110 Other Securities .. 3,459,9 N Gold Com it Bullion 9,119,7 u) Silver Bullion .... t23,59i,1110 I BANKING DMIPAIITMENT. £28,494,790 ProprietorieCapital4l4,sb3,oo o Government Been. (test Public Deposits's 8,661,921 Dead WeiglstAmj 410.329.011 'Aber Deposits Seven Dry d other Notes 724 030 I Gold A Silver Coin 74,012 i 133.858,391 I £33,M8,391 • Including Exchequer, Commissioners of National Debt, Savings' Banks. and Dividend Accounts. BRITISH FUNDS.— Closing Prices. OFFICIAL QUOTATIONS. Mond., Thad. Wed. Thurs. Friday 11 per Cent.Consols 994 4:94 4 981 i 1 931 4 93t Ditto for Account '4l 1 19x1 4 , A 1 981 1 .91$ per Cents Reduced .... 924 1' 924 921 1921 I 1 92$ t 3 per Cents 1.0119 Annuities Wiwi bLuck. 7 per Cent 2134 2 2131 218 New 2$ per Cent Annuli — 7 8 Kielt. J;u... (June) Bp2 Sp 23p 2p 1 9 1p indislionds,(l,oool.) id 278 7d 4d 1 - FOREIGN RAILWAYS. Maud. Tuesday. WORM Gi 74 6 4 71 11 0 1 7 11 I; 1 Ozd 14 Id 12 lidis 107 9 la 9 107 9 21 281 i 1 2 2 1 34 1 YB t 4 1 SO 81 , , 301 30 1 19 20' 19 20 19 SO St.B 1 1 8 Ai d 9 i 38 s 39 11 394 0 8 9 81 9 1 4 58 6 1 94 1 g :Mt 1 56 bet 56 52 36 56 Antes. i Rttrdm. Belgian East. J. Dutch Itheuleir Rut Indian Gt. Indian Pen tk.W .01 Can.,Bll 1 Lyons & Geneva Madras Namur& Liege Nrthrii.of Eruct Norw. Truk.Prl Paris & Lyons Paris t Orleans Parts t Rouen TAwu Friday ! 61 7 i GI It 1 1$ Id 1 id 107 9 107 I 1 21 I 131 I , .221 3 f 4 , 4 1 1 49 i 401 20; ri I 110 4 0 : 19 30 $Bl ; 37i di 37i 8 a t pi a t for 4 56 81 la 53 SHARES RiILWAIS— 1184 9 8i 9 8i 9 3 a i . I—. -- 4: Bristol mid Exeter Caledouian Chester and Holynead 35 6 ,35 6 dbi d $ 30 7 Cork and Bandon Dub:in 1 Belfast June. d d d 11 East Anglian ,'9 2017 20 19 20 181 9; Eastern UnioL(B) East Lancashire l9B 99 971 b 1,974 8e Voi 56 Eastern Counties Great Northern Gt. Bth. and Wet of Ire. 103 b 103 5 1 103 4 103 5 Great Western Lancashire& Yorkshire 1011 2 1 014 3 101 i ii 4lll 1 Lon.,Tilbury& 8. Brkg. —P . P 1 V Lon.,Brightonotc lll 12 111 12,111 12 111 12 London and 131ackwall 61 6jl l CI Illi 6C611 61 London and Nrth-West. 1064 5 10 3 1 0 108 5 1 1 "5 3 I Midland Newmarket Newry and Enniskillen , -- -- .. - Norfolk Nrthrn.CountiesUnion 34 id 31 id 31 Id;3i 65 North British 143 4 49 4 424 :14 424 Si North Staffordshire 4; id 5 4191 6 61t1 5 fid North-Western 7l 8 ' 71 8 1 74 8 i is di Oxf.,Wrestr., and Vigil,. edi 1 1 30 1 1 11 0 1 1 10 1 Scottish Central Scottish Midland l7O 270 2 1 10 270 South Devon South-Easternand Day. 744 51,76 74 74 4 74 I South-Western South Wales B6 786 7'86 7 96 7 Waterford & Limerick —l 1 111scatLawzous— I Australian Agricultural 13120; 1942009 2011 e 5 0 IA Canada Crystal Palace 2 id it 4 2 2 CrystalPalaceofFrance —. "". I—, A i NorthßritishAus.Laud 1 t 1 2 , e n , 11 , i .6 4 Feel River Land & Mai. 11 31 1 1 el 3 Si n . 71 4 Scottish Aust. Divest. 14 1 1 1 1 le 1 South Australian Land :'A 6 3 6) 6 3 4 .. 5 Van Diemen's Land ~ 11 12 U 1 12U 14 8# 69 91 711 9/ 3St •t 18 19 0 sl7l at 111 11; 96e : 7 108 b t hoUt - P 111 12 6h 11)4 021 3 69 5 31 4.1 4 4 0 JO 1 Ltr6 $ let gi 74 5 8G 19 20 143 4i 2 2 1 I is 'l4 34 11 14