The Press. — London, England, 1856-11-22 00:00:00

THE PRESS. 1124 it {has evidently been made up by the sale of securities. The notes now in reserve amount to 3,600,0001., but the Bullion is still below 10,000,0001. The Private Deposits have increased from bankers and others having sent iu,part of their reserves. The demand for money is shown by the increase in the Private Securities. It is nut a very large amount; still the advances of the Bunk are again over 19,000,0004., and it is not likely that this item will be any less in the next return. On the whole, if we could feel assured that financial matters on the Continent had p isse,l over the wo►st, and we were under less apprehen sion as to the consequences of the continued drain of silver for India and China, we should, from the present comparison, be inclined to say that the turning•point had, at last, been reached. We must, however, wait two or three weeks longer before that event can safely be an nounced. To a certain extent the Money Market has become easier, but, as far as concerns the accommodation ren dered to trade, there is no actual improvement. It has become easier because the high terms required for Ws counts have discouraged the demand, and because, on the other hand, the rates—six per cent. in all cases—allowed for deposits on call by the discount-houses and joint-stock banks have attracted very considerable supplies for limited periods from the public. But it would be an entire mis take to assume at present that, because there is an anxiety in Lombard-street to obtain good bills, the market has i.n• proved ill the sense of increasing its assistance to general commerce. On the contrary, it is restricting general commerce, and in some of the busiest of the manufac turing districts it has actually compelled employers to limit their hours of labour. Nor can it have escaped ob servation that for the last week or two the bankrupt list in the Gazelle has assumed greater proportions among the small capitalist class, who are sure to feel at moo the kill ing effects of money at first hand being worth seven and eight per cent. At the same time there is undoubtedly more ease, as we have said, and it is possible we have just passed the turning.point. Other causes than a diminished demand and an ample supply have, we must state, been in operation to produce the improvement. A large supply of gold has arrived most opportunely. The Bank of France has, for the time, suspended its irregular purchases of bullion, and the Paris press has been invited to give its op position to the great Russian railway scheme, from which it is inferred that the Emperor may soon call in the same agent to expose and oppose all other gigantic speculations calculated to permanently derange the finances of the empire. These are indications of coming improvement which we trust may be fully realised. And now that gold has again began to come in there is reason to expect that the supplies will be liberal for some time to come, and that the Bank will gradually be enabled to recruit its exhausted stock. This, however, depends not upon ourselves, but upon the movement on the Continent. If we continue to draw silver thence, as we are still doing for India and China—if Austria persists in adding to her metallic reserve in Vienna in preparation for the resumption of specie pay ments—if the numerous railway and other speculations in Germany are not abated—and if France does not limit her demands for her own contemplated extensions, the demand for gold cannot materially relax. The struggle for it must go on. These are quite a host of conditions. More might be added, but they are sufficient to show that the prospect before us is not yet very clear. The greatest possible caution is still necessary in order to guard against unjustifiable alarm on the one hand, and unsupported con- Silence on the other. The difficulties of the times cannot be driven away by the fortunate arrival of a large mass of bullion, for which there are innumerable competitors, nor by the denunciation of wild speculations into which crowds are ready to enter. The period of improvement must be inaugurated, we fear, by more suffering than has yet been experienced, especially upon the Conti nent ; and though it is a commendable policy to expose the financial dangers likely to be created by the Russian railway scheme, we believe it would be equally wise to discourage the railway schemes at home, which involve scarcely less danger to the financial future of France. To prove that tue Money Market is far from having righted, notwithstanding a slight change for the better, it may be mentioned that on Wednesday, and ag tin yester- day, rumours prevailed that the Bank would be obliged to return to discriminating rates on long and short bills, by increasing the terms for the former to eight per cent. No such change was made, nor perhaps will it be contem plated in the Bank parlour until the seven-per cent. ex periment has been fully tried; but the fact of such a rumour obtaining countenance is significant. Money to-day was again in good supply, with a moderate number of applications. The preparations for• the " fourth " will commence in the ensuing week, and it is probable they will cause increased pressure. The James Baines has at length arrived from Melbourne, and the Lightning also. They bring together about 1,2t10,000/. in bullion. We have also had some arrivals fl'om the United States. Altogether about 1,500,0001. has reached these shores during the week. How mach of this vast amount, or if any at all, will reach the Rank of Eng land is not yet known. All the American import has been taken for the Continent, and that by the Jamex Baines was secured for the same destination some time ago. At the same time, these supplies will be sufficient to prevent any withdrawals from the Bank. The export of silver to India by the packet which left Southampton yesterday amounted to no less than 572,7151., besides 9.8,975/., making a total of 599,6901. The Rank of France is stated by some parties to be improving its stock of gold, because it has ceased making purchases. These purchases may, however, be resumed any moment. A temporary suspension of them immediately after the publication of the monthly return may be politic. But our own letters from Paris assure us that the Bank has lost 400,0001. of its bullion since the publication of the monthly return this day week; and we also learn from them that it h as contrac t e d w ith a grea t capitalist for a supply of gold in 11157 equal to nearly 12,0d0,0001. Our information comes from so good a source that we feel compelled to give it credit. The exchanges are still unfavorable—at least, there is no improvement in them of any consequence—certainly none us far as France is concerned. Enghall Securities have improved considerably since our last, owing to the better accounts from Paris, and also to the ease in our own market, followed by the large arrivals of specie. Speculation and money purchases have assistel to promote the advance. Last Friday Consols closed for account at 92j to 93 ; last night at 93f to j. The advance, however, was not established until yesterday, when the specie arrivals were reported : previously there were numerous fluctuations, but always from a higher point than the quotations of this (lay week. To-day Con sols opened at 11:3i to 94 (for account, and they were done at 91 exactly ; but afterwards there was some depression, and they receded to 931 to f. They closed, however, firm at 9.'3 to 1. Exchequer Bills, owing to the falling off in the demand for money, have partially recovered. They are now quoted at Is. dis. to is. prem. The value of Railway Shares, notwithstanding occa sional discouragemeuts, litts increased during the week to the extent of about one and a half per cent. Business has also been more active, especially on country account. The improvement has been tolerably general, hut the heavier stocks have derived the chief benefit from it, with the exception of Great Northerns, which are fiat on account of the Redpath frauds, and of some defalcations by an official in the aesou.itant's department. The French lines are fully >E per cent. better. Indian and colonial de scriptions have participated in the improvement to a minor extent. Today there was a heavier tone about the market and prices pa”tially declined, but at the close the tendency was towards further improvement. In the Foreign Market the chief feature has been a rapid rise of about two and a half per cent. in Turkish Six per Cents. This improvement was stimulated in the first instance by favorable reports as to Ottoman finances, and of course it was supported by the better tone of the Consol Market; but the great advance was obtained yesterday shortly after the specie arrivals were reported. The Greeks bought heavily, to the extent, it was said, of 150,000/. The Guaranteed Four per Cents. are about half per cent. better - but it must be remembered that these securities have beets almost perfectly steady during the prevailing depression. Mexicans have also improved. 'fhe other stocks have been dealt in perhaps less than usual, and there has been no change in them worth notice, except a little more firmness in a few of the best descriptions. The dealings in Joint-stock Bank and Miscellaneous Shares have been quiet. Prices have but partially int proved. The frauds committed by Redpath upon the Great Northern Railway have been followed by the detection of a misappropriation in the accountant's department of a considerable sum by a clerk holding a confidential position, and who is now in custody. Considering the circumstances of these cases, as they appear in the published reports, it is hardly poss;ble to resist the con viction that the olirectorial and auditorial management has been extremely lax, especially in the most important case, that of Redpath. It has been the peculiar boast of the Great Northern directors, and especially of the chairman, that their system of checks and counter• checks against fraud was perfect, mid that their servants received salaries high enough to place them above the temptation to embezzlement. The system, however good theoretically, has broken down; and we do nut see how the directors and the auditors can escape the censure of their shareholders for not having sooner detected the frauds which it now appears they suspected. However, we must wait for their explanations ; meanwhile, the case looks ugly, and they are certainly exposed to the imputation of excessive confidence in the honesty of employes whom they knew to be living at a rate utterly out of proportion to their official incomes. Redpath is about to be adjudicated a bankrupt, upon the petition of a stockbroker•. He was examined at the Clerkenwell Police•court to-day, and further remanded. The accounts as to the prospects of the Euphrates Valley Railway are of a highly favorable character. The aoul sales will be brought to a close in a fortnight. The advanced prices of last week have been maintained, and the whole stock will probably be cleared on those terms. Large arrivals of Australian are reported. The Trade Reports of the week bear evidence of the effects of dear money. Sales are difficult at current prices, while manufacturers cannot afford to go lower. In some parts of Yorkshire anti Lancashire short time has been worked for the last week or ten days. BRITISH FU OFFICIA 111)E4. Closing Piloss. st, quoiAl:iciss. Mon — d. Tuesd. Wed; Thurs. Friday --" 3 per Cent.Consols 99f 393 i 33'i f ; 95 ; 93; 1 Ditto for Account .3 per Cents Reduced .3 per Cents Long Annuities Bank Stock, 7 per Cent SU 217 1 217 :917 b'( 215 Otunium — —I Kxch. Bills, 2;d. ',par ld 14 i lp 14 1 14 1p 1p 1 d India llonds,(1,0001.) 1 , I p — 4 ' P YORIIOI Per Cent. Mond] Brazilian b DiOi ' Danish 5 ' Dtch. (Ex 12 Guil )24 French 3 f c Do. 4{ f e Do. Bank Stock f. Ilexican 3 214 Peruvian 4{ Portuguese t I -- Russian Spanish 3 , Turkish Acc.6 30g i II FUNDS. Tun/. Wed. Thum Frietab. DOI 1001 ti ; el} I ellie 67f: 100 17: 70e 671 '— !f a f. -- , 213 - 90 1 91j 2 41, VJI i I I 44 1 :Ali 2 SATURDAY, BANK OF ENGLANI.s. An Account, pursuant to the Act 7th and Bth Victoria, cap. 32 fur the week ending on Saturday, the 15th day of N0v.,18.56. !MIR TICPARTMENT. Notes issued .... 423,630,236 tiovernment Debt 411,01.5,100 Other neouritie a.ci‘t,non Gohi Coin .t lsnllio 9,0t1 235 Silver Bullion .... 023,530,235 A 23,536,236 RANKING 111g1PARTIMNT. Proprietorb'CapitalSl4,ss 3 M o o. Government Beau- Rest Public Ise positsl' 4,924,785 Dead ( including A 10,457,889 Jther Deposlts Soren Day a other Notes 8,608 815 Rslle A 33,741,833 AT8,741,633 • Including Exchequer, Commissioners of National Debt, Savings' Banks. and Dividend Accounts. FOREIGN RAILWAYS Afond. l Tuesday. Wednett. Thsfs. Friday 61 7' Gs 7I Gi 7 61 7 81 7 11 $ 11 11 1 1 1 I 1 22 lip 422 2 I AP ; 1 pth P 2 1 21 ft 21;4 +j 21,1 211 1 21f f; 211 24 L 24 1 , r. 41 241 24 61 7 p 8 p: 71 81 pBl 91 p RI 9 p 1111 14 2U 191 20 !1111 20 191 20 BgBl H I 8 1 8 6 ' 7 371 1 37t 1 37 8 9 9 S it 9+l 8 9 g 49 i 6) 1 50/ 11 51 501 1 147 • X4B 60 '49 Si 49 61 1 —4B 60 Antw. & Rttrtim. Belgian East. J. Dutch Rhenish East Indian G. Indian Pen G. W.ofCan.,Sh Lyons it Geneva NI adraa NIL& Lge.(w.in ) rthrn.ofFruc, . Norw. Truk. Prf. Paris & Lyons Paris & Orleans Paris SG Rouen RAILWAIa— Aberdeen Birin.Wolv.ttStourVal Bristol aid Exeter Caledonian Chester and Holynead Cork and Bandon übltu & Belfast J unc. East Anglian Eastern Unior.(B) SHARES. fond. Tuesd. Wed. 07112 r. 86 11 4 4,54 4 90 01 '9l 91 Mg 74 57 4 3 931 '574 3 4 57 4 83 736783 7 1 V 17 24 26124 26 8 86 81 . , 64 7, t 1164 7 t . ,1 1 t .1 1 134 '34 14 al 4 189 4182 81 8 ni 94,84 819 9 4 91 281 211 91 2 115 7,116 7 111 7 116 7 64g 54,654 fa, 4 06} t 1934 4 941 g 944 6 948 6 P i P PI P 10 7106 7 107 91107 6 Of 4 6 4 4 8 4 4 1 6 11 109432 1034 11104 41104 s 784 9094 80 811 4 844 i -- -- 48 - 30,48 50148 i 0 46 60 34 gdl34 4434 8,44 44 37 6 '374 84,38 139 9 id bt fq , 6 2 1 6.1 54 bd 6 1 74 64 7 0 1 7 2i 6 1 27 928 30 1 30'28 30 102 4 1 102 41102 41102 4 1 68 7066 70'68 70,66 70 144 641161 64 1 6 lus 7 70 11704 14 714 4 1 714 1 1 1044541105 4 1054 6 1 1054 61 78 60 , 78 80,78 80179 811 -- I -- 1 -- 1 -- 1 Frill. East Lancashire Eastern Counties Great Northern Gt. Sth. and Wst of Ire Great Western Lancashire& Yorkshire Lon.,rilbury,& S. nag. Lon., Brighton, &c London and Illackwall London and Nrth-West Midland Newmarket Newry and Enniskillen Norfolk Nrthrn. Counties Union North British North St anbrdshire North-Western Oxf., Wrcstr., and Wuly. Scottish Central Scottish Midland South Devon ...... South-Eastern and Dov. South- Western South Wales Waterford & Limerick M ISCELLANEOUS Australian Agricultural Canada Crystal Palace Crystal Palace of ?ranee North British A us. Laud Peel River Laud &.\l:n. Scottish Anat. Invest. South Australian l.an. Van Diemen's Land ..1 8 1 I 91 3 67 e 96 8 174 84 24 6 81 3 9 PO 14 115 7 116 i 91t 5 - r 101' 8 Si i 104} 4 80} 48 60 ai il 38 9 U 9. ii I Ai • 1• 1 QS 7 ZIS 6 iss 126 8126 I -- 11 Ili 1, 11 ft 31$ 7 lb $ 1ii9119 i id *I 11 a 1 it 85 7 1:i 7 15 e I IS s lattropelitan b, id Oi 71 27 9 102 4 i•d 70 16 7 70i 1} 105 i 6 73 61 2 , .; 8 113 2 3 13 lb I (Reported exclusivelli for "THZ PRISON.") CORN EXCHANGE The present week'. supplies of English wheat have been only moderate; yet the demand for all kinds has ruled heavy. White qualities have mostly realised late rates ; but ref' parcels have fallen in value 2s per quarter. The imports of foreign wheat have been liberal, and the trade has continued dull, on rather easier terms. There has been only a moderate arrival of barley ; nevertheless, the tra le has been depressed, anti the quotations have given way fully Is per quarter. In malt very little has been passing, at barely late rates. Old oats have realised former terms; but new parcels have fallen is to 2s per quarter. In beans and peas—the receipts of which have rather increased—only a moderate business has been trausacted, and the quotations have not been supported. The flour trade has continued heavy, at barely stationary prices. he imports from America have been tolerably good. kaotasit—Wheat, Essex and Kent red, 553 to 695; white, 56s to 765; Norfolk and Lincoln red, as to 698. Malting barley, 37. to 49s ; grinding ditto, 32s to 34s : distilling, 37s to 40s. Malt, 62s to 775. Feed oats, 25s to 28s; potato, 27s to 325. Nye, 41. to 435. Tick beans, 40s to 43e; Harrow, s9s to 468; pigeon, 41s to 48s. Grey peas, 40. to 430 ; maple, 42s to 411 s; white boilers, 43s to 48e per quarter. Town•made flour, 68s to 60s; country marks, 45s to 475; households, 560 to ble per Vet/lbs. ♦RRIVALS THIS WREN. Wheat. Barley. Malt. Oats. flour. .2270 .. 3740 .. 2610 .. __ , bo .. 2320 fri,h .. - .. 23470 .. F.reign.. 95120 .. 12d10 - 2107 - 0 9550 big. :J606101. LONDON AVERAGES DECLARED ON FRIDA.Y I cYheat, 4,561 planers, 70s 3d ; bar1ey.1,232 quarters, 44s 9,1; oats, 2,106 quarters, 25s 7d ; rye, quarters, —; beaus, 506 quarters, 44s 3d: peas. 274 quarters, 46s sd. INIPEHIAL WEEKLY AVEKAGF.S—Wheat, 01s 4d; bat• ley, 46. 7d ; oats, 26s 2d ; rye, 41s 7d ; beans, 47s 3d ; peas, 43s 2d. THE bi X WEEKS' AVERAGES—Wheat, Gss sd; barley, 45s 4d; oats, 26s 51; rye, 40a 9d; beaus, 46s 4d; peal, 1445 d. E1461.15H GRAIN SOLD LAST WEEK—Wheat, 109,444; barley, 94,060 ; oats, 14,399; rye, 189; beans, 15,210; peas ,3,298 quarters. „I.