The Press. — London, England, 1857-06-06 00:00:00

ment of a collection of the works of modern artists had been made by the donation of the Vernon Gal lery; and he strongly recommended the adoption by this country of the plan pursued on the Continent, where native art had been more appreciated, that the best works of living artists should be added to the collection without waiting for years after their deaths, when the price of their works would have attained a higher value. lie suggested that agents should be employed in every country where art treasures exist to make themselves acquainted with paintings that may be procured, and that active exertions should be thus made to possess the works that are wanted. Cardinal Wiseman concluded by citing the remark of the French Commissioner of Art to Napoleon 1., when urging him to restore some of the paintings taken from Italy, that the principal object of a col lection of the works of the ancient masters was to stimulate modern artists to produce works equally admirable. Meng parka aitb Citg FRIDAY EVENING. TGE return of the Rank of England for the week ending the floth ult., shows the following cianges compared with that for the week preceding : Increase in Circulation Increase in Public Deposits Increase in Other Deposits Increase in Other Securities Increase in Bullion Decrease in Rest Increase in Reserve ...... Bullion in Both Departments Circulation, including Bank Post Bills This comparison is one of the most favourable that has appeared for some time past. The Bullion has at last increased to rather more than 10,000,0001., and the Reserve of nets is now approaching 5,000,000/. This improve ment has been effected notwithstanding that the demand for money caused a considerable increase in the amount of private securities. The I'ublic Deposits continue to inctesse, and the Private Deposits are again creeping up. Beyond its generally satisfactory features, the return does not present any features to call for special remark. The pressure for money has been extremely severe all the week, and to-day the inquiry was again very active. The demand has to some extent been exceptional, and such as could not fail to have been foreseen, inasmuch as the mercantile acceptances of the month have had to be provided for, the Consol settlement has been in progress, and large sums have had to be provided for the payment of silver for transmission to the East. Independently of the requirements for these causes, the ordinary trade demand has not been heavy. Indeed, the necessities of commerce for the last fortnight have sensibly diminished, but it is too soon for the general market to experience much ease from this cause alone ; it will only be telt when the acceptances created during this period shall have arrived at maturity. The export lists and the trade circulars, published in the shipping ports, will, however, confirm this view ; and its accuracy will he further estab lished when the Board of Trade publish the declared values of our exportations for May and June. So far as we can learn, the falling off is diffused over our whole foreign trade, except, perhaps, that with the United States, and it will probably be most obvious in that with our Australian dependencies. But, as just intimated, the applications at the Bank and in Lombard street, for the ap vial purposes named, have been most pressing and very numerous. The reserves of all the discount establish meuts have accordingly been largely reduced; and as the supplies have barely been adeouate to the demand, rates have not only been firm, but have manifested an advanc ing tendency. The cessation of the Government pur chases of Exchequer Bills has, of course, adversely affected the supplies in the market, and this has been one element in maintaining the existing tightness. Another, and a very material one, has been a continued feeling of distrust as to the soundness of things in Paris, particularly as the silk crop is likely to prove a partial failure in France. So that, what with the substantial pressure upon them for home purposes, and the prospective condition of the market in relation to circumstan ces abroad, it is not surprising that accommodation has been somewhat spar ingly rendered, and that the terms of it have exactly corresponded. As far as regards the Stock Exchange, and some of the great money-dealers, a little relief was afforded on Tuesday by the fact that the Bank will, daring the approaching shutting, make advances on Go vernment Stock and Indian Bonds at six and a half per emt. for fourteen days, but they must in every case be repaid on or before the 11th July. It is thought in some quarters, from the conditions attached to such advances, and the care taken to impress upon parties applying, that there will be no extensions after J uly 11, that the Directors do not contemplate, for some time at least, again lending on stock as an ordinary banking transaction. There are, however, one or two circumstances to be noticed on the more favourable side of the question. One is, that the golJ•ships from Australia, so long delayed and so anxiously expected, are now arriving almost daily ; and another that the bullion in the Bank of France has attained to a point that we may reasonably expect to see the irregular purchases made by the agents of that establishment to cease very soon, if not immediately. On the whole, there fore, we anticipate a period of ease in the forthcoming week, and a better tune of feeling than has prevailed in the present. The specie movements of the week have been unusually ) raportant. From Australia, the United States, and South America, including a small sum from the Peninsula, the arrivals have amounted to no less an aggregate since our last than 1,7913,7241. But the exports, on the other hand, have been scarcely less important. They have reached to 909,(001., but in this amount must be included 701,0131., nearly all in silver, despatched to India and China. A large balance consequently remains in the country, out of which, as far as we can make out, the Bank has only purchased about 50,0001. If our anticipations with regard to the Baok of France are realised, the Bank of England must absorb fully 200 000/. more. It is true that the next packet for India and China is expected to take out about 1,000,0001. in silver; but we hear that the greater part of this amount, even if it does not prove exaggerated, can be supplied from the London market, and that the remainder is already secured from the Continent. Under all the circumstances our prospects with regard to specie are rather favourable than otherwise, and the more so as 200,0'0/. or 300,0001. of Australian gold are still overdue, and a large shipment is expected to come by the next mail steamer, which is now due. _ _ . The Continental Exchanges have been rather flat this week. _ _ _ _ _ The settlement, 'which was finally closed to-day, has interfered with business in English Securities, and the transactions in them generally have been few, arising principally from the closing of accounts. Consols for the July account, which left off last Friday at 04f to j, have been as high as 94} ; but a continuous fall in Rentes and Shares upon the Paris Bourse, and the scarcity of money in this market, caused a reaction, and until yesterday they were as low as 941 to They closed, however, rather firm at 941, which, deducting the dividend, is equal to 9 . 2 f. To day they improved to 91} to I, at which they left off etc a ly. Railway Shares all suffered in proportion to Consols until just before the close yesterday, when they began to look firmer. Great Westerns have declined the most, being about 11 per cent. lower than this day week ; French Shares fully one per cent. lower, and Canadian descriptions decidedly flatter. The market generally improved to•day to the extent of about per cent. French shares were nearly one per cent. higher. Foreign Stocks have been very quiet, and nearly all a shade or two lower. .loint•stock Bank, Mining, and Miscellaneous Shares have been exceedingly dull. The committee of the Stock Exchange have this day ordered the shares of the Rica and Luneburg Railway Company to be reinstated on the official list, and they are now quoted accordingly. Tuesday next has been ap pointed a special settling-day iu the shares of the Paris Chocolate Company. The bonds of the corporations of the town of Geelong and the city of Melbourne respec tively are henceforth to be quoted in the official list. During the month of May the range of fluctuation in Consols extended to about ore and a half per cent., the highest price having been 94t and the lowest 921). Exche quer Bills, owing to the purchases made by the Govern ment broker on account of the Savings•banks, ranged from ss. dis. to 7s. prem. In Railway Shares a decline was established in Great Western, North Western, Lancashire and Yorkshire, South Eastern, and South Western. The French Three per Cents. recovered only about ft from the fall of l j per cent. established at the end of April, and no movement of importance took place on the other conti nental Bourses. The railway calls for June are very moderate, only amounting to 317,0001. The Trust and Loan Company of Canada have declared a dividend at the rate of seven and a half per cent. per annum. Interest is now advertised to be paid :on the New South Wales Government Debentures on the Ist July, and on those of the Melbourne Gas Company. The Shipwrecked Mariners' Society have appropriated 5,000/. of their funded property to head a subscription for an institution to be called the Royal Hospital for Wonrout and Disabled Merchant Seamen. The American Pacific Mail Steam Company, acting in concert with the Royal West India Mail Company, have made arrangements for their vessels henceforth to touch at Maxinelle, on the west coast of Mexico, on their route from California to Panama. This arrangement will expedite the transmission of silver from that port. It is announced that the Chancery suit with respect to the Australian Freehold Gold Mining Company has been arranged, and that Cis. per share will be paid on the out standing 10,465 shares. Any balance that may remain will be divided pro rata among the whole of the share holders. A reduction of Id. per lb. has taken place in the price of copper. Notice has been given that the subscription•list for the Ottoman (Smyrna) Railway will be closed on the 10th instant. The London Wine Company have postponed the consi deration of a dividend until the end of the year. The operations of the company are increasing. It is annonnced that the. Portuguese Legislature li as defini tively approved of the contract entered into by Sir Morton Peto for the railway between Lisbon and Oporto, and that arrangements have been made for the settlement of Messrs. Shaw and Waring's claim in connection with the works already constructed between Lisbon and Santarem. It is understood, says a contemporary, that Sir Lawrence Peel, who was many years Chief Justice at Calcutta, is about to be nominated by the Government to the vacant seat in the East India Direction. At the half-yearly meeting of the Peninsular and Oriental Steam Packet Company on Wednesday, a dividend, including the distribution on the new shares equal to five per cent. for the half year, was declared, free of in• come tax. The subscription•list of the Mediterranean Telegraph Company is closed. A considerable portion of the capital, 120,0001., has been taken in Manchester and Liverpool. FROM THE LONDON GAZETTE. Tunday, June 2. BANKRUPTS.—LEwIs HENRY MYERS, 85,Welleslepntreet Stepney, dealer iu Manchester goods—GEoHos WILLIAM GLINISTER and WILLIAM JOSEPH 6LINISTEL Spring-garden place, grocers—JAMES WOODS, e 3, Conduit-street, Hanover square, 141110Y—CHARLES BUDDER, Basingstoke, Hants, tailor — JOHN LOWDEN and WILLIAM LOWDEN, 13, Coleshill-street, shipowners—GLoaos Du MUNI) STARLINO, Ormesby, Norfolk. grocer—GEoxok WHiELDoS,tlte younger, Wy ke-house, near Wineanton, Gillingham, Dorsetshire, brick and tile maker — JOHN JOSEPH Buooixs, Birmingham, silver plater—JOHN Burrs, 16, West-street, Bristol, grocer—GEORGE MarrtiEw HALE, Cardiff. Glamorganshire, victualler—THOMAS GREEN. woou and SAMUEL NINO, Cannon-street, Devonport, builders — ROBERT NOBLE, Whitby, Yorkshire, dentist—BzwJamiN CHAD' wick, Liverpool, chronometer and watch maker—Jons EVANS, Spring-vale-works, Whitefield, Lancashire, bleacher—RlCHAßD WALBUEN, Howdon. near Crook, Durham, grocer. SCOTCH SEQUESTRATIONS.—Jas. RAtsrnN, C oweaddens street, Glasgow, ironmonger —..ROBERTSON Brothers, Glasgow, tea inerchahts—ANGUS SHAW, CuWeaßldeUS, Glasgow, glass and china merchant. Friday, June 5. BANKRUPTCY ANNULLED.—DA-ID Mantle', Cardiff, Glionoraaoshire, boot maker. ..... _ _ BANK RUPls.—Jaitwa bwaw, Ssuthouer, near Leeda, grocer —CHARLES KNOWSLEY, Exeter, draper—JAMES Strand, auctioneer—Joitx FREDERICK GOODERSD, Piccadilly, wine merchant—S.lmm. Ciaorrici, 131ackniars•road, hatter. glitrupalitan 41arlitts. (Reportedemelusirelyfor" Ma Pities.") - - CORN EXCHANGE—The present week's arrival of wheat, coastwise and by land carriage, has been very moderate : nevertheless, the demand has somewhat fallen off Priers have been tolerably firm, and in some instances really nod qualities have produced is per quarter more money. Very large imports of foreign wheat have been reported. That article ha', therefore, moved off slowly, but without leading to any chaiwe in value. Doming cargoes of grain have sold at fall currencies. THE PRESS. SATURDAY, The line will be 920 miles in length, and it is to be per fected by the :11st October. The British Government guaranteo six per cent. upon the capital for twenty•five years. The unremunerative state of the Manchester markets, the reduction in values being more than five per cent. since March, has caused a large extension this week of the system of sh•'rt time, and, as stocks are still increasing, it is believed that numerous factories in dist►icts now fully in work will speedily follow. The shortest period during which employers have engaged to restrict their production is one month ; but in many cases the engagement is indefinite, to be continued or abandoned as circumstances may require. Several failurei have occurred in consequence of the state of trade; one, tins week in Manchester, is for a heavy amount. The general trade of the counts•, however, appears active ; but the diminution of profits is a universal complaint, and it entails much difficulty and embarrassment among persons of small capital. BANK OF ENGLAND. An Account, pursuant to the Act 7th sud Stb Victoria, cap. n 2 for the week ending on Saturday, Olt 9Uth day of May, ler, ISRUE PrPARTMENT. gots. Issued .... 43.801,391 Government Debt £11,015,10() Other Securities .. 3,459,90 1 Gold Coin k Bullion 9 326.39", Silver Bullion .... 423.801093 BA NKINO DRPARTMENT. Proprletora'Capltalll4,3s3.ooo. Government Seen. Rest Public Deposltco 6 2 , 4,4:9 Dead Weigh tAu.) 410,326131 Other Deposits Seven Day tt other Notes 4,723,920 Bills 423,801,9..1i 434,0:18,633 I i 34,038,1333 • Including Exchequer. Commissioners of National Debt Savings' Banks, and Dividend Accounts. BRITISH FUNDS. Closing Prices. OFFICIAL QUOTATIONS. ,Mond. Tuts& Wed. Thurs. Friday I —; -. 3 per Cent.Consols ! 941 94 3i 93; ! 9:1; Ditto for Account 1 3i 4 91 94 3 944 1 per Cents Reduced 92; 4 9Sj 921 i . 924 3 per Cents ' 924 4 92,i 92j t 921 Long Annuities Bonk Stock 7 per Cent , 212j$ 213 212 14 213 j New 24 per Cent Aunuit — I Kxcli. Dille, 241 i... (June) 0 0 , India Lionds t ( i 3d I I 0 4 d , Friday. FOREIGN FUNDS. Per Cent. Monti ,Tuesd. ired. Brazilian Danish 5 Inch. (Fa 12 Guil )9i French Do. 44 Do. Bank Stock Mexican 1004 . 6l 69'45c , f —L Peruvian Portuguese Kusaiau Spanish furkish A Antw. & Rttrdm. Belgian East. J. Dutch ItheLish East Indian Gt. Indian Pen G.W.ot Can.,Sh Lyons & Geuevu Madras Namur& Liege Srthrti.of Frac, . Norw. Truk. Pa. Paris & Lyons Paris & Orleans Paris & Rouen 4e c 0.6 i69f3Sc 69f o . e - f, - - 22j1 - Otil 23i 251 9:>l R 941 FOREIGN RAILWAYS. Mond. Tuesday. Wednes. ;t 6;', 7i I Gi 7 1 4 4 ,It t It : 4 2 lid A ljd Wiz, lu7 9 pi' 9 107 9 t 12 23i 1 21 I . t I t 2si I 29i 30i 294 Ma 1 1:t 20 1 1,9 U 19 Ro l l s 18 at 8 t Si 371 8 4 37t 9 0 I 9 10 9 10 5,1 54 481 t Z7j 56 68 j6B 58 56 58 :69f 2Lic -f.; V 'dig Theirs. 0 31 7 a 2 lad 10: 9 21 a Ma a 23 ii ! $ 14 31 1 u 10 b 7 e 36 8; Fr(dak• lt 2 lid 107 9 21 2 ni I 28 25 19 20 8 ri St 9 lu 1,7 9 93i 4 ti 4: 92i 931 f e, f e 564