The Press. — London, England, 1856-11-08 00:00:00

NOVEMBER 8, 1856. rather heavy. The amount of this item is once more above 19,000,000/., and we apprehend that it will be heavier in the next return. The Public Deposits are gradually in creasing, tut those of a private character are progressively f a lling off; they now amount to but a fraction above 9,000,0001., a proof that there is profitable employment for money out of doors. On the whole, the present return is not calculated to produce a reassuring effect, especially in the face of the continued demand for bullion from the Continent. We are still unable to report any improvement in the Money Market. On the contrary, for the last day or two its appearance, owing to the state of the continental exchanges, and the strong attitude threatened by the Bank in order to protect its remaining stock of bullion, has been more unpromising than at any former period of the crisis. Trade, however, has hail little or nothing to do in the pro duction of this state of things. It has been caused solely by the demand for gold from France, a demand apparently insatiable, and which, both from its character and from the means taken to supply it, bodes no good to the imme diate commercial and industrial future of that country. Up to Tuesday the natural demand from our own com merce, in order to meet the acceptances due on the "fourth," was very great, and the day did not pass over without some anxiety, which gave rise to a number of inju rious reports; but the supply was equal to it at rates, in the best cases, not much higher than the Bank minimum. Indeed, we have heard that six months' Liverpool accept. ances were done at seven and a half per cent. twice or three times over, but the paper was choice, and the houses were old and regular customers. The majority of appli cants certainly found the terms harder. Since Tuesday, owing to the probability of the Bank making a further increase in the rates of discount, they have not only not relaxed, but have hardened still more. It is scarcely possible to fix a minimum; but yesterday afternoon it was quite eight per cent. At the same time the contraction of home and foreign engagements, to which we alluded to last week, is steadily progressing; and in consequence of this policy, we do not anticipate so active a commercial demand in the current month. It is impossible, however, to hold out hopes of anything like a speedy improvement. We fear that we shall still have to suffer for the economical sins of our neighbours on the other side of the Channel. A further rise in the rate of discount, though it were only half per cent., would, we apprehend, cause a great commotion here, and precipitate the explosion impending in Paris ; but if it were one per cent., we fear the consequences wculd be little less than those of a panic. It is said that the Bank directors, at their weekly court yesterday, only abstained from directing an advance by a majority of one vote. We have, therefore, very narrowly escaped a peril of no in considerable character. But the change may be made any day, without waiting for the weekly court; and whether it is made or not in the course of the next few days, depends upon the winds and the waves—whether, in fact, the James Baines, now rather overdue, from Melbourne, with nearly 700,000/. in gold on board, arrives in time for the agents of the Bank of France to buy up that gold in order to swell the monthly account of that institution, which will be pub lished next Friday. If that or some other vessel does not arrive with an adequate sum, the drain upon the Bank of England will recommence, and in order to arrest it, it is more than probable that the rates must be advanced. Such is the situation at the present moment. On the arrival or non-arrival of a particular ship at a particular time de pends, therefore, both the value of money, the profits of trade, and, to some extent, the employment of the people. There must be a hitch of some sort in the system, other wise such vast interests as are involved at the present moment could never be perilled upon so precarious a con tingency. In the meantime we wait, not without con• siderable misgiving, the events of next week, hoping, almost against hope, it may turn out that we have seen the worst. _ . The Russian railway concession, now that its terms and conditions are known, is not expected to float at all in this market. It will not pay. It is not, however, yet introduced ; but already a strong feeling against it, finan cially, has been created. This, so far, is a good sign for the Money Market. The exchanges continue unfavorable, and we are ob taining no gold whatever. Indeed, about 50,000/. has been taken from the Bank, while, as intimated above, its stock is exposed to still further reduction in the event of the James Baines not immediately arriving. The specie imposts of the week have amounted to about 5'0,0001., all from the United States and South America. On the other hand, the exports, exclusive of those to the Continent, have amounted to 610,0001. Of this sum the greater part was silver for India and China. All the gold that has arrived has been taken for France and the Continent. The market for - English Securities has undergone considerable mutations during the week. On the whole B. is less strong than it was last week, partly from acessa• tion or suspension of money purchases by the public, and partly from disagreeable impressions with regard to foreign polittc4, and particularly the relations between England and France on the subject of the treaty of Paris. Business, too, has been rather adversely affected by the settlement which was brought to a final close to-day. The account proved heavy, but the liquidation was effected without material difficulty. Consols left off for the 4th of December, the date of the new account, last Friday at On to I. In the early part of the week they improved to 931 to 1; but on Wednesday they experienced a sudden and unexpected fall after the regular hours of business, in consequence of a report that the Committee of Treasury of the Bank had recommended the Court of Directors to consider the expediency of further advancing the rates of discount. This rumour was followed by some large sales by a great capitalist intimately connected with the current bullion transactions between England and France. Both together caused a heavy fall, Consols immediately declining to 931, and the next day to 93. They have since been almost stationary with a dull aspect, and yesterday THE PRESS. they closed decidedly heavy at 93 just. This morning they opened at 93 to I. Certain expressions in one of Lord Palmerston's speeches at Manchester produced an uneasy feeling, and in the course of the forenoon they declined to 92i to 1. But about midday the reply of the illoniteur to the Consligutionnel with respect to the solidity of the alliance betwt en England and France produced a reaction, and eventually the market recovered to the opening price, 93 to ; but though it left off steady, it was not very strong. There is rather a good tendency in the market, but it is extremely sensitive. The slightest adverse cir• cumetance would cause a fall; but, on the other hand, the arrival of the James Baines would equally cause an advance. Exchequer Bills are at Is. dis. to 2a. prem. Railway Shares have completely lost the improvement described in our last ; and they are from one to two per cent. lower than this day week, with no great prospect of recovery. The sudden change which took place in Con sols on Wednesday had a great effect on shares. Some immediately fell one per cent; and they declined yesterday to a like amount. Midland Stock, which has recently ob tained a considerable rise, was particularly affected by the change in the market. London and North-Western, and Lancashire and Yorkshire, also suffered, but scarcely to the same extent. French, Indian, Canadian, and foreign lines in general all manifested a downward tendency. To-day this was the Cabe again, but there was more steadi ness at the close. Foreign Securities have, upon a limited scale, presented much the same general features. Turkish Six per Cents., which left off last Friday at 911 to 92, have fluctuated a good deal. Last night they closed at 89f to 90 The transactions in this stock are now mainly speculative, and there is considerable variety of opinion as to its future value. The Guaranteed Four per Cents. have been com paratively steady. Mexican, owing to the receipt of a sum applicable for Ilivideuds, have slightly improved. Russian Stocks are lower. To-day Turkish Six per Cents. closed at 9(11 to f. Joint-stock Bank Shares have attracted the attention of investors during the week, and a fair amount of business has been done. Some of the younger undertakings have rather improved, but the market for them is limited at present. The discount companies are perfectly steady. In Miscellaneous Shines the only circumstance worth mentioning has been an advance in Australian Agricul tural Shares of from 21. to 41., founded upon reports from the colony, holding out very good prospects for the com pany. The extreme advance has not been maintained, but the shares are higher than this day week, and they continue to attract some attention. Owing to explanations from the Crystal Palace Company to the committee of the Stock Exchange to the effect stated in our last, the shares in that company will continue to be quoted in the official lists. This termination to a very disagreeable business has given general satisfaction. There is some talk of the National Bank of Austria resuming specie payments, but nothing of a definite or official character has yet been published upon the subject. The colonial wool sales have commenced, and they will close on the 29th inst. Notwithstanding the high value of money, an advance of ld. per pound, and in some cases even more, has been realised over the closing rates at the last sale. The total quantity offered is 49,000 bales. Commissioners for the arrangement of the arrears of the Venezuelan debt have arrived in London. The Provincial 'Frade Reports of the week are not so good as those of last week. Manufacturers are quietly reducing their production. Great complaints are made of the ex cessive dearness of raw materials, both in Yorkshire and Lancashire. BANK OF ENGLAND. An Account, pursuant to the Act 7th and Sth Victoria, cap. 3$ for the week ending on Saturday, the Ist day of Nov., 1850. 'KRIM PICPARTMENT. Notes Issued 123,480,070 Government Debt X 11,015,100 Other Securities .. 3,459,900 Gold Coin Si Bullion 9,005 070 Silver Bullion .... 123,480,070 I 423,480,070 BANKING DICTARTNEZNT. PrOprilltOrN'Cliplthlll4,ss3,ooo Government Seen- Rest Public Deposits* 4,713.654 Dead Weight An.) 410.736 841 Other Deposits Seven Day & other Notes 946,943 Gold & Silver Coin 591.257 £33,326,209 133,326,209 • Including Exchequer, Commissioners of National Debt, Savings' Banks, and Dividend Accounts. BRITISH FUNDS. Closing Prices. OFFICIAL QUOTATIONS. ,Mond. Tuead. Wed. .77tur elFridny 3 per Cent. Consols 9774173 Ditto for Account n 2 3a 93g 2; 4 per Cents Reduced 9l 21 92a 3 per Cents Long Annuities - ik S/ ' 7 per Cont 214 24 , 212 a 4 ------- ! 934 924 3 924 99 4 93# t 98 92 4 914 111 924 4.92* 92 144 2; 12 18-16)2 13-16 1 2124 4; 214 214 6 Bank Stock, . _ Oronium Exob. Bills, 20. India Bonds, ( 1,0001.) ) Par iP 1 sr 9P 4 p,4 p REIGN FUNDS. Mond. Tuead. i99i a . lOO 164 k— I 19p per 2d 2pllp —P' —P JP Per Cent. Brazilian - 5 Danish 5 Dtch. (Ex 12 Guil )2e French 3 Do. 4i Do. Bank Stock NI vxican 9 Peruvian 4i Portuguese 4 RtlBloBll, 5 Spanish 3 Turkish Acc.6 66, 95c' e 1— PAY bOo f -__ i I - f. 211 41 21421 i 1 Zit '9li 1 911 91j I 64 i ,GBf I9o* l 411 , L 90.90} 891 Rimervte— Aberdeen Bins. Wolv.&BtourVal Bristol and Exeter Caledonian Chester and Ilolynead Cork and Bandon Cubnu & Belfast Juno. East Anglian E,aetern (B) East Lancashire Eastern Counties Great Northern Gt. Bth. and Wet of Ire. Great Western Lancashire& Yorkshire Lon., rilbury,& S. Brkg. Lon.,l3rightou t leo London and lilackwall London and Nrth-West.l Midland Mond. Si i4i 1 36 134 7 lo . e ] Newmarket Newry and Enniskillen Norfolk N rthrn. Counties Union North British North Staffordshire North-Western Wrcetr., and NV°lv. Scottish Central Scottish Midland South Devon South-Eastern and Do,. South• Western South Wales Waterford & Limerick MISCELLANEOUS — Australian Agricultural Canada Crystal Palace Crystal Palace of France North British Aus. Laud Peel Hirer Land ir Min. Scottish Aust. Invest. South Australian Land Van Diemen's Land .. Antes. & Rttrdm. Belgian East. .1. Dutch Rite hisli East Indian Gt. Indian Pen G. W .of Can.,Sh Lyons & Geneve Madras Na. h Lge.(w.in ) Nrthrn.of Frnet . Norw. Trnk.Prf. Paris & Lyons Paris & Orleans Paris & Rouen iGN 11 $ I 1 1 41 ) 21 $1 1 4 61 7 8 191 20i, fit 37 8 9 60 50 Tutsday. i 6, 7 1 1 4 1 4 1 - a k 211 94 bi s pi 83 131 1114! I " 8 9j 50 I 48 50 :LWAY Wedgies. 84 7 1} 22 1 i p 9111 241 b 7 8 p 'l9i , d_ 8 9 49i 60} 47 9 SHARES. 65 I I 95 - 106 7( 6i 7 I 104 i 5; 79e 8U 3 - 1 37e 'I 5 4 4t l 26 8 I 101 3 I 68 70' 15 71i 105 6 77 9 - P 1131 74 23 5 92 4 9 V3i 115 7 44} 51 933 198 p 8 ei 7 102 f 31 781 i 49 61 81 d 881 i 7l tit iti 6 i 88 8 101 3 t 8 70 13 e 69i 70j 104 i bt 77 24 2 lruesd. Wed. Lst ! Si 92 4192 4 6i 7 1 67 j 5 7 PO 8 128 8 21 1 21 ii 4 34 8 , ii ttropolitan Vatlats. (Reportederchisively for "Tim Pima.") CORN EXCHANGE—We have again to report the arrival of a very moderate supply of English wheat, coastwise as well as by land-carriage. AU kinds, however, have moved off heavily, and prices have nominally given way is to 2s per quarter. The imports of foreign wheat have been limited for the time of year. The transactions have been chiefly confined to retail parcels, on former terms. Floating cargoes of grain have continued firm in price. Fine barley has realised previous rates; but secondary and inferior kinds have given way fully is per quarter. There has been much less activity in the malt trade, at barely late rates. Good sound oats have commanded full quotations ; but other qualities have fallen tid per quarter. No change has taken place in the value of beans, peas, or flour, the arrivals of which have been only moderate. ENOLISH—Wbeat, Essex and Kent red, 57s to 70s; white, 60s to 775; Norfolk and Lincoln red, .',7s to 70s. Malting barley, 42s to 495; grinding ditto, 33a to 37s : distilling, 400 to 425. Malt, 82s to 775. Feed oats, 2i5 to 2 8s; potato, 28a to 335. Rye, 430 to 445. Tick beans, 40$ to 435; Harrow, 390 to 455; pigeon, 44a to 48s. Grey peas, 40s to 43s ; maple, 42s to 46e ; white boilers, 43a to 48s per quarter. Town-made flour, 58s to 605; country marks, 47s to Ads; households, 58s to 53. per 280 lbs. ARRIVALS THIS WEEK. Wheat. Barley. Malt. Oats. Flour. Knelleh 2230 .. 1760 .. 3270 .. 10 .. 1970 Irish Foreign.. 9100 .. 3180 18820 —61 P. eke. LONDON AVERAGES DECLARED ON FRlDA.Y—Wheat, 5,281 quarters, 70s Id ; barley 1,808 quarters, 46s 9d ; oats. 3,693 quarters, 27s 9d ; rye, 27 quarters, 42s Id; beans, 616 quarters, 41a Id: peas, 643 quarters, 485 3d. IMPERIAL WEEKLY AVERAGES—Wheat, 68s; bar ley, 468 2d ; oats, 268 7d ; rye, 41s dd ; beans, 47s 2d ; peas, 46s 3d. THE SIX WEEKS' AVERAGES--Wheat,66s 4d; barley, 44. 2d; oats, 268 sd; rye, 414 3d; beans, 455 10d: pea; 148 28. ENGLISH GRAIN SOLD LAST WEEK—Wheat, 103,494; barley, 78,896 ; oats, 12,664; rye, 408; beans, 6,795; peas ,2,310 quarters. BREAD—The prices of wheaten bread in the metropolis are from 3d to 94d; of household ditto, 71d to 81d per 4165 loaf TEA—New teas are firm, at from is 6d to Sls 3d per lb. Old qualities continue In fair request, at full quotations. Present rates are as follows :—Congou, 9d to 2s eld; tang Yong and Oolong, 10d to is 10d; Souchong, 98 to 2s 6d; Flowery Pekoe, is 5d to 38 Gd; Caper,— to ' • Scented Caper. Is Id to is 10d; Orange Pekoe, lid to Is 2d; Scented Orange Pekoe, is 4d to 2s 6d; Twankay, Gd to is 2d ; Ilyson Skin, 6d to Is 2d: Hyson, Is 2d to 38 Gd ; Young Hysoo, bid to 2s 48; Imperial, lid to 25 4d; Gunpowder, 8d to 35 6d; Assam. 1/1 Id to 4s 4d per lb. Up to Saturday last duty was paid on 39,072,9351b5, against 40,829,9961b1; in 1835. SUGAR—Fine raw sugars have been in moderate request, at about last week's currency; but inferior parcels have sold slowly, at a decline of about Gd per cwt. Barbadoes has realised 47s to 618 Gd; Mauritius, 48. to Z.2s; Bengal, 46s to 61s 6d; Cuba, 468 to 498 6d; and Havannah, 465 to 49s 6d per cwt. Floating cargoes have sold at full prices. In the vain. of crushed we have no change to uotice. Refined goods move off slowly, at 178 6d to 628 per cwt. MOLLASSES—The supply is limited, and West India quali ties are steady, at from 22. Sti to 24s tid per cwt. 1077 Thurs. Friday 3 ; 7; ! i 4!' 14 ‘ll 211 V I .24 es4l 7 p7_ A 4 19 8 1 901 19 8 1 20i 1 884 71 804 7 89 8 9 491 601 491 60 i 47_ 9 147 3 Isi I n 1.14 1- 54 138 8 et i 92 A 66 * 35 7 11 Ii i 1 # # 36 c 15 6 'OREII Mond. 81 $ 9 1 t 93E 4, 114 i 123 61 1t ! -- i i 24 li A 17 8 1 1 33 5 88 5 9 1 33i ♦4 115 7 051 6 01 I 107 I 61 7: 1041 180 i 49 81 !St !37t Ot pi e 1 s a 12 6 6 8 1101 AI 118 70 f 1711 110601 77 9 3 i id 37i 8i 5i id 6 27 9 1101 3 68 70 7 15 21 1054 6 77 9 I I 2I I 115 ; lii IC on 4 ii 6 - 71 65 ! 94i 6 1107 . 8 7 11113 a 4 i79a j 37 2(4 149 61 idl 162 t 101 31 68 . 791 - li S IL I d 4 35 15 6