The Press. — London, England, 1855-11-03 00:00:00

from the bar, and were placed in the gaol of N e. The severity of the sentence seemed to create some surprise, and Dr. Griffiths, the prosecutor, welt bitterly when it was pronounced. The learned judge himself was very much affected, and at some portions of his address he was scarcely audible from emotion. The prisoners, we believe, will remain in Newgate until their accounts are made up, and will then, it is stated, be sent to the fortress of Gibraltar for the term of their transportation. NOVEMBER 3, 1855. glontg glarktt atO Citg FRIDAY EVENING. PREPARATIONS for to-day (the 4th), when an un usually large amount of commercial bills will reach maturity, have tended to enhance the demand for money, and raise the rates of discount during the current week. By the inevitable reaction from this cause, speculation has beer. dull, " accommodation " difficult, and prices depressed. Continued rumours of diplomatic entanglements with the United States, and the incessant rains, have also contributed to keep the quotations down, insomuch that in the absence of any real or permanent influence Consols fell nearly per cent., being marked as low as 87(, both for money and account. From this extreme depression, however, the market has more than once experienced a partial recovery, and towards the close of business this afternoon a much firmer tone was exhibited, the quotations rallying finally to Bs. Similar fluctuations have been experienced in other 'stocks and shares, followed by a corresponding im provement before leaving off to-day. Yesterday (Thursday) was observed as a close holiday both on the London 'Change and the Paris Bourse. On the former, because the day was appro priated to making up the half-yearly balances at the Bank ; in Paris, as being All Saints' Day. _s__ The increase of interest on Exchequer Bills, ga. zetted last week, has not sufficed to keep those securities floating above par. The bills have been at a discount all the week; the price ranged to day as low as from ss. to 10s. dis. 31. 16s. o,lcl. per cent. at a time when money is so much in re quest, is obviously not enough to sustain the floating debt in its proper condition of negotiability. . . Our statement, in the last PRESS, that large con signments of gold had been transmitted to the Bank, is fully borne out by the return published this evening. In fact, our estimate of 000,000/. as the net amount of bullion furnished from the Australian diggings, and received into the Bank cellars, appears to have been considerably exceeded. Hitherto, all the receipts of this sort, extensive as they may have been, were largely exceeded by the aggregates of the precious metals weekly shipped for the Con tinent, for India, and for the seat of war. This week, for the first time, the incomings have at length surpassed the outgoings. The latter still exhibit a huge total, and must so continue to do, as long at the outlay on the war remains what it is. But in the Bank returns published in last night's Gazette we welcome once more the appearance of an actual increment in the stock of bullion. From week to week this precious basis of credit and circu lation has progressively declined by some half-mil lion, more or less, until the total sum in reserve had fallen from twenty millions to little over eleven mil lions. In the return now before us, exhibiting the Bank status of Saturday last, Nov. 27, this stock of metallic currency shows an absolute increase. The expansion may be small in comparative amount, — being only 77,1581., as the difference between 11,230,2071. on Oct. 20, and 11,303,365/. at the date Of the last return ; but the mere fact that there has been an increase, and that the late rapid drain of gold has at last sustained a check, is not a little con solatory. The apprehensions so widely entertained of commercial crisis on one side, and the furious on slaughts against the Bank Charter and Currency Acts on the other, are allayed, if not extinguished, by this improved position of the great regulator of our financial machine. Since the date to which the last published Bank return extends, the influx of precious metal has, we know, been considerable. From the half-million received from Ballarat, more than a moiety—it is stated at 350,0001. worth of gold—was lodged in the Bank on Wednesday last. Other consignments received in the course of the week have raised this vast sum to between 500,0001. and 000,000/. On the other hand, we find abundant tokens that many of the chief causes which lately resulted in an extensive outflow of gold or silver, have ceased to operate. In Hamburg, for example, through which emporium such headlong torrents of the precious metals have lately streamed towards Austrian and Russian mar kets, the rates of discount are now somewhat easier even than those in Lombard-street. The last con signments of silver from South America have also commanded lower prices than antecedent arrivals, the dollars brought from Vera Cruz by the Echo on Wednesday having sold at only Ned. per ounce, showing a decline of Id. on the last quoted prices. Contemporaneously with this reduction the East India Company have diminished the rate at which they accept cash for their bills on India by one penny per rupee, equivalent to four per cent. The rates are now fixed at 2s. Id. per Company's rupee for bills on Bengal and Madras, and 2s. lid. on Bombay. The rapid drain of silver towards our Oriental empire has thus ceased, at all events, for the present. The remaining items of the last Bank return evince the results which were to be anticipated from the heavy strain lately made upon the resources of the establishment. The Chancellor of the Exche quer has drawn out 124,177/. of the public deposits beyond the payments on Treasury account ; while the commercial public has instituted a still heavier pull upon its balances in hand, the aggregate of " other deposits" having deci eased from 11,764,080/. to 11,327,3211., showing a reduction of 436,7591. The Government securities in the possession of the Bank are diminished 300,4041., proving that the Directors still find it expedient to realise assets ; while the decrease of more than a quarter of a million (254,9121.) in "other securities" exhibits the consequences resulting from the enhanced stin gency in discounting commercial paper at the Bank of England. That the current rates of discount may not be materially lowered, notwithstanding this increase in the metallic basis, is very probable. Nevertheless, the continuance of such a state of things affords no ground whatever for interfering with the Bank operations, or for impugning the principle of the act passed in 1844. Money, like every other com modity, must fluctuate in value according to the laws of supply and demand. Where the article is scarce the price will be high ; and, wherever the profits to be derived from its employment is large, the dealers will find it worth their while to pay liberally for accommodation. Such is, and must be, the case so long as war con tinues. The expenditure arising from that souree may be exceptional, temporary, and wasteful, yet as it returns an ample surplus to the parties concerned, to contractors, merchants, manufacturers, and pur veyors of every description, the inevitable result is to raise the average tariff of profits, and consequently the rate at which the parties engaged in productive business can afford to pay for the capital which keeps them going. This rate is quite irrespective of the actual residuum of gold in the Bank cellars, but, as it represents a real, and not a speculative or fictitious aggregate of transactions, we can entertain little apprehension that the country can be thereby driven to the extremity of discontinuing cash payments, either directly or by any of the various indirect methods so ingeniously suggested on different hands. While Australia and California continue to remit their abundant supplies of gold, we cannot believe that any necessity will be found to adopt measures whose immediate consequences must be, as they have been, to make every guinea worth a nominal 275. ; to augment the price of every necessary of life in a still greater ratio ; to rob creditors with out doing any good to debtors ; and to spread ruin and chaos over the whole commercial system of the country. In the Foreign Market Turkish Stock has shown some weakness. The Six per Cents. (unguaranteed) were done today at 781 79. The New Four per Cent. Scrip (guaranteed), at 8 discount. Mexicans are heavy, owing to the unsettled condition of that Republic. The returns of railway traffic, published this morning, show a considerable increase in the re venue of all the principal lines. The quotations of Shares are nevertheless hardly supported, and busi less is very inactive. THE PRESS. BRITISH FUNDS. Closing Prices. 8 per Cent. Consols Ditto for Account 8 per Ceuta Reduced 3 per Cents Long Annuities Hank Stock, 7 per Cain Omnium Exoh. Bills, 20. per diem India Bonds, (1,0001.).. Per Cent. Brazilian Uauieh 5 MAIL (Fa 12 Guil )24 Frenoh A Do. tEIGN FUNDS. Monti. Mead. Wed. DIE G 4 1001 — i t 64:30c 64f 154 f c 90: e —f. 1. 19i 73 24 73 431 79i I ra 6i Do. Bank Stook Mexican Peruvian 46 Portuguese 4 Russian 6 Spanish 3 Turkish . L- i.I _ QUOTATION. Mond. Tura. Wed. Thure. Friday 1 .----. 68ii4181 8 inj 874 88 4 •88 'B l Bq 487 i 3 86 a7y A 67 }iB7 4187 86 874 861 1 86.4 1 - 4 d 74 4 j 4 81 Bri 34 8A 8a i 06 8 .1 3dT p lp 24 2p lpT: r rSd par 8d 10 8 1d 'par Id 4 10d 63 2 ( v f e 95i , '7B; 9} l 791 BANK OF I An Account, pursuant to the A, fur the week ending on Saturt issue pep, Notes issued .... 224,698.460 12 , 1,696,430 BANKING DIPARTIIIENT. Proprietors'Capttaltl4,ss3,ooo Government Seen- Rest Public Deposits* 3,700,844 DeadWeightAn.) 1,10.328,955 Other Deposits Revell Day & other Notes Bills 133,731,020 233,731,0:)0 • Including Exchequer, Saving., Banks, Commissioners of National Debt, and Dividend Aocounts. Hi Bristol 23 4 7± 1 bto 7 11 81 1 be 444 87 8 si '3 4i 100 70 1 94 6 61 1 92} 64 i lt I 44 6 - 23i 64 42 SI 23 6 100 4 72 4 11 2 664 74 83 4 304 ki 18 20 *WARM. RA ILWAId— Mond. !Need. Wed. Thur. Aberdeen Birm.Wolv.ikiltourVid. 7} 4 71 9 7} ! 7} 4 Bristol and Exeter . Caledonian Chester and Idolyneud 111 24 11 4 21 111 21 111 ti Cork and Bandon Dublin * Belfast Juuo. 64 446 64 41ti 51 41d se 11. East Anglian Eastern Unioc (B) East Lancaahire Eastern Counties Great Northern Gt. bth. and Wet of Ire. 100 2 ) 100 2 100 9 100 i Great Western Lancashire& Yorkshire 74 61 744 61 744 41 Lou., Tilbury, it Sthend. Lon.,Brighton, ko 94 6 94 0 94 6 94 6 Loudon and Blackwall 6} i 61 1 01 a ,c,i t Loudon and Nrch-West. 92 92 1 92 i 124 1 Midland Newmarket Newry and Enniskillen 12 i 1 4 2 1 4 lr 4 Norfolk Nrthrn. Counties Union d d d d North British North Staffordshire— .71 ti q a o N ort h-W es t er n 4l 2 5} 4 44 5} 49 6} 1 Oxf., Vi'rcstr., and Wolv. 23 5 23 6 28 6 23 4 Scottish Central Scottish 'Midland South Devon south-Eastern andllov. 56 4 7 t . ; 6 1 7 4 3 di 7t 564 74 South- Western South Wales 3Ol 14 304 11 304 14 304 14 Waterford & Limerick 18 20 18 20 1 8 20 18 20 MIBCELLANZOI3B— Agricultural 26 725 7 25 7 25 7 Canada Crystal Palace ll 21 12 214 2 14 2 Crystal Palace of Prance North British Ans. Laud 1 4 1 4 i I i Peel River Land &Mi.,. 2 4 21 i 2 IL 24 4 Scottish Aust. Invest. 4 . 1 1g i 1 i ii t South Australian Land 84 5 34 4 5 34 5 1 Van Diemen'a Land panplitatt ,;:o cadets. (Reportedexolusively fur "Twit Paass.") CORN-EXCHANGE —Although the receipts of home-grown wheat up to our market this week Lave been uu a very mode rate scale, the climatal for all kinds has ruled heavy, at a decline in the quotations of 2s per quarter. Foreign wheat has sold wholly iu retail quantities. yet prices have beim supported. There has been a fair inquiry forifloating cargoes, on former terms. We have to report a good demand for fine barley—the supply of which is small—at lull quotations. Inferior kinds are dull, at barely previous rates. Malt has sold steadily, on former terms. Old oats have gone rather dearer; but new parcels are easier to purchase. No change has taken place In the value of beans. Grey and maple peas have realised tormer terms ; but white parcels have given way :s per quarter. The flour trade has been in a sluggish state, at barely stationary prices. EtioLtsu—Wheat, Essex and Kent white, Ws w ts7s; red, 60s to 84s; Norfolk anti Lincoln red, 58s to 78s. Malting barley, 35. to 41s ; grinding ditto, 34s to 375; distilling, 35s to 38s. Malt, 62s to 80s. Feed oats, 26a to 275; potato, 27s to 325. Rye, 403 to 50s. Tick beans, 40s to 44s ; pigeon, 43e to 49a Grey peas, 42s to 45s ; maple, 42s to 4 fis; white hollers, 501 to 558 per quarter. Town•made flour, 78. to 'as; country tusks, Ols to Ca per 2801bs. AItItIVALB THIS WEEK. ---- Wheat. 13arley. Malt. Oat.. Flour. English .. 2180 .. 1390 .. 10 .. 1930 Erich Foreign ble. LONDON AVERAGES DECLARED ON FRlD4X—Wheat, 4,138 quarters, 88a 6tl ; barley, 4,016 garters, 401 9d; oats, 2,290 quarters, 26s 9d ; rye, 68 quarters, 52s 6d ; beans, 233 quarters, 61. 4d; peas, 426 quarters, 2Ls 3d. IMPERIAL WEEKLY AVERAGES—Wheat, 78e 4d; bat.. ley, 3tis td ; oats, 288 8d ; rye, 60s Id ; beans, 61e 3d; peas, 49s Od. THE SIX WEEKS' AVERAGES—Wheat, 77s 2d; barley, 37s ed; oats, 24s 3d; rye, 49e 7d; beans, 414 s 9d; pear, 48- ild. ENGLISH GRAIN 401 D LAST WEEK—Wheat, 141,708; barley, 67,480; oats, 16,030; rye, 6 47 ; beaus , 6,267 ; peas, 1,632 quarters. TEA—Public sales of 16,500 packages have been held this ' week. About 4,500 found buyers on rather easier terms. In the private market about an average business is doing on for mer terms. Congou, 9d to 2s 6d; Nag Yong and Oolong, 10d to le 94 ; Scuchong, 94 to 2s 8d ; Flowery Pekoe, Is 44 to 3s 6d ; Caper, is to le 4d; Scented Caper, Is 4d to 1s Rd: Orange Pekoe, ls 2d to is 6d; Scented Orange Pekoe, Is 8d to 2s 9d,• Twaulay, 74 to is 3d ; Ilyson Skin, 7 d to is 6d ; Hyson, le to 36 9d; Young Hyson, 9d to Ss; Imperial, la to 21 3d; Gunpowder, is to 3s 61; Assam, Is 3d to 4s 441 per Ib. SUGAR—Great excitement has prevailed in our market during the whole of the week, and prices have further advanced from 3s to fis per cwt. The stoek is now 60,0tt0 tons lees than in 1864. Barbadoes has realised 61s to lie; Demerara, 31. to 375; Mauritius, 40s to 575; Cuba, 54s 3d to bris 6d; and Java, 47s 6d to 34s per cwt. b'oreign augers afloat are fully 3s dearer. Refined goods are brisk, at 4,s to ant per owt fur lumps, and Ws to 63s for grocery. The total clearances up to rtaturday last were 3,941,54 ewts, against 5,x66,636 oats to ilia same date of last year. 510LA5SES—There is a good business doing in this amssitet, on higher terms. Cuba and Porto Rico, 244 to 464; mid 1041 to line West India, 24a Gd to 25a Gd per 1057 ZNGLAND. cr. 7th auJ nth Victoria, cap. 81 day, the 27th day of 0et.,1866. Government Debt 111,016,100 I Other becuritiea 2,984,00(11 Gold Coin ,t Itullion 10,08,440 Siker Bullion