The Press. — London, England, 1856-06-28 00:00:00

Ala JUNE 28, 1856. The present comparison shows some important changes , particularly in the Bullion and the Reserve, both of which are now assuming considerable proportions, with the cer tainty of further increase for several weeks to come. The amount of the Public Deposits is small, but it will be in creased in the next. return by the paymentof the 1,000,000/. instalment upon the loan tomorrow. The present return is in all respects satisfactory. The principal financial event of the week has been the reduction by the Bank of England yesterday of the mini mum rate of discount from five to four and a half per cent. Even as a matter of duty to their proprietors, no less than a tardy recognition of the fact that money has become cheap for all the purposes of legitimate commerce, this change has literally been forced upon the directors by the pressure of circumstances. The Bank for the last three weeks has been doing little or nothing in the way of discounts, and not much in temporary advances, both these classes of transactions being taken to Lombard-street, whereby from one-fourth to one-half per cent., and in some eases three quarters per cent., was saved to the parties. The Bank, consequently, was fast losing the most profitable branches of its business, and some change was indispensable in order to bring it back. Besides, its reserve had been in• creasing at the average rate of half a million a week since the beginning of ➢fay, until it amounted to seven millions and a quarter, an amount which even the Bank could not afford to allow to remain dormant and unprofitable in its tills. The candle was thus burning, as it were, at both ends; and hence the present very moderate, under the circumstances, and superfluously cautious reduction. The return for the last week, of which the main features of comparison are given above, is, in all essential respects, favorable to the current impressions in the City that a fur ther reduction of one-half per cent. may be expected next Thursday. Independently of the considerations suggested by the above comparison, there are facs and circumstances in the monetary and commercial world which appear to render such a step advisable, if not imperative, upon the court. A large amount of specie will arrive next week, of which fully two-thirds will go to swell the stock belonging to the Bank. In the next place it is improbable that the addi tional issue of notes can for some time to come produce any appreciable effect in diminishing the bill circulation, which has lately attained very extensive proportions. The reserve of notes must, consequently, go on increasing; and we should not be surprised to see it amount to 10,000,0001. in less than two months from the present time, unless the directors can get a large amount out pro fitably—a process not to be effected even at four per cent. with financial, commercial, and cereal prospects such as they are at the moment this is written. Then the perpe tual competition of the great moneyed houses is also a prime element in the consideration. They, as well as the Bank, will have large reserves wanting profitable employ ment. Against a future occurrence of this character, of course, must be put the speculative tendencies which are the necessary adjuncts of cheap and abundant money; but these tendencies are again liable to be essentially coun teracted by the prudence and caution which in all proba bility will, during the most feverish and excitable period thp.t seems to be approaching, be brought in aid of the screw that is certain to be applied the moment there is the slightest symptom of a reaction. From these considers firms, and others of an analogous kind, we infer that money , will next week fall to four per cent.: and that, not very long afterwards, we may expect to see it at three and a half per cent. The Joint.stock Banks have lowered the rate of money deposited on call to three and a half per cent.; and the Lombard•street houses have practically done the same, though the announcement is deferred a day or two. The specie imports during the week have been but mode- rate They amount barely to 250,0001., principally from the United States. All tits amount, and about 050,0001. besides, has been purchased by the Bank. The exports of the week are nominal. Consols, which left off on Saturday at 94j to to ex div., closed last night at 94j exactly, being an improve. ment of I per cent. This advance has been obtained without any real reaction ; it arose from, and is sustained by, purchases for investment and b) the better prospects which appear to be opening, notwithstanding that the actual amount of business has been comparatively small. To-day, Consuls opened very firm, at 94j to 95 ex div.,and closed at 95 to 1. For the next account they are 954 to 4. Consol scrip 31 to 4 prem. Bank Stock and Exchequer Bills have improved since our last. The latter are 2s. higher. The improvement which we described to have taken place in the Railway Market iu our last has been fully established ; and in most Stocks there has been a further rise equal to from one-half to one per cent. In Great Westerns, owing to adverse reports as to the amount of the prospective dividend, there was a decline of :30s. in the early part of the week ; bnt it has since been partially re covered, and last night this stock left off firm at 64 to with a disposition to a further rally. To•nay this stock fully recovered, and there was a general advance all round. Joint-stock Bank and Miscellaneous Shares have been dealt in to a moderate extent; but neither have presented any features to call for s2ecial remark. The contract for a monthly steam mail communication with the Australian colonies has been awarded to the European and Australian Steam Navigation Company—a Glasgow undertaking. The subsidy is to be 18.5,0001. per annum, and the term of the contract is five years. The South Australian Banking Company have declared a dividend at the rate of ten per cent. per annum. The Agua Fria Gold Mining Company has been dis solved, and the property and plant transferred to a new company, called the Quartz Reduction Company. The Metropolitan Association for Improving the THE PRESS. Dwellings of the Industrious Classes have declared a divi dend of two and a half per cent. per annum, against the directors, who recommended a division of only one and a half per cent., the surplus to be carried to the reserve f..• The three Joint•stock Banks referred to in John :la& leir's letter to his brother James Sadleir as having been accustomed to practise the same fraudulent system as the Tipperary Bank in making up their accounts, are all known; but the allegations in each case are distinctly denied, and the statement appears to have been an inven tion of Sadleir to give force to his criminal suggestions. The trade reports of the week are almost wholly of a favorable character. BANK OF ENGLAND. An Account, pursuant to the Act 7th and Bth Victoria, cap. 32 for the week ending on Saturday, the 21st day of June, 1868. 1881.1 Z DZI Notes Issued .... 426,257,340 L 26,237,910 Government Debt £11,015,100 Other Securities .. 3,459,900 Gold COW B Bullion 11,762,940 Silver Bullion 120,237,940 BANKING DI Proprietors'espitaltl4,9s3,o6o Rest Public Deposits* 4,132,110 Other Deposits Seven Day (ft other Hills Government Semi- rities (including Dead Weight An.) ♦11,276,155 Other Securities 14,411,854 Notes 8,915,3e0 Gold & Silver Coin d 55,025 £33,258,414 Z 53,258,414 • Including Exchequer, Commissioners of National Debt, Savings' Banks, and Dividend Accounts. BRITISH FUNDS. Closing Prices. OFFICIAL QUOTATIONS. Wed. IThur, Mt 1944 944 '9sa • 3 per Cent. Consols Ditto for Account 3 per Cents Reduced 3 per Cents Long Annuities Honk Stock, 7 per Cent Omnium Itxoh. Bills, 20. India Donde, (1,0001.) Per Cent. Brazillt - ua b Danish 5 Dtch. (Ex 12 Guil )2e French 8 Do. 4l Do. Bank Stock tdesican Peruvian 44 Portuguese 4 Russian 5 Spanish Turkish kcc 6 94f 94 95i 1. 94f 34f 6' 98 19 1-1;;, 217 8, 94i 1 90 96e ,17f ,218 10 I 13 118 p 10 ( FUNDS. ,Tuesd. Wed. Thurs. 103 j 1024 3 j 6 71f ei 113 IC 14 AT ond 101 a 11 1 66 70:85e 1 7E 05e 93f ei a 2: 25e; I lo2i 3 -r. -- I 471 47, [034 Ow itr :LWAYEI Wedstee 82( 12 13i 1 23 i i 4i in :2 . 114 114 264 A 8 44 1 t 4 5 4 9s tBi 53 5 FOREIGN RAI Magid. Tuesday. 4ntw.& Rttrdm. 81 ;8i I Belgian East. J. 4 2 t Dutch Rhenish 1/ pll 2p East Indian—. 231 4t,281 41 Gt. Indian Pen. 224 S / 221 5 G.W.ofCan.,Sh. 211 26; 1 Lyons & Geneve 101 lip l— pi Madras Na.&Lge.(w.in )71 81 8 t Nrthrn.of Frnot 44 4 441 5 Norw. Trnk.Prf 8 9 8 4 81 Paris & Lyons 5B 1 584 Paris & Orleans 52 4 53 5 Paris & Rouen i Mond.l 274 1 Si $ Y 90 2 RA ILWAIB— Birm.Wolv.itStour Val Bristol aid Exeter Caledonian Chester and Holyhead Cork and Bandon Cuban & Belfast Juno. East Anglian Eastern Ilniox(B) East Lancashire Eastern Counties Great Northern Gt. Bth. and Wet of Ire. Greet Western Lancashire& Yorkshire Lon., Tilbury, &Sthend Lon., Brighton, /cc London and Blackwell ' London and Nrth-West. Midland Newmarket. Newry and Enniskillen Norfolk Nrthrn. Counties Union North British North Staffordshire North-Western Oxf., Wrcstr., and Wolv.l Scottish Central Scottish Midland South Devon South-Eastern and Duv. South. Western South Wales Waterford & Limerick 6.2 i i lti I 11 — tb 94 81 3 1 10i 1i 80 7 :07 9 - f. 23 i 19 C 6- 4 II 16 62 i -- Ii 118 - 4 9di !81 3 1 104 Pbt 1 107 106 7; 7 104 jI 81} 2 154 6 kd 37 8 21 951 6}' I -11044 ‘Bli 41 79 4 1093 471 1041 5i Thure. 2 21 2ip 293 41 1 224 3 6 101 lisp :20, 3 I 8 444 / I Si 9 tl 38 53 15 1 C2i (41 IC I to} i -- 9b 6; Of 1 196 9/ Thur. 2a E - f ' 16 i 10 11 d 18 19 22 24 81 3 10i 951 611 107 91 11 96 106 7 1 i 104 • '56 7 I [ iik id 37s esS 1 1 5 i is bi id i .32i 241 102 4 76 8 144 6 1 73i 4i 10401 134 103 7d 14a 174 1104 .ii - ri' 10411 IRS lk 173 '6 1 54 i i3* id 37j 8 ed !34 'lO3 6 76 141 511 74 MISCELLANEOUS— Australian Agricultural Canada Crystal Palace Crystal Palace ofFt anee North British Au s. Laud Feel River Laud 8 M 44. 1 Scottish Aust. Invest_ South Australian Land Van Diemen's Land 30 2 127 :12 21 j li2 I' si t 8 37 165 - 7 30 2 127 3: Si i s} I i i 37 3 i x d I - 217 8 14 12 15 p ITC6' 30 2 127 3 x d 34 3( 1103 1 576 8 176 6 121 23 116 e 71 130 2 1 127 3; 2} i 4I 3i 1 li i 37 b k 1 1 1 f Friday 1 8 5 I 1 4 $ p 23 4* 22$ 26i ]OE lip 2 75 481 8 4 Hiee 7-64 8 - 9 571 i 52 4 Frid. 28 9 de 0 93 6 62} 3 16 19 11 d 18 19 22 4 81 3 14 11 95t 64 106 10 63 I 961 p 7* 1 106 107 7 1 104 5 62/ 3 55 7 3a 31 37a 8 51 j 4 Cla 7 34 36 , 103 5 76 8 15 6 74a 5 75 22 4 30 2 127 31 2/ i i I 3} 1i i 4 37 8 16a 17 Vamp Wa n i .dets. (Reported ealalusivelvfor "Tax Passe?". CORN EXCHANGE—The arrivals of English wheat t ' our market this week have been limited, and the demand ha ruled brisk, at an advance in the quotations of fully 3s per quarter. Foreign wheat has come slowly to band, and all kinds have sold readily, at 2s per quarter more money. Floating cargoes of grain have been in active request, both for France and Belgium. The few samples of barley in the market have realised le advance, and malt has risen in value 2s per quarter. Oats, beans, and peas have sold readily, at an improvement of Is per quarter. The flour trade has continued brisk. Town made qualities have risen 3s; country ditto, 2■ per sack; American, fully Is per barrel. ENOLISR—Wheat, Essex and Kent red, 68s to 795; white 68e to 85e; Norfolk and Lincoln red, 66s to 775. Malting Wile) 400 to 45e; grinding ditto, 35e to 38a; distilling , 38s to 41i Malt, 67e to 83e. Feed oats, 25e to 28s; potato, rs to 32t Rye, 40e to 42e. Tick beans, 36s to 40e; Harrow, 38s to 412 pigeon, 42e to 46e. Grey peas, 38e to 40e ; maple, 42s to 44t white boilers, 43. to 49e per quarter. Town-made flour, tik t 68s; country marks, 63s to 655; households, b7s to 60s pt 2801bs. ARRIVALS THIS WEEK. Wheat. Barley. Malt. Oats. Flour. lragl h 2110 .. 90 .. 400 10 .. 16110 Irish — 650 1140 .. Foreign 4080 .. 1010 .. 8960 —131 F 460 ski LONDON AVERAGES DECLARED ON FRID AN—Wheat 6,267 quarters, 76s bd ; barley, 322 quarters, 41. Id ; oats, 1,99 quarters, 26a 8d ; rye, quarters, ; beaus, 298 quarters 41s 112; peas, 116 quarters, 43s 112. IMPERIAL WEEKLY AVERAGES—Wheat,69a lid; bat ley, &is 4d ; oats, 248 id; rye, 44s 4d; beans, 4.2 a 2d peas, 41s. THE SIX WEEKS' AVERAGES—Wheat, 138 s 8d: barley 39a; oats, 24s ; rye, 44s 4d; beans, 4254 d; peas, 10p. ENGLISH GRAIN SOLD LAST WEEK—Wheat,los,lB7: barley, 4,122; oats, 12,171; rye, 111; beans, 9,583; peas , 34' quarters. BREAD—The prieee of wheaten bread in the metropoli are from 9id to 10d; of household ditto, lid to 9d per 41b loaf. TEA—Public sales of 35,000 packages have been held this week; but the transactions have been trifling, at previou rates. The private market is well supplied, and only a Halite. business is doing in it, at late rates. Congou, Red to 2.6 d Ning Yong and Oolong, 10d to Is 10d; Souchong, 94d to Is 641 Flowery Pekoe, is 44 to 3,10 d; Caper,— to —; Scented Cape. is 9d to is Ild; Orange Pekoe, to ; Scented Oran , Pekoe, Is 4d to 2s Od ; Twankay, 84:1 to la 2d ; Hyson Skin, 8d Is 2d: Hyson, Is Id to 4s ; Young Hyson, 614 to 2a 6d; Imperial, lid to 2s 44; Gunpowder, lid to 9s 6d; Assam, is B to 4s 4d per lb. SUGAR—Our market is fairly supplied with all raw sugarY in which only a moderate business is doing, and in som instances the quotations are 6d per cwt lower than last week Itarbadoes has sold at 37s to 48. 6d; Mauritius, 37$ to 46s ditto, crystallised, 47s to 49s 6d per cwt. Several cargoes allos have sold for Holland and Russia. Refined goods move o; slowly, at from 56s to 595 per cwt. MOLASSES—The supply is moderate, and the demand .! confined to small parcels, at from 208 8d to 22s 8d per cwt. COFFEE—Good ord native Ceylon has sold at 30s per cw - Plantation kinds are steady, on former terms; but other quali ties are a slow inquiry. COCOA—Our market has become inactive, although it is ht moderately supplied. A few parcels of Trinidad have change bands at 53s to kis; and Granada, Ode to 32s per cwt.. RICE—The transactions in this article, notwithstanding th continuous rise in the value of wheat, are very moderate. prices, however, we have no change to report. Bengal, 9s ed lls ; Madras, 8s to 10s; Java, lls to lbs ; Penang, 8a to 9i and Avracan, 9s to 10s per cwt. COTTON—Our market has become somewhat firmer, an prices generally are well supported. The quantity here limited. WOOL—The imports this week are about 5,000 bale' chiefly from our colonies. All kinds are a slow sale, at la rates. HEMP AND FLAX—There is a fair sale for Baltic hemp, full prices; but other kinds are a slow inquiry. The lie market is steady, at late rates. INDlGO—Scarcely any business is doing in this article, yi we have no sellers os lower terms. - . SALTPETRE—Our market cont inues dull, in value. METALS—Scotch pig iron has ruled heavy, and the pric has fallen to 73e. All manufactured parcels are dull. Rade a the works, 81 to 81 2s 6d; common bars, 71 17. 6d to 81; sheet single, in London, 111 to 11l ss; and nail rods, 91 be to 91 ii per ton. Tin is very dull. Bence, 136 s 61 to 1375 ; Strait: 131 s to 136 e per cwt. Tin plates are lower to purchase. coke, 30s 6d to 31s ; I.X. ditto, 86. 6d to 37s ; I.C. charcoe 36s to 875; and I.X. ditto, 42s to 435 per box. Lead is i moderate request. British pig, 231 5s to 251 104 ; Spanish, 2 per ton. Copper and steel are quite as dear as last wee Spelter, on the spot, 231 17s 6d to 241 per ton. Swedi, steel slow in sale. Faggot, 211 to 221; keg, 191 10. to 191 1 per ton. SPIRITS—We have very little inquiry for rum. Price however, are mostly supported. Proof Leeward., 2s to 2. 2. East India, 2s to 2. Id per gallon. The brandy market steady, at late rates. Sales of Cognac, beat brands of 185 10e 4d to 10s Gd ; 1851, 10s 6d to 10. 8d; older, 10s 7d t Ile 6d; and low to middling, 9s to lug 4d per gallo British-made spirit is steady—proof at lOs 7d per pllo Geneva, 2s 10d to 3s Bd. HOPS—The plantation accounts are unfavorable, and the d mend is steady, at full prices. Mid and East Kent pocket 31 tie to 61 10s; Weald of Kents, 31 3s to Si Os ; Buses Si to 41 lbs per cwt. POTATOES—OId potatoes are in good supply for the time • year, and they are selling at from 40s to 1055 per ton. bit qualities range from 65 to 10s percwt. OlLS—Linseed oil has ad7aneed to 34s 10e per owt. Oth. oils are a slow sale. Turpentine is dull. Spirits, 31s to 311 s per cwt. Rough, 8s 91. TALLOW—Our market is steady, and prices are well en; ported. P.Y.C., on the spot, 46e 8d; and fcr the la three months. 475 per cwt. Town tallow, 46e net cash. COALS—Hetton, 17s 6d; Lambton, 17s; South Bette 17s 9d; Heugh Hall, 15s ed ; Tees, 179 6d; Kelloe. 16: Stewart's, 17. 6d; Eden Main, 161; Ilawell, re 6d; Casso les 3d per ton. METROPOLITAN CATTLE The supplies of fat eta generally have been very moderate, and about an alums business has been transacted, as follows:—Beet, from as 4 to 5s 4d; mutton, 4s to be 6d; lamb, 4. 10d to be 10i veal, 4s to 5s 4d; pork, as 4d to 4s 10d per 81bs to sink t; A SHARES. I need. Wed. 141 9 :29 84 192 4