The Press. — London, England, 1856-05-24 00:00:00

500 foreign talent now in town were continued, THE PRESS columns would be filled. In the meanwhile at Drury Lane and Sadler's Wells English opera is essaying an existence—at the latter place with means and appliances showing that there is plenty of stuff for a national establishment if our artists would be but united. A NEW ENTERTAINMENT, by Mr. George Buckland, already known as a musical lecturer of considerable ability, will commence, on Monday next, at the Regent gallery, Regent-street. He announces, in his pri.gramme, songs and scenes from The Tempest, with illustrations by living artists, to be followed by a characteristic bnffo song, burlesquing a country melodrama, in addition to other musical entertain ments. In the singing he will be assisted by Miss Clan Fraser, a vocalist who has of late made much progress in her profession. CREMORNE GkanExs—which have justly obtained some credit for offering good amusement of an evening —will shortly enter into competition with more orthodox places for a flower show. As gardens, the grounds, beautifully laid out, are well adapted for such a display, and the approaching American flower.show will no doubt be worthy of the occasion. A pavilion, covering an acre of ground, has been erected, and the plants, it is estimated, will cover a space of 30,(XX) feet. Previous to the public exhibition, a royal inspection, it is said, will take place. Dlong Market an 4 it Intriligence. FRIDAY EVENING. THE return of the Bank of England for the week ending the 17th inst. shows the following changes compared with that for the week preceding : Decrease in Circulation £455.565 Decrease in Public Deposits 41,301 Increase in Other Deposits Decrease in Government Securities 1E43.236 Increase in Other Securities Increase in Bullion . 23.283 Incrrase in Rest .... Increase in Reserve 9,801,80 Bullion iu Both Departments Circulation, including Bank Post Bills This comparison is more favorable than any for the last month, although it is not perfectly satisfactory in all respects. The addition to the Reserve is its nest feature. It is certainly considerable ; but the increase in the stock of bullion is very small. The large accession t.) the amount of Pri►ate Securities is owing partially to advances made by the Bank for the deposits upon the Loan, and partly to our resumption of discount operations. Most of the advances made in anticipation of the Loan will be re payable next week, and that operation will favorably affect this item as well as the Reserve in the next return. There is nothing to call for special remark in any of the other items of comparison. The reserve of notes and coin amounts to 4,730,9'251. Two events of considerable financial importance have occurred in the course of the present week. The first is, the negotiation of the new loan of 5,0011,0001., and the second the equalisation of the Bank's rates of discount on long and short bills to a uniform minimum of six per cent. The contract for the Loan was taken by Messrs. Rothschild and Sons, on Monday, at the Government re served price of 93, a proposal from the contractors to take it at 0:11 having been withdrawn as soon as the minimum fixed by the Chancellor of the Exchequer was known. It was elicited, in the course of the explanations which were made, that the Government have no expectation of being obliged to resort to a new issue of Exchequer Bills or to fund any portion of those securities, but that some change in the rate of interest might possibly be made in order to main tain their credit in the market. It was these and some analagous considerations which induced the contractors so readily to withdraw their own offer ; and it is considered that an excellent bargain has been made for the public. The deposit of 101. per zent., or 500,0001., constituting the first payment on account of the Loan, was paid into the Bank of England to the credit of the Government yesterday ; and it is a circumstance well worth recording that the applies tions for allotments in ►he Loan sent in to Messrs. Roths child amounted to the enormous aggregate of 40,000,0001. The deposits actually paid in with the applications were 4.000.0001. The allotments were generally made in the proportion of one tenth upon the sums applied for: and the surplus deposits were returned on Tues.lav and Wednes day. On Monday evening the Chancellor of the Ex chequer made his financial statement. It was bald slid inefficient in all popular requisites, and by no means likely to confer parliamentary reputation upon the Finance Minis ter; but, consisting of a mere debtor and creditor account, THE PRESS. ending with a certain deficiency to he made up by borrow ing. it had a certain air of simplicity which, in the present circumstances of the country has protected it from harsh or hostile criticism. The following table comprises the whole of the Budget for 1836-7 : Estimated net income from reveime £117,132,000 Estimated net expenditure Net deficiency 510,373,000 On the other side of the account credit is taken for the balance of the last loan remaining in the Exchequer on the 31st March, amounting to 1,500,0001.; for the new loan, 5,000,0001.; for a vote of credit, 2,000 0001.; and for a con templated issue of Excheqner Bonds or Bills, of 2,000.0901.; making altogether 10,500,00 W. The following is, then, the result : Receipts from all sources.. Expenditure Leaving a surplus of .... £127,000 Such is the Budget produced by Sir Cornewall Lewis; but we aie bound to add that no reliance is placed upon his estimate of the sums which will be necessary to bring our forces home, and to wind up the miscellaneous transactions cr nneeted with the termination of the war. The excess of 1'27 000/. may, therefore, be increased ; but it. is tar more probable that it will be converted into a deficiency of five or six times the amount. The other financial event which has occurred this week has been the resolution of the directors of the Bank of England to reduce the rate of discount on bills having more than sixty days to run from seven to six per cent. By this resolution we have again a unif3rm rate, six per cent. This measure, considering the state of the Bank's reserve, has perhaps been adopted rather early ; but it was partially forced upon the court by the rapid transfer of by no means the worst portion of their discount business to the Lombard street houses. To some extent, therefore, it may he regarded as a sign that money is thought likely to become cheaper soon ; but the ratio in which the reserve at the command of the Bank has increased during the last fortnight does not at present afford any very strong corroboration of such opinions. Certainly bullion is flow ing in, the Foreign Exchanges are favorable, and the trans- mission of coin to the East is being gradually reduced; but, on the other hand, there are a number of foreign and domestic schemes in the market, the Bank of France is still a heavy purchaser of bullion, and the prospects of a good harvest are not yet very definite From such consi derations as these—and others might be added—we deduce the conclusion that two or three months at least must elapse before we can reasonably expect the value of money to fall to five per cent. At the same time, money has been easy all the week, and there has generally been a strong tone about the market which has given a considerable impetus to some branches of commerce. The export trade generally is upon the increase and the manufacturing districts are all actively engaged in production. The arrivals of specie have been large. They amount, altogether, since last Saturday, to 637,99 W. About 1 , 10,0001. have gone to France ; 150.0001. into the Bank of England, and the remainder is in private hands. The exports have included 639.2421. to India and China; of this amount 331,321/. was in silver, and the greater part of it was allowed for in our report of specie movements last week. It is evident, therefore, that we are retaining by far the greater part of the gold imported both from Australia and America; while the natural opera. tion of the exchanges is bringing it over from the com mercial cities of the continent of Europe. Consols have improved to some extent since our last, partly in consequence of the explanations made at the Treasury and in the House of Commons on Monday, and partly in consequence of the easier condition of the Money Market. The advance actually realised up to last night over last Satnrdly was only three•eightha per cent. ; hut on several occasions daring the week it amounted to five. eighths. To•da3 they opened at 914 to 4, and closed at 944 tot for the account not very strong. The scrip of the new loan has been as high as 2 prem. To-day it closed of to 2 prem. The Railway Market has upon the whole been firm, and prices have generally advanced ; but in some descriptions. especially Great Westerns, there has been a decline. Nearly all the foreign lines, except Northern of France, have improved ; but the new foreign lines—such a. Duna berg and Lombardo Venetian—have shown very little movement. Foreign Securities in general have been rather active, hut with no particular change in prices except in Buenos Ayres, to which there has been a considerable rise, though few dealings. Exchequer Bills, which last week were at lns. dis., have, in consequence of the assurances given by the Chancellor of the Exchequer, stated above, improved to 4s. dis. Joint-stock Rank Shares and Miscellaneous Shares have presented no features worthy of special notice. The Oriental Rank Corporation have declared a dividend of 11. ss. per share for the half•year ending December. This, with the previous dividend, is at the rate of ten per cent : per annum. The Western Bank of London will on the 16th of June. BRITISH FUNDS. Closing Prices. OFFICIAL QUOTATIONS. ond.iTuesd. Wed. Thurs. • Friday. 3 per Cent. Consols .... 37 4 4; ' 941 i 9711 C 944 j 941 Ditto for Account 94 194 193 j 91j ! i•lij I i per Cents Reduced .... 92 j 93 j 93 24 11 4 931 3 3 per Cents Long Annuities I I I 3 3-10 Rank Stock, 7 per Cent ;2144 4 1134 6 215 4 216t&e Omni= I — i-1-I—j Exch. Bills, ied.,June 1 0 4.1 6 54,1 4 d:3 id 4 14 IndISBOnds ) (1,0001) 1 44 l ••• 1 41 s •"- ~.. SATURDAY, BANK OF ENGLAND. An Acconnt, pursuant to the Act 7th and ath Victoria, cap, 33 for the week ending on Saturday, the 17th day of May 1806. issue DEPUITXVIT. Notes Issued .....23,671,615 Government Debt /11,015,100 Other Securities .. 3,459000 Gold Coln .t Bullion 9,14,618 Silver Bullion .... 423,673,615 423,673,613 11/NEING DIPARTIIENT. Proorietorm'Capital4l4,ss3,ooo Government Sean. Rest Public Deposite 2,991 934 DeadWeiglitAn) 412,473.416 Other Deposits 4. 12,351,097 Other Securities .. 16710,813 Seven Day & other Notes 4 ,136.61'5 Bills 183,930,153 I t 5 3 , 930,1113 • Including Exchequer, Commissioners of National Debt Saving's Banks, and Dividend Accounts, FOREIGN FUNDS. Per Cent, Brazilian 6 Danish 5 Dtch. ( Fa 12 0 uil )21 French 3. Wed. I Ma 75: 634 I I 175 f 53c1 C Do. Do. Bank Stook Itexican Peruvian Portuguese 4 Rusaitut 5 Spanish S Turkish &co. 5 i 4i .9 4# 1051 Antw. & Rttrdm. Belgian East.. J Dutch Rhenish East Indian Gt. Indian Pen : G. W.of Can.,Sh Lyons & Geneve Madras ji Na. R Lge.(w.in ) Srthrn.ofFrne, . Sorw. Truk. Prf Paris & Lyons Paris & Orleans ?aris & Rouen I -98; 9 - 2 ' 311 rer sk! f.' ei Thum ?Tido% 991 I 64 1 5 75'400 T3f 1. 1 - - - - 51 )9 8/ 98/ 98/ 2 / Thaws. 8 4 2 23} 4 221 3 1264 —p 20 4bl tit 8 9 1591 601 67 9 IN RAILWAYS. 3fon4. Twesdaif. Irednes st 3 8 1 3 si I _I 4 d i d d i p ip 1 p' 3i 4 !t3i 4 2 t l 4 29k 1 In) n 7 26# 7 i 26 12 9p' P' P 9" is 4 I i22 .t _ ' psi 71 7 1 46 46 8 9 8 8 9 1 $Bl 9} 584 9 1 9 ,59t I 57 9 .57 9) 57 9 1 Moved. 26} 61 Si 9 !;. 9 61 pi 61 16i 71 93 6 :6 8 10 95 6 106 102 3:102 3 164 74 6it 7ii 10112 f ,77 177 I 34 655 7 13 1 id 3 5 5 ,11 35 b J 6 6 6 bid I„ - AI - 103 4'102 4 7 ;74 7 14 5 14 2{,71i 95} 6 35i 2 71 3 71 3 P.httwLl*- Aberdeen Bina. Wolv.* Stour Val Bristol aud Exeter Caledonian Chester and Holynead Cork and Bandon Dublin & Belfast June. East Anglian Eastern I I nioc (B) East Lancashire Eastern Counties Great Northern Gt. Sth. and Wit of Ire Great Western Lancashire* Yorkshire Loa., Tilbury, &Sthend Lon., Brighton, lc London and Blaekwall London and Nrth•Weat Midland Newmarket Newry and Enniskillen Norfolk Nrtbrn. Counties Union north British North Staffordshire North-Western oxr., Wrcatr., and %Vols icotti eh Central icottish Midland South Devon South-Eastern and Doc South• Western South Wales Waterford & Limerick tscsmrssous— kustral ian Agricultural Cauada Crystal Palace Crystal Palace of France S' Omit British Ans. Laud Peel River Land & Scottish Aust. invest. South Australian Land Van Diemen's Land .. Thur. 26 86 9 182 !I Frid. 26 7 ei 9 $7 $0 601 la lta 61 102 103 - Si - 1 1011 2* 771 i t 27 8 0103 - 3 103 5 76 e:6 8 14 4 14 5 I 714 2 714 24 354 trAl 6 T 1 i 71 II 29 31 29 31 :! 2 1 1 34 ' 3 7 2 1 1 35 2 7 1 1 i ;21 34 24 3 e 111 111 I 36 r s 6 6 ,14 8,14 b Vttropolitan raids. (Reported exelustrelyfor "Tux Plugs.") CORN EXCHANGE—Since our last report the arrivals of English wheat, coastwise and by land carriage, have been but moderate, yet the demand far all kinds has ruled heavy. A few tine samples have realised previous currencies; hut other quAli ties have fallen in value is to 2s per quarter. The imports of foreign wheat have been rather limited; nevertheless, the article has sol 1 slowly, on former terms. Floating cargoes hare commanded very little attention. Barley—•the supply of winch has been by no means extensive—has moved off heavily, and the quotations have ruled in favour of buyers. No change in the value of malt, the supply of which continues seasonably good. There has been an improved inquiry for oats, and the best samples have produced 6.1 per quarter more money. Beans have ruled Is higher, and peas are quite as dear as last week. The flour trade continues heavy, and country markets are lower to purchase. Tread. Wed 25; 010 7 1 13 0 9 44 9 9 1 110 i lb 100 i 4 i 6lif ie 641 1i —d 16; 74 23 6 76 8 110 Pa 6 1103 6 ::9 51: 135 7, , 6 II —dl Til i p 1.7 9 ; Flo i I 95 6 1161 51 161 i t 914 14; 102 9 1 40114 1 5r 7 .29 31.1 ;133 7' i l t 3 12i Si se e 14 3 d' lif 211 77 9 110 191 I 104 C 90i 1 1901 1 lei 7i I lolisit 177 i 1 !b5 7 14 id ; 35 et ili Sid !27 -- PI O 16} 7} 23 5 77 9 10 } 25 6 106 6 50} CO 20} 1 55 7 S 6 6 5f4 6 27 8 103 6 14 5 n 2 Si 71 3 29 31 133 1 21 3 3. 1 14 36 6 1,5 •