The Press. — London, England, 1856-08-09 00:00:00

has been lent in the present week; thus the Bank is proved to have been instrumental in maintaining the rate of discount at a maximum of four and a half per cent. in the commercial market, in the latter portion of the past fortnight, during which there has been more pressure and less liberal supplies in the open market. The retire ment of deficiency bills, with the sale of a moderate amount of stock, probably has supplied the means for extending this accommodation. The Government deposits consequently are lower, notwithstanding the current revenue payments. The other items in the return do not call for remark. The state of the Money Market is just now a subject of considerable perplexity. With a season most propitious for the growing crops, and a prospect all but absolutely realised of an abundant harvest not only in this country bat throughout Europe, with the granaries of the East, of Canada, and the United States full, and ready to transfer their stores into our warehouses, in fact, with every secu rity, as far as supplies are concerned, against the evils of dear food, the prospects of a dear money market are almost as apparent as they were last September. To make this state of things still more anomalous we have a thriving home trade, and a foreign commerce almost fabulous in amount, and, what is more, our manu facturers and producers, though paying high ;vices for raw materials, are deriving good average profits. The population, too, is well employed at wages that are remu nerative. We are at peace, and, under all circumstances, we seem likely to bear our national and local charges during the rem. iatler of the year with comparative ease. With such a combination of favorable conditions, how is it that money, instead of becoming cheaper, is rising in value— that the best commercial bills in the open market cannot be discounted under four and a half per cent., and that next week we are threatened with an advance to five per cent.? Such having been the state of the market during the last few days—a condition following upon a sudden re appearance of tightness as we described in our last—the inquiry is very natural. It is not, however, quite so easy to answer without ping into more detail than we have apace for; but we may suggest one or two points which will help to elucidate the apparent mystery. In the first place there is a good deal of political distrust in moneyed circles. There are one or two of the questiors left un settled at the Paris Conferences in respect to the execu tion of the definitive treaty of peace which seem to justify this feeling. The concentration of the British fleet in the Black Sea with a view to hasten the operations of the Russians in evacuating the islands at the mouth of the Danube, the unsettled state of Spain, the embarrassments of the Italian question, and some other matters unneces sary to specify, constitute one motive for political distrust, exaggerated, it may be, but still of easily-appreciated in fluence. Another point which still adversely affects the mar ket is the financial position of our neighbours the French. They are outbidding us for gold, and absorbing the greater portion of recent supplies to support their own commer cial and speculative fabrics, the most important of which appear to British capitalists unsound and dangerous. Besides, we are ourselves sending gold away, especially to northern and some parts of central Europe, to pay for the silver we require for India and China. From these two causes the precious metals are draining away to an amount really alarming to those timid minds who, notwithstanding the evidence of facts, have but little faith in the pro ductive yields of Australia and California, and less in the competency of our trade to pay for them. The market is thus oppressed with apprehensions that lead to prepara tions for good reserves against the time when the Bank, in order to protect its bullion, may be compelled to force the exchanges by putting up the rate of discount. We have no doubt in the world that anticipations of this sort have great practical influence at this moment ; and that there is the more readiness to act upon them seeing the immense profits that have been derived in the last year and a half during which discounts ruled high. The market is thus, involuntarily it may be, but still without the slightest compunction, tightened by the leading establish ments from consideratious against which all general or political reasoning is useless. Lastly, we have the fear of undue speculation in our own country. The return of peace, and the prospects of a good harvest, have been made to do good duty in supportingthis fear. We hope advantage is not taken of these blessings to an undue extent in order to keep money at four and a half instead of three per cent. ; but a suspicion certainly has, for some weeks past, been lurking in the minds of a good many persons in the City that the expression given in certain organs to alarms against a speculative mania, has not been altogether without an interested view to some such result. The evil sought to be avoided will most assuredly be precipitated the moment such impressions ripen into conviction. But we on y refer to the tact, as indicating a sentiment in commercial circles that, under existing circumstances, and with existing prospects, money is at an unnatural price when higher than four and a hall per cent ; and that trade will not endure to pay more. Such, so far as we can see, is the actual state of the market, and these are the causes of our perplexities. Our readers can judge quite as well as ourselves whether the points indicated are adequate reasons for the change whi -h has taken place during the last fortnight, and also whether the mar Set is likely to re main much longer in its present condition. We think the explanations ; igned are sufficient to account for the present tightness; but we are also of opinion that, under existing circumstances, a return of ease may be expected in the course of three or four weeks. The specie imports have been inconsiderable this week. They amount only to 271,000/. from the United States, the greater part of which has gone to the Continent. A sum of 500,0001. has been received from Constantinople and taken to the Bank. Nothing has yet been he. r I of the Royal Charter, now due from Melbourne, with bt • tween 400,0001. and 500,0(X)l. on board. The silver sent to India and China by the Peninsular steamer on Monday Amounted to about 662,0001. Varogolitan V Renorted tschisiveli for "THF.Passe.") CORN EXCHANGE—lncreased supplies of English wheat have been on sale this week. The tine weather fir harvest work, and the steady influx of foreign grain, have produced ex treme heaviness in the demand for all kings of wheat of home pro Luce, and prices have given way from Ifis to 125 per quarter. In foreign wheat next to i.othing has been doing, at a fall in value of 10s per quarter. Floating cargoes of grain have been very dull and drooping. The few samples of barley on show have found buyers, at full quotations. In the slue of malt we have no chat ge to report. The oat trade has ruled heavy. at 6d to is per quarter less money. Both beans and pea.; have fallen Is to to per quarter, with a heavy demand. New white peas have rfalised fais per quarter. Flour has been excessively heavy, at from 4s to us per sack less money. Ettousit—Wheat, Essex and Keut red. 58s to 685; white 585 to 795; Norfolk and Lincoln red, 53s to 58s. Malting barley' to 455; grinding ditto, 365 to 395: distilling, 39a to 425. Malt, els to 775. Feed oats, 24a to 275; potato, 20. to 30a• Rye, 40s to 42a. Tick beans, 36s to 39.; Harrow, 3its to 41s pigeon, 40s to 445. Grey peas, 36a to 405 ; maple, 40s to 445; white boilers, 49s to 46s per quarter. Town-made flour, 6213 to 645; country marks, 45s to 47a; households, 30s to 52a per 2tiOlbs. ARRIVALS THIS WEEK. Wheat. Barley. Malt. Oats. Flour. .)t.O .. 434) oGJ Irish Foreign.. 14230 .. 237 U . 1 18340 2240 Ms. -- aka, HOLLOWAY'S OINTMENT and PILLS infallible CURES for SCROFULA.—Mr. Wm. Sterleigh, Shoemaker, of Tadcaster, was deplorably afflicted with Sciofula for very many years. Eveiy variety of me6iciue had been slim'. nistered in vain. All hope of recovery had entirely tailed. surgeons the highest eminence had pronounced his case in curable; in fact, he had abandoned every idea of a cure, but was persuaded to make use of Hullo ray's Ointment and Pills, and the consequent result was the complete riddance of his complaint in an inconsiderable short space of time. SOW by all medicine-vendors throughout the world; at Professor liAloway's Establishment.. 244. Strand London, and 80, Maiden•lano, New York; uy A. Stamps, Constantinople; A Guidicy, Smyrna; and S. Muir, Malta. THE PRESS. Public Securities are lower than this day week, Con sols having been affected by the settlement which was brought to a close today, and by an indisposition to embark in transactions on the part of the public in the present unsettled state of the Money Ma"ket. Lust Friday they closed at 95i to for money, and the 7th of August; the last price for the August account was 9511 to I, showing a decline of one quarter per cent. On Friday last the closing quotations for the September account were 93 to 1 ; yesterday they were 9512 to showing a fall of I. To-day they opened i lower—viz., 95} to for money, and 95,1 to for account, and left off weak at Of to I, the decline being attributed to influential money sales. The Foreign Market has been comparatively steady in quotations, but business has been upon the most limited scale. Railway Shares are generally from one half to one per cent. lower than this day week. The decline in Consols has naturally affected the market value of this class of securities; but some descriptions have suffered as well from the adverse impressions created by very small balances being likely to be carried over to the current half year from that recently closed. On some lines, also, the weekly increase in traffic is not so considerable as might have been expected at this time of the year. The tone of the market, however, is far from being depressed ; it is, on the contrary, rather firm. Joint-stock Banks are scarcely so good as last week. Ottomans and Bank of Egypt are decidedly lower; but National Discounts have been steady and firm until to-day, when they closed very flat. _ _ _ Miscellaneous Sha - res have been uniformly dull, with a languid tone. The General Iron Screw Collier Company have declared a dividend at the rate of ten per cent. per annum. An adjourned meeting of the proprietors in the Bank of London was held today, when the report of the auditors, which was satisfactory in all respects, was read and adopted. The three retiring directors were re•elected. The Bank of London have declared a dividend at the rate of ten per cent. per annum ; and from the accountant's report it appears that there is every prospect of the late John Sadleir's securities for advances not only repaying the bank, but realising something to be handed over to bie other creditors. BANK OF : An Account, pursuant to the A, for the week ending on Saturds ENGLAND. ,or. 7th and Nth Victoria, cap. $2 ay, the 2nd day of August,ll3s6. PARTMENT. lIIIIOC LEI Notes issued .... 426,271,0i.3 Government Debt A 11,015,100 Other Securities .. 3,459,900 Gold Coin & Bullion 11,796 095 Silver Bullion .... 526,271,095 £26,271,095 11111111.1110 D Proprietors'ospitel/14,568,000 Rest Public Deposita* 8,677,416 Other Deposits Seven Day & other Bills :PARTNZ NT. Government Seou- ritiee ((including Dead WeightAn.> 412.483.043 Other Securities 14,1i.6,000 Notes 3,794.655 Gold & Either Coin 06.775 183,100,475 t 53,100,475 • Including Exchequer, Commissioners of National Debt, Savings' Banks, and Dividend Accounts. BRITISH FUNDS. Closing Prices. OFFICIAL QUOTATIONS. road. Tiles& Wad. Mum •Friday ..i.............—-....... ---..- •••• ,96/ 4 964 I. ——• i 954 4 1961 954964 4 964 4 964 64 . 96 6 4 951 ii 9 1 4 9t4 Hi 914 4 9CI 41 96 G 8 7•16 2 1 9184 2174 9 918 17 — 84 .'l5 9p 17' 9p 16 9p 15 Tp, 18 p .1 16 pl p p —p' •-• FEIGN FUNDS. Mond ITuesd. Wed. 3 per Cent. Consols Ditto for Account 4 per Cents Reduced 3 per Cents Long Annuities Bank Stock, 7 per Cent Oinnium Exch. Bills, 2iet. India Bonds, (1,0001.) 701 PorOmm, nurs. Friday. 109 Brazilian Danish 6 D Loh. (Fa 19 Guil )9e Freuok 3_ 6Sti 19 70e 7bc ror 70c f a 4f 30o' — l. tile 304 0 — ll2} Do. 41 Do. Bank Stook Mexican 3 Peruvian 4+ Portuguese 4 Russian 6 Spanish 3 Turkish kce 6 I To: 6343 :04: eel I 45 1041 a. los; i I InB i I 170 f Mc! f k, l f.I 10It - 103 f f SATURDAY, LONDON AVERAGES DECLARED ON FRITAT—Wheat 3,131 quarters, 79s ; barley 38 quarters, 42e 11d: oats, 1,455 quarters, 24s 7d ; rye, quarters, —; bean a, 277 gunners, 42s ad; peas. 5 quarters, 48a. IMPERIAL AVERAGES—Whear,77s 10d: bar ley, 42e 7d ; oats, 27s 9d ; rye, Os 4d ; beans, 4r,a 7d; Peas, Os Bd. THR SIX WEEKS' AVERAGES—Wheat,7Is 7d; barley, 39s Ild; oats, gds ; rye, 48s 9d; beans, 4,18 9d; peas, 13, ENGLISH GRAIN SOLD LAST WEEK—Wheat, 81,072: barley, 1,858; oats, 5,380; rye, 06; beans, 2,483; peas, 629 quarters. _ BREAD—The prices of wheaten bread in the metropolis are from 9d to 10d; of household ditto, 71d to 80 per 41b. loaf TEA—The public sales held ibis week have passed off slowly. In prices, however, very little change has taken place. In the private market very little is doing, on former terms. Common sound Congou is selling at did to 9d per lb. SUGARS—The stocks of sugarare by no means large, yet the demand has fallen off this week, and prices are with difficulty supported. Barbadoes has realised 44s to 4ms Gd; Bengal, 4ts to 49; Benares, 48s to 59s per cwt. Several parcels of slaved Manilla have changed hands at cos per cwt. In English crushed very little is doing. Retitled goods—Lila show of which is tolerably extensive—are st liing slowly, at from 564 to Ma per cwt. ItfOLASSF.F—This shies continues in good request, ant prices are well supported. St liitfe. 21s ; Antigua, 23a to Gd; Cuba and Porto Rico, 2.s to 22s 61 per cwt. The supply on niter iv but moderate. CUPFEE—Pliu,u►tion Ceylon has sold steadily, nt 59s 6d to G. Gd per cwt. Good on! native is worth 61s tki. Foreign coffees rule about stationary. COCOA—There is a steady inquiry for all kinds, and late rates are well supported. Red Trinidad has realised Z.6s to 599 Gd ; Granada, 496 to b3s ; Bahia and Para, 444 to 460; and Guayaquil, 539 to 546 per cwt. RlCE—Great heaviness prevails in the demand for this article, and prices have given way Gd per owt. Good white Bengal has sold at 106 Gd to lls per cwt. PROVISIONS—We have to report a dull sale for all descrip. tious of butter, and prices have a downward tendency. There is a fair inquiry for bacon, at full quotations. Hams and lard sup. port last week's quotations. COTTON—More business has been transacted in our market this week. and prices have ruled firm. Surat, 4ld to bid; and Madras, 41d to fid perl b. . _ I hOOLLThe pitblic sales continue to be well attended by buyers. Fine wools move off steadily, at full quotations; but inferior kinds are dull. Privately the demand is heavy. The imports this week are under 2 010 bales. HEMP AND FLAX—Petersburg clean hemp is in request —new at 331 10s, and old 341 10s per ton. Manilla qualities support late rates. There is very little doing in flax, but we have no sellers on lower terms. INDIGO—Our market is very dull, but we have no actual change to notice in the quotations. SALTPETRE—The amount of business doing in this article is limited, and prices are a shade lower than last week. METALS Scotch pig iron has sold at 73s to 73s 13d. Welsh a ready inquiry, at 85s to 90s. Rails, at the works, 71 17s tid to 81; Staffordshire bars, 151 to 101 to 1015 s per ton. Tin is steady. Banes, 120. to 129 s 6d; Straits, 124 s to 128 s 6d; British, 129. to 130 s; and refined, 135 s to 136 s per ton. Tin plates move off slowly. T.C. coke, 30s to 30a 6d; I.X ditto, 38s to 36s rid per box. Lead is dull. 13ritish 23110 s to 231 15s ; Spanish, 221 to 231 per ton. English zinc is quoted st 301; and Spelter, on the spot, 241 to 241 Os per ton. Swedish steel, 191 10. to 201 for faggot. POTATOES—The supplies are large, and a fair business is doing, at very low prices—viz., 21 15s to 41 per ton. OlLS—Linseed oil, on the spot, has declined to 37s and 37s 64 per cwt. Most other oils are not so firm as last week. In turpentine very little is doing. Spirits, 30s to 31s tikl ; rough, is 9d to 9s. ALLOW—Our market has been steady. P.Y.C., on the spot, has sold at 528 to b3s per cwt. For the last three months, the quotation is 50s. Town tallow, 511 net cash. COALS—KeHoe, 17s 9d; Whitworth, 168 Gd; Gosforth, Ids 3d; Belmont, 16e 9d; Haswell, 19s; South Hinton. Is. 6d; Heugh Hall, 17s; Tees, 18s 9d ; Lambton, les 3d f er ton. METROPOLITAN CATTLE In the early part of the week the trade generally ruled heavy, at drooping prices. On Friday however, there was rather more firmness in the demand, asfollows:—Beet, from Ss to 4s 3d; mutton, 1.8 SO to bs 2d; lamb, 4s 8d to 6s; veal. 3s 4tl to 4s 84; pork, 4s 25 to 4s lid per Albs to sink the offal. NEWGATE AND LEADENHALL —These markets have been heavy, on lower terms. Beef. from 2s 104 to 4$ 2d ; mutton.3B 4d to 4s 8d; lamb, 48 4d to Is 61; veal, 3s 2d to 4s 8d ; pork, Ss nd to 4s 6d per sibs by the cortave fIISCOUNTS and LOANS effected upon equitable and honourable primeples, and at a fixed rate of commission.—Mr. Walker, Agent, R, Duke street, St. James's. The Best Food for Children, Invalids, and Others. 1.? OBINSON'S PATENT BARLEY, for making superior Barley-Water in Fifteen Minutes, has not only obtained the Patronage of her Majesty and the Hoy al Family, but kas become of general use to every class of the community, and is acknowledged to stand unrivalled as an emi nently pure, nutritious, and light food for infants, children, and invalids. Much approved for making a delicious euatarti-pudding and excellent for tuickening broths or soups. ROBINSON'S PATENT GROATS for more than thirty years have been held in constant and increasing public estimation as the purest farinse of the oat, and as the best and most valuable preparalim for making a pure and delicate gruel, which forms a light and nutritious supper for the aged, is a popular cure for colds and influenza, is of general use in the sick-chamber, and, alternately with the Patent Barley, is an excellent food tor infants and children. Prepared only by the Patentees, ROBINsON, BELLVILLE, and CO., Purveyors to the Queen, 64, Red Lion-street, Holborn, London. Sold by all respectable grocers, druggists, and others, in town and country, in packets of Gd. and la., and iu faintly canisters at 95., Ls., and 10a. each. 766