The Press. — London, England, 1857-03-14 00:00:00

MAttat 14,1857. gable for ships of some burden provided they enter with the tides; but he would not recommend a gunboat to be sent up the river, although a very large vessel could go up. ;Greta difficulty would doubtless have to be encountered during the months that the river is full, yet it would be -advisable, in any attempt to ascertain its navigability. to send a vessel of the very lightest draught, because they might get stuck on some bank in a very unhealthy part of the river, and the whole attempt he frustrated by disease. About .NO miles in length of the river was navigable before the first rapid was encountered, and that being passed about digo miles more was tree from difficulty. He con• sidered, and he was borne out in his opinion by that of Captain Hoskyns, that it would he most valuable for com• miercial purposes. He did not suppose for a moment that a great trail' would immediately spring up, but he had sufficient confidence in the internal resources of the country ,on this river that he intended to devote the remainder of ids life to developing them. He was convinced that a legitimate commerce with that part of the world would have the effect of abolishing the slave trade there. Among other articles of commerce to be found in great abundance Irene ivory and indigo, the latter of which was of a wild de• scnption. He thought the productions of the country would amply repay any research that might be undertaken. PRINCESS'S THEATRE.—The length to which the 'Election Intelligence extends, compels us to post pone our notice of the production at this theatre of Richard the Second until next week. Mom Riarhtt nab 6it,g `lntelligent. FRIDAY EVENING. "THE return of the Bank of England for the week ending the r.:th inst., shows the following oi.anges compared with ithatfor the week preceding : Increase in Circulation £220,467 Increase in Public Deposits Decrease in Other Deposits Increase in Government Securities 104,027 Decrease in Other Securities .. Decrease in Bullion Increase in Rest Decrease in Reserve Circulation, including Bank Post Lulls iu Both Departments This eon/prison is not very favourable. The Bullion con 'limits to decrease, but it still keeps above ten millions and a quarter. The Reserve, however, shows a considerable faliing off, owing to the withdrawal of a large amount of private deposists in consequence of the active demand for money which prevailed last week. The Bank, however, has added to its investments in Government Securities—a -circumstance that no doubt helped to sustain the market last week. The Public Deposits continue to increase; they nons exceed 8,000,0001. Lord Palmerston has declined to become a candidate for the representation of the City, hut Lord John Russell, rather contrary to expectation, will try the issue of the election ; and he will be found a formidable opponent to any nominee of the irresponsible clique which aspires to control the representation of the capiial, unless peace be soon male between them. On dil that Lord John • offended his brother of BeiltOrd by his vote on Mr. Cobden's resolution, the Duke having supported Lord • Palmerston in the House of Lords, and therefore Tavis• • tock is closed to his lordship. Although there is a good .deal of talk kept up about the occurrences in China, and %the necessity of the Government being supported in their imeasures for the protection of British subjects and pro party, this cause us an electioneering cry is not golfing :ground. Candidates are merely expected to approve the .measures necessary to bring the Chinese to reason. This 'done, the great point required from them will be that 'thirpshall reflect the popular opinion, which is certainly opposed to the present scale of public expenditure. As to Lord Palmerston becoming a candidate for the City, the idea was never seriously entertained even by those most actively engaged in getting up the temporary agitation on his behalf. It was reported to-day among the houses connected with the China trade, that the Earl of Elgin has been appointed Plenipotentiary to the Emperor of China, and that the noble earl will proceed forthwith upon his mission. A heavy demand for money has existed all the week. • Some slight relaxation was felt yesterday, but not enough to affect the general character of the market, and at present there is but little prospect of ease, although in some quar ters an opinion prevails that an improvement may soon be expected. The activity of trade is making heavy demands upon capital ; the pending elections are already exercising a disturbing influence, upon the country banks especially ; we are unable to retain any considerable amount of Atts tralian gold when it comes ; and the continental exchanges, which for two or three weeks have been improving, are row turning rather adverse. The Indian and China ex changes are also adverse. These are all circumstances more or less repugnant to speedy improvement, and we may add that money in Hamburg and some of the Ger man commercial cities is a half per cent. dearer than it was ten days ago. We are, therefore, unable to concur with those who believe that rates will soon be easier, although it is probable that, from a temporary cessation in the demand, some change for the better may be partially realised. We doubt even whether the dispersion of the April dividends will produce any material effect unless it as preceded by large arrivals of gold, and a diminution in the continental competition to obtain them. To-day the demand Was again active at full rates. The specie movements of the week have again pre sented some features of importance. We have had two arrivals from Australia to an aggregate amount of 154,0001., but the greater part of the gold has been taken THE PRESS. for France, partly on account of the Bank of France, and partly in return for silver bought for export to India and China. It is said that only about 20,0001. will remain in this country. The exports besides have been ;33,40:)/. to Brazil. In consequence of these movements a sum of 1 . 2.:1,000/. has been withdrawn from the Bank. Nothing has come in from the United States, not even on French account. _ English Securities are generally lower than they were this day week, and less business has been done; but the decline has not been material. Consols have suffered most, mainly front the unwillingness of operators to con• tract engagements of any magnitude, and from a falLug off in business consequent upon the scarcity of money. Railway Shares have been more active, and fluctuated more. Banking, Mining, and Miscellaneous Securities have been moderately active. Consols, which left off last Friday for the Sth of April at 931 to 91, were first affe3ted by a considerable sale on Monday, on account of the Court of Chancery ; and since then they have been almost stationary at 931 to f. Occa sionally they have been higher, and on Wednesday they were temporarily one.eightli lower. The quotations fur money have, in like manner, been steady at 931 to f. To day they opened at 93i to f, and they were rather firm for a part of the day, but just before the close they gave way, and left off at 93i to i heavy. Exchequer Bills, notwithstanding the demand fur money, have been steady at par to Bs. prem. Railway Shares are not quite at the highest prices of last week, sales having preponderated. Caledonians, however, have maintained the late advance, and some of the French lines are better. Eastern Counties have improved, and a good demand has existed for Canadian descriptions. Great Northerns have been adversely affected by the fact that for the present no dividend can be legally paid owing to the Redpath frauds. Foreign Securities continue well supported. Turkish Six per Cents. have further advanced about k per cent. Joint-atock Bank Shares remain firm, and in some descriptions business has been active. Among these Ottomans have been prominent, owing to statements that the approaching dividend will be ten per cent., leaving a handsome balance over. They have frequently been dealt in at 161, but they closed rather flatter yesterday and again to• Jay. Shares in the established under. takings have been firm throughout. Australian deactip tions are however weaker. Miscellaneous and Mining Securities have been dealt in but to a moderate extent. The monthly return of the Bank of France was issued yesterday, and published this rooming. It is almost wholly favourable, for the Bank has reduced its advances more than two millions and a quarter, while the has increased no less than 1,067,4++51. . The firm of Messrs. Dodge, Bacon. and Co., merchants and patentees of India-rubber cloth, have suspended payment in consequence of the non-receipt of remittances from the United States, where the house have an establishment at Newark, New Jersey. Their liabilities are stated to be upwards of 100,000/. A considerable dividend may be expected. The details of the intended constitution of the new international bank at Paris have been published. It is to be called " The International Society of Commercial Credit." The capital is to be 4,800,0001., in shares of 2001. each, of which only one-half are to be issued in the first instance ; 40/. is to he paid on subscribing ; 401. within a month after the decree of authcrisation ; and the remaining 120/. at the discretion of the directors, but not until after the issue of the entire capital. The company is to transact all the business of bankers and bill brokers, and in some respects it will be a most formidable rival of the Credit Mobilier. The amount paid into the treasury of the East India house for bills on India from the 25th February to the 9th March was 82,6.281. The estate of Messrs. Swayne and Bovill, m2rchants and engineers, who failed on the 3rd instant, is to be wound up under inspection. A meeting of the creditors of P. Sinnnides and Co., Greek merchants, was held on Tuesday, when an adjournment took place fur three weeks. Irrespective of a debt in Alexandria of 20,8001., the assets show about 2s. in the pound, but there are some hopes that they may be further increased. Mr. Ealade, the governor of the Royal British Bank, was examined at the Court of Bankruptcy on Wednes day, with regard to the formation and management of that notorious enterprise. The disclosures were of a disgraceful character. An adjournment was ordered. The dividend court of the Bank of England proprietors is called for Tuesday next. The dividend will be four and tehalf per cent. for the half year. The Trade Reports of the week are generally of a very satisfactory character. THE BANK OF FRANCE. THE Monthly Debtor and Creditor Account of the Bank of France was published in the Moniteur of yesterday. In all essential respects it is of a favour able character. In analysing its principal features, Messrs. Lucas and Avens, stock and share brokers, of No. 13, Tokenbouse•yard, Lothbury, say in their daily circular of yesterday : The changes shown by the following tabular comparison are of a very important character, not only as indications of the stability of the ordinary trade of the country, but also of the improved position of the Rank with respect to its means of facilitating legitimate commerce. It is evi dent from the enormous falling off in the discounts that trade is being carried on upon temporary and artificial capital to a much less extent than for the last few months, while the continuous reduction in the amount of advances made upon securities, independently of bills, is a proof of increased ease in the commercial community. No doubt the restrictive policy which the Bank has steadily per sisted in since October, has been productive of great in convenience to particular classes; but it, has brought about a more natural state of things, and a sense of greater sa ety, two circumstances essential to mercantile confi dence. At the same time, the aggregate discounts exceed 21),094),000/., or about half a million more than the aBgr•e -gate discounts of the Bank of England, according to the last return. Compared with the previous return of F•eb. 12, the following are the principal changes in the position of the establishment during the month, expressed in English currency at au exchange of twenty-five francs to the pound sterling:— Decrease in Circulation .. Increase in Public Deposits Decrease in Other Deposits Decrease in Commercial Discounts Increase in Bullion . Decrease in Advances on Bullion Decrease in Advances ou Public Securities Decrease in Advances on Beltway Securities Increase in Premiums on Purchase of Gold and Silver Circulation (March 12th) 23,215,061 Stock of Bullion ( March 12th ) 8,891,420 That a good demand has prevailed for money, is implied by the falling off in the Private Deposits. A very promi nent feature in the comparison is the great addition to the Bullion. It is more than was expected,and probably it in cludes the n hole of the purchases just made in the London market, out of the arrivals by the Mermaid and the Elackw•all. The means to pay for this considerable in crease evidently proceeded from the sums repaid to the Bank on bills and securities, and we should not be sur prised to see this policy continued until the stt.ck is increased to about 10,000,000/. The total amount of premiums paid on these purchases is now 41,259/. The whole advances of the Bank are shown comparatively in the following table : MAacn. FEB. Comme:Tial Discounts .. £20,053,179 .£21,178,908 Advances on Bullion 11/1,8118 123,184 „ Public Securities .. 1,023,45 i 1,116,698 „ Railway „ 806,248 838,892 Total .. £21,988,747 t 23,2.57,882 Deduct .. 21,988,747 Decrease in March .t2,‘288,935 On the whole the present return is one of a very satis factory character, and, like the lust, it is calculated to satisfy the public with the general administration of the Bank in the prospect that some can see of an early return of the speculative in inia. BRITISH FUNDS. Closing Prices. OFFICIAL QUOTATIONS. Mond. Tuesd. Wed. Thurs. Fri(My - - -- 3 per Cent. Console 1 931 93i 9.1 93% 93i d Ditto for Account per Cents Reduced .... 9IY 94 I :,41 3 per Cents Long Am. •itiee Bonk Stock. 7 per Cent 221. 2 221 1222 Ouinium _2oj Kxqii. Bills, 20. l3p 2d par 3p par Sp run. IndiaDonda,(l,ovul.) 1 par par 2p 2d BANK OF ENGLAND. An Account, pursuant to the Act 7th and ath Victoria, eap. 32 for the week eluding on Saturday, the 2tith day of Feb., Rib% DEMUR DCPARTMENT. Notes issued .... A 24,698,045 Government Debt 511,015,100 Other Securities .. 3,459,900 Gold Coln At Bullion 9,623 (45 Silver Bullion .... --. 4124,0:P4,04S i24,091i,1145 BANKING DKPARTNINT. Proprietors'CapltslAl4,ss3. oo o Government Seen. Kent Public Deposite 8,13:0 Dead Weight An.) 1211.678.511 Other Deposits Seven Day & other I Notes 5,270,be0 Bills 237,172,015 $37,172,013 • Includinq Exchegner, Commissioners of National Debi Sa riugs' Dunks. and Dividend Accounts. FOREIGN FUNDS. Per Cent. Mond, Brazilian b tOullimill Dtch. ( Ex 12 Guil )211 65 French • 3 71f 40c, Do. 4i f 41 Do. Bank Stock f.I Mexican 3 Ile Peruvian ile 1 Portuguese 4 ... Russian b -- •ipoillit4ll -• Turkish &cc. 6 97 } Tuesd. fled. 77luro. (;5 (15j 831 71: 15c 71: :1O 71:011e; f c f o; f Fridni. f. , _ ti f 0 f o Tli 73 t9GT jen 22 3k :a} - NS i 259 FOREIGN RAILWAYS Maud., Tuesday. 11"edn e s 16 : iF; k •_•— Jll2 4 112 4P Antw.d attrdm. Belgian East. J. Dutch Ithobisli Nast Gt. Indian Peu G. W.of Can.,Sh Lyons dt Gen Ivo Madras o.& Lge.(w.in ) Srtlirn.ofFrue L . Sorw. Trnk. Prf. Pails it Lyons Paris it Orleans! it Rouen., 11 f iii f 24 di 5f 8i ;3os is 30i 1 lof 121 20f 8/ 91 8/ 9 3 9; t P 9 t 4 * 9} ei 9 t f 58f 9 57 9, 1 57 9 Thies. ' Friday el 1 it It it I p 111 14 112 4 211 4 ! iii 1 - ill - 2 1:51 oi• U 8 i, 90 2 3i 2 lal 2 '3l 2 11 24191 201 191 24 at 9, 84 91 , $ 91 38i 9} 39 *. 38 9 8/ i 9kl a iBl i 6St 8 9 9* &d 87 .. 1 9 67 9 67 9 .. .. IN