The Press. — London, England, 1856-08-16 00:00:00

790 This comparison is satisfactory with regard to the addi tions to the Bullion and the Reserve. The Government have evidently reduced the advances upon Deficiency Bills, while adding rather considerably to the public balances. The additions to the Private Securities are less than might have been expected considering the activity of the demand for money last week; but it must be remembered that in the return for the previous week this item was very greatly increased. On the whole, this return does not lead us to expect, as appeared to be the case a few days ago in some quarters, an increase in the rate of discount ; nor, on the other hand, does it justify any present hope of a reduction. The Money 'llarket, owing to the satisfactory progress of the harvest, to the greater confidence of British capitalists in the ability of France, now that its various crops have been secured, to bear the inflation of the spe culative period through which it is passing, and to the le gitimate character of our own trade, both home and foreign, has partially shaken off the anomalies that have recently been perplexing it. Money is tight nevertheless. The favorable conditions of abundant crops, increasing confidence, and profitable trade, remain as described last week ; but rates continue at 44 per cent., and for the present we ape little or no prospect of amelioration in this respect. The anomaly, however, has disappeared of supplies being short ; and though the market is iu a transition state, which renders great caution necessary, accommodation is more freely extended. The position, then, is just this— that the reserves of the banking and discount establish ments are rather full, that they are more liberally em ployed, that terms are unchanged, and that a sensible amount of tightness still remains, enough to prove that we are not yet upon the eve of that pecur.iary plethora which it is still apprehended is to inaugurate a dangerous speculative mania. The harvest reports of the week indicate more than average crops, the greater part of which will be safely housed if we are favoured with fine weather for the next ten days or fortnight. A large amount of gold, about 730,0001., has arrived from Australia. This, with the receipts from the United States, Brazils, and the Peninsula, has given us imports of about 800,0001. Purchases of gold continue to be made in London, Liverpool, and New York, on French account ; and though it is not accurately known how much of this 80'3,0001 has been sold for Paris, there are reasons for believing that less than 100,00 W. will remain in this country. The extent and the object of these purchases is not a little perplexing. No theory has yet been promul gated concerning them, adequate in all respects to ex plain and to defend a practice that is commercially irre gular; but, in our judgment, hardly sufficient importance is attached to the change which is being effected in France from a silver into a gold currency, and to the habit, among the agricultural classes particularly, of hoarding as much coin as they can. These classes know nothing of banking facilities; they distrust paper; and they paid away most of their old silver money for shares in the last loan. They are now gradually replacing their former little reserves; and though, from being individually very poor, the sepa rate amounts are very small—here a Napoleon, there half a Napoleon—five or six in one place, and a dozen in another—the aggregate amassed by a population so saving must be very large. What otherwise becomes of the vast quantity of gold coined at the Paris Mint? We have rea son for saying tnat very little of this coinage comes back in the merchantable shape of bullion directly or indi rectly. Without describing the circumstances which lead to this opinion, we may venture to say that the present de mand fur gold from France is to some extent analogous to that for silver from India in respect to the habits of the population ; and that, being complicated at the present moment with a political necessity for supporting the finan cial credit of the Bank, and of some other institutions in Paris, we naturally feel more sensibly the effect of the combined demand at a time when our own enlarged opera• t ions require all the aid and support derivable from good supplies of bullion. English Securities stand at about the same price as they did at the close of the market this day week. Occasionally they have been better, the improvement being caused by the Government broker making small purchases on account of the savings-banks. He has not bought more during the week than 100,000/., but the effect has been to support the market, which otherwise might have declined from want of business. Similar operations will, it is believed, take place next week until the whole investment has been made. T.* general public have not been making investments, and speculative transactions appear to be entirely suspended. The disposition of the market is, on the whole, very good, but occasionally it is sensitive and easily influenced by ex aggerated rumours. Last night Consols, which had pre viously been at 951 to 4 for account, closed at 954 to 1; and to-day at 931 to 4. Foreign Securities have been inanimate nearly all the week, and no particular change in prices can be noted. The principal dealings have been in the Turkish and Russian stocks. Railway Shares have recovered the decline noticed in our last, and they have been firm since the close of the account. Some of the heavy shares remain flat: but generally they are all better, with a tendency to further a ipiovement. Business is inactive, owing to many dealers b !log absent from town. Riau, with occasional • ciu itions, are heavy. Great Western of Canada are gradually recovering the depression caused by rumours of competing and rival line, the ground for which is not surveyed, nor even a subscription opened. Joint.stock Banks are about the same as last week. Ottomans are, however, depressed; and some others of the new undertakings have declined in value. National Discount Company are quiet, at slightly lower quotations. A considerable section of the shareholders in the Llnilon and P iris Bank, who are ais.atitled with the oreserit state of thethen idertaking, have signed a requisition for a general meting to the secretary, with a view to ulterior proceed. Miscellaneous Shares have been more dealt in ; but no change of importance has taken place in any description. The suspension of the Hemel Hempstead and Watford Bank was announced yesterday. The liabilities are said to be about 70,0001.; but it is believed that the property of the partners will be ample to meet all engagements. The North of Europe Steam Navigation Company have declared a dividend for the half-year at the rate of eight per cent. per annum. Bar silver is now worth ss. lid. per ounce. The trade reports of the week are all satisfactory. THE PRESS. BANK OF FRANCE. THE Monthly Debtor and Creditor Account of the Bank of France, made to the 14th instant, was published yesterday. It is, on the whole, of a more favorable cha. racter than the preceding return, inasmuch as it shows that the Bank has been restricting its accommodation to the Bourse, and reducing its general discounts. It has, at the same time, added to its stock of Bullion. But against these items must be set a considerable diminution in the Private Deposits, and a large amount, comparatively, paid away in the shape of premiums upon the purchase of gold and silver. The Bank's general liabilities have, however, been reduced to a small extent; and the Government has increased its deposits. Compared with the previous re• turn, the following, which we copy from the circular of Mr. William Avens, of Tokenhouse•yard, issued last evening, will show the changes made in the position of the estab lishment during the month, expressed in English currency, at an exchange of twenty-five francs to the pound sterling Increase in Circulation Increase in Public Deposits Decrease in Private Deposits 1,256,613 Increase in Bullion 681,931 Decrease in Commercial Discounts 365,062 Decrease in Advances on Bullion Decrease in Advances on Public Securities Decrease in Advances on Railway Securities Increase in Premiums on Purchase of Gold and Silver Decrease in Aggregate Liabilities 634,738 Circulation Stock of Bullion (August 14) The amount paid for premiums on gold and silver purchases was 45,8301. in the present month, against 13,307/. in July. The following table shows the several advances made by the Bank in the two months just closed : AIIOOIIT. JULY. Commercial discounts.... X 18,477,815 X 18,843,477 Advances on Bullion .... 141,431 298,272 " Public Securities 4,072,155 4,83'2,831 " Railway Shares.. 2,288,215 2,631,153 £24,919,040 X26 ; 505,530 Dedact 24,979,646 Total Decrease in August 1,525,890 " From these figures," says Mr. Avens, " we deduce an opinion that the management of the Bank are discouraging speculation both on the Bourse and in the country as much as possible; while they are at the same time strengthening its reserves, certainly by means that are deemed irregular in this country ; but the ultimate charge of which must fall partly upon the proprietors of the Bank, and partly upon the general trade of France." The report read at the annual meeting of the Eagle In surance Company, shows that the progress of the Company dnring the put year has been highly satisfactory. The surplus fund has been increased by sum exceeding 34,0001., the total amount of this fund being now upwards of 300,0001., entirely independent of the proprie , or's capital. The income for the year has been 160,0001., and the charges, including 88,9931. paid on lives deceased, only 119,9681. It is not on this account alone, however, that we call attention to the report. Its most valuable feature eonsists in the fact that the Eagle Company has incor porated with itself the business of the Mentor Life Assurance Company, without any increase of its ex penses. We learn also that arrangements are in progress for an amalgamation with the Falladium Assurance Com pany, by which a common fund will be created, and the business of that very respectable institution be trans ferred to the Eagle. The great increase in the number of insurance companies tenders this process of junction peculiarly desirable, as all parties concerned must be benefited,—the proprietors through an increase of busi ness without any corresponding increase of expense, and the assured by their security being enhanced through the greater strength thus given to the office on which they have a claim. We need not say that the report was cordially received and adopted by the proprietors. BANK OF ENGLAND. An Account, pursuant to the Act 7th and Stb Victoria, cap. 32 for the week ending on Satur,lay, the 9th day of August,lBs6. _ IPIRUR OfPARTMENT. Notes issued .... 4:26,307,51:0 Government Debt 411,015,100 Other Securities .. 3.459,g0n Gold Coin A Bullion 11,832,520 Silver Bullion .... --- 326,307,590 BANKING DIPMITMINT. PropeletorsTspitel4l4,sl33,ooo Government Seen. Rest Public Depositoe 4,285.108 DeadWeightlin.) 112.010.078 Other Deposits Bev.n Day .3 other Notes 8,195,000 Bill. 428,307,590 573,346461 61 • Including Exchequer, Commisqiouers of National Debt, Savings' Banks, and Dividend Accounts. BRITISH FUNDS. Closing Prices. OFFICIAL QUOTATioNs. Mond. Tatesd. Wed. !.'hur:. Friday I_l9r_ —___ •______ S per Cent.Consols ll_ I * 95} Ditto for Account 8 per Cents Reduced .. •• 95 2 3e 193+ sOh 41 93 4 3 per Cents 1 96 1 i 961 9bt 1 / 90 1 1 9.4 * Long Annuities ,13 6-16 32 7-16 i 5 3-16 Bank Stock, 7 per Cent 1 i 2181 2171 l 218} Omnium 1— 1 ' Exch. Rills, 2}d. .12 bp' —p 12 Bp. 9 I. Is p India Bonds,(1,0001) 1 p 10 pi 13 pll 4p. .... FOREIGN FUNDS. Per Cent. Mond Irtirftfl. Wed. ,Tkare., Pre** Brazilian 6 lO4 ' ') 104 21 Danish 6 1 ! DU& (E:l2 Guil )2* 63* 1 85} 5: so French S 71( e f c 70:95c,71: 13e• Do. 44 f e f el f o f : el Do. Bank Stock L LI —f., Mexican 3 . 221 Peruvian 44 814 Portuguese 4 -•• lii Russian 6 1112 Sanish 3 45 Tu p rkish &cc. 6 1032 } 10.1 * * . 1054 FOREIGN RAILWAYS Mosul. negday. Wednes. 7i 81 ,7i 6t 7# 61 If AI If 2' 11 2 i 3iiPi 2 2i1 2 IP 32 IIS I 22 22 22 23 26 26 111 Sip Ili 2 p Ilg 2, p 21 t Il i t 21 1 9' f t 21 f Alt 2 41f 2f 42f t 6i 91 At 91 4 . at 47 b7f t 66; 71 , 65f 1 66 7 06 7 - C 221 11 I 1 - 0 3 1 Antw. i Rttritm. Belgian East. J. Dutch Rhenish East Indian Ot. Indian Pen G. W.of Can.,Bh Lyons Geneva Madras Sa. A Lge.(w.in ) Nrthrn.ofFrne Sorw. Truk. PK Paris Lyons Paris et Orissue ?aria A Rouen Thurs. Friday 1 7i 8f et 1 2 If 7j 2 2i iP 2 ;P i p 23 2i I 22 21i 24 25f VI t 11f 2 Ili 121 p 91 f 21 • alt 3 a f 411 3 42 e 81 91 8 94 Ne t 56t I' N T 1154$ 67 C LATURDAY, rttropolitan Marktts. (Reported exclusively for "THE Paces.") - . CORN 'EXCHANGE—The arrivals of English wheat up to our market this week have been very limited. Owing to some speculative purchases having been effected, the trade has ruled steady, and the finest parcels have commanded an advance of from is to 2s per quarter. Very large imports of foreign wheat have been reported, and the amount of business doing in all kinds has been comparatively small, on former terms. New barley has sold steadily, at from 47s to ZA)s per quarter; but old parcels have been less active. Malt has moved off slowly, at barely late rates. The cat trade has been tolerably firm, at full currencies; but both beaus and peas have met a dull inquiry, at from is to 4s per quarter less money. There has been rather more passing in flour, and Norfolk qualities have realised rather enhanced rates. e.soListi—Wheat, Essex and Kent red, Ms to 68s; white, 60s to 755; Norfolk and Lincoln red, 33s to 89s. Malting barley, 40s to 435; grinding ditto, ads to 39s : distilling, 39s to 42e. Malt, 62s to 775. Feed oats, 24s to 275; potato, 25s to 2es. Rye, 40* to 425. Tick beans, 30s to 38s; Harrow, 3es to 40s; pigeon, 40. to 445. Grey pees, 37s to 39s ; maple. 40$ to 425. white boilers, 43. to 46. per. quazter. Town•made dour, als to 645; country marks, 45s to Ws; households, 32. to 54e per gesulbs. ARRIVALS THIS WEEK. Wheat. Barley. Malt. Oat.. Flour. English.— au .. 2'.OU .. 760 .. 00 .. 440 Irish lOO 2tlo Foreign.. 34160 .. 10670 .. 19630 .. 30970 bIR. Mkt! LONDON AVERAGES DECLARED ON FRIDAY—Whe.., 4,421 quarters, 70s 104; barley, 89 quarters, ate; oats, 2,293 quarters, 24s 3d ; rye, quarters, —; beans, 224 quarters als id; peas. 39 quarters, 44s 10d. IMPERIAL EEKLY AVERAGES—Wheat, 76s • bar. ley, 43s 3d ; oats, 27s Id ; rye, 464 4d ; beaus, 45s 9cl; peas, 42e 10d. THE SIX WEEKS' AVERAGEF—.Wheat,7S4 711; barley, 40s 9d; oats, 264 3d; rye, 49s Id; beaus, 456 2d; peas, 134 3il. ENGLISH GRAIN SOLD LAST WEEK—Wheat, 60,464; barley, 2,206; oats, 5,476; rye, 91; beans, 2,456; peas, 192 quarters. BREAD—The prices of wheaten bread in the metropolis are from 9d to 10d; of household ditto, Ted to Bid per 41b5 oat _ _ 'EA—At public sale 15,700 packages have been offered this week ; but only 800 were sold, on former terms. The private market is heavy, as follows :—Congou, sid to 25 tad; Mug Yong and Oolong, 10c1 to is 10d; souchong.94 to 25 641 ; Flowery Pekoe, is 6d to 35 bd; Caper,— to —•' Scented Caper, 15 Id to is 104; Orange Pekoe, lld to 1s 2d ; Scented Orange Pekoe, is 4d to 25 8d ; Twankay, 8d to is 2d ; Hyson Skin, Go to Is 2d: Hyson, is 2d to 9s 6d ; Young Hyson, btd to 2s 4d; Imperial, lld to is 4d; Gunpowder, sd 311 6d; Assam, is Id to 45 4d per lb. Up to Saturd ay last duty was paid on 29,129,1911 b., against 31,635,1391 b. in 1655. SUGAR—There has been only a limited business doing in all raw sugars this week, and in some instances prices have given way 6,1 per cwt. Barbadoes has sold at 42s to 49. ; Bengal, 465 to rids; damaged Stamina, 44s 64 to 435; and white Havannab, afloat, 43s per cwt. Relined goods are very dull, at from tats to &Ss per cwt. The total clearances to the 9th inst. amounted to 2,253,642 cwts, against 3,162,790 owns in 1655. MOLASSES—There is still a good inquiry for this article— the supply of which is but moderate—at full quotations. St. KW's. 225 6d ; Antigua. 23s to 23s Gal; Cuba and Porto Rico, its 8d to 23s per cwt. COFFEE—Host kinds are steady, and last week's prices are well supported. Plantation kinds have realised ..eis to 735, good ord native, 515 6d per cwt. COCOA—The demand is by no means active. In pripes, however, very little change has taken place. Red Trinidad, ;Otto 59s ; Granada, 4e5 to Ws; Bahia and Pars, 45s to 462; and Guayaquil, 55s to 54s per cwt. RICE—The stock is still very large. Inferior parcels have sold freely, at late rates. PROVISIONS—Prime butters are tina, and steady in price; but low qualities command very little attention. There is a good demand for bacon, the value of which has an upward ten. decoy. Hams and lard are tolerably active. CUITON—FuII average quautiiies have changed hands this week. Surat, Cito bid; and Madras. 4gd to 4dperlb. WOOL—Fhe public sales of colonial wool are still in pre. gross. Fine qualities are selling at rally the opening prices; but inferior kinds are less active. English wool is tolerably Arm