The Press. — London, England, 1857-01-24 00:00:00

jesty's guardship Southampton, Captain Charlewood in Harwich Harbour. In the afternoon Commodore Aden, accompanied by Captain Charlewood, left Harwich for the Aldborougli division of the station, to continue the inspection. NAVAL OFFICERS' FULL PAY BILLS, it is said, are to be abolished, and that as soon as the arrangements are complete naval officers will be paid iu sterling by the paymasters of their several ships. lout, Varket ad Citg FRIDAY EVENING. Tots retina of the Bank of England for the week ending the 17th inst. shows the following cuanges compared with that for the week preceding:— Increase in Circulation Decrease in Public Deposits Increase in Other Deposits 431,217 Increase in Government Securities 37,300 Maltase in Other Securities Decrease in Bullion Increase in Rest Decrease in Reserve Bullion in Both Departments Circulation, including Bank Post Bills 20,316.129 By the falling off in the Bullion here indicated the stock in the Bank is reduced to about half a milli.' less than when the rate of discount was fixed at six and a half per cent., or one•half per cent. higher than the pre sent terms. The Private Securities, however, were con siderably higher, and there was a more urgent demand for money; consequently, though the bullion is diminish ing every week, it may possibly be premature to anticipate a return to the six and a half per cent. rate. The policy of such a movement will be governed by the extent and apparent objects of the demand next week. The notes in reserve also show a continuous decline, which is likely to attract observation. The position of the Bank in relation to its means of assisting the trade of the country is thus becoming weaker. The decline in the amount of the Public Deposits is owing to the payment of the dividends; but. on the other hand, the Private Deposits hive increased to a greater extent. Regarded as a whole the present comparison is undoubtedly calculated to sug rat somewhat unfavourable impressions as to the prospec tire value of money. The Money Market, which was in an unsatisfactory con dition last week, opened this week rather gloomily from apprehensions of higher rates being required. This feeling, which previously existed, induced many houses to discount larger amounts eight or nine days ago than they actually required in order to be prepared against a possible ad vance. It was also the same with the dealers upon the Stock Exchange The absorption from the discount• houses and banks, produced by this simultaneous demand on the part of the great borrowers, naturally caused a sense of tightness in the supply, and was the ciuse of a very de- pressed tone on Mooney. But it was found before the even ingot that day that all the borrowers had overshot the mark. They discovered that the public had increased their sup plies at call ; that the discount market was relaxing instead of hardening ; and, in fact, that the demand, which it was thought would become heavier, had been virtually satisfied last week. The effect of this state of things in the current week has been not a little singular and even anomalous. The borrowers have become lenders, in some eases at a slight disadvantage to themselves ; and thus, at a period when opinion indicated a probable return to discounts at a minimum of six and a half per cent., practice virtually lowered it from six to five and three-quarters per cent. Speculation, therefore, proved at fault, anti the public have derived the advantage. This state of things continues. Yesterday there was a pretty confident expectation that the Bank Directors would put up the rate. Bets of three to one were made upon it in the Stock Exchange by some of the most experienced and best informed members. But, so far from this proving the case, the Court not only made no change, but took less time than usual for consideration. The minimum, consequently, remains at six per cent. for bills and at six and a half per cent. for loans on stock. All this is satisfactory; but it will be inferred from the description we have given of some of its causes that we scarcely expect it to last. We expect money to be dearer in the Stock Exchange next week, and we are convinced that but little business will be done in the discount market under six per cent. Gold is leaving the Bank, and it is not replaced except by trifling amounts of coin returned from Ireland; the exchanges are no better; silver is still required for India and China; and the Persian and Chinese difficulties are threatening toinvolve us in vast ex penses. In a few weeks, too, the public will have com pleted the investment of their quarterly and half yearly dividends, and they will be diminishing their deposits, thus affecting the reserves of the different banking estab lishments. And, further, we look for a very active spring trade, which will create a constant demand for capital. From these, and some anslagous considerations, into which we have not space to enter, we believe that money cannot go below six per cent. ' • and the same considerations incline us to think that the moderation in the demand, which has been the chief feature in the business of the week, is only an incidental, though of course a gratifying. circum stance. Paris letters speak with more confidence of an intention nn the part of the Government to authorise the Bank of France to increase its capital to 8,000,0061. The improve ment in Rentes and shares which this expectation was the means of creating has been, however, but partially maintained. The bullion in the Bank of France is said to have fa lea off about 400,0001. since the last monthly return. The specie movewents of the week have possessed con• eiderable importance. About 100,0001. have been taken from the Bank for transmission to the Continent in ilk, THE PRESS. payment principally for silver ; and 367,3271. have been sent to the East, all of which was in silver with the excep. tion of 7,8001. This makes an aggregate of more than half a million. The imports have been inconsiderable. All the specie from the United States has been sent to France. It is, however, fully expected that before the end of the month we shall have large supplies from Australia; and that the 000,1 001. waiting for shipment from Mexico will be brought by the next packet. The Cape and Mauritius must now be added to the markets which take consider able amounts of gold from us. Since July they have taken an average of 50,0001, per month, or 300,0001., and we may expect this drain to increase rather than to fall off, unless they increase their consumption of our manufactures. English Securities have been subjected to very moderate fluctuations during the week, any temporary depression being speedily recovered by the investments of the public. Consols, which left off last Friday at 934 to 91 for account, declined in the early part of the week to 934 to f ; but they subsequently rallied. Yesterday there was sonic weakness, owing to the anticipation of new restrictions being imposed by the Bank ; but when that expectation proved groundless the market became stronger, and trans actions were entered into at 934 to 9.1. The closing price was 934 to 4. To-day the rather startling intelligence from China of an intention to bombard Canton produced an adverse effect; but the decline was only 4. Consols opened at 934 to 4 and closed at 934 to 4. Exchemi Bills continue steady at `44. dis. to 2s. prem. The Railway Market is not essentially changed since this day week. There is, however, a great deal of strength in it, particularly in the better class of the paying lines; and a considerable advance is only arrested by the state of the Money Market. Great Westerns show no symptoins of improvement, owing to adverse rumours as to the forthcoming dividend, and some other lines are in much the same position ; but the market generally re mains firm and steady, the dividends being the chief element in producing fluctuations. Ftnign Shares have been well supported. Grand Trunk of Canada is still the chief object of attention among the lines in the British colonial possessions. No change of importance has taken place in Joint• stock Bank, Dock, Miscellaneous, or Mining Shares. The half-yearly dividend of the Electric Telegraph Company is to be at the rate of seven per cent. per annum. The St. Katherine Dock Company divide four and a half per cent. The joint-stock banks are continuing their half-yearly meetings, every one of which, so far, has gratified their proprietors with extremely handsome dividends. The Union Bank of Australia has divided at the rate of twenty per cent. per annum; the City Bank (which has been established only eighteen months) five per cent. per annum ; and the London and Westminster at the rate of seventeen per cent. per annum. Several new joint-stock projects have made their appear. ance during the last few days. This indicates whig we may expect whenever the Money Market takes a decided turn for the better. . With the view of putting a stop to the ruinous litigation both in Chancery and Bankruptcy which is now eating away the assets of the Royal British Bank, and also to the stay of executions against the individual shareholders, for the must part at the instance of persons who have bought up debts at a low price, some of the principal shareholders are exerting themselves to collect a fund to settle with the creditors, and terminate proceedings which the judges have truly described as a disgrace to the ad ministration of the law. Many shareholders have been obliged to leave the country to avoid the vexatious pro ceedings of some disreputable practitioners, and an instance is mentioned in which four writs of execution were issued against as many shareholders for one debt, the costs amounting to nearly four times the sum due. It is the duty and the policy of all shareholders who are under liability to aid this movement, and the interest of the creditors to show forbearance. The formal acceptance of the concession for the Turkish National Bank has been forwarded to Constanti nople and accepted by the Ottoman Government. No thing of an official character has yet transpired regarding the principles on which the establishment is to be defi nitely constituted, but there is reason to believe they will bear out the favourable character given of them in our set. In the Court of Bankruptcy the final examination of Leopold Redpath has been adjourned, owing to the bank rupt, since his conviction at the Old Bailey, having refused to give any information to the assigne.% as to his affairs. _ _ The arrivals of silk from China during the week have been 14,691 bales, of an aggregate value of 1,500,000/. If the Lyons houses prove large buyers, as is anticipated, the French exchange will be influenced, and the opera firms of the Bank of France to obtain gold on this side will be proportionably obstructed. The home demand, however, seems sufficiently active to prevent any rapid ex portation. It must be borne in mind, at the same time, that by placing the various China houses in London in funds, these arrivals may lead to an increase in the ship ments of silver to that country. The Provincial Trade Reports of the week are generally favourable. Everywhere, however, complaint is made of declining profits. IDS.— Closing Prices. QUOTATIONS. loud. Tweed. Wed. Thus. Friday 3 per Cent.Consols —.1934 984 934 4 934 . 934 I Ditto for Account $ per Cents Reduced 1934 93 93 4 4 934 44 934 4 I per Cents 1944 34 94 94 944 934 Long Annuities Bank Stock, 7 per Cent :218 6 2174 216 74 216 2:74 Omnium lad — lp l l — 2pi2d - 2p i l — 1 - - Exch. Bills, 24d. InclisDoods,(l,oo9l.6 1 •-• 04 11) I Sp 14 BRITISH 11.114. OFFICIAL Vtimolitan Markds. (Reported e selveivelb for "Ms Paseo.") CORN EXCHANGE—The arrivals of English wheat up to our market this week have been very moderate, and in poor condition. For all kinds the demand has ruled heavy, and In the few sales effected prices have given way 2i to 4s per quarter. Foreign wheat—the imports of which continua seasonably good—has sold slowly, and previous rates have been with difficulty supported. Floaung cargoes of grain have ruled about atatiouary. The supply of both English and foreign barley havint been on the increase, the tra le has ruled heavy, at Is per quarter less money. In malt very few transactions have taken place, but we have no change to notice iu the quotations. Good sound oats have been in fair request, on former terms; but damp parcels have met a dull inquiry. Beans and peas have sold to a fair extent, at full prices. Flour, however, has met a dull inquiry, on rather easier terms. N.NOLIIII-11'heat, Essex and Kent red, 50s to 645; white, Si. to 735; Norfolk and Lincoln red, 0s to 65a. Malting barley, 39s to 51s; grinding ditto, 31s to 33s ; distilling, 370 to :ids. Malt, 63s to 78s. Feed oats, 24s to 255; potato, 25e to 325. Rye, ads to 42e. Tick beans, 34s to 365; Harrow, 38s to 425: pigeon, 42s to 445. Grey peas, 3Ss to 40s ; maple, 40s to 42s ; white boilers, 40s to 44a per quarter. Town-made dour, Me to 60s; country marks, 41s to 455; households, 46a to 49. per 2801bs. SATURDAY, BANK OF ENGLAND. An Account, pursuant to the Act 7th and liti) Victoria, cap. 32 fur the week ending on Saturday, the 17th day of Jan., 1857. Mille IDVPARTMENT. Note. Issued .... 123,976035 Government Debt /11,016,100 Other Securities .. 3,459,090 Gold Coln & Bullion 9 901,933 Silver Bullion .... 123,976,90 DANCING Di Proprietors'eapita l 3 l4 , 9s3,o49) Rest Public Deposita , — 3.397.114 'Mier Deposits Sven Day lc oar Bills 433,269,042 • Including Exchequer, Coi Sa rings' Danko. and Dividend . FOREIGI Mond Per Cent. -- Brazilian to ',Knish 6 itch. ( Ex 12 Guil )21 French 3 Do. 4l Do. Bank Stock NiPsiran 3 Peruvian 46 Portuguese 4 4 ussian 6 ipanish 3 rtirkish Acc.6 -r 21; I 04; FOREIGN RAI Mond.. Tuesday. Antw.&Rttrdm G j'6 j delgian East. J i fi li I' Dutch ItheiAsh id par j 1 , 1 gast Indian 3t. Indian Pen 21 x1&n,21 xi & n' G.W.ofCan.,Sh 241 1:241 1 Lyons & Geneva Is 10019 i 101 11adras Na.gt Lge.(w.in )11 8, 7 f 8 Slrthrn.of Frac& . 371 , 37j 8 slorw. Trnk.Prf. 91 91 ibl 9 1 Paris & Lyons Jot b 51} S Paris & Orleans St 6 I 61 6 Paris& Rouen — RAILWAVI— Aberdeen , tirm.Wolv.& Stour Val 4 1ristol and Exeter :aledonian Chester and Holynead L'ork and Bandon Cublin 0 Belfast June. East Anglian Eastern Ilnicm(B) Kam. Lancashire 4 :astern Counties Treat Northern •l t. sth. and Wat of Ire. ireat Western Lancashire& Yorkshire Lon.,Tilbury,& S. Brkg. Lon., Brighton o kc London and Blackwall London and Nrth-Wast. ‘lidiand Newmarket. Newry and Ehniskillial Norfolk Nrthrn.Counties Wiles orth British North Staffordshire.... North• Western f., Wrcstr., and Wulv. eottish Central Scottish Midland South Devon .... South- Eastern and Dov iouth• Western south Wales Waterford & Limerick M MELIA/4100 ll— tustralian Agricultural Canada .. Crystal Palace....._.. Crystal Palace of France' North British Aus. Land Peel Ricer Land & Scottish Aust. Invest. South Australian Land Vsn Iliern•n's Land .., A 23,976,936 Goverument Seen- rittes (Includinv Dead Weight An.) 411.650 461 Other Securities .. 1tl.i041;,201 Notes 4,513.500 ,Gold & Silver Coin nerd. I 101 Gb c. .60S 474 133,259,042 of Natioual Debt, Wed. ,Thurs., ,102 1 64 i5 I c 48f We' — L i f. 78 - - - 40 40i - 108} - 194 - 641 f a 94 41 LWAYS Wedner. e # 1 a l ia los 10 1 . ; 510 1: 1 4 11 •t i o ai 10i p . 1 11 } : 7 di 1 37 8 a i' 54i Si 54 6 a di 1 106 101 20axiin, :24a 6 1 9} 10T 19a 17i 8 lei • i I 64 a 5a 54 0 Friday 8 I lj 1 1 29} 30} 84 97 8 4 f 9 Se; Si bi b SHARES. lllond. Re 9 "2 4 IS7 8; 2d 94 9! Tutu,. Wed. Thur. 1 8 + 9 .98 4 let ; 37 8I llfg 4B It 193 6 , 4j 91 a! a ,1 1.111 1 63i 6! 96 ;8i 918 i 9 - 92 4 M 2 :44 I. • • b 1 i 81 t !37 137 b p 941!si 9: 26 30 i .:* 31 94; 4i , 931 41 Of 01i 9,19 # 2 ;111 31111 8 164 ei,aal '9O i 98 'llB 4 p , 181 7 .1 .10C 1; 82 1 I -- !119 4 61 7 ; 11)4i i 82* -- P. -- - Pi ;12 4.112 4, if 7 10516} 106 ?la i.e:} '39 40 ti 8 * 274 106 8 Al 3 3 i id 39 40 4 1 1 ! 4 274 S! 106 6 71 3 17i Bii 74 4 106174 .641 41 71 3 i 7 dl 74 3 1v6i71 8i 9 )2 4 GO/ 14 37 8 121 91 29 31 93} 41 9} 9} 911 2 111 3 oak 156 - P 113 14 61 7 io6 51 4 3i *1 3 40 it sTI !ttB 71 3 17 8 74 1 1084 74 evil 54 53 5 128 35 2 a I e l 1 33 7 13 T' ♦RRIVALS THIS WEEK. Wheat. Barley. Malt. Oats. Floss. e.noltsh 1600 .. 860 .. 2920 .. 10 .. 81)0 Irish .. ~ 2 . 1)210 Foreign ..1010 8770 S23Q o . ski. 93940 bls. ;11 $ 653 6 96 1 23 4 134 id 21 1 23 4' 1134 zd 121 i 2i f '35 7i 15 7 i 2i l II 35 71d ;5 7 1 31 34 idi 3..? 401 !4/ $;7, 1:1 3 1 .11* • 1 1,a:ti *1 !4t ! 22 '134 xd !2i t si t t ? : 7z 7 1 13e 31 1 id 30 4t I 0_ :1 3 17 141 f : 1106;171 ]B4i 23 51 134 xdl .2} lit Txd 15 7