The Press. — London, England, 1855-10-27 00:00:00

OCTOBER 27, 1855. Were it not for the large and increasing produc tiveness of the gold fields in Australia and Cali fornia, there can be no doubt whatever that we should ere this have been compelled to suspend cash payments through the excessive demand for gold caused by the war. In that case there would have been no choice whatever. Theories must have yielded to necessities, and some system of currency rausthave been established which would have afforded to our trade and commerce a necessary medium of ♦xchange. But at the present time we totally deny that any such necessity exists. The high rate of money is caused by our enormous war expenditure; and, whatever system of currency may prevail, money will and must be comparatively dear, so long as the drain of capital for war expenses proceeds. It is impossible for any contrivance to make money cheap at a time when a great and extraneous demand for it exists. The rate of discount, it is true, might now be at four instead of six per cent., supposing the value of the sovereign by large paper issues were raised to thirty shillings. But in that case no one would be bene fitted. Persons who have been accustomed for the last thirty years to exclaim against Peel's Currency Laws do not seem to understand how radically cir cumstances have now changed. Those laws, when they originally came into action, were most cruel and . unjust, and spread ruin over the land. They depre ciated the value of every commodity, except money itself, which they greatly enhanced, and the in dustry of the country was sacrificed to the money intetest, fundholders, and annuitants of every de scription. But that action, which subsisted to some extent up to 1818, was entirely changed by the gold discoveries, and for some years an opposite action has been proceeding. Property of all kinds, with commodities, and the products of industry, have been rising in value, and, to some extent, persons with fixed incomes have suffered from the dearness of the times. To suppose that there can be any real want of a circulating medium now, when California and Australia are yearly adding from twenty to thirty millions to the general stock in the world, must be a great mistake. If we cannot keep in the country a sufficient stock for the purposes of our trade, it must be because the prices which prevail in this country are too high, and the only remedy can be such an advance in the value of money as must check speculation, force sales, and bring back to us the bullion we require. Does this generation really know what a pure paper currency means in practice? It means bread at 2s. a loaf—our union houses filled with paupers— a sudden inflation of prosperity to some classes and of ruin to others. It means an artificial system which sooner or later would be put an end to, with an amount of distress similar to that which followed its abolition after the close of the last war. No sound financier will say, that with the enor mous stock of bullion now circulating in the world this country need want a supply for its wants. It there is great difficulty in keeping or getting such supply, that must arise not from such scarcity of the metal as would justify us in dispensing with its use, but from the drain of our capital to support the war, which is an evil that must be submitted to. We know all the arguments that can be alleged in favour of a purely paper or theoretical currency, and we think them sound, could the system be so estab lished as to be guarded from abuse. But we doubt the practicability of any precautions which could be used for that purpose; and while the supply of gold is so plentiful, it is on every account more desirable that the existing system—which is a natural system —should prevail. Least of all would it be proper to alter it at a time like the present, when the circum stances of the war would prevent it from having a fair trial. When capital is much in demand money must be dear. That is the case at present; and the com mercial world has no more legitimate cause of complaint that the rate of discount is six per cent., than the working man has that his bread is a shilling a loaf. We still think, however, that the establish ment of a Crimean Bank, for the use of both armies, would greatly economise the use of bullion, and prevent much of that drain which has lately proved so inconvenient. These considerations are altogether apart from the expediency of allowing the Bank of England to issue notes independent of bullion in cases of great emergency. That relaxation was beneficial in 1847, and may be resorted to whenever a similar necessity occurs. The rule should be maintained, but a dis cretionary power given for exceptional departure from it. _ . The total amount of gold taken to the Bank, out of the recent arrivals from Australia, is believed to be about 300,0001. Advices from Paris report an improved tone,—and Rentes have shwon a tendency to rise. In the New York markets (say late accounts) money was scarce at seven to eight per cent. on first class business paper at sixty days', and eight to nine per cent. on four months' paper of a similar grade. The Stock Market was somewhat easier. ITHE PRESS. BRITISH Ft OFFIO - ClOlllllll 1 rOTATION. AL Q 1 iMond. _— Tuesd. Wed. Thurs. Friday. I per Cent.Consols B7 874 11 87 1 8 !MT 88 —2 Ditto for Account 3 per Cents Reduced 3 per Cents Long Annuities Bank Stock, 7 per Cent 209 209 7i 203 207 207 8 Omninni Exch. Bills, 2d. per diem I d 3d 2p, India Bonds, (1,0001 .) — ilp MI 3p 2d 2d IEIGN FUNDS. ,Mond.,Tedeed., Wed. Per Cent. Brazilian Danish 5 Dtoh. (F.z 12 Guil )24 French 8 991 I 10(11 641 I 5 64:The :1 164 # i 2Se Do. 4} Do. Bank Stock 8 Peruvian 4i Portuguese 4 R 11.836111 5 Spanish, 3 Turkish (Acc.) 6 )i - sii I 37a 781 al .9e j 79i 8 79/ I BANK OF ENGLAND. An Account, pursuant to the Act 7th and tith Victoria, cap. 32 for the week ending on Saturday, the 20th day of Oct, 1856. ISIZUL DEPARTMENT. Notes issued .... n4,682,230i Government Debt £11,015,100 Other Securities .. 2,984,900 Gold Coin & Bullion 10,682,230 Silver Bullion .... £24011,230 1 BANKING DKPARTKENT. ProprletorsTapltaiil4ss3,ooo Government Seen. Rest Publicl)eposite 3,826,021 lleadWeightALii,lo,63s.3s 9 Other Depoeite 11,764,080 OtherSecurit,les.. 1n,789,519 4 .3ven Day it other Note. 4,310,05 13111. £31,283,333 £31,283,9 • Including Exchequer, Savings Banks, Coronglisione . National Debt, and Dividend Accounts. FOREIGN RAILWAYS. Mond. Tuesday. Widnes. Thurs. 7 1 1 7 4 f 74 1 74 24 td 24 4 d 24 d2i 4 d i td d td 211 2 4 211 24 21/ 24 214 24 stst 5464 221 8 4 23 ixd 23 ixd 221 34 x 8 , 6 191 19 dp 5 91 6 p 19 6 6 p 5 6p, 4fl 1 51 44 54 4 1 4 54 44 5 4 33t 4 331 4 34 t 34 lk 84 74 et 74 8 4 44 4 444 sxd 43 sxd 43 Si Antw. h Rttrdm. Belgian East. J. Dutch Rhenish East Indian Ot. /mil/in Pen G. W.of Can.,Sh Lyons & Geneve Madras Na. t Lge.(w.in ) N rthru.of /eruct . Norw. Truk. Prf. Paris • Lyons Paris & Orleans 1 : I;1 21 2 d 2 l f 2i t 22/ 3} 5 ap 19t 4/ St 34 74 i Ai 4t I, 43 • 1 148 7 f Paris a; Rouen.. I RATLWAIO—. Aberdeen Birin. Wolv. A Stour Val Bristol and Exeter Caledonian r Wed. 123 4 rkw. 123 4 23 4 7i f H 6 Chester aad, Holynead Cork and Bandon Dublin & Belfast June East Anglian Eastern Unioz(B) East Lancashire Eastern Counties 6 11} 24 bi 67 8 Great Northern Gt. Sth. and Wet of Ire. Great Western Lancashire * Yorkshire Lon., Tilbury, tt Sthend Lon., Brighton, he London and Blackwell 9k 4j 9i 99 101 741 b B 4 6 6 3 it 911 2 t3t t London and Nrth•Weat Nlidland Newmarket Newry and Enniskillen Norfolk Nrthrn. Counties Union North British North Staffordshire North-Western Oxf., Vi'rottr., and Woly. Scottish Central Scottish Midland South Devon South-Eastern and Dov. South• Western South Wales Waterford k Limerick M ISCELLANEOU 8— AUStreli&llAgriClatUral Canada Crystal Palace Crystal Palace of France North British Aus. Laud Peel River Land et Scottish Aust. Invest. South Australian Land Van Diemen's Land 2! :44 5 12i 3 9i 9' 18 3 34 5 12 3 yt4ropolitan Itarhtts. (ReportsdexchuivelY for "Tao Pangs.") CORN-EXCHANGE — The supply of English wheat on sale in our market this week has been very moderate, but in fair average condition. The business doing has been far from ex tensive, yet an Monday all kinds were quoted 21 per quarter higher than on that day week. Foreign wheat—the imports of which have been limited—has sold slowly. Importers, however, have been firm, and the quotations are well supported. Float, log cargoes have been somewhat active, and dearer. Fine barley has changed bands at full rates; but low samples have met a dull inquiry. Malt has sold steadily, on former terms. The oat trade has been rather slow, and damp parcels have gone rather lower. Beans and peas have had an upward ten dency, with an improved demand. The dour trade has been ac tive, at 28 to 38 per sack, and Is to 28 per barrel, more money— the top price of town - made being 75 e per 2801 b 8 . I ENGLISH—Wheat, Essex and Kent white, 65s to Ms; red, 608 to 84a; Norfolk and Lincoln red, blie to 781. Melting barley, 1 1 3 25e 61 7i 71c1 285 1 51 100 5 72 4 11 2 364 02 3 $O4 14 40 20 64 1 1 f c f C f. - - I CI SHARES. Mond.lTueid.i 87 9 67i Et 111 2 44 111 %I Ica 8 J d.. 2 161, lioi jai 6 I 91 63 3 45 2511 4 ick 5 t : til 114 24 384 74 82 3 304 14 18 20 28 7 140 28 4 I 7 I 85 • 57f 8; 1 11. 2j In 4id 11i 20 Il 2 145 e 7 d 251 61 7 eq 6 100 ti 73 5 I lle 341 Set 71 e 2 3 26 7 140 7 2 - j- t 1 if 2* g 84 S 1038 35s to 41s ; grinding ditto, 34s to 378; distilling, 35s to $B.. Malt, 67s to nos. Feed oats, 266 to 475; potato, 97a to 325. Rye, 46. to 50a. Tick beau*, 405 to 444; pigeon, 43s to Ws Grey peas, 42s to 45a ; maple, 42. to 4 65; white boilers, hOe to 56a per quarter. Town•made flour, 736 to 758; country marks, 616 to Chi per 280Ibs. ARRIVALS THIS WEEK. Wheat. Barley. Malt. Oats. Flour. English l7lO .. 690 .. 1190 .. 70 .. 740 Irish Foreign LONDON AVERAGES DECLARED ON FRlDAl—Wlasat, 6,825 quarters, 84s 8d ; barley, 2,361 quarters, 40s 8d; oats, 2,803 quarters, 32s Ild ; rye, 73 quarters, 615 I.od ; beams. 353 quarters, 54.8 d; peas, 419 quarters, 54s 14. IMPERI Al. WEEKLY A VERAO ES—Wheat, 76s 10.1 ; bar ley, 38$10d ; 011,01, 27. 94 ; rye, Ns 5d ; beaus, 49s BM; peas, 480 74. THE BIX WEEKS' AVERAGEB—Wheat, 76s Ild; barley, 86, Ild; oats, 3 8 s Cod; rye, 4es ; beans, 494 9d; peas, 454 10d. ENGLISH GRAIN SOLD LAST W K —Wheat , 144,A70; barley, 143,7t1tl ; oats, 20,618; rye, 1,042; beaus, 4,884 ; peas, 1,215 quarters. TEA—Public sales of 13,500 packages have been bad this week. About 2,&00 sold at full prices. Thole is a %teeny bad ness doing in the private market, at fully last week's quotations. Congo% 9d to 2. 3d; Niug Yong and Oolong, 1011 to ls 9d ; Souohoog, 9d to 2s 8d , Flowery Pekoe, 1. 44 to Se ed ; Caper, Is to le 44; Scented Caper, Is 4d to is 8d: crop Pekoe, le 2d to ls 6d; Scented Orange Yoko., is 8d to es ed; Twankay, 7d to Is 3d ; Hylton Skin, 74 to is 64; Hymn, is to 3s 9d; Young Dyson, lid to 8s; Imperial, is to 8s 6d; Gunpowder, Is to is 64; Assam, is 3d to 42 4d per lb. Up So Saturday laet duty was paid on 3/,951,7331b5, against 86,108,7801116 last year. SUGAR—The present stock in London is 46,610 tons less than last year. Our market is very firm, and prices have further improved is to is 64 per owl. Barbadoes has realised 445 to 48s 6d; Granada, 43s to 45. 6d; St.. Lucia, 41, to 665; Antigua, 43s 641 to 47s ; Mauritius, 37. to 495; Ilenares, 41. 465; Cuba, 471 to 49s 3d ; and Madras, 46a to 624 per cwt. in fioatkig cargoes a steady business has been done for the Continent. Relined goods are active, at front 55s to 675 per owl. MOLASSES—Wa have an active demand for all kinds, at .1. treme rates. Cuba and Porto Rico, 28s 641 to 245; and low le Sue West India, 28e to 24e 6d per cwt. COFFEE—Our market Is very inactive, and the quotations are barely supported. We have no buyers of good ord native Ceylon above 60e per owl. Plantation had realised 6841 to kit per eat. BREAD—The prices of wheaten bread In the metropolis are from lid tolled; of household ditto, 84d to 100 per 41116 loaf. SEEDS—Moot seeds move off steadily, at full quotations. Cakes are in request, and dearer. English, linseed, 131 to 134 per ton. INDIGO—The sales have been concluded, and pries., with some few exceptions, have given way 2d to 3ti per lb. About 7,800 chests were disposed of. COTTON—Our market le very dull, and late rates are barely supported. HEMP AND FLAX Scarcely any change has alms place in prices . The demand is wholly oonftned Ito immediate wants. WOOL—The sales are progressing somewhat heavily, and prices, compared with the Cornier series, show a decline of trots Id to lid per lb. Privately, the trade Is heavy, and Enikail wools are rather drooping in price. The import. this west ate 1,600 bales from Sydner. METALS—Scotch pig iron bas sold at 76s 6d to 775. Manu factured paicels are slow in sale, but not cheaper. Spelter is heavy, at 234 175 6d per ton on the spot. Other metals ars steady, at last week's currency. SPlRlfo—tiovemment having taken nearly 200,000 gallons of rum, the sale for this article is steady. Proof Leeward., 28 ed to 2s 9d per gallon. Brandy supports the late advance. Malt spirit, 115 proof : Geneva, 3. to 4s per gallon. HOPS—As the supplies are large, and as the brewers are well in stock, our market is neavy, amid prices are drooping. Duty, 330,0001 Susan pockets, 755 to 945; Weald of Kent., 70s to 915 s ; Mid and East Kent., N. to 1125; Ferutuuns, 84. to 112 s per cwt. POTATOES—The supplies are seasonably large, and the de mand is steady, at from The to lOns per ton. TALLOW—The quantity forwarded from Russia this year is 48,086 casks, against 63,8e$ casks in 1884, and against 86,449 casks actually shipped in 1863. Our market is very firm, and prices are advancing. P. Y. C., on the spot, 63. 8d ; and for the spring, 645 6d per mt. OlLS—Linseed oil has changed hands at 42n ad to 42a 9d per cwt. Other oils are steady. Spirits of turpentine, 85e lid to 37s per cwt. COALS—Hetton, 21s 6d ; Hilda, 19s Rd; Heugh Hall, 20a 3d; Northumberland. 19s ed; Evenwood, 18s; Stewart's, 21. 8d per ton. METROPOLITAN CATTLE The supplies of beast. have been tolerably good as to number, but very deficient in quality. All breeds have sold slowly, at a decline of itd per sibs. Sheep have been in moderato supply and limited request. Inferior breeds have sold lower. The veal tirade has been heavy, at fd per 81ba less money. In the value of pigs very little change has taken place. Beef, from 3s 3d to 45 10d; mutton, 3. 4d to bs; veal, 3e ad to 4. 8d ; pork, 3. 10d to bs 4d per Miss to Mule the offal.. NEWGATE AND LEADF.NHALL—The trade has rated heavy, as follow. :—Beef, from tis to 45 4d; mutton, as 9a to 4. 64 ; veal, 3s 64 to 4s 3d; pork, 3. 104 to bs 4d per Sibs by tfts HUMBS. GODDARD—On the 19th instant, at Swindon, the wife of A. L. Goddard, Esq., M.P., of a son. KINNAIRD —On the 20th instant, in Hyde park-gardens, the Mon. Mn. A. Kiunaird, of a daughter. NEVILL—On the 22nd instant, in Upper Grosvenor-street, Lady Dorothy Nevin, of a eon. PURV ES—On the 911 rd instant, in Wilton-crescent, the wife of Melor Home Parrett, of a daughter. ••••••• BULLER—MACDONALD —At St. Johnla, Sandal, If ojor• general Atr George Buller, K.C.8. , to Henrietta, daughter , el 14e late General Sir John Macdonald , G.C.B. L—BROMHEAD--On the lAth Instant, at Atxlock Church, near Falmouth, Marshall Valentine Bull, Esq., late of the loth Foot., to Lucy, daughter of the late Colonel Brombeed, C. 8., 77th Regt. COWARD—HAYES—On the Stlrd instant, at Brighton, WWII'S, son of Richard Atkinson Coward, Esq., of Tulee.hill Lodge, Surrey, to lio4aniond, daughter of the late Bear-Admiral John Hayes, C. 8., of soutbsea, Hants. HOLLAND—LYALL--On the :tad instant, at Harbledowt Henryanolland terbury, Bart., to M the Res. eg Francis illa Janie, Holland, sone Rolland, Syb Loll, daughter of the Bor. Alfred LiaLl, rector of thirblodovro. 1 64 64(3 :190: :-= i.I IN6 I 1'5;4 114 2 54 44d 87 8 9 i ,42 _3 q I 8 581 9 lli 2 ij 87 8 ,9 101 , 1 )74i 5 1 9 4 -6 " 1 45 —d 25; 6 1 l a 128 3 100 51 1 72 41 ST 9 3 30e ii 118 59 140 I 2 j 21i 2 1 2 45 7., d 264 64 7g id 54 23 5 100 81 72 4 111 Si 8 82 8 30j 18