The Press. — London, England, 1856-10-18 00:00:00

plug Market nn titer (itteltigotre. FRIDAY EVICNINCI. THE return of the Bank of England for the week ending the I lth inst. shows the following ciAnges compared with that for the week preceding : Decrease in Circulation .. increase in Public Deposits Decrease in Other Deposits Decrease in Government Securities 85.378 Decrease in other Securities Decrease in Bullion .. 6311,305 Decrease in Rest 647,013 Decrease in Reserve Bullion iu Both Departments Circulation, including Bank Post Bills 21,501,201 This comparison between the present and the last return affords evidence again of the pressure which the Bank has bad to bear both upon its Bullion and Notes. The Bullion is barely over 10,000,0001., while the Notes are but little above 8,000,0001. If tho causes of the drain were not well known and perfectly understood, we should despair of public confidence remaining firm under such a state of things, the more especially as there is good reason to believe that the next return for the week ending to-morrow will exhibit features equally as unfavorable as the present. The addition to the Public Deposits is caused by pay ments on revenue account just before the bankers and great corporations received their dividends ; and it will be observed that the Private Deposits show a considerable falling off, owing probably to the high rate of interest given for money elsewhere. Rather more than half a million of Private Securities ran off during the week, and the Bank sold a small amount of stock ; but in order to pay its own dividends, as shown in the diminished amount of Rest, and to satisfy the claims of private depositors, it had not only to use all its receipts from the public and from its own debtors, but to make another considerable dip into the Reserve. These matters indicate a position of diffi culty for the time. The Private Securities still remain above 21,000,0001. . . Independently of the state of things indicated by the position of the Bank of England, as shown in the above comparison, the Money Market has in the week now closing been going from bad to worse. The October divi dends, now in course of payment to the pnhlic, have not produced the slightest tendency to improvement; and at the present moment we are in a position, not perhaps of peril, but one that has induced a state of anxiety which may possibly lead to peril. A great drain is in progress upon the bullion of the Bank of England. Two houses have contracted to furnish to France and Austria an amount of gold equal to at least 6,0 tO,OOOl. This contract, it is believed, has been executed to the extent of 2,000,0001., or perhaps 2,500,0001.; consequently about 3,500,000/. re mains to be obtained. This vast sum can only be made up by the contractors by two means : first, by purchasing all the Australian and United States' imports as they arrive ; and next, by drawing from the stock in the Bank of England. It is not necessary at present to inquire how the gold from the United States is paid for ; but that from Australia, and that taken from the Bank, has un• doubtedly been paid for to a great extent by money bor rowed from the Bank itself upon public and other securi ties. This operation was carried on upon a great scale last week. In the present week it was renewed, and it would have extended to a very large amount, had it not been interrupted by most unexpected action on the part of the Bank ; action which has certainly affected the Money Market more seriously by what it indicates than by what it actually does. On Tuesday the directors intimated their intention not to renew advances upon stock for longer periods than seven days—the period, under ordinary cir cumstances, having been thirty days. This did not pro duce the effect intended; advances were applied for to vast amounts for seven days; and there being reason to infer that they were requird to effect farther purchases of gold from the Bank, whatever were the terms or the period in the execution of the contract, the directors, yesterday, came to the resolution of refusing to renew ad vances upon all Government securities, except Exchequer Bills. It is possible that the resolution of Tuesday stimulated a demand on Wednesday from other quarters besides those which are acting for the Bank of France and the Credit Mobilier, especially as the railway and foreign settlements in the Stock Exchange showed a scarcity of money there; while the banks and discount-houses cer tainly prepared as much as possible for heavier calls from their customers. It remains to be seen what will be the nature of the crisis to which, notwithstanding our sound and progressive trade,fwe are thus evidently approaching. Are we to have discounts at eight per cent.? Are we again to see the Bank authorised to increase its issue of notes be pond the limits of the Act of 1844? la the Bank of France to suspend specie payments, and so, not only relieve the Bank of England from the drain of bullion to which it is subjected, but be a direct agent in sending gold back here? We need not discuss these points in this place. The period is perplexing, and the opinions respecting it are various. In our view it would be well to prepare for the experiment of a further rise in discounts ; hut at pre sent we have no expectation either of a further issue of notes or of a suspension of specie payments by the Bank of France. Something, however, must be done shortly, if matters continue as they are. The demand for money, which has been heavy all the week, was renewed to-day, and in some quarters there was great urgency. The public are lending their surplus dividends at call, and making more profit out of them than by buying in the funds, though numerous investments were made to-day. With respect to the state of affairs in Paris, we fear there is no real improvement. The Bank of France has certainly resumed the issue of five•franc pieces, a fact which practically contradicts the reports of an intended suspension of specie payments, but it is only upon a small scale. The bullion is stated to have increased by about 500,0001. since the publication of the monthly return last week. This is owing to the irregnlar operation of buying it up at a premium, through which our own stock has been diminished, and it is doubtful whether it can be retained in the present state of the exchanges. Besides, the internal trade of the country is a good deal unsettled, and from the complaints which we read in private circulars and mercan tile correspondence of the dearness of raw materials, we doubt whether the leading French manufacturers are, with the high discounts they are compelled to pay, making much profit, notwithstanding the comparative cheapness of labour. French commerce abroad can scarcely bear the competition of the world with discounts unnaturally high ; and there are indications in the weekly goods traffic returns of the various railways leading to the great ports of shipment of a diminished production. At the same time the revenue returns for the month and the nine months ending October Ist are upon the whole rather favorable. Specie to the value of almost 550.0001. has arrived daring the week from Australia and the United States. It has all been sent to the Continent. A considerable amount is still due from Australia; and the West India packet, due to•day, will probably bring a large sum in silver. The silver to be sent to the East Indies by the packet leaving Southampton on Monday, will be to the value of about 450,0001., a sufficient proof that the drain from that quarter is not yet satisfied. . . . The Bank of Amsterdam have raised their rate of dis- count from four and a half per cent., at which it was fixed on the 23rd of September, to five per cent. The following are now the present rates of discount at the principal European banks : Rank of England, 6 and 7 per cent. Bank of France, 6 per cent. Bank of Vienna, 5 per cent. Bark of Prussia, 6 per cent. Bank of Amsterdam, 5 per cent. At Hamburg, 8 per cent. The state of the Money Market and its general pro spects have caused a good deal of fluctuation in English securities during the week. Last Friday Consols for account left off at 92 to ; they have on severs' occasions been as high as 921 to 1, and as low as 911 to 4. On Tuesday, when the Bank intimated its intention to cease making advances on Government Securities for longer periods than seven days, they passed through one of these changes, but, from an expectation that no further turn would be given to the screw, they became steady after wards at an average price of 911. Yesterday there was again a great amount of fluctuation. Reports that the Bank of France was about to suspend specie payments caused a decided advance from 91i to 1, to 921 to 1, and this improvement received support from another rumour to the effect thst the Bank directors had resolved to ask the Government for power to increase their issue of notes. The improbability of these statements caused a reaction to 911 to 4, and they stood at this quotation when it be- came known that the Bank had refused a well known house connected with the existing bullion operations an advance of 60,0001. upon Consols, assigning as a reason that loans upon Government stock were discontinued for the present. This circumstance completely unsettled the market, and it caused rather a sudden decline to 911 to 1, from which there was no recovery. To day, however, in consequence of purchases by the public and favorable ex changes, there was a decided rally. They opened at All to 1, and closed at 911 to 1 officially, but after regular hours at 911 to 1. The market is by no means in a settled state : it is only supported by the steady invest- ments made by the public ; but if the measures of the Bank cause large sales of stock, as soon as the mass of the dividends have been paid it will be difficult to prevent lower prices. Exchequer Bills, owing to the demand for money, have declined 4s. since our last. Yesterday they were dealt in at 2s. to ss. premium, and to day at Is. dia. to 4s. prem. Foreign Securities are still depressed. Very great fluc tuations have again taken place in Turkish Six per Cents., not from apprehensions as to the dividend, for that has been duly paid, but from continued fears that the necessities of the Ottoman Porte may require a new loan. Last Friday they closed at 921 to f ex. div. ; they have been as low as 86 to 4 in the course of the week, but yesterday they closed at 88 to 4, being a fall of 41. per cent. since this day week. To-day they closed at 884 to 4. Railway Shares have undergone the same mutations as Consols, and from the like causes. The decline from this day week is again from a half to one per cent ; but there must be great confidence in the value of shares if we may judge by the firmness with which holders keep them out of the market. There is no pressure of stock whatever. Business consequently remains almost wholly speculative. The settlement was brought to a close this day. The account proved very light, and it was arranged without difficulty. Joint stock Bank Shares and Miscellaneous Shares have still a declining tendency, with business far from active. The Royal Mail Steam Packet Company have declared a dividend of 21. per share for the last half year. The company are endeavouring to obtain a Government sub sidy to enable them to carry the Australian mails by the Panama route. _ Mr. Harding has been appointed official manager for the winding up of the Royal British Bank in the Court of Chancery. A conflict is in progress whether the estate shall be wound up in Bankruptcy or in Chancery. The Provincial Trade Reports for the week are, on the whole, good; but heavy complaints are made of the injury done to ocmmerce by the high rates of discount. DANK OF ENGLAND. An Account, pursuant to the Act 7th and Bth Victoria, cap. 32 for the weak ending on Saturday, the 11th day of Oct., 1850. MIRE DEPARTMENT. Notes issued .... it24,0G4,400 Government Debt X 11,015,100 Other Securities .. 3,459,900 Gold Coin & Bullion 8,589.400 Silver Bullion .... £24,051,490 I £24,061,400 bANKINO Proprietors'Capitalll4,ss3,ooo Government Seem. Rest Public Deposita* 8,001,501 Dead Weight An.) £11,878.9C5 Other Deposits Seven Day it other Notes 3,521,620 Bills £5e,500,309 436,500730) • Tnellidina Exchequer, Commivvioners of National Debt, Savings' Banks. and Dividend Accounts. BRITISH FUNDS. Closing Prim. OrNICIAL QUOTATIONS. M ?mead. Wed. Thurs. Yrid4p 1 22 9-7111--- 93211 1. 1 91 — 9ll 1 91 1! 41 17 - 11 1 . 971 1 21 act 1140 i I I 901 i4O 0,89 L 91 14911 1 , 911 0191 II 90 2 p. 16 ) 21 *1 213.10 2 13-1 1 8 213 211 3 213 111 212 3 .48 p 4 81,1 p'2 5 p P! 1 1 PI — P —P lETEIN FUNDS. Mond ITuesd. Wed. Thurs., 100 1 — 192 a 3 per Cent. Consols Ditto tor Account I per Cents Reduced 3 per Cents Long Annuities Bonk Stock, 7 per Cent. Omnium Ricoh. Bills, 24d. India Bonds, (1,0001.) FIN Per Cent., Brazilian Danish Dtch. (Ez 12 Owl ) French I 64i I C 6! 60c I f Do. Do. Bank Stoc: Mexican 3 Peruvian 44 Portuguese 4 Russian 6 , zpanish 9 Turkish itee 6 42 1 1 3 1 i :al 64i —63 a ,61. if 25e 86.'70e c ' f e. f tl f. '2ll a 211 112* * 42i 421 3 1 9u xd 871 xd 882 xd, 4 - pm - p 414 1 88 I id OCTOBER 18, 1856 THE PRESS. 1005 FOREIGN RAILWAYS bland. Tuesday. ;Vedas,. Thurs. : Friday 6' 7 6,7 I 6 7 61 61 11 f ! i 11 f I t 1/ f 11 f IPI IPPBB 4pll l i i ii 22 211 21 21 21 ,211 21 21 2 201 t I 204 V 20 4 1 i 204 1 20 If 21 21f 21, 21 21! 22 4 ts 9 191) 91 94 P. 7 4 8i P 7 i 84 P7l 941 191 20 14 20 19 2 20 ;192 2) 112 20 8 i 8 d it 7 8 371 f 361 7 I 861 74 i 361 4 7 2i 37 8 4 i Si gel 84 9 4 8 1 94 r gt 941 i 4 gt 50 4 49 4 49 4 494 60 50 9 30 2 I 49 51 1 59 61, 49 61 50 2 , The. 7ria. 8 92 4 53i 4 154 64 P 15 6 22 4 79 81 84 9 PO 1 113 d:ii 4 94 é Antw. & Rttrdm. Belgian East. J. Dutch Rhenish East Indian Ot. Indian Pen G.W.ofCan.,Sh Lyons & Geneva Madras Na.h Lge.(w.in ) Nrthrn.of Prue( . orw. Truk. Prf. Paris & Lyons Paris & Orleans ?aria & Rouen RAILWAIO- Aberdeen Birin.Wolv.& Stour Val Bristol and Exeter Caledonian Chester and Holynead Cork and Bandon Cub:ln & Belfast Jul:lc.' East Anglian Eastern lluiox(B) East Lancashire Eastern Counties .... Great Northern Gt. Sth. and Wet of Ire. Great Western Lancashire& Yor kahire Lon.,Tilbury,& S. Brkg. Lon., Brighton, Ac. London and Blackwall London and Nrth-West Midland Newmarket Newry and Enniskillen Norfolk Nrthrn. Counties Union North British North Staffordshire North-Western Oxf., Wrcstr., and Wolv. Scottish Central Scottish Midland South Devon South-Eastern and Dov. South. Western South Wales Waterford & Limerick M ISCZLLAN SOUS- Australian Agricultural Canada Crystal Palace Crystal Palace of France North BritlattAus.Laud Peel River Land &Min. Scottish Aust. Invest. South Australian Land Van Diemen's Land 8 I 12 4' 531 41 , 61 -- pi 15 81 23 251 7:) 8I Al 901 1 9 1. 113 5, 63i 4ii 911 5 103 5 61 1 1001 1 751 6 143 7 146 T 1 8 92 4 ; 53e 4 154 6e ,15 '22 4 '79 81i 8 9 89 9l 113 b 8S I 9*; 4 — P 103 to - P 109 5 6 1 1 100 i :5 i i t 31 d;lii id; 335 i ilii Si 5 6 1 I 51 , 21 25 a I 101 $ 75 5 114 i t 117 9 1 101 9 77 9 103 5' 73 5 it 67. 84 lu2 3 7: 9 123 ti, :23 6 I f oo l" 741 hi 145 7 I 131 ad, 33 _6l 145 7 103 6 :3 73 "I I 67 - 8 10101 77 9 '34 135 i Ai aid e , 19 103 5 73 75 14 672 /02 3 77 9 In el PM 51 44 6 3 1 id 35 6 643 6 24 6 103 5 '3 5 141 661 7e X 7 7 9 77 9 It 2 1 2a j 34 6 14i ete I 34 14i 64 li 2 I 2l a E 11 4 44 1 141 21 23 5 lj 2 #i A 1 li 2 3 a I 34 8 l iii 3i l 14} oe FROM THE LONDON GAZETTE, • Tuesday, October 14. BANKRUPTS.—Jonie DURRANT, Wormwood-street, tailor— JOHN LONO, Bedford-street, Bedford-square, boarding-house keeper—HENßY KsTrz, Church-court, Old Jewry, silk manu facturer—HENßY GANDER, Ca , herine Wheel Inn, Catherice Wheel-yard, High-street, Borough, licensed victualler—Aßcifi- BALD HURST, Bull Head-dock, Rotherhithe, manure manufac turer—SAMUEL Woons, Weybridge,builoer—RicEsan Outmost, Lime-street, wine merchant—HENßY HORLEY, Leamington pri, we. horse dealer— WI LLIAM GILROY, Birmingham, ironmonger —THOMAS Powsost, Halifax, tailor—HENßY JOSEPH SMITH, Sheffield, coalmaster—HENßY and GEORGE HOWOATE, Sheffield, steel converters. SCOTCH SEQUESTRATIONS.—J. DODDS, Glasgow, mer chant—P. hfocoßNEta, Glasgow, printer. Friday, October 17. BANKRUPTCY ANNULLED.—WILLIAM lizzurr; DVDDJIN F Paulton, Somerset, wine and spirit merchant. SHARES. Mond., Mead., Wad. (1 96