The Press. — London, England, 1856-08-02 00:00:00

AuckusT 2, 1856. most experienced, were prepared for one of so sudden a character as that which has actually occurred. Bates are fully one-half per cent. higher in the open market than they were last week ; and, as a neces sary consequence, the Bank is receiving applications for discounts. The cause of this altered state of things is commonly supposed to be rather deep ; and ma ny persons believe that its operation will endure for a considerable period to come, even though both Europe and America be blessed with abundant harvests, and Australia and California continue their hitherto unfailing supplies of gold. We cannot acc ept this extreme view. We think that the present state of the Money Market is incidental and tempo rary, and that a few weeks may see a return of ease possibly as sudden as the change which has now oc curred. In the first place it is hardly credible, with harvests throughout Europe such as the present glorious weather promises, that we shall have to pay, in cash at least, for much corn, or that our popula tion will have to eat dear bread. We shall therefore, upon this assumption, retain large supplies of bullion which would otherwise be sent abroad. In the next place the transmission of specie to the Continent, w hich is the commonly assigned cause, in a com• mercial sense, of money having become dearer here, cannot continue at its present rate much longer. The demand is already showing signs of approaching satisfaction; while great as it has been it has not during the last three weeks absorbed all that has ar rived. We have, in fact, as much gold, if not more, in the country than we had a month ago, notwithstanding that the stock in the Bank has fallen off, while at this moment we are expecting heavy amounts both from Australia and the Pacific. These considera tions lead to the inference that our supplies are far more likely to increase than to diminish, and that money can scarcely be expected to be worth more than four per cent., if so much. What, then, is the cause of the apprehensions prevailing during the week, and of the undoubted absorption of so much of the specie that has just arrived ? The continental demand has arisen from the extension of industrial and speculative enterprises in France, Germany, and the north of Europe. To some extent it is also owing to the drain of silver for India and China, which is gradually forcing the adoption of a gold currency on the Continent, especially in France, and to an indirect and partial resumption of cash pay ments in some parts of the Austrian dominions ; while the political condition of Spain and Italy is certainly encouraging the population of those coun • tries t,) hoard. The combination of these causes is the most obvious and intelligible explanation of the present state of feeling in this market. It will be admitted that they are temporary in their nature, and that, with progressive imports of specie, a sound and increasing trade, cheap food, and general con fidence, they cannot produce any permanent effect upon the commercial value of money in this country. Such, at least, is our view of the case; and wa know that it is extensively shared by many persons whose position in the City entitles their opinions to respect and confidence. The specie imports during the week have amounted to nearly 937,000/. The exports atthe outside have not exceeded 400,0001. But on Monday next the steamer from Southampton will carry about 000,0001., nearly all in silver, for India and China. Although business has been exceedingly languid upon the Stock Exchange, the value of Public Secu cities has not varied since last Friday more than I per cent.; they have been uniformly steady. Last Friday, Consols left off at 951 to I for account, and to day at 95i to j. , The principal transactions of the week have been for money. The account closes next Thursday. It is expected to prove very light. The next account is fixed for the 10th September, for which the closing price to-day was 96 to I. Owing to the better demand for money having brought sellers into the market, the premium upon Exchequer Bills is 3s. lower than last Friday. Railway Shares have been in extremely moderate demand. The transactions of the week have been affected by the arrangements for the settlement, which was brought to a close yesterday. Stock even tually proved rather scarce, particularly in some of the heavier descriptions. On the whole, the best prices of last week have been fairly maintained, and the feeling as to the future is generally good, and it would be better if the Money Market were less un tattled. Foreign Securities continue to be tolerably well supported. The principal transactions have been in Turkish Six per Cents., which have fluctuated to some extent, but are now steady. Joint-stock Bank and Miscellaneous Shares have been less active than last week, but neither have pre sented any features worth notice. The trade and manufacturing reports received during the week are again favorable. Employment is general ; but here and there we hear complaints of profits being less than was expected, from an in creased production. The Electric Telegraph Company have declared a dividend for the half-year at the rate of six per cent, per annum. THE PRESS. PUBLIC WORKS IN INDIA AND RUSSIA. IN the course of the week two controversies respect ing some of the new railway undertakings have at tracted too much notice in the Money Market to justify us in omitting all reference to them. One had relation to the policy which ought to be pursued in the construction of the several lines which are projected for the development of the vast productive resources of our Indian empire. Into the details of this particular discussion we have not space to enter; but it is enough to say that an exceedingly judicious and practical letter from Mr. W. F. Fergusson has been published to direct the attention of capitalists and statesmen to the true merits of the question. Mr. Fergusson strongly advocates the system of guarantees ; but, as an equivalent, he suggests the means whereby those guarantees may eventually be superseded by the natural earnings of the lines in• tended to be constructed. Mr. Ferguson is eminently versed in Indian affairs; he desires to raise the con dition of the people, and to develop the manificent resources ; and as he is a distinguished autho rity in these matters both commercially and politically, his remarks are likely to be at tended with some benefit to India by turning the attention of capitalists in the country to the rEturns which may be derived from associated means for promoting material improvement in the shape of railway communication judiciously devised, assisted by that sort of encouragement which it is the pri• mary duty of the Government to afford in such cases. Mr. Ferguson's views, we have reason to believe, are meeting with influential support in the City ; so much so that the simple publication of the letter referred to immediately produced an improvement in the marketable value of Indian railway securities. The other subject of controversy had reference to the Riga and Dunaburg Railway, one of the under takings which have been revived upon the return of peace. In 1853 the Russian Government engaged to guarantee the promoters, to whom the concession of the line was granted, the annual interest of four per cent. upon the cost, which was then estimated at 12,000,000 silver roubles. When the project was re cently revived in this market it was received with much favour, upon the understanding and the assu rance that this original guarantee would be valid with respect to the estimated cost of the line -12,000,000 silver roubles. The shares being issued at 80 it was, equal to a return of five per cent. It now appears, however, that the Russian Government insists upon some modification in the terms of the arrangement. They have discovered, since 1853, that the line can be constructed for 10,000,000 silver roubles, and therefore they decline to guarantee four per cent. upon the nominal capital of 12,000,000 silver roubles. This is equal to a reduction of in terest of from five to four per cent.; consequently, the value of the shares in the market is lower. The subject is thus alluded to in the circular of Mr. Wm. Avens, of 13, Tokenhouse-yard, issued this day : Riga and Dunaburg shares are flat. The heaviness of these securities dining the last few days has been caused by the receipt of letters from St. Petersburg dated July 23rd, containing statements which, if they prove well founded, materially diminish the value of the guarantee to be given by the Russian Government. The decree of May, 1853, granted a guarantee of four per cent. on the sum of 12,000,000 silver roubles, equal to five per cent. on the sum required for the construction of the line. The Russian Government, it is said, having now ascertained that the line could be constructed for 10,000,000 roubles, has refused to confirm its engagement upon more than that amount. Hence, the guarantee has lost, in the eyes of English capitalists, a considerable proportion of its value, as it is only four per cent. instead of five per cent.; and, unless it is restored in its integrity, there is but little pro spect of the shares recovering their former premium. BANK OF ENGLAND. An Account, pursuant to the Act 7th and Bth Victoria, cap. 32 for the week ending on Saturday, the 26th day of July, 1836. ISKIZ DgPARTMENT. Notes issued .... 4126,250,875 Government Debt 511,015,100 i Other Securities .. 3,459,900 Gold Coin .t Bullion 11,775 875 Silver Bullion .... 526,250,875 I 428,250,875 BANKING DIPARTIKINT. Proprietors'Capital4l4,ss 3 , oo o Government Seen. Rest Public Deposits* 5,844.808 Dead WoightAn.) ►13,713.404 Other Deposits Seven Day & other Notes 5,803,045 Bills 483,223,882 153,223,862 of National Debt, • Including Exchequer, Commissions Savings' Banks, and Dividend Accounts. BRITISH FUNDS.— Closing Prices. OFFICIAL QUOTATIONS. 3 per Cent.Coneol■ .. Ditto for Account .... II p e r Cents Reduced 3 per Cents Long Annuities Bank Stock, 7 per Cent Omnium Exoh. Bills, Ad. India Bondi, (1,0004)... • 1 20 p! - Mond. Tuesd. Wed. Thurs. iFriday 95 194 f 9 94 1) 1 I 964 f 951 1 95t 4 24 1!9 9 6g 4 96g 696 g 36 6 i 96 96 5Y 19 8 9 ki 96f i94_ I 64 194 746 : - I SI 111 7-1611 1214811 214 218 I - 1 23 20p 20 p: 18 pi 16 1p p p 22 19p 22p Per Cent. Brazilian 6 1 Danish 5 Dtch. (Fa 12 Guil )ie French 3_ 1 65} 5 Do. 4e Do. Bank Stock Mexican Peruvian 44 Portuguese 4 Russian 5 Spanish Turkish &cc. 6 1 25( 21c id 44# 6 104} RA[LRAIO— Aberdeen Birm. Wolv.&Stour Val. Bristol mid Exeter Caledonian Cheater and Holynead Cork and Bandon Dub:in & Belfast Juno. East Anglian Eastern Unioc (B) East Lancashire Eastern Counties Great Northern Gt. Sth. and Wet of Ire.' Great Western Lancashire & Yorkshire Lon., Tilbury, & S. Brkg.' Lon., Brighton, (be 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 Wulv. Scottish Central Scottish Midland South Devon South-Eastern and Dov. South-Western South Wales Waterford & Limerick Frid. 28 30 $1 ei 94 41 60 i 17 Ite 13 15 it 4 174 25 7 86 8 lot 974 8 117 1 631 4 973 _6l - lO7 P 8 7 71 107 i 83 84t 65 7 31 1 Id 381 7 44 4111 et I 31 33 108 10 77 9 151 61 741 109 110 80 2 26 7 M ISCELLANEOUS— Australian Agricultural Canada Crystal Palace Crystal Palace of France North BritishAus. Laud Peel River Land & Scottish Aust. Invest. South Australian Land Van Memon'a land ! 25 97 126 9 21 I X2l j 2( ti lil j li 1 ,36 36 7 116 1 7 16 7 it i It 1 36 37 'l6 17 16 17 16 17 Vttropolitan Varitets. (Reportedezeiustvelvfor"TasPains : ") CORN EXCHANGE—Since our last report only moderate supplies of English wheat have come to band, coastwise and by land-carriage. For all descriptions we have had a very dull sale, at a decline in the quotations of from Ss to ds per quarter, at which very few sales have been effected. The imports of foreign wheat have been liberal, and that article is dull in the extreme, at from as to 5s per quarter less money. In floating cargoes only a moderate business has been done. The few samples of barley in the market have realised full quotations. Malt has sold on former terms, with a fair demand. The oat trade has ruled heavy, at a decline in value of Is per quarter. Beans and peas as last auvised. Flour has moved off heavily. Sack qualities have declined 4s, barrel ditto 28. Egomax—Wheat, Essex and Kent red. Os to 765; whit., 65s to 83e; Norfolk and Lincoln red, 62s to 755. Malting barley, 40s to 455; grinding ditto, She to 39s distilling, S9s to 425. Malt, 62a to ;7s. Feed oats, 24s to 28s; potato, 26s to 81r. Rye, 40e to 425. Tick beans, 36s to 40s; Harrow, sbe to 41s; pigeon, 4ts to 455. Grey peas, 88s to 40s ; maple, 42s to 445; white boilers, 45e to 49a per quarter. Town-made flour, tiss to 68s; country marks, 49s to 511; households, 54s to 57e per lBolbs. ARRIVALS THIS WELT. Wheat. Barley. Malt. Oats. Flour. English 2100 .. 2U .. 2030 .. 880 Irish — 3160 .. Foreign.. 12980 .. 1310 .. 16960 .. MO W& eke. LONDON AVERAGES DECLARED ON FRIDAY—Wheat 4,105 quarters, 82e Ild; barley, 28 quarters, 4Us 8d; oats, ],091 quarters, 26s Od ; rye,— quarters, —; beans, 518 quarters, 41s ad; peas, 97 quarters, 435. IMPERIAL WEEKLY AVERAGES—Wheat, 77. ; bars ley, 41s 8d ; oats, 27s 2d; rye, 47s 5d ; beans, 45s 44; peas, 42s 9d. THE. SIX WEEKS' AVE RAGES—Wheat,74s Cd; barley, 39s 9d; oats, 25s Ild; rye, 488 7d; beans, 44s 8d; peas, 12d Bd. ENGLISH GRAIN SOLD LAST WEEK—Wheat, 90,594; barley, 1,539; oats, 7,474; rye, 84; beans, 2,805; peas, 349 quarters. BREAD—The prices of wheaten bread in the metropolis are from 2ad to 10d; of household ditto, 8d to 9d par 41ba loaf. SUGAR—Our market. has become exceedingly Inc:Bye, and, compared with Friday last, prices show a decline of from ls to Is 8d per cwt. Barbadoea has realised 44s to 48s; Bengal, 37s ad to 47e ad; Mauritius, 40s to 52s per cwt. Foreign sugars, afloat, have commanded very little attention. Refined goods are dull, and lower to purchase. Present rates, 56s 6d to 45 per cwt. Dutch crushed, iu bond, is in moderate request for export. Up to Saturday last duty was paid on 3,691,620 carts, against 4,100,939 cwts in 1855. TEA—Our market is extensively supplied, and the demand is heavy, at last week's quotations. Common sound Congon, 81d to 9d per lb. The shipments frpm China to the latest dates were 83,000,00V1b5. The total clearances to the 26th WC were 27,416,8621b8, against 28,687,4841bs in 1855. COFFEE—Plantation kinds have moved off steadily, at full quotations, and good ord native Ceylon has realised Cola per owl. All foreign coffees command previous rates. COCOA—There Is much leas activity in the sale for this article, and prices are a shade easier. Red Trinidad, ;',511 to 58s cd ; grey, 54a to 655; Granada, 49a to 63a; Bahia and Pars, 44s to 455; and Guayaquil, 49s to 50 per cart. RICE—The stock is still very extensive, and only a moderate business is doing. A few parcels of good white Bengal have sold at Ils 6d to 12s per cwt. Bell= has produced 9s to 9s ed per cwt. REIM Mond. 101; 165 a 5 170 f 900 ;63f flSel I FUN: Mad. 102 i 93t 80e LI 23 2j j 811 i Wed. 161} 10r 85c! ::93f 7Sc. 11 44d1 1 441 I 44A 104 • 1081 Tutsd. Wed.' 28 80'28 30 8! 9i!Bf 195 7 i 94 G' 60i 3 , 60} 117 f 17 8 1 113 5 IS 15 , 2 3p 2 3p l 'lB 19 1 17 f 81 125 87195 7 'BB 8 86 8 1 10 f I 10i 1 98 4 97495 116 17 116 1 62} f,dB 97 7 197* i I 110} 1071 83* di ,RES. 164 6 .31 id ,436 i 4 .4 Ii r 3 1108 10 177 79 14} 6 73} 4 Ito 82! 24 26 1 92 97 127 PO 2 k II 'lO4l 1) - P! 110 i 7 88 4 54 5 ' 1 St K 37i 81 1 4a i d 92 4 • 1118 10' 77 791 lbt 8; 73f 4 luB $1 83: 24 25 27 127 301 i n . 1 36 - PI ! 1103 7 3 1073 8 843 1 26 2 !127 3 1 2$ if 36 Thurs. , IU2 23h Ali 112 44a 191 -81 1074 84 ~64 6 3i id 3 j 74 * e} id 31 33 108 10 77 79 161 61 744 109 10 liNo 21 ;23 271 ' 26 7 1126 9 i i 2 i I 741 :~