The Press. — London, England, 1857-04-04 00:00:00

344 affair with the British. Ych is not to be over•severe, but they are not to be met halfway, lest a concession in the present cape lead to a demand for other concessions. Accounts received from Canton state that under Yell's direction the ploughshare had traversed the site of the late factories, the commissioner sowing the ground with salt. Several junk engagements had taken place, with out much result on either side. The Chinese, also, had been nearly successful in burning H.M.S. Corpus by flre.rafts. Reinforcements of troops from Sings, pore had reached Hong Kong, where all was now ranquil. The gunboats sent out with H.M.S. High flyer had not yet arrived. Allure, the baker, charge:l with poisoning the bread, had been tried by jury and "Acquitted." He was, however, under arrest on suspicion, and would be deported from the island. At Whampua the new town has been razed, the piles of the various docks burned, the large granite dock blasted in and destroyed, and the caisson per forated with shot holes. At Shangahai and the other ports a certain un ea,iness prevailed among foreigners, but no outbreak bad occurred. Oarket anb Citg ~ttttlio~e rt. FRIDAY EVENING. Tax return of the Bank of England for the week ending the 28th ult., shows the following cialuges compared with that for the week preceding : Increase in Circulation Increase in Public Deposits Increase in Other Deposits Increase in Private Securities Decrease in Bullion Increase in Rest Decrease in Reserve Bullion in Both Departments .... 9,987,559 Circulation, including Bank Post Bills The facts shown by this comparison are extremely signifi cant, and the return altogether is the most important that has appeared in the present year. The first item that challenges attention is the great addition to the Private Securities. which brings them up to the almost unprece dented sum of 21,212,7521., and establishes the existence of a demand for money which has had scarcely any parallel since 1847. To meet this heavy demand, the Directors were obliged to draw upon the reserve to the extent of 807,0001., and to avail themselves of the additions made to the public and private deposits. The reserve of notes is now, by this operation, reduced to little more than 4,6(N),0001. No stock, however, appears to have been sold, as the Government Securities are stationary. The next item that attracts attention is the falling off in the Bullion. It is no less than 331,7381., thereby reducing the stock to below 10,000.0001, or to very little above the amount held by the Bank of France at the present moment. Were it not that the payment of the dividends will reduce the Pri vate Securities, and that large arrivals of Australian gold are daily expected to increase the Bullion, the present appearance of these two items might not unnaturally cause wane apprehensions. But under present circumstances they need not ; though, taken as a whole, there have been few returns published of greater significance as to the real p mition of the Money Market. The Rank Directors found themselves compelled yester• day to advance the rate of discount from six to six and a half per cent., a policy which the business of the week and the position of the Bank, as indicated by the preceding comparison, rendered imperative, but which was not ad ipted until after a meat protracted discussion. This is the first change in the present year. How many others may follow, it is impossible to foresee ; but there is a vague impression that the new rate will not be very long main tain , 41, as its purpose in checking the efflux of gold will ROOll be answered. We do not feel sure that this may not be the case, but we do feel sure that the activity of the demand for capital, both here and on the Continent, will maintain permanently high rates, and that we shall have fewer fluctuations in the value of money in the cur rent year than in the last. It must be a considerable time before the minimum falls to five per cent., however areedily it may return to that of six, which has lasted since the 18th of December. Money has been in heavy demand the whole week. Occasionally the pressure has been nnusuallly severe, par. ticularly from houses engaged in some of the long foreign trades, whose returns have been delayed. Indeed, we should not be surprised to hear shortly of one or more disasters from this cause, though, on the whole, the export trade of this description has hitherto proved profitable. The acceptances at maturity to-morrow are said to be ex tremely heavy, and the preparations to meet them have to-day led to a full demand at the enhanced rates. The market up to Wednesday morning was steady, the discount houses soil joint-stock banks easily finding full employ ment for capital at the then Bank rate ; but in the course of that day it become unsettled from an expectation that an advance would be made by the Directors at their weekly court the next day. This impression, though it was n general, was sufficiently extensive to render the market sensibly tighter and practically to increase the value of money. Yesterday, when the change was actually made, the market became more settled, though, as the demand kept up, the complaints from commercial houses of the onerous terms required were very great. The new rate will certainly diminish the profits of trade, while capitalists will derive the advantage of it ; and, therefore, it is to be hoped it will not be long maintained. But it will, TIIE PRESS. we think, be followed by an easier market for a time. The public will lend to the brokers and banks for the sake of the better interest they will receive, in preference to in vestiug in Consols or steak. A good deal of the floating capital in the commercial cities of the Continent, particu larly from the North of Europe, will be attracted here by the seine powerful impulse. The Bank of England itself will as soon as the dividends are released find its reserve increased by repayments of loans and advances. So that, though we anticipate an active demand during the whole of the current month, with temporary periods of pres sure, the supplies will, on the whole, be more than adequate to it; and there is a probability of Lombard-street doing business on easier terms than the Bank- We are the more inclined to take this view, because the arrival of large amounts of gold from Aestralia cannot now be very distant, and because the demand from the Bank of France, which has been intensely active for so long a period, is gradually abating, while the continental exchanges must fed a powerful reactionary influence. There are certainly a ember of adverse elements, more or less, in operation which may mar or disappoint these expectations. (*old may not come in from Australia to the extent anticipated, the India and China demand for silver may require such heavy purchases on the Continent that the public stock of bullion here cannot increase, and our imports may possi bly become so heavy as to render the exchanges both with America and Europe permanently unfavourable. All this we readily grant; still we contend that the inure encou raging circumstances just pointed out are likely to domi nate the market for the present, thought it is quite possible that some of the advantages which would ordinarily arise from them may be neutralised by the adverse elements we have briefly indicated. The specie movements of the week have been of a very important character. Indeed, they have been the primary cause of the Bank advancing the rate of discomit. Within the last few days there has been taken from the Rank for export to France, Brazil, the ('ape, and the West Indies. specie to the amount of fully half a million, while the packet which leaves Southampton to-morrow will take out no less than 788,6811. for India and Chins, of which only 7,0941. is in gold. The total export to all parts can scarcely be less than ,500,0001. during the week. On the other hand the imports have barely amounted to 43 . 2,000/., of which 80,000/. have come from Australia. With respect to imports from Australia there are now five vessels due, which will probably bring about 400,000/. ; and the first steamer of the new mail line was due at Suez on the 2lth nit., and if she kept contract time, telegraphic intelligence of the amount of gold she has brought from Melbourne, which she was to leave on the Pith of February, may be expected about Monday. This vessel will, perhaps, bring shout 300,0001., so that altogether there is at least 700.000/. of Australian gold now on its way hither, the whole of which may probably arrive next week. With regard to the Bank of France it is stated that the bullion now held by that establishment amounts to nearly 10,000,000/., or nearly as much as the Bank of England now holds, according to the return of last week, and that the premium offered for purchases is this day to he reduced from six to four per mille, and that when the stock has increased to 12,000,0001. artificial purchases are to be dis continued altogether. The English Funds, though weaker than last week, have, on the whole, been characterised by steadiness. Now and then a disposition to improve has been manifested, but it was net supported; and the advance in the rate of discount yesterday caused a decline of a quarter per cent, at once. That, however, was partially recovered. Foreign Stocks have been depressed, with one or two exceptions ; and Railway Shares are fully half per cent. lower than this day week. Consols, which left off last Friday, at 93 9-19ths to 11-16ths for account, attained at one period to 93f to I, which was the highest quotation of the week. They stood at 934 tot yesterday, when the Bank advanced the rate, and immediately afterwards declined to 931 to 11, the lowest price of the week. When at this quotation some very good buying took place, one party closing a specula. tive Bear ttansaction to the extent of 100,01)01. This had the effect of causing a rally, and the market finally left off at 934 just. ltut, although a recovery was thus established within a fraction, a good deal of apprehension existed as to the effect to-day, Particularly as money is getting into demand preparatory to the settlement next week. This morning the opening price was 931 to 1 ; and they closed at 931 to Exchequer Bills are about lower than this time last week. March bills par to 3s. prem. ; June, Os. to 2s. dis. Railway Shares were well supported up to Wednesday. On Thursday they began to give way, and yesterday they declined from half to one per cent. in consequence of the advanced price of money. But, as in the case of Consols, there was a subsequent rally, so that, on the whole, qu Aa tions are almost a half per cent. lower than on this day week. Great Westerns, however, are fully one and three eighths per cent. lower, Much of the depression in prices has arisen from the lower traffics of the week ; still it has not been attended by a disposition to part with stock. French lines are all higher, and Canadian descriptions have not been much affected by the events of the week, though Grand Trunks had rather a heavy fall on Wed nesday. In the Foreign Market attention has been principally directed to Turkish and Mexican Stocks. The former are lower, but the latter are about a quarter better, owing to an alleged discovery of auriferous deposits in a tract of country about to be sold to the United States, some of the proceeds of which are expected to be transferred to the British creditors of Mexico. Russian Stocks are heavy. Joint stock Bank Shares remain flat, and the Dit;count Companies are still depressed. t. Miscellaneous and Mining Shares have scarcely shown any movement. The revenue returns for the year and quarter ending April Ist, have been published. They have attracted very little attention. Ilittropolitan LEarlicts. (Reported erclusivelp for "Tnic PRESS.") CORN EXCHANGE—The present week's supplies of Eng• lish wheat on sale here have been only moderate; yet the demand for all kinds has been in a must uepressed state, and in the few transactions reported prices have given way is to :!s per quarter. Inferior foreign wheats have ruled in favour of buyers ; but the finest qualities have niostly supported former terms. Floating cargoes off the coast have ruled heavy. The imports of foreign barley having been very large, that article has met a dull sale, at 2s to 36 per quarter less money. Malt, too, has been very inaetive, at barely late rates. Very large supplies of foreign oats have come in, and the oat trade has been in a depressed state, at is per quartet decline. Both beans and peas have given way Is; and most kinds of flour have been easier to purchase. 'I he imports from abroad have been only moderate. Esottatt—Wheat, Essex and Kent. red. 49a to 535; white, 505 to UBs; Norfolk and Lincoln red, 48s to 58s. Malting barley, Us to 48s; grinding ditto, 2.38 to 31s distilling, 35s to 375. Malt, 62s to 78s. Feed oats, 22s to 245; potato, 23a to 30s. Rye, 34$s to 40s. Tick beans, 32s to 345; Harrow, 34s to 3;s; pigeon, 38s to 41s. Grey peal), 35s to ; , 7ii ; maple, 38s to 39s ; white boilers, 37a to 41a perquurter. Town-made flour, 63s to 16s; country marko,3Bs to CM; householde,43‘ to 46e per NtlOlbs. SATURDAY, It is stated that Colonel Waugh, one of the Directors o f the London and Eastern Bank, who obtained advances from that concern to the extent of 237,0001., has retired with hia family to the Continent. At the Court of Bankruptcy, yesterday, the examination of Mr. T. Adams, banker, of Ware andHertfurd, was again adjourned. The Report of the Committee of Shareholders in the Australian Agricultural Company was considered at a meeting yesterday, and eventually received. A variety of changes will be made in consequence, both among the Directors and in the system of management. Mr. Apsley I'ellatt was examined at the Court of Bank ruptcy, on Wednesday, with regard to his share in the pro- motion of the Royal British Bank. The ex•mewber for the borough came out of the ordeal greatly damaged. He took no care of the interests of the shareholders, but a good deal of his own, for he sold out in 1850, at a time when he knew the danger which threatened the concern, and at a time when a little courage and openness might and would have prevented the frightful ruin and misery which has since occurred. There are few persons in the City who do not blame Mr. Pellatt for his whole conduct in connection with this affair The Russian railway scheme is advertised in the French papers; but it is believed that the capitalists of Paris will not be able to find a market for their first sub. scription of 2,5000001. The Trade Reports of the week continue satisfactory. A great production is evidently going on in our staple menu. factures, and employment is general. The elections, as a whole, have disturbed the operations of trade to a very slight extent. BRITISH FU OFFLCIA (DS. Closing Prices. L QUOTATIONS. Mond. rues& Wed. Thurs. Friday - - • - 931 934 9:i 4 93i 9: l i 211 i ;On • 931 aBI 1,84 I I I —I 3 per Cent. Console Ditto for Account per Cents Reduced 3 per Ceuta Long Ant. •ities Bank Stock, 7 per Cent 013111iU111 Kxch. Bills, Ad. (June)l India Bonds,( 1,0001.).... 1 Id 171 I— -3d 4 — 6d I I I I 141 6 2d BANK OF ENGLAND. As Account, pursuant to the Act 7th and Ath Victoria, cap. 32 for the week ending on Saturday, the 28t day of Mar., 1837. ISRUC uIePatiTMENT. - Notes issued .... 423,681,t100 Government Debt ►11,015,100 Other Securities .. 3,459,909 Gold Coin & Bullion 3.209,900 Silver Bullion .... -- £21.081,990 I £23,684,990 BANKINO DKPARTAIZIKT. PrOprietOrleCapillligl4,ssP P'" , Government &mu- Rest Public Duposite 9 031,.. d t j Dead WeightAno 41.648.018 . Jther DepoCts Seven Dity & other j Notes 0128,120 Bills Z 38,204,459 238,39!,,458 • Including Exchequer, Commissioners of National Debt Savings' Banks, and Dividend Accounts. Brazilian Danish Dtch. ( Ex 12 U French Do. F►ldny. 100} 63} f o f o Do. Bank Stool M-xican Peiuv 77a Portuguese Rusaisa Spanish furkish tic 971 i Autw. & Rttrdin. Belgian East. J. Dutch It Kaat Indian.. r oars. Fri la I la 4 2 rtr, ; P 211 vlf 01 SO 33 4 U 4 lOt ;0 19 20 I :44 1 4ll V 10 9 10 80811 I 691 sat 01. Indian Pen G. W Lyons & Geneva Miniras Na..t I.ge.(w.iu.) Nrthrii.of Norw. Trnk. Prf. Paris & Lyons.. Paris R Orleans ?arts & Rouen.. FOREIGN FUNDS. Per Cent. Aloud 'Mead. Wed. , Thurs. .b 102 i •-• 100 5 •) 2 e I . . ~3 -4i :k ..8 _44 70f3f* t f. I 221 3 1 70 f 550 ; 70f e 70!70e It e, f.— (.1 f. -2;'l .3 1 411 ! 41i 0.8 95e /.98i f 471 84 98 4 FOREIGN RAI Mond. Tuesday. • • I • 19 1 :; 11 3 110 2 tif 261 33f 4; 3.t• 4f 19, 20 191 20 If 9 I ! 81 blf 1 10 0 414 10 Glf 2 ! Gft 59 til GO 9 :LWAYB 0 - ednes. 7 f lf f 10 11. "I 113 e 4 De 10 41 1 i 9 10 611 i GO