The Press. — London, England, 1856-12-13 00:00:00

1196 flowers and evergreens, and a m•w decoration of great elegance will complete the change from the theatre to the ball room. The orchestra will be consider ably augmented, and will be led by the ever-popular Ilien. In short, the Bal Masque will be as it ever has been under M. Jullien's arrangements—one of the most popular fetes of the year. SACRED HARMONIC S3CIETY.—The last Christmas performance of The Messiah takes place at Exeter hall on Friday next. Madame Clara Novello (it being her first appearance this season), Miss Dolby, Sims Reeves, and Formes, being the principal vocalists. Mus. PICCOLOMINI has lately made her debut in Paris. At her third appearance in the Traviata, the Emperor and Empress of the French were present, and both warmly applauded the fair cantatrice. SOME extraordinary pictures of the Coronation of the Czar at Moscow, the fair of NijniNovogoroil, and scenes in parts of Russia, have been furnished by the Russian authorities for the Dioramic Tour in Russia which is to be opened at the Great Globe, Leicester-square, next week. gloneg larl►et anb ditg FRIDAT EVENING. Tux return of the Bank of England for the week ending the #itli inst. shows the following ci.anges compared with that for the week preceding : Decrease in Circulation Increase in Public Deposits Decrease in Other Deposits Increase in Government Securities. Decrease in Other Securities Increase in Bullion Increase in Rest X 274,543 400,722 2:3,624 186,000 148,014 74,801 10,212 Increase in Reserve Bullion in Both Departments Circulation, including Bank Post Bills The result of this comparison is, that the position of the Bank, both with regard to its own resources and its general relation to the public, is improving. It is favorable enough, in conjunction with the current re ceipt of gold referred to below, and the further expected arrivals during the next ten days, to persuade us that the time is not far distant—it may be very early—when a fur titer reduction in the rate of discount will be made. The addition to the Bullion is very satisfactory, knowing, as we do, the amounts abstracted from the Bank to pay for silver ; and it will be observed that the aggregate is gra dually creeping up to a considerable sum. It is, indeed, already higher than in the corresponding week last year. The Reserve is still more rapidly enlarging. Meanwhile, the Bank is increasing its securities and re lucing its liabilities ; so that, on the whole, the present return is one which rather encourages the hope of money being a little cheaper before the end of the year, unless external circum stances arise to render the maintenance of the existing rates prudent and desirable. A supply of gold from Australia to the unexpectedly large amount of 380,0001. has produced a great effect upon the Money Market in the present week. With a very active demand it has imparted a sense of ease to it which was wanting before the amount of the arrival was known. The demand which has arisen and still exists has nut been of an exclusively commercial character. Much of it has arisen and is still owing to the necessity of providing large revenue payments, and consequently some of the great wholesale houses in nearly every branch of foreign trade have felt a considerable degree of pressure. At the same time the commercial inquiry has been active, for foreign ventures requiring large capital were, perhaps, never more active ; and, in addition, the settlements usual at this period of the year are causing many houses to in crease their bankers' balances to an amount that would probably not be credited were an estimate made. Most of the money so accumulating will be released early in January; but in the meantime the sums so locked up, though not actually withdrawn from general circulation, inasmuch as most of the banks have been rather freely discounting long-dated bills, have sensibly embarrassed some dep trtments of trade. Had it not been, therefore, for the arrival of the True Briton it is probable that more in convenience would have been felt than has actually been experienced. That, however, imparted a con siderable degree of confidence to the market, be cause the Batik obtained the greater portion of the supplies, while it is tolerably certain that there will be one, if not two, further arrivals of some magnitude before the January dividends are payable. The inquiry for money to-day has been moderate. The demand from country bankers is understood to be particularly heavy. Most of it, however, will tlow back in due time, and meanwhile it is gratifying to observe that the pressure is well understood to have arisen, for the most part, from circumstances inci dental to the season, and from the requirements of a legitimately extending trade. Indeed, we do not hear of any contemplated speculations in commerce not likely to prove reproluctive, though there is some danger of the Australian and Indian trades being overdone. In the course of the week a sort of impression prevailed in some quarters that the Directors of the Bank of Eng land would, at their weekly court yesterday, reduce the rate of discount to six per cent. This impression had never any other foundation than a vague idea, emanating from the fact of the last Bank return being of a favorable character, and from the amount of gold brought by the True Brilun, that the Bank would probably suffer in its discount business by the competition of the Lombard meet houses, sow that the rates in Hamburg and one or THE PRESS. two other places have been lowered. The Bank, however, is necessarily obliged to take a larger view of its posi tion than that arising out of a selfish consideration for its own profits in a weekly amount of 30 ),0001. or 400,000/. discounts. To make money suddenly cheap here, while the Bank of France is in its present unsettled state (for it is still unsettled) would give the French market the advan tage of offering better terms for the temporary employment of capital than could be afforded here, and so induce a scarcity truly artificial. The Bank, therefore, acted ' wisely in waiting a little longer to see whether the im provement now being caused upon the Continent by the cessation of the demand for silver, and by the necessity for limiting merely speculative operations can be consolidated. Besides, it is an error to assume that there is competition between the Bank and the discount-houses for discounts at the present time. Of course, both sides are anxious to find profitable employment for their reserves ; and this both are enabled to do by the extent of the demand for money—a demand that has increased, is increasing, and will increase by the development and extension of commerce. Money must be much more plentiful than it is before simple competition for its employment can result in a fall in price. In fact, it is doubtful whether trade would remain at its present expansion if discounts were cheaper. It is beginning to be discovered that high dis counts are not inconsistent with increasing commerce or with moderate profits: and if further experience con firms the impressions that are beginning to make way on this subject, it is clear that the desire to find employment for money by unnecessarily cheapening it might lead to a considerable degree of evil. However, we have no time or room to discuss abstract questions. We only point out the indications of the market, leaving others to theorise. But we certainly must repeat that competition to obtain even the very best discounts is not at the present time a feature of the Money Market. The exchanges remain without material alterat ion, and this is another circumstance which has naturally had some effect upon the Directcrs of the Bank. To-day, however, they were generally better. The specie arrivals of the week have amounted to very nearly 500,0001. The exact amount is 490,4001. The ex ports have included 130,0001. in sovereigns to the Brazils, and about ZO,OOOl. to the Continent. Of the gold brought by the Trate Briton the Bank has obtained 18J,000/. ; and little or none has gone out of the country in payment for silver. As the reduction in the rate of exchange made by the East India Company is causing payments to be made here, and bills remitted, the demand fur silver has almost ceased. Gold, consequently, is less needed to send to the Continent for purchases of bars and five-franc pieces. So that there is some reason to anticipate that the drain so long caused by these payments will pass away, or at least assume harmless proportions, especially as large receipts are expected by the next West India mail steamer from Mexico and the South American States. On the whole, therefore, there is some prospect of our being enabled to retain a large portion of the imports during the remainder of the year, and probably during the whole of January ; but we doubt whether the continental demand will be so modi fied as to justify an expectation that our stocks will be permanently much larger than they are at present. The monthly return of the Bank of France was pub. lished this morning, and it is of a more favorable charac ter, as a whole, than we had reason to expect in our last. The bullion has increased 1,370,0001., and it now amounts to nearly 8,000,0001. The premiums paid in the purchase of gold and silver have fallen to 17,323/. against rather more than 25,0001. in the previous month ; and they now amount for the whole of the hallyear to 127,0001., or rather more. The Bank has, too, restricted its discounts and advances more than 1,000,0001. during the month; and altogether it is returning to a sound and satisfactory position. The stock of specie in the National Bank at Vienna now stands at 8,515,0001., showing an increase of 3,420,0001. since the beginning of the year. Consols, which closed last Friday at 91 to ex div., for acconr*, have scarcely varied from that price the whole of the week. The lowest quotation has been 931 to I, and business generally has been upon the smallest possible scale. At this period of the year this is always the case. But although business has been languid, the tone generally has been one of considerable firmness; for whenever quo tations have shown a tendency to decline, purchasers were ready to come in. To-day they opened at 93i to 94, and closed at 9lfto j rather flat, in consequence a declit• of 55c. in the French Three per Cents. Exchequer Bills remain firm, at a premium of ss. to Bs. 11 iilway Shares are about the same as last week. If anything, there is rather more dullness, but stock has not been pressed for sale. The market, indeed, has presented no features worth notice, except it be that Caledonians experienced rather a sudden rise, which was subsequently lost to a partial extent. French lines steady. Foreign Securities are weaker, but without any change of importance. Banking and Miscellaneous Shares have been generally dull, with a very moderate business. Some forgeries have been discovered in the scrip of the Oriental Gas Company. The amount involved is at pre sent very small, but the circumstances have naturally caused a good deal of observation iu the present state of public feeling on these matters. Further proceedings have taken place in the Redpath frauds, but the prelimi nary investigations are not yet completed in the police courts. In the meantime the auditors of the Great Northern Railway Company have commenced a strict overhaul of the whole capital account. This was nothing less than was expected from the directors, and it is to be hoped that the inquiry will be completed before the half yearly meeting of the proprietors in February next. A further dividend of tid. in the pound has been declared under the joint estate of &ratan, Paul, and Bates; one of SATURDAY ) 2q. in the pound under the separate estate of Strahan ; and one of bd. under the separate estate of Paul. Several of the shareholders of the !loyal British Bank have petitioned the Court of Bankruptcy under the private arrangement clauses to obtain protection for themselves and property. A new town is about to be erected on the Mutlah, near one of the termini of the proposed Calcutta and South Eastern Railway. The Trade Reports from the provinces denote increased activity. THE BANK OF FRANCE. THE monthly statement of the Debtor and Creditor Account of the Bank of France appeared in the Moniteur of yesterday ; and we copy the following analysis of it from the daily circular of Mr. William Avens, stockbroker, of 13, Tokenhouse-yard, Loth bury : It is, generally, of a more satisfactory character than the naeceding returns for the last four or five months ; inasmuch as all the changes which it discloses show that the management during the crisis bas been firm and prudent. The policy of discouraging speculation is ob viously being still pursued. Compared with the previous return, the following table will show the principal changes made in the position of the establishment during the month expressed in English currency at an exchange of twenty-five francs to the pound sterling Decrease in Circulation . Increase in Public Deposits Increase in Other Deposits Decrease in Commercial Discounts Increase in Bullion Decrease in Advances on Bullion 28,086 Decrease in Advances on Public Securities Decrease in Advances on Railway Securities Increase in Premiums on Purchase of Gold and Silver _ . Increase in Aggregate Liabilities 2,806 Circulation ( December 11) Stock of Bullion December 11) The premiums paid upon gold and silver purchases now amount to 127,1387/. Last month they were 110,5841. A sum, therefore, has been applied in this irregular manner, as we deem it, of 17,3231.; but it is satisfactory to observe that though in November no less than 25,420/. was so spent in obtaining the precious metals, and the result was a positive diminution in the stock of 103,4001., no more than 17,323/. was applied in this way in December, yet the stock has increased no less than 1,376,9591. That an improvement bas been effected cannot be denied. Whether it will be permanent, cr only temporary, we cannot under take to say at present; but general indications are certainly not unfavoriLle to the prospect 01 this item disappearing from the account, at least for a time. The following table shows comparatively the advances made by the Bank in the two months just closed:— Commercial Discounts Advances on Bullion .. „ Public Securities Digo. Nov. .. X 20,448,153 £20,760,444 .. 196,048 224,134 .. 1,494,802 1,827,808 .. 1,022,332 1,524,004 Railway „ X 23,161,695 X 24,3313,390 23,161,695 Decrease in December .C 1,174,695 This sum represents, nominally, the further amounts with drawn by the Bank, both from the speculators on the Bourse and from the I.2.gitimate trade of the country ; but it is evident, from the comparisons given above, that the Bourse has suffered more than commerce at the hands of the Bank, for while discounts have only been diminished to the extent of 311,991/., the advances upon the different classes of securities have been reduced no less than t31i0,000/. Whether the Bank in its improved condition will relax the screw, we do not at present know ; but we should think not, for it cannot yet be said that a perfectly natural state of things has been attained, notwithstanding the vigour of its administration during the past two or three months. BANK OF ENGLAND. An Account, pursuant to the Act 7th and gtb Victoria, cap. 33 for the week euding ou Saturday, the ah day of Dec., 185 e. IfIRUIC PrOARTMENT, Notes issued .... a 124,346,520 Government Debt £11,015,100 Other Securities .. 3,159,900 Gold Coin A Bullion 9,871,520 Silver Bullion .... --• A 24,346,520 DANKII.IO DI Proprietors'Capital/14,543,000 Rest l'ublle Deposit:3o 5:870.703 'Mier Deposits 9,297,193 Seven Day A other Bill■ ‘33,796,640 424,316,520 CPARTNENT. , Government Seen- (Including Dead Weight An.) itlo 640.867 Other Securities .. 17,389,749 Gold &lyer Coin 614.678 • Including Exchegner, Commissions Savings' Dohks. and Dividend Accounts. £33,7a6,640 of Natioual Debt, BRITISH FUNDS. Closing Prices. OFFICIA I . QUOTATIONS. Mond. Tufad. Wed. 77turs. Friday 3 per Cent.Consols . 4 , 944 94k 9il 944 31 Ditto for Account ,T34 xd 93i 1 94 931 4 94 i per Conte Reduced 9 .i4 1 931 93/ 934 1 53/ 3 per Cents Long Annuities Hank Stock, 7 per Cent 2161 218 217 218 1 217 Omnium Fach. Bills, 243. IndiaDonds,(l,oool.) 12p pia Sp 2p pan 2p