The Press.
London, England, 1853-10-01 00:00:00

Ftlontg 'Dada not Citg

FRIDAY EVENING.
A Palm as intense, and, as we believe, in the sequel
as unfounded (se far as any real ground of alarm is
concerned), as any on men', bris taken possession of
the moneyed world during the week.
When panic takes place it is impossibleto say what
people may do under its influence, but we certainly
never c,rfetea to Ft. e Consols tall ( from the hieliest
point" nearly 11 per cent.. in it limo of univenel
prosperity. Our revenue, as will be seen by the nest
ram, nes never more flourishing. We hate (not-
withstnujing five or cix millions have gone out) within
ono milliun as much gold as ever we were known to
hal., in the oolDrs of the Bank prior to the Califor-
us.an and Atooralian diaoo‘eries.

:the rcehnuges, which have been for some Cron
ailvriee to I:nglana, turceil in our favour. We
have this week received nearly 600,00 bullion, and it
las% crawl to be cxporte 1.
The accounts from Australia are such that will
completely check exports, and compel imports of
'Pim for the ruhanp bag rim to Ruch a point

THE PRESS.

that we expect to see even sovereigns returned to
England.

Why then, it may be asked, should Consols have
fallen to 001? Because gobemouches went buzzing
about, instilling into people's minds that Aus-
tralian paper, would cease to be discounted. The
natural result was that every one set about making
themselves safe ; the bankers sold or temporarily
raised money on stock. Every one who had bills of
exchange in their till sent them into the Bank of
England to discount. This of course frightened the
Bank, and they went on raising the rate until on
Thursday last it was raised to 5 per cent.
When we see the private securities or bills dis-
counted by the Bank increased in one week by
1,111000., we can hardly be surprised at the rate
being raised to 46 ; nor can we be astonished at the
directors rising to 5, when we understand that in one
day (Wednesday last), probably in anticipation of, and
to provide against, contingencies, 700,000/. in bills was
sent. in for discount. Of course this measure was
followed by the discount-houses allowing more on
call, and charging 0 per cent. for the bills they dis
counted. But the question comes to this—is there
any real cause for this enormous increase in the
value of money 7

We admit the Australian markets are overdone,
and that a check will be given In exports; but this
trill be the very cause of tummy being cheaper instead
of dearer. We expert within the next six months
that the bullion in the Bank—which, be it remem-
bered, is the 'ammeter which will guide its opera-
tions—will he larger than it has ever been before.
This is one view of the case : and this is the view
taken by the more sane portion of the public; for
emisols have revovered from 901 to 0:1R, notwith-
withstanding the Bank of England having raised the
rate to 5 per cent.
There is evidently no pressure of stock on the
market, as the public have taken off all that has been
sold, and are continuing to invest ; and we garden-
holy call attention to our statement of the settlement
of the railway-share account, to show how little
cause there has been for the dread of pressure.
It is reported thst the allied Sovereigns of Russia
and Austria have sent for Baron Rothschild to
()bout/ ; and, si•! the baron is no soldier, it is pre
sumed he is sent for on a financial operation.
The Consol Market to-day is very firm : the prce
opened 021 1, and gradually rose to 1411, at which
price they closed. Money on stock is not worth nn re
than 21 to 0 per rent. The public have been latge
buyers.

The Corn Market gtill continues very firm

Money in the Discount Market is tight ; but the
bankers ale very full of it, having emply provided
against all contingencies.

RAILWAYS.

In order to show bow ungrounded the panic has
been in railway shares, the settlement of the account
has incontestably proved that the public have been
investing largely in lieu of selling. The scarcity of
shares has been unprecedented, and, notwithstanding
the high rato of money, actually i to 1 per cent. for a
fortnight, and the inency for nothing, has been given
for the loan 01 London and North-Western Stock, # per
cent. for Great Western, and from to on every other
railway shale of the principal lines. Now, this clearly
proves that the depreciation has been caused, not
by :ffles of bond fide stock, but by speculators; so
that, whenever money becomes cheaper, or politics
assume a more cheering aspect. a very considerable
rise will take place in shares. The traffic, we observe,
continues to increase on the main lines, especially
on Great Northern, which is reaping a harvest from
the sagacious compact they have made relative to the
conveyance of coals. We refer to the subjoined lists,
showing the fluctuations which have occurred. The
market has now assumed a more healthy appearance
tbau for months past, and nothing can prevent a rise
but a war.