The Press.
London, England, 1853-08-06 00:00:00

gkt Sabi.

APPOINTMENTS AND PROMOTIONS.
Rear-Admiral David Price, to be commander-in-chief on the
Pacific station. In the room of Rear• Admiral Fantail Idereeby,
c. 11., in the command of that station mince August 31, OW.
COMMANDER—JohnM'DMVIiii /Mien., (lode), frotu the Coast
Huard, to command the Ilaknart, 01, MIO4/p, at Devonpott, vie*
Commander West, whose aPPailiefflobe has been cancelled.
Limits:rimers—William G. Dou an (1M45), hum the Coast
Guard service, to the Odin, la, iswheel steam-frigate, at
Portsmouth; 11. 111. Elliott (1147 , to the Ajar, 68, serew•ahip,
ritu
Spithead ; Henry 11. Woollrombe (NM), to the Arrepout, 47,
serest steam-frigate, at Portsmouth; Charles J. MINIM (1!141!),
and denier S. 'reptile!' (18(1), to the Plumper; Franuis S. IMA-
M/II (1853), to the Philmeel, S. sloop, at Devonport.
•-.• alma—Edward M'Kenzie (1659), to the Phibrael, 8, Devoe.
'..re P. Iluruel,(lBs2), hues the lido.

port.
SLc()tit)

roue, steam-frigate, M Dryunport, to ... Cumberland, 70, INeci-
ship, on the West India and North American station.
Msys—JOin B. Balfour (1251), from the Excellent, gummier
ship, at Portsmouth, to the Nuke, 22, paddle-wheel steam-legs*
at Portsmouth ; Marcus I'. Olsten° (IOU), to the Prowler ; Ed-
ward T. Nottt (1a51), to the Owen, 116, at Devottport
PAYII W. C. Brown (1851), to the Plel; litotes'
Taylor Wise (1841), to the Ploottper, 2, screw steam-sloop, as
Portsmouth.
Miusuirstm—T. N. L. Carter, to the Ajax, ss, screw steam-
ship, at Portsmouth ; P.. 1. Flaakeir, to the Plumper, 0, resew
maim-sloop, at Portsmouth; 11. Mt. J. MiklmaF, to the St. Jess
d'Aerv, 101, screw steam-ship, at Deronport ; charley Hamm, to
the Tribune. 30, screw swam-higate, at Portsmouth.
'itaotorts—Willism Mumma ( R5l). tothe Pfaikawsi; J. Camp-
bell (1x52). to the Plumper. 12, screw, Portsmouth.
Assistant-Sunoco/ft—Edwin T. Watkins (184 s), to the Apt.
meonnots. 31, screw steam-ship, at Portsmouth; William Richard-
DM (106), to the antelope, attam-ramal, at Fortnum&

NAVAL CADET—A. Tupman, to the Encounter, 14, screw etesm•
ship, at Portsmouth.
CLERK—E. H. Wells, to the Phitowel.
CLERK'S ASSISTANT—F. L B. Bedwell, to the St tleorge, 120,
Devonport.

ontg Markt an eitg linttllignut.

FRIDAY EVENING.

Consols, which were looking firm at 944 before Mr,
Gladstone came forward with his new plan, have
since fallen to 97i ; and Exchequer Bills have been
sold as low as 3s. discount.

Now, all this is very serious, and will become more
so, in the event of hostilities with Russia. It is the
financial uncertainty, more than the political, which
tends to depress public credit, and keep the Money
Market in a state of feverish anxiety.
The operations of the Bank of England are com-
pletely paralysed, and, if any crisis were to arise, the
Bank, fettered as she is by the embarrassments of
Government, would be unable to afford the usual as-
sistance to the mercantile world. This is a state of
affairs which it is the duty of GOvernment to rectify
without further delay ; and we advise Mr. Gladstone,
the moment the bill passes for the conversion of the
South Sea Annuities into the New Three-and-a-

Quarter per Cent. Stock, to call on the holders of
them to decide whether to accept or reject the terms
offered within fourteen (lays ; or within as short a
space as circumstances will permit.
We will briefly recapitulate the causes which have
brought about some of the changes in our monetary
position, to prove how little knowledge Mr. Glad-
stone must have had of the actual state of affairs
when he proposed his financial schemes for the re-
duction of interest.

The bullion in the Bank in August, 1452, was
23,600,0001., and actually exceeded the notes in circu-
lation; whereas, at present, the bullion hardly ex-
ceeds 17,500,0001., and the notes in circulation are
23,800,0001. In March, 1452, the rate of discount
was reduced by the Bank from 21 to 2, but, owing to
the altered position of affairs, and the growing de-
mand for money, the Bank raised the rate in Janu-
ary, 1853, to 21. Shortly afterwards it was raised to
3; and, during the progress of Mr. Gladstone's
budget, a further rise to 31 took place, and yet this
was the time he fixed on to lower the rate of Ex-
chequer Bills to 11 per cent., to pay off the South
Sea Annuities, and attempt a reduction of the debt.
This rise in the rate of discount might have been
foreseen by Mr. Gladstone as the natural conse-
quence of increased trade, and a rise of from 15 to 25
per cent. in every article of domestic consumption.
During the present week a great demand for
money for commercial purposes has existed, and the
rate is 31 to 1. The discount-houses have increased
the rates allowed for deposits to 24 per cent. Money,
too, is also rising in Paris.
Shipments of silver continue to be made to India
and China, and gold is transmitted to Paris for the
purchase of it. The drain would be excessive were
it not for the large arrivals from Australia, America,
and South Ameriet, am tinting in the aggregate,
during this week, to 600,000/.
Consols, from the causes we have touched on, and
the unfavourable political aspect, have fallen to 97 4,
at which price they closed. Money is easy in the
Stock Exchange on account of investments on
the part of the public. Exchequer Bills are
:1 dis. to 1 pm. The Bank, we understand, has sold
stock during the week. This does not surprise us,
when we consider the advances she may have to
make on Government account, and the growing de-
mand for money for commercial purposes.

FOREIGN FUNDS.
The intelligence from Mexico only proves that
sooner or later the committee of Mexican bond-
holders must adopt more energetic measures or the
interests of their constituents will be sacrificed.
Why, we ask. has the month of July passed over
without a meeting of the bondholders being convened,
and a report of the committee presented" At least,
the committee need not break through the express
conditions of their election, although Mexico evaded
those which caused the present bonds to be accepted.
The bondholders tamely submit to the revenues
specifically hypothecated to them being appropriated
to the wants of the Government for three mouths, with-
out meeting and loudly protesting against such an ini-
quity. They see their agent in Mexico imprisoned, and
they do not resent the outrage. Private protests, unless
backed by what the Americans call •• indignation"
meetings, avail nothing. And so long as committee
and bondholders continue the present policy, without
publicly complaining, they may be assured they will
not obtain redress.

Only 200 X) dollars have been received by this packet
on account of the dividends, but the bondholders' por-
tion of the revenues at Vera Cruz alone, for May and
June, amounts to 120,0(X) dollars, but it was appro-
priated to the Government. It is perfectly clear that
if the revenues at the various ports were duly col-
lected they would be ample to pay the dividends.

The same observations apply to Portugal, Venezuela,
and other repudiating States.

Under such
are drooping.

no wonder the bonds

The tendency of foreign stocks has been down-
wards, but business has been very limited.

The South-Western dividend will be after the rate
of 3i per cent.

PRICES CURRENT.

'sing Prices.
LTION.
Wed. inure.'