The Press.
London, England, 1855-10-06 00:00:00

961

day, assumes that the Bank has in this last ad-
vance " been guided solely by the nature of their
latest bullion returns." The fact is so to some extent,
as the return in to-night's Gazette shows a decrease
in the stock of bullion to the extent of upwards of
300,0001.

There is, however, one item in the Bank re-
turns to which sufficient attention does not seem to
have been paid, and which may have influenced the
directors 1111101 more than the stock of bullion in
their vaults. Their advances (" other securities ")
have lately been largely increasing, and this will
appear evident if we take the amounts for the last
six weeks, as they appear in the returns :
Week ending Aug. 25—Other Securities.. X 14,995,232
" Sept. 1 15,961,985
" Sept. 8 113,837,227
" Sept. 15 17,388,784
" Sept. 22 14 18,509,278
" Sept. 29 19,915,763
No commercialist can look at these figures without
acknowledging that there must have been for the
period they embrace a great and continually increasing
demand on the Bank for accommodation, and that
as sound traders they were bound to raise the value
of their commodity as the demand for it became
greater. The question, indeed, is, whether they
applied the remedy at a sufficiently early period.
The fact brought out by the above figures that the
demand for accomodation increased as the rate of
interest went up, is not of a reassuring character, nor
do we know any circumstances to account for it. The
general impression is, that trade is in a healthy
condition, and that there is an absence of mere spe-
culative dealing; but the facts are plain, and it is to
be feared that the consequences will be disastrous
should the pressure on the Bank continue. The
commercial securities held by the Bank are fully
five or six millions above the average, and evidently
it will be compelled to adopt measures not only to
prevent any augmentation of that amount, but to
materially reduce it.
The failure of the old and respectable house of De
Lisle, Janvrin, and De Lisle, with liabilities to the
extent of 400,0001., was announced on Wednesday.
The stoppage is represented rather as a prudential
measure than as the result of absolute necessity, the
firm having a considerable balance at their bankers,
with other assets immediately available, to the
amount of 100,0001.
The proceedings of the Bank of France lately, in
having purchased bullion at a rate exceeding the
market price, has given rise to much comment and
speculation. The conduct of this great corporation
has been usually marked by so much prudence and
good management, and such strict attention to sound
principles of banking, that it is extremely difficult to
account for its conduct on this occasion. We must
infer that it has acted from a sense of overruling ne-
cessity, and that the Government, for political rea-
sons, has interfered with its proceedings in a manner
which would certainly not be deemed prudent in this
country.
We observe with satisfaction that the Bank of
France have notified an increase in their rate of dis-
count from four per cent. to five, and have at the same
time resolved to limit their accommodation to bills
having only seventy-five days to run, instead of three
months as heretofore.

An attempt has been made by the monetary
editor of the Times to show that the drain of bullion
from this country, and the consequent pressure on
our market, have not resulted from the export of bul-
lion required for war purposes. Theories, opposed
to facts, are not likely to have much weight. It is
certain that the war expenditure must lead to very
large exportations of coin ; and as we do not find any
corresponding development in our trade with those
countries to which the bullion is sent, we must sup-
pose that there is no natural action by which it can
be returned to us, and that it gets widely diffused
in the countries of the East. A Head• Quarters
Bank, under able and trustworthy management,
would be a most useful institution, both to our
troops and our mercantile classes.
All descriptions of securities were steady on Mon-
day and Tuesday, though the market was heavy, but
on Wednesday the decline recommenced, and Con-
sols for money sank to 871 to 1. For the November
account the price was 881. Turkish Six per Cents.
sank to 841, and the New Four per Cent. Stock sank
to 2 discount. The fall continued on Thursday,
Consols for money at one time dropping to 871,
but recovering before the close to 871 to .
Turkish Stock was again greatly depressed, the Six
per Cents. being done at 821, the Four per Cents. at
21 discount.
The market was steadier to-day. Consols for
money were done at 871, 871, and 871 to f. Turkish
Six per Cents recovered to 831 to 841. The Four
per Cents were 21 to 21 discount. Exchequer Bills
were 2 to 5 premium; India Stock 226; and Bank
Stock 216 to 218.
The Share Market has sustained little ♦ariation
this week, nor have the dealings in Foreign Stocks
and Mines been of a nature to call fo particular
remark.

962

BRITISH FU
OFFIC!

3 per Cent. Consols
Ditto for Account
8 per Cents Reduced I
8 per Cents
Long Annuities
Bank Stock, 7 per Cent

_
Omnium
Ezell. Bills, 2d. per diem
India Bonds, (