The Press.
London, England, 1853-09-17 00:00:00

Cane' gbaktt nub Citg nttiligentt.

Vanua EvENtsii.
TuE same causes winch for so many weeks have been

in operation, and have produced so depressing till in-
fluence on the Money Market, still continue, and
consequently produce the same effects. We will re-

capitulate them.
The unsettled state of the Turkish question—the
continued drain of gold from the cotters of the Hank,
and the consequent demand for money—the appre-

hvii,ions relative to the harvest, and Mr. lavAlstune't;

ti►►au,•ial dilemma.

our monetary system being based on gold, so long
as the drain continues die Bank of England has no
alternative but to raise the rate of discount until the
exchanges turn in favour of this country, and yester-
day it was raised to 41 p►er cent.
In expectation of this event, the demand for honey
was very great, and the applications for discount at
the Bank were, in anticipation of raising the rate,
1111 l totally large. An immense amount of ~ttwk, both
for money anti on speculation, has been thrown on
the market, which has caused a depreciation of about
per cent. in (7onsols, which have been as low as
111 for money, and 93 for the account.
The question arises, and will s►snter or later force
itself on the consideration of the financial and con

menial world, whether they are t be subjected to
these continual thtetutit• and uncertainties as to
the obtaining ()rummy, because the Bank of England
happens to have live or six millions less of gold in
its rollers.

Front the beginning of the year to the present
time the gold in the Bank has been diminished by
**bent that sum, and the rate of discount has risen in
consequence from '2 to 4e per cent. The funds since
Jauntily have depreciated full 5 per cent., and
railway properly nearly 20 per cent. ; so that in these
two items the difference in price amounts to about
ninety millions sterling. But this is not the extent
of the evil. We have no hesitation in saying that, if
the drain of gold continues, our commereial pros-
perity will be endangered, and especially the Aus-
tralian, Californian, and Plena trades, from which
r.turns cannot. be (11116111'11 fin. Many mouths after
the shipment of goods. A difficulty may arise in the
renewal of the aceionmodation required to early on
these trades, which might cause so serious a diminu-
tion in our exports, especially to Amstrads, that eon-
sequences of the most alarming nature might arise.
We mention these trades, as requiring the longest
credits ; lint the whole commercial world will sutler
mon( or less, and this because the Bank of England
has temporarily dve millions of gold less in her
coffers.
In due course we shall obtain large quantities,—
rom Aust rade in return for sh tents—from France in
payment for curie and railway shares. We shall also
dispose of Americtut stock and railway debentures, in
which the public have invested largely in the United
States. We must also bear in inind that gold, an
almost indestructible commodity, is being produced
at the rate of forty millions per annum. Under
these circumstances, although the commercial world
may have to undergo a severe pressure, so long as
gold continues to be drained from the Bank, it is
certain that this pressure can be but temporary, and
ought not under a better regulation of the Bank to
occur at all ; for we estimate that the amount of gold
that will accumulate next year in the coders of the
Bank will be larger than ever.
The rate of money on the Continent is lower than

•
in London. At Amsterdam it is 2 per cent.; Paris,
3 per cent.; Hamburg, 3 per cent.
About wow/. have arrived from Australia during
the week; and the shipments of silver to Chins
have been suspended. The exchanges are again
ti►mer to-day.
To all these indications of an improved state of
things the only drawback is that there is a rise in
the Corn 31arket to-day of 3s. to 4s. perquarter.
Money is abundant in the Stock Exchange ; the
rate being about 3 per cent. on the security of stock
and F.xcliequer Bills, which latter have been sold at
Ss. discount. But it must not he forgotten that a
large portion of this stock will hays to be replaced,
as the operation bas been t 4 raise money on stock in

SATURDAY,

the Stock Exchange at a low rate of interest, and to
supply the commercial world at a higher. The rate
of discount is to-day to I. Consols close 90}
for money, and 901 a for the account.

FOREIGN FUNDS.
The Foreign Market has been subjected to a severe
depression, in consequence of large quantities of
stock on which advances had been made being
thrown on the market for sale.
No stock has suffered more than Peruvian on this
account, which is aggravated by the growing dis-
pleasure which exists on the part of the agricultural
interests at the short supplies of guano, for which
there would be, at reasonable prices, an almost un-
limited consumption. It would be worth while for
the Peruvian Government to have vessels of its own
for the regular supply of guano, and to break up the
present grinding monopoly, which is alike prejudicial
to the credit of Peru and our agricultural interests.
Peru, in rive years, could liquidate the whole of her
debt by these means.
It is probable there will be improved prices for
most of the foreign stocks, as they have been un,
naturally depresssed from forced sales.

RAI MAYS.
A panic has pervaded the Railway Market, caused
by the fall in Consols, and also from large quantities
of pledged stock being forced on the market. Apart
from this, which will terminate when the monetary
pressure ceases, the increase in the traffic is extra-
ordinary ; and it must be borne in mind that almost
all the railways at the present prices pay nearly 5 per
cent.
There is no real ground for the present deprecia-
tion ; and, when the causes to which we have above
alluded ce*se, the reaction will be very rapid.

PRICES CURRENT.

BRITISH FUNDS.— Cloi
OFFICIAL QUOTA'

Mond. Trend.
--..
8 per Cent. Consols 4l 4. 9 1 1. 0 511
nitto fur Account
3 per Ceuin Reduced
3} per Cents
!Ann; Annuities
Houk Stuck, 7 per Cent
India titock.loe per Cut 25 44
Ex. 11. lIIIIs, Id. per illein4 dpnr 2 d pnr
Wig Boutin, (IOW) lpai :: p 3td

14d pal
2 phi

9bl '•ibi
tr 4

- J7l

SO On
OM. ed.
2d 411

3 4dl
5 11