The Press.
London, England, 1853-12-24 00:00:00

Vontg Markt ant( tit)! ottiligtoct.

FRIDAY EVIMING.
WE mentioned some time since that the Chancellor
of the Exchequer had made arrangements for the
payment of the dissentient holders of South Sea An-
nuities, to the amount of 6,100,00 a, in January.
Although what we stated is now officially announced,
the public arc still left to surmise how the money has
been found.

In consequence of a blunder in the act which will
not allow the South Set Company to distribute a
portion of the money when paid them, am arrange-
ment has been made by wluch they take '2,540,00W.
in Exchequer I tills instead of cash, and the balance has
been made up partly by a loan from the Bank of
England, partly by tampering with the savings-bank
funds, and partly by employing a portion of the pub-
lic balances.

We must, however, protest against this system of
finance, which is nothing more than a bolstering sys-
tem, and unworthy of this great country. We protest
against it also as detrimental to the commercial in-
terests. hampering, as it does, the resources of the
Bank of England, which, in the present political as
petit of Europe, ought to be as free as possible.
Besides' sooner or later the public interests will
greatly suffer tlimatO these temporising expedients,
by which a disgraceful financial defeat is sought to
he scieened. By raising the money on Exchequer
Bills it will he made to appear that the public debt
has not been increased by the failure of Mr.
lihul-
sts me's conver,i3n scliemes,althoughit is notorious that
the market for Exchequer Bills is so weak that it will
not bear any additional quantity thrown on it; and
should a war suddenly break out, or a large importa-
tion of corn be necessary in the spring, so that. the
Bank would be required to sell securities, the result
would be that Exchequer Bills would fall to a dis-
count, and Mr. Ciladistone will find himself in March
or .Intie compelled either to fund Exchequer Bills or
raise further the rate of interest on them.

This is the way that 31r. tiladstone's conversion
scheme seems likely to terminate, and, in lieu of the
interest on the debt being reduced, it will be perma-
nently increased by his want of foresight.
We believe that it is these considerations which
tend to prevent the Cabinet pursuing a 'Uplifted
course in regard to Russia, and, much as the love of
peace prevails in the City, the feeling is ono of uni-
versal disgust at the conduct of the 11inistry.
I.et 11r. laadstone, therefore. take warning in time
to place his house in order, for he may rely on it that
several competi►ors for loans will be in the market
with him in the spring.
Consols this week, in consequence of niftily speen.
Wont for the fall closing their accounts prior to the
Christmas holidays, rose to 05. but have since receded
to 91i. from the conviction which seems to prevail
that war is inevitable, and a strong rumour that Baron
Brunnow had demanded his passports.

Another circumstance has contributed to the fall,
which is the strong conviction that a Ministe►ial
crisis is at hand ; not that a change of Ministry would
lower the funds, but at such a conjuncture as the
present, when the interests of England should be up-
held by a Finn and united Crbinet, we present to the
world the miserable spectacle of a house divided
against itself; and this it is which causes public credit
to droop.
The arrivals of bullion have been very considerable
during the week, both from America and Australia ;
and today not less than 450,090/. has arrived. Never-
theless the market has given way considerably,
and Consols, which opened at 941 1, have fallen to
98 I, and close 931 4. Exchequer Hills are lower,
at 3to Ii premium. Money has been in demand on
the Stock Exchange at 4 per cent. and in the com-
mercial world at 5 during the week.
Very heavy sales have taken place in Consols to-day,
as is generally supposed by the Hebrew party. ne
alluded to this party, generally so well informed on
political and financial affairs, selling last week.
Great excitement prevails in consequence of a dis-
covery that many of our copper and silver-lead mines
contain gold, varying from 11 to Is ounces per ton,
and that, by adapting improved scientific and mecha-
nical means for its extraction, large amounts of gold
and silver hitherto lost will now be annually produced.