The Press.
London, England, 1855-10-20 00:00:00

Slog ladtt anb ditg Anitilignut.

FRIDAY EVENINO.
IT was pretty well understood in commercial circles
during the early part of the week, that the Bank
would on Thursday raise its rate of discount to six
per cent., but the advance was more considerable
than was anticipated, as this rise was for bills
which had not more than sixty days to run, while
the advance was to seven per cont. for those from
sixty to ninety five days. The market for securities,
which, on the whole, had been fairly maintained up
to this period of the week, sustained a sudden
check. They fell from 87} to 87} for money, and
have since receded still lower. The highest rate
at wined was on Wednesday, when they reached 88i.
Ths public have constantly been buyers, yet at no
ti ne in the week has the market shown steady
fl mness, and speculators for a fall still seem con-
-11 lent in the correctness of their anticipations. To-
day Consols both for time and money were up to
87i to I, but at the close were down to 871. Turkish
Stock continues to decline. The closing price to-
day was for the Six per Cents. 791, and for the New
Guaranteed Four per Cents, 31 ►o 4 discount.
The Bank of France have acted in unison with our
Bank. On Thursday the rate of discount on French
bills was raised to six per cent., while a notification
has been issued that in future the advances on Stocks
will be limited to thirty per cent. of their value.
The Bank return in to night's Gazette shows that
the course adopted by the Directors was one of
necessity. The item of "other securities" has,
indeed, declined in amount to the extent of half a
million, and so far the return is favorable ; but, on
the other hand, the stock of bullion has been dimi-
nished by 520,8601., and the reserve of notes has
declined nearly one million, or from 5,473,4701. on
Oct. 6th, to 4,557,4901. on Oct. 13th. Considering
that this amount represents the whole money capita]
of the Bank immediately available, and that its
public and private deposits exceed 16,000,0001., it is
evident that it ought not to permit its reserve to fall
lower. The screw must now be applied to turn the
current the other way.

When the long•delayed arrivals of gold from Aus-
tralia come to hand, and the amount lately paid on
dividend accounts begins to flow back to the Bank,
we may, unless the action be counteracted by adverse
influences, look for some relief from the stringency
which exists.
We continue to receive satisfactory assurances of
the state of trade, but there is just a chance that a
feeling of panic may at this critical time arise, when
perhaps the consequences would be severely felt.
The holders of colonial produce and of corn are
perhaps the most endangered by the high rates of
discount which prevail. The unusually large amount
of commercial securities held by the Bank indicates
the extent to which capital has been raised by spe-
culative probabilities of an advance in the price of
certain commodities.

A visit was on Tuesday paid by the Governor and
Daputy-Governor of the Bank to the Chancellor of the
Exchequer, and a morning contemporary thus corn-
mews upon it :

Although the actual object which these gentlemen had
in view has not as yet been permitted to transpire publicly,
we believe thatwe are not far wrong when we state that one
of he subjects brought under the consideration of the Finan•
cial Minister by his city friends was the project for issuing
a certain number of 11. and '2l. notes. Our readers cannot
fail to recollect that we have very frequently pointed out
the necessity for the adoption of a measure of this descrip-
tion, in order to counteract the evil influences of the late
Sir Robert Peel's Act, and we are gratified to find that the
most ardent admirers of a gold currency admit now that
an obstinate perseverance in supporting their favorite
dogma will not compensate for the disarrangement of our
trading system.

We have heard a different account of the matter,
and believe that the business of the visit was to know
whether the Chanceffor.of the Exchequer would, in
case of necessity, consent to a suspension of that
clause in the Bank Charter Act which restricts the
amount of notes to 14,000,0004 without a corres-
sponcling supply of bullion. We have not heard the
answer of the right hon. gentleman. A Ministerial