The Press.
London, England, 1853-06-04 00:00:00

iamintrriat.

CITY, FRIDAY NIGI4T.
The event of this week upon 'Change has been tlie COW.
!ReneeMeld of the increase of ►nterest upon advances de.
termined upon by the magnates of the Bank at Thursday's
weekly meeting. Many comments and some surprise have
been occasioned by this move—that is, by those who were
not in the secret. That there ware many who were is
proved by the heavy speculative sales effected on Wednes-
day and Thursday morning by parties who had somehow
obt►tined a peep behind the hunting-street curtains, and
who took an to abocuuut their ipfurtttt►tivn advantageously.

SATURDAY,

As for the step itself it has been pronounced at once
rash and wrong,—in the face of such enormous imports
of gold as are now weekly received, and at a time
when the public have good grounds for believing in
the possibility of converting a good section of
the national debt into a two and a half per cent. stock, if
the Chancellor of the Exchequer could only contrive not
to bungle the operation. However, the short answer to
all criticism is this : That in addition to their political
position, and even beyond their responsibilities as regu-
lators of the national credit and currency, the Bank di-
rectors have an account to render to their shareholders,
and, as managers of a vast trading concern, must endeavour
to satisfy the appetites of their partners and clieuta when
craving for a dividend. If, therefore, they see their way to
make 31 per cent. of their money instead of 3, they are
quite right to try. And a circumstance which has proba-
bly encouraged them in this attempt is that dimly alluded
to by Mr. tiladsnine in the House on Thursday night. Out
of the mass of Exchequer Bilk falling due this month, it.
appears that only o,Bt 0,0001. are exchanged, leaving
2,3110,00111. to be paid off in hard cash ou the sth inst., to
say nothing of 750,000/. more still outstanding. The pay-
ment of this large sum will materially diminish the On-
veniment balances in the Bank ; and though the money will
doubtless become a portion of the doatingpublic fund always
seeking investment, and so, finally, make its way back to
the Bank cellars, yet this proceas is likely to be slow, and
meantime the effect of the operation will be to increase that
prevalent tightness of the money market of which the
parlour has taken such prompt advantage. It may be
mentioned that the great discoimt-houses have not hitherto
announced any corresponding alteration in the rate of
interest.
Out of doors the effects of this step, combined with the
adverse rumoura from the East, have occasioned a noticeable
WI in the price of all descriptions of stock. Consols for
the first time for many weeks have fallen below par; and,
being now quoted ex. div., were to-thty done as low as 9t4 to
to ; New Three and a Half per Cent*. have been 101 i
to I ; and the Three per Cents., 99i to 9. Bank Stock
h 2
as declined to '4O. India Bonds, 200. Exchequer Bills
were at par to Is. premium.
Foreign securities were also dull, and with very inactive
business.
Railway shares were almost invariably worse to-day, at a
fall of to per cent. Joint-stock bank and gold-mins
shares were also drooping.

AUSTRALIAN Got.n has arrived in considerable quantities
during the week. On one day ( Tuesday) the Sarah Sands
screw steamer bmught on freight 80,000 oz. of gold from
Sydney and Melbourne, value about 320,00 W. a large
amount in the hands of the passengers, and 20,0001. in
silver from the Cape. The Windsor had 20,718 oz., value
about te2,872/.; the Cheapside, 11,004 oz., value about
40,4101. ; the Lydia, 10,000 oz., value about 40,0001. • the
Northumberland, 17,054 oz., value about 08,2101. ; and the
Blaekorall, about 50,K20 oz., value about 237,0801. ' • making
in all remittances to the extent of 813,1841. in fourand•
twenty hours.
Tan ORIENTAL BANK PROPRIETARY, at their meeting
last week, declared a dividend at the rate of 1U per cent.
per annum, as also a bonus of 3 per cent. as proposed at
the former meeting
Tun NATIONAL BANK OF IRELAND have held their
eighteenth annual meeting, when the dividend declared
was the same as last year. It was, however, stated that in
July next the directors will be able to resume the payment
of a 0 per cent. dividend.