The Press.
London, England, 1853-09-10 00:00:00

Voitg Vadat a 0 Citg nttU tact.

FRIDAY EnNING.

THE funds have continued their downward move-
ment during the week, and Consols have been sold at
Hi, and close this afternoon 961 i for money, anti

96 7 for October account.
The fall may be attributed to a variety of causes—
the unsettled state of the Turkish question, the con-
tinued drain of gold from the coffers of the Bank,
the consequent continued demand for money, the
apprehensions as to the harvest in England and
France; and lastly, the dilemma of Mr. Gladstone
as regards his conversion schemes, and the state of

the Exchequer Bill Market.
All theso material points are, to say the least of
them, involved in eonsiderable uncertainty ; and, in
a eolinnercial country like England, there is nothing
which creates greater uneasiness than uncertainty.
So difficult is it to arrive at any eorrect conelu-
-I:ions as to the future of the 3loney Market, that we

will place before our readers the n►ost correct data

we can collect.

As regards the harvest we are happy to state that
it is most abundant in Ireland ; and, although in

England the wheat harvest is decidedly deficient, the
crops of oats, barley, and turnips are so abundant,
that, taken as a whole, we believe there is an

average yield.
The latest adviees represent the harvest as ►aagni-
ficent in Canada and the United States.

The fact, also, of an arrival of 250,000 quarters of
various kinds of grain during the week would tend to
prove that the present high prices are bringing sup-
plies from quarters that were not calculated on.
But as regards our Money Market, which is en
tirely regulated by the amount of gold in the coffers
of the Bank, it is most difficult to arrive at any con-
clusion. During the present week gold has been ex
ported to Russia in payment for grain, and also
to Hamburg. in exchange for silver, which continues
in demand for China and India. The rise in the
rate of discount will have a tendency to check the
enormous shipments to Australia, and indeed to other
parts of the world ; and it will also have the effect,
by limiting credit, of causing our capital em-
ployed in distant countries to be called in. It is
also well known that Australia must be largely in-
debted to England ; but, notwithstanding this, it has
been computed by competent authorities that no less
than 12 millions of sovereigns have been shipped or
taken by emigrants to that country.
Now, there can be but little doubt that as the ex-
change in Australia has run from N dis. to prem.,
and is likely to rise still higher, we shall receive
a large quantity of these sovereigns back, in addition
to the produce of the mines ; and if so, this will
counterbalance any exports of gold to the Continent,
either arising from the balance of our European
trade being against us, or sent in payment of corn.
If, therefore, peace is preserved, we are inclined to
think that the pressure on our resources has pretty
well reached its maximum ; for the Australian ar-
rivals may be calculated on towards the close of the
year. The rise in the rate of money, and the im-
pediments that will he thrown in the way or obtaining
it for so distant a trade, will also tend to lower the
prices of commodities, which have of late received so
remarkable a stimulus.
We now come to Mr. t7iladstone's financial dilem-
ma, which weighs heavily on the market, because
the stock in which he gives the parties the option to
convert has been sold in the market below par ; and,
if it goes lower. the parties will naturally demand
money rather than stock. This has given rise to a
rumour that the Chancellor of the Exche-
quer, with a view to provide funds for the dissen-
tients, and also to support his Exchequer Bill Mar-
ket, has ;wen selling Three per Cent Reduced, and
Consols belonging to savings banks, in the market,
and purchasing Exchequer Bills. We cannot be-
lieve the rumour; although it is certain that Ex-
chequer Bills could not be maintained at .4 dis. to par,
with money worth 4 per cent., unless from some un-
natural support. We can believe that the Chan-
cellor of the Exchequer may'employ the funds of the
UrfiugsAbanki is web's* Exchequer Bills-•ore

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