The Press.
London, England, 1853-07-16 00:00:00

?Rlonce )11ittlat anl3 Citg

FRIDAY Evr.NiNo.
Tttr. critical position of politics renders the market
fur funded securities extremely sensitive.
It will be in the recollection of our renders that we
pnintetl out that Mr. Gladstone would find his finan-
cial position extremely embarrassing in the event of
war. In the first place he will have to raise the

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interest on Exchequer Bills ; for it. is absurd to think
they will float at an interest of II per cent. per an
num, when the Bank rate is 35 tier eent., and money
in Lombard-street is worth :1 per cent.
Then again, as if to pnwoke further embarrass-
ment, he is about to reduce the rate on savings
banks' deposits to per rent.
Now, we do protest, in the name of M
successor, against his being subjected to such fearful
liabilities as would arise should hostilities occur. lu
the language of the Stock Exclomge, the present or
future Financial Minister would find himmetra o
of the following securities
1 16,000,000 of Exchequer Bills, which would either
have to he funded, or the rate of interest
raised ;
10,000,000 to be provided for South Sea dissentient, ;
;10,000,000 of savings banks depositors' stock.
We beg Mr. flladstone to ponder on his financial
position, which is precisely as we have stated it, and
WWI is fraught with peril and embarrassment.
Mr. filadstone has done wisely in applying the
Sinking Fund to the extinction of the Exchequer
Bills he lots to dispose of, but, after applying the
6410,0110/. surplus in this matter, ho has still about
1,1110,111101. left. of those the public refused to renew
in Juno ; and from the state of the Exchequer
Bill market, which has fallen to a discount, we should
say that it is probable an attempt has boon mule
to dispose of some of these bills in the market, which
is of at very limited extent.
The funds, at one period of the week, have been
as low as 1171, but the 'Wilk. always buy on a fall,
and, after being UN, the price closes 117;, sellers.
There is great scarcity of stock, and consequently
great abundance of money, in the Stock Exchange,
but a considerable demand exists for commercia
purposes, the rate being :1 to p in Lombard street.
We have no doubt, as we stated last week, that
Russia has been withdrawing funds from this country,
and that the continued drain of gold to the Continent
is chiefly on this account.
Thu large amount of corn bought in this market
for French amount. will in all probability be resold,
as we understand the prospects of harvest in France
have considerably improved. French funds come by
tklegraph a trifle lower.
FORE lON FUNDS.
The market in foreign funds has been very
limited during the week ; the tone, generally speaking,
has befit' heavy. Russian Four-cud-a-half per Cents.
continue at Its), ex div., which is looked on as a
favourable indication.
RAI LWAYS.

It. i!4 with great. matishiet that we Ilraw attention
to the following Railway Traffic Receipts for the first
half of the years 1552 sad 1853, up to June

Milo+. A ...•
lm. p. tnII Mi11•..1 .1 W. pan&
Westn. 311 1,132,090 2,997 1131 1,231019 2,221
.. 277 4311,4111 1,1212 3111 493,107 1,3111
& 2101 417,14143 1,1;14 2011 472,333 1,3141
M Minna
E14141.r114.,01111111 4 fill :171,334 1,133 n 43 4015,5n4 I
month western
lirilldon
South E111d1111.., 2144 311,6911 1,1919 255 350,-171 1,219
Ilerwiek, York,
N. M W.k 1.1.0.1i3
Null !tern
159 2194,739 1,194 1/19 211.112 1,2;1;
Orval Northern 22:1 241,193 1,301 552 877,091 1,339
1tr14.1 ,1; 1.:N..1er t; 1iim,7441 1,29 1141 115,n0t; 1,337
Eitst 1.1111.8.1111.1. 711 113,131; 1.1:12 $2 113,2111 1,592
11w511. 11.10.1. 714 71,911 7111 111 93,219 1,019
14. MOIIIII. & Weld. INN 11/4,:137 IMP NM 1114.513 1043
%tll. Silt:T.& Lill. His 172,1144 1,1149 16$ IM:1,1115 11314
4,279 13,407,41111, 1,292 -1,462 11,11111,5,111 I.:11.1
• •

1114119'4e, Isbs--Nibs, 1,43, or per rent.
I )tUU iteceipb4, 11103,11,0/., or I lIU
per rent.
With the exception of the (Ireat Western, every
line shows an increase in their receipts per mile; ie
the deficit of the limit Western is vary tritiiiiF,
when it is eensi4l44red hew short a time the Binning •
ham and Oxford branch has been opned, fuel that
the lams have been reduced througleatt the whole
length of the line at least twenty lover cent.
We antivipate that the dividends for the half-year
railways will be slightly increased; but it must he
remembered that all articles consumed by railways
have risen, and especially the wages of labour.
Nevertheless, if Parliament would devise a plan to
stop reckless competition, we have no doubt that
railway property %withd become a favourite
maul la„
Malik invest:lac:A, and the public safety would be
better guaranteed Ileum under the present syst4 in.
The increase in the Brighton dividend being enly
1!4. per cent. is not deemed satisfactory.
The market in railway shares has been firm, and
it may be mentioned that, in consequence of invest-
ments on the part of the public, the rates of conti-
nuation on the stock have been very low, and a grel t
deal of pawned stock has been paid off. In French
lines the shares are so scarce that I-lUth and t pt r
share is given for the loan of them. The end 4 f
this must be a considerable rise, in the event of petite
being maintained.

M