The Press.
London, England, 1855-10-13 00:00:00

Ilona alarhtt and Citg

FRIDAY EVENING.
THE uneasy and feverish feeling which prevailed on
the Stock Exchange during the three first days of
the week was agreeably dissipated on Thursday,
when, after a longer sitting than usual, the Directors
broke up without altering their rate of discount.
This was accepted as an indication that the pressure
did not exist to the same extent as formerly, and
money securities immediately became buoyant.
Consols for money and transfer the next day opened
at 881 1, but, by the close of business, advanced to
881. To-day the advance continued, Consols for
money being done at 871, and for the Bth of Novem-
ber at 871 to j, thus establishing an advance of 11
per cent. from the lowest rate before the decision of
the Bank was known.
It was inferred from the decision of the Directors
that the drain of bullion had been checked ; hut that
supposition is not borne out by the return in to-
night's Gazette, where the stock is shown to be
600,0001. less than in the previous return. The
stock of reserve notes also bad declined from
6,195,5701. to 5,473,4701. But with regard to the
stock of gold some error prevails even in commer-
cial circles. The Bank Direction must of course
watch it closely, as on the amount it holds must de-
pend, in great measure, its ability to afford accom-
modation ; but primarily it has to regard the demands
made on it for accommodation. Money, like other
commodities, must depend for its value on the de-
mand which exists for it, as well as on the stock held
in hand ; and it will be found that the Directors
have been guided, as they were bound to be guided,
in advancing their rate of discount, by the pressure
experienced for increased accommodation. Thus the
return of last week showed an increase in the " other
securities" held by the Bank to 1,400,000/. ; and the
Directors, therefore, naturally raised their rate to
diminish the pressure. This week the item " other
securities" shows a small decline, and the Directors
have felt it unnecessary to raise their rate. The
nilvement in the one case, and the non•movement in
the other, have properly depended on the demand
fbr accommodation, as will appear by the following
comparison of the Bank returns :

Decline Other
Bullion from pre. Seen-
and Coin. vious week. rides.
Rept 29. .12.944,928..924,779 ..19.918,78.4 ..1,406,4R1S Increase.
Oct. 6..12,2:9,281-665,617-19,791,291.. 1)14,170 decline.
So, when last week the decline in the amount of
gold was 324,779/., and the increase in the "other
securities" was 1,406,4851., the Bank advanced its
rate to 51. This week, when the bullion has de-
clined to the extent of 665,6471., the Bank holds its
rate stationary, the " other securities " having slightly
declined in amount.

An impression appears to prevail that the drain in
gold will now be checked. The wonder is, that it
should, in the face of the continued productive-
ness of the mines, have proceeded so long. We can-
not help thinking that the supply will continue suffi-
cient to keep our monetary system in a healthy state ;
but should this, owing to the large foreign expendi-
ture for war purposes, not be the case, it will be the
duty of the commercial community to seriously con-
sider their position. At present we see no cause for
apprehension on that score ; but it will be indispensa-
ble that we should have an amount of circulating
medium sufficient for the purposes of legitimate
trade, and should war operations diminish the
amount to an inconvenient extent, then, in that case,
the difficulty must be fairly met.
We are at a loss to explain that pressure which
the accounts of the Bank show to have existed. So
far as our inquiries extend, speculative trade has of
late been kept within safe limits, and the general
commerce of the country, both foreign and domestic,
seems to have been fairly maintained. We apprehend
that the increased taxation and the loans now begin
to bo felt, as, supposing the expenditure of the country
to have been this year 40,000,0001. above the average
of peace expenditure (we include the loan to Turkey),
it is evident that so much must be withdrawn from
the savings or surplus capital of the twelve months,
and be so much diverted from the commercial and
industrial enterprises in which it would otherwise
have found employment; and the diminution is likely
to be felt more in the Money Market, where surplus
capital resorts for employment, than in industrial
trade, where a certain average amount is regularly
absorbed.

From a consideration of the prospects of the war,
we have for some time been of opinion (taking the
above considerations into account) that the public
securities have been maintained at a rate unduly
high. Not only are the amounts yet remaining to be
paid on the last loans to be provided for, but we have
the certainty that a very considerable loan will be
required for the service of the ensuing year. Our own
opinion is, that a loan of 30,000,0001. will be required
by our Government for its own use, and other gua-
ranteed loans may not unlikely raise the total amount
to 40,000,0001. The wants of France will be pro-
portioned to our own, and so large an amount as the
aggregate will be, cannot be withdrawn from the
disposable capital of the two nations without lower-
ing prices, and causing considerable pressure on
commercial capital. Our figures are purely conjec-
tural, yet we apprehend they will not be below the
total sums required for the next year.
Though we have no particular information to cause
uneasiness, and though general apprehensions must
always be received with great caution—more espe-
cially when anything like commercial gloom prevails
—we may mention that from the chief provincial
towns, as from Manchester, Liverpool, and Glasgow,
reports reach us that the banks are looking narrowly
to their issues, and that the autumn season is not ex-
pected to pass over without heavy failures. All we
can say is, to repeat our conviction that we know
nothing in the state of our trading relations to justify
these forebodings.
From a parliamentary return lately issued it ap-
pears that in the thirty-four years from 1820 to end
of 1854 the national debt had been reduced by pur-
chases by the amount of 43,384,8031., effecting a
saving of interest to the amount of 6,179,093/. We
must expect that the balance will now turn the
other way.
A meeting of the creditors of Messrs. De Lisle and
Co. was held on Monday, when three propositions
were submitted to them :-1. To carry on the business
with the assistance of friends ; 2. To wind up under
inspection; and 3. To take in fresh partners. A
very friendly tone prevailed amongst the creditors
of the firm, who appear to be held in the highest
respect, but the accounts not being sufficiently ad-
vanced to lay before them, it was resolved to adjourn
until to-morrow, when the most desirable course
to pursue will most probably be taken into consi.
deration.

The instalment of ten per cent. falling payable on
Tuesday next, the 10th inst., on the British loan of
10,000,000/., will complete eighty per cent. paid up,
and will leave only eighty per cent. more to be met—
viz., ten per cent. on the 20th Nov., and ten per cent.
on the 18th Dec.

___
Although, generally, the shares of the various
gold-mining companies are flat, there has been
during the week much dealing in those of the Chau-
cellorsville. This appears to hare resulted from a

very general announcement of the directors of the
arrival in the docks of a hundred tons of gold ore
from the estate of the Company in Virginia. John-
son and Mathey, and other eminent persons, have
assayed the gold, which has yielded to the extent of
live ounces per ton, leaving a profit, after paying
freight and expenses, of about four ounces the ton.
This is the first consignment, and the shareholders
may soon expect a dividend.
The letter to which we give insertion below on the
establishment of a Crimean Bank is from a most
respectable authority in Scotland. The plan we hope
will soon take a practical shape, as a " Western
Alliance Bank" in the Crimea would be of the
greatest convenience to both Governments in facili-
tating their payments, would save offieers and
privates from great imposition, and economise their
funds, and—a most important point to the whole
commercial community—would tend to prevent the
drain of bullion, and perhaps thus save the country from
having recourse to an inconvertible paper circula•
tion. The excellent effects of the Headquarters
Bank in the Peninsular war show both the expe-
pediency and practicability of the hoheme. For the
moment parties who are favorable to the project
may find it convenient to make use of our columns
to ventilate the subject.
In the new Turkish Stocks there has been less
fluctuation this week than last, but on the whole
they have sustained a further depression, and have
scarcely participated in the upward movement of
Consols during the last two days. Railway shares
have experienced an upward movement, and most
foreign securities show increased firmness. Com-
paring the prices of most kinds of securities with
those prevailing when we last wrote, not much differ-
ence is apparent, the fall in the earlier, having been
recovered by the rise in the latter, days of the week.

WESTERN ALLIANCE BANK.
TO THE EDITOR OF " THE PRESS."

Sir,—l, for one, approve exceedingly of the propo-
sition to establish a bank for the use of the allied
army and the mercantile classes and others in the
Crimea. Conducted on fair principles, it would save
large sums to our soldiers now pocketed by army
agents and others under the head of commissions,
and also exchange for the different moneys in which
they may draw their pay; while it once established,
it might issue its own notes, and thereby prove a
valuable adjunct to both the French and British
Governments, saving the necessity of the remission
of specie to pay the troops with. It would serve
also as a bond of union, and to cement or strengthen
the alliance of the Western powers, and would be a
great instrument of colonisation of the countries
bordering on the Black Sea and of development of
their resources. Ido not know to whom the merit
is due of having first mooted the project of such a
bank in the columns of the THE Passe, but I would
be happy to co-operate as far as in my power in the
formation and carrying out of such a scheme, and I
inclose my address. lam sure the scheme would
receive great and general support.—l am, sir, your
very obedient servant, J. C.
Glasgow, 9th October, 1M55.
BRITISH Timms.— Closing Prices.
OFFICIAL QUOTATION.
Monet. need. Wed. Thum ]Mt*
3 par Cent. Consols B7l 757 61 $ll 81, 167 I
Ditto for Account
9 per Cents Reduced —85 j
3 per Cents
Long Annuities
Bank Stock, 7 per Cent — 907 sd 909 7
Omnium —
K.zoh.
Bills, 2d. per diem 5 ld 5 id 6 d H
India Ronds,( 1,00014. 9p