The Press.
London, England, 1855-04-14 00:00:00

THE PRESS.

rants Varlut anb it 3ntilligttut.

FRIDAY EYENHIL
THE settlement of the monthly account in Consols
chiefly occupied the attention of dealers early in the
past week. The operation prices continued to droop,
and the recent reduction of the Bank rate of interest
seemed to have no effect upon the quotation. On
Wednesday rumours of a loan on home account be-
came rife, and occasioned a fall of fully one-hale per
cent., the depression being further enhanced yester-
day, when the report assumed considerable solidity,
and led to some extensive sales of stock by capi-
talists, by way of preparation.
This afternoon all remaining doubts respecting
the alternative between a loan or increased taxation
were finally set at rest by the arrival of the following
official notification at the Bank of England from the
Chancellor of the Exchequer :

Treasury Chambers, April 12.
Gentlemen,—l beg leave to inform you, and request that
you will make it known in the usual manner, that Lord
Palmerston and I shall be ready to see any gentlemen who
may be desirous of contractilig for a loan for the service of
the present year, on Monday next, the lath instant, at one
o'clock, in order to inform them of the amount which will
be wanted, and to fix the time and the manner of the bid-
ding, and I hope it will be convenient to you or one of you
to meet those gentlemen here at that hour.-1 have the
honour to be, gentlemen, your obedient humble servant,
G. COHNEWALL LEWIS.
The Governor and Deputy-Governor of the
Bank of England.
The immediate effect of this announcement on the
Stock Exchange has been almost null, the market
having, indeed, been sufficiently prepared, and all the
anticipated consequences being discounted as usual
beforehand.
The daily range of prices since our last publica-
tion has been—Saturday, 021 1; Monday, 921 8;
Tuesday, 821 4 ; Wednesday, 911 2; Thursday,
911 4, and 911 2 for the May account. This even-
ing the quotations of Consols have been 9111 for
money, and 914 1 for account.
Reduced Three per Cents. were 901 ; New Three
per Cents., 901 ; Bank Stock, 2104. Exchequer
Bills have been lower, at 59. to 10s, prem.; Ditto
Bonds, 99 4.
It is expected in the best-informed monetary
circles that the new loan will not be raised by an ad-
dition to Consols, but in some other description of
stock, probably bearing 34 per cent. interest. The
amount which Sir G. C. Lewis will ask is " guessed "
at twenty millions.
Money has been abundant for the last few days,
and in the Stock Exchange cash could be obtained
on loan at 3 per cent. The India Company are
stated to be ready to make loans on Government
securities for two months et 24 per cent. The Dis-
count Market is also becoming easier, owing to the
large amount of capital seeking employment. Good
bills can be discounted at 4 per cent. The various
London Joint-Stock Banks have reduced the rates
allowed by them on money or deposit, which now
vary from 3 to 34 per cent.
The prospectus of another Joint-Stock Bank has
appeared under the title of the United Mutual Bank-
ing Assoliation. Its capital is to be 1,000,0001., with
power to increase to five millions. If the partner
ship laws permit there is to be an equal division of
profits between the shareholders and the customers
of the establishment.