The Press.
London, England, 1855-12-22 00:00:00

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FRIDAY EVENING.
The Bank return just published, compared with
that of Friday last, shows the following changes :
X

Decrease in circulation 181,089
Increase in Public Deposits 12;209
Increase in Other Deposits
Decrease in Government Securities 485,000
Increase in Other Securities
Increase in Bullion
Increase of Rest 12,454
Increase in Reserve
Altogether this return is of a much more favorable
character than was generally anticipated. The most
unfavorable items in it are the decrease in the active
circulation, and the trifling addition to the public
deposits. The increase in the "Other Deposits"
and securities shows the heavy demand for accom-
modation, to which we have referred below. The
addition to the stock of bullion is quite nnexpected,
but it is easily accounted for. It arises from the
purchases, out of the late Australian arrivals, not
having been hitherto brought into account, as was
assumed last week ; and it is to be anticipated that
the two succeeding returns will show a considerable
reaction. The increase in the reserve is very large.
It must be remembered, however, that it includes
the whole of the 475,0001. added to the circulation
in this week, in consequence of the lapsed issues of
country banks, under the order in council of the
7th inst.; and it will be observed that the " Securi-
ties" in the issue department are consequently in-
creased to that extent. The decrease in " Govern-
ment Securities" is considerable ; and it shows either
that the Bank or the Chancellor of the Exchequer,
or both, have been sellers of stock.
Money is very dear, and in active demand. It was
anticipated that considerable ease would have fol-
lowed the payment of the two loan instalments,
but the result has proved the contrary, for it is both
higher in price and more in dema.id. To some ex.
tent this is attributable to the time of the year, which
requires large balances to be kept, and to the re-
quirements of trade; but it is also owing to a desire
on the part of capitalists, bankers, and others, to be
in a position of safety, if it should happen that, in
order to keep up its stock of bullion, the Bank
attempts to act upon the exchanges by a further ad-
vance in the rates of discount. An impression pre-
vails that some such step will shortly be necessary
if supplies from Australia are delayed much longer.
The Bank of France is in the market taking out gold
by purchases at a premium, and even Russia is draw-
ing some amount from this country, notwithstanding
the expense and circuitousness of the operation.
From these causes discounts are being restricted as
much as possible by the Bank, by high discrimina-
ting charges, but the demand is continuous, and in-
creasing upon the establishment. Lombard-street
has been doing an active business in discounts, but
is now restricting advances. On the Stock Ex-
change money is worth six per cent.
The arrivals of gold last week were very small, but
this week they have been still smaller, whilst the
export has been larger. Of gold, only about 8,0001.
worth has arrived from Africa, and silver to the value
of 126,8001. from South America. Some additional
quantities may have arrived through private hands
from the Continent, but the amount must be
be immaterial. On the other hand, about 100,0001.
have been sent to France, having been taken from
the Bank for the purpose in exchange for notes and
by means of discount, 3,7001. have gone to the East
Indies, and 1,0001. to the West Indies, exclusive of
the sum sent by the Government to the seat of war,
no account of which is published. The expor, of
savor has largely exceeded the import; for, 18,7401.
have been sent to the Peninsula, and 360,947/. to the
East Indies. A considerable aioount of silver specie
was brought from the Continent last week ; but not,
even including the South American arrivals this
week, equal in value to the export. The price of the
article consequently is firm at ss. lid. per oz.
The comparative exchanges this week show that
gold is dearer in Paris and Hamburg than in Lon-
don, and that the course of exchange at New York
is nominally against England, but that the rates
would leave no profit on the transmission of gold
either way between England and the United States.
Business on the Stock Exchange has been quiet,
but with almost a surprising amount of firmness in
prices. Cunsols have fluctuated very little, for the
closing price last Saturday was 88f exactly, and yes-
terday it was Mt to 1, the variations having been
from 88e to 891. The closing price for the account
to-day was gig, thus showing that the extreme

SATURDAY,

variation of the week has been only from one-half to
five-eighths per cent. Considering the value of
money, the demand in which it has been every day,
and the uncertainty as to the return of peace, so
small a fluctuation may be regarded as most satis-
factory. Much of this firm tone is owing to the con-
fidence felt by some leading operators in the success
of the Austrian mission to SL Petersburg with the
terms on which the Western powers would accept
peace. Several of these gentlemen have been consi-
derable buyers at 88}, and but few have reversed
their operations. On the other band, many believe
that Russia will not yield to the conditions ; but they
are extremely cautious in contracting engagements
founded upon that impression.
The whole of the Sixteen Million Loan has now
been paid, the final instalment of L 600.000- having
been liquidated on Tuesday. Holders are quietly
disposing of the Stock created in consequence, some
apprehensions having been felt that the Government
would now, or shortly, resort to their powers of sell-
ing Savings-bank Stock, to be replaced by a portion
of the unissued Exchequer Bills. Notwithstanding
the necessities of the Government, they have not yet
availed themselves of this power, nor is it probable
they will during the remainder of the year, whilst
money is so dear and the unfunded securities at so
considerable a discounts Great sensitiveness, how-
ever, is visible on the subject, as such a proceeding
would necessarily produce a decline in present

prices.
The principal event of the week in the Foreign
Market has been a considerable rise in the Pori u.
guese Four per Cents., owing to negotiations with
the Portuguese Finance Minister for a more equita-
ble recognition of the bondholders' claims. Before
the advance this Stock had been immoveable at 46,
but on Monday the price suddenly rose to 48, and the
improvement was fully supported on Tuesday. On
Wednesday a further advance of 21. was established,
which was maintained on Thursday and yesterday.
In other Securities there has been comparatively
little doing, and prices, for the most part, remain
without any material change. The two Turkish
Stocks have, on the whole, been dull, with a ten-
dency to weakness. Some disposition has been
manifested to operate in the Spanish Three per
Cents., but the movement, which ended in nothing,
was purely speculative. The quotations, however,
are better in consequence. 1 here has been no
movement in Russian Stock in either of the two
Stocks, but the fall in the Five per Cents. which
took place on the announcement of the new Eight
Million Loan has not been recovered. It has not
yet transpired whether the allied Governments have
called upon Prussia far an explanation of her neu-
trality by permitting a portion of the luau to be sub-
scribed in Berlin. It is believed, however, that a
remonstrance of some sort has been sent both from
London and Paris. In the meantime the committee
of the Stock Exchange have issued the following
notice for the information of member caber others :
December 1, 1855.
It having come to the knowledge of the committee that
neutral powers have permitted subscriptions to loans for
Russia within their dominions, the committee unani-
mously resolve that they will not, either now or at the
restoration of peace, recognise transactions in, or ailow the
quotation of, any loan raised by a power while at war with
Great Britain.
Ciao. WEBB, Secretary.
Independently of the jurisdiction of the committee
of the Stock Exchange, it would be illegal, under the
act of last session, for any British subject to deal in
or possess Stock in this Loan. It seems likely, how-
ever, to be filled up in Hamburg, Amsterdam, Berlin,
and St. l'etereburg, though with some difficulty,
notwithstanding the comparative smallness of the
amount.
In Railway Shares the business of the week has
been extremely limited, but prices have remained
firm. Occasional weakness has certainly been mani-
fested. Great Westerns have received au upward
impulse from the effects of considerable purchases,
and from a report that a dividend will certainly be
paid out of the earnings of the present half year at
the rate of two or two and a half per cent. per
annum. The traffic returns of the company appear
to warrant this conclusion, taken in connection with
the economy infused into the general management
by the watchfulness of the chairman. On Saturday
the Shares were sold at 50i ; on Thursday they
closed at 53 to but to day they are lower. . Some
fluctuation ha:4 taken place in Caledonians, caused by
the traffic returns showing a comparative falling off,
and transactions have been entered into for the divi-
dend at from Ils. 6d. to 12s. 6d. per share. Eastern
Counties are without animation at previous quota-
tions. Nothing particular has occurred in other
Stocks.
Bank Shares have receded 2/. City Bank and
Bank of London have improved, the first from 63 to
06, and the second from 55 to 58.
Exchequer Bills are now from Bs. to 4s. dis., but
they have been at 10s. dis.
The Canada Land Company lave declared a divi-
dend of U. per share.

MIN

DECEMBER 22, 1855.