The Press.
London, England, 1857-10-24 00:00:00

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FRIDAY EVENING.
THE return of the Bank of England for the week
ending the 17th inst. shows the following
changes compared with that for the week preced-
ing :

Increase in Circulation
Decrease in Public Deposits
Increase in Other Deposits
Decrease in Public Securities
Decrease in Other Securities
Decrease in Bullion 599,409
Decrease in Rest
Decrease in Reserve 778,600
Bullion in Both Departments
Circulation, including Bank Post
Bills 21,052,315
The most important points in this comparison are
the falling off in the Bullion and in the Reserve.
By the diminution in the former the stock is reduced
to little more than nine and a half millions, and by
that in the latter the notes have fallen to 3,217,000/.
The Bank's resources, therefore, are evidently
weaker than they have been for a long time past,
although with a view to sustain the Reserve a con-
siderable amount of securities were sold. As to the
Bullien,the falling off is the more important inasmuch
as there are no stocks of gold in the market, while
the demand from the Continent and the United
States is very active. Under these circumstances it
may be doubted whether further measures may not
he required to protect the remaining stock from
further reduction. rhe decrease in the Public
Deposits is owing to the payment of the dividends ;
and the reduced amount of Rest is caused by the
payment of the Bank dividend to the proprietors,
Out of these items the Private Deposits have been
temporarily increased.
The contingency of a further advance in the rates
of discount, of which we spoke in our last, has been
realised—not in London only, but in the chief com-
mercial cities of Europe. The Bank Directors, late
in the afternoon of Monday, after giving full con-
sideration to the American advices received bv the
Arid and the Canada, advanced the rate from seven
per cent., at which it was fixed only the Monday
previous, to eight per cent., thus making a rise of
two and a half per cent. within a period of ten
days—a circumstance without parallel in financial
history. The next day the Bank of France advanced
from six and a half to seven and a half per cent.,
and the charge at Hamburg was raised to nine and
a half per cent. The Bank of Belgium advanced
its rate to-day from four and a half to five and
a half per cent. These rates are the highest known
in modern times. As far as we are concerned, the
enhanced terms are solely due to the state of things
in the United States. If matters go worse there, as
is probable, we may expect a nine or even a ten per
cent. rate; if they mend, as we can scarcely expect
they will very speedily, eight per cent. may be found
adequate to the emergency. On these points great
anxiety is naturally felt, and the advices by the
Atlantic, which is due at Liverpool to-morrow, are
looked for with an intense degree of interest.
The movements of specie during the week have
been important. The arrivals, part ly from Australia
and partly from South America, have amounted to
about 300,0001.; the exports to no less than
1,033,9211. Of this sum, 778,7681. has gone to
India and China, and 225,156/. to the United States.
Out of the stocks inthand and the sums arrived,
about 128,0001. has been obtained by the Bank; but,
on the other hand, it has parted with nearly an equal
amount for the Continent, from whence the demand
is heavy. We are also drawing thence large amounts
of silver for transmission to the East.

Owing to the advance in the rate of interest, the
Continental Exchanges are still in our favour, but
they are not very firm.
Consols left off last Friday at 881 to ; on Mon-
day the advanced price of money caused them to
fall as low as Eri, but afterwards, owing to the in-
vestments of the public and the good supply of
money in the " house," they gradually improved,
until yesterday they closed at 89 exactly. To-day
they opened and closed at 881 to 89 for account, and
at self to j for money.
The East India Company gave notice on Wednes-
day of a further rise of tour per cent. in their rate
for bills on India. On Bengal and Madras it is now
2s. 2d. and on Bombay 2s. 21d. per rupee. These
terms will totally preclude all applications for bills,
and so far the financial resources of the local Go-
vernments will be protected. The movement is an
unquestionable sign that those resources are falling,
and it will stimulate the export of silver.

The Trade Reports froui the provinces are very
unfavourable. It is feared that employment will be
scarce during the winter, as the resumption of short
time in the manufacturing districts of Lancashire
and Yorkshire has become almost imperative. „amid