The Press.
London, England, 1856-02-02 00:00:00

pug Dana inth Citg 4ultiligenct.

FRIDAY EYZNING.
THE return of the Bank of England for the week
ending the 26th of January, shows the fallowing
changes compared with that of the preceding
week :

Decrease in Circulation
Decrease in Public Deposits
Decrease in Other Deposits
Decrease in Government Securities 1,09 I 04.1
Decrease in Private Securities
Decrease in Bullion
Increase in Rest
Increase in Reserve..
}'resent Circulation, including Bank
Post Bills
Stock of Bullion in both Depart.
ments
This comparison is once more unfavorable in
several respects, but more particularly as regards the
financial position of the Government. It will t•
seen that tl.ere is a great diminution in the amount
of Government Securities. This shows that it has
been found expedient to take advantage of the late
improvement in the price of Stock and to effect large
sales. At the same time it is accompanied by a con-
siderable reduction in the amount of the Govern-
ment deposits. It is impossible to presume that the
whole of these aggregates can have been required I r
the dividends; nor can the sales of Stock have been
altogether on Bank account, as the Reserve is in •
creased a mere trifle, and the advances on Private
Securities show a falling oft It is understood that
a large proportion of the decr ase in "Other
Deposits" is owing to payment 4 on account of the
Turkish Loan ; but the dates and amounts of these
payments will never be known until Mr. Disraeli ob-
tains the return for which he has moved. That re-

turn will be a curiosity as far as regards the manipu-
lation of the guarantee before the cash was parted
with, and it will help to explain the considerable
fluctuations which have taken place in this item of
" Other Deposits " during the last three or four
months. Tim diminution in the Bullion, though not
important, reduces the stock to an amount that in
the earlier years of the present law would have been
considered not very safe in order to insure converti•
bility.

The active demand for money which set in towards
the end of last week has continued ever since, and
the market has been extremely t;ght. The supply
has been short, and as a necessary conseqte nce
some addition to the ordinary rates has had to be
paid by all in want of temporary accommodation.
Various causes are assigned for the pressure of the
demand. One undoubtedly has arisen from an ex-
tension of manufacturing and commercial operations
in various branches of trade, owing to the prospect of
an end being put to the war. Another is the quiet
Tat perceptible initiation upon the market of several
speculative undertakings, which it is not necessary to
enumerate, also arising from the probability of peace,
the means for carrying on which naturally create
some competition for money. A third is the desire
of large capitalists to be prepared for the contin-
gency of a rupture of the approaching negotiations
until peace is beyond doubt; for, if it should unfor-
tunately turn out that we have no alternative but a
further prosecution of the war, the country must be
prepared not only for large additional loans, but a
c indition of the Money Market, the contemplatiou of
which, even at this period, is quite enough to create
serious apprehensions. Capitalists, therefore, are
now anticipating their possible wants at a period
when these evils may arise ; and, though it is to be
sincerely hoped that their preparations may be found
needless, the value of money is greatly affected by
them in the meantime. Besides the demand on the
part of the public owing to these causes, the Stock
Exchange has, during the week, been affected in
much the same way. The railway and foreign
settlement took place a few days ago, and that
in Consols is this day week. These have been
two causes of pressure. In consequence of the
great advance in Railway Stocks and some descrip-
tions of Foreign Securities, owing to Russia having
accepted the propositions of Austria on the part of
time allies, the Account proved very heavy, and the
settlement was nut effected without difficulty. Three
parties were unable to meet their engagements. The
rases charged for continuations ruled very high, and
for loans upon Government Stock for short periods
interest averaging nearly eight per cent. was re-
quired. The Consol settlement next week is hoped
to be concluded without difficulty ; but tie Account is
heavy, and as considerable differences will have to be
exchanged, the rate at which loans can be obtained is
not likely to undergo much if any diminution. To.
day the market was rather easier, the demand having
slightly fallen off.
The discount houses for the last day or two have
bien requiring seven and a half per cent., and no
instance is reported of even the best bills being done
under the Bank minimum. Bankers now require at
least six per cent. for loans on Government Securi-
ties immediately convertible.

The import of specie during the week has been
small—not so much as 100,0001. in gold, and about
40,0001. in silver. The exports of gold have
amounted to nearly 20,0001., sent principally to the
Peninsula. The silver bill go to China, as the rates
of exchange; according to the last advices, were
such as would stimulate its export hence. Of the
gold brought last week (nearly 500,0001.), the Bank
of France has taken 300,0001.; the remainder has
gone into the Bank of England. No gold arrivals
from Australia of any consideration can be expected
for three weeks. The comparative exchanges yet
show that gold cannot be profitably sent to this
country from the United States, and consequently
none came by the last packet. The continental
demand is still in operation.
Consols closed last Saturday at 911 to 1 for the
7th February, and subsequently they improved to
911 to j. For the 11th March, the next Account,
transactions were effected in the early part of the
week at 1)21 to 1, but these quotations have nut been
since maintained. The closing price last night for
the present Account was 901 to a, with a flat market
throughout the day. The Queen's Speech, which
was not preceded by an anticipatory notice, as on
previous occasions, was interpreted to mean that the
public must be prepared for a continuation of the
war, and for further calls upon their resources. In
fact, there was a disposition to take the worst view
of the case in both those aspects, from the rather
off-hand language of the royal address; and it was
only surprising that prices did not go lower.
To-day the market opened dull at 901 to 1, from
which there was a decline of ; but the demand for
money having fallen off, a stronger tone was soon
apparent, and prices gradually improved, until they
reached 104 to 91, which was the final quotation.
Exchequer Bills are 12s. to Os. die.

The Railway Share Market has not been quite so
animated as last week, owing to the arrangements
for the settlement, but prices have been well main-
tained. In some instances, such as Great Westerns,
and same other heavy stocks, an advance has beet
realised. At the present moment there is grea
firmness, owing, partially, to the approaching half-
yearly dividends. That of the London and North-
Western will, it is said, be at the rate of 51 per cent.
per annum. The South-Western dividend is at the
rate of 5g per cent., and the shares have improved
5 per cent. to day.
The Foreign Market has been fluctuating, but its
general character is that of firmness. The Turkish
Six per Cents. left off at 31 to 3i ; the Guaranteed
Stock at 101* to ex. div. The dividend was payable
to-day.
Joint-stock Bank Shares are still going up. The
large profits which these establishments are now
realising makes these investments popular.
Canada Land Shares are nominally the same as
last week.

The South Australian Investment Company have
declared a dividend at the rate of fifteen per cent. per
annum. The company will probably be brought
under the Limited Liability Act.
The Electric Telegraph Company have declared a
dividend at the rate of six per cent., free of income
tax. The business of the company is increasing.

The dividend of the Bank of New South Wales is
at the rate of twenty per cent. per annum, leaving an
addition of 8,282/. to the reserve fund, which now
amounts to 100,0001.

The nominal capital of the City Bank is to be in-
creased from 300,0001. to 1,000,0001.

A scheme is revived for the construction of a
Ceylon railway, to run from Colombo to the interior.
The capital required is 1,C00,0001., in 201. shares,
and the Government are to be asked for a six per
cent. guarantee, secured as a first charge upon the
revenue of the island.

Mr. Waddington, at the meeting of the Eastern
Counties Railway shareholders on Tuesday, beat the
Committee of Investigation by 21,125 votes against
15,704. A stormy discussion, however, is expected
between the rival parties at the half yearly
meeting, which is to be beld in the course of the
present month.
The new Association of Railway Proprietors, whose
object is to protect their interests as a class, IS in its
executive to take the form of a council of 100 mem-
bers, of whom about one-third have already been
nominated.