The Press.
London, England, 1856-04-26 00:00:00

one glarlat ad •Itttiligeact.

FILIDAY EVENING.
THE return of the Bank of England for the week ending
April 19th shows the following changes compared with
that for the week preceding :

Decrease in Circulation £8,388
Decrease in Public Deposits . . 484,383
Decrease in Other Deposits
Increase in Government Securities
Decrease in Other Securities
Decrease in Bullion ..
Increase in Rest .... ...
Decrease in Reserve
Circulation, including Bank Post
Bills
Bullion in Both Departments

This comparison is wholly of an unfavorable character.
The chief points which merit serious consideration are the
large decrease in the bullion and the continuous diminu-
tion in the Reserve. The bullion is now below
10,000,0001.—in fact, it is only 1,010,287/. more than it
WM in the week ending October 23, 1647, when the
Government was compelled to interfere to arrest a panic,
while the Reserve of notes and coin is only 4,330,127/.
The Bank, under these circumstances, has but very limited
means to assist the trade of the country, and it is certainly
unable to prevent the mass of discount transactions being
absorbed by the Lombard-street houses. The hope of an
equalisation in the rates on two and three months' bills is
now dissipated for the next few weeks, for the directors
are not in a condition to apply their funds in that direc-
tion. The Government appears to have been again a
borrower, with a view to maintaining a respectable balance.
The decrease in the Private Deposits is explained by the
activity of trade ; but, on the other hand, a large amount
of private securities appear to have been withdrawn on the
repayment of advances. The chief features in the return
are, however, the falling off in the Bullion and in the Re-
serve, and they are not adequately explained by the assump-
tion of a large export of gold to Turkey, or a simple mer-
cantile demand fur notes in the country.
The Money Market has presented rather an anomalous
appearance in the week ju,t closed. There has been at
the same time both abundance and scarcity; Excessive
rates and comparatively low rates of interest ; a heavy de-
mand and a demand of peculiar moderation. The expla-
nation of this state of things is easily made. The supply of
money, which has produced a temporary sense of abundance,
has arisen from increasing confidence in the soundness of
trade, and in the stability of our resourzes having induced
greater readiness on the part of banking and discmuit
establishments to make liberal advances for the promotion
and extension of legitimate enterprise ; while the same con-
viction has induced the public to place large portions of
their reserves out at call, whereby they obtain better returns
in the shape of interest, instead of applying them exclu-
sively to purposes of permanent investment. In the latter
case only from 4é to per cent. can be obtained, but in the
former the minimum is 5 per cent., the security being
equal in both cases, while the lenders or depositors can ob-
tain their money back at the shortest possible notice. The
supplies thus thrown into the market for fructification have
of course been increased by the payment of the
dividends ; the general effect being substantially to
diminish the commercial rate of interest by one-half
per cent. The Bank of England, owing to the very mode-
rate amount of its Reserve, has been unable to reduce or
even to equalise the discriminating rates charged since
last October of six and seven per cent, upon two and three
months' bills; it has, consequently, been unable to main-
tain a competition with Lombard-street, and thus has
missed a profitable class of business transactions for a
with the disadvantage of being

under some degree of odium for its alleged indisposition
to increase the means of commercial accommodation.
Had the Bank been enabled to enter into this business, it
is probable that the stagnation which has pervaded the
week's dealings in all classes of securities might have been
avoided, and money have been obtained upon even
cheaper terms than at present. The Bank, however,
has not been in a position to afford facilities for this
object, nor is it likely now to be very soon ; and, cons°.
quently, for all except commercial purposes money re.
mains as dear and as tight as ever. The commercial de.
mend has, under these circumstances, been tolerably well
satisfied, and it has rather relaxed for the last day or two, the
current rates remaining as before at a minimum of 5} and
5i per cent. But now comes the other side of the
picture. A sum of 1,050,0001. was paid into the
Bank yesterday in final liquidation of the instal.
ments upon the Loan and Exchequer• Bill fund.
ing. To meet this liability large advances have been
required, which, except in rare cases, it was fonnl
impossible to obtain, unless rates were paid amounting,
even on Government Securities, to seven and eight per
cent. The Bank yesterday made advances to some scrip
holders at six per cent, but the amount was insignificant.
The average was seven and a half per cent It so nappens,
too, that considerable calls have fallen due this week upon
various undertakings. The concurrence of these causes
has, therefore, neutralised, so far as Stock-Exchange and
other analogous transactions are concerned, the benefits of
the cheaper market in Lombard-street ; and thus we have
had, along with comparative financial plenty and abundance,
an equal amount of financial pressure and scarcity. And, at
the present moment, there are no signs of much improve-
ment There is a general expectation of the announce.
ment of a new loan before the Chancellor of the Exchequer
gives notice of the day when he will introduce his Budget;
while next week there must be an appreciable renewal of
pressure in all quarters from the coincidence of the railway
and other settlements upon the Stock Exchange with the
falling due of the mass of commercial acceptances.
The specie imports of the week have been rather under
46,0001. The 814 Anglesea was telegraphed today off
Plymouth, with 204,2761. on board. The exports amount
to 100,000/. _ _

Business has been very inert in all descriptions of
securities; and quotations are generally lower than this
day week. Consols are a half per cent. lower. They
closed last Saturday at 93f to for the Account; last night
they were heavy at 94 to To-day the anticipations of
an unfavorable Bank return, rumours of a new loan, and
the near approach of the railway settlement, depressed the
market, and Consols closed at $421 to I.
The Railway Market has been inactive ; and transac-
tions are few, notwithstanding that these securities still
keep in public favour as paying quite as well as Consols,
if not better, at present prices. A decline has taken place
from want of business, in nearly all descriptions. Most
of the foreign lines are in the same position. The French,
however, are showing a tendency to recover, but Belgian
undertakings may be said to remain stationary. Indian
hues have been in considerable demand for investment,
and a fair amount of transactions Lave taken place m
those of Canada. To•day nearly all descriptions were
heavy from the opening, and in some instances a marked
decline took 'deco
Joint-stock Banks and miscellaneous descriptions are
rather lower than last week. London and Paris Bank
have declined to four to three and a half dis.

The Unity Bank is to
next, the Ist of May.

SATURDAY,

BANK OF ENGLAND.

An Account, pursuant to the Act 7th and Bth Victoria, cap. 1
for the week ending on Saturday, the 19th day of April, le5G.

- '
154 RUE DUPiRTMENT
Notes issued .... 4123,603,20.3 Government Debt 111,015,1c0
Other Securities .. 3,459,90)
Gold Coin k Bullion 9,206.213
Silver Bullion .... --'

business on Thursday

A 23,083,20.1

'RANKIN° DI
Proprletore'CapltalXl4,s43,ooo
Meet
Public Depoettcs
Other Deposita 11,e07,628
Seven Day & other
Bills

:P4ITMENT.

423,663,203

doverument Seeu•

rides (including
Dead %VeightAn.) £13.117,8311
Other Securities .. 15.921P,363
_ .

_
Notes
Gold et Silver Coin 667 1527

483,383,323
• Tnrluding Exchequer, Commissioners of National Debt,
Saving's Beaks, said Dividend Accounts.

and breathless attention, the vast auditory listened I week, if riot for ten dais,