The Press.
London, England, 1857-07-18 00:00:00

Raolleg Onkel Etta ditg itttitigentt.

FRIDAY EVENING.
THE return of the Bank of England for the week ending
the 11th inst., shows the following changes compared with
that for the week preceding :

Increase in Circulation
Decrease in Public Deposits
Increase in Other Deposits
Decrease in Government Securities 107.841
Decrease in Other Securities 2,860.030
Increase in Bullion

Increase in Rest
Decrease in Reserve
Bullion in Both Departments
Circulation, including Bank Post
Bills
The Bullion shows a smaller increase than had been anti;
cipated from the purchases made by the Bank last week—a
circumstance that may to some extent be owing to the pay.
ment of the dividends. Most of the other changes shown
by the comparison are attributable to the same cause,
especially the diminution in the Public Deposits, the
increase in the Private Deposits, and the large reductions
in the amount of Private Securities. They have now fallen
to 10,455,171.1, being the largest amount at which they have
stood for a long time past. The Million, it will be
observed, is gradually increasing; but the Reserve shows
a large falling off—a result solely attributably to the sti-
mulus given to the circulation by the dispersion of the
dividends.

The Bank Directors yesterday reduced the rate of dis-
count from 0 per cent., at which it had stood since the 18th
of June, to 5f per cent., the reduction applying alike to
discounts and to loans upon securities. The discount
establishments and joint stock banks have made cor-
responding changes in the rates of allowance for money
at call and for deposits; so that now the average value of
money is from 5 to 5i per cent. This change was partially
expected last week from the nature of the Bank returns,
the more moderate character of the silver drain to the
East, the magnificent prospects of the harvest, and from
the competition of Lombard•street absorbing nearly all the
best bills to the exclusion of the Bank—a sure sign of
money being abundant. It was, however, deemed just
probable that the Indian news might be of a character to
justify some delay in the reduction ; but it will have Mimic
observers that it is almost the invariable policy of the Bank
not to arrest the progress of amelioration from political
considerations alone, because that would imply an absence
of confidence. Of course ordinary prudence would
induce the Directors to discourage any and all feelings of
this character. The Indian news proved, both politically
and financial:y, unfavourable. With regard to the first, we
are, in fact, struggling for the existence of our empire, and
have made very little progress towards regaining our
ascendancy ; while, with regard to the second, trade is not
only had and unsettled, out the finances of the Government
are disorganised, and the proposals for a loan have met
such limited success that, according to rumours emanat-
ing from great Indian houses, Leadenhall.street will
shortly openly negotiations in this market. In these cir
cumstanees it was wise for the Bank to reduce ; and,
probably, the Directors were not totally uninfluenced by
the expediency of showing to commercial Europe that,
notwithstanding our• Indian embarrassments, we are still
very comfortable here.

Money was not in much demand in the earlier pert of
the week, applications being postponed as much as possi•
ble, in order to take advantage of the lower terms expected;
but yesterday and today it was in increased request, and
the Bank was doing more in discounts.

The specie imports of the week have been large.
They amount to 973,930/. ; the exports have been under
100,3001. It is expected that the next packet for India
will take out 500,0001. in silver.
The bullion purchases wade by the Bank during the
week amount to 3)9,0001.; and it is understood that they
are being continued.
The Continental Exchanges are without any material
alteration upon the rates of last week.
Consols have been heavy all the week with a preponder-
ance of sales. The Bulls have been effectually discouraged
by a fall of fully one per cent since this day week, and by
the possible consequences of the Indian mutiny. Last
Friday the closing price of Consols for the August account
was 9:4 to b ; yesterday they closed at 91 f to f, after
having been done so low as 91i to f. The reduction in the
rate of discount caused a fall of three-eighths by the pres-
sure of sales by which it was followed. To-day they again
closed at 91f to j, but were firmer than yesterday.
In the Foreign Market Turkish Six per Cents. have
receled about threelourtlis per cent., but to day they
partially recovered. Peruvians have not recovered.
Business hag been rather active in some descriptions.

Railway Shares have been aff2cted by the settlement
which was brought to a close a day or two ago; but on the
whole they are about one half per cent lower than this day
week. Yesterday, however, they were but little effected by
the weakness of Consols, and it is said that stock is short.
This was to some extent proved to day, by an advance of
about one half per cent in some descriptions.
The joint-stock banking companies are in course
of holding their half-yearly meetings, and the result,
so far, shows that their prosperity is uninterrupted,
and in several instances increasing. Indeed, con-
sidering the activity of the demand for money caused
by the extension of commerce, and its relative
scarcity, the issue could not be otherwise. Men wanted
money, and they were willing to pay for it. It paid them
to do so. This, combined with judicious management, is
the true explanation of the success of joint-stock funk
enterprise ; and it is to this cause that we may attribute
the strengthening of their reserve funds which appears to
be the general policy. No country in the world can present
such a flourishing_ result of genuine financial capability
and enterprise as that which has distinguished the princi-
pal joint-stock banks of Great Britain during the last
three or four years. They reflect credit upon us as a
nation. The City Bank, one of the youngest of our
banks, have dividel at the rate of five per cent. per annum.
leaving a reserve fund of 28,0 ; the London and West-
minster at the rate of eighteen per cent. per annum ; the
Union at the rate of twenty per cent.; and the London
Joint-stock at the rate of twenty two and a half per cent.
per annuns.
There is some talk of a Turkish Six per-Cent. Loan,
with the view of paying off the Sultan's private debts; but
the amount and t rms are deemed preposterous, and little
or nothing is thought of it in London.
The Colonial Wool Sales have commenced, and they
will nut conclude before the 22nd August. Australian
wools have advanced from Id. to lid. per lb., and
Capes Id. Today the advance was confirmed.
The Great Northern Railway Capital Bill, which is in•
tended to provide for the frauds of ltedpath, finally passed
the House of Lords yesterday, the opposition of a section
of the preference shareholders having proved fruitless.
though they had the legal support of Lord St. Leonards
and Lord Wensleydale.

The French Government have made a reduction of a
half per cent. in the interest on Treasury Bonds. No
alteration had been male since January, 18136, when au
advance of one per cent. was adopted.
The Bank of New South Wales (Sydney) has appro-
priated 30,000/. to a dividend, being at the rate of twenty
per cent per annum, after adding 1:1,00111. to the reserve
fund, and leaving 1,4231. to he carried forward. The reserve
fund now amounts to 140,0001.

A petition in bankruptcy has been opened 9n behalf of
the assignees of the Royal British B tnk against Mr. Lnrtn
de Wolf Cochran, shipowner and merchant of South Sea
House, one of the directors of the bank.
The dividend dechaed by the directors of the St.
Katherine Docks is two and a quarter per cent. for the
half year, free of income tax. leaving a balance 0ft,9.30t. to
be carried over. The rest, 66,0821., remains intact. The
receipts, however, have diminialird 8,0001., by a falling off
in the warehouse rents, attributable to high prices having
caused small stocks to be kept on hand.

•
The Peel River Land and Mineral Company have
declared a dividend of Is. per share for the year, being at
the rate of five per cent. per annum.
The guaranteed interest of six per cent. will accrue
upon all the shares of the Ceylon Railway Company from
the fish inst. Mr. W. Strachey has been appointed ex•
officio Director on behalf of the Government of Ceylon.
The Scottish Australian Investment Company propose
to divide at the rate of ten per cent. per annum, leaving a
balance of 1,0741. to he carried to the reserve fund, which
will then be 5.9461. A profitable sale of the Bon
Accord property has been made to the Bon Accord
Copper Mining Company.
Trade is quiet and steady ; but in Lancashire there is a
renewal of apprehensions with regard to the supplies of
cotton, and short•time working is extending.

BRITISH FLY
OFFICIA

8 per Oen LConsols
Ditto for Account
3 per Cents Reduced
3 per Cents
Long Annuities
Rsnk Stoc► 7 per Cent
New 2; per Cent Anniut
F.xoh. Bills, (June),
India lionde,(1,00014, •

NDS.— Closing Priem
QUOTATIONS.
,Mond.lTatesd. Wed. Thurs. Friday
Il9li 911
92i (191 !If
91i 911
1121 14i91 911 1
21

32; 91; 2
92,a, 9.4
'92id 9.1 3
92}
i 311

3t
G 1a

3d p
10d ;

par 1 4d p'
d 201 101

4d p

FROM THE LONDON GAZETTE.
Tuesday, July 14.
BANKRUPTS.—F,nwAtto PACK BARBER, Smithfield, glass
merchant—Titost As WATSON, Ruswarp, Yorkshire, shipowner—
WILLIAM JorttNo, Wolsinghstn, draper—Jon x Wa,too, Ben.,
She:held, cutlery manufacturer—Enwin WATERHOUSE, Dews-
bury, carpet manufacturer—JosePts PIPER,High-street, Shore-
ditch, furnishing it nmonger—Tnom‘s ButtxtrAst CLARK,
Mittories, licensed victualler—JAMES CLARK, Alphington-street,
Saint Thomas the Apostle, Devon, tea dealer-1)Am) JOHNS,
Carditf, draper—Envikan DAVIES, Harrow-road, Middlesex,
Italian warehouseman—CHAßLES DUVALL, Crosby-row, Wel•
worth-road, provision merchant—STAFFOßD MooRE LANE,
Swallowclitfe, Wilts, corn and seed dealer.

Friday, July 17.
DANKRUPTS.WILLTAM O. BALLS, }slington•green, tailor
—EDWARD B. BOWMAN, HlgllbUrY New Park. Islington, apothe-
cary—CHAßLES ItusT, Surrey-place, Old Kent-road, cheese-
monger—WlLLlam IIERor, Huddersfteld, cloth merchant—
HENRY SPILLER, St. John's Wocd•terrace, lime merchant—
JOHN W. Guar, Bishops Waltham, Southampton, commission
Agent—RALPH WHARTON, Nottingham, engineer—WlLLlAM
LAKE. Topsham, Devonshire, brewer--STEPHEN ROWLEY, Cam-
bridge. farmer—JOSEPH NELSON, Oxford-street, auctioneer—
PHILADELPHIA BRAVERY, Union• lanes, Brighton, furniture broker
—All person. claiming to be creditors of the London, Harwich,
and Continental Steam Packet Campany (Limited) are to pre-
sent and prove their claims at the Court of Bankruptcy, on
Mondry, the 2ith Suet., or they will be precluded from all
beneAte.