The Press.
London, England, 1856-09-20 00:00:00

glloneg Oarkti nnD ccitg 4nitiligtact.

FRTDAY EVINTWO.
THE return of the Bank of England for the week ending
the 13th inst. shows the following ci.auges compared with
that for the week preceding :
Decrease in Circulation ..
Increase in Public Deposits
Increase in Other Deposits
Decrease in Government Securities
Increase in Other Securities 797 328
Decrease in Bullion . . 87,467
Increase in Rest

Increase in Reserve
Bullion in Both Departments
Circulation, including Hank Post
Bills
This comparison contains ample proof of the great
demand fur money last week, arising from the activity of
trade and the desire to be prepared for the contingencies
of Bank policy. No less a sum than 1,020,503 appears to
have been received from additional deposits and the sale
of securities, of which nearly 80.1,0001. was immediately
lent out twain, laving a balance in the till, which has
brought up the Reserve to 6,864,6201. The Bullion sh,ws
a small decrease, but it is still above 12,000,0001. The
additions to Government Deposits are again large. They
now amount to 6,809,0001. and next week they will be in-
creased by the addition of the final loan instalment. There
is nothing in the essential featuresof the present return to
lead us to expect any immediate change in the value of
money.

The rate of discount still remains at four and a half per
cent, the Bank directors having made no change at their
weekly meeting yesterday. We doubt, indeed, whether
they took the matter into consideration at all. The antici•
pinion of an advance to Ave per cent., however, was almost
general up to Wednesday afternoon, when it partially 6.41
wit on a report that the finance committee had made no

recommendmion upon the subject ; and there is now
no expect own of money rising in value for some time to
come, it at all. But the state of opinion slid the uncer.
tainty of the course which the Bank might take, daily pro-
duced a pressing demand from tll quarters. Most of ths•
younger establishments which trade in disconsts foetid
active employment for their reserves, so much so that they

were compelled to put on the screw in some cases in order
to restrain the urgency of their customers; but the older
concerns, whose connections are regular, and who can
closely calculate the calls likely to be made upon them at
any given time, were not at all disturbed by the commotion
prevailing elsewhere. The demand indeed was stimulated
by ordinary mercantile prudence. All who had bills of
whatever class were desirous of discounting them before
the rates were advanced, for the difference of a half per
cent. is equal, in many transactions, to a profit or a loss ;
so that this motive alone affected the market very ap-
preciably. Then, again, up to Wednesday many parties on
the Stock Exchange and others were borrowers, to enable
them to provide for the final loan instalment of 1,000,0001.
which was paid to Rothschilds that day, and by them trans-
ferred to the Bank of England yesterday. So that these
two causes alone, added to the ordinary demand from the
general trade of the country—a demand which is rapidly
growing in extent—produced a combination which naturally
enough unsettled the market in the early part of the week.
But a change for the better took place immediately it was
known that the Bank had done nothing. The demand par-
tially fell off, and confidence in the maintenance of a four
and a half per cent. revived. Today there was a continua-
tion of the improved tone, though there was still a mode.
rate inquiry, and the Bank made considerable advances
for short periods out of the I,ooopool. paid in on account
of the loan.

The specie imports during the week amount to about
390,0001. The exports, independently of the silver sent
to India, have not exceeded 70.0,/0/. Those for India, by
the packet which leaves Southampton tomorrow, are as
follows

To Alexandria
„ Bombay
„ Madras
„ Calcutta

SILVER.

GOLD.
.. £4,650

£181,850 ..

25,300 .. 3,850
219,385 ..

Total Silver .. $426,535
Add Gold .. 8,500

Total Export .. £435,035
The Bank has made purchases of gold daring the week
to the value of between 80,0001. and 70,0001. From the
Continent there is still a good demand ; it is, however,
showing symptoms of weakness; but now that the causes
of it are more clearly understood, as arising from the in-
voluntary change from a silver to a gold currency in
France, and the payments for the silver bought up through-
out Europe, it causes little or no apprehension for the
safety of our own supplies. The several theories of the
uses of the precious metals, as well as the effects of their
more general diffusion in the commercial countries of the
world upon the prices of commodities, are undergoing con-
siderable discussion. Meanwhile the practical effects of
the vast dispersion now going on, though perplexing
enough at the present moment, cannot fail being highly
advantageocs to the commercial enterprise of this country.
Consols, which left off last Friday at 91 to I for account,
closed yesterday at 94t to I. The actual improvement
was not much less than one per cent., as on more than one
occasion quotations touched 95. For this advance we are
indebted to the better feeling which animated the Money
Market having induced considerable business from
parties who anticipate considerably higher prices by the
time the October dividends are in course of payment.
To-day there was a reaction of a quarter, the last official
price for account being 91 to 11. This was to be ex-
pected, after the late advance, even if the news from Naples
were not sufficient to account for it.

Exchequer Bills, in consequence of the want of money,
declined on Wednesday from a premium of 14s. to 17s. to
13s. to 16s. This trifling change is not only a proof of
the steadiness of these securities in an irregular market,
but of the confidence felt in the highest financial quarters
in the prospective value of money.
Railways have quite recovered from the panic which
seized holders some days befare the settlement of the last
account; and we have now to report an advance of from
two to three per cent. since this day week. The improve-
ment has been general, particularly in the heavier stocks.
Supported as it is by increasing traffics, and renewed con-
fidence on the part of the public, we should not be sur-
prised to see some further flnct•iations, which we antici-
pate, will terminate in a steadily maintained rise of from
one to two per cent. upon present prices. Soule of
these fluctuations occurred to day. First there was a
downward movement, which left prices fully a half per
cent. lower than yesterday; but subsequently they re-
covered, closing steady, with little change from the
maximum rates of the week. Great Western of Canada
Shares were flat, but they rallied to some extent on the
publication of an official notice from the English directors
altogether repudiating the scheme for a southern ezten
sion, the proposition of which has during the last month
seri..usly deteriorated the value of this otherwise excellent
property in the London market.
In Foreign Securities there has been a partial recov. ry ,
but business in these descriptions is very much restricted
at present. Old Turks, which a few days ago were dealt
in at 101, rallied to 1031 yesterday ; but they went down
three•eighths to-day. Russian stocks have only been ope-
rated in to a limited extent.

Dealings in the shares of the Joint-stock Banks are
now marked by great discrimination on the part of the in-
vesting public, consequently business has been rather less
active. Most of the new concerns arc heavy, at lower
prices than this dsy week.
Miscellaneous Shares continue dull, with no appreciable
unnnivement. Crystal Palace Shares were heavy to-day,
at ti to'.

Toe half yearly dividend of the proprietors of Bank stock
la four and a half per cent. free of income tax. The
profits for the six months ending August 30 were 687,6721.
After payment of the dividend the rest will remain at
3,033,5201. The directors were stated to be satisfied with
the progress of the West•end branch.

The City Bank and the Bank of London are to be ad.
!flitted to the clearinghouse on the Ist October.

The London and Paris Bank is to be wound up, the
shareholders having declined, under existing circum•
stances, to pay the calls necessary to commence business.
The directors present for themselves as good a case to
account for the failure of the undertaking as was possible
out of the materials at their disposal. For the present all
the payments are to be returned, with the exception of 31.
per share, which is reserved until the expenses have been
ascertained, and out of which there will probably be a
further division.

LONDON AND PARIS BANKING COMPANY.
As extraordinary general meeting of the company was
held this day at the London Tavern, Mr. Hamilton in
the chair, for the purpose of considering the expediency
of dissolvingthe company. The chairman, adverting to the
altered state of public opinion with regard to joint-stock
banks, since the undertaking had been commenced,
and the consequent altered position of the shareholders,
considered it inadvisable to force the project against the
opinion of a considerable nu.nber of the shareholders, and
proposed the dissolution. He was seconded by Mr. D.
Larnach, a large shareholder, and the resolution was
adopted. . . . . .

i discussion then arose on a proposition that certain
shareholders should be associated with the directors in
winding up the concern, which was put and negatived,
after which the thanks of the meeting were voted to the
directors, and the meeting separated. The course
adopted by the directors is generally considered a prudent
and wise one.