The Press.
London, England, 1858-10-30 00:00:00

THE PRESS, OCTOBER 30, 1858.

Considering the present condition of the Money
not surprising that an opinion should have
p.:ll.laavrkaeot it is
ed, in quarters usually very penetrating, that
the Court of Directors would yesterday reduce the
rate to two and a half per cent. That thel
gio,int,iinittli filirmly abided by the existing rate is now
proof that they are misguided by men
walkirogiendaallspa robability will, before the end of the year,
applaud them for resisting the clamour that would
urge them neon a
policy involving, certainly, some
degree of risk. Except to square with preconceived
notions and an abstract thecry, there is no reason
whatever why the Bank should abandon the practice
of fixing a minimum, and there are certainly none of
real importance to make a present reduction ex-
pedient. We need not again point out the public
advantages of a public minimum ; and we scarcely
think it necessary to repeat the string of considera-
tions that obviously render a reduction impolitic
under existing circumstances. But if the stock of
gold in the vaults of the Bank is at all to be pro-
tected, it can only be by maintaining the existing rate
of discount. Every ounce of gold that has arrived
for the last fortnight has been taken for export ; the
continental inquiry naturally caused by the state of
the Exchanges is not satisfied, although it has ab-
sorbed all our exports and more besides ; and silver is
again flowing to the East. With regard to the export
demand there are two points whence it has arisen.
One is from Constantinople, in connection with the
recent loan operations, and the other and the greatest
is from Austria. The National Bank at Vienna is to
resume specie payments early next week, and the
Austrian Government are now receiving in specie the
first instalment of the purchase money of the
Lombardo-Venetian system of railways. These
influences are important in the absence of any arrivals
of Australian gold and during a partial diminution
in the receipts from the United States. In fact, such
considerat;ons are irresistible, and so long as the
Bank of England is administered upon its present
principles they must mainly influence the resolutions
of the Directors in maintaining the existing nominal
value of money.
The specie movements of the week have not been
important. The whole of the arrivals, which have
principally been from the United States, have been
taken for export.
There has been but a moderate business in Public
Securities, and quotations have been exceedingly
regular; that is, there have been very few variations.
Yesterday there was a trifling degree of excitement
previously to the Bank Court breaking up, but it
almost immediately subsided, and things have since
been very quiet. The principal business has been
in New Threes and Reduced, upon which the
dividends are now rapidly accruing ; and, as far as
railways are concerned, investments have been almost
wholly in Preference and Guaranteed Stocks—a
sure sign that the public are prudent and not specu-
lative.
Consols, which left off this day week at 981 to
for account, have for a considerable portion of the
week remained at that quotation, but the average
price has been 981 to 4. Yesterday they temporarily
stood at 984 to 4, tut almost immediately receded.
To-day they closed at 98i to I flat, owing to the
Exchanges being again unfavourable. The settle-
ment of the dispute between France and Portugal,
which at one time was thought to look ugly, produced
the merest possible temporary improvement; and at
no time was it regarded as satisfactory.
Foreign Stocks, though occasionally firm, are
upon the whole, a little flatter than last week.
Turkish have given way, though they still command
a good premium, and may now be considered as
effectually established in the marker, particularly if
the stringent conditions of the loan are, as we believe
they will be, faithfully fulfilled.
Railway Shares have been affected by the settle-
ment which has taken place during the week ; and
on the whole but little change has been established.
The merchandize traffics are improving, and
this is a hopeful sign ; but in some of the leading
lines there is a want of confidence in the manage-
ment that adversely affects the value of every share
in the market.
Banking Shares maintain their value, and some
descriptions, particularly one or two of the Austra-
lian, are rising.
The closing price of Atlantic Telegraph Shares to-
day was 330 to 360.
Exchequer Bills are rather lower, owing to the
absorption by the bankers baying ceased. The
present price for those of March is 375. to 40s. prem.,
and those of June 31s. to 345. prem. In the former
ease there is a reduction of 2s. ; in the latter no
change
.... •

The Royal Mail Steam Company have declared a
dividend for the half-year of 21. per share, free of
income tax.
The Great Eastern steamship has been sold to
an independent company ; and the sale will be con.
firmed at a meeting of the present shareholders on
Ttl"daY. The existing company is to be dissolved.
The Trade Reports from the provinces are of a
satisfactory character, although the Manchester

advices show some degree of dulness and inactivity.
This is attributed to a fall in the price of cotton at
Liverpool having led merchants to require greater
concessions in the terms for goods than the manu-
facturers are willing to grant. Tho dulness, how-
ever, will, it is believed, prove merely temporary, as
there is a vast consumption in progress, and stocks
are not accumulating. The difficulty is simply one
of price, and as the demand must progress the
market will regulate itself in the course of two or
three weeks. The Yorkshire trades in woollens,
worsteds, and machinery are all active. The linen,
flax, and silk trades are satisfactory. And the iron
and hardware branches have decidedly improved
during the week. Altogether there is a good prospect
of an active trade up to Mardh next, the dulness at
Manchester being merely an incident of a casual
nature, while all other branches, without a single
exception, are progressing rapidly but safely. The
announcement of a commercial treaty with Japan has
given very general satisfaction.

FROM THE LONDON GAZETTE.
Tuesday, Oct. 26.

BANKRUPTCIES ANNULLED.—WILLIam SHAW, Liver-
pool, ironmonger—Mawr and GEORGE GoWL►tiD, Liverpool,
chronometer•makers.

------
BANKRUPTS.—EDWARD HUNN BUNTING, Wells, draper—
Wtuams GUN MAHON, Upper Berkeley-street West, Connaught-
square, bill-broker—Tuomes limit., Loose, Bent, =law—
EDWIN COLLINS, Old Kent•road, market-gardener loam
Boxsu., Hepbzibah-terrace, Grange-road, Daleton, commission
agent—Otoaox HOLDEN and GEORGE HOLDEN, Jun., Birming-
ham, pencil-case manufacturers—Wuxi/3g MILLS, Tamworth.
watchmaker—Josvwx HILL, Fairfield, near Liverpool, joiner
and builder—LYDlA M'LELLAN, Llandudno, licensed victualler.

scorcx SEQUESTRATIONS.—WILLIAM CULLEN WHITS•
RIAD, Glasgow, merchant —ALEiumnza Busse, Airdrie, grocer
—JAMES HOLIIE, KiIMEICOIIII, farmer—JAMES HOLME, jun., Kil-
maciolm, farmer—Josh Bums, Edinburgh. tea•merchant—
NEIL CAMPIIIILL Duly, Edinburgh—WlLLlAM Fusions, Houston,
Renfrewshire, innkeeper.