The Press.
London, England, 1858-02-20 00:00:00

lout glultet ai 6ttLY `Aattlitgerat,

FRIDAY EVENING.
THE return of the Bank of England for the week
ending Wednesday last, the 17th inst., shows the
following changes compared with that for the week
preceding :
Increase in Circulation
Increase in Public Deposits
Decrease in Other Deposits
Increase in Government Securities 155,682
Decrease in Other Securities
Increase in Bullion
Increase in Rest
Increase in Reserve ..
Bullion in both Departments
Circulation, including Bank Post
Bills
The present return is again highly favourable. The
Bullion and the Reserve of Notes are increasing, while the
Private Securities are running off rapidly, until they are
now little more than seventeen millions and a half. The
Rink is gradually enlarging its Government Securities,
but its unemployed notes continue augmenting, and at the
present moment there does not seem much probability of
a change in this respect. Under these circumstances
there is every prospect of an effort to get its notes out, by
offering further inducements to obtain bills.
The accumulation of unemployed capital is still making
pro-ress, and the competition for tie best descriptions of
bills has caused the rate in the open market to descend to
two per cent. In fact, cases have occurred in which only
one and seven•eightlis per cent. were asked. Bills not
quite of the highest class have been done at two and a
quarter; and the maximum rates may be quoted at two
and a half per cent. With such terms in Lombard-street,
it is not surprising that, beyond some additional inquiry for
a thy or two after the reduction to three per cent., the
Bank has been receiving comparatively few applications.
Indeed, there was an impression yesterday that the rate
would be reduced to two and a half per cent., and the
question was discussed in a protracted sitting, but it was
rosolved that for the present no alteration should be made.
But with so large a reserve, and with the stock of bullion
still enlarging, it is improbable that the present rates can
be long maintained.
The Bank of France yesterday reduced the rate of dis-
count from four and a half per cent., at which it was fixed
on the 6th inst., to four per cent.
About 200,0001. in gold has been brought in this market
during the week for transmission to the Continent, and as
the exchanges are favourable to such operations it is pro-
bable that further amounts may follow. But as the rates
of interest are declining all over Europe the exchanges are
not likely to be so adverse as to make it profitable to with-
draw gold from the Bank. Whatever amounts ure taken,
therefore, will be taken out of the market, and thus the
amek in the Bank will be more likely to enlarge than to
diminish. Although no arrivals from Australia are re-
ported this week, considerable sums have come in from
the, United States, South America, and other quarters.
fhe aggregate is about half a million, out of which the
Bank has obtained more than one moiety. According to
the official return published in the Gazette of this evening
the imports of specie during the week ending Wednesday
last, the 17th init., were--ot gol I, 1,931,0481., and of silver,
21)0,1711.; making a total of 1,231,2221. The exports
were—of gold, 216,6311., and of silver, 263,5901. ; total,
480,13.11. The imports, consequently, exceeded the ex-
ports by 550,9141.
An improvement of about a half per cent. has been es-
tablished in Consols since our last, partly due to the great
abundance of money, and partly to the decreasing sensi-
bility of the public mind to the effect of the repressive
measures adopted in France. At the seine time it is not
to be concealed that there is considerable anxiety lest. some
of the discussions now in progress should induce coolness
between the two Governments. A good deal of speculative