The Press.
London, England, 1857-08-29 00:00:00

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FRIDAY EVENING.
TILE return of the Bank of England for the week ending
the 22nd inst., shows the following changes compared with
that for the week preceding :
Decrease in Circulation
Increase in Public Deposits
Decrease in Other Deposits
Decrease in Securities 650,113
Decrease in Bullion
Decrease in Rest
Increase in Reserve
Bullion iu Both Departments 11,230,131
Circulation, including Bank Post
Hills
The large reduction in the amount of Private Deposits
cannot have been solely caused by the commercial employ-
ment of the money in the market, though, as the discount
houses have been doing more business in bills than the
Bank, it is probable that a portion may have been with-
drawn for that purpose. It is believed that the East India
Company have mainly produced the diminution, by apply-
ing some of their funds to defraying expenditure arising
out of the measures to suppress the Indian mutiny. The
Bank has received large repayments of advances, so that
the Private Securities have now fallen to 17,353,0001., the
lowest amount at which they have stood for some time.
The Public Deposits, which showed a large decrease last
week in consequence of the liquidation of the Sound Dues,
appear to be rapidly recovering, and at the present rate of
increase the October dividends will be met without antici-
patory revenue. The general operations shown by this
comparison have been important, and they have resulted in
a decrease of circulation and in an increase of Reserve
which nearly balance each other. The falling off in the
Bullion is unimportant.

The Money Market has again been easy, the supplies
having been good ihroughout ; but the demand has, upon
the whole, been much more active than last week, and rates
have shown a tendency to advance. Indeed, for a short

853

neriod the best bills were done only at the Bank minimum
The average rate now is about five and three•eighths per
cent. The increase in the demand is the only new feature.
In ell other respects the market is much the same as when
we last wrote; but it would have been a good deal worse had
not support been given to it by the arrival of large amounts
of gold from Australia, and by an accumulation of the stock
of silver having rendered any further purchases upon the
Continent unnecessary for the present. As to the future,
we see no reason to change or modify the views expressed
in our last that the present ease can only he regarded as
temporary. The expenditure on Indian account is very
arge, and it cannot be met without some derangement in.
finance, though from the nature of the circumstances we
may not feel the effects of that derangement at once ; but
commercial relations between the two countries are
too intimate for England not to be sensibly affected by
embarrassments that cannot be a voided in Calcutta, Bom-
bay, and Madras. The time, therefore, wili come when the
cost of extinguishing the insurrection and of restoring order
must influence the value of money and the profits of trade
to merchants and manufacturers at home, just as the
charges of the Russian wc.r influenced them last year,
though the operation may be less direct.
Since our last two official telegraphic despatches have
been published by the Government, bringing political news
from India to the 30th July from Bombay, and to the 28th
from Calcutta. Great ingenuity has been shown in twist-
ing the intelligence so brought into meaning that the
turning point has at last been reached, and that we have
entered, in reality, upon the path which is to lead to a
speedy restoration of our power and authority. This
favourable view is founded upon the fact that the armies
of the Bombay and Madras Presidencies remain loyal,
and that our forces have, wherever they have come in
collision with the mutineers, inflicted heavy losses upon
them. Making the most liberal allowance for all the cir-
cumstances in our favour, there is a large balance of dis-
advantage and disaster on the other side—so large as to
destroy all hope of these troubles being ended without a
very desperate and protracted struggle. We have lost
three general officers, each holding important commands ;
Delhi is not taken, and is admitted to be an Indian Sebas-
topol ; Cuwnpore, though in our possession, is not yet safe;
all Oude is against us; it. has been found necessary to
disarm the remaining native regiments in the Punjaub ;
and the mutiny has enlarged its area towards Agra and
Indore. It will, therefore, tax all the strength of the army
in Bengal to maintain its ground till the arrival of the
reinforcements now upon their way ; and it is clear that,
unless they are large enough to sweep all before them in a
very few weeks after the field is taken, a third campaign
will be necessary. The letters have not yet been delivered,
but it is confidently believed they will sustain the opinion
of those who are unable to regard the facts stated in the
telegraphic despatches as containing the elements of
satisfaction, which are so pertinaciously ascribed to each
successive arrival.

- - - Since these remarks were written one of the newspapers
connected with the Government, the Morning Pod, has
published a despatch whic:i fully confirms the apprehen-
sions just expressed. The massacre at Cawnpore in-
chided all the officers, and a similar tragedy had taken
place at Sealkote. An obstinate engagement before Agra
had terminated in the British force there being obliged to
retire with a heavy loss, no less than nineteen officers
having perished. Altogether this news acquaints nslwith the
death of nearly forty officers. Besides these losses,
which under present circumstances must he severely felt,
the mutinons spirit appears to have extended. The news
caused great gloom today, and it was followed by a decline
in nearly all classes of securities.
Considerable arrivals of gold have taken place during
the week. They include 530,0001. from Australia and
about 210,0001. from the United States. Including silt' r
train the Continent, our supplies of the precious metals
have been enlarged to the extent of 820,0001. or there-
abouts. The exports have reached 100,0001. Of the
balance, about 360,0001. have been sent into the Bank ;
the remainder is in hand, and will probably be taken for
the Continent, as the exchanges are gradually falling.
There is a large accumulation of silver in the market,
and the price has consequently given way a little. It will
depend upon the letters from India whether any further
change will take place in it. At present, the engagements
to send out silver to India and China by the packet leaving
Southampton on the 4th are only moderate—not so much
as 700,0001. _ .

During the week, business in all classes of securities
has been of a very restricted character. Many dealers are
absent from town, and those who remain exercise the
greatest caution in contracting engagements ; so that,
from these causes alone, there has been less activity than
usual. But the public have been investing considerably
in Reserved and in the New Threes, with a view to the
October dividend, as the books will be shut in a few days,
and their operations have imparted a certain degree of
strength to the market, though not sufficient to maintain
it in the face of the news from India. Railway Shares
have improved, particularly Great Western stock.
Consols have been drooping nearly all the week. Last
Friday they closed at 901 to 91. On Saturday, upon the
receipt of the first Indian despatch, they fell one-half per
cent., and closed at 901 to 1. Subsequently they improved
to 901 to ; but yesterday returned to 901 to 1, closing
dull. To-day they opened at the same ; but on the arrival
of the Indian news, they fell to 91% to 1. They closed very
dull at 901 exactly.
Foreign Stocks are, on the whole, rather better, but tba
market shows little or no animation.

The settlement of the liail•vay Account has to some
extent interfered with business in shares, but on the
whole the market has improved, though it has now a dull
aspect. Great Western stock has been scarce, and holders
being firm, an advance of one per cent. was estaLlialitd up
to yesterday. 31idlands and Caledonians have also im-
proved, and the whole of the lines connected with the •

854

North Midland system. Canadian shares are also better
a little. In French no change of importance. To-day all
descriptions were heavy and from tot lower.
Ottoman Bank Shares are about one-half per cent.
better.
In Miscellaneous and Mining Shares little or nothing
has been doing.
Operations in laying down the submarine telegraphic
cable from Ireland to Newfoundland are likely to be
delayed now until nest year. Meantime the shares have
slightly improved, but the quotations are nominal. The
meetings of the directors, at which the causes of the late
failure, and the arrangements for the future, were dis-
cussed, were all private, and nothing has been allowed to
be known except that which has proceeded from the
Board officially. Under these circumstances several
rumours of a prejudicial character have been floating
about, from which, if they may be believed, it appears
that the experiment, either from mismanagement or other
causes, was a more decided failure than the public have
been led to suppose.
The affairs of the Surrey Gardens are in sad confusion.
The whole of the capital has been lost, and there is a debt
of 20,090/. besides. Who is to blame does not yet fully
appear ; but a well known political character, who has
lately been a recipient of Government patronage for
zealous electioneering services, is mixed lip with the con-
cern in a very peculiar way. The shareholders have been
•ictimised by flaming reports and by cooked accounts.
Their indignation is unbounded. A petition to wind up
is now before the Court of Bankruptcy. One of the most
discreditable cases connected with the management is, that
poor old Mrs. Seacole has not received a farthing out of
the proceeds of the benefit nights given on her behalf.
Several heavy failures have occurred in Liverpool
through Stock Exchange dealings. One is that of a large
commission•house of high standing, which was reported to
be very wealthy. Another case is before the criminal
courts. In consequence of these disasters the leading
journal has been Indulging in severe remarks upon the
commercial morality of Liverpool. Indignant replies have
been made, in which odious comparisons are suggested.
The controversy is still going on, causing amusement here
and anger in Liverpool, both sides professing to be ani-
mated by the best motives, and so on. It would be better
to stop it at once. The whole body of British merchants
in London and Liverpool are not to be condemned as un-
sound merely because a few among them have unwisely
involved themselves in gambling speculations.
Complaints are made of the irregularity of the Austra-
lian mails, in consequence of the break up caused by the
disabling of the Oneida. It does not appear likely that the
service will become regular until after the 11th Sept. A
line of steamers is to be established between Panama and
Sydney, by which Sydney will enjoy the advantage of
being the first Australian port of arrival and the last of de-
parture.
The accounts of the Board of Trade for the month and
seven months ending July 31 have been published. A
very large increase is shown in our exports for both periods.
During the month they amounted to the value of
12,201,532/., and during the seven months to 73,027,913/.
A dividend at the rate of eight per cent. per annum has
been declared by the directors of the Ottoman B tnk. The
business of the undertaking is making satisfactory progress.
The Southampton Dock Company have divided at the
rate of four per cent. per annum, and the Submarine Te-
legraph Company at the rate of sever per cent.
The afftirs of Messrs. Gotch. of the Kettering Bank,
have passed into bankruptcy. The liabilities are 150,1)001.
and the assets 75,0001.
A call of 15/. per share has been made upon the share-
holders in the London and Eastern Banking Company,
with an intimation that unless it be paid the concern must
go into bankruptcy, as the assets turn out less than was
expected. Many persons wish that it may, as the revela-
tions will expose acts believed to surpass in iniluity even
those of the Royal British Bank.
Vice-Chancellor Wood has given judgment in favour of
the Great Northern Preference Shareholders in their suit
against the directors to restrain them from paying any
dividend to the ordinary shareholders without first paying
in full the preference dividends accrued stnce June, 1856.
An appeal is threatened. Meanwhile a severe contest will
take place at the half-yearly meeting of the proprietors
to-morrow.

The Bank of Egypt have declared a dividend at the rate
of six per cent. upon the paid-up capital, free of income tax.
The Provincial Trade Reports are upon the whole midis-
factory, but trade is quiet.

BRITISH FUNDS.— Closing Priors.
OFFICIAL QUOTATIONS.
,Mond. Tuesd. Wed. Thurs. Friday

3 per Cent.Consols 941 i9O 11 501 90; I,COI
Ditto for Acoount lOl UN IMa 1,001 a 901
3 per Cents Reduced .... 90 I'9l 191 s. 21 90;
3 per Cente
Long Annuities
Hank Stock T per Cent. 216 ,2141 I i2lti
New 3; per C .
ent Annuit I 215 el
Kx.311. Bills, 21d.
India Bonds,( 1,00014 l7 13th —20 d
FOREIGN FUNDS.

Per Cent. Mond. rum!. Wed. Thure.
Brazilian 3 1013 1 I 102
Danish 5
Men. (Fix 12 Ouil )ki I j 64
French I 67f 05e 66f 20e
Do. 44 f 4 t e
Do. Dank Stock I —f.— f.
Mexican 3
Peruvian 44
Portuguese 4
Russian 4i

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