The Press.
London, England, 1854-07-15 00:00:00

669

VOlttf Varktt an Ciig

FRIDAY EVENING.
TUE first three days of the current week were marked
by a considerable and continuous decline in the Con-
aol Market. Many causes, more or less real, were as-
signed for this depreciation. The weather continued
obstinately wet, enough to produce heaviness, though
not as yet leading to any alarm for the cereal crops.
Then came the version of the Russian Emperor's reply
to Austria, which was considered eminently unsatisfac-
tory, followed by tidings of Napier's retreat from
Cronstadt, which was still more so. Reflections that
the time was short during which it was possible to
strike a blow against the enemy, and was rapidly
passing without any blow being struck, contributed
also to render speculators timid, and to bring down
the quotations. Other causes of more powerful in-
fluence upon 'Change must be looked for nearer
home. The ascertained fact of the week has been
that an extraordinary absorption of capital is going
on, which seems perpetually to drain the market of
all surplus cash seeking for investment, rendering
discounts "tight," and diminishing therange of those
band fide operations which, especially in sensitive pe-
riods, lend so much buoyancy to securities of all de-
scriptions. Not only does it appear that the large
amounts recently paid for dividends have disappeared
without coming back into the market for reinvest-
ment, but the sums received in the shape of bullion
and gold-dust from Australia and the West have also
left no visible indication of their presence upon the
barometer of the Stock Exchange. On the other
hand, a demand of 1,000,0001 on account of East
India debentures, and the call of 20 per cent. upon
the Chancellor of the Exchequer's first 2,000,0001
series of Exchequer Bonds, exercised an apparently
depressing influence on the quotations, seeing that
they rendered money perceptibly scarce. The posi-
tion of matters abroad, both political and monetary,
gives an additional cause to anticipate a more strin-
gent Money Market. The wants of the several
European States are becoming daily more pressing,
and the difficulties which involve any attempt to ob-
tain a supply of ready money increase in proportion,
notwithstanding the assurance given that the rates
for money are easier in the majority of the markets
abroad than they are in this country. The rate of
interest on Consols has risen to 4 per cent., and that
on other descriptions of Government securities to 5,
with no prospect of speedy reduction. Upon first.
class paper discounts can seldom be obtained at rates
below 51 per cent. The practical consequence of
this depreciatory influence has been that the Three
per Cents., which left off on Saturday last at 921,
declined on Monday to 921 for money, and 921 for the
August account. On Tuesday a further depreciation
was marked, extending at one time to a full 3 per
cent., with great predominance of sellers. The lowest
price of the day was 911, but this bringing in a few
buyers a partial reaction took place, and the closing
quotations were 92. Next day the market opened
with increased heaviness, which continued through-
out the day. Prices fell rapidly to 913, and then suc-
cessively to 911 and 901. At the close they were
901 for money, and 901 91 for the account.
Yesterday (Thursday) the quotations rallied con-
siderably, partly from the brighter state of the
weather, but chiefly from the natural reaction after
a fall equivalent to nearly 4 per cent. from the top
prices of last account-day. The improvement was
aided by the eagerness of many speculators for the
fall to close accounts, and so realise their profits.
The market was consequently excited, busy, and
buoyant, and the priaes rose, on the whole, nearly 1
per cent. At one hour Consols were marked at 92 to 1.
Later, however, the market showed signs of weak-
ness, and, on leaving off, the quotations stood at
91; 92.
To-day we have had a return of bad weather and
depression. Yesterday's rumour that the combined
forces in the Baltic were to be assisted by an army
of 50,000 Swedes has not been confirmed, and the
disappointment acts injuriously upon the sensitive
Money Market. Consols have fallen to 911 4. The
Three-and a-Quarter per Cents. have given way 1 in
price. India Stock is lower, at 225 ; and India Bonds
have been dealt in at 4s. prem. Exchequer Bills are
at Is. dis. to 2s. prem., and Exchequer Bonds 1 to
prem.
SHARES.
The Share Market has sympathised with the d
ness of the Stock Exchange, although prices did not
decline in so large a proportion. Late in the week
the Share Market bad improved. Yesterday and to-
day nearly all descriptions are better. The public
continue to invest, and the traffic returns are again
highly favourable for the August dividends. Ber-
wicks have beon dealt in at 74; South-Easterns at
631 ; Midlands at 651; North-Westerns are 1031;
Lancashire and Yorkshire at 00 ; Caledonians at
021 ; Eastern Counties at 131; and Great Westerns

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