The Press.
London, England, 1854-01-28 00:00:00

THE PRESS.

rontg ruktt anl) ditg

FIIDAT EVENING.
TEE past week has been one of remarkable flue-

tuations in the funds. On Monday the prices of
Console opened at 901 1 ; on Tuesday they fell to
89f; and to-day they have been done at 911, and
finally close at 911 1.

We last week made some comments on the finan-
cial position of France, and our views were rapidly
corroborated by the fact of the French Government
raising the rate of interest on the Bons de Tresor, a
measure rendered necessary by the rise in the rate of
discount by the Bank of France.
This was of course followed by a considerable fall
in the French funds ; and it is necessary to remark
that the fluctuations in the Paris market greatly add
to those in the English funds, as the electric tele-
graph renders operations in both markets almost
instantaneous, and vast speculations are going on
upon both sides of the Channel.
The Dutch were also, at one period of the week,
almost panicstricken ; and large sales el Stock, espe-
cially Russian, which is held in gent masses in
Holland, have been forced on the 134.12 h market.
The electric wire is also made inxisservient to the
views of speculators, and is the medium of spreading
intelligence which is for the most part concocted in
the counting-houses of the jobbers ; and when it is
considered how much the pockets, not only of the
speculators in stock but likewise those in corn, tallow,
hemp, and other artic'ei of produce, are) affected by
the question of peace and war, we cannot be sur-
prised at, although we may regret, the improper uses
made of the telegraph.
We mention these circumstances to account for
fluctuations in the hinds which really have nothing
to do with the true state of the Money Market.
Generally speaking, the rise or fall in Condole is
greatly regulated by the abundance or scarcity of
money ; now the price is entirely governed by political
rumours, which override every other consideration.
We have for the last fortnight taken a very favour-
able view of the Money Market, so far as the abun-
dance of money is concerned; and although the funds
have fluctuated considerably, and have fallen, money
is every day becoming more abundant, and gold,
which regulates it, is fast accumulating.
The rate of discount is to but bills cannot be
obtained at those rates, in consequence of the great
contractions which have taken place in business, oc-
casioned by the uncertain state of politics; and, as we
stated some weeks back, war itself would be pre-
ferable to the trading community than this state of
suspense.
When we reflect that every description of funded
and railway property, both English and foreign, has
fallen from 10 to 20 per cent. in value, and that corn
is certainly 104. or 15e. a quarter higher than it would
be if we had peace, and when we consider the loss
individuals sustain from suspended commerce, and
that this state of affairs has *continued since June
last, we cannot be surprised at the impatience of the
trading or industrious community.
And this is rendered more annoying from the fact
that, when such is the state of the Money Market, we
should have an unparalleled burst of trade and pros-
perity if we had but a certainty—it matters but little
whether of peace or war—as the trading community
can accommodate itself to either. It is the uncer-
tainty which paralyses commerce.
The influx of bullion has been very large this week,
and amounts to about 800,0001. sterling. The ac-
counts from Australia and California are very favour-
able as regards the produce of gold. The condition
of the Bank of England must be every day strength-
ening, not only from this accumulation of theprecious
metals, but likewise from securities running off from
the circumstance of the rate of discount in Lombard-
street being considerably below the Bank rates.
Money on call is certainly not worth more than 34
per cent., and we understand the joint-stock banks
and discount-houses have refused to take it at that
rate. In the Stock Exchange the value of money
does not exceed 2 per cent.
Money and bullion are also accumulating in the
banks of the United States,
which is another favour-
able feature.
The market Las been heavy to-day, from sales sup
posed to be on account of the Hebrew party. The
French funds, by telegraph, are rather lower, the
price being 89.90. Exchequer Bills, owing to the
increased abundance of money, have been done at
12s. premium.
FOREIGN FUNDS.
A panic in the early part of the week took place in
most descriptions of foreign securities, especially in
Russian Bonds : the Five per Cents., which were not
long since quoted at 120, have been done as low as
UV, and the Four-and-a-Half per Cents. at 85. In
consequence, however, of the rumoured mission of