The Press.
London, England, 1858-01-30 00:00:00

THE PRESS, JANUARY 30, 1858.

capital in their hsnds waiting employment, the joint-
stock banks and discount houses will therefore con-
tinue the competition against the Bank. But it is
evident from the above comparison, and from the
known condition of general trade, that the reserve
of the Bank both in notes and gold must continue
to enlarge. The Directors will therefore shortly
find themselves compelled to try to get their money
out. To do that their terms must be farther re-
duced ; and under present circumstances it does
not appear improbable that by the end of February
the minimum may be fixed at three percent.
So full of money are some of the banks that the
Westminster, before the reduction of the Bank rate,
lowered their allowance upon deposits to two per
cent. for sums of 5001. and upwards, and to one per
cent. for less sums. Several other banks are giving
only two per cent. The City Bank and the Bank of
London are giving two and a half.
The demand for money has been very moderate.
At the lower rates there was a little more inquiry,
and as the 4th is approaching, when large amounts
will be called for, the market will probably experi-
ence some stimulus. But, on the whole, the trade of
the country is not sufficiently revived, at present, to
produce any material effect upon the value of
capital. Several foreign and colonial railway schemes
have been put forth and favourably received ; but
hitherto there has been anything but a rush of mere
projects.
Gold continues to arrive, and as it comes it is
sent into the Bank. The principal supplies this
week have been sent from the United States and
Russia, the overdue vessels from Australia not
having yet made their appearance. There is no
continental demand for gold, consequently all that
comes remains with us. The Bank stock, therefore,
is likely to attain a very high aggregate. According
to the official return published in the Gazette this
evening the imports of specie during the week end-
ing on Wednesday last were—of gold, 366,1031., and
of silver, 127,046/. ; making a total of 403,149/, The
exports were—of gold, 44,1771., and of silver,
20,9781. ; total, 65,155/. The balance, 427,9941.,

is retained in this country.
Consols during the week have never been higher
than 954 to 4. They stood at about this quotation
when the Bank rate was lowered, and the reduction
having been generally anticipated produced no
immediate effect. Afterwards, however, there was a
decided fall to 95 to 4. Nothing occurred to explain
the reaction; but it was rumoured that vety un-
favourable intelligence had been received from the
Presidency of Madras with respect to the fidelity of
the native troops. There was not even a rally after
this, though the rumour was not credited. This
clearly shows the market to be extremely sensitive;
indeed, it has been so all the week from political
causes, such as the expected loan for India, and
from the impressions created by the various discus-
sions arising out of the late atrocious attack on the
Emperor of the French. To-day the highest quota-
tion was 954 to 4, but for the greater part of the day
the market was flat at 954 to 4, at which it finally
left off.

Foreign Stocks have not varied much, but they are,
on the whole, rather lower, and business continues
very limited.
Railway Shares have nearly all improved, but
scarcely so much as might have been expected from
the abundance of money seeking investments. Pre-
ference and guaranteed shares have, however, been
in great favour, and they command considerably
higher prices. When the demand for these descrip
Lions is satisfied, or when the price attained is fully
equal to the present value of money, we may expect
the ordinary stocks will be in request for the invest-
ments of the public. The traffic receipts, however,
are still comparatively unfavourable, the falling off
being wholly in goods. As trade gradually revives
this adverse element will disappear.
Joint-stock Bank, Dock, and Miscellaneous Shares
have been in request; hut the Mining Share Market
remains extremely inactive.
Exchequer Bills have been less pressed for
realisation, and the present price is 20s. to 237?.
premium.
The Provincial Trade Reports are generally of
an encouraging character. Employment is extend-
ing in the manufacturing districts of the north ; but
the silk trade remains exceedingly depressed, and a
rise in the price of raw cotton at Liverpool has
almost neutralised an improvement in the value of
manufactured goods et Manchester.

BRITISH FUNDS.— Closl
OFFICIAL QUOTATI
Most Mud.
1---
.
5 psi Cent.Consols ; 951 95
'Atto for Account
3 Der( eLts Reduced
New 3 per Cents
I.3ng Annuities
Rank Stock. 7 per Cent ; 29C j 926
New 9. per Cent Annult ; I
Exch. Bills, 21d. i221p,2219p,
India Bouds,(1,0001.)" 17 pm,l7 9pl

Wed.

Thurs. WU*,
95 95;
9. 95k
951 951
9 95;
2 1.16
224 i 2251
79;
23 pm 23 24 p
17p 11 19 p

951
SS}
95;
951
2.16
226

:o pm
L 5 17p

ro:
Per Coot.

Brazilian 5
Danish i
Moil. (F:l2 Guil )2e
French S
Do. Bank Stook
St ezioan 3
Peruvian ♦o
Portuguese 3
Russian 5
Spanish ..... 3
furkirh Aco.B

117

(REIGN FUN
. Mond.,Twesd.

DS.
W.A. Me.. jAiday.

•
-- .01i
I
gyk
69:30c 69.`50c
21 SI
74 79
44*
114 --
441
-- 1 25;
96) I 96%