The Press.
London, England, 1854-02-11 00:00:00

College
THE following degrees were conferred on Wednes(

ast:—
Honorary 31. A.—Lord Frederic George Sutherland Leveson.
Gower, Trinity ; the Hon. George l'epys, Trinity ; the Hon.
John Harbord, Magdalen ; Richard Lewis as Capell Brooke,
Trinby ; the Rev. Ralph William Lionel Tollemache, St. Peter's.
B.A.—Henry Day, Trinity.hall ; Lloyd Salistur7 Baxendale,
Downing.
MA.—Francis Paul Methuen, Trinity; James Pearson,
Trinity; John Mee, Christ's ; Charles Felton Smith, Queens'.

141

Vontg Parlirt nub (4 ittriligratt.

FamAT EVVITNG.
WE last week stated that such was the easy state of
tha Money Market, that, were it not fvr the menacing
position of politics, the Bank of England would imme-
diately lower their rate of discount. We believe that

the subject was mooted in the Bank parlour yesterdot
and political considerations alone swayed the dim-

tors in not reducing the rate of discount to 4e per
cent., and even at that rate they could scarcely hop*
to obtain many bills, as the joint-stock and private
banks are eagerly discounting bills at 41 per cent.,
and even lower.

The bills under discount at the Bank must be fast
running off, and money accumulating, arising in a

great measure from the curtailment of business con-

sequent on the state of the Eastern question.

Money cannot be employed at call above 8j per
cent., and in the Stock Exchange stock is so scarce
that it is dearer for money than for time.
We need hardly say that such a state of things es
this would indicate a prospect of a material rise in
the tunds, which nothing short of war and a creation
of stock could prevent. The fact of Exchequer Bills
rising to 20s. pm. is in itself a sufficient indication
of the large amount of capital seeking employment.
The fluctuations in the funds during the week
have been very frequent, the extreme pnces having
been 921 and 91i. The principal feature ha, been
large sales of Reduced Three per Cents. by the South
Sea Company to pay for purchases of their own stock
at 115.
Large speculative sales have taken place for the
March account, but stock remains scarce for the pro-
cent settlement, and 1-16th is given to obtain it.
This is an immense advantage to bankers and
others, so long as they can employ their capita. at
interest.

The arrivals of bullion this week amount to about
400,0001., principally from Australia, from which
colony the accounts are extremely favourable.
Gold is sent to Paris, but the balance continues in
favour of the imports.
The Bank of France has made an advance to the
French Government of 2,400,0001. sterling, and it is
stated that the Credit Mobelier has offered to advance
8,000,000/. on Bons de Tresor, on condition of having
the option of converting them into Three per Cent.
Rentes at 72. a fine operation in the event of peace
being preserved.
We last week drew attention to the improved state
of the New York banks, and the last advises are still
more satisfactory. The amount of the gold in the
New York Bank and Sub-Treasury is again increased
by the sum of 280,000dels.; on the 81st December it
was 13,240,000 dole., and on the 21st January it
amounted to 16,035,000 dols., being an increase of
14 per cent. on the former amount in three weeks.
Consols opened to day at 021 I ; but large specu-
lative sales have taken place, in consequence of
troops being about to be immediately sent to the
East. The price of Consols has receded to 91$ I, at
which they close.
The exchanges are much the same, with the et•
eption of Paris, which is rather lower.
FOREIGN FUNDS.
The official returns of the quantity of guano in the
Chincha Islands is, that it amounts to 18,500,000
tons.
Whether the quantity be R,500,000 tons, as reported
b) Admiral Moresby, or 10,5 0,00(1 tons, it i. equally
important, both for the bondholders and the agricul.
tural interests of the country, that an arrangement
should be made, under the sanction of the British
Government, that a sinking fund should be estab-
lished of sufiltient amount to extinguish the Peru-
vian debt held in this country in ten years.
This arrangement would be alike beneficial to the
bondholders and the agriculturists, as it. would
ensure a certain quantity of guano being sent to this
country annually.
We wonder Peruvian bondholders and agents do
not contrive with the agricultural body to bring
about some specific arrangement under the sanction
of the British Government., and we beg to draw the
attention of the Peruvian bondholders' committee to
the subject, the more especially as the guano question
will he brought under the attention of Parliament
on Tuesday next. We may mention, however, for
the information of members, that the sale of guano
is quite as great a monopoly in the United States
as in England, and that it is about to be raised
there V. per ton. Peruvian Bonds remain at 66
to 8: they are susceptible of a very considerable
advance, but until the sinking-fund question is settled
the public are cautious in investing in them.
Mexican Stock has evinced great firmness. we
believe the treaty for the sale of a quantity of land
to the American Government., for 20,000,000 dole.
payable by instalments of 3,000,000 per month, has

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