The Press.
London, England, 1857-09-12 00:00:00

THE PRESS, SEPTEMBER 12, 1857.

is not the main cause. The main cause, this week
at least, has been the nom arrival of further intelli-
gence from India. Pending that arrival even the
most adventurous of speculators have hesitated to
commit themselves tn any serious extent, either one
way or the other. But the balance of speculative
transactions have been entered into with a view to
quotations going lower, thus showing that in the
opinion of those who usually keep a sharp look out
upon public events the opinion is that the forth-
coming news will be of an unfavourable cast. How,
indeed, can it be otherwise, when we know the
difficulties that surround our brave countrymen at
Lucknow, at Agra, at Cawnpore, at Delhi, and many
other points at which it is impossible they can have
received reinforcements ? Ever since Tuesday news
has been most anxiously expected. None came to.
day. Tomorrow the ordinary telegraph will be fully
due, and the moment it arrives there is sure to be an
active renewal of business, for a time at least, not-
withstanding the temporary desertion of the City for
purposes of recreation and health.

Consols have, with temporary exceptions, shown a
declining tendency throughout the week. The ex-
ceptions arose out of circumstances connected with
the settlement of the account which was brought to a
termination yesterday, and their influence was soon
ended. Last Friday the closing price for October 14,
the present account, was 91 to 1, and yesterday they
finally closed at 90! to 1. The decline, therefore,
was one quarter per cent. For money they closed at
901 to 1. Independently of the state of affairs in
India, a complete change in the weather and a reac-
tion in the corn trade, resulting in advanced prices,
have exercised an adverse influence upon prices.
To-day they opened at 901 to it, and closed, after a
dull day, at 90i exactly.
Exchequer Bills have further receded 23. They
were dealt in yesterday and to-day at 7s. to 3s. dis.
Foreign Stocks have been flat, and most descrip-
tions are weaker than they were last Friday.
Railway Shares in most cases have suffered a
reaction from the extreme prices of last week, but in
a few instances a further advance has been estab-
lished. Caledonians, Sheffields, and a few others
have improved, the latter to the extent of one and a
half per cent.; but Great Westerns, North Mid-
lands, French, and Indian shares have all declined.
Business has been confined almost to bona-fide in-
vestments, speculative transactions being found the
exception. To day the tendency was downwards,
with scarcely any business.
Joint stock Banking, Mining, and Miscellaneous
Shares are all without animation.
A conaoversy has been going on during the week
as to the effect of heat in impairing the efficiency of
submarine cables such as that lately constructed for
the Atlantic Telegraph Company. We have not
space to notice all that is said upon the subject. It
is sufficient to say that the question is one not of
scientific interest only at the present moment, when
it is essential that our communications with India
should be rapid and certain. The Atlantic cable,
which is likely to be purchased for shipment to Suez
or Kurrachee, does not appear to have been injured
by heat, but the gotta percha covering of telegraph
wire is stated to undergo certain chemical changes
in hot climates which destroy insulation. No doubt
these evils are capable of effectual remedy.
At the Court of Bankruptcy, on Monday, the exa-
mination of Mr. L. De Wolf Cochran, the missing
director of the Royal British Bank, was adjourned
sine die, with proclamation of outlawry. The trial
of the other directors, who are at liberty on hail, is
fixed for the 30th of November, in the Queen's
Bench at Westminster.
The evidence taken before the Bank Acts Com-
mittee of the House of Commons has been published.
It is very voluminous. The inquiry is to be renewed
next session. To-day the report of the evidence of
the Public Moneys Committee was issued. It con-
tains several recommendations of extreme importance.
The amount paid into the treasury of the East
India Company for bills on India from the 20th of
August to the 9th of September was 13,137/. The
export of silver must consequently continue very
large.

Assignees were chosen, at the Court of Bankruptcy
yesterday, in the case of Messrs. Gotch and Gotch,
of the Kettering Bank.
The submarine cable to connect the island of
Sardinia with Algeria, and bring France into direct
communication with that colony, has been safely laid.
The length of the line is 148 statute miles, and the
amount of cable paid out about 172 miles. The
cable has four wires, two of which are appropriated
to the French Government, and its contract price
was 50,0001. The undertaking has been carried out
by the Mediterranean Company, by whom the first
part of the line from Genoa to Corsica and Sardinia
had been previously completed.
The New Brunswick and Nova Scotia Land Com-
pany have divided at the rate of 39. per cent. per
annum.

The Trade Reports of the week are on the whole
satisfactory.