The Press.
London, England, 1857-09-19 00:00:00

lont2 Iprket anD (fitg 3nttliigentr.

FRIDAY EVENING.
THE return of the Bank of England for the week
ending the 12th instant shows the following
changes compared with that for the week preced-
ing :

Decrease-in Circulation
Increase in Public Deposits
Decrease in Other Deposits
Increase in Securities
Decrease in Bullion ....
Increase in Rest
Increase in Reserve
Bullion in Both Departments
Circulation, including Bank Post

Bills

Although the Reserve shows a moderate ic crease,
and the unemployed notes now exceed 6,194,0001.,
this comparison is, upon the whole, not of a very
satisfactory character. The demand for money out
of doors has added a considerable amount to the
Private Securities, while the Private Deposits have
again sustained a reduction, part of which is, no
doubt, owing to the requirements of the East India
Company. The Public Deposits are still growing in
anticipation of the October dividends. Next week
they will probably exceed 8,000,0001. So that it is
clear the Chancellor of the Exchequer need not call
upon the Bank for assistance to enable him to meet
the demands of the coming quarter day. The
reduction in the stock of Bullion is the most un-
favourable feature in the comparison—the more so
as it is probable the next return will show a further
decline. _

The demand for money, which was active last
week, has been more so in the present, not wholly
from commercial pressure connected with prepare.
tions for the winter trade, or from operations in the
bullion market, but also from a desire on the part of
numerous establishments to have large reserves in
hand in the event of an adverse change in the
market. In other words, an impression has been
current in important quarters that money is very
likely to be dearer for the remainder of the year.
Some persons apprehend a very high rate. These
anticipations are founded upon the probability of the
Indian disturbances causing considerable derange-
ment here about November and the early part of
December, at a time when our own local engage-

ments are always heavy ; and estimates are vaguely
made of the amounts that will be withdrawn about
that period from employment in the market. It is
unnecessary to state anything more than that the
loss already caused by our mi4fortunes in India is
estimated at ten millions, and that it will daily in-
crease until we have effectually secured the upper
hand of the insurgents. The Indian trade, therefore,
can hardly fail to be seriously inconvenienced. Some
houses are, in this view, preparing beforehand, and
their operations are gradually influencing the
supplies. Then, money is becoming dearer on the
Continent ; the terms of discount are rising in the
principal commercial cities; and a most distrustful
feeling is abroad with regard to the money markets
of earis and New York. In Paris there has been a
serious depreciation in the value of securities in con-
sequence of the failing credit of the Credit Mobilier;
and in New York there has been, and is now, a
decided panic, the loss from which to British capi-
talists is estimated at something like 20,000,0001.
That is, it is believed if British holders of American
securities were to realise them at present prices, they
would sustain a loss to that amount compared with
the prices they might have obtained a month or two
ago. We know that this depreciation is attributed
to an organised conspiracy for the purpose, and that,
in consequence of this belief, additional inve-tments
to a large amount have been made during the
present week in American stocks ; but we fear that
the fall is not wholly due to such a cause. The
panic could not have lasted, or have been so general,
if it had been produced merely by individual combi-
nation. It must have arisen from the commercial
instinct of safe and prudent men, no doubt aggra-
vated by the disreputable means referred to. How.
ever, one thing is certain, that tie state of things in
Paris and New York is creating, and is likely to
create, considerable pressure here. lf, on account
of the fall of securities in both those cities, large
capitalists here are buying them up, the money is
abstracted from its ordinary employment, and so an
increased pressure arises, and it will exist, so long
as the depreciation offers temptations to invest.
Having regard to these circumstances, to the con-
' tingencies arising out of affairs in India, and to the

ordinary conditions of our own commerce towards
the close of the year, the hope may now be totally
abandoned of money going lower than its present
value of five and a half per cent. Indeed, there was
some apprehension that the Bank Directors, at their
weekly court yesterday, would advance the rates to
six per cent. No change, however, was made ; but,
unless some unexpected improvement occurs, one
which it is totally impossible to foresee, an advance
is probable at no very distant day.
The bullion arrivals during the week have
amounted to the sum of 519,412/. The greater
part of this aggregate has been purchased for trans-
mission to the Continent, from whence the demand
continues unabated. The exports, independently of
those to the Continent, have not exceeded 30,0001.
The Bank has been a buyer to the extent of 53,0001.,
but is understood to have parted with about an equal
sum. The next packet leaving Southampton for
India and China will take out about 700,0001., chiefly
in silver; but silver is in large supply here at present,
the continental arrivals being considerable.
There is no improvement of consequence in the
foreign exchanges. Today they were nearly all
unfavourable to this country. .

We have again to report a very dull business in
public securities of all classes, and a general decline
in prices since this day week. The fall has chiefly
occurred in railway stocks, the less satisfactory
traffic returns upon many lines being one cause of
the decline ; but the real explanation is the sympathy
of shares with Consols. Consols ate nearly one•bail
per cent. lower. This may be partly attributable to
the state of the Money Market. but much more to
the character of the news from India. Since our last
we have received both the Bombay and the Calcutta
despatches. The former were generally interpreted
to read favourably, though in positive contradiction
to this view they contained accounts of the extension
of the mutiny to the Presidency of Bombay. The
latter are as yet only published in substance, and are
decidedly unfavourable, inasmuch as they state that
cholera had compelled General Havelock to retrace
his steps to Cawnpore, and that we had sustained a
serious loss in men by en ambuscade, and that great
alarm prevailed in Calcutta, where it had been found
necessary as a matter of precaution to disarm the
Governor-General's body guard. It was also reported
that our troops before Delhi had been obliged to fall
back on Agra.
Consols closed last Friday at 901 Cm. account, and
yesterday at 901. The transactions of the week were
wholly unimportant in amount, and the highest
price obtained has been 901 to j. To-day, in con.
sequence of the news from Calcutta, they opened at
90/ to 1, and receded to 90 to I. Afterwards, how-
ever, more firmness was shewu, and the last price
was 901 to I._

Exchequer Bills remained at a discount of 7s. to 3s.
until this morning, when they declined Is. They
are now flat at Ss. to 4s. dis

Foreign Securities are weaker than they were last
week, and business has been dull without exception.
Turkish Six per Cents. have declined three eighths.
The fall in Railway Shares (luring the week has
been from a half to one and five-eighths per cent. With
the sole exception of Caledonians. which are about
one per cent. better, the decline has embraced all
the heavy stocks. rl►e settlement passed over
without embarrassment, and since then business has
been almost nil.

Joint-stock, Banking, Mining, and Miscellaneous
Shares have shown little or no movement.
The half-yearly dividend of the Bank of England
is five and a half per cent. free of income tax, or
at the rate of eleven per cent., being the highest
amount divided for many years. The profits of the
halt year were 775,6501., leaving the Rest, after
payment of the dividend, 3,040,2,101.
The Red Sea Telegraph Company cannot raise the
capital required on the terms proposed, and the
project is, for the present, suspended.
It 14 stated that the Porte has granted the conces-
sion of a railway from Samsoun to Sivas, a distance
of 250 miles through a very fertile country. The
capital is to be 4,500,0001., with a seven-per-cent.
guarantee from the Turkish Government. The line
will, it is stated, be constructed in three portions, the
second of which will terminate at the copper mines of
Tokat. The scheme has not yet been publicly
brought forward.
The balance sheet of the Royal British Bank was
filed by the directors in the Court of Bankruptcy on
Saturday. It extends over a period from the 19th of
November, 1549, to October 9, INSB ; and we collect
from it that the total losses of the concern may be
estimated, at the least, at 600,0001.
A contract is upon the point of conclusion betwe.'n
t he Government and the New Zealan 1 and Austral an
Mail Steam C ,mpany for a mail service between ih..!
♦arious points of Nile Zealand and Australia. The
first steamers will be sect out to take up their respec-
tive stations as soon as they can be equipped.
The Great Northern Railway directors have, at
last, consented to allow deeds of transfer to be regis.
tered for any amount of not less than 10s. of any of
the company's stocks.

Zetropolitan Markets.

(Reportedessarairelyfor "Ms Passz.")

CORN EXCHANGE—About an average supply of English
wheat hasbeen received up to our market this week. For red
qualities the demand has ruled steady, at an improvement in
7alue of Lom Is to les per quarter; but white parcels have sold
slowly, at barely stationary prices, to a decline of 25 per quarter.
In foreign wneats—the Import of which has been limited for
the time of year—only a limited business has been passing. on
former terms. Floating cargoes of grain have mostly sold at
fall eurreueies. There has been an improved feeling in the sale
for barley, and Is more money has been obtained for moat kinds.
\fait, though in short supply, has moved off slowly. at the late
decline in value. There has been a good demand for oats, beans,
art peas, at very full prices. Flour has sold slowly.
1.;)401.1111I—Wheat, Essex and Kent red, 46s to GO.; white,
4.5 s to GU; Norfolk and Lincoln red, 47s to GOs. Malting barley,
29x to es; grinding ditto, 23a to 33.. distilling, 27s to 40s.
Malt, fies to 725. Feed oats, 21s to 265; potato, 275 to 325.
Nye, 324 to 36.. Tick beans, Us to 39a; Harrow, 311 s to 40s:
pigeon, 435 to 475. Grey Peas, 40s to 44s ; maple, 415 to 465:
white boilers, 40s to 44. perquerter. Town made flour, 48s to
20s; .;ouutry marks, 40s to 435; households ,les to 47e per
eOlbs.