The Press.
London, England, 1858-01-23 00:00:00

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FRIDAY EVENING.
Tna return of the Eank of England for the week
ending Wednesday last, the 20th inst., shows the
following changes compared with that for the week
preceding :

Increase in Circulation ae355,802
Decrease in Public Deposits
Decrease in Other Deposits 738,035
Decrease in Private Securities 1,599003
Increase in Bullion
Increase in Rest
Increase in Reserve
Bullion in both Departments
Circulation, including Bank Post
Bills
This comparison is essentially favourable. The
Private Securities are rapidly falling in, while the
unemployed notes now exceed eight millions. The
Bullion has very largely increased, and it promises
to attain a very high amount.

Money is rapidly axumulating in the bands of all
the banks and dealers, so that in the present corn-
paratively inactive state of the demand the supply is
far in excess of the requirements of the public.
The ordinary terms of discount in the open market
have consequently fallen from four per cent., at
which they stood last week, to three per cent., while
loans on Government securities can be bad in the
Stock Exchange, for limited periods, at two per cent.
Yet, notwithstanding these indications of excessive
reserves waiting employment—indications confirmed
by the small reduction in the amount of the Private
Deposits at the Bank of England—the Bank Directors,
contrary to expectation, have not lowered their
minimum rate. That consequently remains at five
per cent.; and in the present condition of the open
market of courbe it effectually prevents any bills
being sent there. A difference of from one and a
half to two per cent. against the Bank must neces-
sarily attract the chief discount business of the City
to Lombard-street. The Bank, under these circum.
stances, and especially as their Private Securi-
ties are rapidly running off, will probably not
delay the reduction beyond next Thursday,
and the minimum rate will most likely then
be fixed at four per cent. There is no doubt
that the stock of bullion, the reserve of notes, and
the present state of the exchanges, wonld have justi-
fied an immediate reduction of one per cent., nor is
there much reason to doubt that in a short time the
Bank will fix the rate at three and a half per cent.
But it was considered prudent to delay the reduction,
we presume, lest the rapid decline in the value of
money might induce sudden and dangerous specula-
tions; and to facilitate the development of safe and
legitimate commerce by following, rather than lead-
ing, the obvious tendencies of trade. Acting upon
a policy of this character, we may anticipate that
the Bank prefers to suffer some temporary loss
of business rather than lead the public to infer that
money may safely be engaged in speculative under-
takings at borne and abroad, merely because the
trade of the country is not yet sufficiently revived
profitably to employ the capital now in the market.
The Bank, we conceive, is now indicating to the
public that the present condition of the Money
Market is not quite so healthy as it looks.
About 500,0001. in specie has arrived from the
United States, South America, and the West Indies
since our last, the whole of which has been absorbed
by the Bank. The principal export has been to the
East Indies and China, which have taken a fraction
more than 300,0001. According to the returns pub-
lished in this evening's Gazette, the imports of specie
up to Wednesday were, of gold, 1,011,9591., and of
silver, 133,719/. ; making a total of 1,145,6781.
The exports were, of gold, 37,8781., and of silver,
416,4261. ; total, 451,3041. Deducting the ex-
ports from the imports, there remains a balance in
the country of 691,3741. .

Consols have been steady, and rather firm all the
week. The atrocious attack upon the Emperor and
Empress of the French had no effect in weakening
the tone, the opinion being that the attempt itself
has consolidated his power; and that, notwithstand-
ing the intimations of repressive measures, the moral
securities for the tranquillity of Europe are now
greater than ever. The closing price last Friday
was 94j exactly. The lowest in the present week
has been 941 to 95. The general quotation has been
about 95. Yesterday they left off at 95 to 1.
To-day they advanced to 951 to and closed firm.

Foreign Securities are rather lower, but the de-
cline is inconsiderable, and it is attributable to the
want of business. The holders of stock have not
been anxious to part with it.
A partial reaction has taken place in Railway
Shares, with the exception of London and North-
Western and a few other stocks, which have main-
tamed an advance. The market is in a very
satisfactory state, though the traffics upon some of
the great lines running through the busiest of the
manufacturing districts are still feeling the effects of