The Press.
London, England, 1857-07-04 00:00:00

THE PRESS, JULY 4, 1857.

dloneg Abdul net ditg Intelligence.

FRIDAY EVENING.
TILE return of the Dank of England for the week ending
the 27th ult., chows the following cuanges compared with
that for the week preceding:—

Increase in Circulation
Increase in Public Deposits 443,635
Decrease in Other Deposits
Increase in Securities ...
Increase in Bullion
Increase in Rest
Decrease in Reserve
Bullion in Both Departments
Circulation, including Bank Post
Bills
This is again a favourable return, for although the Reserve
shows a falling off, the diminution is inconsiderable,
having regard to the demand for money which prevailed
during the week, as shown by the increase in the Private
Securities. The Bullion continues to increase. It now
amounts to nearly 11,400,0./01., with the certainty of
further additions in the succeeding, retorn. The Public
Deposits now amount to nearly 8,250,000/.
Money has been in active demand the greater part of the
week. This indeed was to be expected, considering the ap -
proach of the period when commercial acceptances to a large
amount have to be provided for, the incidence of heavy re-
venue payments, and the gravity of the feelings caused by
the first shock of the Indian news. The pressure, however,
has not been excessive. Occasionally, good hills have
been taken at a point or two below the Bank minimum,
but in the general market there has been no change. The
Indian intelligence completely diverted attention from the
French elections. The first effect of it was perceived in a
sensible increase of caution in dealing with certain classes
of hills, and in a generally unfavourable turn of opinion ;
but a reaction afterwards occurred, especially upon its
being announced that the East India C ompany had lowered
their rate for drafts on the several presidencies one per
cent., a measure which will diminish the expos t of silver
to India. Yesterday, and again to-day, the market was
generally easy, with less demand than might have been
looked for.

A reduction in the rate of discount to five and a half
per cent. is expected next Thursday. Some persons in-
dulged in the hope that a change of this sort would have
been made yesterday, but it proved unfounded, and much
dissat afaction was consequently both felt and expressed.
A little consideration, however, might have induced the
reflection that in the present condition of the market, with
the possibility of sudden checks to its improvement from
natural and political causes, it is more prudent to wait for
a consolidation of the existing improvement than to peril
its advantages by a reduction that might not be warranted
by the results.
_ .

The specie imports of the week amount to rather more
than 900,0001., by far the greater portion of which remains
in this country. The known exports at present are under
150,0001. The Bank has purchased during the week
abut .240,0001., besides receiving an influx of sovereigns
from Scotland and also from Ireland. About 400,000/. is
overdue or nearly so from Australia, and the next royal
mail steamer will bring not much less than 1,000,0001.
The prospects, therefore, of increasing our stock of the
precious metals are very satisfactory. The steamer leaving
Southampton to-morrow takes out 895,220/. for India
and China. Silver declined I to-day.
I'he Continental Exchanges continue to be tolerably
well supported, though in some places they are rather
flatter than they were last week.
The English Funds have not been animated; and their
general tendency, in consequence of the mutiny in India,
has been downwards. Last Friday Consols left off at 93}
ex div. The Indian news sent them down to 922 at once,
and subsequently they fell to 9:22 to 2. which was the lowest
price of the week. Yesterday there was a little revival, as
they closed at 922 to 2. The Bulls have been discouraged
all the week, and the Bears have not been inclined to
support their opinions by operating to any material extent.
Speculation, consequently, has been exceedingly dull; and
of bona-fide business little or none has taken place, nor,
indeed, is much expected until the dividends become pay-
able, towards the end of next week. To-day there was
more strength in the market, and the final quotation was
921 to 1.
The Foreign Market has not presented any features o
importance beyond a rise of about two per cent. in Peru-
vian stock.

Railway Shares have been heavy, business beingf
hindered by the set-demert and by the political causes
which have adversely affected the other departments of the
Stock Exchange. Quotations, consequently, are all lower
than this day week, the rates charged for continuations
to the new account having been neutralised or lost.
Canadian stocks have been exceedingly depressed
but today they showed a tendency to recover. Grand
Trunks declined at one time to 13, sellers. Little more•
than a fortnight since this stock was at 16. South
Easterns have also declined, in consequence of the lament-
able occurrence on the North Kent line. Foreign lines
generally are also depressed.
Joint-stock Bank, Miscellaneous, and Mining Shares
are very dull.

Exchequer Bills have been as low as 10s. dis. ; but they
have recovered to 4s. dig. to par on some strong put..
chases.

The directors of the Eastern Steamship Company have
announced that the vessel may be launched in September,
but that the trial trip to Portland, Maine, must be deferred
to April, 1858. The total cost of the ship, including all
contingencies, is estimated at 597,1951, or which MAO/.
remains to be met. Of this amount, 92,0001. will be pro.
vided by calls at present in anear ; and to supply the
balance, the directors have been empowered by the share•
holders to borrow 100,0001. upon debentures.

661

The Peninsular and Oriental Company have made a
deduction of twenty-five per cent. in their rates of passage
money for all officers on unexpired furlough compelled to
return during the next two months. The number on fur-
lough is said to be about 800.

At a meeting of the Creditors of Messrs. Gotch, the
bankers of Kettering, who failed on the 9th alt., it was
resolved that the estate should be wound up under inspec-
tion. The assets are 82,0001., against 132.0261. liabilities,
and it is expected that 10s. in the pound will be realised.
The failure is ascribed to advances having been made
without adequate security.
A committee of management has been chosen by the
shareholders in the North British Australasian Company,
consis ing of two of the old directors and four other share-
holders, of whom three were members of the committee
of investigation.

The Westminster Improvement Bondholders have re•
solved to oppose the Westminster Improvements Bill No.
3, now before the House of Commons, and a subscription
of 2s. per cent. is being made to constitute a fund to meet
the expenses.
It is stated that the Royal West India Mail Steatu.packet
Company and the European and Australian Royal Mail
Company will be amalgamated, if the shareholders concur
with the directors.

The Provincial Trade Reports are upon the whole rather
favourable this week.

BANK OF ENGLAND.

An Account, pursuant to the Act 7th and Bth Victoria, cap. 31
for the week ending on Saturday, the 27th day of June, 1857.

1880 C nEPARTYZNT.
Notes Issued .... 425,179,230 Government Debt A 11,015,100
Other Securities .. 3,459,000
Gold Coin & Bullion 10 704,250
Silver Bullion .... --•

125.179,250

L 25,173,230

BANKING DI
ProprietorsTapital9l4,9s3,ooo,
Rest
Public Deposita,— 8,243 297
Dther Deposits
Seven Day & other
Bllls

Government Soon-

rides (including
Dead Weigh tAno 110 327 122
Other Securities .. 18 987 881

INotes
G 0144 Silser Coin 674 623

t36,026.5*0
• Including Exchequer, Commissioners of Notional Debt
avings' Banks, and Dividend Accounts.

Z 36,026,280

.