The Press.
London, England, 1858-02-06 00:00:00

THE PRESS, PFBRUARY 6, 1858.

This comparison is again very favourable, par-
ticularly with respect to the Bullion, which next
week will exceed sixteen millions. The Reserve has
slightly fallen off, but it will be observed that the
great companies have been largely withdrawing their
deposits for the purpose of meeting dividend pay-
ments, and that a moderate addition has been made
to the stock of Government Securities. The Private
Securities are now only a fraction above 20,000,0001.
The Bank yesterday further lowered the rate of
discount from four per cent., at which it had been
fixed only a week ago, to three and a half per cent.,
thus making a total reduction in the value of money
since the commencement of the year of no less than
four and a half per cent. Nothing can more clearly
demonstrate the large additions to the stock of un-
employed capital, and the difficulty of finding em-
ployment for it, than the rapidity of these downward
movements. The fact is all the banks and discount-
houses are full, and a time has seldom been known
when there were fewer applications for discounts ;
whilst simultaneously with this state of things the
public, whose supplies have been replenished from
the heavy amounts of dividends payable at this
period, have been pressing deposits upon them.
The anxiety to employ their money has in the current
week induced, or rather compelled, the Lombard-
street houses to make advances at two and a half
per cent. The Bank, to a certain extent, was under
the same necessity, but it could not get its capital
out at less than four per cent. Hence the present
reduction ; and hence we may undertake to say will
be the next to three per cent. What may be the
condition of the market when the Bank minimum
has been fixed at that rate it is premature to specu-
late; but from present appearances we may almost
venture to say that lower terms must be offered
befote money can find very active employment. The
truth is, the collapse in trade during the late crisis
was far more serious than it was believed to be at
the time, and the recovery is slower than was ex-
pected ; while the political circumstances of the day
are such as discourage any tendency to heavy specu-
lation. This is the present situation, and it clearly
accounts for the inactivity of the demand for money
a', a time when the ordinary preparations for spring
and summer trade generally necessitate considerable
calls upon bankers and discounters.
The applications for money this week have been
upon a very moderate scale, although the bills due
yesterday amounted to a large aggregate. At the
reduced rate there was little or no additional inquiry.
If the Government explanations in Parliament with
reference to the pending Indian loan, the state of our
affairs in India, and the questions at issue with
France relating to refugees, the speculative inquiry
will undoubtedly be actively stimulated.
Gold continues to flow in, particularly from the
United States, Russia, and South America; but at
present nothing has been heard of the two
ships overdue from Australia. Altogether about
650,0001. has arrived during the week, most
of which has gone, or will go, into the Bank;
while the exports, including about 270,0001.
to India and China, and 20,0001. to the Conti•
nent, have barely exceeded 300,0001. Nearly
1,300,000/. in gold is now en route from Australia.
The stock in the Bank, therefore, is certain of re-
ceiving further additions. According to the official
return published in the Gazette this evening, the
imports of specie during the week ending Wednes-
day, the 3rd inst., were—of gold 513,8481., and of
silver 112,3131.; making a total of 626,1611. The
exports were—of gold 83,3201., and of silver 1,3841.;
total, 84,7041. The imports, therefore, exceeded the
exports by 541,4571.
For the greater part of the week the maximum
price of Consols was 951 to 1. For a time they
declined to 95 to }, which was the minimum. This
was attributed to the sensitiveness of the market, to
the discussions upon the refugee question, and to the
unwillingness of the public to invest until the senti-
ments of the British Government were understood
upon that subject. Yesterday, however, after the
settlement of the account had concluded, there was
a much more hopeful tone, especially upon the
leading question with France, and the market
rapidly advanced to 951 to 96, which was the last
quotation. To-day, after a firm market, they closed
at 961 to 3.
Foreign Stocks have not been materially affected,
but a better demand has existed during the week,
and some descriptions have obtained an advance.
Railway Shares have nearly all improved,
especially yesterday and to-day ; but the in-
vestments of the public are still limited.
Purchasers are for the present deterred by the
state of some of the traffics and by the dividends
having fallen off in consequence of the depression in
trade. Confidence, however, is rapidly returning,
and we believe we are right in stating that the
amount of stock in the market for boua-fide sale is
very small.
Joint-stock Banks, Dock, and Miscellaneous Shares
have again been in request. Mines have been dull,
but a continued advance in the market price of tin

has imparted a higher value to some favouralllc
descriptions.
ExcLequer Bills have advanced 7s. since our last,
owing to purchases by bankers. They are now
quoted at 275. to 325. prem.
The Provincial Trade Reports continue to repre.
sent a gradual improvement in the domestic trade of
the country. In Manchester, and the manufacturing
districts generally, the number of mills working
short time shows a further reduction, but manufac-.
turers are complaining of the higher terrns required
for raw cotton. Raw materials generally are firmer
held, but the produce markets in London and Liver.
pool are not active.
BRITISH FUNDS.— Closing Prises.
OFFICIAL QUOTATIONS.
Mimi. Twee:. Wed.

S per Cent.Consols
Ditto for Account
3 perCcr.ts Reduced
Now 3 per Cents
long Annuities
Mink Stock, 7 per Cent
New 2t per Cent Annuit
io,xelt. Rills, 20.
India Bonds,(1,0001.)

Thurs. Fshtss
951 96
94 26t
95 9.,4
96 9c,
I 4
225; l 227

951
95,
95/

95g
95i
9;ot
12 1.18
224 1 245}

954
554
954
9st

- I - -
,25 2p2226pi :3 pm
.2015 p, -

3C pm 29 32 p
21 p 23 21 p

FOREIGN FUNDS.
Per Cent. Mom!.l Tuesd. Wed. Thurs. Friday.
Brazilian 6 1021 1031
Danish 6
Dtoh. (Br 12 Guil )4 65 ; 6:4
French 3 65:115c 69t Sur
Do. Bank Stook —t. f.
Mexican 3 21 20j
Peruvian 44 791
Portuguese 3 —4.1 j
Husaian 6 MI 112
Spanish .... 3 1 vii
Turkish Aco.6 984 1 981

1031

103

0."15oI 1391i9c1 f 0
•I—f CI —. f.
2O , 20; 201
80 e
441 i 4511 41f)
Mt in
- 421 42
99j ,103;xcl 92j i

METROPOLITAN MARKETS.-FRIDAY.
CORN EXCRANOE.—During the present week only • limited
supply of wheat has come to hand, coastwise and by land car.
riago. Although the show of samples of both red and white
here to•day was limited, the demand ruled heavy, but without
leading to any change in prices. Only 1,090 quarters of foreign
wheat have come hesh to hand. The trade, however, was in a
most inactive state. Fine malting barley sold at full prices;
but grinding and distilling sorts were a shade lower. The malt
trade was in • very sluggish state. For oats, the inquiry wss
far from active. Beans, peas, and flour sold slowly.
METROPOLITAN CATTLE MARICET.—TO•diIy'S market was very
moderately supplied with all breeds of beasts; nevertheless,
the beef trade ruled very inactive. The show of sheep war
limited. Most breeds moved off slowly. Calves were in short
supply, and moderate request, on former terms. In pigs and
milch cows next to nothing was doing.
Butionon HOP.—We have again to report a demand for good
and line hops. All other kinds move off slowly. The supply of
hops here is very extensive.