The Press.
London, England, 1854-01-21 00:00:00

PROWITION9.

..--....,......
Commander—Lieutenant William Greet (1840).
31meters—Second Masters Frederick Richard Child 1845),
George Ilastings hiskip (1846) Frodorick Burgoyne Youel 1846),
Henry G. Thonisett (1847), John Parsons (1847), Charles C.
Scott (1817), Arthur Thomas (1848), Robert Smith (1846), Mat-
thew Richards (1845).
Acting Master—Second Master Thomas Bourchier.
(On the Active List.)
Captains—Commanders J. N. Strange, James Stodilart, and
G. A. Seymour.
Commanders—Lieutenants F. H. Stevens, G. P. Mends, C. H.
May, F. A. B. Cranfurd, and F. H. Shortt.
Clerks—John M. Jefferson (1848), serving as clerk in charge
of the Sheanrater, steam-vessel, on the Mediterranean station;
John M. Sweatwan (1a46), serving as clerk hi charge of the
Rhadamentlius. paddle-wheel steam store-ship at Pembroke
George H. Whither (1845), serving in the 5e0174011, surveying
vessel, at Devonport ; Howard E. L P. Bailey (1846), recently
serving as acting paymaster of the Furious, 16, paddle-wheel
steam-frigate, on the Mediterranean station ; William Thom
(1846), serving 'in the Banshee, steam-vessel, recently commie-
shined for service on the Mediterranean station; and George
W. Anderson (1840), first clerk of the Neptune, 120, guard-ship of
ordinary, at Portsmouth—to the rank of paymasters.

Itiontg Varkt anD (it

FRIDAY EIIZNING.
DIE Money Market has been very easy during the
week. First-class bills are with difficulty obtained for
discount at 41 per cent.; and yesterday some of the
leading discount houses in Lombard-street refused
to take money at call at 4 per cent. We anticipate
(always providing we remain at peace) that money
in the Discount Market will be still easier, on the
ground that gold will still continue to accumulate
in the coffers of the Bank.
The funds opened with great buoyancy in the
early pea of the week, and Consols were sold as
high as 93f, but the settlement of the account
proved that the public had been largely supplying
the market with Consols, partly from alarm of war,
and partly for the purpose of exchanging them for
Three-and-a-quarter per Cents. and Reduced Three
per Cents., which, as we have pointed out, are rela-
tively cheaper.
Bankers and assurance companies effect this
exchange on much more favourable terms than pri-
vate individuals, because they can do it in large
amounts, and the brokers merely charge them 1-10th
commission for the transaction, which is levied on
the largest amounts in the Stock Exchange.
Although we believe that any attempt to reduce the
interest of the debt below 3 per cent. would be a finan-
cial blunder, from the tendency it has to send
capital abroad,to be employed, still
ht n here a
re re some
people sanguine enough to expect tat ievent

69

of peace being preserved Consols would rise above par.
In that case Three-and-a-quarter per Cents., which
cannot be reduced below 3 per cent. for twenty years,
would bear a relatively higher price to Consols than
at present, and on this ground many have taken ad-
vantage of Three per Cents. being, as they now
are comparatively, cheaper than Consols to make the
exchange.

The Consol account, for the reasons assigned,
showed that a greater abundance of stock was in the
market, and the speculators for the fall took advan-
tage of this, and sold largely for the February ac-
count, an operation which has been considerably
favoured by the heavy fall in the French Reines,
arising from the Bank of France having raised the
rate of discount to 5 per cent. That operation has
indeed been too long delayed, considering the con-
tinuous drain of bullion from its coffers which has
lasted for so many months,led abieleena.occasioned
s
in a great measure the
by eatinc‘ilehntr
of bullion sustained by the Bank of France amounts
to no less a sum than e,000,0001. sterling.
It must be borne in mind that France has not
only to contend against the calamity of a bat har-
vest, but her industrial operations have received a vie •
lent shock from the menacing aspect of the Eastern
question. This critical position of political affairs
has operated touch more heavily on France than c.n
this country, because her financiers and capitalists
were largely embarked in railway and other joint-
stock schemes, which, until finished, are unproduc-
tive, whereas our railway system is completed, and,
moreover, on the first appearance of a el-uded poli-
tical horizon, we have been gradually limiting our
mercantile transactions, and probably have with-
drawn a large amomit of capital from France
herself.
The moneyed crisis, therefore, so far as this country
is concerned, is over ; but France has prols' ly yet to
undergo a very severe one, which, however, would
blow over if peace were maintained.
The raising the rate of discount is doubtless for
the purpose of checking the drain of bullion from the
Bank of France; but it strikes us that the time
selected is unpropitious, and calculated to create
mistrust.
The English funds have been still further de-
pressed to-day by sympathy with the French market,
the French Rentes being quoted by telegraph 69 05.
There does not seem to be any political news of im-
portance, save that the Emperor of Russia was in a
high state of excitement on hearing that the com-
bined fleets had entered the Black Sea.
Money is particularly easy in the Stock Exchange
to-day, being offered at 2 per cent.
The meetings of the Joint Stock Banks have been
very favourable, the I.Tnlon and the London and
Westminster paying 10 per cent., and the London and
County N per cent., with a bonus of lls. 4d. per
share.
We were glad to find that the London and West-
minster Bank gave their clerks a bonus of 10 per
cent. on their salaries. We consider that bankers'
clerks are the very worst-paid and hardest-worked of
the industrious classes ; and there is something pecu-
liarly shocking in the fact of the joint-stock banks
paying such enormous interest and bonuses to their
proprietary when the honey-bees to whose industry
and integrity they are indebted for such sweets are
miserably underpaid. But boards are proverbially
without bowels.
The Bank of England has given notice that after
the Ist of Much its hours of business will commence
at ten o'clock instead of nine. This good example will
doubtless be followed by the other hanks, and we
congratulate the clerks on this first step towards an
improved position.
Consols opened to-day at 914 2, and, after having
been done as low as 914, closed at 914. Exchequer
Bills, 7to 10 pm. The Two-and-a-Half per Cents.,
which some deluded people took in exchange for
Consols, South Sea, and other Stocks, have been don()
to-day at 794. The arrivals of bullion this week
amount to about 400,0001.
FOREIGN FUNDS.
Foreign stocks are heavy, especially French fnndr,
for the reasons we have before assigned.
Peruvian Bonds have been well maintained in
price, in consequence of a conviction that no fear need.
he entertained of the " home-converted " stock being
introduced in the English market, unless the sink-
ing fund for the absorption of the present debt is
greatly increased; and there is a well-founded hope
that the next packet will bring this intelligence.
Mexican Bonds remain very steady at 28i.
Rumour( of foreign loans have died away, in coo-
sequence of any attempt to raise them under pre.
sent circumstances being hopeless.
RAILWAYS.
Railway shares have been greatly depressed, *ea
cielly .n French lines.
It is impossible, until the question of peace or war
is decided, to expect that railway sham, or any in-
vestment, will assume their proper value.
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