The Press.
London, England, 1857-11-07 00:00:00

THE PRESS, NOVEMBER 7, 1857.

bug latket aith ditg Inttitigenct.

FRIDAY EVENING.
THE weekly Bank return will henceforth be brought
down to the Wednesday evening previous to the
publication in Friday's Gazette instead of Saturday.
This change is a concession to public opinion which
has long been demanded ; and it will be of advantage
to commercial men and capitalists by making them
acquainted with the exact position of the Bank
twenty-four hours previously to publication, or little
more than twelve hours after it has undergone the
consideration of the weekly Court of Directors. Why
the change has not been made before, when the
Governor and Deputy-Governor of the Bank and the
whole body of Directors were in favour of it, is
extraordinary ; but, now that it is made, it is highly
acceptable. In the present week we have two
returns. The first is brought down to Saturday, the
31st of October. This, compared with the returns
for the previous week, shows the following changes :
Increase in Circulation
Increase in Public Deposits
Increase in Other Deposits
Increase in Private Securities
Decrease in Bullion
Increase in Rest
Decrease in Reserve
Bullion iu both Departments
Circulation, including Rank Post
Bills
The second return being, under the new arrange-
ment, brought down to Wednesday, the 4th Novem •
ber, includes the operations of the week ending that
day. There ere no means of precisely comparing
these operations with those of the previous week;
but as the first return is inclusive up to the 31st
ult., the following may be taken, substantially, as
the changes made in the position of the Bank c uring
the three days that intervened between the two :

Decrease in Circulation
Decrease in Public Deposits
Increase in other Deposits
Decrease in Government Securities
Increase in Other Securities 430,931
Decrease in Bullion
Increase in Rest
Decrease in Reserve
Bullion in both Departments
Circulation, including Bank Post
Bills 21,079,942

The Bank of England, perhaps, never appeared in a
worse position than is indicated by these two returns.
The change now made will be memorable if for no
other fact than this. In the ten days included
within both returns the Bullion appears to have
fallen no less than 872,0001., until it is now less than
eight millions and a half. The Reserve has dimi-
nished 1,370,0001., and the Private Securities have
increased to the enormous extent of 2,223,&-11.
Under such circumstances the Directors had no

alternative but to advance the rate of discount to nine
per cent.
As to the effect of the high charges for money
upon our own trade, home and foreign, we confess
we have serious apprehensions. Those houses who
have large available capital can afford no doubt to
pay them, and they will come out of the pressure
with higher credit than ever. So far, the question
is one of capital. But numerous houses, whose
trade in ordinary times is based upon a sound
foundation, must be brought to the ground ; and

there is grave reason to fear that this last step on the
part of the Bank, which is admittedly caused by
external circumstances, will precipitate a huge cata-
strophe. Already prices have given way fearfully,
causing enormous losses in all directions ; and em-
ployment is partially suspended throughout the wide
area of country from Birmingham to Glasgow.
Some trades the silk manufacture for example, are
in intense distress, and soup•kitchens have been
opened to keep life in the poor weavers. The depres-
sion is extending • failures are increasing ; and
there is a growing absence of confidence apparent in
some parts of the country. Under such circum-
stances, commercial enterprise and speculation,
which are the very basis of activity, are out of the
question. Yet at the present moment the sentiment
of panic has been happily avoided. It will require
the exercise of much coolness and prudence to con-
tinue this state of feeling ; and if panic does come, it
will be solely in consequence of the high value put
upon money.
Since our last, about 250,0001. in gold bars has
been taken out of the Bank for export. The known
exports, including 956,846/. sent to India and China,
nearly all of which was id silver, have amounted to
1,026,146/. About 100,0001. have gone to America.
We have had no imports of gold, but the Australian
steamer Emeu is daily expected at Suez. She will
probably bring some amount ; and her intelligence
will enable us to judge when we may expect supplies
by the ordinary sailing packets. Until we have
arrivals from Australia, the stock of bullion in the
Bank is the only resource to supply the foreign
demand. _ _

The Continental Exchanges during the week have
not been materially different from those of last week,
but they have been much more irregular. This
afternoon they were nearly all higher.
Two or three arrivals from the United States have
each brought more unfavourable news, and they
have, in conjunction with the demand for money,
effectually counteracted the effect upon public
securities produced by purchases on the part of the
public. Consols last Saturday were run up to 901,
but since then there has been a daily fall, and yes-
terday they left off at 881 to To-day they opened
at 88 to 1, and closed at 881 to 1.
In the Foreign Market there has been a decline
nearly all round. Turkish Six per Cents. are one-
half per cent. lower.
Railway Shares are from two to three per cent.
lower than on Saturday. The heavy shares are
affected not only by the advanced rate of discount,
but by falling traffics, particularly on those lines
which run through the manufacturing districts.
Banking, Mining, and Miscellaneous Shares are all
lower.

Exchequer Bills have fallen 103. to-day. The
present price is 255. to 18s. dis. India Bonds have
been at 455. dis., but they are now a little better.
The Liverpool Borough Bank has reopened, for
the purpose of paying all depositors of 2001. and
under. In all other cases time is given, but the
Lank must wind up.
Several heavy failures have taken place during the
week, and the trade of the country is altogether too
quiet to be satisfactory.

BANK OF

An Account, pursuant to the A,
for the week ending on Wednee

ENGLAND.

,ct 7th and gth Victoria, cap. 31
sday, the 4th day of Nov., 185/

ISRIIII rcvssiitzsr.
Notes issued .... 4;22,422 NO Government Debt 811,015,100
Other Securities .. 3,459,900
Gold Coin ,t Bullion 7,94:,060
'Silver Bullion

122.4225 M I
BAILING DICPLETNYNT.

ProprietoratapitalZ4,ss9:o&covernm en- t Seen-
Rest
Public Deposite.. 4,871,244 Dead WeightAno 410,120.10 i
Other Deposits .. 11,2104670 , Other Securities .. 22,628.251
Seven Day et other I Note■ . 2,155,316
Bills
.13L,454,320 I 735,454,390
* Including Exchequer Commissioners of National Debt
Siviuga. Banks. and Dividend Accounts.

BRITISH FUNDS.— Closing FriCsno
OFFICIAL QUOTATIONS.
MouLiTssead. Wed.Tkurs. Friday,.
20 I 89f 89 9 381 B7l 8
90 L ,89j fB9 i
flB 88$
89j list 988 *e7 I 87
Ish 89t 8468 1,88 7 87i
171 171 115-16 15-16 15-14
210 209 210 205
73
15d 10d 10d 154 251
—42 d 34d 364 404
SIGN FUNDS.
Mond Tend. Wed. Merl Friday.
1 991 ' —99 j
84 Ts Ts
r 67( c'67; 20cii7f 158 57f c
f f fc!: el
f.
19 —— I
l f.
1 a
74
972 97
25t 40j int 4, 25$
83 1301 1 871 2 661

5 per Cent.Consols
Ditto to: Account
3 perCer.ts Reduced
3 per Cents
Long Annuities
Bank Stock 7 per Cent
New 21 per Cent Annnit
Exch. Bills, 20.
India Bonds,(1,0u01.)

Per Cent
Brazilian b
Danish 5
Dtch. (Ex 12 Guil )2e
French 3
Do. 41

f •
f a
L
18;

Do. Bank Stocks
Mexican
Peruvian 4i
Portuguese 4
Russian 44
Spanish 3
Airkish