The Press.
London, England, 1854-01-14 00:00:00

rem Starlat arib. Qtit2 3nttiligtut.

FRIDAY Emma.
Fort the first time for some weeks past we think we

perceive an improving tendency in the Money Market.

We attribute this more cheering aspect to the moral

conviction that is dawning on the minds of the public
that, with France and England united, the danger of
the contest between Russia and Turkey spreading is
greatly diminished, and the order given for the
united fleets to enter the Black Sea is looked upon
by the moneyed world as more likely to conduce to
peace than provoke war.
Whether these views will turn out correct time
alone can prove ; but certain it is that from the day
it was officially announced in the Mon iteur that the
fleets were to enter the Black Sea the market for
English funds has been improving and strengthening,
and we mention this fact as showing that the capital-
ist classes were perfectly aware of their true interests
when they condemned (which they universally did)
the vacillating and pusillanimous conduct of the
Aberdeen Ministry towards Russia.
The commercial world know well enough what the
resources of Russia really are, and that she cannot
wage a protracted war; and that, from the moment
when England and France threw theirweight into the
scale against Russia, all hope of her being able to
raise loans either in England or abroad was at an end.
This was shown by the extraordinary panic which
took place in Russian Bonds the moment the more
decided conduct of England and France was an-
nounced ; and, what is more remarkable, the fall was
occasioned not so much by the sales of English
holders, as by the orders to sell from abroad.
The fact is, that, so far as foreign loans are con-
cerned, it will be impossible to raise any until the
question of peace or war is decided, except on such
ruinous terms that to accept them would only prove
the weakness of the Governments concerned.
Under these circumstances, capital is fast accumu-
lating in England, and the Money Market is
decidedly easier. In the Discount Market, first-rate
bills have been done at 11 and 1; and in the Stock
Exchange the rate does not exceed 3 per cent. for
short periods ; and the price of continuation for
Consols, from account to account, does not exceed
1-16th, which is not more than at the rate of 1/.
per cent. per annum.
There can be no doubt that, while the policy of
France and England remained undecided, some of
the more cautious capitalists sold Three-and-a-quarter
per Cents. and Three per Cents. Reduced, and invested
their money in Exchequer Bills ; but this we look on
as but temporary : they would soon change their in-
vestments into the funds were peace assured.
There is also another circumstance to which we
must draw attention, namely, the enormous specula-
tion which is now raging in corn, tallow, and every de-
scription of Russian produce. The announcement
of an arrangement of the Eastern question would be
immediately followed by a great fall in all these
markets, and it need not be pointed out that this
would ease the Money Market, as the higher an
article is in price the larger the amount of the
capital required to carry on the trade in it.
Consols have been as low in the early part of the
week as 921 i, but have since gradually improved to
93, and close this afternoon at 93 sellers, and 9:3 to
for February.
Exchequer Bills have been firmer this week, and
have been done at 10s. premium, and are now 76. to
10s. premium.
According to a return compiled by Messrs. Hag-
gard and Pixley, the bullion-brokers, the exports of
bullion in 1853 amount to the enormous sum of
21,196,0001., of which 5,745,8001. was in silver. As
the drain to China has now almost entirely ceased,
and the exchanges are more favourable to this
country, we have additional reasons for thinking that
we shall have an easy Money Market.
FOREIGN FUNDS.

A meeting of the Peruvian bondholders took place
yesterday, at which resolutions were adopted condem-
natory of the proceedings of the Peruvian Government
in their attempt to convert their home debt into ster-
ling bonds, with a view to their being sold in the
English and French markets, to the detriment of
the holders of the present bonds.
We consider such a proceeding as most injurious
to the financial interests of Peru ; and when those
connected with the movement perceive the fatal
effects it has had on the value of Peruvian Bonds,
which have fallen from 90 to 64, we should hope that
they would enter into such arrangements as will at
once restore confidence, for they must clearly perceive
that unless they raise the value of Peruvian Bonds to