The Press.
London, England, 1856-11-15 00:00:00

THE PRESS.

The demand for money to-day was less active, and the
supplies, from the higher rates offered by the dealers and
banks, were good. Some of the discount-houses, we hear,
charged eight and a half and nine per cent. upon unex-
ceptionable paper. On the Stock Exchange short leans
on stock could be had at eight per cent.
The Russian Railway Concession is now thoroughly
understood. It appears to possess some features that, if
political confidence were completely restored with that
country and our own money market became animated.
would probably cause it to float until the shares were
tolerably well distributed. But as neither the one nor the
other of these conditions, so essential to the success of
the scheme, are likely to be realised for a long time to
come, we anticipate it will become a break-down as far as
concerns English capital.
The exchanges since our last have gradually become
more unfavorable for this country, particularly with France
and Holland. It is now just profitable to remit gold to
France as an ordinary mercantile operation. To-day
the rates were higher on Hamburg; but there was no
change on France or other places.
The gold arrivals during the week have been 300,0001.
With the exception of about 70,0001. sent to South America
the whole of this amount has been absorbed on continental
account. Nothing has yet been heard of the James Baines.
The delay in her arrival is exciting a good deal of ap-
prehension, and further insurances have been effected
upon the gold she is expected to bring at the rate of
rather more than eight per cent. The owners have pub-
lished a letter in which they say she has met with adverse
winds, that the set of the ocean was against her in certain
latitudes, and that no anxiety need yet be felt as to her
safety.
English Securities have fluctuated to a considerable
extent since this day week, though the range has been
more moderate than might have been previously expected
if the actual condition of the Money Market and the
change made by the Bank could have been foreseen.
Last Friday Consols closed at 93 to I for the December
account. In the early part of the week they fell, partly
upon speculative sales, to 9'4 to but gradually reco-
vered to a partial extent. Yesterday forenoon there was a
good deal of buoyancy, and quotations improved from
92j to I to 93-16th. They stood at this price when the
change made by the Bank was announced. Some dealers
appeared not to have anticipated such a policy, and some
rapid selling took place. The first effect was a decline to
94 after which they went to 9:21 to j, and remained
steadily at this quotation for the remainder of the day.
However certain individuals might have felt it, there was
nothing like a sentiment of panic about the market. It
was merely weakened. This we attribute to the policy of
the Bank being both understood and appreciated even by
the most reckless speculators, and to the confidence of the
public, who are sure to come in as buyers of stock if a
decided fall were to occur. To-day Consols opened at We
to 11. For a time they were flat, but the Bank of France
return being found less unfavorable than had been ex-
pected, and there being some fair money purchases, the
market took a turn, and improvement set in, and it closed
at to 93, the highest price of the day.
The demand for money, with the other causes that are
now operative upon the market, has affected Exchequer
Bills. They have fallen from Is. dis. to 2s. prem., at which
they stood this day week, to ss. to Is. dis., being -is. lower.
But they recovered to-day to 3s. dis. to par.
Railway Shares have been dull, and they are a half to one
and a half per cent. lower than last Friday, with the excep-
tion of Great Northeins, which, owing to the discovery of
extensive frauds in the register of the company's stock,
have fallen much more. The settlement of the half-
monthly account was concluded to-day, and it has adversely
affected business. Last night quotations closed at the
lowest point in the week, with a gloomy aspect as to the
immediate future. There had been no pressure of stock to
create this feeling. It was due solely to the state of the
Money Market. To-day, from the circumstances that so
favorably affected Consols, they improved to the extent of
from one half to one per cent., and the market left off
decidedly firm.
The dealings in the Foreign Market have been upon a
limited scale. Buenos Ayres stock has improved; but
almost all others have been nearly stationary, but with a
drooping tendency. To day Turkish Six per Cents. ad-
vanced three-eighths.
Joint-stock Bank Shares have been less active; but
there is no essential change in quotations. Some of the
young undertakings have slightly improved, but they
cannot, under present circumstances, be expected to be
regarded with any great favour. The discount companies
remain steady.
Miscellaneous Shares remain dull. Nothing has been
doing in Australian Agricultural Shares, and they are
flatter. . _ .

The frauds upon the Great Northern Company by false
entries on the register are said to be to the extent of
180,0001. The modus operandi of the employees has been
described in some of the daily papers; but we wait for
some official explanation before accepting the description
as correct, as it appears to us to lay the directors open to
an allegation of an unjustifiable excess of confidence, which,
from the business character of some of them, we do not
think they will be found to deserve. It may, however,
be so. _ _

The wool sales are progressing. The advance realised
last week is maintained, and in some cases exceeded.

The Ttade Reports of the week from the country read
indifferently. Complaint is made in nearly every quarter
of the iron, cotton, and woollen districts of the dearness of
raw materials, the high price of money, tail the difficulty of
effecting sales at remunerative prices.