The Press.
London, England, 1856-01-05 00:00:00

THE PRESS.

be sells Stock to nearly that amount ; and he has
been in the market with that object every day this
week. The Exchequer Bills which he has power to
issue can scarcely be put upon the market at the
present discount. Reasoning from the known cir-
cumstances of his position, of which this is a very in
adequate sketch, we may look for the
of a large loan, a c0n,,t,10....0te tending of floating
securitieQ, eisa sates of as much Stock as the market
can bear without a great depreciation of present
prices. These are all influences adverse to an easy
financial condition ; and the primary symptom of
their action at the present moment is to be found in
the preparation which all parties are making to be
well supplied with reserves to carry them through
to the opening of the summer trade. With respect
to the position of the Bank, its bullion, according to
last week's return (December 22nd), was only
10060,505/. In the week during which the present
high rates of interest were fixed it was 11;205,855/.
It has therefore diminished 636,2601. in ten weeks.
This reduction would not inspire much anxiety under
ordinary circumstances, because in ordinary times
it would soon be replaced; but it must be ze•
tnembered that supplies have lately come in very
slowly from Australia, that we can expect none in
the usual course of trade from California, and that
for every shipment, as it does arrive, we have all
Europe against us as competitors paying premiums
upon every purchase, a policy which we can never
imitate or follow. Certainly the reserve of the Bank,
out of which it extends accommodation to trade, and
by which its ability is to be estimated, is 2,000,000/.
higher than in October. This is the most favorable
feature iu its position ; it is a feature calculated to
sustain commercial confidence; but the aggregate
of this item (December 22nd) is little more than
7,000,0001., which is barely sufficient for an institution
of such vast magnitude and national importance. With
these relative amounts of bullion and reserve, and
the concurrence of a constant drain of gold, there are
no indications whatever of money becoming cheaper
for a long time, but rather of its rising in value ; and
it is in relation to this latter probability that the de-
mand is just now so urgent.
The Donald PI aye, referred to in our last,
brought 116,000/. ; about 62,000/. came in on Mon-
day from America, and 3,13,0/, have arrived from the
Peninsula. The West Indian packet, which arrived
to-day, has brought 630,000/. chiefly in silver.
Of the former arrivals, the only part retained
in this country has been that from the Pe-
ninsula. All the rest has gone to France and the
continent of Europe. Besides, 30,7421. in gold has
been sent to Egypt and the East Indies, much of it
in payment for corn, and 246,255/. in silver to India
anti China, the demand for which still continues,
whilst about 80,000/. in sovereigns continues to go
at intervals of about ten days to the seat of war.
About 400,000/. is now due from Australia. The
comparative exchanges still show that gold is dearer
in Paris and Hamburg than in London, and that there
is no profit ou its shipment from America to Eng
land.
The Trade reports for the week are upon the
whole goad,. A great production is undoubtedly
gourg on in nearly every branch of manufacture, but
stocks are not accumulating.
Coasols have fallen considerably since our last,
owing to the adverse influences referred to above.
On Saturday they closed at 88/ to a. On Monday
and every subsequent day the Government and the
Bank were sellers of Stock, which was taken up on
the part of the public, but not without undergoing a
daily fall until yesterday, when the closing price was
871 to a. The decline thus established is equal to
11 per cent. To day they closed at 87/ to /, being
exactly 11 lower than last Saturday. Consols are
now within I of the lowest price in the year just
past, which was 86/.
Railway Shares are all lower, owing to the effect
of the fall in Consols, but not quite in the same
proportion. The transactions of the week has been
upon the most limited scale, and the purchases chiefly
for iuvestment. The traffics continue good.
Foreign Securities have been comparatively neg-
• lected. The fall iii the Turkish Six per Cents. since
Saturday has been from 83/ to a to 81k to I, or more
than 2/. The Guaranteed Four per Cent. is about
I loser. At the close to day the former were Mk to
j, and the latter 4 to 3i dis.
Exchequer Bills have been at 12s. die., but on
Tuesday they improved to 10s. upon a large pur•
chase, and the present quotation is from O. to
ss. die. . . .

Juiut-stock B mik Share.; maintain their price
but few transactions have taken place in them.
The settlement on the Paris Bourse on Wednes-
day proved extremely heavy, and it was not accom-
plished without diffieult3. The average rate for
continuations in Reines and shares was fifteen per
cent., and at one time even twenty per cent. was
paid. Speculative sales, founded upon the diminish-
ing hopes of peace, have again been largely made for
the account at the end of this month. To-day the
opening price of the Three per Cents. was Of. bOe.