The Press.
London, England, 1854-06-17 00:00:00

em! rarktt 40 et ittelligturt.

FRIDAY FYIENING.
Comma have been less firm this week than last,
though the continued large arrivals of gold from
Australia and other parts contribute to maintain
confidence. While those supples come forward it
does not appear that there can be any reason to
dread a monetary crisis, and the immediate effect of
such an addition to the circulating medium of the
world is to uphold or increase the value of money
securities. _ _

Not much importance is attached to the declara-
tions of the new President of the Council at any
public meeting, as it is well known that he endea-
vours to accommodate his sentiments to his audience.
But, so far as we can gather, the effect of his speech
m the Guildhall has been on the whole unfavour-
able, as it intimates that peace can only be concluded
on conditions which it is tolerably certain Russia
would never accede to until reduced to the last ex-
tremity of distress ; and it appears also very highly
improbable that the German powers would ever con-
cur with France and England in insisting on such
conditions. To this impression must be in part
attributed, we think, the comparative heaviness of
the market this week, in the face of the large sup-

THE PRESS.

plies of gold received, and the announcement of other
considerable parcels on their way. The Stebonheath
has been reported today with 33,000 oz., valued at
132,0001., on board. The fluctuation of Consols
during the week has been between 91 and 91}.
It is believed in some quarters that the stock held
by the savings banks may be sold, and the proceeds
invested in Exchequer Bills or Bonds. The policy
of allowing the Government to deal with this fund is
much doubted, seeing that all the operations of Mr.
Gladstone have hitherto resulted in loss, which has,
of course, to be borne by the nation at large.
Money has generally been been easier this week,
and the best bills have been discounted at a shade
under the Bank minimum.

India Bonds, Exchequer Bills, and the new
Exchequer Bonds, remain almost stationary.

SHARES.

The railway business was not extensive, but prices
were steady. Several railways have advanced from
ss. to 10s. the share, and the North London has
risen 2L

But in the Share Market the principal feature has
been the fluctuation in the Peninsular and Oriental
Company's stock. The 501. shares, which have
hitherto been at a premium, fell in the course of the
week to 461., but recovered afterwards to about par.
Notwithstanding the enormous subsidy this company
receives from the Government, the increase in the
price of coals, the wages of labour, &c., and the
general rise in prices caused by the war, have swal-
lowed up their profits, and no dividend was declared.
However, new arrangements are in progress to pre-
sent a similar result next half year; amongst other
things, some of the higher officials will forego a por-
tion of their salaries.

The Crystal Palace shares have also fallen. Fewer
season-tickets were sold than was expected, whilst
the enormous quantity of space unlet, and the innu-
merable array of officials requisite for a structure of
the kind, perhaps came vividly home to " men's
bosoms and businesses" when it met the eye at the
opening. However, the traffic of the Brighton line
has been considerably augmented by the event: the
returns for this week exhibit an increase of nearly
0,0001. over the corresponding period of last year.
In gold-mining shares there has generally been
a decline. In connection with this it may be men-
tioned that the Berdan Machine Company have re-
ceived several orders from Australia for their
crushing-machines. The Sydney Morning Herald
predicts that no permanent benefit will result from
the gold discoveries unless the nomadic life of the
gold-digger ceases, and the gold-fields are worked
systematically on a grand scale, whilst labour is
subordinate to capital.