The Press.
London, England, 1856-11-08 00:00:00

41oneg glarhti 4itteilignuc.

IeItIDAY EVENING.
THE return of the Bank of England for the week ending
the Ist inst. shows the following changes compared with
that for the week preceding :
Increase in Circulation ..
Increase in Public Deposits
Decrease in Other Deposits ........ 131,957
Decrease in Government Securities.. 3.003
Increase in other Securities
Decrease in Bullion
Increase in Rest
Decrease in Reserve
Bullion in Both Departments
Circulation, including Bank Post
21,4X1,348
Bills
This comparison shows that the position of the Bank is
still retrograding, especially with regard to its stock of
Bullion, which is now but about a million and a quarter
more than it. was in the memorable week in October, IS-17,
when the interposition of the Government was necessary.
The reserve of notes is under 3,000,0001., the recovery
which took place in the previous week by the running off
of securities having been partially lost iu the present. The
demand for money upon the Bank appears, from the con-
. . _ • bre been

hi 4 son, Lord Ingestre, a full indemnity against * The majority of representatives returned by these towns 1 uemana tor money upon 0 •••rr--- •
I
LII
ether claims. belong to the Liberal eonnection.—En. atderable increase in the Private fiecurities, to have Wel
•

NOVEMBER 8, 1856.

rather heavy. The amount of this item is once more
above 19,000,000/., and we apprehend that it will be heavier
in the next return. The Public Deposits are gradually in-
creasing, tut those of a private character are progressively
falling off; they now amount to but a fraction above
9,000,0001., a proof that there is profitable employment for
money out of doors. On the whole, the present return is
not calculated to produce a reassuring effect, especially in
the face of the continued demand for bullion from the
Continent.
We are still unable to report any improvement in the
Money Market. On the contrary, for the last day or two
its appearance, owing to the state of the continental
exchanges, and the strong attitude threatened by the Bank
in order to protect its remaining stock of bullion, has been
more unpromising than at any former period of the crisis.
Trade, however, has hail little or nothing to do in the pro-
duction of this state of things. It has been caused solely
by the demand for gold from France, a demand apparently
insatiable, and which, both from its character and from
the means taken to supply it, bodes no good to the imme-
diate commercial and industrial future of that country.
Up to Tuesday the natural demand from our own com-
merce, in order to meet the acceptances due on the
"fourth," was very great, and the day did not pass over
without some anxiety, which gave rise to a number of inju-
rious reports; but the supply was equal to it at rates, in
the best cases, not much higher than the Bank minimum.
Indeed, we have heard that six months' Liverpool accept.
ances were done at seven and a half per cent. twice or
three times over, but the paper was choice, and the houses
were old and regular customers. The majority of appli-
cants certainly found the terms harder. Since Tuesday,
owing to the probability of the Bank making a further
increase in the rates of discount, they have not only not
relaxed, but have hardened still more. It is scarcely possible
to fix a minimum; but yesterday afternoon it was quite eight
per cent. At the same time the contraction of home and foreign
engagements, to which we alluded to last week, is steadily
progressing; and in consequence of this policy, we do not
anticipate so active a commercial demand in the current
month. It is impossible, however, to hold out hopes of
anything like a speedy improvement. We fear that we
shall still have to suffer for the economical sins of our
neighbours on the other side of the Channel. A further
rise in the rate of discount, though it were only half per
cent., would, we apprehend, cause a great commotion here,
and precipitate the explosion impending in Paris ; but if
it were one per cent., we fear the consequences wculd be
little less than those of a panic. It is said that the Bank
directors, at their weekly court yesterday, only abstained
from directing an advance by a majority of one vote.
We have, therefore, very narrowly escaped a peril of no in-
considerable character. But the change may be made any
day, without waiting for the weekly court; and whether it
is made or not in the course of the next few days, depends
upon the winds and the waves—whether, in fact, the James
Baines, now rather overdue, from Melbourne, with nearly
700,000/. in gold on board, arrives in time for the agents of
the Bank of France to buy up that gold in order to swell
the monthly account of that institution, which will be pub-
lished next Friday. If that or some other vessel does not
arrive with an adequate sum, the drain upon the Bank of
England will recommence, and in order to arrest it, it is
more than probable that the rates must be advanced. Such
is the situation at the present moment. On the arrival or
non-arrival of a particular ship at a particular time de-
pends, therefore, both the value of money, the profits of
trade, and, to some extent, the employment of the people.
There must be a hitch of some sort in the system, other-
wise such vast interests as are involved at the present
moment could never be perilled upon so precarious a con-
tingency. In the meantime we wait, not without con•
siderable misgiving, the events of next week, hoping,
almost against hope, it may turn out that we have seen
the worst. _ .

The Russian railway concession, now that its terms
and conditions are known, is not expected to float at all
in this market. It will not pay. It is not, however, yet
introduced ; but already a strong feeling against it, finan-
cially, has been created. This, so far, is a good sign for
the Money Market.
The exchanges continue unfavorable, and we are ob-
taining no gold whatever. Indeed, about 50,000/. has
been taken from the Bank, while, as intimated above, its
stock is exposed to still further reduction in the event of
the James Baines not immediately arriving. The specie
imposts of the week have amounted to about 5'0,0001., all
from the United States and South America. On the other
hand, the exports, exclusive of those to the Continent,
have amounted to 610,0001. Of this sum the greater part
was silver for India and China. All the gold that has
arrived has been taken for France and the Continent.

The market for -English Securities has undergone
considerable mutations during the week. On the whole
B. is less strong than it was last week, partly from acessa•
tion or suspension of money purchases by the public, and
partly from disagreeable impressions with regard to foreign
polittc4, and particularly the relations between England
and France on the subject of the treaty of Paris.
Business, too, has been rather adversely affected by the
settlement which was brought to a final close to-day. The
account proved heavy, but the liquidation was effected
without material difficulty. Consols left off for the 4th
of December, the date of the new account, last Friday at
On to I. In the early part of the week they improved
to 931 to 1; but on Wednesday they experienced a sudden
and unexpected fall after the regular hours of business,
in consequence of a report that the Committee of Treasury
of the Bank had recommended the Court of Directors to
consider the expediency of further advancing the rates
of discount. This rumour was followed by some large
sales by a great capitalist intimately connected with the
current bullion transactions between England and France.
Both together caused a heavy fall, Consols immediately
declining to 931, and the next day to 93. They have since
been almost stationary with a dull aspect, and yesterday

THE PRESS.

they closed decidedly heavy at 93 just. This morning they
opened at 93 to I. Certain expressions in one of Lord
Palmerston's speeches at Manchester produced an uneasy
feeling, and in the course of the forenoon they declined to
92i to 1. But about midday the reply of the illoniteur
to the Consligutionnel with respect to the solidity of the
alliance betwt en England and France produced a reaction,
and eventually the market recovered to the opening price,
93 to ; but though it left off steady, it was not very
strong. There is rather a good tendency in the market,
but it is extremely sensitive. The slightest adverse cir•
cumetance would cause a fall; but, on the other hand,
the arrival of the James Baines would equally cause an
advance.

Exchequer Bills are at Is. dis. to 2a. prem.
Railway Shares have completely lost the improvement
described in our last ; and they are from one to two per
cent. lower than this day week, with no great prospect of
recovery. The sudden change which took place in Con-
sols on Wednesday had a great effect on shares. Some
immediately fell one per cent; and they declined yesterday
to a like amount. Midland Stock, which has recently ob-
tained a considerable rise, was particularly affected by the
change in the market. London and North-Western, and
Lancashire and Yorkshire, also suffered, but scarcely to
the same extent. French, Indian, Canadian, and foreign
lines in general all manifested a downward tendency.
To-day this was the Cabe again, but there was more steadi-
ness at the close.

Foreign Securities have, upon a limited scale, presented
much the same general features. Turkish Six per Cents.,
which left off last Friday at 911 to 92, have fluctuated a
good deal. Last night they closed at 89f to 90 The
transactions in this stock are now mainly speculative,
and there is considerable variety of opinion as to its future
value. The Guaranteed Four per Cents. have been com-
paratively steady. Mexican, owing to the receipt of a sum
applicable for Ilivideuds, have slightly improved. Russian
Stocks are lower. To-day Turkish Six per Cents. closed
at 9(11 to f.
Joint-stock Bank Shares have attracted the attention of
investors during the week, and a fair amount of business
has been done. Some of the younger undertakings have
rather improved, but the market for them is limited at
present. The discount companies are perfectly steady.
In Miscellaneous Shines the only circumstance worth
mentioning has been an advance in Australian Agricul-
tural Shares of from 21. to 41., founded upon reports from
the colony, holding out very good prospects for the com-
pany. The extreme advance has not been maintained, but
the shares are higher than this day week, and they continue
to attract some attention.

Owing to explanations from the Crystal Palace Company
to the committee of the Stock Exchange to the effect
stated in our last, the shares in that company will continue
to be quoted in the official lists. This termination to a
very disagreeable business has given general satisfaction.
There is some talk of the National Bank of Austria
resuming specie payments, but nothing of a definite or
official character has yet been published upon the subject.
The colonial wool sales have commenced, and they will
close on the 29th inst. Notwithstanding the high value of
money, an advance of ld. per pound, and in some cases
even more, has been realised over the closing rates at the
last sale. The total quantity offered is 49,000 bales.
Commissioners for the arrangement of the arrears of
the Venezuelan debt have arrived in London.
The Provincial 'Frade Reports of the week are not so good
as those of last week. Manufacturers are quietly reducing
their production. Great complaints are made of the ex-
cessive dearness of raw materials, both in Yorkshire and
Lancashire.