The Press.
London, England, 1858-12-25 00:00:00

lands.

demand capital,
doors ; and the rates, notwithstanding the cornpeti•
Lion, still approximate, being '2l per cent. It is stated
that on Tuesday some special transactions took place
in Lombard street at 2} ; but if they took place at all
they were purely exceptional, and afforded no real
indication of the present tendencies of the market.
At 2 per cent. active employment is found for
money; and so long as that is the case there is no
probability of lower terms being generally conceded.
The supplies are ample ; but we anticipate consider-
able tightness during the few remaining days of the
year, notwithstanding that the bulk of the ordinary
transactions arising from the period are substantially
closed.

But though the supplies remain ample and no
particular pressure has been experienced, the
market has exhibited some degree of sensitiveness
during the week. This has arisen not from any
tendency to unhealthy speculation in trade, or from
any sense of commercial embarrassment, but from

certain intimations that early next year considerable
demands may be made upon the market by foreign
powers as well as by domestic projectors. Itissia and
Austria are both expected to negotiate leans in this
market. Both have powerful interests here, and they
will obtain what they want if the terms era at all rea•
sellable. They will probably require not less than from
twelve to fifteen millions. The Government of India
will, it is commonly thought, find their necessities too
pressing to avoid a larger exercise, if not a parlia-
mentary extension, of their borrowing powers. Then
we all know that the Government of the Province of
Victoria propose to borrow 7,000,0001. in the course
of the next four years, and that a portion of their
bonds are already being quietly placed. In addition
to this, various schemes are now being introduced the
united capital of which cannot be estimated at less
than 4,000,0001. There are, further, a host of others
which will only be proposed when th, impulse to
engage in speculative adventure is more visible than
it now is. Observing these things, it is not surprising
that, notwithstanding an absolute condition of ease,
and with the certainty of its means being enormously
enlarged by the middle of January, the market should
occasionally manifest some slight symptoms of un-
easiness at the probable demands upou it at no grea
distance of time. If the mania, which many persons
apprehend next year, comes at all it will not come
with a rush. The banking and capitalist interests
are wary enough and strong enough to prevent that.
It will rather be preceded by a sense of difficulty
ani tightness in obtaining money from the efforts to
prevent it ; it will, according to present appearannes,
come gradually, but there is every reason to expect
that when it does come it will be coon arrested by
the general intelligence. Meanwhile the present
temper of capitalists and money holders is one of
caution. Though they lend and make advances
freely at the market price, they are uniformly looking
a long way ahead.

The Eastern Exchanges have created a very
active demand for silver, and heavy purchases have
been made upon the Continent for transmission to
India and China. The payment for these purchases,
added to the independent demand for gold, which
is still only partially satisfied, has swept away the
whole of the imports of bullion mentioned in our
last, with the exception of about 30,0001. sent into
the Bank. More than 500,0001. have been absorbed
for this purpose ; tbere is now no bullion upon the
market, so that if the demand continues, and the
400,0001. Australian gold expected by the Kent is
delayed, recourse must be had to purchases from
the Bank. It was expected up to this morning
that the late shipments of silver to the East would
be sufficient to turn the Exchanges in favour of this
country ; but the telegrams of the Calcutta and China
mails, received yesterday, showed the exchange at
Shanghai on this country to be at Os. 9d. per dollar.
This is a very decided advance ; and it immediately
caused the price of silver to advance, and stimulated
the demand. Some supplies of Russian gold have

possible exaggerate
the dulness that has prevailed among the dealers
and brokers. Both have been standing still for
want of something to do; and neither perhaps ever
endured a week of greater discouragement than the
present. On all sides the expressions have been
those of disgust and annoyance at a state of things
so unprofitable. The Government broker has made
daily purchases of about 15,0001. stock, either in
Reduced or New Threes, and some brokers have
had so little to do that they have been glad to catch
his eye in order to get " a turn " out of him.
Prices have not materially varied since our last,
though shares have been tolerably good.
Con.zols, which last Friday closed at 96/ to j ex
div., fell on Tuesday to 96i to 1, the lowest of the
week; but the general range has been from 961 to
97. On Wednesday they were for a time at 961 to
97, but they closed at 961 to I. Yesterday they
opened at 961 to ex div., and improved to 1161 to
97. But the Indian telegrams effectually neutra-
lized this advance, and they closed dull at 961 to I.
Foreign Stocks have been exceedingly quiet, and,
on the whole, they are a shade lower than this
day week, principally from the want of busines.
Turkish stocks have been rather pressed, but there
is no great change in price. Chilian Loan i to
prem.—almost neglected. It was thought that the
Message of the American President might produce
some effect upon Mexican stock, but it did not.
Russian and Austrian stocks have been weaker.

Railway Shares have, particularly the heavier de-
scriptions, rather improved since our last—perhaps
to the extent of three•eighths per cent. Busi-
ness in them is extremely inactive. The absence
of buying orders has been the chief impediment to
an advance, but the tone at the close to-day was good.
The other departments of the market have pre.
rented no features to call for special remark, except
it be their uniform dulness, which has been extreme.

To-morrow being Christmas-day, all the City
establishments will be closed, and Monday will be
obsened as a partial, if not as a general, holiday.
The stock Exchange will be closed.
A firm of distillers at West Ham suspended pay-
ments on Wednesday.•
The Provincial Trade Reports of the week are
generally sa isfactory. The year is closing with good
hopes for that which is coming, particularly for some
of the export trades. The home demand for manu-
factures, which bai been active for some time, is
brisk, and it shows no signs of abatement.

EDWARD HODGES BAILY, the favourite pupil of the
illu.ttious Flaxman, and the sculptor of one of the
most poetic groups in English art, " Eve at the
Fountain," has retired (says the Illustrated London
News) from the art he advanced—not too well off,
we are sorry to hear—fuller of honour than of riches.
His last work was the model for the St. Paul's statue
of Mr. Ruskin's Turner. But the Turner statue was
given to Mr. M‘Dowell, a younger sculptor, but one
eminent in his art; and Mr. Baily has handsomely
drawn his retiring mantle around him. Ho will be
heard of hereafter as a master in his line.

THE Rev. MR. SPURGEON, at a tea meeting last
week, thus, apropos of his new tabernacle, denounced
Gothic architecture :—They were going to build a
large tabernacle, and he was sure they would have
great success. They had done a great deal, but they
ought to have done a great deal more. Same ought
not to have done so much, but others had spared
themselves, keeping back what was the Lori's, who
made them the stewards of their wealth. They bad
not done badly in collecting 9,0001., and buying a
piece of land at Newington. In regard to the Gothic
design for churches, he could never snake himself
heard in them, and could easily see that the devil in-
vented it.

Mn. GRAVES, of Pall mall, the print publisher, is
about to erect a monument over the grave of Sir
Robert Strange, the great engraver, in the church of
St. Paul, Covent garden.

THE SUEZ CANAL, which will, it is said, be com-
menced uext year, was thus remarked upon by a
shrewd American the other day :—" If the French
and Russians begin to make that canal, I guess
England and the United States will take their
shovels and go and fill it up as fast as they dig
it out."

SPIRIT RAPPING has come out in a nrw style, and
rather an aggressive attitude. A body of these sin-
gularly endowed people in Dudley have assumed
a mission from the spirits to convert the religious
bodies in the neighbourhood to the Spirit Truth, and
for that purpose have gone in a body to the Primitive
Methodist Chapel, where they fall to ranting and
raving, and smiting their breasts, and making a fell

THE PRESS DECEMBER 25 1858• 1,`467
Arz4. been received during the week, but they have been disturbance- Legal proceedings are being taken,
FAQ 1 Witt Yli4tg flitlll3tll.l4 small, and were at once purchased for the Continent. with the view of bringing the disciples of a rays!
Owing in part to the period of the year, but much terious agency to their senses.
more to a wholesome uncertainty as to the issues, A GREY HERON was shot a few days ago in the
FRIDAY MORNING. there has been little or no speculative business Habra, a subdivision of Oran, in Algeria. Attached
Tns Money Market has undErgone no considerable upon the Stock Exchange this week either in stocks to one of its legs was a ring in copper, bearing the
or shares. The rule has been t, close and not to royal crown of Holland, and in English the inscrip-
variation since our last. Thera has been a good open transactions ; and as there has been very little tion, " Royal Hawking Club, 1850 ; Loo, Nether-
demand for capital, both at the Bank and out of bona-fide business, it is not possible to exaggerate lands."