The Press.
London, England, 1856-01-19 00:00:00

THE PRESS.

.100,0001. on board. The Cunard steamer on Mon-
day brought no specie from New York, even on
French account, as was expected, snd in consequence
gold has been sent to the Continent this week from
the Bank to the extent of 100,0001. It thus appears
that the total arrivals have been 359,5691., and the
known exports about 100,0001., but there is reason
to believe that the greater part of the week's imports
have been purchased for the Continent.

As the exchanges are still adverse to the pro
fitable import of gold from the United States in the
ordinary course of trade, while the demand for it
from the Continent is not appreciably less, much
anxiety was felt during the early part of the week
as to the course which the Bank Directors might
take at their meeting yesterday. The bullion is
now at its lowest amount since October, 1847, when
the Government interposed, while the position of the
Bank of France is exactly analogous. The Stocks in
both being extremely low in relation to their liabili-
ties and the constancy of the drain upon them, this
anxiety was perfectly natural. On Wednesday, how
ever, it was ascertained that the Finance Committee
had not recommended any change for the present,
and, consequently, no advance was made in the rate
of interest yesterday. It is presumed that political
as well as financial considerations guided the deci-
sion of the court on this occasion; and the wisdom of
their policy is generally approved, At the same
time, it is not unlikely that gold is beginning to
return from the East, notwithstanding the popular
propensity to hoard, and that there may be symptoms
of a relaxing demand from the continent of Europe,
known to the Court, but of which there are not yet
any public indications.

Owing to the almost certain prospects of peace, or
of negotiations for peace, by the time appointed for
the meeting of Parliament, a great change for the
better has taken place in the value of all Public
Securities. Last Friday Consols left off at 861 to 1.
Yesterday (Thursday) they were done at 001, being
an advance of more than four and a half per cent. in
the live days. The improvement commenced on Satur-
day upon the publication, by THE PRESS, of the fact
that the Russian propositions for peace were frank
and conciliatory, and that the prospects of the war
ending were favorable. It suited the convenience
of the leading journal to say that no news arrived on
Saturday to affect the market, but this news arrived
on Saturday, and it did affect the market, so much
so, that, owing to it, there was an improvement in
the quotations, which was steadily maintained until
a heavy fall, caused by speculative transactions,
took place in Paris. But., notwithstanding this
adverse influence, the market was exceedingly
firm in consequence of the statement in THE
PRESS, and it was impossible to effect pur•
chases below 861 to 1. Had it not been for this
news, the fall in Paris and the then state of the
Money Market would certainly have led to a decline
of five-eighths at least.. Passing by these matters,
the market improved to 861 to 1 on Monday on the
intelligence that Russia was prepared to admit some
of the Austrian propositions, and that Austria would
withdraw her ambassador if they were not all con
ceded. On Tuesday they left off at 861 to 87, and on
Wednesday at 874 to 4, the improvement in both
cases being due to rumours of peace. Yesterday,
however, effected the great advance, an advance cer-
tainly not unprecedented, but which may be charac •
tensed as extraordinary. Consols opened at 871
to 1, and for a few minutes they remained at that
quotation. But almost immediately it was announced
that Russia had unconditionally accepted the terms
demanded on the part of the allies, and in a moment
quotations advanced to 801. The market became ex-
ceedingly agitated, and great excitement prevailed at
the suddenness of the change, many dealers and
others not being acquainted with the nature of the
intelligence that bad arrived. But they soon com-
prehended its importance, and, holders being firm at
801, a further improvement took place until there were
buyers at 001, which was the highest quotation of the
day. Some doubts being felt as to the perfect accu-
racy of the intelligence, especially as to the uncondi•
tional acceptance, a reaction set in, and prices fell to
891 to 4. But from this there was a recovery on the
publication in one of the Government organs of a
different but an official version of the Russian offer.
Russia, it appeared, had accepted the proposal not
quite unconditionally, but as a basis for negotiations.
For a time this version caused no particular change,
but it being considered on the whole as highly
favorable to peace, and the market being extremely
buoyant, prices once more touched 901. From this
a marked reaction followed, and numerous engage-
ments were made at a gradual decline until they
finally left off, firm, at 894 to 4. On this occasion the
Committee of the Stock Exchange kept the establish-
ment open half an hour beyond the customary time
for the accommodation of members and the transac-
tion of business. _ _

Consols opened this r morning at the closing
prices of last night, and the business of the day was
marked by various fluctuations, arising from differ-
ing opinions as to the probable result of negotiations
on the basis assented to by Russia. The prevailing

67

opinion was uniformly favorable to the sne.cesa of
the present effort to ob:ain peace. Opening at 891
to prices gradually improved until they reached
901 buyers. Between this and the opening quotation
there were many speculative transactions, the range
being exactly one-half per cent.; but a good deal of
business was also done for investment. Several efforts
were made in the course of the day to depress prices
below R9l, but they all failed, a reaction invariably
setting in whenever that limit was touched ; and at
the official close they were DO to I. Afterwards,
however, they receded to 891 to
Exchequer Bills, 6s. to Is. dis.

The improvements in the French Three per Cents,
yesterday and to day, in consequence of the prospect
of peace, has been equal to five and a half per cent.
Railway Shares, in sympathy with Consols, have all
jumped up. The average rise has been 21. per cent.
The business of the week has been extremely limited.
Traffics still good. The dividend of the Brighton
Company will be 21. 18s. for the half-year.
Foreign Stocks much higher. Turkish Six per
Cents. are 41. better than this day week. The Four'
per Cents. not quite so good, owing to the forthcoming
instalment having to be paid, but still greatly im-
proved. The Six per Cents. closed to day at 861 to ►l.
Joint stock Bank Shares have also advanced;
Miscellaneous the same. The London and West-
minster Bank have declared a dividend at the rate of
six per cent. per annum, together with a bonus for
the half year of five per cent. upon the paid-up
capital. This makes the total annual distribution
sixteen per cent. The London Joint stock Bank
have declared a dividend for the half year at the rate
of 121. 10s. per cent per annum, and a bonus of
14s. 3d. per share. A small sum has been added to
the guarantee fund, which now amounts to 160,8531.
The capital of the City Bank is to be increased.
The dividend of the City Gas Company for the
half year is at the rate of 21. per cent. per annum.

BANK OF ENGLAND.

An Account, pursuant to the Act 7th and Stii Victoria, cap. 32
for the week ending on Saturday, the 12th day of Jan., IeLG.

MI MI PVP&RTMENT.

Notes issued .... 12074,305

Government Debt £11,015,100
Other Securities 3,159,900
Gold Coin & Bullion 9,7:69,305
Silver Bullion ....

/34,274,305
DAMIUNO DI
ProprietorsTapitalSll,333,ooo
Rest

Public Deposits* 3,638,(0.1
Other Deposits 13,967,308
Seven Day & other
Dille

FOREIGN FUNDS.
Per Cent... Mond. Tuesd.l Wed. ,Thurs. Friday.
Brazilian 5 961 1 391 93 nu
plllllBll 6 ..*- -..- -- 1021
Molt. (Ez 19 Guil )211 63 xdi63/ xd ei xd 64 5
French 3 62f 65c 62!55c 6.5f20e,67; 50c
Do. 45 911 c191150c 91185c4i5;
Do. Bank Stock —CI I'. i. f. -
Mexican 3 *.,91 1 19i 201
Peruvian 4l 74 —
Portuguese 4 461 xd U 1 a
Russian 6 - 95 100
Spanish 3 38i I 89
Turkish &cc. 4 4d 41 Id 31 id. 2 d li d