The Press.
London, England, 1854-07-22 00:00:00

tote plaid anti gitgntcttz once.

FRIDAY EVZNING.
WEDNESDAY being "settling-day "in Consols the

preparations anddanticipationi of that event occu-
pied attention upon 'Change during the earlier half
of the present week. The account ran over a long
period, during which the fluctuations had been fre-
quent and extensive. The influences of the ap-
proaching settlement were perceptible on Saturday
last, when a belief that stock would prove scarce led
to au advance in the quotations of nearly le. The
high price brought in bona fide sellers to some ex-
tent, but the improvement was well sustained, and
the market closed 1 # per cent. higher than it

opened.
On Monday the jobbers commenced their settling
arrangements, and the market experienced much
excitement and considerable fluctuations. At one
moment the price of Consols reached 931 for money,
and 931 for the August account, an advance caused
by many bear speculators closing their accounts.
Later in the day a continuous fall set in. Large
quantities of stock were thrown upon the market,
and, after a decline of more than 11 per cent., the
quotations finally settled down to 921 to 1, at which
they left off. Late in the day reports from the
Downing-street meeting of Lord John Russell's sup-
porters announcing the intended vote of credit for
additional war expenditure obtained currency in
privileged quarters, and led to cautious operations,
which tended to flatten prices generally.
The funds opened on Tuesday with a further de-
cline of nearly 1 per cent. The Ministerial state-
ment in the House of Commons on the previous
night had confirmed the rumour that more money
was wanted, and somewhat exaggerated estimates of
the probable amount obtained credit upon 'Change.
A natural reaction, however, from this depression
afterwards took place, the market leaving off with
much firmer aspect and at quotations only to
below those of the previous day.
The settling on Wednesday proved that the ex-
pected scarcity of stock was altogether fictitious. On
the contrary, in some instances as much as 1 per
cent. " contango" was paid on Consols for August.
That is to say, speculators for the rise consented to
pay this rate, equivalent to 3 per cent. per annum,
for the privilege of being allowed to defer taking up
the stock they had bought until the next settling on
August 17. When the settling was over the market
somewhat improved, and prices closed finally at an
advance of per cent. The failure of one jobber
was announced during the day in connection with the
settlement in Consols, but the amouut of his liabili-
ties was understood to be inconsiderable.
Yesterday the prevalent uncertainty respecting the
financial propositions of the Government led specu-
lators to be cautious. Business was accordingly dull,
and the fluctuations in the price of Consols were far
more limited than for some time previously. The tone of
the market was, however, tolerably firm. Money
was much easier on the Stock Exchange, although
Investments on the part of the public had been
effectually stopped by the existing range of prices.
The arrivals of the Iris from Adelaide and of the
Ferozepore from Melbourne were announced with
gold to the value of 122,0001.

Consols have rallied today in consequence of the
credit vote being of less extent than had been appre-
hended. The publication of the quarterly balance-
sheet has also shown a surplus of receipts over
expenditure to the amount of one million, which,
with the two millions that are still to come in foz
unfunded securities already sanctioned, may possibly