The Press.
London, England, 1858-09-11 00:00:00

THE PRESS, SEPTEMBER 11, 1858.

liberality of these municipalities, aided, it is true, by
grants from the general revenue, may be seen from the
following summary of the improvements and progress
made in the towns which have given in their returns :
Number of houses erected .. 37,213
Number of miles of streets formed . 196
Number of miles of streets metalled .. 135
Number of miles of streets channelled and kerhed 60
Expenditure on streets .. £1,191,734
Annual value of rateable property .. £2,115,136
Revenue for the year 1857 £230,579
Total expenditure for 1857.. .. £316,969

IMMIORATTON —There are no records existing in the
country which throw any light on the subject of immigra-
tion prior to 1814, in which year the total number of
arrivals was' ,048, while in the fourteen months ending
2nd March, 1851, the number lull increased to 10,700.
Subsequent returns show the arrivals in each year to have
been as follows :
In 1852
1853
1854
1855
1856
1857

94,664 persons
92,31:2 „
83,410 „
60,571 „
41,594 „
63,260 „

EMIGRATION.—Many of these arrivals, however, having
by their industry acquired an independence, or a sufficiency
of means to enable them to return to their native lands, or
having been induced by various considerations to remove
to other parts of Australia, a deduc ion must be made for
the loss, which amounted in the year 1851 to 2,062
persons ; 1852 to 31,038 persons ; 1853 to 42,443 persons ;
and in the four years ending December, 1857, to 102,974
persons.
CROWN LANDS.—Of the facilities afforded for the per
manent settlement of this increasing population, it may be
stated that; while the total amount, in acres, of Crown
lands sold up to the year 1851 was only 09,769, the
number alienated up to the end of 1857 was 2,748,413.
The computed area of Victoria is about 55,571,840 acres,
of which, so far as the survey returns at present extend, it
is known their remain 35,352,480 acres fitted for agricul-
tural and grazing purposes. During the four years ending
Slst December, 1857, 1,781,347 acres of laud realized the
sum of 3,994,5241., being at au average price of 21. 4s. 10d.
per acre. This apparently high average has been caused
by the limited quantity brought into market, as compared
with the demand ; and also includes the prices, necessarily
high, realized for town and suburban lands. Gradually,
however, the price of country lands is being reduced, and
may, ere long, be obtained at the Government price of 1/.
an sore. One great advantage with regard to the unsold
agticultural lands of this country is, that, for the greater
part, they lie within the area of settlement, and close to
markets. This is in the main attributable to the manner
in which the population has distributed itself in masses
over the whole extent of the country, in consequence of
the general diffusion of its metallic wealth; and it forms
a striking contrast in this respect with the case of most
other new countries, where much of the agricultural land
is to be found only in places remote from the present or
probable early settlement of a dense population.
AGRTCULTURAL PRODUCE.—Turning to the results which
the industry of our population has effected by the cultiva.
tion of a portion of these lands, we find by the latest statis-
tical returns, prepared in March, 1858, that the quantity
of land and :r crop amounted to 237,729 acres. The
produce of the last harvest was :

Wheat .. 1,808,438 bushels
Maize 6,558 „
liarley 156,458 „
Oats .. . 1,249,799 „ and of
Potatoes 51, 114 tons,
besides other crops; while 382 acres were planted as vine-
yards, which yielded 5,761 gallons of wine, and supplied
the markets with 493,834 lbs. of grapes.

Moneg glarlitt anb dtt

FRIDAY EVENING.
THE return of the Bank of England fnr the week
ending Wednesday last, the Bth inst , shows the
following changes compared with that for the week
preceding

Decrease in Circulation
Increase in Public Deposits
Dement, in Other Deposits
Increase in Government Securities
Decrease in Other Securities
Increase in Bullion
Increase in Rest
Increase in Reserve
Bullion in both Departments 18,0;39,465
Circulation, including Bank Post
Bills ..t0,784,037
This comparison is again very favourable. The Bullion
shows a continual upward movement, and it now exceeds
eighteen millions, with something like a certainty that it
will shortly amount to nineteen, if not to twenty millions,
Considering the rapidity of the recent arrivals, and the
large amounts now en route, the latter supposition is by
no means improbable. The Private Securities are a little
lower than they were last week. The most prominent
features in the comparison, however, ate the changes made
in the Public and Private Deposits. We believe that these
changes represent a simple change from one account to
another, and that they are caused by the East India Coin-

pan y having repaid a sum of 1,000,000/.to the Government,on
account of advances made for purposes connected with the
'mgr. The Public Deposits now exceed seven millions and
a half; yet a month has still to elapse within a few days
before the October dividends are payable. The Govern-
ment banking account is therefore in a most favourable
condition ; and the prospect held out by the Chancellor of
the Exchequer of 1,000,0001. Exchequer Bonds being paid
off before the end of the year is in a fair way of being
actually realized. The "Rest " now amounts to 3,092,6101.,
which is sufficient to pay four and a half per cent. for the
half-year, and leave this item above 3,000,0001.

The monthly return of the Bank of France, made up to
yesterday, the 9th inst., was published in the Moniteur this
morning. It is one of rather an extraordinary character.
It shows, for example, a further increase in the Bullion of
no less than 1,289,8151., until now the aggregate stock held
by the Bank amounts to the unprecedented' suns of
23,750,1591., or 5,710,6941. more than the Bank of
England had on Wednesday last. It is also 14,200,000/.
in excess of the amount on the Ist January last.
Owing to an increase, both in the Public and
Private Deposits, the circulation has been con-
tracted slightly, the more especially as the Discounts
have fallen off to the extent of 1,353,5931. They amuunt
now to only 14,784,545/. With respect to the Bank's
advances on stock, shares, and bullion, they are 4,303,650/.
in the present month, against 4,138,2301. in the month
preceding, showing an increase of 165,420/. On the
whole, the position of the Bank of France is exceedingly
strong; and the probability of a reduction in the rate of
discount below three and a half per cent. is more than
ever discussed. The stock of bullion held by the Banks
of England and France united amounts to no less than
41,789,6241.

The commercial demand for nioney has been very mo-
derate, the briskness of the inquiry during the greater
portion of lost week having anticipated most of the wants
of the present. Several large payments on account of
loans have been made, but they have had no effect upon
the market. The supplies indeed are extremely large,
most of the banks being full, while the reserve of the Bank
of England is so increasing that we again hear ru-
mours of the possibility of the rites of discount being
fixed at 2i per cent. Our own opinion is to the contrary.
In the open market the rates fur the best bills are from
21 to 21 per cent. The Bank of France maintains its rate
at per cent., but out of doors money can be had in
abundance at 31 per cent. At Harabueg the charge is
cnly I to la per cent.; in Belgium, 3 ; at Amsterdam, 3i ;
and at Vienna from 4to 5 per cent. In the latter city the
paper currency, owing to the decree for resuming specie
payments on the hit of November, has recovered to its
par value.
The specie movements of the week have possessed con•
siderable interest and importance. The arrivals have
amounted to about 710,0U0/.; and the exports have absorbed
204,0001., principally to the Continent and to Brazil. The
Bank has out of the stock in hand added no less than
2709001. to its aggregate of bullion since last Friday. Silver
is firm, but not higher. All the accounts from Frazer River
speak favourably of the yield of gold in that district, and
some has arrived in this country via the United States.

The Funds and all other descriptions of securities have
been firm ; and though business is tar from active, and
there is but little speculative movement, an advance has
been established all round. As far as the Funds are con-
cerned, it is explained by the abundance of money, which
has caused some investments, and the general improve-
ment of trade. These circumstances have also favourably
affected railway shares ; but one of the principal causes of
their improvement is the organized and influential efforts
that are being made to arrest ruinous competition and to
save legal and parliamentary expenses.
Consols, which left off this day week at 95i to began
to improve on Tuesday and Wednesday ; until last
evening they closed at 971 to the market then being very
firm. To-day, after a steady market, they left off firm at
the same prices.

The Foreign Market has been steady. A good deal of
fluctuation, however, has occurred in the new Turkish Six
per Cent. Loan. At one period the strenuous opposition
of certain parties drove it down to 1 dis. and even lower;
but no decided rally followed. Last evening it left off at
dis. to prem., and today at prem. It seems likely now
to remain tolerably steal), until the succeeding instal-
ments are about to fall due. In other descriptions there
has not been much business, and nothing has occurred
worth particular notice.

Railway Shares aro upon the whole about one per cent.
better than laid week. The chief improvement is in Mid-
lands and Caledonians.

In Banking Shares Ottomans maintained the late ad-
vance up to yesterday, when a further improvement was
et.tabli,hed, owing to favouralle reports of the forthcoming
dividend.

- Miscellaneous Stocks, including Colonial Government
securities, have all advanced.

Exchequer Bills are at 31s. to 345. prem. fur those of
Munch issue, and 225. to .:ss. prem. for those of June.

An official notice was published on Monday to the effect
that there had been no intelligible signals through the
Atlantic cable from Newfoundland since the morning of the
previous Friday. This announcement caused a general
feeling of disappointment, inasmuch as the success of the
cable had come to be regarded as perfect and complete, and
its public opening was expected in less than a fortnight.
Up to this evening the condition of things remained un-
altered, notwithstanding the most persevering attempts to
discover the seat of the injury. Signals continue to be
received, but they are too faint to be intelligible. It is
believed that the defect in the cable is within two or three
miles of the coast, either at Newfoundland or Valencia.
The strong portion of the cable, expressly manufactured
for the shore, was to have been shipped from Plymouth
for Valencia, and on its arrival to be immediately substituted

for the ordinary wire, which,
.however well adapted for nn.disturbed localities, is totally inadequ ate to resist liability
to accidents on a rocky coast. But yesterday orders were
received to delay the embarkation. This has produced a
bad effect. The shares of the company have fluctuated a
good deal in consequence of this untoward event. On
Saturday, before the misfortune was known, they stood
at 800 to 850. On Monday the lowest price wu 300, but
yesterday they bad improved to 500. Today they left oil
at 480 to 520.
The Channel Islands Telegraph was opened to the public
yesterday. It oust 25,0001. The company haves Govern-
ment guarantee of six per cent. for twenty-five years on
their entire capital of 30,0001. A dividend equal to seven
per cent. can therefore be realized for the sharehohieni
durum that period, supposing the communication to remain
uninterrupted. The shares are iu very few hands, and
there are no dealings in them.

Red Sea Telegraph Shat es, notwithstanding the Govern.
ment guarantee of .1 per cent., remain at the price of last
week—l to prem. The mistortune to the Atlantic cable
rather prejudices their value. The scrip of the Indian and
Australian Telegraph Company is, however, rather firm' r,
being at to prem. It is expected the Government
will in this ease also concede a guarantee of 4. per cent.,
in which event the shares will rise in value considerably.
The suspension of Messrs. Archibald Montgomery
and Co., Australian merchants, has been announced,
with liabilities to the amount of lio,ooo/. The disaster
is consequent upon some recent stoppages in the Hon-
duras timber trade in London and Liverpool. A drapery
house in Lambeth has also suspended. On Tuesday it
was announced that Messrs. John Powlea and Co., an
old and respectable firm, had been compelled to suspend,
owing to a partner in the house at Rio having unex-
pectedly led them into very considerable commitments.
The liabilities are considerable; but they will not be known
until the arrival of the next West India mail. A house in
Manchester has also failed. These misfortunes are owing,
not to the immediate condition of trade, but in each case
to special circumstances.

Negotiations for establishing mail services to Australia
and British Columbia, by the Panama route, are still in
progress with the Government ; but they are expected to
he brought to a close in the course of a fortnight, u the
importance of promptitude in such a matter is siltnitted
on all sides. The Royal Mail Company are offering to
carry out both services. Fully eighteen months will be
required before they can be fully and properly organized.
Algeria has been declared a free trade colony, and her
her ports are to be open. This will give an impetus° all
trade, in which we still have a good share.

The Provincial Trade Reports of the week are again
very satisfactory. In the cotton, woollen, linen, and silk
trades the demand for goods is very considerable, sad
prices are rising, while there is no accumulation of stocks.
Iron and hardware are still exceptions, but they are im-
proving, and both Birmingham and Sheffield are fast
recovering from their long depression. In fact, employ-
ment is general throughout tl.•e country, and the reports
Irom all parts of it are uniformly to the effect that the re-
quirements of the public are so considerable that ilia
demand is likely to last throughout the remainder of the 3 ear.

libb..