The Press.
London, England, 1857-02-21 00:00:00

Along Oarlat anb ditg ]itteltignut.

FRIDAY EYRNINCI.
THE return of the Bank of England for the week ending
the 14th inst., shows the following ci.angea compared with
that for the week preceding:—

Decrease in Circulation
Increase in Public Deposits
Increase in Other Deposits
Increase in Government Securities 20,552
Increase in Other Securities 316,111
Increase in Bullion
Increase in Rest
Increase in Reserve

Bullion in Both Departments 10,259,000
Circulation, including Bank Post
Bills
This comparison is of a very favourable character in all
essential respects. With regard to the Bullion, which now
amounts to more than 10,250,000/., against 9,979,0001.
last week, it shows the effect of the purchases out of the
late Australian arrivals ; and it may be expected to show
still further additions in future returns, notwithstanding
some withdrawals, owing to the continental exchanges
having so turned as to render it unprofitable to send gold
thither as an ordinary commercial operation, while we
are in almost daily expectation of additional imports from
Australia. Along with the addition to the Bullion, the Reserve
of notes has also increased to a considerable extent, while
the moderate addition to the Private Securities indicates
a reduced demand for money. The Public Deposits con•
tinue to grow in magnitude ; they now amount tc more
than 7,000,0001. On the whole, the present return affords
hope that money may soon become cheaper; indeed, a
practical symptom of this character may be found in the
fact that the Bank has commenced making advances on
public securities in anticipation of the April dividends at
six per cent., the rate having previously been six and a hall
per cent.
A considel able change has taken place in the Money
Market for the better, though it has not yet assumed the
substantial form of s reduction in the rates. The ex• ,

187

changes having taken a favourable turn, and gold being
likely to come back from the Continent, has been one cause
of the improvement; another is the prospect of our stocks
of bullion being increased very soon by considerable
arrivals from Australia; and a third the desire of all par-
ties in the house of Commons, except the Government,
to keep our naval and military establishments upon a peace
expenditure, so as to afford more real relief than was
promised by the Chancellor of the Exchequer's Budget.
No great confidence, however, is felt in the pro essions of
the Government to observe economy in the public expen -
diture, as it is well known that the army and navy esti-
mates were cut down suddenly, not from any motive of
that character, but capriciously, so as to suit the exigencies
of the mowent, as soon as it was found that the temper of
the country was opposed to a high expenditure. In other
words they were cut down to avoid defeat and to retain c thee.
No trust therefore is placed in this sort of saving, and
whatever influence the prospect of public economy has
had upon the Money Market hitherto has been caused by the
unanimous resolution of the independent members of the
Legislature to insist upon an active supervision both of
income and expenditure, so as to judge for themselves.
The other circumstances, the improvement in the ex•
changes and the expected arrivals of gold, have, of course,
had more active influence upon the market. To these
another cause may be added, and that is the operation
of the general opinion that the worst of the late depres-
sion has been passed, and that a gradual improvement
will follow. This opinion has moderated the demand, by
diminishing the anxiety that had previously prevailed for
obtaining larger discounts than were immediately needed
in order to be prepared against sudden changes ; while the
payment of the railway dividends, and the commercial
returns from the Continent, have at the same time in-
creased the supplies. On the whole, therefore, we have a
decided improvement to report. As to terms, they are, as
we anticipated, rather below the Bank minimum in some
cases, but six per cent. is the average rate. The Stock
Exchange has also had ample supplies, and money has
been easy there.
. _

Great commotion has been caused in the tea and sugar
trades during the week, by the attempt of the Chancellor
of the Exchequer to break faith with them by increasing
the duties on those articles contrary to the settlement
in the act of 1855. The tea trade has shown
great energy and resolution in exposing this violation
of a parliamentary compact ; and though the sugar trade
have been less active, they have felt equally as strong.
The demonstrations which both have made have produced
a certain impression udon the Government, and they will
probably give way to a certain extent, but up to the
moment at which this was written they had made no
public intimation of any desire to withdraw their objec-
tionable proposal. With respect to tea, the act of It-b 5
provides that the duty on the Ist of April next is to fall
from Is. 9d. to Is. 2.1., and in the following year to
per lb.; but the Government propose that it should be
Is. 7d. in 1857.8; Is. sd. in IM. 9; Is. 3d. in 1859410;
and Is. afterwards. The reduction, therefore, would be
only 2d. per lb. during the next three years, and the Is.
duty be delayed till 1861. This proposal involved an
obvious violation of the existing law, and it was the same
substantially with sugar. As the stocks of tea are very
large, owing to heavy contracts having been entered into
on the faith of the existing law being maintained, much
excitement and agitation prevailed in the trade all over
the country, and strong representations upon the subject
have been made to the Chancellor of the Exchequer. The
trade, however, have proposed a compromise. They offer
to assent to a fixed duty of Is. 4d. per lb. during the next
three years, and then to fall to Is. It is probable that this
offer will be accepted. As to sugar, some concessions
may also be made. But one thing is certain. The Go.
vernment will do nothing in the way of concession to the
interests of commerce until they are compelled, and it is
only fear that makes them squeezable—the characteriatio
of IVhig statesmen.

Gold-has been withdrawn from the Bank to the amount
of between 70,0)01. and NO,OOOl. These withdrawals have
occasioned some perplexity, as.owing to the stock of silver
now in London, which was increased by a further arrival
from South America yesterday, it has been assumed that
they could not be inter led as payments for silver upon
the Continent. This we believe is correct; and we be.
lieve it will be found that the greater part of the amount
was withdrawn for exchange operations. But, as the
exchanges are now turning, we may anticipate that these
withdrawals will cease, particularly if supplies from Aus-
tralia come in as expected. Besides this export, 670,340/,
in silver and 6,773/. were sent to the East ladies yesterday,
On the other hand, about 177,0001, of which about 90,0001.
was in gold, has arrived by the West India packet from
South America.

Not much change has taken place in the value of
English Securities since our last. Conan last Friday
lea, off at 91i to ; the highest price attained during t 1
week was 941, and, on the other hand, they have been s
low as 93g. It was expected in some quarters that the
Budget, which at first sight seemed to be very premising,
would have strengthened the market and caused an ad-
vance; but the contrary effect was produced, and the
market has been dull and heavy all the week The busin
ness of the week has shown a preponderance of sales,
some of which were speculative operations induced by
unfavourable rumours as to the Persian business, and
others by the weakness of the Government in the face cf
the opposition to them financial policy and to their pro-
ceedings before Canton. The closing price yesterday was
931 to 91. To-day they opened at 94 exactly, and after
being that all day, finally left off at 93i to j.

- -
Exchequer Bills, in consequence of the improvement in
the Money Market, have advanced. They are now quoted
at la. to 4s. prem.

Railway Shares have been firm, though without lug gen.
siderable animation, and quotations in some of the tem"
stocks aro from ono to ono and a halt per cent. Wier gam

FROM THE LONDON GAZETTE.

Tuesday, February 17.
BANKRUPTS.—Perut GEORGE FoSCOLO, Dunster.court,
Tdincing.lane, City, corn merchant and commission agent—
Rica AEI) FERNELL, Aldermaubury, City, commission agent and
warehouseman-I'IIO3IAS BUTT Littichampton, Sussex, iron-
monger and dealer in china, glass, end fancy goods—GEORGE
INOb:RSENT, Mall Tavern, the M ill, Notiing.hill, Middlesex,
licensed victualler and builder—JOHN SMITH, Staplehurst,
Kent corn dealer—HENßY CameiN, Watling-street. City, ware.
houseman—ALFßED BLACKMORE, High-street, Shoreditch,
hosier—Fluent/RICE M A Krim, Catnelford.street„Brignton,
innkeeper, publican, and licensed victualler—JAMES WALKER,
Walsall, Staffoidshire, bridle cutter and innkeeper--TuouAs
liana ETT, lronbridge, Shropshire, butcher—JOSEPH MANCALL,
WOIYOThiIMpIOO, grocer and provision dealer—JAMES WATTS,
Norton St. Philips, Somersetstiire, innhuliller—WlLLlAM
WELL. WANE, ilighworth, li/di:shim grocer—WILLIAM Rents.
soN, Miintliorpe, Westmoreland, licensed victualler and inn-
keevr—ALEXANDER ALCOCK NEVINS, Liverpool, merchant—
THOMAS FoWLER RAYMOND. Liverpool, commission merchant
and ship bunker—Josxpit SANKEY, Salford, Lancashire, wheel-
wright.