The Press.
London, England, 1856-06-28 00:00:00

Ala

JUNE 28, 1856.

The present comparison shows some important changes ,
particularly in the Bullion and the Reserve, both of which
are now assuming considerable proportions, with the cer-
tainty of further increase for several weeks to come. The
amount of the Public Deposits is small, but it will be in-
creased in the next. return by the paymentof the 1,000,000/.
instalment upon the loan tomorrow. The present return
is in all respects satisfactory.

The principal financial event of the week has been the
reduction by the Bank of England yesterday of the mini-
mum rate of discount from five to four and a half per cent.
Even as a matter of duty to their proprietors, no less than a
tardy recognition of the fact that money has become cheap
for all the purposes of legitimate commerce, this change
has literally been forced upon the directors by the pressure
of circumstances. The Bank for the last three weeks has
been doing little or nothing in the way of discounts, and
not much in temporary advances, both these classes of
transactions being taken to Lombard-street, whereby from
one-fourth to one-half per cent., and in some eases three-
quarters per cent., was saved to the parties. The Bank,
consequently, was fast losing the most profitable branches
of its business, and some change was indispensable in
order to bring it back. Besides, its reserve had been in•
creasing at the average rate of half a million a week since
the beginning of ➢fay, until it amounted to seven millions
and a quarter, an amount which even the Bank could not
afford to allow to remain dormant and unprofitable in its
tills. The candle was thus burning, as it were, at both
ends; and hence the present very moderate, under the
circumstances, and superfluously cautious reduction.
The return for the last week, of which the main features
of comparison are given above, is, in all essential respects,
favorable to the current impressions in the City that a fur-
ther reduction of one-half per cent. may be expected next
Thursday. Independently of the considerations suggested by
the above comparison, there are facs and circumstances in
the monetary and commercial world which appear to render
such a step advisable, if not imperative, upon the court.
A large amount of specie will arrive next week, of which
fully two-thirds will go to swell the stock belonging to the
Bank. In the next place it is improbable that the addi-
tional issue of notes can for some time to come produce
any appreciable effect in diminishing the bill circulation,
which has lately attained very extensive proportions. The
reserve of notes must, consequently, go on increasing;
and we should not be surprised to see it amount to
10,000,0001. in less than two months from the present
time, unless the directors can get a large amount out pro-
fitably—a process not to be effected even at four per cent.
with financial, commercial, and cereal prospects such as
they are at the moment this is written. Then the perpe-
tual competition of the great moneyed houses is also a
prime element in the consideration. They, as well as the
Bank, will have large reserves wanting profitable employ-
ment. Against a future occurrence of this character, of
course, must be put the speculative tendencies which are
the necessary adjuncts of cheap and abundant money; but
these tendencies are again liable to be essentially coun-
teracted by the prudence and caution which in all proba-
bility will, during the most feverish and excitable period
thp.t seems to be approaching, be brought in aid of the
screw that is certain to be applied the moment there is the
slightest symptom of a reaction. From these considers-
firms, and others of an analogous kind, we infer that money ,
will next week fall to four per cent.: and that, not very
long afterwards, we may expect to see it at three and a
half per cent.

The Joint.stock Banks have lowered the rate of money
deposited on call to three and a half per cent.; and the
Lombard•street houses have practically done the same,
though the announcement is deferred a day or two.

The specie imports during the week have been but mode-
rate They amount barely to 250,0001., principally from
the United States. All tits amount, and about 050,0001.
besides, has been purchased by the Bank. The exports of
the week are nominal.

Consols, which left off on Saturday at 94j to to ex
div., closed last night at 94j exactly, being an improve.
ment of I per cent. This advance has been obtained
without any real reaction ; it arose from, and is sustained
by, purchases for investment and b) the better prospects
which appear to be opening, notwithstanding that the
actual amount of business has been comparatively small.
To-day, Consuls opened very firm, at 94j to 95 ex div.,and
closed at 95 to 1. For the next account they are 954 to 4.
Consol scrip 31 to 4 prem.

Bank Stock and Exchequer Bills have improved since
our last. The latter are 2s. higher.
The improvement which we described to have taken
place in the Railway Market iu our last has been fully
established ; and in most Stocks there has been a further
rise equal to from one-half to one per cent. In Great
Westerns, owing to adverse reports as to the amount of the
prospective dividend, there was a decline of :30s. in the
early part of the week ; bnt it has since been partially re-
covered, and last night this stock left off firm at 64 to
with a disposition to a further rally. To•nay this stock
fully recovered, and there was a general advance all round.

Joint-stock Bank and Miscellaneous Shares have been
dealt in to a moderate extent; but neither have presented
any features to call for s2ecial remark.
The contract for a monthly steam mail communication
with the Australian colonies has been awarded to the
European and Australian Steam Navigation Company—a
Glasgow undertaking. The subsidy is to be 18.5,0001. per
annum, and the term of the contract is five years.
The South Australian Banking Company have declared
a dividend at the rate of ten per cent. per annum.
The Agua Fria Gold Mining Company has been dis-
solved, and the property and plant transferred to a new
company, called the Quartz Reduction Company.
The Metropolitan Association for Improving the

THE PRESS.

Dwellings of the Industrious Classes have declared a divi-
dend of two and a half per cent. per annum, against the
directors, who recommended a division of only one and a
half per cent., the surplus to be carried to the reserve f..•
The three Joint•stock Banks referred to in John :la&
leir's letter to his brother James Sadleir as having been
accustomed to practise the same fraudulent system as the
Tipperary Bank in making up their accounts, are all
known; but the allegations in each case are distinctly
denied, and the statement appears to have been an inven-
tion of Sadleir to give force to his criminal suggestions.
The trade reports of the week are almost wholly of a
favorable character.

BANK OF ENGLAND.
An Account, pursuant to the Act 7th and Bth Victoria, cap. 32
for the week ending on Saturday, the 21st day of June, 1868.

1881.1 Z DZI
Notes Issued .... 426,257,340

L 26,237,910

Government Debt £11,015,100
Other Securities .. 3,459,900
Gold COW B Bullion 11,762,940
Silver Bullion

120,237,940

BANKING DI
Proprietors'espitaltl4,9s3,o6o
Rest
Public Deposits* 4,132,110
Other Deposits
Seven Day (ft other
Hills

Government Semi-

rities (including
Dead Weight An.) ♦11,276,155
Other Securities 14,411,854
Notes 8,915,3e0
Gold & Silver Coin d 55,025

£33,258,414 Z 53,258,414
• Including Exchequer, Commissioners of National Debt,
Savings' Banks, and Dividend Accounts.

BRITISH FUNDS. Closing Prices.
OFFICIAL QUOTATIONS.
Wed. IThur,

Mt
1944
944
'9sa
•

3 per Cent. Consols
Ditto for Account
3 per Cents Reduced
3 per Cents
Long Annuities
Honk Stock, 7 per Cent
Omnium

Itxoh. Bills, 20.
India Donde, (1,0001.)

Per Cent.

Brazillt - ua b

Danish 5
Dtch. (Ex 12 Guil )2e
French 8

Do. 4l
Do. Bank Stock
tdesican

Peruvian 44
Portuguese 4
Russian 5

Spanish
Turkish kcc 6

94f
94
95i 1.

94f
34f 6'
98

19 1-1;;,
217 8,

94i
190
96e
,17f
,218

10 I 13 118
p 10
( FUNDS.
,Tuesd. Wed. Thurs.
103 j 1024 3
j 6
71f
ei

113 IC
14

AT ond
101 a 11

166
70:85e17E 05e
93f ei a 2: 25e;

Ilo2i
3

-r.

-- I 471 47,
[034 Ow itr-
:LWAYEI
Wedstee
82(
12 13i
1 23i i 4i
in:2
.114 114
264 A
8
441 t 4
5
4 9s
tBi
53 5

FOREIGN RAI
Magid. Tuesday.
4ntw.& Rttrdm. 81 ;8i I
Belgian East. J. 4 2 t
Dutch Rhenish 1/ pll 2p
East Indian—. 231 4t,281 41
Gt. Indian Pen. 224 S
/221 5
G.W.ofCan.,Sh. 211 26; 1
Lyons & Geneve 101 lip l— pi
Madras
Na.&Lge.(w.in )71 81 8 t
Nrthrn.of Frnot 44 4 441 5
Norw. Trnk.Prf 8 9 84 81
Paris & Lyons 5B 1 584
Paris & Orleans 52 4 53 5
Paris & Rouen i

Mond.l
274 1
Si $Y
90 2

RA ILWAIB—
Birm.Wolv.itStour Val
Bristol aid Exeter
Caledonian
Chester and Holyhead
Cork and Bandon
Cuban & Belfast Juno.
East Anglian
Eastern Ilniox(B)
East Lancashire
Eastern Counties
Great Northern
Gt. Bth. and Wet of Ire.
Greet Western
Lancashire& Yorkshire
Lon., Tilbury, &Sthend
Lon., Brighton, /cc
London and Blackwell '
London and Nrth-West.
Midland
Newmarket.
Newry and Enniskillen
Norfolk
Nrthrn. Counties Union
North British
North Staffordshire
North-Western
Oxf., Wrcstr., and Wolv.l
Scottish Central
Scottish Midland
South Devon
South-Eastern and Duv.
South. Western
South Wales
Waterford & Limerick

6.2 i i
lti I

11—tb 94

81 3 1
10i 1i
80 7
:07 9

- f.

23 i

19 C
6-4
II

16 62 i --
Ii
118-4 9di

!81 3

1 104
Pbt
1 107

106 7;
7
104 jI
81} 2

154 6

kd
37 8

21
951 6}'

I-
-11044
‘Bli 41

79 4
1093
471
1041 5i

Thure.
2 21
2ip
293 41
1
224 3
6
101 lisp
:20, 3
I 8
444 /
I Si 9tl
38
53 15 1

C2i (41
IC I
to}

i --
9b 6;
Of 1
196 9/

Thur.
2a E

-f'
16 i
10 11
d
18 19
22 24
81 3
10i
951 611
107 91

1196
106
71 i
104 •

'56 7 I
[ iik id
37s esS
115 i is

bi idi
.32i 241
102 4
76 8
144 61
73i 4i
10401

134
103
7d
14a
174
1104

.ii- ri'
10411
IRS lk

173 '6

154 i
i3* id
37j 8
ed

!34
'lO3 6
76
141 511
74

MISCELLANEOUS—
Australian Agricultural
Canada
Crystal Palace
Crystal Palace ofFt anee
North British Au s. Laud
Feel River Laud 8 M 44.1
Scottish Aust. Invest_
South Australian Land
Van Diemen's Land

30 2
127 :12
21 j

li2 I'

sit
8
37

165-7

30 2
127 3:
Si i
s} I i
i
37 3

i x d

I -
217 8

14 12
15 p

ITC6'

30 2
127 3

x d

34 3(
1103 1
576 8

176 6
121 23

116 e 71

130 2
1127 3;
2} i
4I
3i 1
li i
37 b

k 1 1
1 f

Friday
185
I
14 $ p
23 4*
22$
26i
]OE lip
2
75
481 84

Hiee 7-64

8- 9
571 i
52 4

Frid.
28 9
de 0
93 6
62} 3
16
19 11
d
18 19
22 4
81 3

14 11
95t 64
106 10
63 I
961 p
7*
1
106 107
71
104 5

62/ 3

55 7
3a 31
37a 8
51 j 4
Cla 7
34 36 ,
103 5
76 8
15 6
74a 5

75
22 4

30 2
127 31
2/ i

i I
3}
1i i 4
37 8
16a 17