The Press.
London, England, 1854-06-03 00:00:00

tong larhtt anb Qt tg nttiligtntt.

FRIDAY EVENING.
THE following resume of the operations in the Money
Market during the past month is from the Banker's
Magazine :
" In the midst of the alarm created by the unsettled
position of the Bank of England, and the continuous drain
of specie to the Continent, the Chancellor of the Exchequer
has completed his negotiation for the introduction of
2,000,001)1. of Exchequer Bonds, and has taken power to
recruit his resources oy an issue of 4,000,001/1. more till
such period as proceeds from increased taxation shall be
received. Almost concurrently with the first operation,
the Bank directors were compelled to raise their terms of
discount to 511 per cent., to arrest the increasing demand
for accommodation—not, however, before they endeavoured,

by sales of stock and other expedients, to improve their
situation. The state of their accounts has been a source of
solicitude from week to week, the declension in the reserve,
the decrease of bullion, and the increase in private securities,
being the items which have naturally attracted attention ;
and to the present time, although the amount of unissued
notes presents a more heaithy total, apprehensions are en-
tertained that further restrictive measures will be necessary.
Temporarily, the exports of gold have diminished, and sup-
plies to meet any partial renewal of shipments have been op-
portunely received from Australia and America; but, while
the foreign exchanges present symptoms of improvement,
the internal demand continues considerable, and is not
likely for the present materially to abate. The continuance
of the war will keep money at high rates. The demand for
accommodation in Lombard•street has been particularly
active, at rates from a shade above the Bank minimum to
6 per cent. for short first-class paper. Other descriptions
cannot be discounted under 64 and 7 per cent. The
allowance for deposits is 44 per cent., and 42 may be ob-
tained in cases where an arrangement for a fixed period is
completed."

Consols have continued to manifest an upward
tendency this week, and, as there is still an active
demand for money, it does not seem easy to account
for their relatively high value. While 51 per
cent. is charged on first-class mercantile paper,
Consols at present rates yield little more than 31
per cent., and offer, therefore, an undesirable invest-
ment, except an expectation be entertained that they
will at no distant date rise to a higher figure. The
apprehension which the war at first occasioned has
now to a great extent worn off, and at this moment
there is a disposition, we think, to underrate its pro-
bable effects on our monetary state, though the ex-
tensive armaments throughout Europe, and the un-
certain attitude of the German powers, are calculated
to excite uneasiness for the future.

The range of fluctuations during the week has
not amounted to 1 per cent., yet the market
has been unsettled. The rapid rise on Saturday
was followed by reaction on Monday, but Consols
closed at 91 to at about which price they con-
tinued until Thursday, when a decided improve-
ment occurred, and to-day they reached 92, being last
quoted at 91i to 92.

On Thursday the reports of the repeated repulses
the Russians had sustained before Silistria contri-
buted to the firmness of the market.
One favourable circumstance is the continued pro-
ductiveness of the gold-fields in Victoria. The last
accounts intimate that nearly 300,000 ounces, of the
value of one million and a quarter sterling, are on
their way in various ships ; so that it would appear
very unlikely that this country could be much incon-
venienced by any demand for bullion which may
arise.

Last week we had to notice the long delay in de-
livering the scrip to the subscribers for the first
2,000,0001. of Exchequer Bonds. On Tuesday that

THE PRESS.

step was tardily taken after great inconvenience had
been caused in the meantime.
The Chancellor of the Exchequer, who has hitherto
been so unlucky in his operations, will benefit by the
improved tone of the market. At one time it seemed
probable that the 2ld. bills would not float, and that
a considerable portion of the old bills would be sent
in for payment. We do not know the amount for
which money will be demanded, but, as the new bills
just float, it is not likely to be for such an amount
as would much inconvenience the exchequer. There
is a strong feeling, however, against the fine shaving
to which the right hon. gentleman appears so partial.
The price of shipping is well maintained, and the
general state of our trade and commerce manifests,
notwithstanding the high rate of money, healthy
activity.
FOREIGN FUNDS.
Foreign stocks, generally, have shown great elasti-
city, but the most extraordinary feature in the market
is the high price of Russian Five per Cents. which
have been as high as 98, although to-day they closed
a shade lower.
SHARES.

Railways have been also brisk, and many of the
quotations are higher. North-Western, South-
Western, and some of the northern lines have been
most dealt in.

In French lines, although the quotations are
nominally higher, there has been scarcely any
business.

BRITISH FUNDS. Closing Prices.
OFFICIAL QUOTATION.
20
ottesdi
91 911
T9/71 s. F9rilday.
3 per Cent. Consols 93f"dll}
Ditto for Account
3 per Cents Reduced
31 per Cents
Long Annuities -15 4 9-16 4 9-16 4 5.16
Bank Stook, 7 per Cent 204 6 204 6 204 6
India Stock, 101 per rot — 233 9 233 936 •
Rich. Bills, 21d. fur 9p par 3p pal Id 3 Id 3p par
India Bonds, (1,00014.-1 11 ip par

4p
4p

BANK OF ENGLAND.
An Account, pursuant to the Act 7th and Bth Victoria, cap. 82,
for the week ending on Saturday, the 27th day of May, 1851.
mans DEPARTMENT.
Notes issued .... 426,019,2501 Government Debt £11,016,100
Other Securities .. 2,984,900
Gold Coin & Bullion 19,012,250
Silver Bullion ....

428,012450 i
BANKING DEPARTYZNT.

/26,012,250

Proprietors'Capitsi 814,558,000 Government Sem-
Re st
Public Deposits* 2,489,944 Dead Weight An.) 19,856,300
Other Deposits
Seven Day & other Notes
Bills
431,579,584

£31,579,584
• including Exchsquer, Savings Banks,
National Debt, and Dividend Accounta.

The foregoing return, when compared with that of thepreceding
week, ending May 20, exhibits the following changes. In the
Public Deposits
Other Deposits
Notes Issued
Do. Reserved
Seven-day Bills
Coin and Bullion
Government Securities
Other Securities INCREASE of
The Rest
The amount of active circulation In Notes 120,462,640
Do. in Seven-day and other Bills 1,028,415

Coin and Bullion in both Departments

FOREIGN RAILWAY

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21,06,965
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IWednes.

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