The Press.
London, England, 1858-07-24 00:00:00

aailatg ji lake ad Cttg latetitgeatt.

FAIDLY Evans°.
THE return of the Bank of England for the week
ending Wednesday last, the 21st inst., shows the
following changes compared with that for the week
preceding :
Decrease in Circulation X221,078
Increase in Public Deposits
Increase in Other Deposits
Decrease in Private Securities 121,180
Increase in Bullion
Increase in Rest 35,098
Increase in Reserve
Bullion in both Departments
Circulation, including Bank Post
Bills
The addition to the stock of Bullion shown by this com
parison has arisen from the purchases made out of the
large imports mentioned below, and the augmented Re-
serve is partially explained by the payments on public
account—payments which confirm the official statements
made in Parliament yesterday as to the satisfactory condi•
tion of the public revenue. The Private Deposits have
fallen to below fifteen and a half millions. This is a clear
proof of the reduced demand for money at the Bank,
I especially when taken in conjunction with the fact of an

718

increase in the amount of Private Deposits. On the whole
the present return is of a satisfactory character, though we
hare no great confidence in the stock of Bullion being
much further increased.

Owing to the magnitude of the supplies, and the re-
gularity of the demand, the Money Market has retained
throughout the week the easy condition described in our
last. The dividends now in course of payment by a large
number of Joint-stock Companies and Corporations, to
say nothing of those upon the public funds, because they
are now well.nigh dispersed, have caused a vast accumu•
lation of capital in the hands of bankers and others. The
reinvestments of trust and other moneys have of course
reduced the aggregate ; still there is an enormous amount
waiting employment, and as its absorption is comparatively
slow, rates have not exceeded two and a halt per cent.
The Bank minimum of three per cent. has under these
circumstances restricted applications there. The market
has to some extent been rendered more confident, and
therefore more easy, by large receipts of gold, a
considerable portion of which, as is shown above,
has gone into the Bank. But, on the other
hand, the demand for gold from the Continent is
not yet entirely satisfied, notwithstanding the heavy
sums sent there since our last. In fact, it seems at
present to be limited only by the means of the dealers to
pay for it ; but it is a favourable feature that the Exchanges
are at a point which, under ordinary circumstances, must
. . .

• discourage exports. Still, as just intimated, the demand
• appears to be only suspended ; and it may possibly absorb
a large portion of the arrivals of the next fortnight or three
Wash. In this state of things the conviction must be
reenSted that money cannot be cheaper than it is, the more
asivoliait as the commercial demand is likely to manifest
a progressive expansion from the symptoms of increasing
trade ussaillated in the manufacturing districts of Lancashire,
Yorkshire, and elsewhere ; while it must not be forgotten
that the present magnitude of the supplies is in a great
degree owing to incidents which recur only twice in the
year.
The arrivals of specie during the week have been very
large. They have amounted since this day week to no less
then 1,083,9641. Of this sum about 700,0001. was pnr-
dimmed for transmission to the Continent, and 302,000/.
bon hssn sent into the Bank. The balance is upon the
1111Nal" but it will probably be taken for export. For
Indio ind China 54,4001., nearly all in silver, were shipped
on Tuesday. The specie movements have thus possessed
considerable importance. The accession to the stock in
the Bank is small in comparison with the aggregate im-
port, but it has removed the impressions which had begun
to prevail when we last wrote of a possible advance in the
rate of discount. Some of the Australian vessels with gold
on board are now neaey due, and the dividends receivable
from the United States, together with the state of the Ex-
changes, may be expected to bring moderate amounts
thence for some time to come.
A decided improvement has been established in the
Funds since our last. It commenced in the early part of
tlrs weak, when a good demand for stock was created by the
• aspipments of the public, who made reinvestments, and
by sows large purchases on behalf of public bodies. The
tailesey thus established was confirmed yesterday after-
noon by the gratifying announcements made in the House
of Commons by the Chancellor of the Exchequer, of the
highly satisfactory condition of the revenue, the pacific
character of oar foreign relations, the prospects of an abun-
dant harvest, and the expectation of better accounts from
India. Indeed, with regard to India, accounts arrived in
the course of the evening of the recapture of Dweller, thus
bearing out, earlier than could reasonably have been ex-
pected, the anticipations of the right hon. gentleman.
Railway Shares have, on the whole, maintained the ad-
vance that was established last week; but they are effected
by contradictory rumours respecting the dividends, so that
the market, except for preference and guaranteed stocks,
is somewhat unsettled. Joint-stock Banks have nearly all
improved.
Consols, which left off last Friday at 951 to j, improved
to 954 to I the next day. Up to yesterday morning they
were tolerably steady at MI to j; but in the afternoon,
when the statements of the Chancellor of the Exchequer
were known, they improved to 9.5 f to j. This morning
the importance of those assurances was more fully COW.
preheuded, and, combined with the favourable news from
India, they produced a tone of eonNiderable firmness, Con-
sols opening at 90i to 96, and finally closing at 90 to 4.
The advance since last Friday is thus if per cent.
During the week about 50,0001. New Three per Cents.
have been purchased on public account, at an average of
96 and 961.
Foreign Securities showed more activity yesterday
than upon any other day in the week. The most re-
markable feature in them has been a rally to par of the
scrip of the New Brazilian four-and-a-half per cent. loan.
Railway Shares have not materially changed in quota-
tions arose this day week. The market, however, has been
irregular in proportion to the external influences operating
upon it. On the whole, stock has been in moderate de-
mand, and in some ()sees a scarcity has been experienced.
To day business was very dull, and quotations tended
downwards.

There has been a demand for banking shires of the
best descriptions, but otherwise the market has not pre-
sented any special features. Certain descriptions have
been affected by the failure of two dealers, who bad con-
tracted to deliver a larger number of them than they
possessed, and who found themselves unable to purchase
when the time for delivery arrived. These parties hod
beer. operating upon the assumption that the profits of the
banks in the half-year just expired would fall off so as to
reduce the value of the shares; and they were caught by
the rice.

Atlantic Telegraph Shares have been dealt in at 150.
Mining and Miscellaneous Shares remain compuratively
quiet.