The Press.
London, England, 1857-02-14 00:00:00

one ilnrket anb 6itg `lnteiligcnce.

FRIDAY EVZNING.
TUE return of the Bank of England fur the week ending
the 7th inst., shows the following citanges cudipured with
that for the week preceding:—

Decrease in Circulation ..... £818,799
Increase in Public Deposits 1,138,619
Decrease in Other Deposits ..
Decrease in Government Securities 32,657
Increase in Other Securities
Decrease in Bullion
Increase in Rest
Increase in Reserve

Bullion iu Both Departments 9,979,246
Circulation, including Bank Post
Bills
This comparison presents few favourable features. Indeed,
it is unsatisfactory with respect to the decrease in the
Bullion and the addition to the Private Securities; but as
there is every probability of gull flowing into the country,
partly from Australian arrivals and partly from the natural
operations of the exchanges which have now taken a
turn, it may be regarded as the turning point towards a
better state of things. The Bullion is now less than
10,000,000/., but since the return was made up the Bank
has been a considerable purchaser. The increase in the
Public Deposits is very large ; they now amount to more
than 11,5000001., rather a considerable amount at this
period of the quarter.
The financial statement of the Government was made
this evening ; and it was, upon the whole, tolerably well
received, though there were points about it which certainly
failed to command approval. The income tax is to be
re.luced to 7d. in the pound ►or three years ; but, on the
other hand, the tea and sugar duties are to be practically
increased after next year. This part of the budget affords
no real relief.

The monthly return of the Bank of France was pub-
lished this morning. It contains ample evidence of an
active demand for money during the month, and, from the
fact of the discounts and advances having decreased more
that 1,1;90.000/., it appears that the Bank is still pursuing
its policy of discouraging merely speculative transactions.
Money has been iu active demand commercially, but the
pressure for it has mitigated considerably since it was un-
derstood that the difficulties with Persia have been arranged,
and that the public expenditure fur the next financial year
would be materially reduced, while the burden of the
income tax would be greatly lessened. Besides these cir-
cumstances, the arrival of a considerable amount of
Australian gold has checked the withdrawals from the
Bank, and put an end, for the present, to any expectation
of further restrictions upon discounts. Added to these
circumstances is the fact of a favourable turn in the
exchanges. So that, externally, the market has received a
good deal of benefit front the more promising aspect of
things, though the improvement is not yet so far consoli-
dated as to reach any but large dealers. Hates conse-
quently for the general run of bills are still at the Bank
minimum : but, from the extent to which confidence in
the future has apparently recovered, we rather think that
lower terms will be conceded, in the open market, before
the end of next week. We have no expectation, however, of
the Bank making any change ao early, but the Directors
must speedily follow the policy of their competitors when-
ever a reduction is made if they intend to enlarge their
discount business, as there is rea-on to expect that they do.
On the Stock Exchange, the railway and foreign settle-
ments have occurred during the week. For short loans
about six and a half per cent. has been the average rate ;
but there has been no great pressure, and money, generally,
iu the language of the House, has been easy.
We have to report some rather considerable arrivals of
specie from Australia. Three vessels have arrived—the
Morning Light, the Heather Bell, and the Centurion—
bringing an aggregate of 143,81X►1. ; besides which, other
amounts have come in from the coast of Africa and else-
where, which bring up the total import during the week
to not leas than SBO,OOO/. Of this amount about 200,0001.
has gone into the Bank. The export has consisted of
about 5000101. to France and the Continent, and 119,0001.
to ltio for the use of the bank there, to retrieve errors in
the management of the circulation. Some other
amounts have also gone away. The exportation of gold,
however, to pay for silver purchased un the Continent is
suspended,—the supply of silver in our own market,
oaing to the late arrivals from South America, being so
considerable as to have caused a decline in the price of
id. to id. per ounce. Four ships, all with gold on board,
are now upon their way from Australia ; and, one or two
being nearly due, they may be expected to arrive by the
end of next week.

English Securities were heavy and dull in the early part
of the week, but the Australian arrivals rapidly infused
strength into the market, and being followed by distinct
intimations as to the financial policy of the Government,
the public were encouraged to purchase. The effect has
been an advance of per cent. since this day week, with
a continued disposition to make engagements at the
improved prices. Consuls left off last Friday at 931 to I.
The improvement fairly set in on Wednesday. There was
every disposition for it on Tuesday, but a banking
establishment sold largely on that day for money, so that
the improvement wen checked for the time. But on

THE PRESS.

Wednesday, and again yesterday, it was obtained to the
extent of three•eighths per cent. each day, the final
quotation yesterday being 941 exactly. Co•day the
opening and closing price was 941 to ; but a little more
dulness prevailed.
Exchequer Bills have stood at par to 3s. prem. all the
week. There have been few sales, and they are firm at
the present prices. To day they advanced Is., the quota.
tions being Is. to 3s. prem.
Railway Shares are from one to two per cent. better than
this day week, the improvement being tolerably general,
but mainly in the heavier stocks, which fur some time
have been much depressed. More business has been
done, and the market has now assumed a healthy and
animated tone, though we look for some reaction, not
much, however, from the rapidity of the present rise.
In the Foreign Market the principal transactions con•
tinue to be in Turkish Six per Cents. These securities
are fully two per cent. better than this day week. Russian
and most other descriptions have derived improvement to
a more limited extent..

Joint•stock Banks have been in greater inquiry. Those
connected with the Australian colonies have especially been
in request. The newly introduced undertakings, though
firmer, have not varied much since our last.
Dock, Mining, and Miscellaneous Shares, have all been
more active.

A compromise is likely to be effected between the share-
holders and the creditors of the Royal British Bank. An
agreement has been made between the committee of the
shareholders and the committee of depositors, under which
the creditors of the bank will receive a composition of
Os. Ud. in the pound, by two instalments of 3s. and 3s. 01
each, payable on the 2nd of March and the lith of April
next.

The Venezuelan bondholders have agreed to the
modified terms fur the arrangement of the debt of that
Republic.
The shareholders in the Australian Royal Mail Com-
pany have confirmed the proposal of the directors to apply
fur a supplemental charter; but the directors are not to
take any measures for further operations without pre•
vionsly consulting the shareholders.
The amount paid into the treasury of the East India
Company for hills on India from the 23th January to the
9th inst. was 1'23,19t♦1.
It appears from a statement made in the House of
Commons that the Government do not contemplate any
amendment in the law upon the dock•warrant question
until the mercantile community are themselves agreed
upon it.
The Trade Reports of the week are more favourable;
but great complaints are made of the uncertainty and the
smallness of profits.