The Press.
London, England, 1856-08-30 00:00:00

Ponty :ftlaritet nab Q:ity,

FRIDAY EVENING.
THE return of the Bank of England for the week ending
the 23rd inst. shows the following ci.anges compared with
that for the week preceding :

Decrease in Circulation
Increase in Public Deposits
Decrease in Other Deposits
Increase in Government Securities
Decrease in Other Securities 707,885
Decrease in Bullion
Decrease in Rest ..

Increase in Reserve

120,157

Bullion in Both Departments
Circulation, including Bank Post
Bills
Although this comparison shows a slight falling off in the
stock of Bullion, the position of the Bank has been
strengthened by the addition to the Reserve, which has
been obtained, notwithstanding a decrease in the Private
Deposits, by the repayments of advances upon bills and
other securities. This, in fact, is the only feature in the
return. It will be observed that the Government has
added to its balances, and that, from present oppearances,
it may possibly be enabled to liquidate the October
dividends without having recourse to the Bank for tempo-
rary advances.

The weather continues to regulate the market for Publie
Securities; and although its actual influence upon the
value of money has been of the most trifling character, it
would be a great error to assume that its vicissitudes are
not regarded with the deepest interest by mercantile linate
ciers. it has been, on the whole, fine for fully four days,
with dry, invigorating breezes which dissipated the
moisture floating in the atmosphere, and enabled harvest
operations to be successfully continued wherever reaping
was fit, except in the low-lying lands of the midland and
northwestern districts. But at intervals for two days we
have had a good deal of rain, particularly yesterday, and we
cannot yet tell whether it proved so injurious as materially
to retard field occupations. We trust not. However,
viewing the subject upon the widest scale, we may assert
that, notwithstanding local and temporary circumstances,
tending to depreciate the quality and yield of the crops in
particular districts, the general harvest of the eonntry has
made substantial progress since our last. A large quantity
of grain has been safely housed in good condition, and
hopes are entertained that the reports of blight and damage
just now so prominent in many of the corn factors' circu-
lars, express individual apprehensions rather than well as-
certained and reliable facts. The London Corn Market on
Monday, again on Wednesday, and to-day also, from the
apparent difficulty experienced in supporting an advance in
prices, does not confirm the fears of those who take tie
pessimist view ; and as to the rise in some of the provin:
cial markets, we are disposed to regard it as essentially
speculative. We have not, however, been able to obtain
responsible reports in sufficient detail from all parts of
the oountry to enable us to decide er cathedra as to the
actual and tangible results of the .harvest. It is too soon
by some weeks to justify an undertaking of such impor-
tance ; but in the meanwhile we have reason to conclude
that the prospects of the harvest, though kss favorable
than they were three weeks ago, are by no means unpro-
mising. Good weather for another fortnight or even less
would secure to us more than an average yield, and prices
mire advantageous to the consumer probably by as much
as from 15s. to 2Us. per quarter. With continuous im-
ports of foreign, and increasing stocks of home•grosn
corn in our own barns and granaries, it will be impossible
to maintain the quartern loaf at 9d. In expressing these
opinions we are reflecting the ideas, not of men in the
corn trade, or of those engaged in cultivating the soil, but
of parties whose mercantile and financial operations are,
at the present time, guided iu a great measure by probabi-
lities as to the harvest; and we have little hesitation in
saying that the balance of opinion among these classes,
who may be presumed to study something approaching to
a statesman's policy in such matters, is on the side of the
picture which it is most agreeable to contemplate.
The Money Market continues to be well supplied, and
complaints are still made in some quarters that the appli-
cations for discounts are not sufficiently active to provide
full employment for their reserves. The business of the
Bank in this respect has also fallen off during the week.
We are unable, however, to report any diminution of rates.
The average in the open market is still from 4 to 4}. It
is not unlikely that the discount transactions of the coun-
try may be smaller in September than they have been in
August, as the course of trade, particularly in the menu-
factunng districts, in respect to the bill circulation, gene-
rally requires less accommodation at this period. In
October, however, we expect a renewal of activity; andfwe

are not without hopes that before the expiration of that
month the Bank may be enabled•to reduce its minimum to
four per cent. ThLre was rather more inquiry for money
yesterday, owing .to the payment of an instalment of
600,0001. on account of the last loan, but it caused no in•
convenience. On the Stock Exchange the railway and
foreign settlements have induced an increased demand,
but it is of a moderate character. The general market
may possibly experience some tightness next week, as it
will be necessary to provide for the commercial acceptances
due on the 4th ;• but we do not anticipate any inconve-
nience. The Consul settlement will also produce a like
effect on the Stock Exchange.

The specie receipts during the week are under 140,0001.,
all of which is from the United States. The exports are
estimated at 50,0001. The actual purchases of gold for
the Continent, in order to pay for the silver drawn thence
for transmission to India and Chtna, have been small this
week; and as there is still a considerable amount in
dollars unsold in this market, and as a large arrival in
bars may be expected by the West India packet now just
due, we anticipate that nearly 100,0001. of the late im•
ports of gold will be retained in this country. Whether
it is sent into the Bank, or kept in private hands, of
course will depend upon the circumstances of the market.
One or two Australian ships with gold on board ought soon
to arrive.

A slight decline has taken place in Consols since our
last. This day week they closed at 9511 to for account,
and last night at 95} to This decline, one quarter per
cent., was not established until a late hour yesterday, and
then it was caused mainly by the uneasiness created by
unfavorable weather. Some considerable sales of money
stock on account of the Bank, with a view to the improve-
ment of its reserve, for two or three days in succession
failed to affect the market beyond one•eighth. So that, on
the whole, steadiness has continued to be its leading
feature against all the influence: arising from the conga.
rative dullness of business and the anxieties natural at this
particular season. The closing price this afternoon was
951 exactly.

Other descriptions of Palk Securities have presented
exactly the same features.
Foreign Securities are, upon the whole, about the same.
There have been some trifling fluctuations in Turkish Six
per Cents., but they left off this afternoon at former prices.
Russian Stocks continue in favour. Generally speaking;
however, the market has not shown any particular anima-
tion.

Business in Railway Shares has been affected by the
lettleTnent which is now brought to a close. The account
did not prove one of much importance as respects mere
anioubt, hut it disclosed a considerable scarcity of Great
Western stock, for which very high prices were required—
as much, on one occasion, as WI. Now, however, this
extreme pretension has abated, and quotations are
moretinoderate, though there are more buyers than sellers
yet. IYesterday, front the same cause that produced the
depression in Consuls, several descriptions were lower.
Caledonians have been declining daily ; they are nearly
10s. lower than this day week, and M. lower than at the
beginning of the month ; in fact, there has been a sort of
panic among holders caused by rumours of a very unfavor-
able dividend. To-day it was officially announced that
the half-yearly dividend. would be only at the rate of one
per cent. per annum. This intimation caused a renewal
of the panic, for such it was, and quotations receded front
pat, at which they opened, to .32, at which they left off—
without any tendency to recovery. Between this day and
the beginning of the month of August this stock has de-
clined no less than eight per cent.
Joint-stock Bank Shares are nearly all quoted a shade
lower. Ottomans were yesterday at a discount of three-
eighths, but they subsequently rallied a little. This
afternoon they again receded. The new undertakings
generally are scarcely regarded with so much favour for in-
vestment as they were a few weeks ago. London and Paris
are at 10 to 5 dia., and Royal British are fully V. lower.
Miscellaneous Shares remain in a state of inactivity.
The principal dealings have been in land and shipping
descriptions. Crystal Palace show no recovery.

The Trade lieports of the week are again satisfactory ;
bwt business does not appear to have been so active. Still
there is no material accumulation of stocks, except it may
be in fancy articles.

The Board of Trade Returns for the month and seven
months ending the 31st of July show a vast increase in the
exports of the country. The declared value was as
follows :

IRSI
1M.55
1456

Seven Months.
X.
58,012,845
51,262,705
.... 23,930,042

Month of July.
X.
9,439,643 ....
8,150,383
9,968,226

The declared value of all our exports in 1855 was
95,648,0851., but, at the Firesent rate of increase, the value
of the exports in 1856 will be no less than 114,000,0001.
We fear, however, that our foreign trade for the greater
part of the present year, though returning a profit, has
not been valuable in proportion to its enormous extent.
Mr. T. H. Baylis has resigned the office of general
manager of the Unity General Assurance Association.

FO:
Per Cent.,

IREIGI
~ Mond.j

4 FUN
Mud.
101 i 1

IDS.
Wed.

Brazilian —.-
Danish 6
Dtch. ( 0 utl )Ie
French 3

Thurs.
1 1021

Do. 4i
Do. Bank Stock
exioan
Peruvian 4i
Portuguese 4
Russian 6
Spanish 3
,Turkish Ace. 6

f - cl
c
f,l

103;;I

ll'Of 600 f •
9of 600 f o
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sla ;
103;

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