The Press.
London, England, 1856-11-22 00:00:00

THE PRESS.

1124

it {has evidently been made up by the sale of securities.
The notes now in reserve amount to 3,600,0001., but the
Bullion is still below 10,000,0001. The Private Deposits
have increased from bankers and others having sent iu,part
of their reserves. The demand for money is shown by
the increase in the Private Securities. It is nut a very
large amount; still the advances of the Bunk are again
over 19,000,0004., and it is not likely that this item will be
any less in the next return. On the whole, if we could
feel assured that financial matters on the Continent had
p isse,l over the wo►st, and we were under less apprehen-
sion as to the consequences of the continued drain of
silver for India and China, we should, from the present
comparison, be inclined to say that the turning•point had,
at last, been reached. We must, however, wait two or
three weeks longer before that event can safely be an-
nounced.

To a certain extent the Money Market has become
easier, but, as far as concerns the accommodation ren-
dered to trade, there is no actual improvement. It has
become easier because the high terms required for Ws-
counts have discouraged the demand, and because, on the
other hand, the rates—six per cent. in all cases—allowed
for deposits on call by the discount-houses and joint-stock
banks have attracted very considerable supplies for limited
periods from the public. But it would be an entire mis
take to assume at present that, because there is an anxiety
in Lombard-street to obtain good bills, the market has i.n•
proved ill the sense of increasing its assistance to general
commerce. On the contrary, it is restricting general
commerce, and in some of the busiest of the manufac-
turing districts it has actually compelled employers to
limit their hours of labour. Nor can it have escaped ob-
servation that for the last week or two the bankrupt list in
the Gazelle has assumed greater proportions among the
small capitalist class, who are sure to feel at moo the kill-
ing effects of money at first hand being worth seven and
eight per cent. At the same time there is undoubtedly
more ease, as we have said, and it is possible we have just
passed the turning.point. Other causes than a diminished
demand and an ample supply have, we must state, been
in operation to produce the improvement. A large supply
of gold has arrived most opportunely. The Bank of France
has, for the time, suspended its irregular purchases of
bullion, and the Paris press has been invited to give its op-
position to the great Russian railway scheme, from which
it is inferred that the Emperor may soon call in the same
agent to expose and oppose all other gigantic speculations
calculated to permanently derange the finances of the
empire. These are indications of coming improvement
which we trust may be fully realised. And now that gold
has again began to come in there is reason to expect that
the supplies will be liberal for some time to come, and that
the Bank will gradually be enabled to recruit its exhausted
stock. This, however, depends not upon ourselves, but
upon the movement on the Continent. If we continue to
draw silver thence, as we are still doing for India and
China—if Austria persists in adding to her metallic reserve
in Vienna in preparation for the resumption of specie pay-
ments—if the numerous railway and other speculations in
Germany are not abated—and if France does not limit her
demands for her own contemplated extensions, the demand
for gold cannot materially relax. The struggle for it must
go on. These are quite a host of conditions. More
might be added, but they are sufficient to show that
the prospect before us is not yet very clear. The greatest
possible caution is still necessary in order to guard against
unjustifiable alarm on the one hand, and unsupported con-
Silence on the other. The difficulties of the times cannot
be driven away by the fortunate arrival of a large mass
of bullion, for which there are innumerable competitors,
nor by the denunciation of wild speculations into which
crowds are ready to enter. The period of improvement
must be inaugurated, we fear, by more suffering than
has yet been experienced, especially upon the Conti-
nent ; and though it is a commendable policy to expose
the financial dangers likely to be created by the Russian
railway scheme, we believe it would be equally wise to
discourage the railway schemes at home, which involve
scarcely less danger to the financial future of France.
To prove that tue Money Market is far from having
righted, notwithstanding a slight change for the better, it
may be mentioned that on Wednesday, and ag tin yester-
day, rumours prevailed that the Bank would be obliged to
return to discriminating rates on long and short bills, by
increasing the terms for the former to eight per cent. No
such change was made, nor perhaps will it be contem-
plated in the Bank parlour until the seven-per cent. ex-
periment has been fully tried; but the fact of such a
rumour obtaining countenance is significant.
Money to-day was again in good supply, with a moderate
number of applications. The preparations for• the
" fourth " will commence in the ensuing week, and it is
probable they will cause increased pressure.
The James Baines has at length arrived from Melbourne,
and the Lightning also. They bring together about
1,2t10,000/. in bullion. We have also had some arrivals

fl'om the United States. Altogether about 1,500,0001. has
reached these shores during the week. How mach of this
vast amount, or if any at all, will reach the Rank of Eng-
land is not yet known. All the American import has been
taken for the Continent, and that by the Jamex Baines was
secured for the same destination some time ago. At the
same time, these supplies will be sufficient to prevent any
withdrawals from the Bank. The export of silver to India
by the packet which left Southampton yesterday amounted
to no less than 572,7151., besides 9.8,975/., making a total
of 599,6901. The Rank of France is stated by some parties
to be improving its stock of gold, because it has ceased
making purchases. These purchases may, however, be
resumed any moment. A temporary suspension of them
immediately after the publication of the monthly return
may be politic. But our own letters from Paris assure us
that the Bank has lost 400,0001. of its bullion since the
publication of the monthly return this day week; and we
also learn from them that it has contracted with a great
capitalist for a supply of gold in 11157 equal to nearly

12,0d0,0001. Our information comes from so good a source
that we feel compelled to give it credit.
The exchanges are still unfavorable—at least, there is
no improvement in them of any consequence—certainly
none us far as France is concerned.

Enghall Securities have improved considerably since
our last, owing to the better accounts from Paris, and
also to the ease in our own market, followed by the large
arrivals of specie. Speculation and money purchases have
assistel to promote the advance. Last Friday Consols
closed for account at 92j to 93 ; last night at 93f to j.
The advance, however, was not established until yesterday,
when the specie arrivals were reported : previously there
were numerous fluctuations, but always from a higher
point than the quotations of this (lay week. To-day Con-
sols opened at 11:3i to 94 (for account, and they were done
at 91 exactly ; but afterwards there was some depression,
and they receded to 931 to f. They closed, however, firm
at 9.'3 to 1.
Exchequer Bills, owing to the falling off in the demand
for money, have partially recovered. They are now quoted
at Is. dis. to is. prem.
The value of Railway Shares, notwithstanding occa-
sional discouragemeuts, litts increased during the week to
the extent of about one and a half per cent. Business
has also been more active, especially on country account.
The improvement has been tolerably general, hut the
heavier stocks have derived the chief benefit from it, with
the exception of Great Northerns, which are fiat on account
of the Redpath frauds, and of some defalcations by an
official in the aesou.itant's department. The French lines
are fully >E per cent. better. Indian and colonial de-
scriptions have participated in the improvement to a
minor extent. Today there was a heavier tone about
the market and prices pa”tially declined, but at the close
the tendency was towards further improvement.
In the Foreign Market the chief feature has been a rapid
rise of about two and a half per cent. in Turkish Six per
Cents. This improvement was stimulated in the first
instance by favorable reports as to Ottoman finances, and
of course it was supported by the better tone of the Consol
Market; but the great advance was obtained yesterday
shortly after the specie arrivals were reported. The
Greeks bought heavily, to the extent, it was said, of
150,000/. The Guaranteed Four per Cents. are about half
per cent. better - but it must be remembered that these
securities have beets almost perfectly steady during the
prevailing depression. Mexicans have also improved. 'fhe
other stocks have been dealt in perhaps less than usual,
and there has been no change in them worth notice, except
a little more firmness in a few of the best descriptions.
The dealings in Joint-stock Bank and Miscellaneous
Shares have been quiet. Prices have but partially int-
proved.

The frauds committed by Redpath upon the Great
Northern Railway have been followed by the detection
of a misappropriation in the accountant's department of
a considerable sum by a clerk holding a confidential
position, and who is now in custody. Considering the
circumstances of these cases, as they appear in the
published reports, it is hardly poss;ble to resist the con-
viction that the olirectorial and auditorial management
has been extremely lax, especially in the most important
case, that of Redpath. It has been the peculiar boast
of the Great Northern directors, and especially of the
chairman, that their system of checks and counter•
checks against fraud was perfect, mid that their servants
received salaries high enough to place them above the
temptation to embezzlement. The system, however good
theoretically, has broken down; and we do nut see how
the directors and the auditors can escape the censure of
their shareholders for not having sooner detected the
frauds which it now appears they suspected. However,
we must wait for their explanations ; meanwhile, the
case looks ugly, and they are certainly exposed to the
imputation of excessive confidence in the honesty of
employes whom they knew to be living at a rate utterly
out of proportion to their official incomes. Redpath is
about to be adjudicated a bankrupt, upon the petition of
a stockbroker•. He was examined at the Clerkenwell
Police•court to-day, and further remanded.
The accounts as to the prospects of the Euphrates Valley
Railway are of a highly favorable character.
The aoul sales will be brought to a close in a fortnight.
The advanced prices of last week have been maintained,
and the whole stock will probably be cleared on those terms.
Large arrivals of Australian are reported.
The Trade Reports of the week bear evidence of the
effects of dear money. Sales are difficult at current prices,
while manufacturers cannot afford to go lower. In some
parts of Yorkshire anti Lancashire short time has been
worked for the last week or ten days.

BRITISH FU
OFFICIA

111)E4. Closing Piloss.
st, quoiAl:iciss.

Mon—d. Tuesd. Wed; Thurs. Friday
--"
3 per Cent.Consols 99f 393 i 33'i f
; 95; 93; 1
Ditto for Account
.3 per Cents Reduced
.3 per Cents
Long Annuities
Bank Stock, 7 per Cent SU 217 1 217 :917 b'( 215
Otunium —
—I
Kxch. Bills, 2;d. ',par ld 14 ilp 14114 1p 1p 1 d
India llonds,(1,0001.) 1 , I p —4' P

YORIIOI
Per Cent. Mond]
Brazilian b DiOi '
Danish 5 '
Dtch. (Ex 12 Guil )24
French 3 f c
Do. 4{ f e
Do. Bank Stock f.
Ilexican 3 214
Peruvian 4{
Portuguese t
I --
Russian
Spanish 3 ,
Turkish Acc.6 30g i

II FUNDS.
Tun/. Wed. Thum Frietab.
DOI 1001
ti ;el} I ellie
67f: 100 17: 70e 671
'—
!f a
f. --
, 213

-
90 1

91j 2

41,
VJI i I

I 44 1
:Ali 2