The Press.
London, England, 1858-05-29 00:00:00

THE PRESS,. MAY 29, 1858.

This comparison again shows increasing strength on the
part of the Bank in respect to the Bullion and the Re-
serve. The Private Securities continue to fall off,—a clear
proof that few bills are being gent in for discount. The
aggregate of this item is now considerably less than it has
been for several years. There is no change in the amount
of Government Securities. The variations in the other
items of the account are unimportant.
The Money Market has been in a very easy condition
all the week, the demand, with a slight exception yesterday
and on Wednesday, having been exceedingly moderate,
and rates without the slightest variation. The demand
referred to arose from the provision of ten per cent. for
the deposit upon the New Brazilian Loan, referred to
below, which was paid yesterday. As usual, the deposits
were enormously in excess. They would have gone far,
indeed, to provide the entire amount required. The
effect, therefore, upon the market was rather considerable
for the time, but it was all along perceived to be temporary
and exceptional. The surplus will be returned in a few
days, and it will contribute to ease the demand now arising
from the Stock Exchange in consequence of the fort-
nightly and monthly settlements that will be in progress
next week. Owing to the Whitsuntide holidays this week,
which are regularly kept in the busy districts of Lanca-
shire, there has been little inquiry from that quarter ; but
it is increasing as the leading spinners and manufacturers
are availing themselves of the falling prices of raw cotton
to replenish their stocks, while the demand for goods, both
for the Eastern and the American markets, is bringing
capital into increased employment. The improvement in
other branches of manufacture is gradually extending.
There will probably thus be an increased demand for money
next month. It will, however, be one into which rash
speculation will not enter. h will be a perfectly legiti-
mate one. The period for wild and dangerous speculation
is not yet arrived; but we have no doubt it will come,
unless interrnpted by political circumstances, before the
end of the year.
The Bullion movements of the week have been com-
paratively unimportant. The most important features in
them have been the recommencement of arrivals from the
United States, owing to an improvement in the Ex-
changes, which will probably be maintained, and in con-
siderable receipts from St. Petersburg. Nothing has
come in from Australia. Altogether the receipts amount
to 132,2111. The exports, on the other hand, have not
exceeded 10,0001., and rather less than 30,0001. has been
sent into the Bank. As the continental demand is partially
suspended—and besides 300,0001. expeeted from Russia
an equal amount will probably be brought by the Austra-
lian mail steamer—the stock in the Bank will, in all
likelihood, receive rather large additions in the course of
the ensuing week. Silver is in fair demand for India ;
but there is, at present, an ample supply upon the market.
The ignominious retreat of the Cabal from the factions
proceedings involved in the vote of censure, and the conse-
quent victory of the Government over the most hollow and
contemptible device to obtain office ever conceived by any
political party, caused the Funds to attain oa Saturday
the highest quotation known during the last two or
three years. The reaction subsequently has been very
trifling, although the organs of the Opposition are every
day raising up giants to frighten timid holders into &panic.
Railway Shares have been irregular. Some descriptions
have advanced, and others have fallen, owing to special
circumstances with which political questions have nothing
to do. The main feature about the national securities is
their strength and stability in the face of the most bitter
feelings of personal animosity towards the Administration,
and particularly towards the Finance Minister- e circum-
stance that indicates, as clearly as anything can indicate,
that the Government is popular with the majority of the
individuals and corporations who trust their money in the
Tandy. _ _ _

_
Consols left off last Friday at 971 to j. On Saturday
they advanced to 981 to f. Since that day the general
quotation has been 97j to )8. They closed at this quota-
tion last evening. The Scotch Banks have been large
buyers during the week, and the Commissioners for the
Reduction of the National Debt have made small invest.
ments almost daily. This morning they opened at 971 to
98, and after a dull day of business, they left off at 97j
exactly.
Foreign Stooks have been in moderate demand. Peru-
vians are still good. Turks have declined. The Ow
Brazilian Loan, noticed below, has been done at 1
prem.
Railway Shares are lower, from sales principally of a
speculative character. Caledonians have been especially
pressed, and North-Easterns also. The large masses of
Indian Stocks held in the Stock Exchange have, in muse-
quence of the calls about falling due, been forced upon the
market, and rather a heavy fall has taken place in conse-
quence. The Traffic Returns for moat of the leading lines
are taking a more favourable turn.
Banking, Land, Steam, and Mining Shares have all been
dull.

The reduction in the interest upon Exchequer Bills hu
caused large sales of these securities by the banks; they
are, however, still at a good premium, but there is some
desire on the part of holders to change their investments.
The June Bills which have been called in were done last
Saturday at a premium of 25e. to 305.; yesterday they had
fallen to 17s. to 225. The March Bills have receded from
404. to 45s prem. to 38s. to 375.
The India Loan, since the issue of the debentures yes-
terday, has fallen to 99k.
Messrs. R,thschild have contracted for the new Imp..
rial Brazilian Loan of 1,526,0001, at four and a half per

525

cent., the purpose of which is tp complete the Railway
Dorn Pedro II.; and on Tuesday they invited applications
for subscriptions. Bonds of 1001. each, payable to bearer,
are to be given to the subscribers, and the instalments are
to be paid as follows .—Twenty-five per cent. on the Ist of
Jane; twenty-five per cent. on the Ist of July; twent3•fire
per cent. on the 2nd of August; and twenty-one per cent.
on the Ist of September, making 961. for each 1001. stock.
The interest, which is to be paid half yearly, commences
on the Ist of June, and discount at the rate of two per
cent. allowed for payments in anticipation. A sinking
fund for the redemption of the loan is to be derived from
the surplus of the seven-percent. interest on the capital
of the railway, which is guaranteed by the Imperial Go-
vernment, after payment of the dividend..
The railway calls due in the month of June amount to
1,366,5761. Of this sum, 700,0001. i■ on account of two
lines in India; 480,0001. for the Northern of France Rail-
way, which will be supplied by the French market; and
81,0001. for the Rigs and Luneburg Company. The calls
fur June are larger than in any previous month of the
year, and they completely explain the depression of railway
shares. The aggregate calls in the first six months of
1888 amount to 7,334,1451.
The Board of Trade returns for the month and for the
fur months ending April 30 were issued on Wednesday.
The declared value of our exports in the month was
9,451,4331., against 9,985,844/. in the corresponding month
of 1837 and 9,424,9261. in 1856. There is, therefore,
some evidence in these tables of a revival of trade ; and, on
looking over the items, it appears that there has been a
considerable increase in the shipment of cotton goods to
the East Indies and to Turkey. Iron, steel, silk, and wool
still show a falling off; but, on the whole, the present re-
turns are the most favourable that have appeared this year
The act imposing a penny stamp on bank cheques came
into operation on Tuesday. Some confusion was caused
at various establishments by the public being only partially
prepared for the change ; but since that day, minute in-
structions have been issued by the Bank of England and
other concerns as to the practical operation of the law, and
everything is now going on as quietly and as systematically
as under the old system. In many quarters certain pre-
judices, inseparable from previous habits and from repug-
nance to innovation, are expressed ; but they are already
gradually disappearing, and we shall be much mistaken if
this stamp does not eventually prove more popular and
more productive than was anticipated by its promoters.
The Provincial Trade Reports are still improving,
though in the present week there has been a falling off in
business in consequence of Whitsuntide.

FROM THE LONDON GAZETTE.
Tuesday, May 2.5.

BANKRUPTS.—The LONDON and 14 Bawroto OOR.
PORATION, Threadneedle-street, City—Hs/tar CLZNENTS, Myths,
Kent, corn factor and coal merchant—WlLLlAM TOWNSZND,
Notting-hill, nurseryman—Ramses ELLET, Wolverton, MIAs,
innkeeper—Janis Soutons. Late of Brasted, now of Wester.
ham, Kent, cosohroaker—Gaoloc Mans, Newcastle-under
Lyme, miller—Joaw Magas, Leamington Priors, upholsterer—
Rosser LANZ, Clrenreecer, agricultural implement and machine
maker—SkMUEL FOSTIR, Morley, Yorkshire, dyer—Cua awl
OATES, Heckmondwike, woolstapler—Maacmatr BLACKWILL.
Sheffield, coach manufacturer—Rosser SPIEL, Oldham, tailor
—Titomas IsICIIARD Bowicaa, Manchester, commission mer-
chant, oalenderer, maker-up, and packer—RaLro fungal:Put,
North Shields, newsagent and grocer.

SCOTCH SEQUESTRATIONS. ALEXANDER WALL/CZ,
Dundee, music seIIer—WILLIAM OBRISTIZ, Atichmrsader, gram
and pototoe merchant—Gunton Rsma, Barrhead, spirit dealer
—WILLIAM BOWIE, Falkirk, merchant—Smarm. Yooso, Aisdris,
baker, confectioner, and eatiug•house•keeper.

Friday, May 28.
BANKRUPTCY ANNULLED.—SAWURt J. BUCHANAN,
Paradise•street, Borherhithe, oorn dealer.
BANKRUPTS.—HENRY Stunt, Vassall-road, Brixton, bottle
beer merchant—WlLLlAM BALSDON, Bristol, hop merchant—
BENJAMIN FREEMAN, Commerciiii-road, New out, Bristol--
CHARLES EASTWOOD, Manchester, fruit deaIer—CHABLIS
H twties, Tipton, Staffordshire, grocer —Joux Hewitson, New-
castle-upon-Tyne, optician—Barnet THOMAS, Carnarvon,
draper—Cuturrornea TURNER, :Warden, Lancashire, cotton
spinner— ritaxces Baron, Oxford-street, Hyde-park. lodging-
house keeper—WILLIAM H. BARNES, Hawthorn-street. King's-
road, Ball's-pond, builder—Tßoxas CHATTER and BENJAMIN
CRAFTER, Liverpool, stone merchatits—RlCHAßD A. Howe,
Judd-street, New-road, grocer—Wittran U. Palmas, Penenett,
Staffordshire, baker ono grocer.
SCOTCH SEQUESTRATIONS.—JOHN GORDON, Muirton,
Ross-shire, farmer— XILLIAII BROWNLIE, Craigneuk, Lanark-
shire, grocer—Janes Lirrte, junior, Edinburgh, tobacconist.

of • son.

the 19th Instant, Lady Margaret Leveson Gower,
II the 23rd instant, Lady Harrriet Vernon, o(

awn.

ASTLEY—CORBETT—On the 21nd instant, at fit. James's,
Piccadilly, Lieut• Colonel John Dug tale Astley, Soots Fusilier
Guards, to Eleanor Blanche Mary, daughter of Thomas
George Corbett, F:sg., of Elsham, Lincolnshire.
GRAHAM—WALKER—On the 19th instant, at St. Mary's,
Bryanatone-square, Lieut -Colonel James John Graham, son
of the late General Graham, Governor cf Stirling Castle, to
Isabella Louisa, daughter of the late General Walker,
of Bushey, Berta.