The Press.
London, England, 1857-08-08 00:00:00

THE PRE S S, AUGUST 8, 1857.

Seneg gt ark ex anb 6itg Antelitynce.

FRIDAY EVENING.
THE return of the Bank of England for the week
ending the Ist inst., shows the following changes
compared with that for the week preceding:—
Increase in Circulation
Increase in Public Deposits
Increase in Other Deposits
Decrease in Government Securities
Increase in Other Securities 2,165,969
Decrease in Bullion
Increase in Rest
Decrease in Reserve
Bullion in Both Departments
Circulation, including Bank Post
Bills
These figures are of an unfavourable character in all
essential respects. The Bullion and the Reserve
each show a large falling off; the former in conse•
quence of heavy purchases of silver upon the Conti-
nent for transmission to India, and the latter in
consequence of the demand for money last week—a

demand which has caused an increase in the
Private Securities of more than 2,01)0,0001. This
item in the account again exceeds 18,000,0001., and
there is reason to believe it will not undergo any
diminution for some time to come. The Public
Deposits have received large additions, and in
those of a private character there is a moderate in-
crease.

Although the Bank Directors have made no change
in the rate of discount, as was expected, after the
sudden reaction in the Money Market last week,
there is no real improvement in it. The terms for
the best bills are quite as high as they were, and
whatever relaxation there may be in particular cases
is owing to a reduced supply of the best paper.
Many of the houses engaged in the East India
trade are contracting their operations, and their
policy has operated adversely upon producers in
some of the manufacturing districts, so that almost
sooner/than ,it could have been expected the effects
of the Indian outbreak ate perceived and felt. Yet,
notwith.tanding this tendency, the value of money
appears likely to go beyond rather than below five
and a half per cent. The return analysed above
seems to confirm this view. In the early part of the
week, on "londay and Tuesday, the demand, both at
the Bank and upon the discount houses, was exceed.
ingly active. It is said to have been unprecedented.
It was, however, freely met, provided the terms were
accepted, six per cent. being required in some cases.
This demand, which mainly arose for provision
against the acceptances due on the 4th, has since
been followed by comparative quietness, much of
which is owing to the curtailment of business in the
India trade in London, Liverpool, and Manchester.
The present condition of the market under these
circumstances is one of great caution, paper pm-
sumed to involve speculative operations in any
branch of trade being constantly rejected, and much
connected with Australia, and now with India, being
regarded with distrust. Yet, as before stated, the
supplies are good. The receipt of favourable news
from India would certainly increase confidence, and
cause an immediate change in the market, particu-
larly as the harvest is likely to prove most abundant.
The Continental Exchanges are better, and our
supplies of gold from Australia ample for all present
wants. The main cause of anxiety is unquestionably
the political condition of India, and the possibility
of difficulty with Persia, which refuses to surrender
Herat, combined with the indefinite amount of
expenditure to which the country, directly or indi-
rectly, will be committed, unless tranquillity be
speedily restored. In the meantime further news
is expected, with an anxiety which it would be diffi
cult to exaggerate. On the whole, the Money
Market may be described as in a state of transition ;
whether to a better or a worse condition, depends
not upon its own internal resources, hut upon the
progress made towards suppressing the I idian revolt,
and on this point the tendency of opinion is not very
favourable.
The demand to-day was good, but without any
pressure whatever. On the Stock Exchange there
was a good deal of inquiry, this being " pay-day "
after the Consol settlement which was brought to a
close yesterday. In the course of the week several
failures have occurred among members of that
establishment.
The Bank last week lost bullion by withdrawals
to pay or silver bought upon the Continent to the
amount of about 250,000/. ; and since our last about
72.0001. was taken out for the same destination.
Subsequently, however, a decided change took place
in consequence of large arrivals from Australia,
the United States, and the Pacific, and the Bank,
instead of a seller, was a buyer to a small amount.
The imports since last Friday have exceeded
1,585,0001. in value. On the other hand, the exports
have reached 1,032,9631. Of this amount 843,4451.
in silver was for India, and 169,5181. for China. Only
about 500,0001. is known to be now upon the passage
from Australia to this country.
The United States and Continental Exchanges
have nearly all improved; but in some continental
cities the rate of discount has been increased.
Consols closed last Friday at 901 exactly. When
the August account was brought to a close yesterday
at noon they stood at 001 to 1. The decline, con-
sequently, during the week has been five eighths per
cent., the rate being one-half per cent. for carrying
over to the September account. The quotation was
901 to 1. The arrangements for the settlement
having closed, and there being some reports abroad
that Delhi bad been taken, an improvement took
place up to 901 to 91; but after regular hours the
market suffered a slight reaction, and it closed at
901 exactly. Quotations are now at a point which
brings in small investors ; but we cannot regard
them as firmly established in the present state of
opinion as to our prospects in India, though they
may be supported by the purchases of the public out
of savings. To day Consols opened at 901 to 91,
and closed the same; but after regular hours they
receded to 901.
Railway Shares were depressed to-day.

Business continues dull in Foreign Securities.
Russian stock has improved ; but Turkish Six per
Cents are one-half per cent. lower than this day
week.

A dividend of four per cent. will be paid on the
21st of September to the English holders of stock in
the New York Ceutral Railroad Company.

The East India Company have made an advance
of two per cent. in their rate for bills on India. On
Bengal and Madras it is now 2s. Id., and on Bombay
2s. lid. It is only a few weeks ago that a previous
advance of one per cent. was made. The purchase
of bills has been greatly checked by this movement,
and the demand for silver augmented in proportion.
Trade continues very quiet. In the manufacturing
districts the complaints of the dearness of raw mate-
rials are very loud, and the state of affairs in India
has, to some extent, diminished the production of
articles suitable for that market.