The Press.
London, England, 1854-07-29 00:00:00

716

glom parlat and

FRIDAY
COUPARED with the violent oscillations of previous
weeks, the tone of the market during the past
se'nnight has been quiet, if not languid. The wel-
come arrival of propitious weather, promising so
well for the future harvest, and leading at present to
a considerable diminution in the price of wheat, has
tended to improve the quotations. But, on the other
hand, the Bank returns continue to exhibit a decline
in the stock of bullion; and the drain of gold to the
Continent, and especially to France, has again set in,
and seems likely not to be checked for some time to
come. Between these counteracting causes the
Consul Market has remained, as it were, in a state
of suspense, the speculators being afraid to operate
in either direction, and the public—that is to say,
the bona fide purchasers—still holding aloof, either
waiting for the fall which everybody seems to think
must come sooner or later, or else having their
capital absorbed in the accumulating and far more
remunerative employments offered in the various
departments of commercial or industrial enterprise.
On Saturday last the market, though weak, was
rather better, the quotations closing at a slight ad•
vance. By Monday the improvement was more
decided. Prices touched 921, but the advance was
so feebly sustained that a few sales for money brought
the quotations down to their starting-point. Still
the turn remained favourable to sellers. On Tuesday
the Ministerial explanation of the previous night
produced an unfavourable reaction. Lord John
Russell appeared to despair of any visible termina-
tion to the war, to find no basis for confidence in
Prussia, nor any end to the Austrian delays. The pros
pect of a step which, in an indirect way, still amounts
to a practical subsidy for Turkey, was also not cal-
culated to encourage Bank operations. Under all
these influences Consols declined from 921 to 921
1, and closed at 921 for the August account. There
was but little change on Wednesday in the value of
public securities. Some heaviness was manifested
in the morning, but the quotation 921 for the ac-
count brought in speculators for a rise, who were
encouraged by a somewhat easier condition of the
Discount Market, and an improvement of sixty
centimes announced from the Paris Bourse. The
weather also continued to pursue a settled aspect,
and led to a general buoyancy of prices.
Yesterday the market was almost inanimate, and
in the absence of any ostensible cause the prices
drooped from sheer inactivity one.eighth per cent.,
leaving off at 921 to 1 for money, and 921 for the

account.
To-day the market was considerably revived. The
quotations improved successively to 92} to 92} for
present tranfer, and 9211 toe for the next account
day. The continental advices are, however, consi
dered rather unfavourable, and have tended to check
the improvement.
The reports of the state of trade in the manufac-
turing towns contain scarcely anything of interest.
At Manchester business has slightly improved.
There has been a fair demand for India, and prices,
on the whole, are maintained. The Birmingham
advices conti me to describe an increasing demand
for iron and coal, but less general activity in other
branches, owing partly to the pressure in the money
markets of the United States, and the diminished
speculation to Australia. At Nottingham the trans-
actions have been on a sound and satisfactory scale,
while in the woollen districts the favourable pros-
pects of the harvest have exercised a decided
influence.
The commercial accounts brought by the overland
mail from the East Indies report trade to be gene
rally very inactive at both Bombay and Calcutta.
The mercantile interests appear to be uncertain as
to the effects which the war with Russia would ulti-
mately have on business. Speculation had quite
ceased, and bon& fide business was dull. The money
market at both presidencies had become easier, but
as capitalists were averse to lending money the
supply was far from abundant, and the Government
and other securities were, in consequence, lower in
value.
FOREIGN FUNDS.
The foreign stocks remain, as for some time past,
with little variation. French Rentes have improved,
on account of the rise on the Bourse. Spanish have
fluctuated much less than might have been antici-
pated upon the outbreak of the insurrection, and
showed marked firmness when the tidings arrived
that the Queen had sent for Espartero, and that a
prospect existed of restoring quietude and order.
ptle been done in Russian securities.
To-day they are not even quoted.
RAILWAYS.
The Railway Share Market was somewhat drooping
early in the week, in sympathy with the dulness of
Consols. The jobbers were also busy in preparing