The Press.
London, England, 1858-01-02 00:00:00

an there is a scarcity of hills, while capital is rapidly
accumulating, a further reduction is probable in two
or three weeks at the moat. The Bank of France
bas reduced its rate of discount from six to five per
cent. That the Bank of England retains the eight
per cent. rate under present circumstances has ex-
cited some surprise, as its discount business is almost
ea; but the policy of the Directors is evi•
dently one of safety and caution with regard to
their Reserve. The approaching payment of
the dividends may possibly be attended with renewed
activity in commerce ; and in such a case the de-
mand for discounts and the payments on national
account might so diminish the stock of notes as to
produce, in the present state of the public mind,
eery inconvenient impressions. It is, therefore,
obviously better to delay the reduction a short
time in order that the Reserve may be consolidated,
because, by forbearance now, ease and abundance
will bs the more effectually secured hereafter.
At the same time it is probable that the rate will be
reduced to seven per cent. on Thursday, and by this
day month it is even more probable that the mini-
mum may be no higher than five per cent.
Large arrivals of specie have been reported during
the week from Australia, the United States, the West
Indies, and South America. They have all been
tiflien to the Bank at, they have come ; and as the
Bank of France is out of the market as a com-
petitor for gold, owing to the large stock it now bolds
(more than 11,000,0000, the Bank of England is
the only great purchaser in Europe. Supplies must
continue to flow in from each of the quarters desig-
nated; and the ladian drain of silver being tempo•
rarily arrested, there is no present prospect of a
diversion of any great portion of the imports to any
other point than the Bank of England. According
to the Gazette return of last evening, the imports up
to Wednesday last were, of gold, 381,516/. ; of
silver, 12.4,195/. ; while the exports were, of gold,
10,3721., and of silver, 16,0761.—leaving a balance
in the country of 470,263/.
The Stock Exchange did not open until Monday
morning, and on that day Consols closed at 93/ to
without the dividend. Subsequently they improved
to 04, which was the highest price of the week. They
stood at about this quotation when the failure took
place of a large dealer in Options, whose account
proved extremely complicated ; and, as numerous
parties were involved in his speculations more or
less directly, they sought to cover their losses by
sales. The effect was to cause a reaction in prices
to 931, the lowest of the week. Since then the
market has recovered, and last night the final quo-
tations were 93/ to /. This morning they opened
the gime, and, after being firm all day, they left off
at 041 to I, being a half per cent advance.
foreign Stocks have nearly all shown a good deal
of firmness. Mexicans, Russian, and Turkish Secu-
rities have all improved.
Railway Shares have been in active demand,
mainly to secure the dividends, and the advance has
in some cases amounted to two per cent. The traffic
receipts for the halt-year which has now terminated
Jo not threaten to be so unfavourable as was anti-
cipated at one time during the late crisis ; but the
full effect of the diminution in the carriage of goods
will not be felt until the first half of 1858. French
and Canadian Shares have participated in the im-
provement.
Joint-stock Banking Shares remain as nearly
stationary as possible. The two Discount Companies
have, however, improved.
Exchequer Bills have advanced from 3s. dis. to Is.
prem., at which they stood when we last wrote, to
5-4. prem. The improvement, therefore, is equal
to ti , and it is attributable to purchases by some
of the banks.

Trade still exceedingly depressed in all parts of
the country ; but the markets for some of our great
staples are beginning to look a little better for pro-
ducers.