The Press.
London, England, 1853-12-10 00:00:00

THE PRESS.

titilltlathtt an CHI! uttiligtatt.

FRIDAY EVENING.
'FRE announcement so confidently made, whether
trite or false, that the four powers had signed a
treaty pledging themselves to maintain the present
territorial position of Europe,has been viewed by the
moneyed interest in a most favourable light. They
conceive it a pledge that the peace of Europe will be
maintained, let the war rage as it may between
Russia and Turkey.
We have frequently drawn intention to the large
" Bear account" which exists in Consols; and it
may easily be imagined that the speculators for a
fall became panicstricken at the idea of peace
being maintained. The result has been a rush to
close their Recounts, and a considerable rise in the
funds.
Consols opened on Monday at 95, with the divi-
dend included, and have since risen to 951 ex div.,
being an advance of 11 per cent. The settlement of
the account, in consequence of the anxiety to close
accounts, showed that stock was greatly oversold on
balance, and, instead of any interest being given to
continue stock from the present to the January ac-
count, as much as 1 per cent. was given to obtain
the loan of Consols for the same period.
iu the event of anything occurring to prove that
the political " accord" of Europe is not so great as
is now represented, of course the decline in the funds
will be very considerable, for there appears to be
very little abatement of money for commercial pur-
poses ; and the price of the funds, considering that the
interest, they pay is not more than 3t per cent., is
out of all proportion to the current rate in the Dis-
count Market, which is certainly not less than .11 to
5 per cent.
There is no doubt that the purchases on account
of the speculators for a fall have tended very miteh
to maintain Consols at a higher rate than the state
of the Money Market, would warrant; and the best
test of this is that. Exchequer Bills, on which the
public cannot lose more than the small premium on
them, pay as high an interest as the funds.
Another circumstance may be mentioned in con-
nection with this subject, and that is, the certainty
which exists that the moment the Money Market
will admit of their introduction it will be inundated
with foreign loans; and we state as a positive fact,
and of our own knowledge, that several are now only
waiting the propitious moment to be brought out.
Now, in the present position of the Bank of Eng-
land, it is perfectly clear that to protect herself, and
prevent gold being withdrawn from her coffers, she
will meet any movement for new loans by selling
' securities, and this will supply the present scarcity
of stock.
A very proper movement has been instituted by
parties interested in many of the gold companies to
obtain some account of the money they have sub-
scribed, which the directors have hitherto refused to
furnish. We trust that this movement will be
vigorously followed up. although, we fear from certain
evidence before ns, that most nefarious practices have
taken place, and that the public will be severe
sufferers.
The funds close at O 5 pex dividend, with a firni
market. The cause of the rise to-day is more par-
ticularly to be attributed to an advance in the French
funds of 1 per cent., the Three per Cents. being
quoted 70 ex div.
Money is in demand to-day in Lombard-street, the
' price for discount being -11 to 5 per cent.
• The exchanges are much the same as last post.
I Gold is still remitted to the Continent.

The Corn Market in very firm, buyers on French and
Belgian account having again appeared.

FORER.NFUNDS.

A meeting of holders of Buenos Ayres Bonds took
place yesterday, when it was determined to send out
a special agent from this country to watch over the
interests of the bondholders, the new Uovernment
having evinced a disposition to arrange the foreign
debt.
A fall has taken place in Peruvian Bonds, in con,
sequence of a communication from Admiral Moresby,
commanding in the Pacific, to the effect that only
8,500,0011 tons of guano, which he estimates at eight
years' consumption, now exist on the Chincha
Islands. It is evident that some mistake has arisen
in the calculations furnished, as we understand that
advises have been received by the same packet, and
from the parties actually present at the survey, esti-
mating the guano deposits there at '25,000,00
And in regard to Admiral Moresby's own statement,
it may be remarked that the difference between
ship measurement and the cubical contents of a ton
as measured on land would rate the amount to
nearly 14,11(10,00(1 tons.
So doubt some furl her information will be re •
ceived by the next packet on this most important
subject, not only to the bondholders, but likewise to
the agricultural interests; as any miscalculation as
to quantity would tend greatly to advance the price
of an article now almost indispensable for agricul-
tural purposes.
tienerally speaking, the market for foreign stocks is
more buoyant.