The Express.
London, England, 1856-09-25 00:00:00

I'

I

LYCZIIII.

LONDON, THURSDAY,

ebe expreoo.

Oieweinseis TO 001111MOIDISITL
lossird Nistee=
woo hod oho 011“. 111. wee. =g re%
Ca

Ilwoomoo, 1111PRZOVIC N. osil Xi,. C. Diros.—lad
7_DITA. 1111 lbw% W. ersramir,
sodOillank ; Vas A. liollos (Ws Mr Wooly:). WM
sad Ws. 11. WWI&

MOH RATIO AT LONDON DRIDOIL
To iNT—Marslas. 016
M.
Twalmos-Honing, MM.

IT is somewhat remarkable that at the correspond-
fag period of last year the Massy Market was
characterised by an anxious appearance, very skulk,
to that noticed now. Under the Masses of the war,
and of otber adverse airesurataams, gold was rapidly
towing oat of the country ; and the satadates thus
engendered had led to a general rash for accommo-
dation on the part of the namotatilt ootannaity. As
an immediate and natural reads of this ads of this's,
the Basks minimum rats of disorient bad bees raised
within a fortnight from Si to 41 per mat. Owing
to the similarity of °immodest:4le here Whaled, It
may be useful to compare the Mores of the Ilia it
England for the week ending the 13th ItsgMimbrilt,
1868, with those foe the week seding the lab Bop
timber, 1855. At each date the Baal ale elt
count stood at 41 per cent., and at Gook ado limo
was a general apprehension of an immediate advance
to 6 per seat.
The remit of a comparison of the leading It of
the Burk account stands es follows:

Damn ma-
pea *IS
8494.19,1838. 8.9311. 109••
Meals*" aeUre 119.791,690 1009989 £19.190
P 99040,946118 ...... 9,11e9,292 „ 81101 re 1,829,239
Othee de oohs
Goverseetot esseritiet
Other erearttles 16,914479 494603
Cote ea 4 Whoa 19,141.810 ...... Dememme 1,997,141
Notes uhemplord

La several respects this comparison is unfavourable
to the preesat position of the Bank. The Bank
of Ragland, like every other bank. must took
in great menu" to the deposits entrusted to it by
its customers for the means of affardiak assommo-

dation to the commercial publio. Oas of the peculiar
privileges of the Bank is that it has the oontrol of
the national balances as the revenue tows in from
week to week, until the tenniaatioa of the flaanoial
quarter, when these asoumalated mum aro disbursed
to the recipients of dividends. If we add together
the public and private deposits se they stood on the
13th instant, we shall obtain an swept* of
18,682,8661. Compared with the rotors fee the cor-
responding week of INS, this sant represents a
decrease of oo lesi than 2,402,4371.—v1e., 1,229,2391.
in the Treasury balances, and 1,173,1981. in those
belongiag to iadividusis, to the Best India Company,
This amount of 2,402,4371. suet be regarded
as ropeesentiog an actual oomparative diminution
of mimosa at the disposal of the directors.

Such being the noel' aa regards the dim the&
beg at the disposal of the Board, we will WM *Ms
at the total of securities, Government mil Sall%
epos which the Bank has made advaasim the
segregate of these stood on the 13th kinat
at 28,889,3321., being 1,298,9201. lees than at the
sues date lest you. The pressure at the Beak
foe accoomodatioo, daring the lad few woes,
is partly traceable to the diminished facilities at
plant afforded by some of the Leedom joist.
stook bank., which, marking the dldnat suite
io the public mind by the lamestabb creek of the
Royal British Bank, have prodende andeavesse
to contract their outstanding appoints, mei to
provide themselves with the Wipe puede
amount of readily snails messissee with •
dew to being prepared tw tag tin eat mg he
takes by the Rata. log brass of pelts gib& It
is astidestory to Sod that, notwithstanding thin ten-
dearly of the joint.etock banks to lend more sparingly
than usual, the total of “ other' securities held by
the Bank of England doss not amount by eery half
a million to that held ea the 15th September, 1868.
The present aggregate, however, is misithiebree I
and, spinet the falling off of 2,402.48 W, he the lad
deposits, the decline in the total sesseles 1. este
1,298,9201., or little menthes eculealf. Timing le
the km of unemployed notes, we find a asilameas
of the infernos, already deduced. This mum
which represents the immediately availabiellthdall
of the Back for paying off depositors, sad hem .
leg farther loan and discount soxismodathse hl
1,188,0751. less than last year.
The approbate's' which was abashed in the
auespeading week of September, 1866, of a speedy
advance in the rate of disorient to 6 per oat., was
quickly realised. The bauble means of the bleats.
don being sow (as above shown) materially her, the
Beak woad be potbelly warranted, ea the face of
its retinae, is adopting a similar mann sow. Is.
deed, the whole teessey of the most recent weakly
balamobeets is straggly eymplematio of a astaised
demand for money. Lea year lap sum wen bur-
rowed for the Wife purpose at being lead ea
doped' at the Bank, owing to the appmehessina of
these borrowers that aosemeedsties would shortly
become more dificalt. The amporadvie maw
of the • ether" &mite st present Wham
that the mosey drawn frost the Bank has
ben men beefy absorbed by the requlreenals
of the active trade which is sow going es
I. warty every part of the kingdom. Rinser,
the Bank directors must keep an eye upon the
Goverment haleness, the comparatively low state of
which indicates that, unless the alas of ravens
during the remainder of the garter be more rapid,
the Csascamos of the UMW= Ink himself
some as a temporary borrower to the Bank for the
means of meeting the October dividads.
Is this glance at the retests of the Bask we have
moldered its politics sorely in a banking point of
view, end have hitherto purposely misdeed from
referring to the item of coin and bullion, u set forth
in the balminess' of the Wee department!
Owing, however, to the peculiarity of our monetary
system, the polities of this item is of great import-
sue oe regulating the policy of the Bank. In the
fast that the metallic stock is now s meths
sad s half lam then in September, 1865, monied with
the unfavourable compariees deducible from the
other beads of the return, we have ample aeon
that the public have not been wren lately is Mule
wading emit weekly Attlee of the Bask bomit. At
the same time, although an advisee of the Me d
dimwit to 5 par seat mead psisibly nein MP
prise, it doss sot messescolly fellow that rise Asp
must be immediately adopted. The sheuestasess of
the country are Mealy mews bromide the- -
wire bat autumn, when the }vapid f
of the war woe remote, sad when
emez of geld from this esuntry
smite general alarm. The aspect

ambit is sow, s■ the sestrary,
only ass fools that the dumps
ars sttzibotabis to team whisk

eakezel. The real stimulus to higher rates of die-
mut rests with the reaction from the late specula.
tics excitement on the Continent, esperdelly he Frame.
The mania for establishing speculative credit societies,
destined for the bolstering up of every kind of joint-
stock speculation, has raged almost from one end of
liarope to the other. Its offsets aro now men in
general rise in the value of roomy in the Conti-
nental markets. This movement, again, affects the

mins of 'noway affairs hen, for a rise
in the rates of discount on the Continent, unless
counteracted by a similar alteration here, invariably
give. an adverse tarn to the Amiga exchanges. All
thee. points mast engage the attention of the Bank
board, who are certainly beet iaformed as regards the
state of their own business. Should they decide
speedily upon advancing their Waimea rate to 6
per cent., the matey market would probably amuse
a comparatively settled appearance, owing to the
general madam that, whatever disturbance the
rampant spirit of speculation may have meld on
the Continent, the financial situation here is
thoroughly sound and reliable.