The British Press; or, Morning Literary Advertiser.
London, England, 1826-04-01 00:00:00

THE BRITISH PRESS.

beyond the Tweed ; but we are not on that account pre-
pared to admit that, in preventing the recurrence of this
commercial pressure, the remedy ought not to he general in
,its application. The intimate union between England and
Scotland make this, we think, not only desirable, but, to
a certain extent, unavoidable. They thus are, in fact, so
thoroughly identified in all their interests, as the subjects
of one Government, that it becomes next to impossible to
put them on a different footing in a matter so essential as the
currency. Whatever may be the numerical amount of the
circulating medium necessary to carry on with facility the
trading transactions between the two countries, the com-
position of that circulating medium must be the same in
both, and we have no doubt that the evidence produced be-
fore the Committee at present sitting, will lead decidedly
to this conclusion. That the extinction of small notes will
greatly cramp the traffic of the " Highlands" we are in-
clined to believe, and on this ground the arguments con-
tained in the lively letter of our Correspondent deserve to
be seriously considered.
Mr. Kr ex st A N Fr 14 LAT esimates the amount of one mid
two•pound notes in Scotland tt about 1,600,0001. Mr. Pc st,
we believe, rates it at I,800,(00/. The amount of loss to be
shared by all the banking-finis in Scotland will, of course,
he equivalent to the interet on the above sum, and by
dividing this by their whole number, their individual loss
may he exactly ascertained.
It is somewhat singular tbtt one-pound notes are in such
habitual and constant demand throughout Scotland, that
five-pound notes, or notes of a higher denomination, are
but rarely met with. It is sot at all uncommon to make
payment of fifty and even ose hundred pounds entirely in
notes of one pound. This, wemay presume, arises from the
retail nature of the domestic trade of Scotland, creating a
proportionate demand for notes of this amount ; when these
are withdrawn, there is no doubt but that the circulation
of the five-pound notes will ie very materially increased.
It may be a question, thereftre, whether the total quan-
tity of the paper-currency in Prot and will, unix. the whole,
be much diminished. The here of gold will, in all like-
lihood, not be greater than theamount required to facilitate
fractional payments. As to tie price of commodities being
raised in proportion to the quantity of paper currency, it is
a result not at all clear, if the amount of small notes with-
drawn from circulation is to be replaced by sovereigns.
The one will contribute to tat rise exactly in the same
manner as the other ; or rather, there being the same qusn-
tity of money in the market prices, as far as they are
affected by the circulating medium, will remain the same.

CITY, FRIDAY EVENING.

The operations ow the Stock Exchanges have been even
more extensive this morning than they were yesterday,
and the fluctuations in the prices no less considerable, but
of a widely different character. Consols opened at 791,
with a very firm market, and continued improving until
the the middle of the day, when they had reached the
high price of not strong buyers. At this quotation they
remained stationary for a short time, !when a creation
cotnnienced, and some large sellers of Money Stock ap-
pearing on the market, they kept declining the remainder
of the day, and finally closed at 79i—thus making an ab-
solute rise from the opening prices of yesterday of 2 pet
cent. and a subsequent fall of I per cent.
As was the case yesterday, no remarkable political event
guided these changes in the prices, which were purely
owing to the state of the Account in the first instance, and
the re-appearance of that capital which has so long laid
dormant. There has not been sufficient time to communi-
cate with country holders, and the fluctuations cannot
therefore be attributed to salts from that part of the com-
munity. It is rather owing to the recent continued de-
pression in our Government Secuelties, and the desire on
the part of the public, to realise whilst an opportunity pre-
sented itself. Money Stock, which could scarcely be pro-
cured yesterday on any terms, *as comparatively abundant
the whole of the afternoon, and sales to a very large
amount were effected.

The market at the close was in a very feverish state.
The Bears, who have maintiiined their ground with con-
siderable strength, were, nevertheless, very anxious to
close their accounts, and by giving the " turn of the mar-
ket" they were enobled.to effect their object. Many ex-
tensive bargains, however, remain open, and, as it is still
some distance to tiie settling day (the: Nth instant), there
is every probability of a continuation of the recent fluc-
tuations. There is decidedly no want of money in the
market.

In other English Securities there has been a somewhat
similar fluctuation, but no peculiar feature has attended
them. The 4 per cents. and other heavy Stocks, Improved
proportionably more than Consols, and although no great
amendment is as yet apparent in commercial affairs, as
the funds, by the fall or rise, generally precede any great
change in the country, we trust the present rapid advance
is the harbinger of an improvement in the mercantile
business of the country. Exchequer Bills were 2s. Ss.
pm. and Indian Bonds ls. Vs.. pm.
. . .

This was settling day in the.Foreig,n Market, which pro-
duced two defaulters, but their accounts are by no means
considerable. The securities on this Stock Exchange are
largely participating in the change that is taking place in
the stste of British Stocks. Colombian Bonds have fluc-
tuated between .5.4 and Sq. These were the extreme
variations of the day, but the bonds subsequently settled
down to .56, 7, which is a wide price, and shows the uncer,
sanity that exists amongst jobbers as to future quotations.
Mexicaa six per cents were 70, 69, Peruvian Bonds, 311,
30, anti Brazilian ditto, 61i. Russian Bonds were sq,
Old Spanish ditto, 101, and Greek ditto, 16.
We have pyruled a variety of private letters from Lis-
bon, but their contents are very general, anti for the most
part unimportant. The coin nercial news, however, as fat
sic it goes, is of a favourable description. The great house of
Ismisey, Guillot and Co. lr.ve resumed their payments.
The confidential advices from America are also unin-
teresting.

Accounts from Gibraltar yesterday morning state, that all
the poor Spaniards resident in the garrison have been peremp-
torily ordered to depart by the English Governor. This
is said to he in consequence of application by the Sparish
Government to the English Ministers, alleging that the
Spaniards were entering into various plots against the ex-
isting Government of Spain.
Files of West India papers to the 2d ult. have ar-
rival. The Trinidad paper mentions that an order had
been receiv.Nl from the English Government. abolishing all
fees paid on the shipping in the ports of that island. It
appears to have given great satisfaction.

IONIAN•
Ist.axos.—Misulis anchored in the middle of
February in the Port of Antes' in his way to Hydra, where
he was going for naval stores ; Canaria was with him ; and
the enthusiasm of the Greek inhabitants was displayed in
the most remarkable manner, notwithstanding the rather
despotic humour of their protectors.
BUENOS Avars.--A French evening paper gives the fol-
lowing information :—The English merchants resident at
Buenos Ayres have offered immense loans for carrying on.
the war against Brazil. One of the republican corps is
commanded by General Miller, Aid-de-camp of Bolivar,
and formerly a French Colonel. Bolivar, who is to he
Commander-in-Chief, is to invade the frontiers of Brazil, ,
and General Sucre, with a chosen body of lancers, is to
head the advanced guard. It is said that the Congress of
Panama will not be dissolved till after the expulsion of the
house of Braganza.

EllitATUM.—ln the article " we have received regular
fibs of American papers," for 29th February read 27th.