13 NOVEMBER 1847, Page 9



Daring the week some important arrivals of gold from the Continent have taken place, and the position of the Bank of England with regard to its store of bullion has been in a continual course of improvement. Among the arrivals is that of an amount variously stated at from 80,0001. to 150,0001. by the Wilberforce extra steamer from Bamberg, to which place the bullion had been forwarded vii Lubeck from St. Petersburg. This is understood to be part of a considerably larger sum to be sent from the Imperial Russian Treasury for deposit in the Bank of England, Which establishment since the failure of Messrs. Hannans is the banker to the Emperor of Russia. Under these favourable circumstances, the money-market has been much firmer, and the tendency of prices upwards; the advance in Consols since Saturday being nearly 1 per cent. The closing quotation, 844 a for Account, has been reached more than once; but a downward reaction has always followed. This afternoon an improvement of about per cent occurred just before the close of business, and the final quotations are the highest of the day and the week. The demand for Stock for immediate investment has increased daily, and at one time today it was so great that Consols could have been purchased Rh cheaply for the Account (26th instant) as for Money. The value of Exchequer Bills has also undergone a very favourable Change: it has been slowly rising almost daily, and today bills of 1,0001. each were marked at Is. premium. Money is rather less scarce, and the rate of discount may be stated at from 7 to 8 per cent. Both Bank and India Stock have advanced between 2 and .3 percent; and the general aspect of affairs is more cheering than at any time since the commencement of October.

In the Foreign Market, the transactions though not extensive, have given rise to an improvement in some of the better class of !Dividend-paying Foreign Stooks Besides the letter on the Universities which we publish this week, we have re- of from 1 to 14 per cent; and this advance has been maintained. The absence eeired two other able communications on the same subject, for which we shall of any decisive intelligence from the seat of war in Mexico operates to produce a endeavour to make room in our next number; but after that the discussion decline in Mexican Bonds; they have fallen as low as 15/. The intelligence of must cease, as our space will be occupied with Parliamentary °fairs. the conclusisin of an arrangement between the Spanish Government and the Bank of San Fernando, having for its object to provide for the payment of the dividend upon the Spanish Three per Cent Stock which will become duo on 31st December next, has given a slight impulse to that security, which has risen to 274. The other varieties of Spanish Bonds continue depressed. The transactions in Portu- guese Bonds have been unimportant, and no material change in price has occurred. The Railway Shares are generally at nearly the same quotauons as on Satur- day. Great Western have fallen back about 31. per share; and though fluctua- tions have occurred in some of the other lines, the result of the week's business has been to establish today nearly the same quotations as in our last report. The


The favourable nature of the Bank accounts produced its usual effect upon prices, and at the opening of the market there was a general rush to buy. Consols ffir Money were first quoted at 84/, but speedily reached 854; they have since fluctuated between those two extremes, and are now 841 85. For Account, the price has been as high as 854; since 844; and is now 84/ 6. Exchequer Bills 1 dis. to 1 pm. There is no change or business of importance in the Foreign Market. The Railway Shares are rather firmer. The following are the principal bargain. re- corded: Birmingham and Oxford Junction, 184 18; Buckinghamshire, 243; Chin, ter and Holyhead, Preference, 74; Eastern Counties, 164 A; Edinburgh and Glas- gow, 44 3; Great Southern and Western of Ireland, 24; Great Western, 98 7; Ditto, Quarter-Shares, 164 i; Lancashire maid Yorkshire, 72; Leeds and Thirsk, New, 4; North-western, 154; Ditto, Fifih-aliares, 12; Ditto, 101.-shares, M. and B., B., 11; Midland, 109; Ditto, 401., 414; Ditto, 501,84; Norfolk, 82; Paris and Lyons, 64 S. • - SATURDAY, Two o'CI.003. • Consols have fluctuated between 84/ and 85/ both for Money and the Account, and close at 844 5. We cannot report any important transactions for Money. The speculative operations however have been large and general; the buyers pre- dominating. The business of the Foreign Market has been confined to the fol- lowing bargains: Grenada Deferred, 3; Russian, Five per Cents, 1064; Spanish Active, 16S; Ditto, Passive, 34; Ditto, Three per Cents, 274; Venezuela, 34; Dutch Two-and-a-half, 544 54; Four per Cents, 834 83. The Railway Market i3 not quite so firm; the last quotations of _business done showing a decline in many instances. Wetave to notice the fulloviing bargains since the morning: Amber- gate, Notts, and Boston 4; Caledonian, 354 4; Ditto, Half- shares 14; Eastern Counties, 16; Edinburgh and Glasgow, 43; Great North of England, 220; Great Western, 96 84; Ditto, Half-shares, 58 9; Ditto, Quarter-shares, 164 4; Ditto, Fifths, 23; Ditto, New, 744; Lancaster and Carlisle, 51; London and Blackwell, 5444; London Brighton and South Coast, 414 4 2; London and North-western, 153; Ditto 401. Shares, ,M. and B., 494; London and South-Western, 544 54; 1 Midland, 1,08; Norfolk, 82 44; North British, 254; North Staffordshire, 74 i ; Oxford, Worcester, and Wolverhampton, 194; South-eastern and Dover, 284; York and North Midland, 75; Ditto, East and West Riding extension, 274; Northern of France, 134 13; Orleans and Bordeaux, 6; Paris and Lyons, 644; Paris and Strasbourg, 5 44; Sambre and Meuse, 5 4; West Flanders, 14.

37)er Cent Consols 841 5 Danish 3 per Cents 79 81 Ditto for Account 841 5 Dutch 21 per Cents 531 44 3 per Cent Reduced 831 4 Ditto 4 per Cents 82* 3 31 per Cents , 841 51 ' Mexican 5 per Celan 1546... 151 4 Long Annuities Bank Stock 148 4 New Granada

Ditto 4 per Cents 1845

174 181 201 11 Exchequer Bills I did. 2 par. Peruvian — Indian Stock

Russian 5 per Cents 104 6 Brazilian 5 per Cents 76 8

Spanish (Active) 5 per cents

161 4

Iteiglau 44 per Cents

85 90 Ditto 3 per Cents 1842 27* Buenos Ayres 6 per Cent.... — Venezuela 33 6

Chillan 6 per Cents 84 87


London, 11th November 1847.

SIR—Tour general accuracy is so great, that when you err the error is of far more than ordinary importance, inasmuch as you mislead many who like myself are in the habit of relying implicitly on you.

Your City article of last week about the rise in Great Western Railway Shares is strangely contrary to truth. If you will examine the Commissioners' Report, to which you refer, you will find it to be so; or you may rely on the accuracy of the statements in the Railway Chronicle sent herewith—which it was some weeks since my painful duty to test. I do not expect the publication of this note; but, as a reader of your paper since 1831, and possessor of a complete file of it from that date, I do expect that you will look into the paper I enclose, and into the report, and afterwards correct your unintentional error. Years obediently, Ammiss.

[Our City correspondent's information was taken from a statement made by the Secretary of the Great Western Railway, forwarded to the Railway Commis- sioners at the beginning of last week, and generally circulated among the parties interested in Great Western Shares. The only apparent cause for the rise in the Shares in question was the announcement contained in the statement, that the amount of debentures and loans arriving at maturity in the next three years was much smaller than bad been generally antLipated. The difference between " Amicus" and our City correspondent may perhaps turn out to be, that the one only speaks of the liabilities actually incurred, while the other refers to those which the Company have power to incur. Our statement of 4,137,9001. as the ken and debenture debt, incurred up to April last, is from the account furnished recently by the Secretary, and still unpublished; and we guarded ourselves against any appearance of understating the liabilities of the Railway, by adding

French Shares are more in demand; those of the Northern of France having risen 21. in the course of the week, and the other varieties have risen about 10s.

The French Government contracted a loan on Wednesday for 250,000,000 francs, or nearly 10,000,0001. in Three per Cent Stock; the first dividend upon which will become due in June 1848, at 754 per cent. Compared with the present price of Three per Cent Stock in the market, the terms are considered low: the price is in reality 764 instead of 754, the payments being spread over a period of twesty months. We cannot learn that any transactions in the Scrip of the new Loan have occurred in London: in Paris it was at between 2 and 3 premium without reckoning the discount.

The accounts ef the Bank of England, for the week ending November 6, exhibit when compared with those of the preceding week the following results—.


Rest Public Deposits

Inca ease.


295;251 Decrease.

Other Deposits

£107,047 Seven-day and other Bills

9,662 Government Securities, including Dead-weight — 15,000 Other Securities

459,982 Notes unissued 853,345

Actual Circulation



Notes Issued




Thu week. Last week.

Total Bullion In both Departments . ,

Actual Circulation 20,396,415


the present amount of loans and debentures as 5,108,5921.; this latter amount being taken from the Weekly Share List sanctioned by the Committee of the Stock Exchange, which in all these matters is considered an undoubted authority.—En.]