30 OCTOBER 1847, Page 11



The general expectation of some Government intervention to mitigate the money pressure, so prevalent in the City at the end of last week, has not been disap- pointed. On Monday, the Bank gave notice of their willingness to make advances upon approved securities at 8 per cent. When this notice was first made public, the limitation to the high rate of interest had an unfavourable effect upon the prices of Public Securities; Consols for the Account, which had risen from 811 to 83, falling back the whole advance. It was not till, by the publication of the correspondence between the Government and the Bank in a second edition of the Times, late in the afternoon, that the measure was understood in all its bearings. The common impression then was, that the Government were willing to authorise any infraction of the Bank Charter Act of 1844, and to come forward with an orderin Council to suspend cash paytnents, if the accommodation required should be so extensive as to render such a proceeding necessary. An immediate rise in prices was the consequence: Consols for the Account rose from 811 to 841. In the course of Tuesday, some large sales caused a reaction of 1 per cent; and the market took a decided downward turn on Wednesday, when the Bank-broker appeared as a large borrower of money upon the security of Consols at 74 per cent. This change has since continued; and prices fell during yesterday sect this morning, until Consols for Account had reached 814, the lowest quotation of the week: a slight reaction to 811 then occurred; but the price has again given way, and the last quotation was 81 1. The heaviness of the market today has been greatly increased by the knowledge of Parliament being summoned to meet for despatch of business on the 18th November. It is now currently reported that an immediate funding of Exchequer Bills will take place, and that the Govern- ment have determined upon another loan to relieve the distress in Ireland. Ex- chequer Bills have not been much affected: the lowest discount of the week was 37s., and the last quotation of today is 22s. We have already atated the general belief that the Government communication was but the pre- cursor of an order in Council for the suspension of cash payments; and as the Chancellor of the Exchequer was known to have been in communi- cation with Sir Robert Peel, it was farther believed that Sir Robert had been the adviser of the Ministry in the present juncture. The proceedings of the Bank have given quite a different complexion to the matter. It is now understood that Sir Robert Peel has declined to advise; and that the Bank Directors have deter- mined to limit their advances cuss to avoid any infraction of the law, and conse- quently to render Parliamentary indemnity unnecessary. The only result of the measure appears therefore to have been, to increase the minimum rate of Bank discount from 5/ to 8 per cent, and to have given a temporary impulse to spe- culation of all kinds.

The-transactions of the Foreign Market have been of rather more importance than ususJ, though the business has not been remarkable in amount. With the improvement of the English Funds the Dividend-paying class of Foreign Bonds also iniproved, but with the decline of the English market their quota.' nous have for the most part again receded. Portuguese Bonds have been well supported; the few sales and purchases transacted being at rather better prices, from the belief that some Government measure is in progress, by which the inte- rest of the foreign creditors will be advanced. Mexican Bonds, which fell nearly 1 per cent during the week, have recovered again; the low price of the Stook (151 to 161) tempting some speculative investments. Spanish Stock, after some alight fluctuations, is again nearly as low us it has been for some years. The settlement of the Foreign Account occurred today: from the very limited nature of the transactions, it was unaccompanied by the bustle usual on these occasions. Money, though easy by way of loan upon English Stock, has been in demand upon Foreign Bonds, and rates varying from 8 to 10 per cent have been freely given upon the better class of security, while upon some of the Non- Dividend Stocks the range has been from 10 to 20 per cent, and even higher. The fluctuations of the Railway Shares have been more re- markable than those of the English Funds: on the better class of shares a rise of from 101. to 141. took place. Thus, Great Western, which OD Sa- turday were at 90, were on Wednesday at 102; North-western during the same period rose from 143 to 157; Midland, from 1051 to 111; while some of the minor Shares rose from Si. to 71. All of them, however, have fallen to nearly the whole extent of the advance; Great Western being today marked at 89 and 90, North-western at 148, and Midland at 106 and 108. The Share Market may

therefore be considered to be in as depressed a state as ever, and the hope of per- manent improvement as distant. The transactions in the French and Foreign Shares have been chiefly confined to some rather large bargains in those of the Northern of France; which, after an upward movement of 1, close at an advance of about 1 upon our last quotations.

SATURDAY. TWELVS.O'CLOOL The accounts of the Bank of England for the week ending the 23d instant ex- hibit, as easepared with thew of the previous week, an increase in the following items—actual circulation, 958,69014 rest, 18,9031.; seven-day and other bills, 43,4941.; other securities, 503,8021 A decrease is observable in the following— notes issued, 124,15514 bullion, 118,0091.; public deposits, 73,049/: other deposits, 94,0751.; Government securities, 189,1701.; notes unissued, 1,082,8451. The only notable circumstance is the decrease in the amount of unissued notes; and here, we fancy, will be found the cause of the Ministerial proceedings of last week. The decrease in the Government securities and deposits can be accounted for, the former by the loans of stock made to houses requiring assistance, as no- ticed in our last, and the latter by payments on account of the public service. The trifling decline of bullion may be referred to the home demand occasioned by the failure of country banks. The rumour of a loan, to which we alluded yester- day, gained universal credence; and so strong was the belief in its truth, that last night in some of the coffeehouses in the neighbourhood of the Exchange, Consols for Account were sold as low as 805. This morning, the assertion in the Times that no loan is contemplated, has tended to reassure the stock-holders. The opening price of Consolsfor Account was 81, and the quotation soon reached 414; it has since fallen to 801, and is now 81 h. Exchequer Bills, 17s. discount. The few transactions yet recorded in Railway Shares indicate the continuance of the decline; the following are the principal bargains: Bristol and Exeter, 95; Caledonian, 345; Eastern Counties, 154; Ditto, York Extension, 74; Great Western, Half-shares, 55; Ditto, Fifths, 22; Ditto, New, 171., 7; Lancashire and Yorkshire, Fifths, 51; Brighton, 385; North-western, 148; Ditto, 401., M. and B., 58; Midland, 105 65; North Stafford, 64 1 *; Scottish Central, 225.


A general disposition to sell Stock was apparent during the afternoon; and this feeling was augmented by an unfounded report of a large commercial failure. Consols for Account have consequently been as low as 801. An extensive and influential purchase caused an improvement, and at two o'clock the price was 81* 4. Business was prolonged till nearly four o'clock, and the eagerness of the dealers to buy Stock forced the price up to 814 ft, which may be considered the closing quotation. Money is rather more abundant; and under the influence of that greater ease Exchequer Bills have improved slightly: they are last marked at 15 discount. The transactions in the Foreign Funds have been confined to the following: Danish, 7944; Portuguese Four per Cents, 215; Russian Five per Cents, 105; Spanish Active, 164; Spanish Three per Cents, 264 27; Dutch Two-and-a-half per Cents, 53; Ditto, Four per Cents, 8L The business in Rail- way Shares has been rather more in favour of the holders of Shares; the last transactions of the day in many cases being at slightly improved prices; as will be seen by the following list of bargains since the morning. Caledonian, 345 4 5; Eastern Counties, 155 1 6; East Lancashire, 134; Great Western, 91 895; Ditto, Half-shares, 54; Ditto, Quarter-shares, 141 15; Lancaster and Carlisle, 495 50; London, Brighton, and South Coast, 381 8 9; London and North- western, 148 7 85; Ditto, 401. Shares, M. and B. 58; London and South-western, 54; Manchester and Leeds, 754-4; Midland, Bristol, and Gloucester, 1185; North British, 244; Northern and Eastern, 48; North Staffordshire, 64 * 4 1; Oxford, Worcester, and Wolverhampton, 181; Scottish Central, 224; South-eastern and Dover, 265 1; York and Newcastle, 30 291; York and North Midland, 695 705; Ditto, East and West Riding extension, 255; Boulogne and Amiens, 135 4; Dutch Rhenish, 21; Lyons and Avignon, 35; Northern of France, 101; Paris and Lyons, 5; Rouen and Havre, 191.

3 per Cent Consols 8011

Danish 3 per Cents 79 81 Ditto for Account 811 Dutch 21 per Cents 53 4

S per cent Reduced 791 1

Ditto 4 per Cents 81 2

.34 per Cents

801 11 Mexican 5 per Cents 1846 ... 16 17 Long Annuities 8 3-16 New Granada

Bank Stock

Ditto 4 per Cents 1845 20 2 Exchequer Billr 19 15 Ms. Peruvian

Indian Stock

Russian 5 per Cents 104 6 Brazilian 5 per Cents 74 7 Spanish (Active) 5 per Cents 16 17

Belgian 41 per Cents

871 91 Ditto 3 per Cents 1842 261 71 Buenos Ayres 6 per Cent....

Venezuela 32 5 • Chillan 6 per Cents 84 7