14 APRIL 1855, Page 9



A settled belief amongst the operators in the Public Funds that the ex- penditure for the current year is to be met by a new Loan has continued in full force this week ; and to this impression the decline in Government Se- curities, which may be dated from the commencement of last week, is mainly attributed. It was expected that a notice of the intended loan would have reached the City yesterday. This morning, the following copy of a letter addressed to the Governor and Deputy Governor of the Bank of England was posted in the Stock Exchange.

" Treasury Chambers, 12th April 1855.

" Gentlemen—I beg leave to inform you, and request that you will make it known in the usual manner, that Lord Palmerston and I shall be ready to see auy gentle- men who may be desirous of contracting for a Loan for the service of the present year, on Monday next the 16th instant, at one o'clock, in order to inform them of the amount which will be wanted, and to 6x the time and the manner of the bid- ding : and I hope it will be convenient to you, or one of you, to meet those gentle- men here at that hour.

" I have the honour to be, Gentlemen, your obedient bumble servant.

" (Signed) G. CORNEWALL LEWIS. "To the Governor and Deputy Governor of the Bank of England."

The points now naturally discussed, and which admit some show of ar- gument, are the probable amount to be raised, and whether there will be a fresh creation of Consols ; for on this depends in a great measure the future value of the Funds. The depression during the present week has amounted to about 11 per cent, including a fall of 1 on Wednesday, when the set- tlement of the Account was arranged ; and it was ascertained there was an over-abundance of Stock on the market, through the recent sales by the Government Brokers and others. Yesterday, Consols closed 'heavily at 9111. Today, the appearance of the above letter caused great flatness ; and they leave off at the lowest point of the day, namely 91 1 and

911 for the Account. Any serious decline is prevented through the abundance of money, rendered the more plentiful by the payment of the April Dividends. There is also increased ease in the discount-market ; and the rates generally are under those of the Bank of England. In the Stock Exchange, money can be obtained at 3 per cent ; and the India Company are said to be willing to make loans on Government Securities at 21 per cent for two months. The advices from the Continent are highly favourable regard- ing the exchanges and the prospect of the present rates being maintained. These redeeming points are much in favour of a rebound in our Funds, should the worst fears not be realized regarding the anticipated plans of the Chancellor of the Exchequer. The gold from the United States has amounted to 170,0001. The Great Western, for Brazil, took out 14,859/. ; and the Iberia, principally to Lisbon and Cadiz, about 43,5501. The demand for silver for India and China is less active.

At the Bank election, on Tuesday, Mr. T. M. Weguelin was appointed Governor, and Mr. S. Neave Deputy Governor. Foreign Securities were steady until latterly, when the continued depres- sion in Consols caused some descriptions to recede. Turkish, notwithstand- ing it is now quoted ex-dividend, and appears low, has fallen 2, and Peru- vian and Venezuela 1. Buenos Ayres has improved 1 per cent. The Railway Market was steady until Wednesday, when some sales were effected, and an average decline occurred from 5s. to 10s. They have been since about lower ; the leading descriptions having suffered moat. Great Western are now 641; ; London and North-Western, 981 9 ; Lancashire and Yorkshire, 751 6 ; Midland, 681 9. London, Brighton, and South Coast, are firm at 98 100; being 11. better than last week. French Shares have fallen a little.


Under an impression that the forthcoming Loan will be for 15,000,0001., and that a large portion will be in Consols, the English Funds opened nearly 1 per cent lower, and Consols were done at 901; they are now 901 1, and for Account 9014. Exchequer Bills 5 10. The bullion return by the Bank of England shows, for the first time for a long period, a decrease, amounting to 126,7091. In Foreign Stocks there is no alteration. Turkish remains heavy at 74f 5 ex dividend. Railways are very flat—Lancashire and York- shire, 751; London and North-Western, 981; Midland, 681; North-Eastern —Berwick, 71.

3 per Cent Consols

Dtto for Account 8 per Cent Reduced

NI i

1 89 1 Danish 3 per Cents Dutch 21 per Cents Ditto 4 per Cents

81 4 ez d.

62 4 91 Sezd.

New S per Cents 891 90 Mexican 3 per Cents 201 11

Long Annuities

n 4

Peruvian 41 per Cents

69 71

Bank Stock 210 12 Ditto 3 per Cents 48 50ex d.

Exchequer Bills 5 10 Portuguese 4 per Cents .... 42 4 India Stock 227 30 Russian 5 per Cents 99 101 Austrian 5 per Cents 84 7 Ditto 41 per Cents 89 91 Brazilian 5 per Cents 99 101 ex d. Spanish 3 per Cents

361 7 Belgian 41 per Cents

93 5

Ditto Deferred

18 & Chilian 6 per Cents 100 2 ez d. Sardinian 5 per Cents

86 6

Danish 5 per Cents 101 3 Swedish 4 per Cents 86 9

BANK OF ENGLAND. An Account, pursuant to the Act 7th and 8th Victoria, cap. 82, for the week ending OA Saturday, the 7th day of April 1855. mos DISPLILTMENT.

Notes issued

£28,392,500 Government Debt £11,015,100

Other Securities 2,984,900

Gold Coin and Bullion 14,392,500

Silver Bullion




Proprietors' Capital

Rest £14,553,000 3,085,593

Government Securities (inclu- ding Dead Weight Annuity). £13,026,749

Public Deposits' 5,008,205 Other Securities 13,655,995 Other Deposits 11,996,875 Notes 8,580,140

Seven Day and other Bills....

901,833 Gold and Silver Coin 886,318

£35,949,202 I


• Including Excheguer,Savings-Banks, Commissioners of National Debt,&Dividend Accts.