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! - > THE CHOLERA. ••



OUR "CITY" ARTICLE. Theeb seems reason to hope that we are ap- proaching the period when we may reasonably ex- pect that the Bank directors will reduce the rate of discount. If this were once accomplished and peace assured on the Continent little would be necessary to develop a new current of business. ihese are, in fact, alone required to give vitality to transactions, because all parties have been so crushed by the panic which, commencing in May has lasted till almost the last moment, that they have been largely sacrificed. Even should the reduction in the rate of discount take place, and should Prussia accede to the armistice, we should yet require some time to elapse to enable a general recovery. Once let us get in the right direction in this respect, and the weather prove as favour- able as at present for the harvest, and we must experience a revival which will be healthy and sustained. Before the autumn we expect to wit- ness this encouraging change, with general ac- tivity in business. The Money Market cannot be said to be in a much better position. The Bank of England and the Ban^ or France returns have proved rather more encouraging, but still the inquiry for dis- count is well supported. The question now is, when will a reduction come ? Some seem inclined to say that it will be next week; some the week after it is, # nevertheless, very clear that the directors, until the time they see themselves quite safe, will not nake any alteration. Since the payment of th( dividends a larger amount has been brought oit for employment, and the conse- quence is an eisier state of the market. At the same time it mist be confessed that the exercise of caution will be necessary, because with the strain following the 10 per cent. it is not improbable owe shall have further disturbance in the finances. This is where the danger is now to be apprehended. We have passed through the panic in jondon; we have, in, fact expe- rienced a partihevival of confidence; but it must be reasonably inagined that after a pressure of four or five maths-for that is what it in reality is—the infiuece must be adverse in trading and speculating localities, sufch fes Liverpool, Birming- ham, and othe: centres, and it will require a period to elapse befor there is, a restoration to steadiness or a more actve desire to extend transactions. The payment! of the dividends have naturally exercised an gect, and the withdrawals of gold for continenta purposes have likewise affected the metallic resoucies of the Bank the first reduction will have a deided influence, and if the European banks should be enabled to follow the example we may anticipat much lower average rates before the end of thiyear. The stoppge of the Birmingham Banking Company ha: occasioned a little excitement. It was an unliiited establishment, with debts and liabilities aiounting to £ 1,500,000; and though the creditor will of course be paid in full, it is feared thatthe shareholders will suffer heavily. Two or thre causes are alleged to have produced the failure. First, heavy advances to contractors; and seconcy, the irregular engagements of the business ofthe bank. Up to a few years ago the establishmat was considered the first in the locality; lsterly it has gone into finance transac- tions, whitt have left it a large liability; and the dividend, i is alleged, will be under 10s. 7d. in the pound. Tie telegram from Birmingham and the neighbouxood of the branches state that a row has takerulace. EnglislSecurities have not varied in any great degree dring the past week, but the prices have been on ;he average fairly supported. A frac- tional deline may be closely traced, though still the tendncy is not unsatisfactory. The public have bea buyers since the payment of the divi- dends, bt on the other hand the speculators con- tinue to ell stock. Not much activity is likely to be appaint, through the distrust occasioned by rumoure. bank failures, and it is believed money may agai come into demand. The question of confideno will of course be again raised, but, perhaps, fter a day or two, we may settle down, leaving tings much as they were. Consols for money ad the account have become firmer at the last morent, and New Thr-a per Cents, and Reduced have followed in the same direction. Bank Stck and India Stock have been supported; the apperance of Indian securities were a little more fa'ourable. Generally, Indian securities exhibit srength, but the paucity of business is so great thit the fluctuations are of the most unim- portant character. The supply of money at the Stock E:change has been moderately good the last few day; on Friday and Saturday the inquiry was ratJer active, rates varying from six to seven per ceni The lumber of dealings on the 14th inst. were much telow the Saturday average, but the funds were a lttle firmer, Consols closing at 87i to -f for money,and 87|- to 88 for the account. The -eturn from the Bank of England, com- pleted jO the 11th July, shows some important changei, and are generally of an unfavourable character. The bullion has been diminished by iSSSS^'S, and there is also a falling off in the reserveof notes of £ 241,115; the other securities, however, have been lessened by < £ 1/710,020; while the public and private deposits each show some large fuctuations carisequent upon the distribu- tion ofthe half-yearly dividends. The transactions in the Foreign and Colonial Produce Markets during the week have been to a moderate extent. Sugars, however, have been in better demand, and prices are well supported to 6d. per cwt. advance. Tea has been dull, while in coffee only superior qualities have maintained former values. Rice has been dull, and a shade cheaper, while the public sales of indigo were pro- gressing with rather more animation, although the rates are under those obtained at the previous auctions in May last. Tallow has been exceedingly dull, and in some instances at slightly reduced quotations. The progress of business in the manufacturing districts during the week has not been very satis- factory, the present high rates of discount pre- venting any speculative dealings. The woollen '5 trade of Leeds, Bradford, and Huddersfield has been very quiet, while at Manchester both cloths and yarns are at a slight decline, although spinners are generally well employed under con- tract. The lace and hosiery trades at Leicester and Nottingham had improved, consequent upon the fineness of the weather, while in the hardware districts of Birmingham, Sheffield, and Wolver- hampton there has been little change of import- ance in most departments. Quotations for English railways have been generally depressed up to Friday night. Great Northern A Stock after this receded 2, South Eastern 11, Metropolitan f, North Western and Chatham and Dover i. Great Northern have been firm" and have risen 1; and Great Eastern, Great Western, Lancashire and Yorkshire, and Manches- ter Sheffield, and Lincoln have advanced^. Satur- day was almost a blank as regards dealing in this as iii every department of the Stock Exchange. London anel, North-Western improved §; South- Eastern, Great Eastern, and Midland i; the Great Northern and Great Isorihera A <tvelined I each.

The Money Market.

The Corn Trade.,

Meat and Poultry Markets.

Fruit and Vegetables.

London Produce Market.