Hide Articles List

14 articles on this Page







[No title]



OUR CITY" ARTICLE. THE appearance of affairs financial and com- mercial during the past week has improved mate- rially. There has been an increased confidence, i greater disposition to transact business, and i reliance that the acceptance ef a truce will lead to peace. Although the Indian advices are lot altogether favourable, trade is, on the whole, !ound, and it may be reasonably supposed that, if i reduction in the rate of discount shall take )lace, the recovery will not only be marked, but •apid. The weather-so satisfactory for the pro- gress of the harvest—must also exercise a benefi- ;Tal influence; but after such a severe season of lepression we must be prepared for some violent luctuations before the end of the year. A great leal yet will, of course, depend upon the crops, md the issue of continental politics. The Money Market has been very tight. although the Bank directors keep the official Dinimum at 10 per cent., the real price of money )ut of doors is quoted 1 per cent. lower. The Bank )f England return, according to the working of 5he Act, will not allow of a reduction, but since noney is gradually coming out there are more favourable expectations entertained of the future. [t must be allowed that the strain is very severe, md in the exciting position of affairs borrowers Lre obliged to be very cautious in their proceedings. The Bank of France return is com- paratively strong, and with the large supplies of aullion no great difficulty can take place. In addi- tion to the prospects of cheaper money—though :he actual event may be deferred for a week or swo-the expectation of an abundant harvest must produce its effects before long, and it is hoped we ire arriving at the end of the difficulty. A few more bank failures for small amounts may take place, and they will, of course, be accompanied by some local distress, but it is not supposed that my severe aggravation of existing depression will )e occasioned; indeed, there is reason to suppose ;hat we are gradually passing through the ordeal. rhe rates for first-class bills averaged during the veek from 9 to 9| per cent.; the amount of capital seeking employment is increasing; and with this mgmented abundance we shall shortly be looking :or permanently reduced rates. The failure of the Birmingham Banking Com- pany has been quickly followed by that of the Preston Banking Company In the latter case the event was not unexpected, because the bills of the establishment were freely afloat in the cotton dis- tricts. Its engagements in this shape were very extensive, and are said to have ranged from £1,500,000 to C2,000,000, and the assets are, it is feared, trifling. Nevertheless, the shareholders are held to be wealthy, and, therefore, no loss is likely to accrue to the depositors. A liquidation will immediately be carried out, and the business of the eight branches wound up. No other financial or great mercantile suspension has taken place; but with accounts from India of the present character it is probable we shall not be long with- out serious disaster. An application will, it is understood, be made to the Vice-Chancellor in the case of Overend, Gurney, and Co. (Limited), to pay interest half- yearly to the depositors. It will be a convenience to many individuals who have their money locked up, and who, in a measure, depend upon such re- turns for a portion of their income. Following the example of the Agra and Masterman's Bank, certificates of indebtedness are to be issued to the depositors of Overend, Gurney, and Co., and these will be available for obtaining advances, if neces- sary. English securities were fairly supported, and I the tendency was still in a favourable direction. There was an evident feeling that peace would be restored on the Continent, and the result was a steady advance in prices. Without any im- portant activity, the operators were inclined to make investments for the rise. Bankers and others were buyers of Consols to some extent, and if money should decline in value a further improvement would doubtless take place. Re- duced and New Three per Cents, are gradu- ally creeping up, though there is only a moderate amount of dealing. Bank Stock and India Stock exhibit steadiness, with a very moderate business. India Bonds and Debentures have manifested quietude with an improving ten- dency, and it is thought that a further partial rise may take place. Exchequer Bills and India Bonds present scarcely any change; the prospects of money are rather more favourable, but it is yet too early to state how fluctuations may arise. In the beginning of the week the terms for short loans were rather dearer; they have since slightly subsided, and the average was about six per cent. On Monday the demand for discount was good, but there was no pressure, though heavy Indian engagements were matured. The payments were made with regularity. The rates ranged from 9 to 91 per cent. At the Stock Exchange the terms for short loans averaged from 6 to 6t per cent. Tke transactions were, however, moderate. The Funds have been steady, but are now a little weak after the late great rise. Consols for money are 88t to t; for the account the price ranks 88i to -,F. No movement of consequence has taken place in Foreign Securities. Mexican is fairly supported at 17.[} to i; Spanish Passive, 19f to i; the Certi- ficates, 15t to 1 Greek Bonds, Hi to 12; the 2 Coupons, to 5. The Railway Market has been quiet, and some few purchases have been effected. Steadiness is the great feature in prices. Finance and Credit Shares have been dull. London Finance rank 11 to 10 dis.; General Credit, 13l to i dis.; International Finance, If to 4 i dis.; and Credit Foncier and Mobilier, 3|- to £ dis.

Money Market.

-The Corn Trade.

Meat and Poultry Markets.

Fruit and Vegetables.

London Produce Market.

[No title]