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PARLIAMENTARY J OrrrlN GSt…

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OUrt "CiTV ARTICLE, NOTWITHSTANDING that the high rate of discount is still causing embarrassment in many quarters, and serious inconvenience, to commercial men, affairs in the money market are improving, and a much better feeling prevails than when last we wrote. It is satisfactory to note that such an event as the stoppage of the Consolidated Bank produced but comparatively slight effect, upon general business, the public appearing readily to accept the explanation of which that incident was really capable. No tendency to a, return of panic was therefore exhibited, but, on the contrary, for several successive days the markets have gradually been becoming more firm. What adverse influence may be observed at work just now is derived rather from the position of aff-airs on the Con- tinent, and continued, anticipations of way, than from the condition, either present, or recent, of monetary affairs at home. The arrivals of gold from America have continued, and a considerable sum is knows to have found its way into the Ba.nk of England since the date of its return, of the 30bh of May. Only a small addition had then been made to the stock of bullion, as compared with that of the previous week—namely, < £ 20,989., But there had been a large demand upon the Bank's reserves, both oa account of other banking establishments, which had wished to guard against a run that might have been produced by the failure of the Bank of London and the Consolidated, and also to supply the discount demand with which the Bank has had chiefly to deal. The discounts and advances made during the week were to the amount of Y,2,397,057 but a, large portion of this .£1,676,163-found its way back to the Bank in the form of private deposits; that is to say, it was not taken for actual use, but kept in reserve for possible requirements. There was, however, on the week, a further dimiaution of £ 415,455 in the Bank's reserve of notes, which was tt-ft at the un- precedente.dly low figure of £ 415,410. In the corresponding week last year it amounted to .£15,838,491.. It must be remembered that, after the recent, crisis, it is something that the Bank should have any notes in reserve at all, and that it should have been able to maintain its position without recourse to the extraordinary powers of issue conferred by the Treasury letter. As regaids the immediate prospect, the gold now flowing in to this country is likely to strengthen the position of the Bank materially within the next week or two; while, if no unexpected events should arise, the notesand specie lately withdrawn from the Bank will gradually return to its till. The drain for the Con- tinent has stopped, and, as foreign holders who took alarm have already withdrawn their capital, there is little more to fear from that quarter. There has been much talk within the last few days of a rumoured arrangement between the Bank of England and the Bank of France, by wbich as- sistance was to be advanced to the former estab- lishment by the latter. For some time the re- serves of the French bank have been steadily in- creasing, until they now stand higher than for years past; and it was confidently asserted on the authority of a French paper that a por- tion of these reserves was to be lent for a time to the Bank of England. But there is not the slightest reason to suppose that any understanding of the kind has actually been in contemplation. Oar own bank has at least twelve millions of specie in reserve, and its resources would have to be much weaker than they really are before the directors would be likely t@ take the step suggested. The Bank of England has in former times lent assistance to the Bank of France in an indirect manner, the latter establishment in such cases arranging a credit with two or three London firms, and drawing on the Bank of Eng- land to their account. In such a way the accom- modation to this side of the Channel could be arranged, if desired; but there is nothing now in the circumstances of the time to render such a proceeding at all likely. The difference in the position of the national banks of England and France at the present moment, with the contrast afforded by the rate of discount in the two capitals-in the one ten per cent., in the other four has been the subject of remark in Parliament, and the question has been put to the Chancellor of the Exchequer, whether it was not thought advisable by the Government that an inquiry should be in- stituted into the working of the Bank of England under its present constitution, and the causes of the excessive fluctuations in the Bank rate. A similar under its present constitution, and the causes of the excessive fluctuations in the Bii-nk rate. A similar investigation was recently commenced in France, and we believe it is still in progress. In reply, the Chancellor alluded to the many inquiries that have already taken place into the currency question, and expressed his belief that it would be very unde- sirable to enter upon another such investigation in the present state of affairs, or even to discuss it as a probable event. As to the Bank rate of discount, he remarked that, with the large business trans- acted by this country as compared with that of any foreign nation, it was to be expected that the rate would fluctuate much more frequently and mate- rially than might be the case elsewhere. We have also more economy in our currency, and keep a much smaller reserve; while all holders of money more systematically turn it to account here than is the case abroad. Clearly, it is impossible that, ] with, all these different circumstances, the same steadiness of rate can be maintained. in this country that is sometimes seen. in foreign nations. With regard to the attempts recently made, for speculative purposes, to injure the position in the market of banks and other establishments, hv the spread of unfounded rumours to their prejudice, we observe that Agra and Masterman's Bank, which notoriously was one of the sufferers by these proceedings, has offered a reward of Y.100 for the detection of anyone concerned in the conspiracy against that concern. It is alleged by tbe authori- ties of the bank that notice was sent by letter and telegram to its customers and shareholders, urging them to sell their shares and withdraw their accounts, as the bank was about to stop payment. All persons who may have received such a notice are requested to put themselves in communication with the bank's solicitors. No doubt is enter- tained that such practices were widely prevalent in the few days immediately preceding and follow- ing the late panic, and it is to be hoped that some of the guilty parties—who would wantonly have inflicted irreparable loss upon thousands, for the sake of a comparatively slight gain to themselves —may be discovered and brought to justice. Many attempts are being made to reorganise the business of the establishments that have lately failed, but at present without any decided suc- cess. Among other projects, there is one for amalgamating the three banks—the Consolidated, the Bank of London, and the European—into one undertaking, which, it is suggested, might bear the title of the Lsndon Bank (Limited). It is believed that many of the customers of all these companies would be willing to resume business relations with such a concern, provided it could be formed upon a satisfactory basis. Much aversion is mani- fested by the shareholders to the prospect of the companies being entirely broken up and their con- nections scattered to the winds, more especially as it is thought a few months will do much to set their affairs right with the general public.

Ifsnbffiit aiu! ^ arkets.…

Meat and Poultry Markets,

Prult and Vegetables.

London Produce Market.

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