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.-------_----OUR " C8TY" ARTICLE,,…


OUR C8TY" ARTICLE,, THE return of confidence in the money market is besoming more and more marked day by day, and there is now every reason to hope for, not only a moderate, but a considerable alteration in the position of affairs in the course of the next few weeks. The breaking out of war on the Continent has produced no ill effect at home, for it had, so to speak, been "discounted" weeks before hostili- ties were commenced. Indeed, it is anticipated that, so far from suffering in our commercial affirs from what is transpiring abroad, we shall very shortly be reaping material advantage, as a great deal of the trade of the countries now engaged in conflict must necessarily pass throug-h our hands, and Continental money will find its way hither for employment and security. At present there has been a somewhat active demand for gold for the Continent, which has pre- vented the continued large arrivals from America and Australia from influencing our reserves as they otherwise must have done. But, neverthe- less, the supply of bullion in the Bank of England continues to increase, and its reserve of notes is likewise becoming rapidly augmented, by the return of those amounts which were withdrawn from its till by country bankers aad others in the days of panic and uncertainty. It is almost entirely in notes that the Bank's reserve suffered so greatly, for it has been one of the most remark- able circumstances attending the crisis we have lately witnessed, that even when it was at its height, and for the few weeks immediately follow- ing, there was a good store of bullion in the Bank's vaults. One moment's comparison of its recent position with that which it held in previous panics, will show how much better off the f stablish- ment has lately been in this respect, and will also form a criterion as to what may be expected in the way of recovery from monetary pressure, as soon as the movement is commenced. Ia the panic of 1847, then, the bullion in the Bank was as low as £ 8,312,000, and in the crisis ten years afterwards it descended to £ 6,4-84,000. Daring the last few weeks it has never been lower than Xi 1, 800, 000, and in the return for the week ending June 20 it was < £ 14,850,000—a recovery of three millions within a month. If we turn from the general course of affairs to particular ca,ses, we also find satisfactory symptoms of recovery apparent, notwithstanding that one or two more failures of small private banks have been recorded. The Consolidated Bank, for example, will, in all probability, resume its business on an early day, and an arrangement is in progress by which, even now, persons having a credit balance at the Bank of London will be allowed, under certain restrictions, to rank against either bank for their claims. No doubt a large number of the depositors of the Bank of London will gladly accept the opportunity thus afforded them, instead of waiting until the affairs of that bank can be liquidated in due course. An effort will also be made to re-establish the Agra and Masterman's Bank. The difficulty is greater in this case, but the statement of its affairs which has been published is of a less unsatisfac- tory nature than had been anticipated. Still, tak- ing into account the loss of a portion of the paid- up capital, and of the whole of the reserve, the total defiüiency cannot be much under a million. At a meeting of the shareholders a resolution was passed in favour of a voluntary winding-up, and a Vice-Chancellor's order to that effect has since been obtained. Much disappointment has been felt by depositors in this and other suspended banks, that the ex- cellent suggestion made for their relief, that "certificates of indebtedness" should be issued, has not been acted upon. Their money is now completely locked-up until the process of liquida- tion can be completed, whereas if such certificates could have been obtained, there would have been no difficulty in procuring advances upon them. To persons whose entire resources were deposited in these banb-and there are, unhappily, very many such-r-the matter is one of the most serious and urgent importance. All that was wanted was simply a document certifying that on the books of the bank such an amount was standing to the credit of a particular individual. Mr. Milner Gibson appears to have been in error as to what was actually desired when he stated that the necessary certificates could not be issued until liquidation was complete. This would undoubtedly be the case if it were requisite to know what the depositors would eventually receive; but it was oniy the amounts due that were required to be certified, and this could have been done almost immediately. The certificates so given might then have been taken into the market, and it would of course be for buyers or lenders upon them to consider how much of the sum owing was likely to be paid, and to value them accordingly. It is not too late for some step of this kind to be taken now, if the matter is properly brought under the consideration of the Government, and their consent obtained to an Act empowering the ar- rangement. Tiie Committee of the London Stock Exchange have finallv decided to confirm the resolutions previously passed, to the effect that no alteration shall be made in. the present mode of dealing in bank shares, which has been found to admit of- serious abuses. They have, however, reduced the period within which such shares shall be delivered, after the purchase, from ten days to seven.. The reason given for declining to make the alteration so urgently pressed on the committee—namely, ¡ that sellers of shares should be bound to give the numbers, or to guarantee the oond fide nature of the sale in some similar way—-is, that by such means shares would become less negotiable, and thereby public inconvenience would arise., The of opinion is decidedly against the course resolved on by the committee. We learn that the public still requiro to be informed that the sovereigns of the Sydney mint are now legal tender in the United itiugdom. Bankers and others ficid that the offer of Sydney sovereigns is occasionally demurred to by their customers, and that an explanation, is necessary. Certainly the Order in Council by which the new regulation was established, should have been made public in some more prominent manner than any which we have yet seen adopted.. We extract the following information from the circular of S. W. Silver and Co., of 60 and 67, Cornhill, and 3 and 4, Bishopsgate Within, London:— SUM"MARY OF LATEST COLONIAL INTELLIGENCE. VICTORIA, April, ISGJ.—Ttirifi Bill passed. Tbe Lite rains have had very beneficial influence on mining operation. SOUTH AUSTRALIA, April, 1866.—FA.ll in tha prices of wheat —a severe check on farmers. Foreign grain lias been imported in large quantities. NEW SOUTH WALES, April, 1866.- Government intend lending" seed to distressed farmers. Large quantities of breadstuffs still arriving1 from Chili and California. CAPE COLONY, April, -It is reported that gold bas been discovered in the vicinity of the Crocodile river, Transvaal. CANADA, April, 1866, In consequence of the abrogation of tbe Reciprocity Treaty, the value of Candiaa produce has risen 25 per cent, ill the frontier markets. —

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The Money Market.

The Corn Trade..


Meat and Poultry Markets

Fruit and Vegetables.

London Produce Market.

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