JOURNAL OF BANKING, CURRENCY, AND FINANCE. THE BANKS OF ENGLAND AND FRANCE. INDIA TRADE VS. BULLION RESERVES. THE unusual cotton trade with India is working out its natural results so rapidly, that Europe is already begining to feel the beauties of a monetary crisis. Great Britain has been left with a balance against her and in favor of India for the last nine months of over 50,000,000, to be paid in specie, and the continued arrivals of cotton at the present high prices does not argue any immediate relief. We have drawn the attention of the readers of the Merchants' Magazine from month to month to the steady drain which has been in action on the bullion reserves of England. For instance, up to 7th of January there was a decrease of £3,812,888, and since that time the bank reserve has continued to grow no better very fast, until on the 28th of January the minimum rate of discount was raised 5 per cent, and the drain appears to have been temporarily checked. The Bank of France too is of course involved in the same difficulty, and has raised its rate of discount to the same point--in fact, it moved first and England followed. Seven months ago the bullion reserve of these two banks stood as follows: Thus it will be seen that there has been a loss to these great specie reservoirs during the last seven months of about £10,000,000. If this India trade is to continue at the same rate, we cannot but look for greater disturbance in the European money market. Whether these banks will be driven to suspend specie payments before the year is up, as some predict, we would not undertake to say. Certainly we wish them no evil, but still it is very gratifying to know that the financial writers over the water will have something to talk about, for the present at least, nearer home, than our money troubles. BANK OF ENGLAND. We bring down our Bank of England returns this month to the 4th of February. It will be seen that during the last four weeks the rate of discount was raised twice, and the final effect has been to make the bullion movements more satisfactory. An increase is reported for the last week of £80,313. The following comparative table will be found of interest, affording as it does, a view of the bank returns, the bauk rate of discount, and the price of wheat in London during a period of three years corresponding with the date of our last returns, February 4th: 4th, 1863: 11,832,836 7 per cent. 55s. 6d. 21 p. cent. 60s. 2d. 13,692,136 5 per cent. 478. 11d. Subjoined is our usual table with the returns brought down to February 14.... 66 Dec. 17.... £19,932,360 £8,507,144 £14, 33,994 £30,539,363 £15,031,658 3 pr. ct. 24.... 20,150,398 8,654,499 14,306,497 81,346.731 14,870,795 3 31.. 20,516,435 8,338,717 15,469,254 32,488,020 14,956,421 3 Jan. 7.... 20,927,993 8,782,808 14,393,308 32,620,233 14,635,555 3 21,018,849 4,280,730 16,772,782 31,165,075 14,102,169 4 21.... 20.893,931 4,965,798 14,993,225 30,227,086 13,855,849 4 28.... 20,771,236 5,416,863 14,414,763 30,238,865 13,611,823 5 Feb. 4.... 20,709,154 6,351,617 13,852,287 29,997,233 13,692,136 5 There are no changes of moment in the returns of the New York Banks the past month. We continue our usual table to and including the statement for the week ending February 21. CITY WEEKLY BANK RETURNS. NEW YORK BANKS. 46 10,.... * 17,.... 44 24,.... February 7,... 66 14,. ... 21,..... (Capital, Jan., 1863, $69,494,577; Jan., 1862, $69,493,577.) Loans. Specie. Circulation. Net Deposits. Clearings. $173,810,009 $35,954,550 $9,754,355 $159,163,246 $186,861,762 175,816,010 36,770,746 9,551,563 162,878,249 249,796,489 176,606,558 37,581,465 9,241,670 164,666,003 314,471,457 179,288,266 38,549,794 9,083,419 168,269,228 298,861,366 179,892,161 38,248,839 8,780,154 166,342,777 802.352,571 173,103,592 38,426,460 8,756,217 167,720,880 265,139,104 178,335,880 37,981,310 8,752,536 170,103,758 291,242,929 BOSTON BANKS. We continue our Boston bank returns through the month of February. The changes are unimportant, except it may be the increase in the loans and deposits, which increase will be found to be quite regular each month during the year past. a BOSTON BANKS. (Capital, Jan., 1863, § Loans. Specie. Circulation. ; Jan., 1862, $38,231,700.) Deposits. to banks. from banks. 17,006,000 13,520,000 Date. Jan. 5,.. $77,389,046 $7,672,028 $8,190,496 $33,372,648 12,.. 77,427,000 7,751,000 8,373,000 33,063,800 19,.. 76,624,700 7,710,600 8,199,600 33,382,000 16,547,800 13,727,700 26... 76,354,000 7,710,700 8,008,500 33,847,000 16,811,700 13.958,000 Feb. 2,.. 76,496,800 7,685,000 8,865,000 34,076,800 16,889,000 14,490,000 9,.. 78,421,000 7,707,000 8,074,000 35,178,600 16,932,000 14,188,000 16,.. 78,431,000 7,794,000 8,001,000 34,903,000 17,070,700 14,095,500 23,.. 78,782,600 7,624,000 8,002,000 34,965,500 17,331,000 14,583,800 66 66 66 PHILADELPHIA BANKS. The returns of the banks of Philadelphia will be found below, brought down to the 23d of February. PHILADELPHIA BANKS. (Capital, Jan., 1868, $11,740,080; 1862, $11,970,130.) Due Due Date. Specie. Circulation. Deposits. to banks. from banks. Jan. 5,... $37,679,675 $4,510,750 $4,504,115 $28,429,189 $6,948,785 $1,994,928 66 12,. Loans. 37,533,757 4,544,786 4,450,676 28,018,792 6,890,963 1,848,932 37,416,694 4,549,369 4,382,520 27,877,069 7,050,847 2,275,905 87,479,712 4,572,419 4,284,947 28,773,517 6,755,980 2,638,985 37,268,894 4,562,580 4,181,503 29,231,753 6,698,210 2,909,857 37,336,367 4,319,706 4,039,918 28,062,164 6,953,215 2,518,036 37,710,851 4,272,347 3.888,185 28,759,049 7,452,563 2,432,073 87,720,460 4,276,761 3,772,781 29,342,596 7,413,249 2,703,196 MISSOURI BANKS. Annexed are the principal items of the semi-annual statements of the banks of Missouri, made December 31, 1862: $3,666,017 $4,037,277 $3,434,262 $7,334,128 The banks also hold $699,624 exchange matured, and $1,771,023 exchange maturing. Their total capital is $11,247,681. GOVERNMENT SECURITIES HELD BY NEW YORK BANKS. Mr. VAN DYCK, bank superintendent, has prepared a table showing what United States stocks and notes were held by the banks of this State on the 19th of January. They had the following amounts: STATE OF THE BANK OF KENTUCKY AND BRANCHES, JAN. 5, 1863. RESOURCES. Bills of exchange, maturing and past due $1,587,137 45 Notes discounted, 66 Suspended debt in suit, notes and bills... 126 bonds city of Louisville, 6 per cent.. Loan to State of Kentucky. Stocks and bonds of other corporations, etc. 1,751,086 80 493,676 82 94,750 00 ... 500,000 00 7,511 02 Real estate for debt... 64,270 27 Assets of Schuylkill Bank. 125,844 59 $4,264,276 95 gal tender.... 646,365 00 On deposit in New York and Phila. 1,368,151 44 A large proportion of bills of exchange and discounted notes belonging to the Southern and other Branches are now past due, and not yet renewed, in consequence mainly of the interruption of communication by the occupation of territory by the rebels, the want of the necessary revenue stamps, and the general disorganiza tion of the country. REPORT OF THE SECRETARY OF THE TREASURY OF THE CONFEDERATE STATES. The report of the financial officer of the Richmond Government was published on the 10th of January, and from it we get an inside view of the condition of their Treasury, past, present, and prospective. They tell us that from the commencement of their government Febuary 18, 1862, to the 31st of December, 1862, the receipts and expenditures were as follows: RECEIPTS AND EXPENDITURES UP TO DECEMBER 31, 1862. Civil, miscellaneous, foreign intercourse, and customs.. 13,673,376 Total... $375,244,413 Public debt.. 41,727,322 Grand total..... $416,971,735 Add balance against the Treasury on February 18, 1862 26,439,572 |