The Press. — London, England, 1857-10-31 00:00:00

1068 working together at their highest power, will exert an effective force of not less than 11,501) horse power, or sufficient to rai-ie 200,000 gallons of water to the op c: the Monument in less than one minute, or to drive the machinery of all the cotton mills in Man chester. The consumption of coal to produce this amount of locomotive force is estimated at about 250 tons per day. The preparations for getting the monster safely down to the water are progressing steadily, and, according to !present arrangements, there is but little doubt that the launch may take place early next month, or at latest early in Decem ber. As may readily be imagined, the manner of launching is as peculiar and novel as the scheme of the ship itself. From the position in which it has been necessary to build her, and to avoid the tremen dous strain which a ship of her length would suffer from being launched by the ordinary method, stern foremost, it is absolutely necessary that she should go into the water broadside on. By this plan no risk of strain i 3 incurred, though, as a vessel of her enormous weight and bulk would acquire sufficient momentum in rushing down an inclined plane of three hundred feet to the water to carry her quite across the river, great precautions have to be adopted in order to ease her gently off. The launch, then, if the process by which she will eventually reach the water may be so termed, is likely to be a long and tedious affair, which will certainly occupy eight or ten hours, and probably more. The way in which it will be effected is this :—Two launching " ways," or large and powerfully built tramways, have been constructed by the railway contractors, Messrs. Treadwell and Co., running from under the fore and after portions of the vessel down into the river at low-water spring-tide mark. The foundation of each is formed upon seven rows of piles, the four outside rows being driven at three-feat intervals, and the three inner rows at six-feet. These piles are all forced home to the gravel of the river bed, so that they graduate from a length of 32 feet under the ship's bottom to ten feet at the low-water mark. Down the railway metals on these " ways," the ship will be slowly lowered into the water on cradles, which are now being consttucted under her. The process of launching, therefore, will consist of lowering these cradles with the vessel on them slowly over the " waves." As we have said, it is expected to take place in No vember or December,and will begin at two in the morn ing, when the Great Eastern will be moved down as the tide ebbs till she reaches low-water mark exactly at low water. As the tide flows again she will, of course, be floated off, moored in the centre of the river, and continue her fittings, so as to be ready for sea about February next. As a matter of course, if the monster were left to itself, the instant the shores were knocked away it would rush down the ways and very probably strand itself on the opposite side of the river. To prevent this catastrophe massive chains are fastened to the cradles, which are passed through doubled sheaves secured to clumps of piles driven 35 feet into the solid earth. The ends of these chains, after passing twice through the sheaves, will be attached to windlasses, so that men working on them may slacken the speed of the ship, or even stop it altogether, if required. While passing over the first 200 feet of the " ways " great care must be used ; but, that distance once safely accomplished, the Great Eastern may be safely left to find her own way into that element on which for years to come she will be regarded as a marvel and a wonder. The great extent which the launching "ways " cover diminishes the weight per square foot which they will be required to bear to little more than three quarters of a ton. The ordinary weight over launch ing " ways" is two and a halt' tons the square foot, though launches are frequently made in London at three tons. A tell-tale indicator will be fixed to the two c adles, so that any difference that may occur in the rate of descent of each will be immediately rectified by the check tackle. Every effort is now being made at the builder's yard, Millwall, for the launching of this leviathan vessel, the property of the Eastern Steam Navigation Company. Large bodies of men are incessantly em ployed in relays, and from the state of forwardness in which she appears there is no doubt that she can be ready by the time fixed, viz., the first week in No vember. Mr. Brunel, we understand, has neverthe less proposed to postpone the launch until the first week in December. LORD STANLEY ON THE EDUCATION OF MECHANICS. Lnuo STANLEY delivered a suggestive address at the annual soirée of the Wigan Mechanics' Institute on Tuesday last. The noble lord said that it seemed to him that the deficiencies of popular school-teaching might be summed up under four heads-1. The insufficient number of schools existing ; 2. Their inferior quality in many cases; 3. The too early age at which children leave school ; 4. Their irregular attendance even during the years when they are sup posed to be under instruction. In the first great improvement had evidently taken place ; in the second there was as undoubtedly as much room for improvement; and under the third and fourth heads were to be found the real obstacles to improvement. " Irregular attendance," said the noble lord, "is universal," and it was on this indifference of the labouring classes to the advantages of education that the principal present obstacle to the spread of education is to be found: — You have existing in the upper and middle ranks of society a general conviction really held by many, and pro. fessed by almost all, that the existence of a class wholly untaught is a national reproach. You have not a corre sponding conviction among the labouring class, taken as a whole. Your supply of educational machinery, imperfect as it may be, exceeds the demand ; you have created facili ties for popular teaching, but the inducement to make use of them has not been supplied in a proportionate degree. Until you can do that, be the means employed what they may, success is impossible. Now, what is the origin of that indifference? Various causes might be assigned, but for my present purpose it is enough to name one. There are no means of keeping up, far less of increasing, the little stook of knowledge acquired at school. The school teaching of the boy has no connection with the after-life of the man. It is forgotten because it is not kept up ; it is not kept up ( I don't affirm that this is the only reason, but it is an important one) because no adequate machinery exists for the purpose. lieie then came in the function of the mechanics' institute. It was true that, though established for the last twenty•five years, they had not answered every expectation, but then, on the other hand, it was unjust to deny that they had achieved a very considerable success:-- Their chief fault, I think, has been this—that, depend ing wholly for support on their popularity at the moment, they have been obliged too often to put mere amusement before instruction; to rely on desultory occasional lectures, not on systematic class teaching ; to fill their libraries with works which met the taste of the day, to the exclusion of works having a permanent usefulness and value. Another error was that they had aimed at too much, but this experience tended to correct ; and, that after existing twenty-five years, and having risen in number from 1 to 800, their utility was a palpaple fact. In conclusion, the noble lord said:— My argument briefly is this,—that the school and the institute—call tient by what names you will—form parts of one whole ; that their functions, though distinct, ars inseparable; and that it is by strenuously promoting what ever efforts may be made for the improvement of adult teaching that we shall best remedy the greatest present defect in our school system. THE PRESS, OCTOBER 31, 1857. Atom ffiarliti aito 6141 Antelitgenct. FRIDAY EVENING. THE return of the Bank of England for the week ending the 24th inst. shows the following changes compared with that for the week preced ing Increase in Circulation Decrease in Pabhc Deposits Increase in Other Deposits Decrease in Government Securities 306,060 Decrease in Other Securities Decrease in Bullion Decrease in Rest Decrease in Reserve Bullion in Both Departments .... 9,369,794 Circulation, including Bank Post Bills The decrease in the Public Deposits is due to the payment of the dividends; and as this operation is substantially complete for the quarter, the Reserve, which is now exceedingly low, may be expected to improve. The main feature in the c.imparison is the further decline in the stock of Bullion. It has now fallen to but a fraction more than 9,300,0001. This aggregate is but about one million more than the amount of the Stock in October, 1E 1 47. In the present week a further reducton has taken place ; and as very halo bullion is now coming in, and for what does arrive there is an active competition, it is not satisfactory to contemplate the effects if something does not very soon occur to neutralise them. The week has been one of considerable anxiety in the Money Market. The failure of remittances from the commercial cities of the United States has brought down a good many establishments in the manufacturing districts both of England and Scotland ; and these again have struck at some of the banks in Liverpool and Glasgow, who from erroneous management have locked up their reserves in securities either incon vertible or of no value. The Western Bank of Scot- land, a very large concern in Glasgow, is in difficulties of this sort; but it has obtained assistance on the condition, it is believed, of winding up. The Liver pool Borough Think has definitely suspended, after having obtained an engagement from the Bank of England to render temporary aid upon certain terms ; and those terms, after having been accepted, could not be fulfilled. This concern must therefore be wound up. Several other banks, whose connections are principally in the American trade, are reported to be embarrassed ; but the letters this morning say they will get over them. Very little specie has been imported during the week. It has been principally in the form of silver coin and bars from the Continent. Nothing has come in from Australia. The exports have amounted to about 300,0001., of which about 250,0001. have been sent to America. The next steamer for Alexandria will take out nearly 1,000,0001. for India and China. These exports will be large for the remainder of the year, as the East India Company is now a buyer of silver in order to replenish its exhausted treasury at Calcutta. The Bank has parted with about 60,0001. during the week for export, and to-day an additional sum of 60,0001. was with- drawn. Some Russian gold has arrived from St. Petersburg, but it was immediately purchased for the Continent. The Continental Exchanges are about the same as last week; it anything not quite so firm. Consols have shown considerable firmness. Previous to the arrival of the American news and the intelligence of the capture of Delhi they were as low as 884 to 3 for account ; and from that price they improved to 89 to I. These favourable circumstances, however, were materially assisted by the purchases of the public for money having been resumed to a considerable amount, and by the fact of no further enhancement in the rate of discount. The final price yesterday was 89 to *. This morning there was favourable news from America, and they improved to 89a_to Foreign Securities have been flat along with Con• sols ; but they are now firm. The principal dealings have been in Turkish Stocks, which improved 20s. to-day. Railway Shares were temporarily depressed, but they are now better, and some of the heavy stocks have improved considerably. Business has been conducted in a very cautious spirit in the Railway Macket during the whole week. To-day there was a general advance of from a quarter to three•quarters per cent. Business in Banking, Mining, and Miscellaneous Stocks has been upon a most limited scale. The Provincial Trade Reports are by no means satisfactory. The silk trade is particularly depressed, and in the most busy districts of Lancashire the practice of working short time has commenced, and is extending. BANK OF ENGLAND. An Account, pursuaut to the Act 7th and Rth Victoria, cap. SI For the week eluding on Saturday, the 2ith day of Oct., 1851 PEPARTMENT. _ . Siotes issued .... •123,252,103, Government Debt 411,015,100 Other Securities.. 3,459,000 Gold Cotn et Bullion 8 .777,105 Silver Bullion .... 123.252.1G5 I 423,252,105 BANKING DEPIRTMZNT. PrOPrietOrleCApitalSl4,ss3,ollo Government Seem. nest Public Depositor 4,8'1,740 ; Dead Weight An.) .110.254 541 ')they Deposits Seven Day & other I Notes DAL 434,737,667 Z34,737,G0 Including Ezehenner Commissioners of National Debt &Mugs' Banks. and Dividend Accounts. BRITISH FUNDS. Closing Prices. OFFICIAL QUOTATIONS. Mond.,Tbesd. Wed.Tkurs. Friday. 1 ---- I_=; 7 !g i t gi 8 4 1 gg' 9. B ai 87g ':+7 8: al 66} I 14 188 71 88, 8. 8 81 1 881 89/ 171 1.16 2 1548 ,2081 207 207 207 209 74 15d 15d 158 11d 13d 35d I 401 40d 458 45 ;lON FUNDS. Mond.,Tuesd. Wed. 99 , 100 S per Cent.Consols Ditto t Account 3 per C er..t.s Reduced 3 per Cents I,lng Annuities Bank Stook. 7 per Cent New'',, per Cent Annutt reach. Rills, tiro. India Bonds,(1,0001.) Per Cent.. Brazilian Danish 5 Utah. ( Hz 12 Guil )2i rench 3 Do. ai 83i Do. Bank Stock Vtexican 3 Peruvian 44 Portuguese 4 Russian 41 ipnnisli 3 Turkish Acc.6 f a 19* 80c f 19i 761 1 6 GGf 7 ac f 43' 671 c' 97 25e 87e J 7 I 97 25f ' -- 18dt 7te7f f a f a 19} 77 FOREIGN RAILWAYS. Antiv.et Rtl eigi an — F....a - 5 - C, -S:.l Dutch Rhenish East Indian Ot. Indian Pen G.W.ofCan.,Sh Lyons it Geneve Madras Namur& Liege Nrthrn.of Frne Norw. Truk. Prf Paris & Lyons Paris & Orleans 1 ) &1 . 114 Rouen Afond. 61 61 4 1 )8t 991 191 18 1 241 311 174 181 1 CI 7 341 f 8 4 0 11 321 k 61 63 Tuesday. Wanes. 51 6 ' 51 6 11 1 1 6 111 5 41db 10Ue leol 194 20 19t 20 16 4 IE4 1 23t 4 23e -le I t 3e 9e 184 19i 6 7 tie I 34 4 34i 8} 94 fle Sit 324 a 321 50 59 50 52 ,Wdq. 51 1 5} 5d 101 2 203 1i; 39 231 4 ,I. 20 341 8 9i ;!i Thur. Friday. 102_ i 102 Thad% 51 61 1 I 54 bd 1004 191 20} 18 f • 23 4 18 20 6f 7 341 f 84 0 321 3 60 62