The Press. — London, England, 1858-12-11 00:00:00

THE PRESS, DECEMBER 11, 1858. 1220 born Britons in the way of operatic art. Well, for• tunately, the aura popularis was in our favour, and so the national flag fluttered gaily in the breeze, and many were the people who believed in our devices. The press patted us on the back, the public flocked to our theatre ; and thus we have traded and thriven upon the strength of a good cause, and the general sympathy which our professed devotion to it created. It is our earnest desire that this state of things should continue. That the press and public should still believe in our promises, and not scan our managerial acts too curiously. If, in the course of two seasons, we have brought forward some eight or nine foreign operas, we have at least given one new work, The Rose of Castile, and two old ones, The Bohemian Girl and Maritana, by native composers, and promised a new one by an Atherican gentlemen, whose success on the London stage would, of course, be highly flattering and honourable to British art. With respect to performers our acts have been equally remarkable. Here, indeed, we have achieved wonders. Would anybody have believed that an operas grand national opera—could be carried on successfully without an efficient contralto, baritone, bass, supplementary tenor, or prima donna, or that the public would have been satisfied with anything less than the very best English singers in every department which money could procure? Yet the public has put up with ail this, so resolute were they to uphold the cause; and to chow that we are not ungrateful we have taken another and a more expensive theatre; have added Mr. Weiss, our best English bass, to the company, and intend to give you immediately one more new opera by Mr. Balfe, besides the long-promised work of Mr. Bristow, the American. If the valedictory address (supposing there should be one) does not say these things, we know not what it can say, unless, indeed, the management choose to rest all their claims to patronage upon the talent of Miss Louisa Pyne, the efficiency of Mr. A. Mellon's band and chorus, and the merits of the ad captandum, and by no means "national," tunes of Messrs. Balfe and Wallace. LI CEUM THEATRE. M. JULLIEWS CONCERTS. TEE highly successful season of M. Jullien's famous promenade concerts at the above theatre is rapidly drawing to a close. This evening a " Mozart Night" is to ho givcu. with Miss Arabeita tioddard and M. Wleniawski as solo instrumentalists, and Mme. Evelina Garcia as vocalist. On Monday next the grand annual "Bal Masque " is announced. AN INTERESTING STORY was told by Mr. Brown, M.P., in presiding at a conceit on Saturday evening last., given in connection with a working men's asso ciation. A little girl, ten years of age, called at his house during the Social Science week, when Lord Brougham, Lord John Russell, and other dis tinguished personages were his guests. " Polly," for that was the girl's name, asked to see Lord John Russell, and when she was shown into the room to his lordship, in a modest, bi:t frank and winning manner, she told how she had a taste for music, and that she wished to he educated, but that her parents were poor, and could not afford to give her that kind of training which would best develop her musical talent. Lord John VMS pleased with the child, pleased with the beauty of her singing—for she sang several songs before the great people—and ultimately Lady Russell declared that she would most willingly contribute towards the expense it Mr. Brown would see that " Polly " was suitably educated. The result was that she was now at Blackburne•house, receiving as good an education as any gentleman's daughter in the land; and they were glad to receive her there without fee or reward. The music master reported most favourably of her great aptitude for music ; and, from the formation of her vocal organs, she bade fair to be a famous songstress—a prima donna, perhaps, who, by her beauty—for she was beautiful, too—and her song, would some day win a diadem. Voncg 41aratt anb rag tlttelligtate. FRIDAY EVENING. THE return of the Bank of England for the week ending Wednesday last, the Bth inst., shows the following changes compared with that for the week preceding : Decrease in Circulation 4.. .£2.74,460 Increase in Public Deposits 120,003 . 73,401 144,857 2,205 415,087 18,921,171 20,833,078 The comparatively small amount of Discount busi ness done by the Bank, as shown by the Private Securities, and the increasing accumulation of gold and unemplopid notes, will assist in explaining the policy of the Directors, a s referred to below. The Bullion ha.; regained a very high aggregate, while the notes in reserve are not much short of thirteen millions. The necessity has arisen for finding em ployment for some portion of this vast amount of capital. The Public Deposits are still largely in creasing. They are now within 150,0001. of nine millions ! Such a state of things has not been known for many years ; and though the circulation is necessarily contracted in some degree by the tem porary absorption of heavy revenue payments, the Money Market is not feeling any particular incon venience from it. The monthly account of the Bank of France, made up to yesterday evening, was published in the Moniteur of this morning. Whilst showing a decrease of 118,6341. in the aggregate of discounts, which rather exceed 16,700,0001, there is a moderate increase in the aggregate advances upon different descriptions of securities, from which it may be in ferred that, for different purposes, there has been a good demand for money throughout France during the past month. At the same time the private deposits have enlarged to 7,104,0581., being an addition of 573,2681. compared with those given in the previous return. The Treasury balances have been increased by 1,070,0081., and they nw reach to 5,302,8531. The circulation has slightly declined, being 140,1481. less; the notes, amounting to 27,493,6131., exclusive of a limited amount to order, corresponding with our "post bills." The bullion shows an addition of no less than 1,117,9651., the aggregate stock being 22,174,5801. The Bullion unitedly held by the Banks of England and France is now 41,095,760/. The Directors of the Bank of England took the whole city—and we believe we may say the whole country—by surprise yesterday by suddenly reducing the rate of discount from three per cent., at which it had stood since the 11th of February last, to two and a half per cent. Nothing could have been more unexpected than this resolution, and nothing could exceed the excitement which for a time it produced in Lombard-street and the Stock Exchange. Every • body appeared to have made up their minds a fort night back that the Bank would maintain their minimum of three per cent., at least for ►lie rest of the year, especially as the general demand appeared to be gradually expanding, although the supplies certainly did not seem to be affected by the increasing inquiry. We ourselves, reflecting public opinion as prevailing in some of the highest financial circles, certainly anticipated no present reduction, but rather the con trary, though, as our readers will remember, about three weeks ago we asserted in positive terms that money would be cheaper before the end of the year. The change has now been made, and what ever may be its effects or its duration, it certainly has for the present created some degree of per plexity as to the immediate motives for adopting it. There can be little doubt the Directors considered the full bearings of the measure, both upon the commercial interests of the country, and upon the interests of their own proprietors. With respect to the latter, we have seen from week to week the re serve of unemployed notes enlarging until they amounted to 12,324,0101. on the Ist inst., and to 12,731,260/. on Wednesday last. At the same time the Private Securities, representing discounts, loans, and advances, have for some time been sta tionary at little more than 15,000,0001. Thus the most profitable branch of the banking business must have been yielding comparatively small returns, s) that the Directors felt themselves compelled to add to their investments of a permanent character, such as India Bonds, the interest upon which, though fired and definite, is not equal to average banking profits. It is therefore very probable that a necessary regard for the interests of their own proprietors was a lead ing motive in determining upon the reduction, the more especially as, being compelled by their own resolution to insist upon three per cent., they could not hope to draw business from Lombard-street, where the terms for the same class of bills were only two and a quarter per cent., and in some cases even lower. It may thus be rationally assumed that the interests of the corporation required the reduction. Of course, under such circumstances, it has not proved very acceptable to the private discount houses, who for some time past, and even yesterday, have been doing a large and profitable business. The unanticipated introduction into their domain of so formidable a competitor can scarcely have been very agreeable. But the main question is, what will be the effect of the measure upon trade and commerce, and whether it was justified by the general financial prospects of the commercial world. We think it was, and that, if not abused by rash speculations, it will consolidate and strengthen the improving trade of the country. Money is cheap upon the Continent. Our stock of bullion is not likely to be materially diminished, a►nd the supplies promise to keep up. Numerous details might be given to support these views, but considerations of space render it expe dient to forbear. It may be sufficient to add a hope that the screw will be rigidly applied the moment there are any obvious tendencies to excite a mania. That is our only apprehension, and surely the dis. cretion of the Bank Directors will not allow any con. siderations whatever of private advantage to their proprietors to prevent them from stepping in to gi ve a timely, and as far as possible an efficacious, warning the moment that danger may be perceived. The demand for money during the whole week has been good. In Lombard-street yesterday it was active, thus showing the unlooked-for character of the Bank movement. To-day the Bank did a large business at the reduced minimum ; but to Lombard street the demand was very quiet, though the rates were only from 2: to f per cent. The Bullion movements of the week have been important. The whole of the gold ships known to have left Melbourne up to the departure of the latest Australian mail steamer have now arrived, and shipments of specie from the United States have been resumed. Altogether the receipts of gold from all sources since our last have amounted to 711,0071. The exports have not exceeded 380,006/., so tar as they are known ; and about 120,0001. have been sent into the Bank. The continental inquiry for gold is, for the present, satisfied ; but it is thought that further amounts may be transmitted for a short time longer. About 4,0001. were sent into the Bank to-day. Business has been very dull upon the Stock Exchange in all classes of securities ; but with a remarkable degree of buoyancy in several descrip tious of railway stock, attributable in part to im provement in traffic, but much more to the amicable settlement of differences and the satisfactory revision of tariffs. The improvement thus inatt,ta rated was confirmed and increased by the measure of the Bank Directors; and it is now felt, on nearly all sides, that the prospects•of railway propri e tors are good and substantial. Political questions and anxieties, combined with the arrangements of the settlement, adversely affected Consols, and they were decidedly fiat until the Bank rate was reduced. The etfect was most important; an immediate reaction took place, and before the end of the day a decided advance had been established, which was folly Consols left off this day week at 97j to 98, including the dividend, and the highest price up to Wednesday was 98 to I both for money and account. On Wed nesday the transfer books were closed, and yesterday the quotations were ex the dividend. They opened at 94 to j, equal. with the dividend, to 981 ; but the market soon became flat, and they fell to 961 to 1. Indeed a large speculative sale had just been effected for account at 901 when the Bank reduction was announced. A reaction forthwith set in, to the infinite annoyance of the Bears, and there was at once a rally to 981 to 97, and before the final close of business prices had advanced to 97; to This was an advance from the lowest point of the day of i per cent., and equal to 981, or within 275. 6d. of par. This morning they opened at 97i to I, and eventually closed at 94 exactly, without the dividend. In the course of the week the Government broker has purcha3ed about 80,00,4., principally in Reduced, on account of the savings banks. Foreign Stocks have generally been firm, but with out the slightest excitement in the market. Chihan Loan i to f prem. The state of the Railway Market during the week has been already described. Its tendency is still good, particularly for the heavy shares. Banking Shares have been in moderate request. Ottomans steadily maintain the late advance. Atlantic Telegraph Shares 250 to 280. Nothing done in them. The Continental Exchanges have been firm all the week, except on Vienna and Trieste. The directors of the East Indian Railway Com- pany have given notice that they are prepared to receive payments in anticipation of calls up to the 31st lost. After that day the option of paying up in fut., until notice to the contrary, is given. It is announced that the terms of amalgamation between the London and North-Western and the Chester and Holyhead Railway Companies have been definitively arranged. The decision of Judge Longfield in the great case respecting the Sadleir frauds was given on Monday, and it was in favour of the London and County Bank. ♦ second dividend of 2s. Bd. in the pound has been declared upon the estate of Messrs. Alexander Hintz and Co., who failed during the crisis of last autumn. Messrs. Hicks and Gadsden, merchants in the American trade, have suspended with liabilities to the amount of 50,000/. A meeting of the creditor's of Messrs. James Davis aad Soo, wholesale boot auJ .• •. --. • . \ I 1220 THE PRESS, DECEMBER 11, 1858. born Britons in the way of operatic art. Well, for- The comparatively small amount of Discount busi- Numerous details might be givaepnptlioedsutphpeomrtotmheent mute! • the aura o laris was in our favour, and ness done by the B an k, a s s h own by th e Private views, but considerations of space render it t 3, P Pti their exile_ so the national flag fluttered gaily in the breeze, and Securities, and the in c r e asing accumulation of g old client to forbear. It may be sufficient to add a hope many were the people who believed in our devices. and unemployed notes, will assist in explaining the that the screw will be rigidly The press patted us on the back, the public flocked policy of the Directors, as re f er red to b e l ow . Th e there are any obvious tendencies to excite a mania. p a p n ing e i ffi n c t° acious to our theatre ; and thus we have traded and Bullion has regained a very high aggregate, while That is our only apprehension, and surely the dis. thriven upon the strength of a good cause, and the the notes in reserve are n ot much sh or t o f thi r t een cretion . of the Bank Directors will not allow any con. general sympathy which our professed devotion to it millions. The necessity has arisen . for finding ens- siderations whatever of private advantage to created. It is our earnest desire that this state of ployment for some portion of this vast amount of proprietors to prevent them from stepping give things should continue. That the press and public capital. The Public Deposits are still largely in- a timely, and as far as should still believe in our promises, and not scan our creasing. They are no w w ithi n 150,0001. of nine warning the moment that danger may be perceived.' managerial acts too curiously. If, in the course of millions ! Such a state of things has not been The demand for money during the whole week two seasons, we have brought forward some eight or known for many years ; and though the circulation has been good. In Lombard-street yesterday it was nine foreign operas, we have at least given one new is necessarily contracted in some degree by the tern- active, thus showing the unlooked-for character of work, The Rose of Castile, and two old ones, The porary absorption of heavy revenue payments, the the Bank movement. To-day the Bank did a large Bohemian Girl and Maritana, by native composers, Money Market is not feeling any particular intone business at the reduced minimum ; but to Lombard- and promised a new one by an Atherican gentlemen, venience from it. street the demand was very quiet, tho ug h t h e rates 1 whose success on the London stage would, of course, The monthly account of the Bank of France, made were only from 2: to 1 per cent. be highly flattering and honourable to British art. up to yesterday evening, was published in the Th e Bulli on movements o f t h e week have been important. bs ve let.t Melbourne The whole o o p f the toth g paid l d departuresl With respect to performers our acts have been Moniteur of this morning. Whilst showing a equally remarkable. Here, indeed, we have achieved decrease of 118,6341. in the aggregate of discounts, wonders. Would anybody have believed that an which rather exceed 16,700,0001, there is a moderate latest Australian snail steamer have now arrived, opera — ti grand national opera—could be carried on increase in the aggregate advances upon different and shipments of specie from the United States have successfully without an efficient contralto, baritone, descriptions of securities, from which it may be in- been resumed. Altogether the receipts of gold bass, supplementary tenor, or prima donna, or that ferred that, for different purposes, there has been a from all sources since our last have amounted to the public would have been satisfied with anything good demand for money throughout France during 711,0071. The exports have not exceeded 380,0061., less than the very best English singers in every the past month. At the same time the private so far as they are known ; and about 120,0001 . h ave department which money could procure? Yet the deposits have enlarged to 7,204,0581., being an been sent into the Bank. The continental inquiry public has put up with ail this, so resolute were they addition of 573,2681. compared with those given in for gold is, for the pr esen t, sa ti s fi e d ; b ut it is to uphold the cause; and to chow that we are not the previous return. The Treasury balances have thought that further amounts may be transmitted I ungrateful we have taken another and a more been increased by 1,070,0081., and they now reach to for a short time longer. About 4,0001. were sent expensive theatre; have added Mr. Weiss, our best 5,302,853/. The circulation has slightly declined, into the Bank to-day. English bass, to the company, and intend to give being 140,1481. less; the notes, amounting to Business has been very dull upon the Stock you immediately one more new opera by Mr. Balfe, 27,493,6131., exclusive of a limited amount to order, zxchange in all classes of securities ; but with a besides the long-promised work of Mr. Bristow, the corresponding with our "post bills." The bullion remarkable degree of buoyancy in several &scrip- American. shows an addition of no less than 1,117,9651., the cous .. •• 1 1 If the valedictory address (supposing there should be one) does not say these things, we aggregate stock being 22,174,5801. The Bullion unitedly held by the Banks of England and France i or tai stock, attributable in part to im- provement in traffic, but much more to the ami ca bl e settlement of differences and the satisfactory know not what it can say, unless, indeed, the is now 41,095,7601. revision of tariffs. Ths improvement thus inatun- management choose to rest all their claims to The Directors of the Bank of England took the rated was confirmed and increased by the measure patronage upon the talent of Miss Louisa Pyne, the whole city—and we believe we may say the whole of the Bank Directors; and it is now felt, on nearly efficiency of Mr. A. Mellon's band and chorus, and the country—by surprise yesterday by suddenly reducing all sides, that the prospectswof railway proprietors (1 merits of the ad captandum, and by no means "national," tunes of Messrs. Belle and Wallace. the rate of discount from three per cent., at which it are good and substantial. Political questions and had stood since the Ilth of February last, to two and anxieties, combined with the arrangements of the ) a half per cent. Nothing could have been more settlement, adversely affected Consols, and they LI CEUM THEATRE. unexpected than this resolution, and nothing could were decidedly flat until the Bank rate was N. JULLIEN'S CONCERTS. exceed the excitement which for a time it produced reduced. The effect was most important; an THE highly suer .essful season of M. Jullien's in Lombard-street and the Stock Exchange. Every • immediate reaction took place, and before the end of body appeared to have made up their minds a fort th e day a decided advance had beeu established, famous was folly rn...;:itiiiii.:Z .0-day. rapidly drawing to a close. This evening a " Mozart mini mum of t bree per oent., at least for the rest of the Console left off this day week at 971 to 98, including i Night" is to be g t.n. v With Mis s Arabella tit:indent year, especially as the general demand appeared to be the dividend, and the highest price up to Wednesday and M. Wleniawski as solo instrumentalists, and gradually expanding, although the supplies certainly was 98 to I- both for money and account. On Wed- Mme. Evelina Garcia as vocalist. On Monday next did not seem to be affected by the increasing inquiry. nesday the transfer books were closed, and yesterday the grand annual " Bal Masque "is announced. We ourselves, reflecting public opinion as prevailing the quotations were ex the dividend. They opened in some of the highest financial circles, certainly at 94 to i, equal. with the dividend, to 98}; but the anticipated no present reduction, but rather the con- AN INTERESTING STORY was told by Mr. Brown market soon became flat, and they fell to 961 to 1. , trary, though, as our readers will remember, about Indeed a large speculative sale had just been effected M.P., in presiding at a conceit on Saturday evening three weeks ago we asserted in positive terms that for account at 901 when the Bank reduction was I last, given in connection with a working men's asso- money would be cheaper before the end of the elation. A little girl, ten years of age, called at year. The change has now been made, and what- announced. A reaction forthwith set in, to the infinite annoyance of the Bears, and there was at his house during the Social Science week, when ever may be its effects or its duration, it certainly once a rally to 961 to 97, and before the final close of • , 11' ' Lord Brougham, Lord John Russell, and other dig- has for the present created some degree of per- business prices had advanced to 971 to 1. This was tinguished personages were his guests. " Polly," plexity as to the immediate motives for adopting it. an advance from the lowest point of the day of -i for that was the girl's name, asked to see Lord John his lordship, in a modest, bet frank and winning There can be little doubt the Directors considered per cent., and equal to 981, or within 275. 6d. of par. Russell, and when she was shown into the room to the full bearings of the measure, both upon the Phis morning they opened at 971 to 1, and eventually commercial interests of the country, and upon the manner, she told how she had a taste for music, and interests of their own proprietors. With respect to that she wished to be educated, but that her parents the latter, we have seen from week to week the re- were poor, and could not afford to give her that kind serve of unemployed notes enlarging until they of training which would best develop her musical amounted to 12,324,0101. on the Ist inst., and to talent. Lord John MLR pleased with the child, 12,731 , 2601. on Wednesday last. At s same pleased with the beauty of her singing—for she sang time the Private Securities, representing discounts, several songs before the great people—and ultimately loans, and advances, have for some time been eta- closed at 94 exactly, without the dividend. In the course of the week the Government broker has purchased about 60,00.4., principally in Reduced, on account of the savings banks. Foreign Stocks have generally been firm, but with the slightest excitement in the market. Chilian Loan I to a prem. Lady Russell declared that she would most willingly tionary at little more than 15,000,0001. Thus the The state of the Railway Market during the week t ) contribute towards the expense it Mr. Brown would most profitable branch of the banking business must has been already described. Its tendency is still ; ~, see that " Polly " was suitably educated. The result have been yielding comparatively small returns, s., good, particularly for the heavy shares. I was that she was now at Blackburnehouse, receiving that the Directors felt themselves compelled to add to Banking Shares have been in moderate request. as good an education as any gentleman's daughter their investments of a permanent character, such as Ottomans steadily maintain the late advance. in the land; and they were glad to receive her there India Bonds, the interest upon which, though fired Atlantic Telegraph Shares 250 to 280. Nothing without fee or reward. The music master reported and definite, is not equal to average banking profits. done in them. most favourably of her great aptitude for music ; and, It is therefore very probable that a necessary regard • kThe Continental Exchanges have been firm all the from the formation of her vocal organs, she bade fair for the interests of their own proprietors was a lead-to be a famous songstress—a prima donna, perhaps, ing motive in determining upon the reduction, the week, except on Vienna and Trieste. , who, by her beauty—for she was beautiful, too—and more especially as, being compelled by their own The directors of the East Indian Railway Cora- ; l her song, would some day win a diadem. resolution to insist upon three per cent., they could pony have given notice that they are piepared to r ... ton 41arket ad atitg ilitelligtitte. _ FRIDAY EvESING. THE return of the Bank of England for the week where the terms for the same class of bills were only 31st inet. After that day the option of paying up two and a quarter per cent., and in some cases even Pil e until notice to the contrary, is given. lower. It may thus be rationally assumed that the interests of the corporation required the reduction. • Of course, under such circumstances, it has not proved very acceptable to the private discount ending Wednesday last, the Bth inst., shows the houses, who for some time past, and even yesterday, 4 i in It is announced that the terms of amalgamation between the London and North-Western and the Chester and Holyhead Railway Companies have beeu definitively arranged. The decision of Judge Longfield in the great case i following changes compared with that for the week have been doing a large and profitable business. The unanticipated introduction into their domain of respecting the Sadleir frauds was given on Monday , so preceding : and it was in favour of the London and County formidable a competitor can scarcely have been very Decrease in Circulation 4• • .£274,•160 Bank. agreeable. But the main question is, what will be Increase in Public Deposits Decieass in Other Deposits Increase in Securities 73,401 the effect of the measure upon trade and commerce, and whether it was justified by the general financial A second dividend of 2s. 6d. in the pound bas crisis of last been declared upon the estate of Messrs. Alexander Co., whofailed Hintz and during the I Increase in Bullion 144,857 prospects of the commercial world. We . think it alitilmn. - r Decrease in Other Deposita Increase in Securities Increase in Bullion Increase in Rest .. Increase in Reserve Bullion in both Departments .. •• • Circulation, including Bank Poet JAW ' . _....