The Press. — London, England, 1857-11-14 00:00:00

These investigations, however, did not affect in any way the designs long before prepared for those mortars. Captain Blakely's pamphlet entitled " Some Remarks on Gunnery," first edition, has its preface dated 27th June, 1855, for private circulation, ant I never saw it until within the last month. His patent for certain forms of artillery was sealed 14th August, 1855. I am not therefore likely to have derived much advantage from him, as to designs completed in 1854, and carried to completion without alteration in any essential principle.: It is foreign to my object or wish to go into any question as to the originality of Captain Blakely's investigations or patent, unless compelled to do so by any further attempts to set up claims for him as respects those mortars, to which he has no preten sion whatever. Their merits or demerits, whatever they may be, belong to myself alone, and moreover rest on other and totally different ground from their being built up of concentric lamina. I have already stated the precise nature of my obligations to Dr. Harte (the first, I believe, who ever correctly investigated the proportions of lami • 'tutted guns). I would add, that my distinguished friend Dr. Robinson, Astronomer Royal, Armagh, was kind enough to go through all my calculations on the subject of the designs for those mortars, and to verify my results, long, before I ever spoke to Dr. Harte upon the subject. In conclusion, I beg to say "I obtained" no money from Government for those inventions—l have been simply authorised, as directing engineer, to carry to completion my own designs, by the usual method of contracts—and that your financial information on the subject, whencesoever obtained, is very incorrect.—l am, sir, your obedient servant, ROBERT MALLET. 11, 13ridge-street, Westminster, 10th November. THE PRES S, NOVEMBER 14, 1857. THE MONEY PANIC. Tar. great pressure in London, the stoppage of many large houses, both in London and in the principal manufacturing cities of the kingdom, and the sus pension of the Scotch banks, has caused more or less a panic throughout the country. In Glasgow Edinburgh, and I'aisley a general run upon the banks occurred early in the week. On Monday the Glasgow Western Bank suspended, and then a tremendous run upon the Union and the City Banks, the Com mercial, and the Savings•bank, was commenced. The people became greatly excited; the doors of the banks, and the streets in which they were situated, were crowded by so many hundreds of angry, anxious persons, that the police of the city were called out, and vainly endeavoured to preserve order. On Tuesday and Wednesday the excitement increased, and was not calmed by the stoppage of the City of Glasgow Bank, which closed its doors at 10.45 a.m. Troops were ordered in from the head-quarters at Edinburgh, and every step taken to preserve the peace. In Edinburgh the run upon the banks was heavy, but was well sustained. In Manchester, Liverpool, Halifax, Leeds, and genixally throughout tne midland counties, business was at a coniplete standstill, and commercial affairs looking gloomy. Great firms were falling on every side, and no one could see the end of the crisis. In London the Bank was refusing good bills every hour, and only discounting half of those they accepted- Their supply of notes was within a million of the limit. The pressure for money was tremendous. On Wednesday night it was whispered that the Government would give way, and relax the provisions of the Bank of England. On Thursday morning it was known in well informed circles that the question was settled, and at half-past three p.m. the Govern ment broker announced the fact officially. The fol lowing is LORD PALHERSTON'S LETTER' TO THE GOVERNOR OF THE BANK. DOWNING-STREET, Nov. 12. Gentlemen,—Her Majesty's Government have observed with great concern the serious consequences which have ensued from the recent failure of certain joint-stock banks in England and Scotland, as well as of certain large mercantile firms, chiefly connected with the American trade. The discredit and distrust which have resulted from these events, and the withdrawal of a large amount of the paper circulation authorised by the existing Bank Acts, appear to her Majesty's Government to render it necessary for them to inform the Bank of England that if they should be unable in the present emergency to meet the demands for disconiits and advances upon approved securities with out exceeding the limits of their circulation prescribed by the Act of 1844, the Government will he prepared to pro. I Our quotation above from Major Blakely's Letter shout hot► mailed for is this disclaimer, pose to Parliament, upon its meeting, a bill of indemnity for any excess so issued. In order to prevent this temporary relaxation of the law being extended beyond the actual necessities of the occs sion, her Majesty's Government are of opinion that the Bank terms of discount should not be reduced below their present rate. Her Majesty's Government reserve for future considera tion the appropriation of any profit which may arise upon issues in excess of the statutory amount. Her Majesty's Government are fully impressed with the importance of maintaining the letter of the law, even in a time of considerable mercantile difficulty, but they believe that, for the removal of apprehensions which have checked the course of monetary transactions, such a measute as is now contemplated has become necessary, and they rely upon the discretion and prudence of the directors for con fining its operation within the strict limits of the exigencies of the case.—We have, Sce., (Signed) PALmEasTos. G. C. LEWIS. The Governor and Deputy-Governor of the Bank of England. The effect of this letter was to ease the Money Market at once. Confidence in great measure was restored ; and it only now depends upon the Bank to make a proper and liberal application of the privilege granted i❑ order to calm public appre hension and alleviate pressure. The stoppage of the Western Bank of Scotland had been expected for a week past; but from the assistance it re ceived about ten days previously from the other Scottish banks it was hoped that it might be enabled to tide over the difficulty, though considerable doubt was entertained in well informed quarters. The bank opened on Monday morning as usual, and, although the day was a very gloomy one in commer cial circles, from the suspension of the Messrs. Dennistoun and other causes, the bank continued to transact business as usual up till two o'clock, when the doors were suddenly closed, and an intimation was put up that the establishment had been com pelled to suspend payment. It was accompanied by an intimation that everything would be paid eventually in full. The announcement caused a feeling of dis may over the whole city, and a similar result will he experienced over the whole of Scotland, for the Western had branches in every part of the kingdom, amounting in all to about 100. It is now well known that this lamentable result has been caused by the most reckless mismanagement, which left the bank utterly unable to struggle against the present crisis. Mr. John Taylor was appointed to the management in October, 1852, and it has now been ascertained that this gentleman has advanced the funds of the bank in the most reckless manner to concerns which were totally unworthy of enlarged credit. Four of' these concerns have become bankrupt within the last month. and the Josses by these houses alone are estimated et not less than (100 0001. At the same time the directors have exhibited very great negli gence in overlooking the transactions of their manager. Mr. Taylor was dismissed from his office about four weeks ago, but it was too late to repair the mischief, for an undercurrent of distrust had sat in by which the deposits were in the course of being withdrawn to a vast amount. Looking to this aug menting drain and the great mass of American bills becoming due in London, the other banks found it was hopeless to attempt to sustain the Western, and hence the catastrophe. The bank had a paid-up capital of 1,500,0001., and previous to the setting in of the withdrawal of the deposits it was understood to hold deposits to the amount of about 5,000,000/. sterling. Its banking powers were thus set down as more than seven millions sterling. It is consolatory that not a farthing will be lost by any but the share holders, who amount altogether to 1,200 persons. Among them, however, there are a large number of widows and orphans, whose whole means had been invested in the bank shares, which of late years have paid a dividend at the rate of nine per cent. There are also in the proprietary many of the most wealthy men in the kingdom, of whom may be mentioned four of the brothers Baird, of Gartsherrie, who are well known to be able to pay the whole of the losses of the bank out of their own means, if this were neces sary. By a little patience, therefore, every person is certain to be paid in full. The present directors are,—Mr. Thomas Dunlop Douglas, of Dunlop, deputy-governor ; Mr. James Dunlop, Clyde Iron works ; Mr. Thomas M'Call, merchant, Glasgow ; Mr. Thomas Douglas Graham, merchant, Glasgow; Mr. Thomas Gray Buchanan, of Salston ; Mr. Alex ander Baird, of Urie ; and Mr. William Logie, Hale side. With regard to the effect of all these bank stop pages and mercantile suspensions upon trade generally, it is too early yet to speak with any con fidence of the result. The state of trade in the midland manufacturing districts is depressed and unsatsifactory. Most of the mills are running short time, working only four days a week ; several at Blackburn, Bolton, Heywood, and Bradford have stooped, and distress among the operatives is becom ing general. In Glasgow some of the most extensive mills have closed, and in the north of Ireland large bodies of operatives are thrown out of work. INDIA. DIFFICULTIES AT LUCKNOW. the following telegrams are the latest received from Marseilles, at which port the Calcutta mail arrived yesterday morning : CALCUTTA, Oct. 8. General Outram telegraphs, on the 2nd instant, that the insurgents are too strong to admit of withdrawal from I,ucknow. Sick and wounded, women and children, number inure than 1,000. After making disposition for safety of garrisor., General Outram proposes to retire on Ca wnpore. He adds, that two additional brigades with powerful field artillery will be required to withdraw with the garrison or reduce the city. Communication between Cawnpore and Lucknow still interrupted. Latest news from Gwalior to 20th September. Scindia had brought the mutineers of the Gwalior Contingent under his control, by arraying against them his own troops and 10,000 thakoors, cutting off their sup plies.Sc Division and dissension among the mutineers, who were asked for aid by a Shahzadah from Delhi on the one hand, and an emissary from the Nana on the other. The mutineers of the Ramgurh battalion were defeated at a place called Chuttrah, on the 2nd instant, by a de tachment of the 33rd Queen's, under Major English, with loss of guns, forty-five carts of ammunition, itc.; some forty-five of our men killed and wounded. H. Joinvsox. Alexandria, Nov. 7, 1857. RAVEN. Upon this subject the third edition of the Morning Post contains another despatch : MARSEILLES, Friday Morning. The Valetta has arrived. The mails leave for London at ten o'clock. The passengers report General Havelock's position to be very critical. He is surrounded by a hostile population, is in want of provisions, and is encumbered with women and children. The Bombay Presidency is said to be in a state of great agitation, and if Delhi had not fallen there is every reason to fear we should have had to deplore fresh mutinies in the Bombay army. The following athliticnal items are from the Daily News : Cawnpore on the 2nd of October was quiet. The English troops are advancing rapidly. Delhi has been quiet since the occupation—namely, from the 21st to the 27th of September. In the assault ou the 14th, 64 officers and 1,178 men, one•third of the storming force, were killed and wounded. A column of 2,000 men, despatched on the 23rd down the west bank of the Junina, towards Allygbur, to cross over to Agra. drove the enemy before them. Up to the 27th all was well. Captain Rosser, who had been reported dead, was recovering. By the Vigilance, it is stated that on the night of the 21st of September the Queen's health had been drunk by the conquerors in the palace at Delhi, the cheers being taken up by the Ghoorkas. Lieut.• Colonel Burn was Governor of Delhi. Besides General Neil, Major Cowper of the Artillery, Capt. Pakenbam, and Lieut. Webster Bateman, were killed at Lucknow. All the city people found in Delhi were bayoneted by our troops. Europeans were discovered there fighting on the side of the rebels. The following Bombay telegram was received, through the Admiralty, at the Foreign-office, on the 11th of November, at 8 45 a.m. : The Puttinger arrived at Suez on the 2nd inst., : having left Bombay on the 18th ultimo. Delhi, which fell into our hands on the 20th September, was entirely reoccupied on the 21st, and the whole of the enemy expelled. In the assault on the 14th 81 officers and 1,178 men, being one-third of the storming force, were killed and wounded. _ _ General Nicholson had died of his wounds on the 21st. The old King, said to be ninety years of age, surren dered to Captain Hudson and his cavalry, about fifteen miles south of Delhi. He was accompanied by his chief wife. Their lives were spared. Two of his sons and a grandson, also captured by Captain Hodson about five miles from Delhi, were shot on the spot, and their bodies brought to the city and exposed at the police•offfce. Two moveable columns were despatched from Delhi on the 2:ird, in pursuit of the enemy. By accounts from Agra, one column appears to have reached the neighbourhood of Allygbur, and the other that of Muttra, on the 28th of September. General Havelock, with 2,500 men, crossed the Ganges from Cawnpore on the 10th of September, and relieved Lucknow Residency on the 25th, just as it was mined and ready to be blown up by its besiegers. On the 20th the enemy's intrenchments were stormed ; and on the 29th a large part of the city was taken. 450 killed and wounded. General Neill killed. There has been a slight rising of the rebels near Nes. sick, in the Bombay Presidency, in the suppression of which Lieutenant Henry, of the Ahmederagger Police, was killed. Madras troops defeated the mutineers of the b2nd near Kamptee, and killed 150. 1101