The Press. — London, England, 1858-09-11 00:00:00

THE PRESS, SEPTEMBER 11, 1858. liberality of these municipalities, aided, it is true, by grants from the general revenue, may be seen from the following summary of the improvements and progress made in the towns which have given in their returns : Number of houses erected .. 37,213 Number of miles of streets formed . 196 Number of miles of streets metalled .. 135 Number of miles of streets channelled and kerhed 60 Expenditure on streets .. £1,191,734 Annual value of rateable property .. £2,115,136 Revenue for the year 1857 £230,579 Total expenditure for 1857.. .. £316,969 IMMIORATTON —There are no records existing in the country which throw any light on the subject of immigra tion prior to 1814, in which year the total number of arrivals was' ,048, while in the fourteen months ending 2nd March, 1851, the number lull increased to 10,700. Subsequent returns show the arrivals in each year to have been as follows : In 1852 1853 1854 1855 1856 1857 94,664 persons 92,31:2 „ 83,410 „ 60,571 „ 41,594 „ 63,260 „ EMIGRATION.—Many of these arrivals, however, having by their industry acquired an independence, or a sufficiency of means to enable them to return to their native lands, or having been induced by various considerations to remove to other parts of Australia, a deduc ion must be made for the loss, which amounted in the year 1851 to 2,062 persons ; 1852 to 31,038 persons ; 1853 to 42,443 persons ; and in the four years ending December, 1857, to 102,974 persons. CROWN LANDS.—Of the facilities afforded for the per manent settlement of this increasing population, it may be stated that ; while the total amount, in acres, of Crown lands sold up to the year 1851 was only 09,769, the number alienated up to the end of 1857 was 2,748,413. The computed area of Victoria is about 55,571,840 acres, of which, so far as the survey returns at present extend, it is known their remain 35,352,480 acres fitted for agricul tural and grazing purposes. During the four years ending Slst December, 1857, 1,781,347 acres of laud realized the sum of 3,994,5241., being at au average price of 21. 4s. 10d. per acre. This apparently high average has been caused by the limited quantity brought into market, as compared with the demand ; and also includes the prices, necessarily high, realized for town and suburban lands. Gradually, however, the price of country lands is being reduced, and may, ere long, be obtained at the Government price of 1/. an sore. One great advantage with regard to the unsold agticultural lands of this country is, that, for the greater part, they lie within the area of settlement, and close to markets. This is in the main attributable to the manner in which the population has distributed itself in masses over the whole extent of the country, in consequence of the general diffusion of its metallic wealth; and it forms a striking contrast in this respect with the case of most other new countries, where much of the agricultural land is to be found only in places remote from the present or probable early settlement of a dense population. AGRTCULTURAL PRODUCE.—Turning to the results which the industry of our population has effected by the cultiva. tion of a portion of these lands, we find by the latest statis tical returns, prepared in March, 1858, that the quantity of land and :r crop amounted to 237,729 acres. The produce of the last harvest was : Wheat .. 1,808,438 bushels Maize 6,558 „ liarley 156,458 „ Oats .. . 1,249,799 „ and of Potatoes 51, 114 tons, besides other crops; while 382 acres were planted as vine- yards, which yielded 5,761 gallons of wine, and supplied the markets with 493,834 lbs. of grapes. Moneg glarlitt anb dtt FRIDAY EVENING. THE return of the Bank of England fnr the week ending Wednesday last, the Bth inst , shows the following changes compared with that for the week preceding Decrease in Circulation Increase in Public Deposits Dement, in Other Deposits Increase in Government Securities Decrease in Other Securities Increase in Bullion Increase in Rest Increase in Reserve Bullion in both Departments 18,0;39,465 Circulation, including Bank Post Bills ..t0,784,037 This comparison is again very favourable. The Bullion shows a continual upward movement, and it now exceeds eighteen millions, with something like a certainty that it will shortly amount to nineteen, if not to twenty millions, Considering the rapidity of the recent arrivals, and the large amounts now en route, the latter supposition is by no means improbable. The Private Securities are a little lower than they were last week. The most prominent features in the comparison, however, ate the changes made in the Public and Private Deposits. We believe that these changes represent a simple change from one account to another, and that they are caused by the East India Coin pan y hav ing repaid a sum of 1,000,000/.to the Government,on account of advances made for purposes connected with the 'mgr. The Public Deposits now exceed seven millions and a half; yet a month has still to elapse within a few days before the October dividends are payable. The Govern ment banking account is therefore in a most favourable condition ; and the prospect held out by the Chancellor of the Exchequer of 1,000,0001. Exchequer Bonds being paid off before the end of the year is in a fair way of being actually realized. The "Rest " now amounts to 3,092,6101., which is sufficient to pay four and a half per cent. for the half-year, and leave this item above 3,000,0001. The monthly return of the Bank of France, made up to yesterday, the 9th inst., was published in the Moniteur this morning. It is one of rather an extraordinary character. It shows, for example, a further increase in the Bullion of no less than 1,289,8151., until now the aggregate stock held by the Bank amounts to the unprecedented' suns of 23,750,1591., or 5,710,6941. more than the Bank of England had on Wednesday last. It is also 14,200,000/. in excess of the amount on the Ist January last. Owing to an increase, both in the Public and Private Deposits, the circulation has been con tracted slightly, the more especially as the Discounts have fallen off to the extent of 1,353,5931. They amuunt now to only 14,784,545/. With respect to the Bank's advances on stock, shares, and bullion, they are 4,303,650/. in the present month, against 4,138,2301. in the month preceding, showing an increase of 165,420/. On the whole, the position of the Bank of France is exceedingly strong; and the probability of a reduction in the rate of discount below three and a half per cent. is more than ever discussed. The stock of bullion held by the Banks of England and France united amounts to no less than 41,789,6241. The commercial demand for nioney has been very mo derate, the briskness of the inquiry during the greater portion of lost week having anticipated most of the wants of the present. Several large payments on account of loans have been made, but they have had no effect upon the market. The supplies indeed are extremely large, most of the banks being full, while the reserve of the Bank of England is so increasing that we again hear ru mours of the possibility of the rites of discount being fixed at 2i per cent. Our own opinion is to the contrary. In the open market the rates fur the best bills are from 21 to 21 per cent. The Bank of France maintains its rate at per cent., but out of doors money can be had in abundance at 31 per cent. At Harabueg the charge is cnly I to la per cent.; in Belgium, 3 ; at Amsterdam, 3i ; and at Vienna from 4to 5 per cent. In the latter city the paper currency, owing to the decree for resuming specie payments on the hit of November, has recovered to its par value. The specie movements of the week have possessed con• siderable interest and importance. The arrivals have amounted to about 710,0U0/.; and the exports have absorbed 204,0001., principally to the Continent and to Brazil. The Bank has out of the stock in hand added no less than 2709001. to its aggregate of bullion since last Friday. Silver is firm, but not higher. All the accounts from Frazer River speak favourably of the yield of gold in that district, and some has arrived in this country via the United States. The Funds and all other descriptions of securities have been firm ; and though business is tar from active, and there is but little speculative movement, an advance has been established all round. As far as the Funds are con cerned, it is explained by the abundance of money, which has caused some investments, and the general improve ment of trade. These circumstances have also favourably affected railway shares ; but one of the principal causes of their improvement is the organized and influential efforts that are being made to arrest ruinous competition and to save legal and parliamentary expenses. Consols, which left off this day week at 95i to began to improve on Tuesday and Wednesday ; until last evening they closed at 971 to the market then being very firm. To-day, after a steady market, they left off firm at the same prices. The Foreign Market has been steady. A good deal of fluctuation, however, has occurred in the new Turkish Six per Cent. Loan. At one period the strenuous opposition of certain parties drove it down to 1 dis. and even lower; but no decided rally followed. Last evening it left off at dis. to prem., and today at prem. It seems likely now to remain tolerably steal) , until the succeeding instal ments are about to fall due. In other descriptions there has not been much business, and nothing has occurred worth particular notice. Railway Shares aro upon the whole about one per cent. better than laid week. The chief improvement is in Mid lands and Caledonians. In Banking Shares Ottomans maintained the late ad- vance up to yesterday, when a further improvement was et.tabli,hed, owing to favouralle reports of the forthcoming dividend. - Miscellaneous Stocks, including Colonial Government securities, have all advanced. Exchequer Bills are at 31s. to 345. prem. fur those of Munch issue, and 225. to .:ss. prem. for those of June. An official notice was published on Monday to the effect that there had been no intelligible signals through the Atlantic cable from Newfoundland since the morning of the previous Friday. This announcement caused a general feeling of disappointment, inasmuch as the success of the cable had come to be regarded as perfect and complete, and its public opening was expected in less than a fortnight. Up to this evening the condition of things remained un altered, notwithstanding the most persevering attempts to discover the seat of the injury. Signals continue to be received, but they are too faint to be intelligible. It is believed that the defect in the cable is within two or three miles of the coast, either at Newfoundland or Valencia. The strong portion of the cable, expressly manufactured for the shore, was to have been shipped from Plymouth for Valencia, and on its arrival to be immediately substituted for the ordinary wire, which, .however well adapt e d for nn.disturbed localities, is totally inadequ ate to resist liability to accidents on a rocky coast. But yesterday orders were received to delay the embarkation. This has produced a bad effect. The shares of the company have fluctuated a good deal in consequence of this untoward event. On Saturday, before the misfortune was k nown, they stood at 800 to 850. On Monday the lowest price wu 300, b ut yesterday they bad improved to 500. Today they left oil at 480 to 520. The Channel Islands Telegraph was opened to the public yesterday. It oust 25,0001. The company haves Govern ment guarantee of six per cent. for twenty-five years on their entire capital of 30,0001. A dividend equal to seven per cent. can therefore be realized for the sharehohieni durum that period, supposing the communication to remain uninterrupted. The shares are iu very few hands, and there are no dealings in them. Red Sea Telegraph Shat es, notwithstanding the Govern. ment guarantee of .1 per cent., remain at the price of last week—l to prem. The mistortune to the Atlantic cable rather prejudices their value. The scrip of the Indian and Australian Telegraph Company is, however, rather firm' r, being at to prem. It is expected the Government will in this ease also concede a guarantee of 4. per cent., in which event the shares will rise in value considerably. The suspension of Messrs. Archibald Montgomery and Co., Australian merchants, has been announced, with liabilities to the amount of lio,ooo/. The disaster is consequent upon some recent stoppages in the Hon duras timber trade in London and Liverpool. A drapery house in Lambeth has also suspended. On Tuesday it was announced that Messrs. John Powlea and Co., an old and respectable firm, had been compelled to suspend, owing to a partner in the house at Rio having unex pectedly led them into very considerable commitments. The liabilities are considerable; but they will not be known until the arrival of the next West India mail. A house in Manchester has also failed. These misfortunes are owing, not to the immediate condition of trade, but in each case to special circumstances. Negotiations for establishing mail services to Australia and British Columbia, by the Panama route, are still in progress with the Government ; but they are expected to he brought to a close in the course of a fortnight, u the importance of promptitude in such a matter is siltnitted on all sides. The Royal Mail Company are offering to carry out both services. Fully eighteen months will be required before they can be fully and properly organized. Algeria has been declared a free trade colony, and her her ports are to be open. This will give an impetus° all trade, in which we still have a good share. The Provincial Trade Reports of the week are again very satisfactory. In the cotton, woollen, linen, and silk trades the demand for goods is very considerable, sad prices are rising, while there is no accumulation of stocks. Iron and hardware are still exceptions, but they are im proving, and both Birmingham and Sheffield are fast recovering from their long depression. In fact, employ ment is general throughout tl.•e country, and the reports Irom all parts of it are uniformly to the effect that the re quirements of the public are so considerable that ilia demand is likely to last throughout the remainder of the 3 ear. libb.. gaiitoag Ntel Hyatt. RAILWAY COMPETITION was the important subject which called for the deliberations of the directors and other representatives of the interest at an influen tial meeting held specially for the purpose at the Euston Hotel, on Thursday. Mr. H. S. Thompson, chairman of the North-Eastern Railway, presided. The following companies were thus represented : Londern and North-Western, by the Marquis of Chandos, chairman; Mr. Thotal, and Mr. Stewart—Mid . land, by Mr. Beak chairman ; Mr. Hutchinson, deputy chairman ; Mr. Allport, and Mr. Newcombe—North - Eastern, by Mr. Thompson, chairman; and Mr. Leeman, deputpchairinan—Lancashire and Yorkshire, by L. Stuart, vice-chairman ; the Mayor of Liverpool, Mr Wilson, Mr. Anderton, and Mr. Hargreave—G mat Western, by Mr. Williams and Captain Bulkeley—Great Northern, by Mr. Denison, M. P., chairman ; Mr. Walker , and Mr. Seymour Clarke—East Lancashire, by Mr. Bug dale, chairman ; and Mr. Riley, deputy-chairman—NW cheater, Sheffield, and Lincolnshire ' by Mr. Gamble an d Mr. Lees—North British. by Mr. Hodgson, chairman , and Mr. Rowbothani—Lancaster and Carlisle, by Colonel Maclean and Mr. Bolden—Glasgow and South-Western , by Mr. Orr and Mr. Playfair—Oxford, Worcester, and Wolverhampton, by Mr. Fenton, chairman; Mr. Watkin, and Mr. Snerriff—South Yorkshire, by the Right Run. John Parker—Stockton and Darlington, by Mr. Meynell, chairman—Shrewsbury and Hereford, by Mr. Williains — Birkenhead, by Mr. Salisbury, M.P.—St. Helen's, by Mi. Holland, vice-chairman, and Mr. Sinclair — Car lisle and. Silluth, by Mr. Irving. The Chairman stated that he bad received assents to the resolutions passed at the last meeting, Irma. eighteen companies, representing an amount 0L capital exceeding 150,000,000/. Resolutions to the following effect were then put and carried. — lb , ' rates and fares ou the several railways to be fixed, so as to realize the largest amount of profit with 14 due regard to the interests of the public. in ftul n " of agreement, as to the rates, by companies interested in a particular traffic, the points in dispute are W he referred to arbitration. From this propo sal ouo