The Press. — London, England, 1857-10-17 00:00:00

THE PRESS, OCTOBER 17, 1857. one year in drawing, might have a master recom mended who would undertake for that small sum the instruction of those 500 children for one year, giving them one lesson per week. The State further un dertook to test this instruction, to see that it was soundly carried on, and at the end of the year would send an inspector down, and by means of papers from which there was no escape would examine those boys who chose to come up for examination. And, to induce them to come up, a small prize was given to every successful child, the prize being of materials that would assist him in the further pro. gress of his art instruction. Moreover, to give the master an inducement, for every boy who received such a prize a small payment was made on his behalf to the master which was in aid of the mere 6d. he had to pay for the twelve months' instruction. Lord GRANVILLE, who was loudly cheered, made an encouraging speech, in which he contrasted French and English art. For more than 1,000 years the Government of the French nation had encouraged and fostered in every way the art education of the people. Our own history was of a different kind. Art bad never been encouraged by the State in this country, and had never been applied to manufactures ; and the result most certainly proved at the Exhibi tion of 1851, that in that respect, and in that respect alone, our manufacturers were decidedly inferior to the manufacturers of France. Those are some of the reasons which created the necessity of schools of design. I believe it to be of the greatest importance to provide the best copies and examples for every school in the country, and I believe that a provision of this sort can much more easily be made, and mach more cheaply made, by a central body than would be possible by individual efforts. I believe, again, that the training of masters, to supply one of the most important deficiencies at this moment felt, and which was still more apparent s few years back, is what a merely central authority can do. And I remark just now that it is singularly characteristic of the spirit of the present age, and of the just appreciation by the Sovereign of that spirit, that whereas former monarchs worked almost entirely either for the gratification of their individual taste or for their self-glorification as to their regal state, I trust that in the encouragement from the Crown which has been given to art, while there is great individual enjoyment of the thing itself, an encouragement has also been given to education, and there has been an endeavour to make every class of the community co-operate in every manner in the work which was in hand. And I believe there is nothing more evident or that has done more good than the example set by the Queen herself, of the very generous use of any object of art in her possession, by circulating it as widely as possible, and letting it be known in every possible way. The names of the prizeholders were then called over by Mr. Cole, and the certificates of their claim to the medal were presented to them in succession by Lord Granville. anti Earhtt tub t ittz gitttiligtut. FRIDAY EVENING. Tus return of the Bank of England for the week ending the 10th inst. shows the following changes compared with that for the week preced ing : Increase in Circulation Increase in Public Deposits Decrease in Other Deposits Decrease in Public Securities Increase in Other Securities Decrease in Bullion Increase in Rest .. Decreue in Reserve- 15,3.59 Bullion in Both Departments ... 10,123,887 Circulation, including Bank Post Rills 20,862,690 The falling off in the Bullion reduces the stock to little more than ten millions, being the lowest amount at which it has stood for many months past. The heavy demand upon the Bank for advances on securities and the repayment of deposits has caused the Reserve to fall off nearly 600,0)01., so that the notes in the till are barely above 4,000,0001. The Public Deposits will not show the effect of the dispersion of the October dividends until the next return. The diminution in the Bullion and the Reserve will at once explain the policy of the Bank Directors in advancing the rate of discount, at the commencement of busines% on Monday, from six per cent., at which it was fixed only on the previous Thursday, to seven per cent. This movement was rather a surprise. Most persons anticipated an advance in the course of the week—not later than yesterday ; but few ex pected it before, and still fewer were prepared for an immediate jump of one per cent. But circumstances appear to have amply justified it. Financial diffi culties in the United States, as reported by the mail which arrived on Saturday, had accumulated and extended ; more banks had suspended, and many of the first commercial establishments were unable to meet their engagements. As a necessary conse• quence the exchanges had fallen to a point which made it profitable to ship gold from this side, while at the same time the value of money had increased so greatly that capitalists here were already arranging to raise heavy amounts for transmission to New York, Boston, Philadelphia, and other cities in the States, where it could be employed at something like twenty-five and thirty per cent. In addition to these threatening symptoms heavy remittances of gold were being made to the Continent by the bullion brokers, partly on account of an active demand from France, Austria, and Holland, and partly in payment for silver purchased for transmission to India and China. Then, again, large amounts of specie had been shipped for the Cape and some other colonial possessions. It was further reported that the specie remittances to New York alone during the week would amount to 400,0001. This estimate has proved a gross exaggeration ; but, taking all the circumstances into consideration, it was absolutely necessary to take decided measures for the protec• tion of the stock of bullion in the Bank. The day after the rate bad been raised to seven per cent. con siderable amounts of gold arrived from Australia and from Russia. They have proved sufficient up to this time not only to supply the American and conti nental demand, but even to furnish the Bank itself with a sum of about 80,0001. To-day there were two additional arrivals from Australia, both entirely unexpected, and bringing together about half a million. So that the operation of the new rate, in conjunction with the natural effect of these arrivals, has allayed any immediate apprehensions of a further diminution in the stook. But while giving full weight to these circumstances, there are some upon the other side which must be taken into account in estimating the probable course of the Money Market during the next two or three weeks. No further amounts of Australian Fold are now due, and we are not advised of any shipments, though doubtless some may be at sea ; and it is hope less to expect supplies from the United States in the present state of affairs. Some amounts of specie will of course come in by the next royal mail steamer from South America and the Pacific. We are, therefore, practically reduced to two fields of supply, Australia and South America, for some time to come. And against the stocks we now possess and the contin gencies of such arrivals we have to place the prospect of a ccntinuous, if not an increasing, de mand from the United States, the requirements of the Continent, and the necessities of India and China. Such, briefly put, is the present state of the bullion market. Apparently, it does not encourage much hope of discounts remaining at seven per cent.; and enough is known of the character of the Bank Direction to believe that a further advance will be made any day that it may be necessary. The effect of the advanced rate upon the Money Market has been very important. It has not checked, but increased the demand ; for, as the character of the American crisis was understood, it was deemed certain that it would cause a large demand for specie. All parties, therefore, have been endeavouring to obtain discount accommodation before the terms were raised above seven per cent. Hence the de mand has to a certain extent been exaggerated. But, independent of motives of this kind, it has been extremely active, particularly among the bullion brokers ; and the country bankers during the last three or four days have also been largely increasing their reserves. To-day the applications at the Bank were heavy. At the joint stock banks and discount houses the high rates allowed for money at call has placed them in ample supply out of the dividend receipts of the public which are now being paid ; but in all cases nearly both are requiring fully the Bank minimum. The higher price of money, and the suspension of remittances from America, have led to consider able commercial disasters in Glasgow, Manchester, and some other places. A good many failures have taken place, about half a dozen of which are of an extensive character ; and serious apprehensions are still felt in the manufacturing districts. The next accounts from New York by the Ariel, now due, may perhaps afford some relief, but in a crisis of such magnitude it is futile to expect that two or three days' later advices can produce any great improve ment. The specie arrivals up to yesterday, independently of the imports from the Continent, did not exceed 300,000/. The exports absorbed more than an equal amount, and preparations have been made for send ing 100,0001. to the United States by to-morrow's packet, in addition to 70,0001. sent by the Baltic on Wednesday. To-day there was most unexpectedly an exceedingly large addition to the receipts. The Royal Charter arrived from Melbourne with 336,0001. in gold and 24,000 sovereigns, and she was followed by the King Philip with 100,000/. Besides, 3,0001. came yesterday by the Omer Pacha from Sydney, and 1,0901. from the Brazils. Altogether not less than 517,6901. was reported to-day —an amount which, besides meeting the external demand for some little time, will probably enable the Bank to recruit, to some extent, its diminished stock. The Orinoco, which leaves Southampton for the West Indies to morrow, takes out 19,1301., of which 11,1301. is in gold, and the rest in silver. As to silver, the Indian letters delivered this morning have stimulated the demand for the neat and the succeeding packet. That of the 20th instant will probably take out nearly 1,000,0001. Bars have advanced to ss. 20. per ounce ; and for the first packet in November the price to-day was ss. 2d. per ounce. The Continental Exchanges are all better. On Paris and Vienna there was a further improvement to-day. All the leading banks in the continental cities have advanced their rates of discount, in consequence of the policy adopted by the Bank of England. The Bank of France have advanced to six and a ball per cent.; the Bank of Amsterdam to six. At Hamburg the rate is now nine per cent.; at Vienna eight ; and at Berlin six and a half. At Vienna a panic is pre vailing. English Securities of all descriptions have given way before the increasing dearness of money, and a serious decline has been established in some railway stocks. The Stock Exchange, indeed, has suffered heavily during the week, partly from a demand for money, in connection with the Consol and Share settlements, which were brought to a close yesterday and to-day, and partly from a demand in connection with repayments of advances made by the Bank during the shutting. No fewer than five failures have taken place, and there have been several suspensions on some of the provincial Stock Exchanges. Consols, which left off last Friday at 891 to I, suffered on Monday from a species of panic created by the sudden advance of discounts, and they have been as low as 871. The fluctuations have, there fore, been considerable. Yesterday they were at one time quoted at 881 to 1, principally through reinvest ments of dividend money, but they receded to 88} to lat the close. To-day they opened at 881 to I, and closed at 881 to 1. This improvement is solely due to the gold arrivals noticed above. The fluctuations in Turkish Six per Cents, always a speculative stock, since this day week have been no less than nine per cent. The dealings in them have been large ; and of course, under such circum stances, heavy differences have had to be exchanged at the settlement. Last Friday they closed at 931 to ;on Monday they were as low as 84. Since then they have gradually improved until yesterday they left off at 87 to 4. To-day they further advanced to 87* to 88. Mexican Stock has gone down a little. Other descriptions are slightly lower; bat on the whole the Foreign Market has been less affected by the changes in the value of money than railways or Consols. Some violent changes have oecared in Railway Shares. Caledonians, for example, up to yesterday had fallen rather more than four per cent. ; Shef fields two per cent., and some others in less proportion. The heavier stocks were also muoh lower on Monday and Tuesday ; but on Wednesday, and again yester day, they rather recovered. To-day these was a general advance of fully I per cent. The Railway Market is, however, extremely sensitive, and it will follow the course of the Money Market. Most other shares, Joint-stock Bank, Mining, Miscellaneous, as well as Colonial Government Se curities, have declined. Exchequer Bills were on Monday dealt in at 20s. discount; but they subsequently recovered, mainly upon purchases on behalf of the Commissioners for the Reduction of the National Debt, to a discount of 10s. to 15s. This is 2s. lower than last week. To-day they closed at Bs. to 4s. die. The Swedish Government have advertised the particulars of a proposed loan of about 1,200,0004 to be expended in the further extension of tbe rail way system in Sweden and Norway. The terms do not appear very favourable. The contract is said to have been already adjudicated to Messrs. Mark and Co. of Hamburg. A contract has been entered into between the Spanish Government and the Peninsular and Oriental Steam Navigation Company, for the con veyance of mails twice a week between Hong Yong and Manilla. The service is to comment* is six months; but meanwhile a monthly line will be established. A statement that the India-house sr• in want of money is denied ; but in such a way as to make ns believe that though immediate wants may be supplied, such an emergency is sure to arise very shortly. The next wool sales are announced for Thursds,y, the 12th November. The stock of colonial wool Is now about 33,000 bales. The Trade Reports of the week are filled with complaints of dear money ; and from some of the manufacturing districts the accounts are by a means satisfactory. NB PIISSI. Wed.Thars. Mosid.,Tuesd. 4f 1 :1 A7l x 861 88$ xd 881 171 xd 171 i21311d 218 154 7d .... .... Ni de, 3 per Cent. Console Ditto for Account 3 per CeLts Reduced S per Cents Long Annuities R►nk Stock, 7 per Cent 1 New ge per Cent Annuit Mob. Bills, 20. lady B ond 1,0001.) um 21$ 5d 811 est 87 871 15-18 10d 294 88 7 8 8 87t 5-16 918 5 i 80 1021