The Press. — London, England, 1858-09-18 00:00:00

~T,.- l iar... • THE PRESS, SEPTEMBER 18, 1858. 910 AMHITECTURE.—Upon the recommendation of the Architectural Society of Birmingham Mr. Chamber lain has been appointed to the vacant chair. The council relies on Professor Chamber'ain's Exertions ; but however enlightened and strenuous these may be, the co-operation of the Society of Architects will con tinue indispensable. WARDEN.—The Rev. J. G. Cumming has been appointed resident warden on the following grounds experience of twenty years in tuition and the management of students, more especially as Vice• Principal of King William's College, Isle of Man, the unvaried approbation of those with whom he has been connected in two large educational in stitutions, a constant engagement in clerical duties, and in scientific and literary pursuits. It is firmly believed that Mr. Cumming will be powerfully in. strumental in working out the scientific details of your iie.titution, no less than providing a comfort able home wherin the students may pursue their studies with pleasure and profit, with greater advan tages than young men can command who live with out the precincts of the college. It ought specially to be mentioned that the Warden and the Professor of Pastoral Theology, in order to relieve the college from its financial difficulties, have most generously devoted a considerable amount of the Warneforde endowments towards its support. THE PaisctrAL.—The earnest and untiring devo tion of time and talent by Mr. Sands Cox during the last thirty years to the interests and advancement of the college are so well known to all connected with it, that the highest position and honour which it is in the power of your council to confer will be deemed only a small acknowledgment of his eminent services. Your council entertain the most fervent hope that under his pliticipalship the college will (with the Divine blessing) greatly prosper, and become, not only a seat of sound learning and religious education, but what it has always been his earnest endeavour and high ambition it should become, the Queen's University for the Midland Counties. From the facts embodied in this report it may be interred that at no period since the foundation of the Queen's College have so many progressive changes been effected in strict accordance with the com9re hensivo spirit of its charters of incorporation. Your council have witnessed with infinite satisfaction the passing of the new Medical Act, a measure which cannot fail greatly to strengthen and widen the foundations of medical science. This result may not be immediately apparent, but it is none the less certain. Every measure tend;ng to encourage learning must eventnahy powerfully enhance the position of medical men in the social scale. Your council will as heretofore labour unceasingly for so desirable a consummation. The Warden will deliver his inaugural address on the 4th of October, when the honorary prremia will be conferred on the students. one 113rlitt an) 6tt2 latctligcna. FRIDAY EVENING. TAE return of the Bank of Engiand for the week ending Wednesday last, the 15th inst., shows the following changes compared with that for the week preceding : Increase in Circulation Increase in Pablic Deposits Decrease in Other Deposits Increase in Government Securities Decrease in Other Securities 31,418 Increase in Bullion Increase in Rest Increase in Reserve Bullion in both Departments 18,848,915 Circulation, including Bank Pdst Bills 20,913,550 It will be observed that the Public Deposits are again largely increased. They are now at a much higher amount than is usual at this period of the quarter. The main feature in the comparison, however, is the enormous addition to the stock of Bullion. It is now within a traction of eighteen millions and three quarters, and there is good reason to ant ici:iats that it will reach nineteen millions in the next return. The Reserve is also greatly enlarged, the unemnloyed notes exceeding 1.2,279,000/. Meanwhile the private securities continue to fall off--a proof that the discount liminess of the Bank is declining, RS it must iu the present condition of tle Money Market. TM; supplies of capital waiting employment are very large, and though the trade of the country is progressively increasing, there is still only n very moderate demand fir money. It appeara to be s subject of some astonishment that trade should have revived so considerably with so little assistance from the Money Market. Certainly with discounts at two and n half per cent.. and a desire to find employment for capital in some quavers on even lower terms, it dues appear extraordinary that the great extension of production now ‘isible tiircughout the manufacturing districts has been found practicable without enlarging the demand fur accommodation. The feet is novel in curnmer dial history ; but we believe the explanation of it is not very vlitlicult. It wilt be remembered that in the hard times that preceded the recent commercial collapse, the high pike of discounts, and the absence of confidence, forced upon traders of nearly all classes the adoption of the e isli system. In most cases credits were virtually so restricted that the mass of transactions were generally for cash. The ordeal was excessively severe, and in many instances greatly disastrous. But the ultimate issue has been beneficial ; for by initiating a better system it has rendered trade, to a great extent, independent of money dealers of every description. Discounts at ten and twelve per cent., by eating up profits, were sure to induce a violent change of some sort on the part of traders. That change was the forced adoption of the cash system. This fiery ordeal has purified the commercial atmosphere ; hut in so doing it has caused a violent reaction in the Money Market. Where trareactions ate for cash thete is no bill circulation ; if the bill circulation diminishes there are fewer to take to the banks and the brokers, and the greater the competition to obtain them. 'I he extension of the cash system, therefore, while closing transactions —enabling buyers to go to the cheapest market and giving sellers command over their own capital—has gradually pieced producers in funds to sustain au exten- sion of business. The convenience and safety of the system has necessarily restricted discounts, for there has been less need of them, and hence the complaints of the difficulty of finding profitable employment for large reserves of capital. At the present moment we see no sympt.ans of this state of things being changed. Com merce itself is supplying the means of its own extension ; and if the rates were reduced to-morrow the relation between trade and the Money Market would not be in the slightest degree changed. We therefore do not anticipate any change in the value of money, though the difficulty which the banks are finding in making profits under present circumstances frequently give rise to rumours of a reduction. Gold is rapidly accumulating, as maybe seen by our analysis of the Bank return. The actual additions made to the stock of bullion since last Friday, up to this evening, is no less than 615,0001. Most of this amount has been obtained from the large supplies of last week from Australia, added to some heavy receipts from Russia. The exports have been unimportant. In the forthcoming week toe probability is that further considerable amounts will reach its, as several Australian ships are due, while the West India mail steamer arrived to day with 1511,0001., and Russia may probably send 100,0001. or 200,0001. next week. In a short time, silver may he expected to return from China. The continental demand, except fur certain qualities of gold, is satisfied ; so that there is nothing to stand in the way of rapid accumulations here. The Funds and most descriptions of stock and shares have again been firm, and a further advance has been established. There is still little or no speculation ; the improvement, therefore, is mainly the result of moderate investments. Railway shares are firmly held, though yesterday, and again to day, there was some tendency to it slight reaction, owing to one or two lines showing rather unfavourable traffic receipts and the difficulty experienced in bringing about an understanding to avoid the ruinous effects of unrestricted competition. Consols, which left off last Friday at 971 to 1, improved to 971 to 1 a day or two ago, and they even touched 971. The operation of purchasers on account of the savings banks has checked the tendency to improvement. To-day they closed at 97 to 4. Foreign Stocks have been firm, and a good deal of business has been done in them. The New Turkish Loan (on which 797,1251., or twenty-five per cent., is payable on the 20th inst.) has been steady, at about 1 to 1 prem. The old Six per Cents. have improved about 1; and gene rally the whole of this market has been extremely well sup ported. Railway Shares maintain the improvement noticed last week, and in some c ices there has been a further advance of one per cent. Yesterday, the market gave way a little, but to-day there was some reaction. Banking Shares are all good. Ottomans maintain the late improvement. Atlantic Telegraph Shares have dwindled down since our last. The highest price obtained during the week has been 510; but yesterday they fell to 450; and to-day to 350. The cause of the interruption in the communi cations has nor yet been discovered, and it is now thought to be one that will involve a great deal of labour and expense to rectify. Miscellaneous Stocks and Colonial Government Securities are all firmly held Exchequer Bills have advanced 2s. since our last. The Continental Exchanges are still in favour of this country, but to-day they were rather lower. At the half-yearly Court of Proprietors of the Bank of England, held yesterday, a dividend was declared of four and a half per cent. Some doubts were indicated whether this rate can be maintained for the current half•year. The Government have renewed the contract with the Pacific S'eam Navigation Company of Liverpool for a fur ther period of six years for the conveyance each fortnight of the British mails along the west coast of South Ame rica, from Panama to Valparaiso. The company have also a contract with the Chili Government for the conveyance of the mails of that republic between Valparaiso and Ove island of Chilite, as well as subsidies from the several re publics for the conveyance of the local letters along the whole line of coast. Captain Hoisli has resigned the important past of manager of the London and North-Western Railway Com patty, which he has occupied for eighteen years. The estate of Messrs. Carmichael and Co., in the timber trade of Liverpool, who lately suspended, is tit be wound up under inspection. The liabilities are 324,0001., the assets 220,0001. The estate of Messrs. Montgomery and Co., Australian merchants, who stopped on the (1111 loaf., is also to be wound up under inspection. The dividend will be under 10a. in the pound. Messrs. Rawson and Sons, East India and Chiba merchants, who sus pended on the 2nd of June, with liabilities to the amount of 4'42,0901. and assets showing a large surplus, have au to paynonneed a fu first dividend of is. in the p oun d. T hey pa in l. The Provincial Trade Reports are agnin of a very favnar ebbs character. The high prices of several descrip• tions of raw materials have in some !rancher checked bast. ness rather; bat the production ia still below the consumption, anti there is no increase of stocks. Under these cireurnstanzes manufacturers are obtaining their own terms, though they occasionally are such as to restrict orders to immediate wants. The iron and hardware trades are decidedly improving. And on all sides great hopes o f advantage are felt from the opening Of China to the eater. prize of our merchants and manufacturers. gaiibrag A PARLIAMENTARY RETURN, just pnbliahed, gives some particulars regarding the injury to life and iimb sustained on the railways of the United Kingdom during the first half of the year 1858. It appears that 143 persons were killed and 175 injured. Of these 106 were killed and 153 injured in England and Wales ; 27 were killed and 9 injured in Scotland; and 10 were killed and 13 inj.ired iu Ireland. Of the total 10 deaths and 97 injuries occurred to passen• gers from causes beyond their control, while 10 deaths end 12 injuries were the consequence of their own misconduct or want of caution. A i.ong railway employee 8 were killed and 33 injured in a manner which left them free from blame, while for no leas than 65 deaths and 24 injuries the victims were themselves responsible. The person killed at level-crossings numbered 12 and the wounded 2, and trespassers to the number of 34 were killed and 7 wounded. Of the former 3 were cases of suicide. The miscellaneous deaths not coming under any of the pre ceding categories were 4. lo the period to which the return relates 9,268 miles of railway were open for traffic; in the corresponding half of 18.57, when 8,942 fillies were open, 108 deaths and 353 injuries occurred on railways. CAPTAIN Htttait, Secretary to the London and North. Western Railway Company, is about to retire from the position which he has so long occupied, and the board of directors, on receiving his resignation, have unanimously passed a resolution recording "their sense of his great ability, integrity, unwearied industry, and steady devotion to the interests of this company during the lengthened period of eighteen years, as well as the expression of their personal regard and esteem." It is reported that Mr. Stewart, the present secretary, will succeed to the vacant office. RAILWAY STATION EXPENDITURE iS very heavy. Very few have a notion of the expenses necessaryfor the working of a large terminal station— the porters, shunting engines, wear and tear of rails, turn-tables, cranes, and machinery, the night:work, and the various unsatisfactory heads of miscellaneous outlay. For the Bristol station alone the outlay for coke for the locomotives used for station work cannot be less than 1,0001. a year, and engineering and enginemeu's wages tell in great proportion, because the engines are loitering about day and night. At Camden town, Paddington, Shoreditch, or Nine Elms, the outlay is on a greater scale. The waste of labour is something very considerable in such stations, because the stations are built piecemeal, and there is a want of system on the part of the engineers who lay them out, and those who are concerned in the management. In due course of time they come under the care of the resident engineer; and we may safely assume that, in hardly any office, is there such a thing as a plan of a bunion, with its sidings, tarn. tables, switches, and details, while without such records, and without they are well kept, there must necessarily be e great waste of labour, because the arrangement of the details requires constant attention, to obtain accurate im formation of the small spaces over which engines and trucks are run many times a day, backed and shoved, and labour and time bestowed upon them, when a different connection might effect a very large saving. One of the best means to effect economy in station expenses (ss)v the Building News) is to take each large station out of the direct department of the resident engineer, to put a young man as inspector or clerk of the works at a small salary, and give him a premium out of all the sayings he can effect. There are few large stations where the salary of such an official would be a dead weight long. THE DtaxcToes of the Birkenhead, Lancashire, and Cheshire Junction Railway Company have, on the niottar . of Mr. Titherington, the bite chairman , unanimously elected Mr. E. G. Salisbury, M.P., chairman of the company. A DISPUTE of considerable interest to contractor+ an railway men has this week been the subject of ' elocution at Darlington, Mr. George Leeman, of York, deputy. chairman of the North-Eastern Railway, being the arbi trator. Early in 1855 the Stockton and Darlington Cone pany invited tenders for constructing a branch of nearly three miles from their Shildon tunnel, and Messrs. Trump dale end Jackson's offer (16,000/.) was accepted• In the progress of the works, several departures from the spece &cation were made at the company's instance, and ter all had been finished ( payments " on account" having from time to time made), Messrs. 'irowsdale and Jackson repudiated the contract, and claim ed 18,S001 over and above the 16,000/. The company ma intained ti l t, the tender was binding, and that only the n ew work won he matter of account. The contractor s, on the other utter hand, were of opinion that the variations bad be en&r many and and so important as altogether to vitia te that instrumen t. It was mutually agreed, however, that all 'natters in pute should be submitted to Mr. Leeman. That gentle man accordingly heard arguments and evidence for Messrs: Trowsdale and Jackson during three days, nary question whether the contract remained in forc e ' Mr. Deviant appearing as counsel for those gentlem en ' and Mr. Maniaty, Q C., and Mr. Price for the eoullnloY i ; Without calling upon the latter for a reply, Mr. Lee . ms e d said he c o nsid er ed it clear that a binding contract existo_ between the parties, both with regard to earthwork 51.1 c bridges. The importance of such instruments, when out. on the. prelim; mow ' e ea foie law ebe the W tog the, the 00 the Its B. toll kl ell ret a As ad in in eh no 01 th pi sp of et th el b. li el f I it r t r. 1 it 1 g )1 Ld to is ig to id re n• ls, ie oe n. id nt he ig in of td Jy 10 Cr iy Iw he nR od er at Id Cr ny is• rs. ;11, ty. an ed int AN