The Press. — London, England, 1857-10-03 00:00:00

THE PRESS, OCTOBER 3, 1857. he thought, been one of " justice and mercy," and he hoped that it would be continued on the same equitable principles : It is in vain to tell me that this mutiny or rebellion has been excited by the propagation of Christianity. We could not hold that country—we could hold no country, as Christian men—unless we attempted to Christianise the people. To say that that was the cause is utterly untenable and futile. We are bound to Christianise and civilise the people if we can, and leave the results in the hands of an all•wise Providence. Mr. P. H. Howard, on the same subject, said : I trust that when this hurricane blows over the mind of Parliament will be devoted to the subject of our Indian Government, and I quite. agree with Mr. Hodgson that too much indifference has been displayed upon these questions in Parliament. Except there were some strong reason, it is with the utmost difficulty that " a house " can be got together on any question connected with our colonial em pire. I trust that the present state of affairs in the East will be a warning to Parliament that when they see notice on the books of the house relating to India they will be prompt and ready to give their attendance—even though they should not be called upon to do so by the urgent claims of anarchy and rebellion. 973 from Calcutta. From the tone taken by a part of the press it might be imagined we are near the end of the rebellion, and that the people of England will escape without paying the bill for putting it down. There is certainly nothing in the news just received nor in the prospects of the fature to justify such an exuberance of hope ; out it answers the purpose for the time, and that is sufficient for a Government and its supporters who have all along failed to appreciate the magnitude of the insurrection. Consols have slightly improved during the week. At one time they stood at 00, but there were numerous orders to buy at that price, and they con sequently rallied. The effect of the Calcutta advices was to cause an advance of only one-eighth, namely, from 901 to 901, a proof that the moneyed interests have no great confidence in the vaticinations of the Government organs with respect to Indian affairs. Yesterday the closing price was 90i to 1, and this mottling they opened the same ; but some calls for money and for the next account (Nov. 10) caused a reaction to 001 to a, from which there was no recovery during the rest of the day. Foreign Stocks have generally shown some degree of firmness, but no advance of importance has been established. _ Railway Shares since the settlement, which was brought to a close on Wednesday, have been very buoyant. In most of the heavy stocks, particularly Midlands, a decided advance has taken place. The rise, however, has been almost general, and the tone of the market is still good and firm, though there was rather a strong reaction to-day in some of the heavier stocks. _ _ . Very few transactions are reported in Joint stock Banking, Mining, or Miscellaneous Shares. During the month of September the range of fluctuation in Consols was one and a quarter per cent., terminating with a decline of five•eighths, in addition to that of one and a half per cent. which occurred in August. The Bank bullion experienced a further reduction of 650,01,01., and that in the Bank of France an increase of 1'20,000/. The Railway calls due in October amount to :285 ,850 1. The Board of Trade Returns for August show an increase in the value of our exports, compared with those in the corresponding month of 1856, of 885,5131. The Indian trade has undergone the greatest diminution, principally in the shipments of cotton ; still, there is an increase as compared with August, 1856. It must be observed, however, that the effects of the great disturbance now raging in Bengal upon our trade must be progressive, and that we shall feel them much more hereafter than we do at present. The total exports for the first eight months of the year amount to the value of 84,666,7181., being 0,976,7841., or nearly twelve per cent. more than in 1856. The Hull Bank of Messrs. Harrison and Watson has failed, and several commercial concerns with which it was connected have fallen with it. The liabilities of the hank are 400,0001., and the assets 225,0001. Several failures aro also reported in Liver pool, but none of them of much consequence. Notice has been given in the Gazette that the sum of 77,7771., being one-fourth of the surplus revenue for the year ending June 30, would be applied towards the reduction of the National Debt. the Govern ment broker has consequently purchased Exchequer Bills with the amount; but his operations have not materially improved those securities, which are at a di-count of from Os. to ss. The Revenue Returns for the quarter and year ending September 30 were published yesterday. Attempts have been made, apparently upon official inspiration, to represent them as favourable, and to some extent they are, in respect to a portion of the estimated receipts. But they are essentially un favourable, for they show a falling off in the main sources of income to the extent of more than 880,0001. upon the quarter, and about 170,0001. upon the year ; and a judicious silence has been main tained with respect to current expenditure. It must be borne in mind that the falling off in the property tax next quarter must be very large, as it will be col lected at the reduced rate of 7d. The diminution in this item, we estimate, will be no less than 3,500,0001. Under existing circumstances this fact does not suggest very pleasant considerations of what may be done with the income tax in the next budget. The Trade Reports of the week are not worse than for some time past ; but in some districts complaints are made of the effects produced by the suspension of orders from the East. BRITISH PURRS.— Closing Priest. OFFICIAL QUOTATIONS. i lrfond. 3 per Clent.Consols Ditto or Account 3 per Cer.ts Reduced 9 per Cents Long Annuities Flank Stock 7 per Cent New 21 per Cent Annuit Exch. Bills, Yid, India Bonde,(1,0001.) 891 20i i Tuesd. Wed. Thurs. ,Friday SO} 90i IrOt 90i t 90f al 90i - I 204 219 10d l ad I I 9d'6 9 54 204 ) 1 23 25' 184 I am persuaded that the time which has elapsed since the Reform Bill of 183 . 2 has enabled many classes to so im• prove themselves and their means of judgment as to exercise that franchise wisely for the benefit of the com• munity. . . . I trust, therefore, that in all future changes that may take place, as well as in previous changes, while we extend the bounds of religious liberty, and I trust it will be done soon—while we extend to the Jew that liberty which has been given to the Protestant Dissenter and the Roman Catholic—while we extend and fortify our institutions, that it will be done with the common consent of all classes in this country, and that thus this country may continue to flourish ; that we shall not see, as some envious persons have presumed to conjecture—that we shall not see our power in any part of the globe diminish. In conclusion, Lord John Russell impressed upon his hearers the necessity of "moderation" in our re• conquest of India : We shall know in future to whom we can trust, and we shall know in whose hands we ought to place arms again. We shall he then enlightened by experience, and I have that faith in the courage of this country, and that faith in its justice and humanity, that I feel sure that while it has strength to gain the victory it will have moderation to make a good use of that victory, On Saturday an address from the Nonconformists was presented to Lord John Russell. The address was only remarkable for the allusion it made to the famous " Vienna Conference of 1835," and for the reply it drew from Lord John Russell : I have ever been convinced (he said) that whatever opinions may gain ground for a time—owing to certain speakers or writers, who have been exalted into temporary notice, giving prominence to their opinions—that English• men are not long deceived by such opinions as to the cha racter of any statesman. It has been rightly noticed in the address presented to me, that the time has not yet arrived in which to make full explanations as to my conduct at Vienna. Being employed as the confidential servant of my Sovereign, I thought it better that my reputation as a statesman should suffer injury than that I should make untimely explanations. Most certainly I believed at the time—though I might be mistaken—that the measures I proposed and supported were for the interests of my country ; though perhaps I have thought more of the interests of my country than, I am bound to say, the pre- vailing passions of the times. - - - His lordship left Sheffield, accompanied by Lady Russell and their children, for London the same morning. MR. AUGUSTUS STAFFORD, M.P., AT OUNDLE. AT the annual meeting of the Northamptonshire Agricultural Society, which was held at Oundle on the 21th ult., Mr. A. Staffori, M.P., proposed the toast of the evening —viz., " Success to the North amptonshire Agricultural Society." After referring to the advantage of the sale of corn being adjusted to one common scale, the hon. gentleman alluded to the question of agricultural statistics, and expressed his opinion that "the farmer should have a right to give such returns as he thought fit, and not be re• quired to give any more than he thought fit." The honourable gentleman next referred to the law of settlement They knew how, on the one hand, it was required by existing arrangements, the landmarks presented by their parishes—the source of many dear associations and enno• Kling recollections—while, on the other hand, it was in com• patihle with that free market for labour and open competi• tion which ought to be the labourer's right. He had seen bill after bill withdrawn on this complicated question. The only remedy seemed to be that boards of guardians should have greater powers than the central board was willing to give them. In Ireland a power was vested in boards to make the whole union into one parish, and a aucgestion to adopt such a plan in certain cases seemed to ba the only method of meeting the difficulty. Mr. Stafford next praised agricultural societies as useful to all clas3es connected with the land. In stancing the hardships and dangers of the Crimea, Mr. Stafford claimed for soldiers from the rural populations that they constituted tha chief strength of our army, in their powers of endurance of the vicissitudes of climates and the fatigues of long marches, where men from manufacturing or civic populations became exhausted : It had been the custom to run the rural population down, and he had often been struck with the glibness with which town populations eulogised their advanced civilisa• lion over that of the rural districts ; but none were more moderate in prosperity or patient and enduring in adver sity, or more the mainetay of our army at the present time. Towards the conclusion of his speech Mr. Stafford adverted to the Indian mutinies, and denounced the horrors that bad been perpetrated. He thought that every tenant farmer among his constituents, of what ever shade of politics he might be, would not with hold any sacrifice to maintain the integrity of our empire, and put down and punish the perpetrators of the horrid cruelties that had been committed there. Mn. lionnsort, M.P., at the dinner of the .Cum berland Agricultural 'Society, referring to the origin of the Indian mutinies, said that too much indiffe rence had been displayed by Parliament towards India. Our government of India had, on the whole, glaneg Market altb Ordttg (nttiligenct. FRIDAY EVENING. THE return of the Bank of England for the week ending the 26th Sept. shows the following changes compared with that for the week preced ing : Increase in Circulation Increase in Public Deposits Increase in Other Deposits Increase in Securities Increase in Bullion 87,528 Increase in Rest Decrease in Reserve Bullion in Both Departments .... 11,270,088 Circulation, including Bank Post Bills 19,031,231 The main feature in this comparison is the large increase in the Public Securities caused by the acti vity of the demand for money last week. It amounts to about three-quarters of a million ; and in order to meet it, the Bank was obliged not only to employ the whole of the additional deposits both public and pri vate, but to make a large inroad into the Reserve. The diminution in the Reserve, indeed, neutralises the increase in the Bullion, the more especially as we are tolerably sure that the stock has not been enlarged in the current week. The Public Deposits now approach eight millions and a half; but they will soon be rapidly diminished by the ordinary pay ments of the quarter and by the release of the divi dends. Money has been in most active demand all the week, and the pressure has by no means subsided yet. Rates consequently have been firmly maintained at the Bank minimum. Indeed, indications have not been wanting of a disposition to enhance the terms, as, during some days, the supplies were not very liberal. This apprehension, however, has now passed away, but no hope can be held out of money for the remainder of the year being lower than the present rate of five and a half per cent. On the contrary, there is a strong impression in many quarters that the value of it will Ilse to six per cent. The market, by the operations of the week, has been left in a sensitive and rather unsettled c3ndition, and it will probably so remain until comparative steadiness has been restored by the dispersion of the October divi dends, the payment of which will commence next week. The most important feature in the bullion move ments of the week has been the amount of gold taken for the Continent in payment for silver. More than 300,0001. have been absorbed in this way. There is at present no gold bullion in the market, and con sequently some amounts have been taken from the Bank. The Bank, however, received about 30,0001. in the early part of the week. The imports of the week have been nearly 500,0001., more than half of which is in silver. Silver, however, is scarce, particularly bars, and the price has advanced Id. to Id. per ounce, but dollars are unchanged. The packet leav ing Southampton on the 4th will take out for India and China about 400,0001. The foreign exchanges are tolerably steady and rather favourable than otherwise. The leading banks in Holland and Germany are requiring higher rates of interest. Indeed, money on the Continent is generally tight. Since our last we have received advices from Bombay and Calcutta, bringing news from the upper provinces to the middle of August. We wish we could say that we saw any improvement in the state of affairs in the disturbed districts. The chief sources of anxiety are the fate of the garrison at Lucknow and the position of General Havelock ; and against these we have only to place the fact of reinforcements to a small extent having proceeded up the country by the rivers. As to Lucknow, there is reason to fear that the wtrst has happened; and as to General Havelock, we need only refer to the apprehensions of the Govern went themselves, contained in the official telegram