The Press. — London, England, 1855-10-13 00:00:00

FROM THE LONDON GAZETTE. Tuesday, Ocl. 9. BANK RUPTS.—Wx. CoolTaxAy, Hounded itch, clothier— Wm. ArrwoOn, Old Dorset-place, Clapham-road, grocer-GRAB. WATNINSON, Bedford, draper--CtokaLEs GRORRM/TH, Welling ton-street, Strand, fancy soap maker EBENF.ZER BOLTON, Weymouth-street, Portland-place, soda and mineral water manu facturer—EuwAßD MIHWHLL, Goebertou, Lincolnshire, grocer —Wm. THOMAS STANITORTH, BheMeld, cutlery manufacturer-- Jima. HOWARTH, Ashton•uoder-Lyrae, llnendraper. SCOTCH SEQUESTRATIONS.—Jous RENNIE, Bridgeton, Glasgow, grocer—Joint Ruthriestou, Aberdeen, shoe- Illaker-4OHN ATLECI, Glasgow, pawnbroker—JOHN WAUGH, Knoekeen, Ayr, farmer. OCTOBER 13, 1855. Friday, October 12. BANKRUPTCIES ANNULLED.—Vona &meow, Brick-lane, Spite'fields, wholesale boot and shoe manufacturer—NE/1E111.4H Jonw Rutin, Marlborough, Wilts, licensed common brewer and milker. BAN K RUPTS. ALVRID WATTS and THOMAS WHITNEY, Bletchynden•terrace, Southampton, carpenters RICHARD BRIZRLSY FTETCHER, Crompton, Lancashire, cotton spinner— DANIEL BENJAMIN Hum, Sidnersquare, commission agent— Jossrm Ltrmuroan, Marylebone, coach-builder and livery. stablekeeper — W. WRIGHT, Loughborough, miller and Born- factor—ROßEßT JOHN ENGLAND and THOMAS AUGUSTUS GAR. HARD, wholesale druggists, &c.—JoaN THOMAS ARCHES, Not ting•hill, Bayswater, licensed victualler PHILIP SLarrzn, Woodstock, innkeeper and coal merchant. SCOTCH SEQUESTRATIONS.-Wm. FLEXING KENNEDY, Glasgow, metal broker—Davln M'Dorcti.u, Dunfermline, grocer -WM. HETHERINGTON RAE, Glasgow, commission merchant. RUSSIAN TAR was landed at Portsmouth on Tues day for the use of H.M. dockyard. The cargo, amounting to 2,000 barrels, each containing from four to five cwt., was shipped at Stockholm, having been sent there from various places in Finland. AN ENGINE AND CARRIAGE fell into the street at Bermondsey, off the London-bridge Railway, on Wednesday morning. It appears that a train of fifteen empty carriages was in the act of being with drawn from the Brighton platform for transmission to New-cross, when, in consequence of the points on the main line being set for a turn-table siding, the engine took the wrong direction, and notwithstanding both the driver and stoker instantly discovered the error, and endeavoured by every possible means to stay the progress of the train, the engine burst through the boundary-wall and fell into the street below, dragging after it the guard's break and one first-class carriage, and completely blocking up the thoroughfare of College-street, Bermondsey. The driver and stoker leaped off just as the engine fell over, and escaped unhurt, and as no passengers were in the street below not the slightest personal casualty occurred. Ilona alarhtt and Citg FRIDAY EVENING. THE uneasy and feverish feeling which prevailed on the Stock Exchange during the three first days of the week was agreeably dissipated on Thursday, when, after a longer sitting than usual, the Directors broke up without altering their rate of discount. This was accepted as an indication that the pressure did not exist to the same extent as formerly, and money securities immediately became buoyant. Consols for money and transfer the next day opened at 881 1, but, by the close of business, advanced to 881. To-day the advance continued, Consols for money being done at 871, and for the Bth of Novem ber at 871 to j, thus establishing an advance of 11 per cent. from the lowest rate before the decision of the Bank was known. It was inferred from the decision of the Directors that the drain of bullion had been checked ; hut that supposition is not borne out by the return in to night's Gazette, where the stock is shown to be 600,0001. less than in the previous return. The stock of reserve notes also bad declined from 6,195,5701. to 5,473,4701. But with regard to the stock of gold some error prevails even in commer cial circles. The Bank Direction must of course watch it closely, as on the amount it holds must de pend, in great measure, its ability to afford accom modation ; but primarily it has to regard the demands made on it for accommodation. Money, like other commodities, must depend for its value on the de mand which exists for it, as well as on the stock held in hand ; and it will be found that the Directors have been guided, as they were bound to be guided, in advancing their rate of discount, by the pressure experienced for increased accommodation. Thus the return of last week showed an increase in the " other securities" held by the Bank to 1,400,000/. ; and the Directors, therefore, naturally raised their rate to diminish the pressure. This week the item " other securities" shows a small decline, and the Directors have felt it unnecessary to raise their rate. The nilvement in the one case, and the non•movement in the other, have properly depended on the demand fbr accommodation, as will appear by the following comparison of the Bank returns : Decline Other Bullion from pre. Seen and Coin. vious week. rides. Rept 29. .12.944,928..924,779 ..19.918,78.4 ..1,406,4R1S Increase. Oct. 6..12,2:9,281-665,617-19,791,291.. 1)14,170 decline. So, when last week the decline in the amount of gold was 324,779/., and the increase in the "other securities" was 1,406,4851., the Bank advanced its rate to 51. This week, when the bullion has de clined to the extent of 665,6471., the Bank holds its rate stationary, the " other securities " having slightly declined in amount. An impression appears to prevail that the drain in gold will now be checked. The wonder is, that it should, in the face of the continued productive ness of the mines, have proceeded so long. We can not help thinking that the supply will continue suffi cient to keep our monetary system in a healthy state ; but should this, owing to the large foreign expendi ture for war purposes, not be the case, it will be the duty of the commercial community to seriously con sider their position. At present we see no cause for apprehension on that score ; but it will be indispensa ble that we should have an amount of circulating medium sufficient for the purposes of legitimate trade, and should war operations diminish the amount to an inconvenient extent, then, in that case, the difficulty must be fairly met. We are at a loss to explain that pressure which the accounts of the Bank show to have existed. So far as our inquiries extend, speculative trade has of late been kept within safe limits, and the general commerce of the country, both foreign and domestic, seems to have been fairly maintained. We apprehend that the increased taxation and the loans now begin to bo felt, as, supposing the expenditure of the country to have been this year 40,000,0001. above the average of peace expenditure (we include the loan to Turkey), it is evident that so much must be withdrawn from the savings or surplus capital of the twelve months, and be so much diverted from the commercial and industrial enterprises in which it would otherwise have found employment; and the diminution is likely to be felt more in the Money Market, where surplus capital resorts for employment, than in industrial trade, where a certain average amount is regularly absorbed. From a consideration of the prospects of the war, we have for some time been of opinion (taking the above considerations into account) that the public securities have been maintained at a rate unduly high. Not only are the amounts yet remaining to be paid on the last loans to be provided for, but we have the certainty that a very considerable loan will be required for the service of the ensuing year. Our own opinion is, that a loan of 30,000,0001. will be required by our Government for its own use, and other gua ranteed loans may not unlikely raise the total amount to 40,000,0001. The wants of France will be pro portioned to our own, and so large an amount as the aggregate will be, cannot be withdrawn from the disposable capital of the two nations without lower ing prices, and causing considerable pressure on commercial capital. Our figures are purely conjec tural, yet we apprehend they will not be below the total sums required for the next year. Though we have no particular information to cause uneasiness, and though general apprehensions must always be received with great caution—more espe cially when anything like commercial gloom prevails —we may mention that from the chief provincial towns, as from Manchester, Liverpool, and Glasgow, reports reach us that the banks are looking narrowly to their issues, and that the autumn season is not ex pected to pass over without heavy failures. All we can say is, to repeat our conviction that we know nothing in the state of our trading relations to justify these forebodings. From a parliamentary return lately issued it ap pears that in the thirty-four years from 1820 to end of 1854 the national debt had been reduced by pur chases by the amount of 43,384,8031., effecting a saving of interest to the amount of 6,179,093/. We must expect that the balance will now turn the other way. A meeting of the creditors of Messrs. De Lisle and Co. was held on Monday, when three propositions were submitted to them :-1. To carry on the business with the assistance of friends ; 2. To wind up under inspection; and 3. To take in fresh partners. A very friendly tone prevailed amongst the creditors of the firm, who appear to be held in the highes t respect, but the accounts not being sufficiently ad vanced to lay before them, it was resolved to adjourn until to-morrow, when the most desirable course to pursue will most probably be taken into consi. deration. The instalment of ten per cent. falling payable on Tuesday next, the 10th inst., on the British loan of 10,000,000/., will complete eighty per cent. paid up, and will leave only eighty per cent. more to be met— viz., ten per cent. on the 20th Nov., and ten per cent. on the 18th Dec. ___ Although, generally, the shares of the various gold-mining companies are flat, there has been during the week much dealing in those of the Chau cellorsville. This appears to hare resulted from a very general announcement of the directors of the arrival in the docks of a hundred tons of gold ore from the estate of the Company in Virginia. John son and Mathey, and other eminent persons, have assayed the gold, which has yielded to the extent of live ounces per ton, leaving a profit, after paying freight and expenses, of about four ounces the ton. This is the first consignment, and the shareholders may soon expect a dividend. The letter to which we give insertion below on the establishment of a Crimean Bank is from a most respectable authority in Scotland. The plan we hope will soon take a practical shape, as a " Western Alliance Bank" in the Crimea would be of the greatest convenience to both Governments in facili tating their payments, would save offieers and privates from great imposition, and economise their funds, and—a most important point to the whole commercial community—would tend to prevent the drain of bullion, and perhaps thus save the country from having recourse to an inconvertible paper circula• tion. The excellent effects of the Headquarters Bank in the Peninsular war show both the expe pediency and practicability of the hoheme. For the moment parties who are favorable to the project may find it convenient to make use of our columns to ventilate the subject. In the new Turkish Stocks there has been less fluctuation this week than last, but on the whole they have sustained a further depression, and have scarcely participated in the upward movement of Consols during the last two days. Railway shares have experienced an upward movement, and most foreign securities show increased firmness. Com paring the prices of most kinds of securities with those prevailing when we last wrote, not much differ ence is apparent, the fall in the earlier, having been recovered by the rise in the latter, days of the week. WESTERN ALLIANCE BANK. TO THE EDITOR OF " THE PRESS." Sir,—l, for one, approve exceedingly of the propo sition to establish a bank for the use of the allied army and the mercantile classes and others in the Crimea. Conducted on fair principles, it would save large sums to our soldiers now pocketed by army agents and others under the head of commissions, and also exchange for the different moneys in which they may draw their pay; while it once established, it might issue its own notes, and thereby prove a valuable adjunct to both the French and British Governments, saving the necessity of the remission of specie to pay the troops with. It would serve also as a bond of union, and to cement or strengthen the alliance of the Western powers, and would be a great instrument of colonisation of the countries bordering on the Black Sea and of development of their resources. Ido not know to whom the merit is due of having first mooted the project of such a bank in the columns of the THE Passe, but I would be happy to co-operate as far as in my power in the formation and carrying out of such a scheme, and I inclose my address. lam sure the scheme would receive great and general support.—l am, sir, your very obedient servant, J. C. Glasgow, 9th October, 1M55. BRITISH Timms.— Closing Prices. OFFICIAL QUOTATION. Monet. need. Wed. Thum ]Mt* 3 par Cent. Consols B7l 757 61 $ll 81, 167 I Ditto for Account 9 per Cents Reduced —85 j 3 per Cents Long Annuities Bank Stock, 7 per Cent — 907 sd 909 7 Omnium — K.zoh. Bills, 2d. per diem 5 ld 5 id 6 d H India Ronds,( 1,00014. 9p THE PRESS. BANK OF ENGLAND. An Account, pursuant to the Act 7th and atb Victoria, esp. 1111 for the week ending on Saturday, the 6th day of 0ct.,18115. 1111011 VLF/ATKINT. 1 Notes issued .... £26,766,025 Ooverninent Debt £11,015,1410 Other Seeurities .. 9,984,900 Gold Coins Bullion 11,766,026 Silver Bullion .... --• 425,785,025 i BANKING DI Proprietore'Capitalin3,o6l; Kest Public Deposits• 7,106,624 Other Deposits 4even Day a other Bill■ Oovernment Secu rities ((Including Dead Weight An.) £11,413,141 Other Securities 19,791.291 Notes £,473,470 Gold t Silver Coin £14,251 11.37,1a2,161 _ . • Including Exchequer, Savings Banks, Commissioners 01 National Debt, and Dividend Accounts. £87,191,162 FOREIGN RAILWAYS. Monrl.lThesday. Wanes. i Thurs. ( Trldag Aintw. et Rttrdm. 71 8 71 8 71 8 74 8 le 8 Belgian East. J. 21 2d 21 1 d 2 1 d,21 $4 21 11 Dutch Rhenish id par!id pail par f 4 4 4 East Indian I 211 2i ei 211 21 24 24 214 2 I Ot. Indian Pen. 51 64 Ibi I 5 0.W.0f0an.,812. 231 4 231 44 Pt 4 3 4 21 4 1 Lyons a Goners 5 6p 5 6p 2 fl p 4 Op 4 i Madras tt Na.Lge.(w.in ) 4 6 4 8 4t 6 41 4 14 tirthrn.ofErno . 33 4 1 4 46 i " 4 314 6 Norw. Trnk.Prf. 71 S 1 71 81 71 61 7 . 4. e e l 7 1 4 Paris &Lyons 434 4 4 2 4 4 44 i 441 Paris et Orleans 44 644 6 44 44 46 V Paris &Rouen,. —, 1 MI