The Press. — London, England, 1856-03-08 00:00:00

236 e orrtsponttott. THE CURRENCY DEBATE. TO THE EDITOR OF "THE PRESS." • Sir,—As you do me the honour in oue of your ar ticles to refer to some reports of a speech I mode on the currency on Thursday last, I beg leave to inform you that that report is erroneous. If I had made use of the language attributed to me, I perfectly agree with the writer of the article that I should have been labouring under a most singular confusion of ideas. I did not say that if the ounce of gold were coined into four sovereigns the price would then be fixed. What I did say when contending, as I do, that the price of gold is not fixed, was, that I some times wished the ounce of gold were coined into tour sovereigns, as it would at all events possess ono ad vantage, that of rendering the fact more clear to the intellect of honourable gentlemen.—l have the honour to be, your very obedient servant, March 2, 1850. 0. M. W. PEACOCKE. ROGERS'S "TABLE-TALK." TO THE EDITOR OF THE PRESS. Sir,—Your correspondent B. strangely misinter prets our poets whom he has quoted, when he supposes that their sentiments sprang from a common source with those of Horace. Elie former are not contradictory of religion ; the latter are utteriy im pious. The former imply the facing Death with resignation; the latter a constant struggle to clutch each successive hour from his grasp, instead of dwelling with deep rapture en the thoughts of some great past enjoyment. Montaigne (livre ii., cap. xii.) selects this passage of Horace for especial reproba tion, as expressing the opinions of those sceptics who deny the omnipotence of God, because, say they, He cannot undo what is past. Whereas, if they re garded the truth, they would see that time itself is but one of God's created things, and that with Him there is but one eternal Present, without Past or Future. B. N. C. [ln the ode from which the passage alluded to by our correspondent is taken, Horace is dwelling on the general uncertainty of human affairs—on the 'K(014,471 view of things—cetera flaminis rite feruntur. But, as he was not acquainted with the only source from which certainty can be derived—i.e. Revela tion—he may be pardoned for r:flecting with pleasure on the one thing which even Deity cannot rob us of—that is, the Past. Our correspondent shou d remember that this maxim—that what has been done, even God cannot make undone—is a very ancient philosophical doctrine, and one that cannot justly be stigmatised as impious, even on the authority of Montaigne. We agree with our cor respondent in thinking that the sentiment of Horace in this particular passage is hardly that of either Rogers or Tennyson. They dwell on the simple fact ; Horace on the only consolation which that fact affords to man. But if Ten nyson had been a heathen, he would probably have written in the same strain. The gods, he would bare said, " are careless of mankind." Decs didici aecurum ogere arum. We know not what to do. Let us, at all events, make the best use of the present, and solay up a store of reminiscences of which no tate can deprive wt. But in these reflections, proceeding from a heathen mind, there would be nothing properly deserving, the name of impiety.] THE ALLIES OFF ELTATORIA.—As we came closer 00, we had an opportunity of seeing the supeiiority, and in a manner the opulence, of the town, the thild in the Crimea. The houses were large and spacious ; all were faced with or built o atone, had many win dows in their fronts, which, opening to the floor, led into balconies overlooking the sea. To the north of all some flue squares were b inn built: this speaks well for the pro perity of the place. Since I have been in Turkey I lave never seen a house built, unless indeed it were to patch up those which had fallen down from • hear dilapidation and decay. As we pas-ed the Ru sian quarter, drifting very slowly anti sounding eve!) , minute, we bad ample time and opportunity to admire the handsome gardens and houses which are near the sea. The balconies of the latter were crowded with ladies and gentlemen— Russians, of course—who, siting in chairs, were laughiog, chatting, and talking with a sangfroid and good humour which we were certainly at a loss to understand. Some of the gentlemen were in uniform, but the majoiity were in the plain, morning dress of London or Parisian society. The ladies were hand somely dressed—nearly all of them, however, in that peculiar . melange of costume which prevails so much at this time of the year at Son.hend, Boulogne, or Margate. Sonie of them were eating fruit, pointing out the colossal hne of-battle ships, thirty-seven of which were now in the bay, and occasionally laughing. Tee invasion evidently had no terrors for them. However, if they and the inhabitants generally like it, of course it is no business of ours; on the con trary, it is rather a pleasure to invade people who take it so quietly.—Woods' Campaign in the Crimea TILE PRESS. What must be the esprit de corps of a body of troops im pressed into the service by the knout? What can such men do against Frenchmen, every one of whom may live in old age as a tuarshal of the empire? What can such men do against the sturdy unyielding troops of ti►e British army, who will follow their flsg if it goes through a sea of blood? FROM THE LOS UO5 (I.IZ ETTE. Tuesday, March 4. BANKRUPTS.—Wm. B&NNETT, Margaret-street, Cavendish square, victualler—CHAßLES PARIS POOLE, Lawreuce•leue, city, warehouseman—Join; Timm}, surrey -street, Strand, ale and porter merchant—SAMSON BRAZIER, Twyford, near Winchester, bnckmaker CHARLES HYACINTH JOSEPH COYLITS, Cullum street, City, merchaut—Joux Mecum, Brook-street, Holborn, boot manufacturer--THOMAS HILL, City-road, licensed victualler --CHARLES EDWARD BIRD, Old Broad-street, City, tucrclsaut— WILLIAM HOMER, Birmingham, publican —THOMAS JONES, Shrewsbury, diaper—ROßEßT NEWTON, Birmingham, baker— EMMY BRISBANE, Birmingham, button matimactiirer—JAMES BAKER, jun., EXeler, ltueu draper—Taos. WARREN KNIGHT, Taunton, soinersetshire, grocer—Bonner WELSH, Hu.luersneld, woolen merchant—NM. SMITH, Bradford, grocer—OAVlD KAY, Liverpool, ti atr dealer—Jolla TR►yTS and fetus. BURDEN KEN• SHAW, Shaw, Lancashire, cotton spinuer—HENßY SMITHIES, JOHN SMIIIIIES, and JAMES SMITHIES. Blackburn, LltlataShire, iroufouudere—WM. McCoßstlcit, Manchester, builder. Friday, March 7. . BANK fIUPTS.—TnowAs COOPER, Wootton, Isle of Wight, farmer and brickmaker—Buiros K ENRICK, Irampwn, Lincoln shire, shipowner—JAMES BARKER, Brixton, builder—NEWLY ATKINSON, LOW', Lincolnshire, miller—GEono E BARKER, Henry-street, Kenningum.lane, Surrey, contractor—GEOßOE PENN Et.t., Stoke-upon-Trent, grocer. gone!), Abaci 10 grvitg 41tIfitigente. FRIDAY EVKNTNO. TnE Bank of England return for the week ending the Ist instant, shows the following changes corn. pared with that for the week preceding:— Increase in Circulation Deerease in Public Deposits Decrease in Other Deposits Decrease in Government Securities Increase in Other Securities.. Increase in Bullion 24,258 Increase in Rest 309,7U6 Decrease in Reserve Circulation, including Bank Post Bills Bailie; iu Both Departments The present return does not contrast favorably with that fur the preceding week. The addition to the circulation is not sufficient to produce any mate rial effect. The decrease in the Public Deposits, when considered in relation to the sums received on account of the loan, shows that the Government ex penditure is going on at a prodigious rate, and that it is apparently impossible to maintain an average balance under existing circumstances. The diminu tion in the Private Deposits is partia:ly owing to withdrawals on account of the Court of Chancery, and one or two public bodies, while the reduction in the amount of Government Securities indicates that sales of Stock have been going on. The increase in Private Securities denotes the pressure for discounts and loans last week. The addition to the Rest is un usually large. The decrease in the Reserve, caused by advances, is considerable. The capacity of the Bank to afford auoininotlation to commerce by means of its reserve is now less than it has been in any week since the 26th of January. Money has been in active demand throughout the week, owing to the payment of the second instalment of the deposit upon the loan, and to the falling due of commercial acceptances on the 4th. The Discount Market has therefore had to sustain considerable pressure, whilst the demands upon the Bank have been heavier than usual. Slarcely any paper has been done under the minimum rates fixed in October ; whilst in some instances enormously high terms have been exacted. But, on the whole, the demand which still continues has been well met, and the supply is equal to any probable emergency. On the Stock Exchange the market has presented no particular• features since Monday; and the rates, for short loans, have averaged five per cent. To-day they were higher, in consequence of the settlement in Consols, as much as six per cent being required. An instalment of 251. per met. of the new loan, or 1,250,000/., and one of 201. per cent. upon the funding of Exchequer Bills, are due next Thursday. Similar instalments ate further due on the 29th inst. We are not likely to have an easier• money market so long as these amounts press upon it. The imper,s of specie during the week amount to 680,0001., and the exports to 511,3031. The bulk of the exports has gone to India; and the Bank o: England has taken 120,0001. TI e remainder has been bought on account of the Bank of France, and a premium paid upon the purchase. Consols have, on the whole, been comparatively steady since our last, though pricts have occasion ally fluctuated. On Saturday they closed fur the Account at 91i to 1, but on Monday they advanced to 914 to 1. On one occasion they even touched 92. The next day they receded to 914 to 4; on Wednesday they were almost stationary ; and yesterday they de dined to 911 to 1. The fall in the early part of the week arose from the fact that a statement in a semi official organ, to the effect that preliminaries of peace had been signed, not haying the real importance as • SATURDAY, signed to it in the first instance; also to the firm tone of the speech of the Emperor of the Franch ; and, further, to the state of the Money Market causing a pressure of sales. To-day the market has been flat, with a droopi ng tendency. Consols opened at 913 to;, and declined to 911 to 1, finally closing at 91f as to 1. No n ews arri ve d the day to support prices, and business was dull, dealers being engaged i n p repar i ng for the s ddtiu et i t li l ng ement. The rates of Contango are high : as much as i was paid for carrying over Stock to-day until the April account, being at the rate of 01 per cent. The present Account terminates on Tuesday. The next is fixed for the 10th April : and transactions hare been entered into for that date at 921 to }, and Oil to 02. The settlement in Consol scrip t.ok place to-day. The Account proved rather heavy than otherwise. The Railway Market has been firm, but there was a decline in some Stocks yesterday of from ss. to 10s. per share. Most 01 the leading lines, however, keep up, there having been a fair demand fur investment. Still the amount of busi ness is far from considerable. To-day the market underwent no particular change, firmness being its prevailing feature. The result of the poll for the election of directors to the Eastern Counties Railway Company will not be declared until to morrow (Saturday). Joint-stock Bank Shares have been inquired for. London and County have been sold at 37. The new undertakings remain at about the same quotations as last week. Among several other projects, there is one for a Bank of Wales, the direction of which is to be at Wrexham, with a capital of 100,0001. Foreign Securities are steady. Turkish Six per Cents. are exceedingly well supported : they have improved H. since last Saturday. The Guaranteed Stock is j better. The transfer books at the Bank of England for the Three rer Cents. Reduced, the new 'three per Cent Annuities, the Long Annuities, and the Annui• ties ending 1859, are now closed in preparation for the April dividends. The French Three per Cents opened this morning at 721. 90c., and closed at 72f. 80c., showing a fall upon the closing price of last night which was 73f. 10c., of more than per cent. Since this day week the decline has amounted to 1 per cent. Theirs is great pressure fur money in Paris, owing to speru• lame transactions on the Bourse, and it is possible that the decline may have partially arisen from this cause. But, whatever it may be, the market in that capital is in a highly sensitive state, and considerable fluctuations may be expected during the whole course of the conferences now being held there. The monthly return of the Bank of France, which will be issued next. Friday, will show that a considerable sum has been expended in premiums upon the pur chase of gold; and the metallic reserve will, in all probability, be less than that reported in the last return. _ A 1 urktsh Gas Company, with a capital of 100,000!., in 11. shares, the object of which is to light Con stantinople and other towns in the Ottoman empire, is announced ; also a Bituminous Fuel Company , with a capital of 50,000/., in 10/. shares. A pro spectus has been issued of a Liverpool and Awtra• Tian Navigation Company, with a capital of 400,t000/., in 1001. shares. This company is already partially formed, and in possession of two large ships, with capital of 205,0001. *The comparative exchanges show that gold is dearer in London than is Paris and Hamburg but that it is not profitable yet to bring it trom the United States. The country trade reports are, upon the whole, satisfactory. A great production is going on in many branches of manufacture ; but complaints of small profits and unremunerative prices are made on all sides. The subscribers to the Unity Bank have completed the requisite payment of fifty per cant. on its capital of 3 1 0,0001.; and it is stated that immediately on the receipt of its charter from the Board of Trade, which is expected in the course of the present month, the bank will commence operations. BANK OF ENGLAND. An Account, pursuaut to the Act 7th and MI Victoria, car. , *2 for the wee:. eudiug un Saturday, the Ist day of March, Ir,,L ISKUE DIEPAEMIENT. Notes issued .... t25,428,330' Goverument Debt f11,015,F 0 lOther Securities .. 3.442.900 Gold Coin .t 9,93.2:10 Silver Bullion .••• /24,428.29 114.413430 11•NKINO DKPARTIIMIT. Proprietors'Capitsl/14,5h.i,u00 iioverument Seeu• .lest Public Deposit/O 1. 1 ,N1 043 i Dead Weight An. 111.151 (CI Other Deposita S:iven Day it other Notes 5.031.115 Bills 437,081,193 137,0ei,vs • Including Exchequer, Savings Banks, C onunissioners styli al Debt, and Dividend Accounts.