The Press. — London, England, 1855-12-01 00:00:00

DEcEmAgit 11855. THE MANCHESTER TURN-OCT continues, but has not much extended, though some few additional workpeople have been thrown out of employment through the strike. The people on strike, number ing some 000 or 800 men and women, walked in pro cession through the streets of the town on Monday and Tuesday, with men carrying boxes and books for contributions, who entered shops and houses request ing subscriptions. At Oldham the master cotton spinners are proposing to partially stop their mills, in order to curtail production, so as to secure more remunerative prices. orag ktt anb ifitg ftttiligttut. FRIDAY EvawrNe. THE Public Securities have improved this week, and generally there has been more confidence manifested •on the Stock Exchange. But one explanation can be given of the firmer tone which prevails—the im pression, produced by articles in THE PRESS news paper in the first instance, that the Emperor of the French has forwarded pacific proposals to our Government, and that they are now under considera tion of our Cabinet. It is singular that a subject which is universally discussed in money circles should hitherto have excited so little comment in the public prints. Row these proposals may be received lity our Government cannot be known, but there is , opinion that our Ministers will not risk the Free►ck alliance to gratify the extreme war party, w'nfle it is not probable that any flew negotiation will be opened without a tolerable certainty that it will be brought to a pacific conclusion. Other influences have operated favorably. The fall in the Corn Market to the extent of 3s. or 4s. per •quarter was received with satisfaction; and the ,decline in the Colonial markets, and an entire xdbsence of that excitement which has lately charac- terised them, is regarded as promotive of the interests of healthy trade. There is still, however, a brisk demand for money, and we do not see any prospect of a decline in the rate of interest, while the antici pation prevails that heavy demands must be made on the capital of the country to support the war ex penditure. Several weeks back, we expressed an opinion that a loan of 30,000,0001. would be required; and, unless an enormous addition to the taxation of the country is contemplated, we do not think our estimate is likely to exceed the amount which the 'Chancellor of the Exchequer will require. Consols were firm on Monday, the last quotations *being 881 for money, and 88/ j for 6th December. 'Quotations for the next account (10th January) were :891 1. On Tuesday these prices were well main tained, and on Wednesday they were at one time done as high as 891 if fur money, the closing price lbeing 89 to 1. On Thursday the improvement was :more decided, the price for money at the close being 4491 1, and for 10th January account 891 j. To-day a disposition, as might have been anticipated, to :realise was manifested. Quotations for money were ,first 891 to 891 ; then they receded to 891, closing •at lig/. Far the 10th January the quotation was .891 rto 3. Exchequer Bills have scarcely shared in the im -provement of the funded debt. With the present high rate of interest, they are not regarded favor ably, and they are still at a trifling discount-3s. to 7s. As the late advance in the rate of interest bat -very little enhanced' their value, it is doubtful 'whether the amount out is not larger tban is 'required. .At all events the Government is bound to take some - further measure for raising their amount above par. Foreign Securities have slightly improved. 'Turkish are better. The Six per Cents. were to-day afif 83, and the New Scrip 31 discount. To-day was settling day in the share Market, and 'the amount of business was limited, but most 'descriptions have improved. Business was done in North-Westerns at 941 and 941 ; Great Westerns brought 60 ; and Great Northenss 89 end 881. There were several bargains in Eastern Counties at -81 to 1. The Bank return in to-night's Gazette is not favorable. The bullion has decreased to the extent •of 120,0001., while the "Other Securities" show an advance from 17,787,1501. to 18,651,4301. This large increase may admit of some explanation we do not know of while we write, brit it looks as if thr 'demand on the Bank for accommodation had largely increta ed. Accounts from Copenhagen state that the con ference of delegates from the nations interested in 'the Sound dues took place there on the 20th ult., when all were present eiceptlhe United States dele gate, whose presence was actised by the American Minister on the plea that they had a special treaty with the Danish Government• en the subject, which (mold not be effected by the result of the conference. The average amount of revenue thrived from this THE PRESS. 01l by Denmark, taken from the years 1851 and 1859 inclusive, was stated to amount to 7,998,8001 r., which would give a capitalisation of (in round num bers) 160,000,000, in proportions as follows : Russia, 47 ; England, 46 • Prussia, 20; France, 6 ; Low Countries, 51; No rth America, 31; Norway, 2,000,000 fr., &c., while at present England paid about 51 ; Prussia, 31 ; Norway, 2 4.sths of the revenue, and Russia only 1,219,800 fr. ' A summary of the report of the:committee of in quiry into the affairs of the Eastern Counties Rea -1 way tends to show that great abuses have prevailed in the management : It is asserted that no correct balance has ever been struck in the stores department since Mr. Waddington was chosen chairman ; that goods untouched have been sold for old stores ; and that on occasions when these transactions were taking place the company were buying fresh goods, at from ten to forty per cent. above the highest market prices. Illegal additions are represented to have been made to the capital account of 66,6061. which belong to the Norfolk company. Preferential con tracts have been entered into with individual firms to carry coakr, cattle, dm, at a positive loss to the shareholders, and also to the damage of regular traders, who were thus shut out from fair competition. With regard to the loco- Motive superintendent. it is recommended that a claim on his part of 8,1981. should not be paid until the justice of payments to the amount of nearly '40,0001., made to bim for per-centages since 1850, shall have been settled by arbitration, and that his existing engagement be re ferred to the law officers of the company, with a view to its termination. An advance of 8,0001. to the corporation of Harwich, and commitments to an outlay at that plaice 01'80,0001., are involved in obscurities which the com mittee have been unable to fathom. Since Mr. Wadding ton became chairman, in 1851, the additions to capital have been to the extent of 1;213,9521., or at a rate which the committee consider would, if it were continued, soon destroy the dividend available for ungusranteed share holders. A considerable portion of this amount should not have gone to capital at all. In relation to the main tenance of the permanent way, which the last committee of investigation recommended should be met by an an nual apportionment of 32,0001., it appears that the amount appropriated for the purpose in 1855 has been only 3,2001., and that an outlay is now necessary of 150,0001. The examination of the accounts for the last half-year has resulted in showing that instead of 51,5811. being, as represented, divisible for dividends, the amount was only 21,2631. Previous returns are believed to have been of the same delusive character, and the audit by the pro fessional auditors has been imperfect, and, in the opinion of the committee, entirely useless. Finally, it is unani mously submitted that the election of a chairman at a salary of 2,0001. a year has acted most prejudicially to the interests of the company, by decreasing the influence of the individual members of the board. No one practically acquainted with railway manage ment can wonder at these revelations. The share holders have in reality so little oontrol over the direction which in past times have lent themselves to jobbery, abuse, and mystification of accounts, that in our opinion there must be a total revolution in railway management before any chance exists of the estab lishment• of a healthier system. The first step should be to decisively close all capital accounts at. once, or as soon as possible, for until that virtually necessary measure be adopted, the shareholders will never know how they really stand, or what are their actual earnings fairly applicable for dividend. The accounts from the manufacturing districts are not unfavorable. The strike at Manchester un happily continues, but as a consequence of it the Manchester Market has shown more firmness. The currency question is now so well understood by leading commercialists, that it is not likely that any agitation in favour of any extension will meet with much support. A letter in the Times of today handles ,the question admirably. The broad view may be given in a short paragraph : The fact is, war is a great destroyer of capital, and at the same time it creates new competitors tor it upon a gigantic scale. Hence, not only the value of capital, or the interest of money, must increase, but there must be a leas amount of it for distribution among those who require it, and all cannot have at their control the same quantity they would have commanded under other circum stances. No legerdemain in currency can alter or obviate this hard necessity. The soundness of . this 'view is unquestionable. While so much capital Is required for a new and unproductive purpose, capital must be scarcer, and as a consequence deafer, than formerly, and this prin ciple must act under whatever system be established. The only pretence for a change would be, that the supply of gold was not equal to the fair wants of the world, but this cannot be alleged at the present ie time. BRITISH Funs.- Closing Prices. OFFLCIAL QUOTATION. Yong Turned. Wed. Thurs. ?Map. --- —•-- I per Cent. Ccrnsole BB 1 i 84 188 F 1 89 4 894 Ditto for Account 881 185 A 891 3 per Cents Reduced 081 3 per Cents Lang Annuities —''-I 7•13 $ 7481 Beek Stock, 7 per Oent 9OB 9401119 j 989 10 900 10 203 Ommten • . r., asp Exch. Bills, 21d. per diem 89 8 3 3 8 7 7 $ A India Bondi, (1,0001.)", , . 84 .... 6 2 Per Cent. Brazilian -- b Danish 5 Dtoh. (F.:12 Oull )2i French 3 1)o. 4e Do. Bank Stook - Mexican 3 Peruvian 44 Portuguese 4 Russian Spanish 3 Turkish Scrip Acc. IFs•'`ocl 195 - 1 E9} !ISV&Ie LI 131 ;-84 i . d 1 BANK OF ENGLAND. Au Account, pursuant to the Act Tth and fltb Victoria, cap. 3$ for the week ending on Saturday. the Stith day of N0v.,1883. issus vs./.lrusitr. Notes tented .... /424,5t3,515 Government Debt 111,015,100 Other Securities .. 2,984,000 Gold Coto* Bullion 10,543,545 Silver Bullion .... --- £24,513,545 I 11.114111/10 uH Proptietore'Capltal4l4,s s3 , oos Rest Public, Deposita , — 4,7158,954 Other Deposita Seven Day & other Bills :PART T. Government Bean• rides (including Deed WeightAn.i 210.333,243 Other Securities 1e,661,439 Notes 6,449,646 Gold 18ilver Colo 06,392 230,060,323 of £35,030,624 • Tnoluding Exchequer, Savings Banks, C, National Debt, and Dividend Accounts. WORZIGN RAILWAYS. I . Woad. Treaday. Wadsts. 71 7 1 if d ifol 1 2 d 1 d at 1 la 1 dl/ 1 1d duf 1 2 5 5 I $ll 2/ 29 $ 941 9 /11 eIV 6 4 t /46i ltei 3/ t 9/ 1 f V/1 36 3 4f 5 4 I 1 / 4t 641 35 I 46 45 i 01 6 7 jl 46 6 1 7 1 e ,43 5 43 6 43 5 ♦ntw. a Rttrdtu. Belgian East. J. Dutch Rhenish Rut Indian. • • . Gt. Indian Pen. G. W.of Can.,Sh Lyons & Geneva Madras Na. t Lge.(wJn,) Nrthrn.ofFrociA Norw. Trnk.Pri. Paris & Lyons Paris tt Orle►ns ?aria & Rouen Thurs. Tt 11 lif SO; le b I Si In 9 4f t 61 i 35 di $4 74 41 41 6i (.f;ida: 3 i 2 r 202 t I 93 181 Itti 6 361 4:1 81 RLILWAII Aberdeen Birm.Wolv.i tit , ur Val. Wet ile 24 7 4 8 5 55 11 5 NI Bristol and Caledonian Cheater and liolynead Cork and Bannon Dublin& Belfast June. East Anglian Kastern llnior.(B) East Lancashire Eastern Counties Great Northern Gt. Bth. and Wit of Ire Great Western Lancashire es Yorkshire Lon., Tilbury, &Sthend Lon., Brighton, ito London and Bl*ckwall London and Nrth•West Midland Newmarket Newsy and Enniskillen Norfolk Nrtbrn. Counties Union North British North Staffordshire North•W astern Oxf• , Wrostr., and Wolv. Scottish Central Scottish Midland • South Devon South.Eutern and Dor. South.W astern South Wales Waterford & Limerick hi ISCILLATIIIOO Australian Agricultural Canada Crystal Palace Crystal Palace of Ft rna North British Ans. Land Peel River Land &M Scottish Aust. Invest. South Australian Lan.i yen 11.0ntnn'o L 01,4 Nt4ropolitan Markets. Fria. lle 2k 7i 8 60 6 J3l pi 24 be 4k4 11 2 16 8 Btl 6 8 18 9 101 4 13 (Rsportsdstselstsivelyfor "Tat Passe.") CORK-EXCHANGE Very moderate supplies of English wheat have been on sale this week ; yet the detnaad fur all kinds has ruled exceasively heavy. at a decline in the quotations of from 3s to Is per quarter. In foreign wheat so Lute business has been doing that prices have been nominally unaltered. The barley trade has become very dull, at le to ta per quarter less money ; malt, however, has realised previous rates. Ouod sound oats have been steady; but inferior kinds have com manded very little attention. Beans have changed hands slowly, at from Is to 21 per quarter decline. Tne same amount of depression has taken place In peas. For flour there has been very little inquiry, and country marks have suid at 2s decline. ENGLISH—Wheat, Essex and Kent white, 87s to 935; red, 61. to 88e; Norfolk and Lincoln red, 60s to Ns. Malting barley. 40s to 46s ; grinding ditto, 37s to 40e; distilling, 4011 to 41s. Malt, 66s to it4s. Feed (11041, 27. to 260; potato, Ins to his. Rye, 50s to L2s.. Tick beans, Ils to 47e; pigeon, 48e to 5010. Grey peas, 43. to 45e ; maple, 424 to 471; white boilers, 504 t o 530 per quarter. Town.made dour, 76a to 775; country mar k s . Ns to 82s per 1801ba ARRIVALS IRIS MIRK. Wheat. Barley. M. Oats. Flour. English 41iu .. 1000 .. 440 moo Irish Foreign tls„ LONDON AVERAGES DECLARED ON FRIO 4.lf—Wheat, 6,933 quarters, bss 6d ; barley, 2, bt I quarters, atis 441; 5,963 quarters, 895 ed ; rye, $ quarters. Was, KO quarters, Ws lid; peas, 332 quarters, He W. 17 0 671 4 10t 11 119 j i SI 16 13 to $4 $ i CS*l 41 4 a MARES. AI Plod. ft 3 pi - I lit It 67 bk 7 101 a 4460 95 5 4 uNt II 71 44 d 12G 7 _ a 4 D 100 4 18 5 104 14 rtit 7 51 304 1 19 21 gai ei 150 . e ,t 8 ,i 3 5 .139 T I I Il' 11 t 34 6 13 3 2i i 11 Si 7 4 6 101 113 e i 39i 3k ed 28i 'Ft Ist bd if 100 4 73 b 104 li b7e 8i NO 7 WI 19 9 - - 1151 : Ilibt 91 : 90f TI - 104 ail stir 2Gel 8 a IS sil '3i lii 11 2 17 9 67 8 8 iol al 116 i i I9a 6 $ 961 Ai 631 I - t it 44 6 100 4 73 6 101 11 36 7, 64 41 SO. 11 19 21 133 8 $ 2 $ 24 6 1 414 Itj 12 5 55j 11 14 Ad 11l 114 86 8f 9 86 191 3 ITd~ iJ 193 6 4 1 vAi 4; Ole I 100 4 7$ 10i 14 574 $4 A 6 6 304 14 1$ 21 27 8 145 26 7 135 40, 2i MON .11oosti., DB. Wid. ..1