The Press. — London, England, 1856-09-13 00:00:00

X SEPT. 13, 1856. paper discharge, which was worthless, while other persons got the valid parchment discharge. The chairman remarked upon the different manner in which the Transport Corps had been treated as com pared with the German Legion, who had been well treated and well paid, while the Land Transport Corps were left to do what they could for themselves, and could not get either a legal discharge or proper remuneration for their services. He urged the meeting to join in insisting upon obtaining their just claims and rights. The meeting was then addressed by a number of the corps, and the complaints they made of the treatment they had received at the hands of the officials were of the most painful character. Resolutions were agreed to, expressive of the hope that the Government would shortly give the men a legal discharge, and also a gratuity of three months' ply from the time of that discharge, as had been done to the Army Works Corps and the Turkish Contingent. A resolution was also agreed to, cha racterising the system adopted to provide clothing for the men as disgraceful, and deploring the trials and privations which the men had undergone. His Royal Highness the General Commanding•in- Chief has arrived in town from Scotland, and resumed his duties at the Horse Guards. Colonel Lake, C. 8., is about to be brought into the royal army with the rank of Lieutenant-Colonel Unattached. A correspondence between the Horse Guards and the Highland Society of London has been published this week. The society wished to invite the High landers to a publio dinner at the Surrey-gardens. The Commander-in-Chief, while he appreciates this mark of aindly sympathy with the gallant brigade, justly points out the inconvenience of removing the men to London. The Lords of the Admiralty have signified, with reference to the third and fourth articles, schedule 8., of the act of 1817, requiring twenty-four years' service in the Royal Marines for a pension, that a provision will be introduced into the next Marine Mutiny Act for limiting service in the corps of Royal Marines to twenty-one years. Their lordships have been further pleased to direct that it is to be pub licly notified at the several divisional head-quarters that no man will be called upon to re-engage for a longer term than, with his first enlistment, will com plete twenty-one years' service, when he will be en titled to the same pension to be enjoyed by other branches of the service. The Earl of Cardigan has arrived at Dublin in his official capacity of Inspector-General of Cavalry. Several military spectacles will take place during his lordship's and Sir Coln Campbell's visit to the Irish capital. Colonel Tnlloch, whose severe indisposition for the last two months has deprived the department of his assistance, yesterday morning resumed his duties as Superintendent of the Royal carriage factory at Woolwich Arsenal. long alarket anb itg FRIDAY EVIIFING. Tax return of the Bank of England for the week ending the 6th inst. shows the following changes compared with that for the week preceding:— Decrease in Circulation .. Increase in Public Deposits Decrease in Other Deposits Increase in Securities 481,790 Decrease in Bullion Increase in Rest Decrease in Reserve Bullion iu Both Departments Circulation, including Rank Post Bills This comparison has certainly an unfavorable ohs. racter, but we do not consider it one that need have ex cited so much uneasiness in the City as appeared to prevail during a great part of this day. The Bullion is still above 12,000,000 k, while the Reserve is more than 0,ii00,0001., and it is probable that the busi ness of the current week has not altered their relative proportions to any material extent. The Bank has not been selling stock to keep up the re serve, for the Government Securities remain at the same amount as last week, and from this circumstance we infer that the directors have felt no anxiety with regard to the notes in the till, the diminution in which since the pre vioas return is only a fraction more than 42,0001. We have grave donbts whether, under all the circumstances, the directors williadvance the rates of discount next Thurs day, if the next return presents, as we anticipate it will, much the same features. Besides, we rather think they will scarcely be prepared to raise the value of money just at a moment when one of the largest, as well as the last, instalment of the loan has to be paid. But of course, if the continental demand for gold makes a suddenly dis agreeable inroad upon the stock of bullion, they mast take measures for its protection by advancing the rates. IVe, however, do not think this is likely to be the case. The Government Deposits now amount to 0,087,0681. On Thursday next they will be increased by 1,0(10,0001., and the Chancellor of the Exchequer will be in a good Position, even then, to pay the October dividends, with THE PRESS. some weeks to spare for additional receipts from current revenue. The weather has been all that could be desired for the conclusion of the harvest; and we believe we may now congratulate our readers upon the whole of it having been secured in excellent condition. In many districts there are patches yet on the ground, but all is cut. They are, however, exceptions caused by the want of labour rather than of energy; but a few days will see them conaigns'd to the stack or the granary. We are still without reliable reports as to the actual amount of the yield ; but a careful colla tion of such as are published, with others from private sources, satisfies as that, as far as present evidence goes, the produce of )850 is considerably above the average. The quality is various; but all the reports, both public and private, concur in describing it to be affected more or less by the weather. The weather for the last fortnight has been fine, wittllt dry, invigorating atmosphere; conse quently, we have ft son to anticipate that the quality has not been impaired. With some exceptions, we believe it may on the whole be pronounced unexceptional. Under these circumstances the market for Public Securities has ceased to be a " weather market." Neither the harvest nor the weather now influence values. The fluctuations in the price of corn, ordinaiity caused by variations in the supply and derdand, will alone hereafter act upon the Money l'ilarket. Meanwhile, all the corn markets in the country a lining, and with them the prospect of high prices, althisigh Mark-lane showed a little reaction to-day. The Money Market has not been in a satisfactory posi tion during the week. There has been a constant heavy demand for manufacturing purposes, caused in some degree by winter stocks being prepared earlier than usual this year, as well as au extremely active inquiry from general merchants engaged in various export trades. In fact, we are told that the amount of mercantile paper afloat at the present moment is absolutely unprecedented. In addition to the pressure from the ordinary trade of the country, apprehensions are felt by leading capitalists and financiers of the ultimate results of the continued flow of gold to the Continent. This drain regularly absorbs the bulk of every arrival, and at present there is not much prospect of its cessation or even of its diminution. Up to yesterday a strong impression was abroad that, in order to protect its own stock of bullion and to discourage the ex port by operating upon the exchanges, the Bank directors would advance the rates of discount from 41 to 5 per cent. This opinion, however, was not realised. Still it produced consequences upon the Money Market, temporarily at least, almost as serious as if the change had actually been made. Under these circumstances, it is not surprising that the market has been generally unsatisfactory. Nor can we safely assume that there will be any immediate change for the better. The rates of interest have been increased upon the Continent, ostensibly with the view of preventing the egress of silver to this country. So long as silver is wanted silver will be had, in spite of all arbitrary regulations to the contrary ; a little more gold may be paid for it, but come it will some way or other. The worst effect, as far as this country is concerned, will be that the export of gold will be greater. This is an important element in the case just now. Then we have large calls upon us in order to pay the final in stalment of 1,000,0001. due on the loan next Thursday, with the incidence of considerable settlements in the Stock Exchange in railway and foreign securities. Thus, along with an extraordinary commercial demand, we have several adjuncts of a character to involve serious pressure fora time, the combined effects of which are not likely to be modified until the payment of the October dividends affords relief, by setting between 8,000,0001. and 4,000,0001. at liberty. But this aid is nearly a month distant from us. In the meantime there is no alternative but to make up our minds to, and be prepared for, a continuance and probably for an increase of the existing pressure. If, how ever, the Bank continues to receive moderate supplies of gold from the balances of the imports left over after satis fying the continental demand, as it 'has done in the present week, and they amount to anything like a respec- table aggregate, we may, as intimated above, rely upon the unwillingness of the court of directors to impose further burdens upon the trade of the country by raising the rate of discount. The imports of specie daring the week are under -450,0001. Probably 300,0001. of this amount has been secured for the Continent ; and in addition the reported export has been between 50,0001. and 60,0001. The gold product of Australia is, according to the latest accounts, largely upon the increase. A considerable fall has taken place in Consols since this day week, principally in consequence of the unsettled state of the Money Market, assisted by the want of busi ness and the arrangement of the monthly account, which was effected on Wednesday. The last price for the Sep tember account was 943 to 1, being a decline of f since the previous Friday, and a total fall during the month of 13 pet cent. For the Bth October the opening price was 05. Last night it was 941 to 3, showing a renewed and heavy decline due exclusively to the causes just referred to. This morning the opening price was 041 to I. Unfavorable anticipations with respect to the nature of the Bank return prevailed the whole day, and they depressed prices, without the chance of recovery, until they fell to 64 to 3. This was the closing quotation. The fall conse quently was fully three-eighth per cent., and the market left off flat and heavy. Notwithstanding the pressure for money, and the reduced value of Public Securities, Exchequer Bills con tinue at a premium of 14s. to 17s. The Foreign Market has been much depressed, but quo tations have not given way to the same extent as Consols, unless it be in Buenos Ayres stock, the fall in which, owing to special causes, has been from ten to twelve per cent. Turkish stocks are one per cent. lower than this day week. Russian and some others, though weaker, have not presented any material change. Railways generally are from one to two per cent. lower than this day week, notwithstanding excellent traffics. There is, however, but little disposition on the part of the public to invest at the present moment ; and the general tone of the market has, from the same causes that have caused the decline in Consols, been uniformly depressed. The failure of the Royal British Bank has depreciated the quotations of all the new joint-stock banks, and even the established concerns have barely maintained last week's prices. Miscellaneous Shares have been dull all the week, with a heavy market and a preponderance of sales. The dissentient shareholders in the London and Paris Bank have appointed a committee to nnnf,• r with the direc tors with a view to wind up the undelL.L..ing without com• mencing business, the success of which under present circumstances would be extremely doubtful. BANK OF FRANCE. THE Moniteur of yesterday published the Debtor and Creditor Account of the Bank of France, made up to Thursday, tho 11th inst. Mr. William Avens, of No. 13, Tokenhouse-yard, Lothbary, in his circular published last evening says : It is less favorable in some respects than that for the preceding month, inasmuch as it shows a falling off in the Bullion, notwithstanding there is a considerable increase in the payments, which we in this country consider to be irregular, with the view of maintaining it at a maximum amount. But on the other hand, the Bank has not only contracted its own liabilities, but, from the progressive diminution in its advances, it appears to be farther de veloping the policy of discouraging Bourse operations and commercial speculation. These are favorable features in the return which compensate for those that are less agreeable to contemplate : and judging from the amount of Private Deposits withdrawn during the month, we should say that the cash, rather than the credit, system is extending in the internal commerce of the country. Com pared with the previous return, the following will show the changes made in the position of the establishment during the month, expressed in English currency at an exchange of twenty-five francs to the pound sterling:— Decrease in Circulation Increase in Public Deposits Decrease in Private Deposits.. 1,808,182 Decrease in Bullion 409,300 Decrease in Commercial Discounts 912,302 Increase in Advances on Bullion Deorease in Advances on Public Securities Decrease in Advances on Railway Securities 400,297 Increase in Premiums on Purchase of Gold and Silver Decrease in Aggregate Liabilities 1,784,759 Circulation Stock of Bullion (September 14) The amount paid for premiums on gold and silver pur chases was 59,83521. in the present month, against 45,M91. in August. The following table shows the several advances made by the Bank in the two months just closed : Commercial Discounts Advances in Bullion .. .. „ Public Securities .. „ Railway Shoes .. Harr. AOOOlll% . £17,565 0 513 £18,477,811 162,915 14 / ,431 8,611.858 4,072,155 2,218,160 2,288,245 Deduct .. £23,64446 £ . 24,979,846 .. .. 23,548,446 I )ecrease in September X1,4'21;200 ROYAL BRITISH BANK. TO THE EDITOR OF " THE PRESS." Sir,—Every one must deplore with you the shock given to public confidence in the system of joint•stock banking, especially on the Scottish principle, from the fate of the Royal British Bank, and the conduct of the manager and directors. It is little consolation to the public to be told that the system has not had fair play ; that this bank has been raised up without apparently the smallest intelligence placed in the most untried and unintelligent hands ; and as to some of the latter, at least, it appears that worse might be said. For a bank bearing such • name, and in such a place, the capital, paid or subscribed, seems to have been ridicu lously small. As to the charter, deemed of such conse quence in general, the grantees seem as much at sea as the general public, for both seem to pat faith in what should limit their faith; the selection of the manager seems to have been without the smallest judgment; his power and emoluments ridiculous ; and the management and control of the directors equally ridiculous. All ths world should know that it is not the business of banks to lend on filed securities, or speculative or long-winded transactions. These should form the business of retired capitalists—or in very sure circumstances of great banks of issue, having large sums of rest requiring to be at interest ; insurance, or other companies, whose guarantees mast be dormant ; in short, of any parties conceivable but active bunks. Their profits arise from the continual re volution and lending of their capital and its interest, and the commissions, Itc. dec., thence accruing : this also is the source of their utility, and I may add of their safety. Their ~-_..