The Press. — London, England, 1856-12-06 00:00:00

DECEMBER 6, 18'56. Lion; and the moral and social condition of the Indian people, are all fully discussed. Under the last head the nature of Thuggee, Suttee, and other cruel and horrible Asiatic customs, are concisely stated, and the method of their suppression de scribed. Very useful articles on the English eccle siastical courts, and the food of London ; a good review of " Dred ;" and an average instalment of The Athelings," are among other noticeable articles. The " Political Lull" contains many passages from which we wholly dissent, though the opening part of the article is excellent. We think the writer's suspicions of Russia are excessive, and his pointed denunciation of a new congress sounds rather odd now it is known that the Congress will take place. Fraser this month contains an amusing essay on " Popularity," but there i 3 not much thought in it. " Sketches on the Nort , , Coast " affords, as usual, an agreeable and spirited article. Pauli's " History of England " is a good historical paper, written in n clear and vigorous style. These, with a curious antiquarian article called "The Muniment Cham ber at Loseley-place," are the cream of tha number. „ . The Dublin. contains one of the best reviews of Dred ”we have yet seen. The character of Dred himself is severely criticised. He should, the writer thinks, have been more a man of action, more in the style of Balfour of Burley. " Dred'; madness is monotonous ; the pious are pained and the careless wearied with Joel and Amos; the burden of Nineveh, and the burden of Moab, sounding in our ears like the voice of a millstone, harsh and incessant." At the same time the great power displayed in passages of the book is fully acknowledged. The "Fortunes of Glencore," and a biographical sketch of " Telma," are also very good. In Bentley " Professor Dunkopes Adventure at the Bal Mabille," is the chief attraction. The story of " The Spendthrift," which has now reached its fiftieth chapter, exhibits signs of drawing to a close. The 'subject chosen by Monkshood this month is Cardinal 'Wiseman. It is well handled. Tait for December is a very good number, and maintains its character for variety. The " Lost Faculty" contains a choice selection ot ghost stories which will be found invaluable for all "diners-out." "Life in the Bush" is a useful and interesting paper on Australia, containing a curious account of the different classes of squatters. " Tho Profit and Loss of Insurance Companies," continued from the last, is a peculiarly seasonable article just now, and will be well worth the perusal of business men. Litera ture is represented by a nicely written article on " Poets and Poetry," No. IV.; and, altogether, the magazine is about as good a shilling's worth as is often to be met with. The Art Journal opens this month with an address from the able and energetic editor. The influence which this journal has for many years past exercised on the advancement of art and art manufactures is referred to, and the editor is enabled, with pardonable pride, to point to the punc tual fulfilment of every promise he has ever made. The engravings from pictures in the Royal collection have been regularly given in the numbers of this journal, and the series will be continued during the ensuing year. In addition, the whole of the pictures bequeathed by 'l'urner to the nation will be engraved in line, and published in the journal; the Man chester Art Exhibition will be fully reported and illustrated ; and an illustrated tour of the Thames, by Mr. and Mrs. S. C. Hall, will appear in future numbers. The contents of this issue are, as usual, diversified, the papers on art being carefully written, and the engravings of the first style of excellence. No periodical of our time has ever been conductel with more spirit. Its criticism is free from acerbity, and hence, while maintaining a perfectly independent position, it has been enabled to conciliate the sup port of the great body of artists, and of the most eminent art-manufacturers. We have this month an excellent number• of the Monthly Review, a magazine which bids fair to be• come one of the leading periodicals. The reviews of Gerald Massey and Mrs. Browning, and " Ivors," are both very good; though both, iu our opinion, rather too favorable. In the latter the critic differs so pointedly from an opinion expressed by ourselves, that we cannot pass it by without a word. He says, " And that very fault of morbid self-examination, for encouraging which Miss Sewell has often been accused, is here at least pointedly condemned." Our Own view is exactly the contrary. The question is not what Miss Sewell may formally condemn in words, but what she makes her most exemplary cha racter do. Do they not all practise this morbid habit? The Churchman's Magazine contains a very able notice of " Bishop Blomfield and his Times," which we are glad to see is t o b e con ti nue d. It has other articles, interesting to the profession, as well executed. No. 111. of the Commercial Traveller's Magazine is sprightly and well written. " Highways and By ways of London," and "Where shall I get my chop?" are articles evincing considerable powers of observa tion and humorous description. THE PRESS. poneg fflathet unb Q 1 it FRIDAY EVENING. TIIE return of the Bank of England for the week ending the 29th ult. shows the following changes compared with that for the week preceding:— Decrease in Circulation Increase in Public Deposits Decrease in Other Deposits Decrease in Securities Increase in Bullion 513,761 Decrease in Rest 58,047 Increase in Reserve .. Bullion iu Both Departments Circulation, including Bank Post Bills The changes made in the present return, as shown by this comparison, aro of a very important character. The general effect of them is to strengthen the position of the Bank, and to support the conviction tnat the most threaten ing aspect of the crisis has ben safely passed. The increase in the Bullion is one of the main features in the comparison. It brings up the aggregate amount to not far short of ten and a half millions, but it is accompanied by one drawback in the fact that it is not likely to increase any further until after the next arrivals from Australia. The addition to the Reserve is satisfactory, and it will be observed that a very large amount of advances and dis counts have run off, a circumstance that helps to explain the state of the market last week. The Bank has neither added to nor diminished its Public Securities. The Public Deposits are creeping up, and it is evident that the Chan. cellor of the Exchequer will obtain money enough to date the January dividends without requiring the tempo rary assistance of the Bank. On the whole the return is one of the most satisfactory that has appeared for a long time past. Owing to yesterday being the well-known " fourth of the month," when the mass of commercial acceptances are due and have to be provided for, money has been in very great and even excessive demand. So great were the requirements, particularly on Tuesday and Wednesday, that they trenched to a large extent upon the ample reserves of Lombard•street, and led to a return of the most strin gent rates lately exacted. The very best paper could not be done at one time under the bank minimum, and in numerous cases it was exceeded. The pressure, however, substantially passed away on Wednesday, for yesterday the demand moderated, and rates underwent a material relaxa tion before the close of business. The Bank, however, mainly contributed to this result by a reduction in its minimum from seven to six and a half per cent., without distinction of long or short bills. So that the financial history of the week presents some degree of variety—ex cessive dearness at one period, with comparative modera tion in price at another. To-day the inquiry has again been active, and there is reason to fear that the re duction of half per cent, will not be found adequate to mitigate the pressure that must undoubtedly arise before the end of the month. At the same time the policy of the Bank in reducing only a half instead of one per cent., as was fully expected in some quarters, cannot but be approved under existing circumstances. The market, though approaching to a better condition, is not yet righted ; and a sudden reduc tion of one per cent. whilst in this state of transition would, we are satisfied, have led to an inflation of specula tive transactions, just at a time when contraction is the true policy. It is true that discounts are cheaper in Ham burg, Amsterdam, Paris, Vienna, Berlin, and Frankfort, and that the differences between their rates and ours re present theoretically the balance against the British mer chant in the conduct of his business. But more than this is to be considered. London is the first money market in the world. It is to all other markets what the Bank of England is to all other banks at home—the head, and guide, and primary regulator of all the circumstances which govern the value of money. To make capital suddenly cheap here at such a time as the present would be to make all the continental speculators wild, to urge them to prosecute their schemes with redoubled zeal, and precipitate a catastrophe from which this country would finally be the greatest sufferer. The true policy, therefore, is to proceed in the way of reduction with the utmost circumspection and only upon the largest view of circumstances—and rather to incur a small amount of odium now than to obtain heavy condemnation here- after. Besides, there are substantial grounds for the opinion that the Bank could not at present concede more in the way of redution than a half percent. Gold is going out of the Bank to pay for silver for India and China, while two or three weeks must elapse before any considerable supplies can be expected from Australia. The exchanges are such that it is unprofitable to bring it over from the United States in the ordinary course of trade ; while, from the bills upon this country sent from the Continent, it appears that gold must be sent there in discharge of our indebtedness. In short, whatever may be the cause of it, the balance of trade, as it is called, is at the present moment against us, not only with the Continent, but with the United States. The exchanges can only he turned by the maintenance of high discounts. Considered in this light the Bank Direc tors, if they felt justified in making any change, were only justified in making one of the smallest proportions. The return given above, favorable as it is, will, we think, afford some proof of this. Other considerations might be added to show that a prudent course has been adopted ; but we have no desire to be diffuse upon a policy that in our judgment is right, and that commends itself to the approval of all the sub stantial interests of the country. From what we have said it will be seen that we do not expect any further change in the rate of discount for the remainder of the year. For short bills it is still one-half percent. higher than it was in October. Even that, we anticipate, must be maintained until the first or second week in January; but by that time 'in it is probable we shall not only have received further sup. plies of gold, but that the exchanges will have been cor rected, while it is tolerably certain that if some unforeseen adversity does not occur, the dispersion of the January dividends will give both ease and strength to the Money Market. Assuming that no further change is made during the remainder of the year, we may as well recapitulate the various rates current during the year 1858 In January the rate was six per cent. on two-months' bills, and seven per cent. on three•months' bills. May 22nd. The rate on three•months' hills was reduced to six per cent. May a. It was again reduced to five per cent on all bills. June 20. Further reduced to four and a half per cent., which was the cheapest rate during the year. October 1. Raised to five per cent. October 6. Again raised on two•months' bills to six per cent., and on three•months' bills to seven per cent. November 13. Raised on all bills to seven per cent. December 4. Reduced on all bills to six and a half per cent. Being no fewer than seven different changes, —a circum stance that is likely to create some observation in the dis cussions on the Bank charter during the next session. The specie movements of the week have been rather important. The arrivals from South America, the Pacific, the United States, and the Peninsula, are about 510,0001. Of this amount fully 130,0001. has been or will be consigned direct to France, and a considerable portion of the remainder was in silver, which, in all probability, will not be retained here. Altogether a balance of about 120,000/. has been secured ; but against this must be put about 80,000!. sent to Hamburg, Antwerp, and other places in payment for silver bought for India and China. The packet which left Southampton yesterday took out 798,6311. in silver and 8,6241/. in gold for China and our Eastern dependen cies. The drain from India is increasing, and with a view to stop or rather to mitigate it the East India Company have reduced the rate of exchange. The check thus inter posed may be effectual to a certain extent, but we appre hend it will be found little more than nominal. But the absorption of silver from the Continent may possibly be arrested in some degree by the arrival of a large amount from Mexico by the next packet, due at the end of the month—an amount which but for the outbreak in Puebla would have been in hand now. Fully 600,0001. are ex pected ut that time, but this estimate is subject to the contingency of the roads to the shipping port being safe from brigandage, and other dangers. As to supplies from Australia, there is no reason to expect any for some weeks. • There is a concurrence of testimony from numerous quarters that the position of the Bank of France has materially improved since the publication of its last monthly balance-sheet on the 13th ult. The bullion has increased, it is said, fully 1,000,0004, thus bringing up the aggregate to about 7,600,0001., and its discounts and ad vances have been reduced. The Bank, however, has made no change in its rate of tlisconnt, which still remains at six per cent., nor in the icheance of the bills which it accepts, notwithstanding that a good deal of expectation appears to have existed of some considerable alteration. It is now said that some change, if not in the rate of dis counts, at least in the currency of the bills discounted, will be made next Thursday, simultaneously with the publica tion of the next monthly balance•sheet. So far as we can see, a change will be made with regard to bills having seventy-five or even ninety days to run ; but an alteration in the rate appears to us, upon the information before us, to be improbable. A movement is in progress to induce the Government to increase the capital of the Bank, on the plea that the note circulation is too small to meet the re quirements of commerce. The Minister of Public Works, M. Rouher, has put forward his report upon the means to be applied to the completion of the railway network during the year. It was estimated by some parties that the com panies would require as much as 20,000,0001. for this purpose during the next twelve months, and the question was how to raise that amount. It appears, however, that the companies themselves put down their requirements at 12,000,0001. Either of these sums would unquestionably disturb the French money market to no slight extent, and a sort of compromise has been decided upon by the Minis ter which apparently will effect the object. The compa nies are empowered to borrow 214,000,000 f. or 8.560,0001., within the year; but how, or where ; the Ministerial report did not contain the most remote suggestion. This diffi culty, however, appears to have been got over withont his help, at least openly, for we &retold that the Bank of France has made an arrangement with the Syndicate of Bankers, at the head of which is M. Rothschild, to take debentures to the amount required. Of course they will issue them to the public or not, as the state of the market may justify. Thus the railway " difficulty " of France for 1857 has been already judiciously surmounted, at least in prospect. A considerable failure has occurred upon the Stock Ex change. The party was a dealer. He had operated in Consols for the fall to a very great extent, and was unable to recover. There are circumstances about the ease which have given a good deal of dissatisfaction. We hear that two dealers in Paris failed at the settlement this week, one leaving differences unpaid to the extent of 225,000 f., and the other of 162,000 f. Consols, which left off last Friday at 941 to 4. improved during the week, and last night they closed at 944 to j. The December account was closed yesterday, and the last price for it was 941 to 4. The closing price yesterday, however, was 944 to I: and for the new account, January Bth, 954 to}. The business of the week has been marked by a great deal of steady firmness, although transactions have been but few. To-day there were some money purchases, and atemporary advance took place, but it was subsequently lost, and the last price was 951 to 4. To-morrow (Saturday) it should be remembered that as the Transfer Books closed this evening, Consols will be quoted with the dividend deducted,—that is, at a reduction'