The Press. — London, England, 1856-10-25 00:00:00

OCTOBER 25, 1856. in Worcestershire, the exertions of its promoters have been attended with the success which I hope will attend the in• stitution now formed in Birmingham. Ido not, however, think it judicious or candid to excite exaggerated expecta tions. 1 speak in the presence of my valued and esteemed friends, the Recorders of London and Birmingham, both of whom, like myself, have had long experience in courts of ustice, and I know that they will agree with me that among the many unhappy objects brought before them for the punishment of their sins there are, alas, to) many who, for want of some helping hand in early life, have become hardened and reckless, upon whom, humanly speaking, it is not probable that the society's efforts would produce any great effect. Upon the other hand I believe there are many whom they might redeem, and we should not be discouraged by the fact that there are some hardened and unimprestionable and hopeless offenders. As well might the captain of a stranded ship declare that, because he could not save in his boat the whole of his crew, they should all perish without an effort. Before I close my observations, there is one other aspect in which, for a few moments, I will ask permission to place the subject before you. I wish the British public to regard that charity which we are now advocating, not as an isolated and separate question, but as one part—perhaps not the most important part—of a gre•tt movement which I see rising in this country, and which I hope, by God's blessing, may gain strength and grow from day to day, for the eleva. tion and improvement of the working classes. We must not forget that, while encouraging the reformation of offenders, there is another far greater, far more important and glorious object—the prevention of crime. I ask the men of Birmingham, and every assembly of my fellow countrymen, to press upon their fellow citizens and the Government that there should be brought home to every man's door a sound, wholesome, and liberal system of edu• cation. The present moment is not the moment to dwell upon this subject longer, but intimately connected with both movements is the necessity of making strenuous efforts to redeem from hopeless destruction, here and here after, those swarms of destitute children crowding the streets and alleys of Birmingham and all our great towns, and from whom we reap a harvest of crime. Another part of the great movement is the question of reforming early, and in time, those children who have fallen into the ways of crime and vice. A third branch we are now met to con sider; a fourth has been touched upon by my excellent friend the Recorder of Birmingham in terms so eloquent that I cannot presume to repeat them—viz., the tempta tions held out to large classes in this country by public• houses, dramshops, and heetshops, where poison both to body and soul is distributed among the people. The right hon. baronet, in conclusion, congratulated the meeting on the return of peace, and observed : As the great war in which we were engaged ig now hap pily nt an end, I hope such subjects as that now before us will command more attention than they have hitherto done, an 1 thus may we hope to see the prosperity of the country advance, thus may we hope for the continuance of the Divine blessing and mercy upon a civilised, enlightened, and virtuous nation. STRAND THEATRE.—whiIe its neighbour, the Lyceum, supplies so excellent an original, this little theatre offers a capital burlesque of Belphtgor. If the dialogue is tolerably good, the acting throughout deserves higher praise. Miss Cuthbert, as Belphegor, takes an original view of her character, and throws into it just sufficient delicate refinement and real pathos to preserve the portrait, without loseing its essentially ridiculous features. The boy Tommy, Master Edouin, is the cleverest buy who has ap peared on the stage for some time past. His tricks, his vivacity, and the thorough enjoyment with which, without the least bashfulness, he enters into all the fun, prophesies a good future tor him. Du. R►E, THE ARCTIC TRAVELLER, last week arrived at Gochabar, just as the Agricultural Society were about to sit down to their annual dinner. Dr. Rae asked, and was immediately granted permission to join ; throughout the evening he made himself particularly agreeable, and his health, as " The Stranger," was proposed and cordially drunk. On rising to return thanks, he said In the the course of my life I have seen some rough days and many pleasant ones. I have lived ten months in a snowhouse without once warming myself at a fire; I have had my mocassins cut off my legs with a hatchet ; I have had to kill my own food with my own gun, and I have been reduced to the necessity of living on bones; hut all these things are easily fingotten when I meet such a pleasant party as is now around me. As lam an entire stranger to you all, and as I have received so much kind ness from yon, it is but fair that you should know who I am ; my name is Rae, and you may have heard it asso ciated with the Franklin expedition. THE PRESS. ffloneg pact aittl ditg FRIDAY EVENING. THE retnrn of the Bank of England for the week ending the 18th inst. shows the following &tinges compared with that for the week preceding : Increase in Circulation .. Decrease in Public Deposits Increase in Other Deposits Decrease in Government Securities 275.009 Decrease in other Securities Decrease in Bullion Increase in Rest Decrease in Reserve Bullion in Both Departments Circulation, including Bank Post Bills The changes shown in this comparison are highly im portant, but for the most part they are referable to the payment of the dividends. Still there has not been a single occasion since the great crisis in 1817 when the reserve of notes has fallen so low as it appears to be by the present return. It only amounts to a fraction above 2,500,0001., while the Bullion now stands at as low a point, if not actually lower, than at any time since the same memorable period. With the reserve of notes so diminished, it is no wonder the Bank directors refused, as they did this day week, to make advances even upon Government Securities with the exceptma of Exchequer Bills; indeed, they would have been compelled to resort to still more stringent measures if they had not had securities falling in to the amount of nearly 2,04,000/. But even with this aid, and the absorption of so large a sum out of the Reserve, the Bank was obliged to sell stock in order, whilst paying the dividends, to maintain its stock of notes at something like a comparati ;sly safe amount. On the whole this return shows very clearly the critical point at which we have arrived ; and, if the next two returns do not indicate some great and decisive improvement in the position of the Bank itself, inde pendently of the bullion it may possess, it is hardly possible to avoid the conclusion that the rate of discount must be raised again. There is no real improvement in the Money Market. Certainly the funds have risen since our last, and the pay ment of the October dividends, now about completed, has disclosed a tendency on the part of the general public to lend their money on call as well as to invest their savings in public securities ; but the real tests of improvement found in large reserves, and an anxiety to employ them in good commercial discounts, have been wanting. The fact is, there is so much uncertainty and sensitiveness about the market, that bills, except of the most undoubted character, are not readily taken, and where a disposition to grant dis counts is shown it is believed to be more from a natural desire to keep the particular connection than from confi dence in the future. At the same time, a satisfactory feature in the business of the week is the fact that the Bank has had no demand upon it for gold, except in its ordinary and daily transactions. If it has secured no part of the arrivals of the week, it has at least parted with none for the Continent ; and an inference has been drawn from this circumstance that the drain upon it from this source is not only suspended but that it has permanently ceased. Without adopting the latter opinion, which is open to con siderable doubt, we may mention that the talk has dropped of a further increase in the rates of discount, and of an ad ditional issue of notes, though the figures given above will very likely revive it, and so far there is certainly a dimi nution of remedial suggestions, implying that a change for the better may be at hand. This we admit. But the question is, is the state of the Money Market improved ? It is not; otherwise there would be no difficulty in obtain ing advances, and fewer complaints of the terms required. Indeed, the improvement of our market depends, not upon ourselves, but upon the condition of our continental neigh- bours, particularly the French ; and certainly the prospects in that quarter are no brighter than they were last week We do not in this observation refer only to the Bourse, or to the difficulties of the associated undertakings which are mainly responsible for the existing crisis, but to the ordinary trade of the country. The latest accounts de• scribe it as being much embarrassed and exceedingly sensitive, under the rigid operation of the rules which the Bank of France has laid down with regard to advances and discounts. In short the commercial classes of France are now keenly smarting under the double evil of dear money and reduced trade, to which must be added the high prices of many articles of raw material which are limiting the production of several of their staple manufactures. Although, therefore, we are in a somewhat better condition in the current week from special and incidental circum stances, we are far from feeling great confidence in the future. The Bank of England shows no signs, nor, indeed, is it possible it can, of mitigating its restric tive policy of refusing to advance upon Govern ment securities except Exchequer Bills; trade is not so good as it was ; and we fear that a good deal of the foreign commerce which has led to such a development of our exports is not likely to prove very remunerative. However, these are only indications. They are, fortunately, well understood, consequently there is no abatement of the prudence and caution which have been the distinguishing few 1029 mass of business. We believe now that the Bank has few loans oat on Government securities. On Tuesday and Wednesday it received from the Stock Exchange and else where repayment of the advances made in the previous week for seven days, and since then it has not been lend ing money upon stock. In a week or ten days all its loans will have been repaid, and its opinion as to the duration of the continental drain of gold may be infer.ed by its per sistence in, or relaxation of, its present policy with regard to loans. The exchanges both on Tuesday and to-day have been rather turning against this country. The accounts from France yesterday stated that the Bank of France now refuses to lend money on the secarity of Rentes or railway shares, while she is practically limit ing her commercial discounts to bills not having more than forty-five days to run. Hitherto, since the rate of discount was raised to six per cent., the Bank has been lending, for thirty days, forty per cent upon Rentes and twenty per cent. upon shares, while discounts were limited to sixty days' bills. The change is therefore one of a highly strin gent character, and it is a stern answer to a memorial which a number of Parisian merchants have sent to the directors praying them to extend their discounts to ninety days' bills. In the meantime five-franc pieces continue to come over here. The position of the Batik with respect to its stock of bullion was said to be improved by the supplies obtained flon, this market and from New York ; but the information on this point is of no value. It Lmounts at best but to an opinion. Probably the gold has increased— it would be strange if it had not; hut the question is, will the Bank be able to retain it, and how long this process is to be continued of busing it up at a premium upon the market price here? Since this was written we have re ceived a private letter from a commercial friend in Paris in which he states that the bullion since the last monthly debtor and creditor account has fallen off 13,000,90 X, or 520,0011., while its receipts from purchases are only 6,0:10.000f, or 250,0001. And it was added that the Bank would be obliged to sell its Rentes in order to obtain money. Specie to the value of 449.'2.571. has arrived during the week, including 212,0014., mostly in silver, from Mexico and South America. With this exception, all the rest, amounting to 23,1,1871., has been sent to the Continent. The lest advices from Australia do not lead us to expect any considerable arrivals from thence for the next two or three months. The exchanges with the United States are less favorable for the shipment of specie to this country ; but French agents are understood to he still buying up supplies for the Bank of France. The total amount of silver sent to India by the packet which left Southampton on Monday was 493.1111., and of Mold 8.9801. English Securities have improved about one per cent. since our last, solely from continued investments by the public. Last Friday they closed at 011 to 1, and yester day at 921 for account. The fluctuations have been con siderable, equal to nearly one and a half per cent. ; but on yesterday, and again to day, the market became more settled, with a greater aspect of steadiness than at any pre vious period in the week. The dealings have been princi pally for money, but one or two considerable speculative purchases were made yesterday. During the week the Bank has been a borrower of money in the Stock Ex change upon the security of stock. This policy is new, or at least unusual ; it was adopted presumably, in order to avoid sales which would have been followed by depressing effects. To-day Consols closed officially at 92$ to 1; but after regular hours there was some heaviness, caused by the receipt of lower prices from Paris, and they drooped to Wl} to 1. Exchequer Bills have recovered to a premium of 2s. to ss. They are not very steady, although no particular change has occurred in them for the last day or two. Foreign Securities are to some extent better than this day week, but business has been upon a very limited scale. Turkish Six per Cents. still fluctuate with the rumours of the day, as to the necessities of the Ottoman Government; but yesterday they closed at 90 to being about 30s. better than last Friday. The Guaranteed Four per Cents. have been steadier. To-day the Six per Cents., after some fluctuations, closed about a quarter per cent. lower than yesterday. Railway Shares have advanced since this day week about two per cent.; the improvement has chiefly extended to Midlands and some other of the heavier stocks. In the north holders have been selling Lancashire and Yorkshire shares to buy Midlands; the consequence has been a tem porary depression of the former, but it has now substan tially recovered. Stock is scarce, and the tendency from this cause, independently of other considerations, has been rather upwards. Just at the close last night there was, however, a reactionary feeling ; andto-day there was a tall of about a half per cent. all round, caused by anticipations of an indifferent Bank return, and by rather an unfavorable state of the Exchequer. Joint-stock Bank and Miscellaneous Shares have mini- Tested firmness this week, but business has not resumed its former activity. The connection of Mr. Baylis with the Unity Bank, and also with the Unity General Life Association, has ceased. The adjudication in bankruptcy of the Royal British Bank has been deliberately confirmed by a solemn judg ment of the two Commissioners in Bankruptcy, liolroyd and Goulburn. Closing Prices. pa anacsa,c alma ,ellallt/. •• autAa us, c actin I.IIC UlalillipllslJlLlK At this announcement every one started up and gave features of the commercial enterprise of the period ; and it BRITISH FUNDS. Closing Prices. Dr. Rae a mo s t ent h us i ast i c c h eer. D r . R ae i s t o b e h ope d t h at t h oug h t hi s year w ill not prove, un d er OFFICIAL QUOTAT lONS. showed some of the articles which had in- existing circumstances, to have been one of great profit Mond. Tuesd. Wed. Thurs . Friday dicated the probable fat e o f Si r J o h n F ra nk- except to bankers and money dealers, it will have satisfied -- .7 _-. 7 !..._ ; ___. the country that the financial disturbance from which we lin and his party. They consisted of a piece 3 per Cent.Consols 9 ll 292if92 4 22 1 92t are now suffering was neither caused nor aggravated by Ditto for Account 0 2 ii 92i a, 92} ,92 I ....1 i of gold and two silver watches, a small anchor , i per Cents Reduced 9l 4 914 oj . 91 191 j3lll 1 several coins, a spoon, with a crest engraved on it, Britishcapitalists . merchants or Money has been in active demand all the week, and we 3 per Cents l9l 9li i,21l 191 2i.1 92; &c. Dr. Rae had been on a visit to Mr. Edward have heard of no cases in which extreme rates have not Long Annuities Ellice, M.P., at Gleuquoich, and was on his way to been required. The Bank has had numerous applications, Hank Stock, 7 per Cent—'9ll 10 210 e 3 . 212 i 1. 219 212 3 Omnium Castle Menzies. but it is rather restricting than enlarging its discount Exch. Bills, 2 3 / 4 d. -- operations, consequently Lombard-street has obtained the , India Bonds,(1,0001.) —yl 8p I p —p 6 9p _ . I