The Press. — London, England, 1857-08-08 00:00:00

LADY BELLEW died ou Monday at Barmeath, county Louth, the residence of the Right Hon. Lord Bellew. She was in her 57th year. Dn. THOMAS DICK, LL.D., F.R.A.S., the well-known author of " The Christian Philosopher," and other kindred works, expired at Broughty Ferry, near Dundee, on Wednesday week, in the 83rd year of his age. A BANQUET AT FISHMONGERS'-HALL was given on Saturday last by the worshipful company. Among the distinguished company present were Lords Brougham and John Russell, Mr. Vernon Smith, General Williams, &c. &c. After the usual loyal toasts had been drunk, Mr. Vernon Smith, replying for "Her Majesty's Ministers," said that her Majesty's present Ministers now found themselves amid difficulties which were not of their own making, but which had arisen from a frantic and sudden out break in that part of our dominions in which it was least expected : But what were Ministers made for, if it were not to meet difficulties? And the present was truly the great emergency. For one hundred sears we had governed the great empire of India by moral force; but the sword, which we had partly passed into the hands of the natives, had suddenly snapped in our grasp. It did so happen that in India itself, from Cape Comorin to the Himalaya, nobody had anticipated the present outbreak. For him• self, be felt that the task imposed upon him was one of no ordinary character, but he remembered that he had been brought up at the feet of Henry Brougham and John Russell, and he had a reasonable confidence as to the result. Lord Brougham, in replying for the Lords, com mented upon the friendly feeling of the French for us, and, alluding to their electoral system, said he thought we might advantageously take a lesson from out neighbours : When last in that country he had uniformly found that, if a worthy and distinguished candidate were defeated in one department, other places immediately offered him a seat; but that, unhappily, was not the case in England. He had again and again seen with sorrow anti shame able and useful members of Parliament, who had accidentally offended their constituents, obliged to remain for three or four years out of the house, while no constituency ten dered them a seat. Lord John Russell, later in the evening, replied to this : With respect to our general system of carrying on elections, although he regretted that so distinguished a man as the Vice-President of the Board of Trade should have been the victim of popular excess, and although he was not enthusiast enough to wish ha had been the victim himself, stilt he would rather see these excesses of free election than the mode which his noble friend (Lord Brougham) so much eulogised in France. He knew that we had had a great deal of turmoil and a great deal of dirt-throwing in London and in different parts of the country, but he considered that to be part of the freedom of our system. He did not think you could have free election without a good deal of abuse, and he woul I rather have our complete freedom, accompanied by a little abuse, than be liable to be denounced by a prefect of the Thames as unfit to sit in Parliament. But this was a matter of opinion; and, if his noble friend's frequent re sidence in France made him favour more the institu tions of that country, he was not going to find fault. He knew, however, that an eminent man in France (M. Mon talembertl had written a book of great eloquence in praise of English institutions. His (Lord John Russell's) taste, and he was sure he might add the Prime Warden's, lay in the same direction, and led them on the whole to prefer the English mode of election to that which had attracted the admiration of his noble friend. He was Oat to think that the settlement of the House of Hanover had contributed to produce that freedom of election and that general publicity which were the keystones of our popular government. He believed that in the contrariety of opinions was to be found the safety of religious liberty, and he was proud to know that the nation was kept fully informed of all that interested its concerns, and believed that, being so situated, this country was more capable of great efforts. which require I men and money, than other nations which were kept in total ignorance. THE PRE S S, AUGUST 8, 1857. Seneg gt ark ex anb 6itg Antelitynce. FRIDAY EVENING. THE return of the Bank of England for the week ending the Ist inst., shows the following changes compared with that for the week preceding: — Increase in Circulation Increase in Public Deposits Increase in Other Deposits Decrease in Government Securities Increase in Other Securities 2,165,969 Decrease in Bullion Increase in Rest Decrease in Reserve Bullion in Both Departments Circulation, including Bank Post Bills These figures are of an unfavourable character in all essential respects. The Bullion and the Reserve each show a large falling off; the former in conse• quence of heavy purchases of silver upon the Conti nent for transmission to India, and the latter in consequence of the demand for money last week—a demand which has caused an increase in the Private Securities of more than 2,01)0,0001. This item in the account again exceeds 18,000,0001., and there is reason to believe it will not undergo any diminution for some time to come. The Public Deposits have received large additions, and in those of a private character there is a moderate in crease. Although the Bank Directors have made no change in the rate of discount, as was expected, after the sudden reaction in the Money Market last week, there is no real improvement in it. The terms for the best bills are quite as high as they were, and whatever relaxation there may be in particular cases is owing to a reduced supply of the best paper. Many of the houses engaged in the East India trade are contracting their operations, and their policy has operated adversely upon producers in some of the manufacturing districts, so that almost sooner/than ,it could have been expected the effects of the Indian outbreak ate perceived and felt. Yet, notwith.tanding this tendency, the value of money appears likely to go beyond rather than below five and a half per cent. The return analysed above seems to confirm this view. In the early part of the week, on "londay and Tuesday, the demand, both at the Bank and upon the discount houses, was exceed. ingly active. It is said to have been unprecedented. It was, however, freely met, provided the terms were accepted, six per cent. being required in some cases. This demand, which mainly arose for provision against the acceptances due on the 4th, has since been followed by comparative quietness, much of which is owing to the curtailment of business in the India trade in London, Liverpool, and Manchester. The present condition of the market under these circumstances is one of great caution, paper pm sumed to involve speculative operations in any branch of trade being constantly rejected, and much connected with Australia, and now with India, being regarded with distrust. Yet, as before stated, the supplies are good. The receipt of favourable news from India would certainly increase confidence, and cause an immediate change in the market, particu larly as the harvest is likely to prove most abundant. The Continental Exchanges are better, and our supplies of gold from Australia ample for all present wants. The main cause of anxiety is unquestionably the political condition of India, and the possibility of difficulty with Persia, which refuses to surrender Herat, combined with the indefinite amount of expenditure to which the country, directly or indi rectly, will be committed, unless tranquillity be speedily restored. In the meantime further news is expected, with an anxiety which it would be diffi cult to exaggerate. On the whole, the Money Market may be described as in a state of transition ; whether to a better or a worse condition, depends not upon its own internal resources, hut upon the progress made towards suppressing the I idian revolt, and on this point the tendency of opinion is not very favourable. The demand to-day was good, but without any pressure whatever. On the Stock Exchange there was a good deal of inquiry, this being " pay-day " after the Consol settlement which was brought to a close yesterday. In the course of the week several failures have occurred among members of that establishment. The Bank last week lost bullion by withdrawals to pay or silver bought upon the Continent to the amount of about 250,000/. ; and since our last about 72.0001. was taken out for the same destination. Subsequently, however, a decided change took place in consequence of large arrivals from Australia, the United States, and the Pacific, and the Bank, instead of a seller, was a buyer to a small amount. The imports since last Friday have exceeded 1,585,0001. in value. On the other hand, the exports have reached 1,032,9631. Of this amount 843,4451. in silver was for India, and 169,5181. for China. Only about 500,0001. is known to be now upon the passage from Australia to this country. The United States and Continental Exchanges have nearly all improved; but in some continental cities the rate of discount has been increased. Consols closed last Friday at 901 exactly. When the August account was brought to a close yesterday at noon they stood at 001 to 1. The decline, con sequently, during the week has been five eighths per cent., the rate being one-half per cent. for carrying over to the September account. The quotation was 901 to 1. The arrangements for the settlement having closed, and there being some reports abroad that Delhi bad been taken, an improvement took place up to 901 to 91; but after regular hours the market suffered a slight reaction, and it closed at 901 exactly. Quotations are now at a point which brings in small investors ; but we cannot regard them as firmly established in the present state of opinion as to our prospects in India, though they may be supported by the purchases of the public out of savings. To day Consols opened at 901 to 91, and closed the same; but after regular hours they receded to 901. Railway Shares were depressed to-day. Business continues dull in Foreign Securities. Russian stock has improved ; but Turkish Six per Cents are one-half per cent. lower than this day week. A dividend of four per cent. will be paid on the 21st of September to the English holders of stock in the New York Ceutral Railroad Company. The East India Company have made an advance of two per cent. in their rate for bills on India. On Bengal and Madras it is now 2s. Id., and on Bombay 2s. lid. It is only a few weeks ago that a previous advance of one per cent. was made. The purchase of bills has been greatly checked by this movement, and the demand for silver augmented in proportion. Trade continues very quiet. In the manufacturing districts the complaints of the dearness of raw mate rials are very loud, and the state of affairs in India has, to some extent, diminished the production of articles suitable for that market. BANK OF ENGLAND. Art Recount, pursuant to the Act. 7th end Bth Victoria, up. $1 for the week ending on Saturday, the ht day of Aug., 11147. 191406 DItPARTMENT. Notes issued 0;25,135,3801 government Debt 411,015,100 Other Securities .. 3,455,900 Gold Cotn & Bullion 10,860 380 Silver Bullion /135,135,380 £25,155,3:10 I BANKINO DEPARTMENT. Proprietors'CapitalSl4,ss3,ooo Government Seen. Rest Public Depositor 5,365 3:7 Dead Weight An.) /110,5,98 Cal 3 ther Deposits Seven Day it other Notes 6,229 400 Bills 41 - 3 - 4,887 - 777 i 034,884,777 of National Debt Including Exchequer, Comrnissione Savings' Banks, and Dividend Accounts. BRITISH FUNDS. Closing Pricey. OFFICIAL QUOTATIONS. 3 per Cent.Consols Ditto for Account i per Cents Reduced 3 per Cents Long Annuities Bonk Stock 7 per Cent New 23 per Cent Annuit Kxoh. Bills, 2 3 / 4 d. Indisßonds,(l,oool.) 1 Mond. ll Tuesd. Wed. Thurs. ,Fridass —I-- '904 I 1 ,90 S a 904 1 904 51'01 991 1 1 1 904 90 1 904 90 1 991 91'90 1.90 1 ? 4 30 311 8 1 9oi 9U, e,90 1904 I 1 216 217 216; 215 eg ,4 Id hi p 4d 24d p, 4d p I 1 22 d 17d —15 d 18d FOREIGN FUNDS. Mon 9a Tuead. Wed. Thurs. Friday. I 102 I —64 i 64 67(20c 67f 15c'67:1913 f a fefe; ` s t a f. LI f. •••• 22: j 24 : —22 i —61 i elk 98 I9Bi. 98} 40 so 9 26 94; 94t i 94i i 94j $ Per Cent. Brazilian - b Danish 6 ( Ex 12 Guil )24 Frenoh 3. Do. 4i Do. Bank Stock D.xican 3 Peruvian 4i Portuguese 4 auggian 4i _ Anguish 3 Turkish Ace. 6 94i Antw. & Rttrdm . Belgian East. J Dutch Rhehish East Indian Gt. Indian Pe❑ G.W .of Can.,Sh Lyons & Geneva Madras Namur& Nrthrn.of Frnok Norw. Truk. Prf. Paris & Lyons Paris & Orleans "aris h Rouen 641 4} 1 67 `3oc f - 1. 1 98 T i FOREIGN RAILWAYS. Mond. I 4 8 3 / 4 d 100 I Ifll2o . 211 2 2di 7j 18 1; 33i 4 R+ 86i_.; 57'58 . Tuesday. MI/mikes. Thurs. ;Aid*. 6SCY4 COI liltltll 44 4d 4 4 4dis 4t 44 44 41 8i 99 100 991 100 4 1004 !99 1 19i t 194 4 19i IIR 214 4 214 214 4 21 4 964 7 4 234 t 28i 74 1 2 7 174184 18 19 18 19 18 9 7i 8 7t 8 74 4 7$ I 34 4 344 4 34i i 34s t At Vt 84 94 8$ Vt 8t 9g 361 7 334 7 394 384 67 58 67 58 578 8 57 8 -- . -- -- -- Vitropotitan irktts. (ReporiedeselusivelYfor "Ms Pmess.") CORN EXCHANGE—ScarceIy any old English wheat bag been received up to our market this week ; but the supply of new has amounted to nearly 20,000 quarters in most excellent con dition. In the former scarcely any business has been trans acted ; but nearly the whole of the latter has changed hands at Ss to :is per quarter decline. The demand for foreign wheat has ruled heavy, at almost nominal currencies. Fine new barley has sold at from 42s to des per quarter ; but the trade has been by no means active. In the value of malt we have no change to notice. There has been a fair inquiry for oats, on former terms. Beans and peas have commanded very little attention. The value of dour has remained stationary. - - Emousw—Wheat, Essex and Kent red, 47s to 1;28; white, 489 to 838; Norfolk and Lincoln red, 488 to tOs. Malting barley, 388 to 448; grinding ditto, 28. to 30s distilling, 35s to 39r. Malt, 828 to 78s. Feed oats, 21s to 278; potato, 27s to 338. Rye, 328 to 368. Tick beans, 3es to 395; Harrow, 38e to 40r; pigeon, 43s to 479. Grey peas, 428 to 45s ; maple, 42a to 478 white boilers, 408 to 44a perquarter. Town•made flour, 1.38 tO 548; country marks, 395 to 438; housebolds,44B to 45$ per ARRIVALS THIS WEEK. Wheat. Barley. Malt. Oats. Flour. ngllsh 1740 .. 220 .. 1710 .. SO eg7o Irish Foreign 5820 .. 2730 14780 .. 220 eke: 1580 ble. LONDON AVERAGES DECLARED ON FRIDAY—Wheat. 2,317 iv arters,s9B 2d ; barlev 278 quarters, 40s 2d; pate, ST quarters,3ls xd ; rye, quarters, —; ,beaus, 478 situtrunsll 435; peas, 883 qutuurs, 42s 74.4 . _..._,~ 781