The Press. — London, England, 1856-11-01 00:00:00

NOVEMBER 1, 1856. formidable, seeing what kind of a man a Yorkshire mau is. In my next letter I will make my Whig re spondent speak out and tell his real objection to an increase of the county members, a reason which, in the meantime, you may have an idea of by referring to a parliamentary guide book.—l am, &c., J. A. G. M. SOULAGE'S famous collection of Italian art, con taining specimens of the works of the great artists of the sixteenth century, has arrived safely in this country. The purchase has been made by a number of noblemen and gentlemen, on the understand ing that the collection be offered to the Government at its cost, that if declined it should be sold by public auction, and any surplus applied to promote art. It, will be forthwith exhibited to the public for criticism, and when public opinion has been ob tained, the offer of sale will be made to the Govern ment, which we believe will be accompanied with the condition that the collection shall be exhibited next fear at Manchester. THE WORCESTER DIOCESAN TRAINING SCHOOL annual meeting was held at the College, Saltley, near Birmingham, on Thursday week. Lord Lyt telton presided, and among others present were Lord Calthorpe, the Right Hon. Sir John Pakington, M.P., Mr. Adderley, M.P. At the conclusion of the formal business of the annual meeting the usual distribution of prizes took place, when Sir J. Pakington in a brief speech addressed the meeting. After expressing, on the part of the public, thanks to Lord Lyttelton for his zeal and ability as founder and president of the college, he hoped that, after all the difficulties it l►ed passed through, they might believe the time was coming when they might consider it one of the suc cessful institutions of the county : It was most desirable that it should be so successful, for certainly nothing could be more important, nothing was more pressingly wanted for the promotion of educa tion, than a supply of well-educated schoolmasters. The more successful were the efforts which were now being made in the country for the advancement of education, the more important and essential did it become that there should be a supply of persons qualified and willing to undertake the superintendence of schools in all parts of the kingdom. He could not refrain from cautioning his brother committee-men concerning what, in his mind, was an important consideration in connection with those insti tutions. They should remember that the object they really had iu view was to train up a body of persons who were able, competent, and willing to take the charge of schools of all descriptions. They would want masters for schools in rural and often remote districts, as well as for schools in such large towns as Birmingham It was, therefore, desirable that young men trained in those insti tutions should not, to use a common expression, be over strained, hut that their instruction and education should be so conducted as to qualify their pupils to take charge of schools in all the various parts of the country in which their services might be required. He mentioned the sub ject merely as a caution, believing that the tendency of those institutions was to lead young men to higher training than was required for their duties in schools. THE WORCESTER COLLEGE DEBATING SOCIETY held their last meeting on Thursday the 23rd ult., when the following motion was proposed by Mr. W. E. A. Young, and carried by a large majority (more than two to one) :—" That the great talents and political rectitude of Mr. Disraeli eminently entitle him to the confidence and support of the country." THE SALE OF POISONS has been taken up by the Pharmaceutical Society, who have declared that they only require support and extended powers to bring this important question within narrow limits. An address, putting forward these viewa, has been pub lished this week. The society remarks:— The indiscriminate and uncontrolled sale of poisons has engaged the serious attention of the council, and some im• portant statistical information in reference to the sale of arsenic was obtained by the intervention of the Pharma ceutical Society at the time the Sate of Arsenic Act was introduced. The assistance of the society, and the expe• rience of its members, wauld be available on any future oocasion in reference to the sale of other poisons, on which numerous suggestions for legislative interference have been made by persons practically unacquainted with the subject, and the difficulties attending the proposed re• stne Luis. The Pharmaceutical Society has always taken an active part in exposing and endeavouring to prevent the adultera• tion of drugs. The subject is constantly under discussion at the meetings of the society; and in several instances the publicity thus given to cases of fraud, and impurities prevalent in drugs and pharmaceutical preparations, has led to considerable improvement both in the case of foreign products and those of home manufacture. The council believe that the exertions of the society in elevating the scientific character of pharmaceutical chemists will have more effect in checking adulteration, imperfections in medicines, and accidents from poison, than any penal enactment that could be passed ; and that, however desir able it may be to provide facilities for the summary punish ment of persons guilty of fraud, it is equally important, and should be the first object of solicitude, to regulate the qualifications of those who dispense medicines, and who ought to be sufficiently educated to be able to test the quality of their drugs and preparations. THE PRESS. The object of the above statement and remarks is to direct attention to the fact that the reformation which recent events have shown to be required, and towards which the force of public opinion is tending, was projected more than fifteen years ago by the Pharmaceutical Society, that great progress has already been made by its voluntary and unassisted agency, and that all that remains to be done may be effected by means of the society, if armed with more extended powers and assisted by the public. SIR JDIIN PATTESON was presented on Monday with a handsome testimonial by the University and town of Cambridge, in acknowledgment of his exertions to settle the disputes of the two bodies. Dou Tadat an titer FRIDAY EVKNINO• THE return of the Bank of England for the week ending the With Oct. shows the following ciattiges compared with that for the week preceding : Decrease in Circulation .. Increase in Public Deposits Decrease in Other Deposits Decrease in Government Securities 360.051 Decrease in other Securities Decrease in Bullion Increase in Rest Increase in Reserve 559,704 Bullion iu Both Departments Circulation, including Bank Post Bills The Bullion in the Bank is now at a lower point than it has stood for some years, being not much more than 9,500,0001; but the return, as a whole, is more satisfactory than that of last week, inasmuch as it shows the position of the Bank itself to be strengthened. The Reserve is a full half-million more, but to obtain this improvement the Bank has sold more than 350,0001 of its securities, besides absorbing the addition to the Public Deposits. It now appears that the Bank has been placing stock upon the market, and this accounts for the full supply which was rather suddenly found by certain parties i❑ the early part of last week. The falling off in the Private Securities shows the effect of the last turn of the screw ; and it will be observed, that the scarcity of money has caused a dimi nution in the Private Deposits, which are now but a mere fraction above 10,000,0001. The Bullion in the next return will, it is expezted, again show a falling off; but if the Reserve continues to increase, it will cause little anxiety, though it is not at all clear at present how the drain is to be neutralised so long as the Bank fails to secure any portion of the arrivals. The Money Market is certainly no better, but rathsr worse of the two than it was last week. The demand hae been more active, with less disposition to meet it, while uniformly higher terms have been exacted even upon bills of the highest character. Lombard-street is above the Bank in its average charges, and is quite as restrictive in its policy with respect to advances. People who have floating balances to spare are unquestionably deriving a good profit from this state of things, for they can obtain not less than five per cent. for their money for any period they may lend it to the bankers and discount brokers, while the latter, by charging six and seveu and in some cases even nine per cent., are clearing large returns without much risk. The wonder is how the trade of the country can sup port direct and intermediate deductions of such amounts and yet be advantageously carried on. There must, un questionably, be a good deal of suffering somewhere. Symptoms of it are already appearing among certain classes of manufacturers; and we should not be surprised to hear soon, if the present season of embarrassment does not shortly pass away, of several suspensions. No doubt a great deal of the demand in the current week has arisen from preparations to meet the commercial acceptances falling due on the 4th, next Tuesday. It that time is got over tolerably easy, there will be less ground for anxiety during November, as we believe that for some months past there has been a great contraction both of home and foreign engagements, produced by the high price of money which has ruled during October. On the other hand the reduced production threatened in t'.►e factores of Lancashire and Yorkshire, owing partly to the heavy charges for discounts and the increasing dearness of raw materials, will lessen the amount of employment in the winter ; and we fear the consequences will be seriously felt by the working classes. But, putting aside for the time the dismal anticipations which have come up from the manufacturing districts during the last four or five days, it may be asked whether there is really any prospect of money becoming easier and more plentiful? We fear there is little or none for some time to come. The Bank of England is not likely to be in a position to reduce the rate of discount for a long in definite period. The financial and monetary crisis in Paris is not, we believe, at its worst, while the movements in the corn, cotton, iron, and some other great markets, are such as to render even legitimate enterprise very precarious and uncer:ain in its results. The short terms for which only money is now lent may to some extent encourage reck less speculators who have little to lose ; but they deter the prudent merchant of substantial means, and he conse• quently refrains from otherwise justifiable operations. Besides we have, in terrorein, a vast scheme for the abstrac tion of 40,000,0001. of capital, at the rate of about 4,000,0001. per annum for ten years, to make railways in Russia. This scheme alone is suff►cient to justify the Bank of Eng,land in keeping the screw tight, for the mass of this capital, if the scheme floats at all, must come from England. With a foreign drain upon us at the rate of 1,000,000/. per quarter, or 250,0001. per week, and the ordinary demands of oar regular foreign and home trade, it would be impossible to reduce discounts. We dare say that political bad feeling towards Russia has something to do with the disfavour with which the scheme is viewed by 1053 a portion of the press ; with that we, in this place, have nothing to do. We only say that it cannot be floated in this country, under present circumstances, without causing a most serious financial derangement and, ultimately, a monetary panic. The exchanges are still against this country. France and the Continent are consequently taking not only all the gold which arrives, but 60,0001. nes gone out of the Bank since we last wrote; while the drain of silver for Jndia and China is unabated. The specie imports of the week have been about 160,0001. The James Baines, now almost due, is expected to bring 690,0001. from Melbourne ; and the West India packet, due to-morrow, will bring a consider able amount in silver. Arrivals of this sort may possibly divert the drain upon the Bank for a time ; but our Paris letters lead us to believe that the run upon the Bank of France for gold, for such it substantially is, has drained that establishment of fully 200,0001. more than it has re ceived. Under such circumstances the contracts to pur chase gold at any price cannot be withdrawn, and we must continue to feel the effects in the diminishing stock of the Bank of England. English Securities continue to bear up with extraordi nary elasticity against the discouragement of the Money Market. Whilst every one acquainted with the circum stances that usually influence prices has been anticipating reduced quotations, Consols have remained steady, and completely recovered the downward steps which they have occasionally made. This anomaly is explained by the continuance of money purchases by the public for the investment of their surplus dividends and savings —pur chases small individually, but vast in the aggregate, and from their number calculated to sustain the confidence of a sensitive market. To-day it was pubiicly stated by an eminent authority that the public have derived a gri at portion of the money they have invested in the funds lately from their deposits in the joint-stock banks, and that the distrust originally created by the failure of the Royal British Bank has been the prime motive for the change. We believe this explanation to be substantially correct. Last Friday they left off at 921 to 1. More than once they have been at 921 to 1, and for the greater part of the week they have been stationary at 921 to I. Yester day they attained at the final close to 921 to 1. To-day they opened at 921 to 1 for Nov. 6, and closed at 921 to 1, having realised an advance of 1. The public continued their money purchases, and merely neutralised Effectually the uneasy sensations created by the leading journal, implying that we may not only expect a Caffre war, bat another brush with Russia. A report that the James Baines had arrived sent prices up to 921 buyers ; but they went back upon it being ascertained that the rumour was pre mature. The last price was 921 to 1. Exchequer Bills have gone down to par. The settlement in Consols takes Owe next Thursday. The next account day is December the 4th. The preset.' price tor that day is 831 to %. Railway Shares have, so far as the amount of bud ors is concerned, been adversely affected by the stt lement of the account ; but the market has been strong and improv ing in respect to prices. It is, indeed, in a sound and healthy condition ; and from the fact of so little stock being placed for sale, with money so scarce and bare, we infer that the railway property of the country is held by substantial persons—persons who are able to bear both loses and the apprehension of losses to a greater extent than is commonly supposed. At all events holders, whoever they may be, have not been greatly alarmed by the prospects of the general money market. To-day the improvement continued, particularly among the heavy stocks. Foreign Shares have generally been flat. Turkish Securities, particularly the Six per Cents., have fluctuated, hut they have nearly maintained the prices of this day week. To•day they improved about 305., leaving off at 91i to 92. Joint stock Bank and Miscellaneous Shares have been toletably firm, but less attention than usual has been paid to these securities in the current week. Messrs. Fox, Henderson, and Co., have announced their suspension owing to serious losses from heavy foreign con tracts, particularly by the construction of the Zealand Railway. The total debts are stated to be about 320,0001., of which about one half are secured. A meeting of the creditors is to be held at Birmingham on Friday next, when a statement of the assets and liabilities, with propo- sitions from the firm, will be submitted for consideration. The committee of the Stock Exchange a few days ago passed a resolution, subject to confirmation next Monday, that the shares of the Crystal Palace Company should not be quoted in the official lists in consequence of the directors haring declared several transfers void which they had previously registered as correct. The directors have, however, since published an explanatory letter. in which they state that the refusal to admit the va idity of certain shares was not intended to deny their ntti• mate liability, and that, in accordance with the opinions of counsel, they had determined to recognise them with out question. In consequence of this intimation it is probable that the committee of the Stock Exchange will withdraw their resolution. It is announced that all the shares in the Crystal Palace Company are to be changed into stock. _ _ The Oriental Bank Corporation have announced that the half•yearly dividend, at the rate of tea per cent. pea annum, will be payable, free of income tax, on the let of December. An attempt to sell by auction the iron ships of the General Screw Navigation Company at Lloyd's, on Wel - entirely failed. There was not a single offer for any of the vessels. The Board of Trade reports for the months ending September 30, are essential respects. The Provincial wore desponding character than for he month, and the Dins again favorable in all Trade reports are of a • some weeks peat.