The Press. — London, England, 1857-10-10 00:00:00

p - 3ftlant. Tim LIMITS OF THE PROCLAIMED DISTRICT AT BELFAST have been considerably enlarged by an additional proclamation issued at Dublin on Saturday last. THE EXAMINATION OF THE QUEEN'S UNIVERSITY SCHOLARS, and the conferring of degrees and honours on the successful candidates, took place on Saturday last, in St. Patrick's-hall, Dublin Castle. Da. CULLEN, in a pastoral letter from Rome, dated September 25, states that he ban heard with much pleasure of the movement in Ireland for "the relief of our fellow-countrymen who have 'peen reduced to misery by the dreadful and wide-spread revolution now 'aging in India, and menacing the safety of the British empire." Dr. Cullen then urges the necessity of inquiry, on the part of Roman Catholics, before appeals are made regarding the subscription, in order to ascertain "how the fund about to be raised is to be managed, and whether there is any danger that it may be applied by bigots to proselytising purposes." He refers to the movement for the Patriotic Fund in 1854, to which, he says, Roman Catholics subscribed generously, according to their means ; but, subse quently, applications from Roman Catholic clergymen, in favour of the widows and orphans of soldiers killed in the Crimea, were not attended to; and "when relief was granted in Dublin, a parson was always employed to administer it." He states that very large grants, including one of 100,000/., were made from the Patriotic Fund to Protestant institutions in England, and he adds, " Not a shilling voted, it would eppear,to give a Catholic education to Catholic orphans. Is this justice? Would it not have been a source of bitter affliction to the Irish Catholic soldier, dying on the shores of the Black Sea, had he know that his children would be exposed to be robbed of that faith which he valued more than his life ?" Dr. Cullen thus concludes : - - - I am most anxious that everything possible should be done to relieve the sufferers in India ; let us, however, have some security that the funds collected will not be applied to the foundation of Protestant asylums for the perversion of poor Catholic orphans. The management of the Patriotic Fund shows how necessary it is for us to be cautions. It appears to me that the proper time for coming to a fair understanding about these matters is before any fund is collected. A GREAT COMMERCIAL AND CUSTOMS FRAUD 1S reported to have been discovered in B-Ifast. From the statements of the Belfast papers it appears that a teadealer named Mr , )re had let some premises in the rear of his office t , the Customs authorities for the purposes of a bor ed store for teas. Moore contrived to get a key tot I s store, and having access to the yard at all times has pursued the practice for upwards of a year of entering the place after the outer official gates were closed, and helping himself to such supplies of tea as he might deem expedient, filled the emptied packages with bricks and other rubbish. In this way a quantity has been removed, estimated at the value of from 10,000/. to 12,0001. The most extraordinary part of the whole affair is, that the fact was long known to many persons. Andrew Harbison, formerly a traveller in the house, William Kennedy, a clerk, and John ltobb, a porter, together with Mrs. M'Clelland, an old housekeeper, were examined. Robb, the porter, had actually made himself handy in helping to remove the packages, and an apprentice named Blake only two months previously had emigrated to America so as to avoid being called upon whenever au exposure might occur. At present Robb, the porter, is stated to be the only delinquent detained in custody, but unless the others are necessary as Queen's evidence it will be a great injustice to the commercial body if they are not all prosecuted with as much severity as possible. Some explanation will, it is hoped, be offered. tautiarhet anb 6ttli `itttiligtatt, FRIDAY EVENING. Tut return of the Bank of England for the week ending the aid inst. shows the following changes compared with that for the week preced ing : Increase in Circulation Decrease iu Public Deposits Increase in Other Deposits Increase in Securities Decrease in Bullion Increase in Rest Decrease in Reserve Bullion iu Both Departments 10,662,692 Circulation, including Bank Post Bills .. It has happened very seldom that a more unpromising comparison than the present has ap peared. Indeed, at the present moment, we cannot Fall to mind any in which changes - more rapid and trnportat t were revealed in the position of the Bank. The first item that challenges attention is the enor mous addition to the mass of Private Securities. It amounts to more than 2,100,0001., and raises the THE PRESS, OCTOBER 10 2 1857. aggregate to no less than 21,835,813/. One million of the increase is due to the advance made to the East India Company; but, making allowance for that it appears that the ordinary demand upon the Bank' absorbed more than 1,100,0001. A large portion of this sum was required, of course, for commercial purposes, but no doubt some of it has been employed in taking advantage of the crisis in the United States, and of the state of the money markets upon the Continent. The effect of these operations has been to diminish the Reserve very largely, until the unemployed notes have fallen to 4,600,0001., and the Bullion to little more than ten and a half millions. The Bank, however, sold no stock to assist in meeting the demand. The addition to the Private Deposits is presumed to represent the balance of the loan to the East India Company, and the diminution in the Public Deposits arises from the payment of salaries at the end of the quat ter. This comparison is by no means of a satisfactory character. The monthly debtor and creditor account of the Bank of France was published in the illoniteur this morning. It also proves very unfavourable. The stock of bullion lies fallen to 9,022,6061., being 896,5641. less than in the previous return, although 10,1411. was expended in premiums upon its par• chase. The circulation has increased to 24,214,0121., or 2,498,1801. in excess of the amount in September, a large portion of the additorial issue having been employed in advances on public securities, shares, and bullion, upon all of which there is an increase. The private securities have augmented to 21,348,4731., being 1,03 . 2,5871. additional—a strong proof of the active demand for money for commercial purposes. The principal event in the Money Market has been an advance of one-half per cent. in the terms of discount made by the Bank Directors at their weekly court yesterday. The rate was raised from five and a half per cent., to which it was reduced on the 16th July, to six per cent., and all the banking and discount houses have advanced in proportion. Money is thus dearer, as we anticipated, and there are some grounds for assuming that we may have even higher rates before the end of the year. The present advance would perhaps have been delayed for a week or two longer, if the demand for gold from the Continent had not suddenly become extremely active. In three days nearly 250,0001. were taken out of the Bank for export, and during those three days it transpired that the East India Company had borrowed a million from the Bank, upon the security of their bonds, while, at the same time, the require ments for commercial purposes were extremely large ; so that the Bank sustained an exces sive amount of pressure both upon its Reserve and upon its stock of bullion, and the application of the screw became indispensable. In addition to these causes, the financial and commercial crisis in the United States has assumed vast proportions. Money there is worth from twenty-four to thirty per cent. ; shares of all descriptions have fallen to nomi nal prices ; and merchandise is unsaleable. The value of money in New York being so disproportioned to its value here, it was to be expected that capitalists would withdraw large amounts from this market and employ them in the States. Railway stock and other securities have, in tact, been already largely sold with this On the other hand, our exports have naturally diminished, while from the other side pro duce of various descriptions is being shipped for sale here on almost any terms. The general effect of this state of things must be to draw gold from this side. That is the tendency at the present moment. It is chiefly from these circumstances the impression has arisen that rates may go higher than six per cent.; and if their operation continues during the remain der of October, it is almost certain that this anticipa tion will be realised. On this point everything depends upon the advices from America, in connec tion with the state of the continental money markets, and the next letters from India. The loan of 1,000,0001. to the East India Company has of course withdrawn that amount from employment in com merce: and though a large portion of it has been or will be expended in payments for transport, and so will come back again, the whole may be set down as entirely unproductive, to be followed by other and larger expenditures, until the turning point has been reached. Then the movements in the continental money markets are such as to render capital very dear there. From all these circumstances, as well as from the activity of our own trade, it is obvious that every shilling of available capital will find ready employment, and that with a demand of such urgency and of such proportions, we are not unlikely to see a further advance in the terms for loans and discounts. The Bullion movements of the week have been very moderate, but in the present state of financial affairs upon the Continent, and in the United States, very significant. Since our last about 300,0001. has been withdrawn from the Bank of England for export, principally to the Continent. The imports have consisted of 385,3631. from Australia, and 9,121/. from the coast of Africa. But of these imports, the whole, except 100,0001. in Australian sovereigns, has 997 been taken for export. The sovereigns have been sent into the Bank. The demand for silver has rather abated, but it is still considerable for India and China, and the price is firm. The packet of the 4th took out 594,485/. The specie lost in the wreck of the Central America was valued at 400,0001. That has caused a good deal of inconvenience both here and in New York, for in New York it would have afforded a good deal of relief, and here insurances had been effected upon it to the extent of 230,000/. The Foreign Exchanges are less favourable than they were, but they improved to-day owing to the action of the Bank yesterday. Consols, in consequence of the change in the Money Market, have receded since our last to the extent of five-eightlis per cent. Last Friday they closed for October 14th at 90} to q , and though the market fell gradually, there was occasionally a good deal of steadiness. The apprehension of an advance in discounts, however, overcame the hesitation of holders, and as soon as it was perceived that a change was imminent there was a pressure of offers. On Tuesday, the closing price was 90 to k. On Wed nesday, owing to its being the day of National Humi liation, there was no business. Yesterday the open ing price was 891, and they left off at 891 to L the advance in the rate of discount having affected the quotations only to the extent of one-fourth. This morning, however, they opened exceedingly de pressed at 891 to , the market being prejudiced by reports of a very unfavourable Bank return. To wards noon, however, they began to rally, but the improvement was little more than nominal, and they left off at 891 to I, closing dull. The unfavourable character of the return of the Bank of France assisted the depression. Exchequer Bills aro at a discount of Bs. to 4s. Foreign Securities have been dull, and they are all lower than this day week. Turkish Six per Cents. have fallen 23 per cent. Other descriptions have not suffered so seriously, but to effect sales of any considerable amount large concessions must be made. The reaction in Railway Shares which commenced this day week has been continued. The fall since our last has, in some cases, been to the extent of three per cent., the heavy stocks having fallen in e greater proportion than any others. The decline, however, has been general. Yesterday, French shares, which had been previously well supported, fell three-quar ters per cent. The market sustained a further de cline to-day, and, though there was a partial re covery, it closed without any real improvement. Business has been exceedingly dull in Joint-stock Banking, Mining, and Miscellaneous Shares. The rates of discount upon the Continent are— Berlin, 61 per cent.; Hamburg, 7 per cent.; Frank fort, 6 per cent. ; and Amsterdam, 51 per cent. The Electric and International Telegraph Com pany have resolved to allot the residue of the autho rised share capital. About 115,0001. is required to pay off debentures ; and, as this amount cannot be raised under present circumstances, except on very unfavourable terms, the whole of the remaining un issued capital, 489,0001., is to be allotted to the shareholders pro rata, with the option of taking their shares or net. On this new capital a call of 21. 10s. will be made payable in three or four weeks, and the same sum in February next. From a circular issued by the London Directors of the Norwegian Trunk Railway, it appears that the receipts for the past year have been 176,278 dols., against 141,220 dols. in the preceding year; and that after paying the interest on the Five•per-Cent. Pre ference Shares, there will be a dividend of three per cent. on the non-preference, leaving 5,295 dots. to be carried to the reserve fund. One of the Paris newspapers, usually well informed on subjects of national finance, states the public debt of Russia to be about 277,320,0001. The Turkish Government are stated to have solved upon an issue of additional paper money for a sum equal to 1,000,0001. starling at eight per cent, interest. Some efforts are being made in Prussia to organise a European Electric Telegraph Union, with the object of shuplifying the transmission of messages and reducing the charges. BANK OF ENGLAND. An Account, pursuant to the Act 7th and fith Victoria, cap. 31 for the week euding on Saturday, the 3rd day of Oct., 2867 VIRUS DEP&t[TYENT. Notes issued ....424,b33,515 Government Debt 111,015,10 Other Securities .. 3,4 59,900 Gold Coin& Bullion lb X 76,316 Silver Bullion ..,.. C24,853,Z15 ,C 24,533,315 BANKING ossauviezwr. Propristors'Capital/14,553, 0 0 0 Government eau- Rest Public Deposito*.. 6,243,217 1 , Dead Weight AlL') n 0.693607 Other Deposits Seven Day & other I Notes 4.6m;,040 Bills :137,C19,867 • Including Exchepler Co Savings' Banks, and Dividend 137,619,867 of Notional Debs