The Sun. — London, England, 1847-12-01 00:00:00

4,ke 4:'14141 SUN * _.1.40ND0164, C 1 .14. r'u with regard to the Bank Act of 1844 would Com mittee Present in itself an amp l e fi e ld f or i nvest i gation Wet. tht omenittee which th e H ouse was now as k e d to gran W ould be imp oss ibl e to conceal from themselves that " r e had been a very great disappointment in respect to the results of that Act. He did not mean to say that the „ Ptiblic had not been guilty of extravagant expects 7 ) .°_ 4 as to the change which the measure of the Right Z,°,4,. Baronet the Member for Tamworth was likely to produce . • , but it was undeniable that hopes had been Zs• ile tlY held out, not only by the Right Hon. Baronet ras elf but by almost every gentleman by whom it was toPprted, that the effect of the Bill would be materially tio n i rn s illi !h speculation, materially to lessen the fluctua. us _ !I prices, materially to contract all violent fluctua te in the currency, and, certainly, materially to lessen Ri o c l 4 . 4 ,,nce of any future panic or season of distress. The Is; 'Lion. Baronet, then First Minister, and the Right b ee . ' kXentleman the Chancellor of the Exchequer, had ,ucittcautious of leading to too extensive anticipations; r e f er lt was also true, that the eminent writer to whom cute that night had been made had, in his pamphlet to ti ,,ref ri3 er n urichgto modify expectations, but that gentleman, to the former condition of the currency, did of'tsitl distinctly refer all former crises to the deficiency :1 s • 14 w CS it had then existed. Well, now the new .°., l talion had had a trial, and, after all, we had had a re;t m ore intense than ever ; fluctuations in prices were acme,in and a ll t h e p h enomena atten di ng f ormer cr i ses vs Still more aggravated form; and he could not see ei: t t the Act of 1844 had had, in the progress of the ee rr rei ll‘ the slightest tendency to give steadiness to the (R e en cY, or to contract it within narrower limits.— ar. hear.) Colonel Torrens, an eminent supporter ° th at th s , s s' Act, prophecied that it would preserve us from sd - C ommercial revulsions, those cycles of excitement pl ai Pressure which, as it had been felicitously ex ec)resulted from the alternate expansion and ex -144 of of an ill -regulated currency; but it had no such effect. to s n r . of those who in the last year had fallen sacrifices ihe-Pmercial pressure had entertained the belief that ps - ,'' e t would have carried them through without any es e s - t 4 s 4 , ti ° 4 . The Act had done some injury in having e s among the public an unfair reliance upon the r:( l3 k r ised securities which it would afford, and to it s o !ut be attributed that mischief which inevitably f - ed from every interference of the Legislature with t e tt'etin g objects with commerce and trade.—(Hear.) to t law affecting to protect commerce, and intending 141 Part prudence to the public, had the effect of leading among the community a false reliance upon L egislature, and, pro tanto, did induce them to throw w i . l cie that self. support and caution which would other- Ite characterise them.—(Hear, hear.) The principle n i" Which the Bill was founded was, that the circulation il n otes sho u ld b e regu l a t e d by th e f ore i gn exc h anges . e h had taken the greatest pains in the world to discover, tt 44 examination of the evidence laid before that Coin s,, c : -4 r of y the Bill a close and exam ialso b nation oa closef the speeches examination of made in lto ,— oa t hing that had been written in favour of it—and he 114,7 55 y he had no t b een a bl e t o find one reason to induce to s4 to believe that they either could or should attempt r gulate the internal circulation of the country by the te 4 grl exchanges.—(Hear, hear.) There were many 4 4k ° 1 11 s f w . why bankers—not only those connected with t t 0 issue, but those connected with banks of deposit t" e lls--why bankers of every kind should watch the eh - 4 ' e of the f ore i gn exc h anges as narrow ly as a mer ths4t watched the state of the exports and imports of . in . e ell 'airnodity which he dealt, because the foreign E rges indicated the increasing plentifulness or the Bearscar of the article in which the banker dealt.—(Hear, t,,N But, while he disagreed with the Right Hon. e i ;° 4 et the Chanceflor of the Exchequer in believing tell the internal circulation of the country could be re tssit,ted by the foreign exchanges, he was glad to find 4 1 at least he agreed with that Right Hon. Gentleman, Geld with all the Hon. and Right Hon. Gentlemen who gl ad his all in support of the Act of 1844—he was to find, he said, that he could agree with them, to sereat extent, on the principles which they pro- Ia the first place he agreed with them is s ' e rtig the principle of convertibility next in preserv a single standard of value;_ and also in the principle k:t whatever currency was adopted—whether a purely p ss t4i lic currency, or a mixed curreny of metal and 1 0 „ Per, it could not be considered as being based on a it principl e , u nl ess i n a ll it s fl uc t ua ti ons and changes e,o4fortned to that which a metallic currency would le i ti ;?rra to. He admitted to the fullest extent that un it meant that, it meant nothing. He admitted that k i 4 Per currency could not be maintained by any sirgu i tZ l It, unless it could be shown that in all its changes o eh; l e, end quantity it conformed precisely to the cha . nges (ell took place in a currency purely metallic.— th: t r, hear.) He went further, and would say that cu re ° Nect of every b a nking regulation should be to ep ee " / the pressure over a longer period—to make the c t i„ l tive of scarcity to be felt at an earlier period, in body to prevent its being felt so severely at a later pe *44 Oil that pa of the question he entirely agreed Ch t he observations of the Right Hon. Baronet the thokleellor of the Exchequer that evening—they had to the to his (Mr. Wilson's) satisfaction, and ho believed , the of most of those who heard him, that toad " intensity of the late pressure been delayed jet: longer period, by retaining the rate . of the inter at a low price, it was impossible to conceive la tu e ztent of disturbance to which the country would tte rs .," been exposed ; and, therefore, while he did not 41;,7, with tine Right Hon. Gentleman that they could f the rnal circulation of the country by the it c) s , -0 exchanges—or that, if it were possible, 4, 1 14 desirable to do so, yet in all the great esl e ssential parts of his argument he cordially agreed •11 1t t - h im. As far as he understood the theory of the Is n e ,,of 1844, it was this—that as the exchanges fell the e n - h lit should contract the circulation, that with the I v i"`ritetion of the circulation prices would fall, and that tak e the fall of prices an export of commodities would th le place ; our imports would be suspended, and thus 'Averse exchanges would be regulated. This theory - o " l Plied the power on the part of the Bank to contract b r expand the circul a ti on o f notes a t their pl easure ; ..lat that they possessed such a power he utterly denied. hlib (li eex, hear.) For, if it did so, it could only b e Q s ubstituting coi n f o r no tes ; and, that being the case, e, for one would be glad to know how the Bank could ue be n 4 e„-eeted by an attempt to contract their paper cir sells.,-"°n by the issue of sovereigns ? He knew that 11,7,1 1 gentlemen maintained that the circulation of the t ot ": of England was represented by the quantity of 4; 41 issued from the issue department to the banking 11:,, Itr trnent ; but he was glad to hear the Right Hon. s view, their ci tu -tllet admit that, in e l , l t b nt the quantity of notes hi rcul in the hands of the public. ation ; lIA.NCELLOR of the EXCHEQUER said it 1 1 ,1' 4 prevent m i scon ception if he explained that wh a t 18; 4 t 1 S aid was, that under the old law, previous to he ad ' the circulation meant the amount of notes in the tisZ tt of . the public, together with bank post bills; but Mat time it meant the notes i n the hands of the h f - ,. c, and no other (as we understood). 41 1 .WILSON understood the Right Hon. Baronet as kttilitting that the word " circulation" meant the notes 11 : 1141 1ds of the public, but whether he had the pri kti,,ele o f agreeing with him on that questiop , or not, he tee maintain that the word " circulation could only the notes in the hands of the public; and if they Itt ou - i tf ti to talk of the action of circulation on prices, it ela q. IPpear conclusively that it could mean nothing Wouldgei e any man pretend that the notes lying te s `cent in t h e B an k h a d an y e ff ec t upon prices ? He es r ej! t ed it was impossible, in his opinion, the . t the Bank 1 14 4 eith er contract or expan d at their pleasure the tho,lltitY of notes in the hands of the public , as long as er - n otes were convertible—a principle for which they L A! ' solely indebted to the Right Hon. Member for Bill of 1819. He believed that the reason „1:11 Mr. Jones Loyd's pamphlet went entirely upon fro sco noeption of an inconvertible as distinguished tell Bathe vertible currency. With an inconvertible cur tillats,y could, of course, increase or decrease the Nr 11 „ - ''Y of notes at pleasure ; but with a convertible tas u r4l °Y the operation of convertibility was itself the IC of the quantity which the public would hold. b‘leuld be generally admitted that the public never ar t gt larger quantity of notes in its possession than beret 4 renient for the general purposes of trade ; and, tie,re, if the Bank attempted to contract its circula• , it could only do so by withdrawing from circuits en I ) , r , portion of the notes abiolutely necessary for the iorrnance of the internal transactions of the country. a r ti P ti P° B e they were to sell 500,0001. of Exchequer-bills 1 40. 13 Y other securities. They would send these to a ; he would g o t o t h e Stock-Exchange and sell , 4 7 1 11 bay to five individuals, who would each give him a iZ il eque f or 100,000/. upon his banker—possible upon the nk of England; but that would make no daference in , t he operatio n . S uppose the cheques were taken to the kofEngland if ; the parties who drew the cheques "Id any deposits with the Bank the simple operation the uld be that their account would be debited with the h clues. The d e p os it s o f th e B an k wou ld thus become less that amount, and the Bank reserve would become re by that amount ; but th e c i rcu l at i on wou l d nor be euf/etete • There would not be a single bank note taken eh of cir cu l at i on by th e o p erat i on. Then, suppose the t h roes were taken to a banker in Lombard• street, and t x %ureker' s c l er k were to ask for 50 0,000 / . of notes in hs„% lit tlge for the cheques. It was well known that the hold; er s Lombard-street were not in the habit of th s ; larger amount of notes than . was necessary for e si - c i r ; reserve for carrying on the business . cf the day ; to s t hey found that they had not a sufficient reserve et,;rlable them to pay the 500,000/. they would send the 11 0 - t „ t l i te. l to the Bank of England, and bring the 500,0001. tl'an - s a f: ac k ; so that the transaction . . wou o ld be a simple th e r of 5 00,000/. from the securities . t the Bank to reserve in the Bank,—a mere conversion of 500,0001. "o"lo4.cities into 500,0001 reserve. It would not affect ci rculation one i ota, so f ar a s he could discover. Ila n % B4lll e kind of process would take lace if ti e h Nat' onf En gland were determined to incr p ease its c T ! , Bank would, in that case, purchase Exehanes They would send their broker to the Stock- Purchase 500400/. worth of securities, itSa °h e Would pay for is notes. It was quite true that for 1 40 7 weirs there would be 500,000/. more notes in circu -44 Lyn than there were in the morning; but it was just wor`n ale that the fi ve b ro k ers who sol d the 500,0001. th ei of securiti es would send the 500,000 1 . e i t h er to ll er r Own bank er ' s or to the Bank of England in the .s a con, so th a t, i nstead of the circulation increas i ng, tOl4 would be accomplished would be that the Bank added t o i ts securities 500,000/., and diminished its I ,: s er s e by 500,000 /.—(Hear.) lie had yet to learn how 1 ,4: 3, *could be depreciated. Until be saw some reason Ene; ll . 3 a o holding a 51. Bank of England note, and , xe cg it not equal to five sovereigns, could not have it 0o raged for five sovereigns —until be saw that he sihh, j!ot believe that a convertible note could pos thi,' lc d epreciated. He was glad to be supported in DeolAr bY Mr. Horner, Mr. Huskisson, Lord Liver -1844; r• Ricardo, and all the eminent writers prior to a bank. note being convertible could not be depre ei4test ex cess , . and bank -notes could not therefore be issued in sh e „,_ It was quite true that the Right Hon. Baronet T lo C_ e nber for Tamworth, in introducing this Bill, did 4 'ferl instances where a depreciation took place notwithstanding the notes were convertible. The first case quoted by the }light Hon. Gentleman was tha the Bank of Englan I in 1669, when bank-notes wet, depreciated 17 per cont. lie believed, however, that that was easily explaned. Sir R. PEEL—I merely quoted the report of the Bullion Committee of 1810, where I found the state ment made. Mr. WILSON said that in the copy of the Right Ho nourable Baronet's speech which he had seen there were no marks of quotation; but whether the Right Honour able Baronet did so or not it was quite necessary that he (Mr. Wilson) should refer to the circumstance in order to explain how the anomaly had arisen. In 1669 it was quite true that Bank of England notes were de preciated to a large extent; but it was also true that at that very moment there was a suspension of cash pay ments and the notes were no longer convertible. It was also stated that in 1804 the notes of the Bank of Ireland required to be worth 1181. 10s. to command 1001. notes of the Bank of England, showing a deprecia tion of 18i per cent.; but it, was equally true that at that very moment there was a suspension of cash pay ments both in England and Ireland, and the notes were no more convertible than in 1669. It had also been stated that the unfavourable exchanges between Scot land and England bad been rectified by a depreciation of the notes then in circulation; but the notes in Scot land referred to were not notes payable on demand only, but notes payable on demand, or at the option of the issuer, six months after date, by allowing interest at the current rate. These notes, therefore, bore some thing of the character of Exchequer-bills now. The state of the American Bank had also been referred to, to prove that convertibility was not a sufficient check against depreciation. He must say that a more unfortunate case could not have been quoted. The condition of the American Bank was analogous to nothing in the world. It embodied everything that was absurd in banking arrangements, and was as un satisfactory as could well be; but when the banking system of New York hai been placed on an intelligible and sound footing there had been no more depreciation. There had not been a single example of depreciation in New York since 1840, when the Act was passed secur ing the convertibility of the notes at the pleasare of the holder. Tno case of Russia and the other cases which had been referred to were explained in a similar manner. In his mind there was nothing more clear than that the law of 1819 afforded the most perfect security against depreciation. Now he must show that it was utterly impossible the Bank of England, in case of an advance of the exchanges, could contract the circulation. Sup pose there were an advance of the exchanges from an increased price of food, from a deficient harvest, from an importation of grain, and an export of bullion—what took place at home? 'l'he circulating medium was measured by the price of the commodity we had to dispose of, and the number of transactions we had to perform. If the prices, therefore, were rising at home, how was it possible for the Bank to contract its cir culation at the very moment when increased prices and increased transactions required a larger propor tion of the circulating medium than when prices were low ? Another reason why the Bank could not contract its circulation was, that in every case where inconve nience was felt for want of a circulating medium, the vacuum would be supplied by checks drawn upon the deposit department—so that while there was a bank of issue and a bank of deposit, it was quite impossible to contract the circulation. In the autumn of last year, on the 29th of August, the amount of bullion in the Bank of England was 15,366,0001. ; the circulation in notes, bank post-bills, and bills of exchange, was 21,311,0001. ; the securities in the Bank of' England amounted to 24,804,0004, of which only 12,500,000/. were bills of exchange or private securities. At this period, from causes which had been described by the Right Hon. Baronet the Chancellor of the Exchequer, owing to the high advance of exchanges against this country, week after week and month after month, the bullion in the Bank gradually declined, and on the 3d of April 1847, the bullion in the Bank of England had sunk from 15,366,0001. to 10,246,0001., and the circulation of notes had dimi nished from 21,311,0001 to 20,815,000/. But the se curities had risen from 24,000,0001. to 30,000,0001., of which (and he called attention to this fact) the private securities amounted to 18,627,000/. Keeping the eye upon these two periods, and recollecting that the bullion had sunk 5,119,0001., he found that, notwithstanding the operation of the Bank Bill of 1844, the circulation had sunk only 4,960,000/., but the securities had increased 5,260,0001.; and the increase of private securities had been no less than 6,000,000/. sterling; for, during the whole period, notwithstanding the extraordinary drain of bullion, the circulation, instead of following the bul lion, diminished only 16,9601. But he found that, during that period, the number of bills under discount was increased by 6,000,0001. sterling. These bills re presented in the first instance an issue of Bank-notes ; there being more bills carried to the Bank from August to March represented an issue of Bank notes; but it was clear that, although there was immediately an issue of notes, those notes returned to the Bank ; fur the circu lation, instead of following the drain of bullion, under the operation of the Bill, was kept up by the increase of discounts upon bills or private securities. He believed that on these facts we saw the fundamental error which, in his opinion, was contain ed in the Bill of 1844. Ile believed the fundamental error in the Bill was this, that those by whom the Bill was framed had confounded cir culation with capital and currency with bullion. For the currency was the amount of the 'circulation of the Bank of England, and not the amount of the capital at the command of the public by means of discounts. Therefore he believed that the restriction which that law had imposed upon the circulation of the country was unnecessary in so tar as the convertibility of notes was a sufficient guarantee of excess or deficiency, and tended to withdraw public attention from what he believed to be a more irnpottant subject of consideration—the amount of reserve or capital, and not the circulation of notes. If attention had been directed to the deposits in the Bank, the ordinary considerations of prudence in the conduct of private affairs would have mitigated, if not pre vented, the late crisis. Fortunately, we had two means of knowing the fluctuations of the deposits in the Bank of England. The Bank Committee, in 11140, had col. lected some very important and useful documents; they had obtained from the Bank of England and the Bank of Ireland returns of the weekly state of the deposits for a number of years. The returns of the Bank of England were divided under different heads :—pub lic deposits, and private or other deposits; of which, first, there were those of the London bankers ; secondly, those of the East India Company ; thirdly, those of the Banks of Ireland and Scotland ; fourthly, other de posits, including the private deposits of merchants ; and lastly, those of the different branch banks in the country. For obvious reasons he excluded from his consideration the Government deposits, as they were regulated by other circumstances than those connected with the state of commerce or the interests of trade. He rejected also the deposits of the East India Com pany, as they were not g o verne d by the same principles as those which applit dt o t ra d e . H. excluded likewise the securities deposited in the Bank of England belong ing to the Banks of Ireland and Scotland. He had constructed a table from these returns. It would be in the recollection of the House that the year 1838 was a year of fair, good, ordinary prosperity; that in the latter part of the year we had recovered the panic of 1837, and the bullion in the Bank of England had increased from 4,000,0001. to 10,000,000/. ; and there was an impulse given to our trade, so that the year 1838 was a year of as fair average prosperity as any year that could be mentioned. In the early part of 1839, in come vence of a bad harvest, there was an importation of grain and efflux of bullion to such an extent, that the country was in a state of extreme depression, and the Bank of England was obliged to have recourse to the Bank of France for assistance. Therefore he had col lected materials for a comparison of the state of the de posits during the last quarter of 1838, representing a period of renewed average prosperity, and the last quarter of 1839, representing a period of pressure. He did not think it fair to take the weekly averages, but the average of the whole quarter, and he found this result:— the average weekly deposits in the Bank of England of the London bankers, in the quarter from October 1 to December 31, in the year 1838, were 812,000/.; in the corresponding quarter of 1839 they were 615 0001. The private or other deposits in the Bank of England, in the last quarter of 1838, were 3,020,0004; in the last quarter of 1839 they were 2,122,000/. The deposits of the branch banks in the last quarter of 1838 were 592,0001.; in 1839, 451,0001. In the Bank of Ireland the private deposits, in the last quarter of 1838, were 2,234,0001; in 1839, 1,834,0001; and the agency deposits in 1838 were 486,0001, and its 1839, 391,0001. The totals of the different items were, for the last quarter of 1838, a year of ordinary prosperity, 7,144,000/. ; and in the last quarter of 1839, only 5,413,000/., showing a reduction of 25 per cent. on the deposits available for the giving public accommoda tion between these two periods. Now, he asked what was the nature of the banker's trade ? His profits were derived from discounting bills at a high rate of interest. The only funds from which a banker could discount bills are of three classes: first, his own capital; secondly, if his bank was a bank of issue, his circulation ; thirdly, deposits. It was in the power of bankers to give accom modation upon their deposits ; but if in these banks there was a diminution at this period of to less than 1,700,000/. in the amount of deposits, which were re duced in one year from 7,000,0004 to 5,000,0004, what must have been the proportionate reduction of the amount of deposits in all the banks of London at this period ? What must have been the reduction in the deposits of the banks of Scotland, when it was recollected that they extended to 30,000,0001. sterling ? Why, in the same proportion, would the total amount of deposits in the Scoth banks be greater or less according to their number, as compared with the banks of England. The number of banks in the united kingdom extended t 01,600, and, if the same reduction should have been made in their deposits, we might well conceive the cause of the ex tre me pressure felt at that period, from the reduction of the means of the banks to accommodate their customers, their funds being exhausted. But, if such were the effect produced only by a bad harvest in 1839, what consequences might it not be conceived that such a re duction would produce when not only had there been a severe drain upon the country for grain, but a large rail way expenditure had been added ? What might be ex pected to be found if theCommittetebe country, shou and the decline tane acc ount of the deposits throughout yee am k o o u n n io t g d t u b r e in n g um th be e r o p f re b s u e n n k t e y r e s a a r t ? l,6 H oo e , beliyed that, e at less than 200 , 000,000/. Id not reckon the agg ß re e g ek at o e ni a n m g ou tb n e t n of um de b p e o r si o ts f there would be 75,000/ each a. at 30,000,0001., bdeipiko.sitsHaet banks in Scotland at 400, and the amount o f considered the total amount of Uniteddeposits in Scotland higher than in other parts of the Kingdom, for • t r ust monies, and, t (se , by law to receive au obvious reason. The Scotch banks we l l! authorised e amount of deposits was larger than in other parts of the United Kingdom ; but he believed that , thou g h the num ber of banks was greater, the averag e amount of depo sits at each bank in the United Kingdom was greater than the average amount of each of the Scotch banks. Now, he might tie asked, what purpose he intended to carry out by asking the banks to keep an eye on the state of the foreign exchanges. The purpose was ob vious, that the banks might know, by keeping their eyes on the state of the foreign exchanges, what was likely to be the drain on their deposits, and what was likely to be the demand on their capital. If the Bank directors directed their attention to these points; if they looked to the rate of foreign exchanges; if they kept their money like any other commodity, and if they raised the rate of interest at an early period without looking at all to their circulation, but merely to the loans and discounts which they were rtquircd to make, he believed that they might, by thus raising the rate of interest at an early period of the drain, induce the most beneficial results, end altogether prevent the recurrence of that pressure which the country had already felt so disastrous.—(llear, hear.) lie believed that if the Bank of England, instead of, as in the month of August last, leaving the rate of interest at three per cent , raising it in the month of January to four per cent., and only in the month of April still further increasing it, %hi n week after week their capital had been diminishing until it was reduced by the amount of 6,000,0001.—if, he repeated, the directors of the Bank had raised the it rate of interest at an earlier period, he believed that the commercial interests of the country might have got through the crisis with much less inconvenience—a rate of interest perhaps high, but not nearly so high as it was afterwards necessary to fix, in older to restore the exchanges.—(Hear, hear.) He was not sufficiently san guine to believe that anything that Committee could do would entirely prevent the recurrence of such a crisis ; for as long as they had the variations of seasons, as long as they had hope and fear to contend with in the human heart, and as long as they had speculative ex citements and prosperity at one time, so long would they have periods of depression and of distress at other times. He was not sanguine enough to suppose that anything that House could do would entirely prevent a recurrence of these periods ; but he was sanguine that they would give the public the fullest information that could be g ; thus, iemn much more than by Acts of Parliament, they would be taught to regulate their commercial transactions ; they would have placed within their reach the information which would teach theta to mitigate the evils of these periods of pressure. He did not say that the removal of the evils would be rapid or immediate ; but he trusted the information which would be obtained by the Committee would aid in restoring confidence, and would gradually lead to pros perity unequalled at any former time. He could not forget the extraordinat y expenditure which had been going on within the last three years, and if the Act which they were obliged that session to entertain—if the Bill which the Right Hon. Baronet introduced the other night, was to be considered one of the means of checking the present large consumption of capital, that Act, how ever necessary it might appear to be, would, in the first place, have a bad effect on the commerce of the country. It would have the effect of throwing many persons out of employment who had been engaged during the last few months, and 'in receipt of large wages, arising from a large expenditure, during the construction of large works, but immediately that these works ceased, and that the expenditure was withdrawn, then was the reaction felt in all the branches of commerce, and they might look forward to a period of considerable depression. lie had the honour to propose an amendment to the notice vt hich was proposed by the Right Hon. Baronet, namely, that all the words after the word "inquire" be omitted fur the purpose of inserting the following words—" how far the recent commercial distress has been affected by the laws for regulating the issue of notes payable on demand." Mr. BROWN seconded the amendment. The question having been put, Mr. T. BARING acknowledged that many errors had been committed by all parties, but he would not admit that the pressure was entirely attributable to over-trad ing or want of capital. Blunders had been imputed to the Bank of England, but, like all other large establish. ments, he would ask where was there a mercantile house in which a variety of errors might not be pointed out ? The Right Hon. Gentleman (the Chancellor of the Ex chequer) had stated that the Bank of England had been guilty of blunders ; but the Right Hon. Gentleman should not have forgotten that he had himself over traded with the interest of the country by leaving a large amount of Exchequer-bills in the market without demand for them, and at a disgraceful rate of discount. Tho Right Hon. Baronet had committed so many blun ders that if he had been a small trader his conduct would have been sufficient to warrant his name being put into the Gazette.—(Laughter.) He had neglected to make any provision for the large amount of Exchequer bills due last March, although he should have known the demand for bullion that must follow from the state in which the country was then in. There were various intimations made to the Right Hon. Baronet as to the state in which the monetary affairs of the country were, but he had totally neglected to make any provision against its consequences. The want of foresight did not exist alone amongst the traders of the country or the Bank of England, but in the Right Hon. Gentleman himself. The pressure was attributed to over-trading in corn. There was undoubtedly over-trading and great speculation iu corn, but that was not the sole cause—her Majesty's Government were not free from blame. An inquiry was not the remedy for:the blunders committed — they should have dozens of different opinions. The result would be, the evidence would be published without a report, and the Right Hon. Baronet would take the recess to consider what was best for him to do next — (Hear, hear)—thus leaving the country in the same state for the next year and a half that it is in at present. — (Hear, hear.) Nothing could be more unsatisfactory than such a proposition as that made by the Govern ment—.-£1 Committee of Inquiry 1 Why, the country had been sitting as - a committee ; their pressures and their sufferings had been a committee, and from than the stale of the country, and the operation of the Act of 1844, which the Right Hon. Gentleman himselt had supported, had been learned. The Right lion. Gentle man might know from experience that the Beek of England would not fix too low a rate of interest. The effect of fixing eight per cent, as the minimum rate of interest was, to alarm a great portion of the in dustrial community, and if money could not be procured at a lower rate, it could not be expected that the manu facturers of the country would be able to execute foreign orders.—(Hear, hear.) They could never carry on a profitable export trade with a rate of interest so high as eight per cent., and if such a rate of inter( st was to rule, they must expect to see a great diminution of that export trade on which they must rely, not merely to pay for gold, but also for the increase in the foreign debt which had arisen from the facilities given by their recent legislation to foreign imp:ix-ca.—(Bear, hear.) They had afforded the foreigner many advan tages of late, and if by any measure they prevent( d the manufacturers of this country from obtaining money at a cheaper rate of interest than the foreigner, he be lieved they would sacrifice one of the great advantages which the manufacturing interest lately obtained. lie would not go into Committee without obtaining some assurance from her Majesty's Government as to what they intended to do in case a similar crisis occurred again, or to what extent they would suffer it to proceed before they would af ford relief.—(Hear, hear.) He should desire to accompany the resolution with this appendage— " That that portion of the Act of 1844 which re stricted the issue of notes to one-fourth on silver, and 14,000,0001. on securities, should be suspended, and left to the discretion of the Bank and Government united, till the Committee made their report."—(Hear, hear.) There could be no hope of a report early enough on which to found an immediate measure, and the opera tions of the commercial world would remain uncertain unless some such measure as he had suggested were adopted, or some declaration were made by the Govern ment as to the course they would pursue in case a similar crisis arose again. The Hon. Gentleman who spoke last said that a double standard was not com patible with security. He (Mr. Baring) denied that ; for there existed such a double standard in the United States and in Holland, both commercial countries. — (Hear, hear.) They might have a double standard in this country, and though it might be attended with some inconvenience and expense, these evils would be light in comparison with the differences which had taken place this year between the value of capital and money, which were enough to ruin the commercial world. He did not think the measure of 1844 could be said to be satisfactory to its promoters ; it was not satisfactory to the country, and under these circum stances it could not be satisfactory to the House.— (Hear.) He trusted, therefore, that the House would not think it shelved from consideration by the appoint ment of that Committee.—(Cheers.) Mr. RDBINSON said that the motion of the Right Hon. Gentleman the Chancellor of the Exchequer was a tacit admission that the law respecting the currency required revision, and that the system of free trade proved a complete failure. Ho agreed with his lion. Friend who just addressed the House that an inquiry of this kind, without restriction or limitation, could lead to no practical result. He could soe no end to the proposed it e rchu e ir i y a , to an t d he w e o p u e ld rat p ie r n efe e r f two the Committees- 44 r e e n t d o tihne gother to inquire into the effect of their late free-trade policy. To that policy he was disposed to ascribe the evils which now afflicted the country, and the only re source for surmounting them was a recurrence to the principle of protection. He was, on principle, in favour of a property and income-tax, but he would oppose it unless the Government pledged themselves to retrace their steps, and to go back to the system of protection. He did not think the Government was to blame for in terfering as they did with the Act of 1844, but he thought they were wrong in not interfering sooner.— (Hear, hear.) He hoped that if a Committee was ap pointed it would be composed of those Members who had the greatest knowledge of the subject; but, at the same time, he could not see the utility of inquiry. No blame was, he thought, attributable to the Bank for the course pursued ; it was the system that was to blame. The currency was totally inadequate to the demands of the country, and until that evil was remedied there must be periodical crises. A great error was committed in 1819. At that period it would have been xnueh wiser to have restored the old standard—viz., gold and silver, in stead of making gold the exclusive standard, and with precautions against their running into excess, small notes might have been allowed to circulate with benefit to the country. As regarded free trade, he must say that there was no disposition on the part of foreign Governments to follow our example in that respect. In his amateur trip on the continent, the lion. Member for the West Riding of Yorkshire (Mr. Cobden), in every one of the large commercial towns which he visited, had been well received by a class of merchants who were interested in obtaining access to our markets, but who had no sort of influence with their cwn Go. vernments, as well as by philanthropists who lived in a world of their own creation.—(Hear, hear.) The Hon. Member could not refer to a single change in the tar.ff of any country as the result of his mission. In conclu sion, he would observe, that ho did not regard with ap- WEDNESDAY EVENING, DECEMBER I, 1647, prehension the permanent state of the country, if wise tnea , ures should be adopted. Sir W. 1110LESWO1iTH said, his Hon. Friend the Member for Poole (Mr. Robinson) attributed the com mercial embarrassments of the country partly to free trade! and partly to a restricted currency. Ho (Sir %V. Molesworth) thought with the Chancellor of the Ex chequer, that those embarrassments were attributable not to a deficiency of the currency, but to a deficiency of capital. That deficiency arose partly from causes over which we had no control, and partly from our own folly and imprudence. The national loss from the potato disease bad been estimated that night at upwards of thirty-three millions, and as the whole of that sum came out of the national income, it was evident that the pres sure produced must have been far more intense than if it came out of capital. Again, the exp en dit ure i n ra il w ays had greatly diminished the oating capital of the country, and the labour expended upon them had not been em. ployed in providing floating, hut in producing fixed, capital. The country by these causes was placed in the position of a man who, in an attempt to improve his estate, bad spent, not only all his spare cash, but all that he required to provide himself and his family with the fit necessaries of life, and who con sequently was obliged to borrow money at a high rate of interest in order to supply the deficiency. We had in fact expended our floating capital in railways, and what we bad now to do was to redeem our position, first by diminishing our expenditure, and secondly by by tempting floating capital from other countries, by selling our fixed capital and articles of production at diminished prices. He knew that there were some people who attributed what had occurred to the opera tion of free trade and the repeal of the corn-law, but it was evident that those political circumstances had nothing to do with the antecedent event of the potato failure and the railway speculation. Neither, if the recent embar rassment was attributable to these combined causes, could they in any way call in question the operation of the Bank Charter Act. In his opinion the embar rassment was as little attributable to that Act as to free trade, or to the pot a t o f a il ure, or def i c i ency o f capital. t arose, as he said before, partly from natural causes, partly from overtrading, Now, what was the cause of this overtrading ? It was an event, he regret ted to say, of periodical recurrence. Capital in this great commercial country increased more rapidly than it was possible to invest it. The rate of interest consequently fell, whilst the prices of provisions rose. People, in order to obtain employment for their money, embarked eagerly, and even rashly, in any new schemes that were projected. A few of them speculated successfully; hut the majority failed, and great misery succeeded. After a time the storm passed by, prosperity returned, fresh capital was rapidly accumulated, the means of safely investing it again became deficient, the past was forgot ten, it bequeathed no lesson to posterity. The same cycle of events was repeated, and in the words of the poet, another Argo curried another band of heroes in search after the golden fleece— The Chancellor of the Exchequer, Sir J. Graham, Mr. Hudson, Mr. Hume, Marquis of Granby, Sir G. Clerk, Mr. Strutt, Mr. Moore, Mr. Glyn, Mr. Ellice (Coventry), Mr. Labouchere, Viscount Barrington, Mr. IV. Browne, and Mr. Brameton. The House then (Quarter past Twelve) adjourned to Thursday. " Alter erit turn Tiphys, et alters gum vehat Argo Delectos heroes; erunt etiam alters belle; Atque iterum ad Trojans magnus mittetur Achilles." In the late period of speculation people undertook to invest more than they could. A panic ensued. Did the Bank of England by its conduct tend to aggravate that panic? He must say that he thought th e B ank would have done wiser had they looked a little f urt h er in ad vance. Then came the question as to th e con d uet of the ary, take the wa s eques tion s c te a ona something eoimrndaeitdnh their quiescent, bad dent, c : e on d rt s e t n ,o t , bt au a k n t Government. It was said the course pursu e d b y Ministers balanceil—t m w i a g s h u t i b n oe e e f : co s vm s culated to unsettle the whole currency q uest i on. There appeared to him to be, on which sid e was th e p the Government had taken? It was certainly very much in their favour that the gre a t merchants of the City were of opinion that they had pursued the wises t and most judicious course , although ther e was some di f ference of opinion as to whether or not they had chosen a proper time. If the Bank had from the first gone on increasing the rate of interest according to the increase of the money pressure, and the consequent demand for money, he doubted whether the panic would ever have taken place. It was a question, however, whether that course would have been the best for the pecuniary interest of the proprietors, to whom it was al ways an advantage to make the large sums of money arising from the public taxes which remained in their hands :lent for a short period profitable by lending them out at interest. In his opinion the embarrassments which the country had suffered had their origin in causes over which Parliament had no control. As it was the evil must be borne, and we must trust to time, care, and economy, to retrieve our position.—(Hear.) Mr. CAYLEY should have thought, if the lion. Baronet had not been making a speech, that he was reading the articles which had appeared from time to time during the last few months in a leading journal of this country, in which precisely the same argument, and almost in the same language as had been advanced by the Hon. Baronet, had been put forth. Until he heard the lion. Baronet he thought no man but the writer of the loading articles to which he referred was bold enough to argue that the Act of 1844 had not in any ay contributed to our commercial difficulties. He should have been gludif the lion. Baronet or any other Bon. Member had attempted to disprove the solution which had been given by one of the first merchants in London, the lion. Member for Northampton. The speech of that Hon. Gentleman, he believed, contained the true and conclusive solution of the difficulty, and was consequently unanswerable. The Honourable Baronet, in going over the same ground which had been taken by the Chancellor of the Exchequer, had repeated the dogma that it was not a deficiency of notes that had occasioned the pressure. No one that he was aware had stated that it was. What he contended was, that the limit taken in April, 1844, when the Bank reserves were low, prevented that assistance to commerce being given which was necessary, and consequently mercantile discredit had ensued. His impression being that the commercial difficulty had been occasioned by a real deficiency of notes—though, per haps, not a nominal one—he believed it might have been relieved had the interference of the Government come at an earlier period.—(Bear, hear.) The Hon. Baronet bad repeated the arguments of the Chancellor of the Exchequer, that one main cause of our difficulty had been at deficiency of capital ; but how was that as sertion proved? Did the sudden payment of 33,000,0001. for foreign corn, or the terms upon which the Chancellor of the Exchequer contracted his loan, viz., 31. 17s. 6d., show any actual deficiency of capital ? In the spring, too, they had been told that there was a remarkable scarcity of all imported commodities, except tobacco and silk • now there was a f u ll supp l y o f a ll except cotton. bode' this change have been brought about without capital ? But the real object of putting forth the statement of deficiency of -- capital was to endeavour io account for the high rate of discount. Fur three hundred years we had been accumulating capital and reducing the rate of interest from ten to four per cent. Could any one believe that any scarcity of capital could have been sufficient to increase the rate of interest from four to ten or twelve per cont. in the course of three or four months ? It was no scarcity of capital, but of the circulating medium, that had caused this. lie was certainly surprised at one argument ad vanced by the Hon. Baronet. Throughout the discussion upon the repeal of the corn -laws he understood it had been always argued by the advocates of that change, that the true principle of trade was to buy in the cheapest and sell in the dearest market; but the Hon. Baronet now argued that we ought to buy gold dear and sell our best securities cheap. Ho should like to know whence the profit upon such a bargain ? — (Hear.) He concurred with the Hon. Baronet so far, that the Government had no right to blame the indiscretion of the Bank; for if the Act of 1844 was, as: the Right Hon. Baronet had alleged, to deprive the Ban* of all discretion, what choice had they in the mattear? Railway speculation had been charged as one of ttie causes of the difficulty. Nothing had contributed mote to encourage railway speculation than the course taken by the House in throwing over the reports of the :Railway Board, and leaving it to the Committees to say what Bills should pass. Ile remembered, too, that the Right Honourable Baronet had contributed to encourage railway speculation when, in assisting at the commencement of the works of the Trent Valley line, he stated that he gave his sup port to that line, because it was more direct than the existing line ; and that if a still more direct line between London and Manchester were proposed, he should look upon it favourably. What greater en couragement could be given to railway e 2 eculation ? The Chancellor of the Exchequer said that the panic had been created principally by the importation of corn and railways; but he remembered the President of the Board of Trade observing last session, in reply to the Noble Lord the Member for Lynn, that we were not ap proaching a state of bankruptcy, and that the energies of the country were as great as ever. Indeed, so far as he knew of the opinions;of the Government, they all felt difficulty on the subject.—(Hear, hear.) A committee, under ordinary circumstances, was a very satisfactory mode of investigation. But a Committee might mean many things. It might mean, for instance, giving the go-by to an adverse resolution. I f a Committee were appointed, he hoped it would be with a vi ew to an un flinching inquiry, and not to coas_eli er any a l rea d y con cocted or preconcerted pla n.— (11 ear-) Mention had been made of the suspension of the limit of 184-4; and that was what the commercial interests of this country had a right to demand. Sir Robert Peel had said that the Bank could always maintain its credit, by a tre mendous sacrifice of the mercantile interest, and that that was what he' wished to put an end to, and compel the Bank to conform to certain principles advantageous to the public. But how far had the expectations of the Right Hon. Baronet been fulfilled ? Instead of snch a famine as that of 1837 or 1839, we had in 1847 a famine doubly repeated and more severe than either ; and, in stead of its being over, be heard from the Hon. Member for Finsbury that the rate of interest was as high as 25 per cent. The Right Hon. Gentleman, when he talked of the absorption of capital in railways, seemed to be labouring under a confusion of ideas. The money in vested in railways, though it, no doubt, went out of the pockets of one set of men, as undoubtedly went into the pockets of other sets of men, and could not, therefore, be spoken of as withdrawn from circulation, or as occa sioning the scarcity of money which was matter of com plaint. He did not at all conceive that his Right Hon. Friend had stated the true cause of the pressure. lie considered that the cause was much more accurately ex hibited in the memorial presented to the Government by the bankers of London some time since, and resolved it self into the restriction imposed upon the Bank. He felt that it was the bounden duty of the House not to go into Committee without giving some assurance to the commercial world that such a paralysis of credit as that which had lately befallen us should not again occur. It was perfectly clear that while 8 per cent. was charged for interest, no foreign trade could be carried on. On the motion of Mr. BLEWITT, the debate was then adjourned. On the motion of Lord J. RUSSELL it was ordered that the House itself, on its rising, should adjourn until Thursday. IRISH DISTRES'''. I FROM THE LONDON -GAZETTE OF Major BLACKALL moved for a return of the TUESDAY . amount already expended out of the 8,000,0001. raised DOWNING•STREET, Nov. 27, 1847. by loan during this year for the relief of Irish distress, Th o Q ueen h as b een p l ease d to appoint James and the manner in which it had been expended. Brooke, Esq., to be Governor and Commander-in-Chief ' The CHANCELLOR of the EXCHEQUER said, in and over the island of Labuan and its dependencies. that as he had directed a full account to be prepared Her Majesty has also been pleased to appoint Samuel of the whole of the expenditure, with the full intention George Bonham, Esq., to be Governor and Comman of laying it on the table of the House, and as he had der-in-Chief in and over the island of Hong Kong and reason to believe it would be ready on Thursday next, its dependencies. he hoped the Hon. Member would think it convenient Her Majesty has further been pleased to appoint Geo. to withdraw his present motion. Rennie, Esq., to be Governor and Commander-in-Chief Major BLACKALL acquiesced in the suggestion, and the motion was by l eave wit hd rawn . in and over her Majesty's settlements in the Falkland Islands and their dependencies. COMMITTEE ON PRINTING, &c. CAMBRIDGE HOUSE, Noy. 27. Oa the motion of Mr. PARKER, the following Mem' The Duke of Cambridge has been pleased to appoint bers were appointed a Select Committee to assist Mr. Lieut.-Colonel Gustavus Charles Du Plat, K.H., of the Speaker in all matters which relate to the printing Royal Engineers, to be one of his Royal Highnesses executed by order of this House, and for the purpose of selecting and arran g i ng f or pr i nt i ng returns and papers Equerries. presented in pursuance of motions made by Members of this House:—Mr. Parker, Sir Robert Harry Inglis, Mr. Pusey, Mr. Vernon Smith, Mr John Young, Viscount Mahon, Mr. Hume, Mr. Cardwell, and Mr. Loch. MEDICAL EDUCATION. Mr. WAKLEY, in moving that a Select Committee be appointed to inquire into the registration of legally qualified practitioners in medicine and surgery, and into the laws and charters relating to the practice of medicine and surgery in Great Britain and Ireland ; and to report the evidence, with their opinion there upon, to the House, observed that this was a mere re newal of the Committee of last session. He regretted to say that the late general election had made sad havoc amongst the members of the last Committee, for of fifteen who had sat last year only seven had been re turned to the present Parliament. lie had also lost the invaluable aid of the chairman of the late Committee (Mr. Macaulay), but in the hope that that Right lion. gentleman would shortly have a seat in the House, he (Mr. Wakley) should, in the event of the House agree ing to his present motion, postpone the nomination of the Committee for some days.—(Hear, hear.) The motion was then put and agreed to. RAILROAD BILLS. On the motion of the CHANCELLOR of the EX CHEQUER, the following Members were appointed a Select Committee on Railroad Bills: WHITEHALL, Nov. 19. The Lord Chancellor has appointed James Leighton, of the town of Montrose, North Britain, Gent., to be a Master Extraordinary in the High Court of Chancery for that part of the United Kingdom of Great Britain and Ireland called Scotland. Commissions by the Lord-Lieutenant of York. George Lane Fox, Esq., to be Deputy-Lieutenant, Nov. 20. Henry Stephen Thompson, Esq., to be Deputy-Lieu tenant, Nov. 20. BANKRUPTCY SUPERSEDED. George William Jones, shoe manufacturer, Castlenau Surrey. BANKRUPTS. Owen Evans, surgeon, Grove-lane, Camberwell, to surrender Dec. 11, at hall past twelve, and Jan. 14, at eleven, at the Court of Bankruptcy. Canaan, official assignee, Birchin-lane, Cornhill ; Borradaile and Co., King's Arm-yard, Coleman-street. William Gribble, builder, Boston-street, Dorset square, Middlesex, Dec. 7, at half-past one, and Jan. 11, at twelve, at the Court, Basinghall street. Pennell, official assignee; Ivimey, Chancery-lane. Menahan Levy Bensusan, Samuel Levy Bensusan, Jacob Levy Bensusan, and Joshua Levy Bensusan, merchants, 'Prescot- street, Goodman's-fields, Dec. 14, at one, and Jan. 11, at twelve, at the Court, Basinghall street. Pennell, official assignee; Rixon and Sons, King William street. Robert Frederick Gower, jun., merchant, New Broad street, City, and Valparaiso, Dec. 10, at two, and Jan. 11, at eleven, at the Court, Basinghall-street. Belcher, official assignee; Crowder and Maynard, Coleman-street. Samuel Street, draper, Bedford, Dec. 6 and Jan, 17, at twelve, at the Court, Basinghall-street. Graham, official assignee, Coleman-street ; Sole and Turner, Aldermanbury. Neil Mackenzie, fringe manufacturer, Newgate-street, Dec. 9, at half-past eleven, and Jan. 17, at eleven, at the Court, Basinghall-street. Graham, official assignee, Coleman -street; Bull, Ely-place. William Draper, coachmaker, Basingstoke, Dec. 9 and Jan. 20, at half-past twelve, at the Court, Basinghall street. Graham, official assignee, Coleman-street; John son and Co., Temple; Lamb and Brooks, Basingstoke. William MiNaught, draper, Parson's-mead, Surrey, Dec. 10, at one, and Jan. 12. at twelve, at the Court, Basinghall-street. Follett, official assignee, Sambrook court, Basinghall-street; Cattlin, Ely-place. William Flick, hosier and commission agent, Oat-lane, City, and Trafalgar-terrace, Mortimer-road, Dec. 15, at eleven, and Jan. 13, at two, at the Court, Basinghall street. Johnson, official assignee, Basinghall-street; Godsell, Furnival's Inn, Holborn. Thomas Bromley, grocer, Leighton Buzzard, Bedford shire, Dec. 9, at half-past two, and Jan. 13, at eleven, at the Court, Basinghall-street. Groom, official assignee, Abchurch-lane; Edwards, Nelson-square, Blackiriars road. George Rougemont, merchant, Broad-street-buildings, City, Dec. 9, at one, and Jan. 25, at eleven, at the Court, Basinghall-street. Graham, official assignee, Coleman street; Peile and Son, Great Winchester-street. Lewis Franklin, rag merchant, Well-street, Wellclose square, Dec. 10, at two, and Jan. 12, at one, at the Court, Basinghall-street. Green, official assignee, Alderman bury ; Grevilje and Co., Lombard-street. William Thacker, licensed victualler, Birmingham, Dec. 11 and Jan. 8, at eleven, at the Court, Birmingham. Christie, official assignee, Birmingham; Smith, Bir mingham ; and Weekes, Cook's-court, Lincoln's Inn fields. Thomas Cresswell, butcher, Twyning, Gloucestershire, Dec. 13 and Jan. 13, at halt-past twelve, at the Court, Bristol. Hutton, official assignee, Bristol; Ball, Bed ford-row; Sproule and Moore, Tewkesbury. George Jubilee Jones, builder, Bristol, Dec. 13 and Jan. 18, at eleven, at the Court, Bristol. Acraman, official assignee, Bristol; Jones and Co., Crosby-square; Peters and Abbott, Bristol. John Jacob Flitch, leather dresser, Newcastle-upon- Tyne, Dec. 9, at half-past one, sad Jan. 18, at one, at the Court, Newcastle-upon-Tyne. IVakley, official assignee, Newcastle-upon-Tyne ; Chater, Newcastle; Bell and Co., Bow Church-yard, City. Thomas Gales, ship builder, Ford, Durham, Dec. 13 and Jan. 11, at twelve, at the Court, Newcastle-upon- Tyne. Baker, official assignee, Newcastle-upon-Tyne; Maples and Co., Frederick's-place, Old Jewry; Wright, Sunderland. John Robinson, cut nail manufacturer, Birmingham, Dec. 14 and Jan. 11, at eleven, at the Court, Birming ham. Whitmore, official assignee, Birmingham; Wright, Birmingham. Edward Lee, ironmonger, Shrewsbury, Dec. 14 and Jan. 11, at eleven, at the Court, Birmingham. Christie, official assignee, Birmingham; `Face, Shrewsbury, and Smith, Birmingham. Richard Dalby Pawson, apothecary, Leeds, Dec. 20 and Jan. 27, at eleven, at the Court, Leeds. Young, official assignee, Leeds ; Williamson and Co., Great James street; Bond and Barwick, Leeds. _ _ James Exley, blanket manufacturer, Dewsbury, York shire, Dec. 11 and Jan. 8, at twelve, at the Court, Leeds. Stansfield, official assignee, Leeds; Brodribb, Child's place; Scholes, Dewsbury; liarle and Clarke, Leeds. George Cowsill, calico printer, Pilkington, Lancashire, Dec. 6 and Jan. 4, at eleven, at the Court, Manchester. Fraser, official assignee, Manchester; Clarke and Wood cock, Lincoln's Inn- fields; Grundy, Bury. Henry Harrison Walker, calico printer, Manchester, Dec. 16 and 31, at eleven, at the Court, Manchester. Hobson, official assignee, Manchester; Gregory and edford-row; Whit wor th, M anc h ester. Co.,iohn Noble, omnibus proprietor, Liverpool, Dec. 15 and Jan. 3, at eleven, at the Court, Liverpool. Turner, official assignee, Liverpool; Cornthwaite and Co., Old Jewry-chambers; Pemberton, Liverpool. George Daniel Colquhoun, che m i s t, Li v erpool, Dec. 14 and 3, at eleven, at the Court, Liverpool. Bird, official assignee, Liverpool; Johnson and Co., Temple; Snowball, Liverpool. DIVIDENDS. At the Court, Basinghall-street. J. Brittan, Redlynch, Wiltshire, market gardener, Dec. 21, at eleven—W. Burton, King-street, Soho, up holdsterer, Dec. 21, at half-past eleven—J. Bishop, Little Russell -street, Bloomsbury, wheelwright, Dec. 21, at twelve—R. Graham, Clap ham-common, lodging-house keeper, Dec. 22, at eleven—ll. Clark, Redcross-street, City, oil and colour merchant, Dec. 8, at two—W. Cox, Daventry, Northamptonshire, money scrivener, Dec. 21, at twelve —H. Phillips, Tothill-street, Westminster, linendraper, Dec. 21, at one—D. Stuart, Stockbridge terrace, Victoria-road, Pimlico, baker, Dec. 23, at eleven --J. Mathew, Carshalton, Surrey, linendraper, D ec . 23, at eleven—S. W. Sustenance, bookseller and stationer, Dec. 21, at half-past one—S. Bretton and T. Tunwell, Charlotte-street, Fitzroy-square, upholsterers, Dec. 23, at eleven—M. C. Johnstone, Lamb's Conduit -street, draper, Dec. 21, at twelve—S. Unwin, sen., F. Unwin, and S. Unwin, jun., Coggeshall, Essex, woolstaplers, Dec. 22, at two—T. Rid gwa y, H u dd er s field, wool mer chant, Dec. 23, at half-past eleven—J. D. Brown, Wal thamstow, Essex, apothecary, Dec. 22, at one—R. Woods, Brighton, Sussex, grocer, Dec. 23, at half-past twelve. In the Country. C. Twigg, Birmingham, button maker, Jan. 6, at twelve, at the Court, Birmingham—W. Barker, Notting ham, hosier and lace dealer, Dec. 24, at eleven, at the Court, Nottingham—J. Jackson, Bishop Wearmouth, Durham, banker, Dec. 23, at half-past eleven, at the Court, Newcastle upon Tyne—A. Tunstall, Bristol, oil merchant, Dec. 21, at eleven, at the Court, Bristol —J. Else and W. Dixon, Kingston upon Hull, millers and bakers, Dec. 22, at half past ten, at the Court, Kingston upon Hull—J. Else, Kingston upon Hull, miller and baker, Dec. 22, at half past tea, at the Court, Kingston upon Hull—A. Smith and T. Irvine, Liverpool, mer chants, Dec. 21, at eleven, at the Court, Liverpool—B.. D. Evans, Wrexham, Denbighshire, draper, Dec. 21, at twelve, at the Court, Liverpool—J. Wood, J. Wood, J. Wood, R. Wood, and J. Wood, Silkstone, Yorkshire, fancy cloth manufactures, Dec. 23, at eleven, at the Court, Leeds—T. Hanson, Leeds, builder and contractor, Dec. 23, at eleven, at the Court, Leeds—J. Child, Wake field, Yorkshire, grocer, Dec, 23, at eleven, at the Court, Leeds—J. Barraclough, Bradford, Yorkshire, timber merchant, Dec. 23, at eleven, at the Court, Leeds—R. Pickles, Barnsley, Yorkshire, linen manufacturer, Dec. 23, at eleven, at the Court, Leeds. PAYMENT OF DIVIDENDS. Boyd and Harmer, Spital-square, silk manufacturers, 10s., on Saturday, Dec. 4, and following Saturday, be tween the hours of eleven and two, at the office of Mr. Groom, Abchurch-lane. H. S. Brazier, Oxford, tailor, Bs. 6d., on Saturday. Dec. 4, and following Saturday, between the hours of eleven and two, at the office of Mr. Groom, Abcburch lane. J. Barwise, St. Martin's-lane, watch maker, 2s. 6d., on Saturday, Dec. 4, and following Saturday, between the hours of eleven and two, at the office of Mr. Groom, Abchurch-lane. J. Radbone, Alcester, Warwickshire, needle men turer, 18. 4d. and 2d., on any Thursday, between the hours of eleven and two, at the office of Mr. Valpy, Birmingham. W. Leather , London-wall , City , warehouseman, 2s. 10d., on any Saturday, between the hours of eleven and two, at the office of Mr. Green, Aldermanbury. J. Lockwood, Upper Baker-street, builder, 2d., on any Saturday, between the hours of eleven and two, at the office of Mr. Green, Aldermanbury. Elizabeth Smith Dykes, Romford, Essex, bask maker, ss. 6d., on any Sat ur d ay, between thehouarssicoetf eleven and two, at the office of Mr. Green, Alderman bury. I'. Gammage, King-street, Seven-dials, and J. Mott, Broad-street, Bloom s b ury, cheese Saturday, bet ween t h e hours of eTenvnegneraen lid., on an y and two, at the office of Mr. Green, Aldermanbury. C. 0. Robso n , Finsbury-street, builder and pla s t erer , 3 0.) on any Saturday, between the hou rs o f e l even an d two, at the office of Mr. ' Green, Aldermanbury. J. T. Groves, Millbrook,Southampton, seed crusher, 86 ., on any Saturday, between the hours of eleven and two, at the office of Mr. Green, Aldermanbury . W. Stone, Wood-str ee t, Ci ty , i seeman, sid.; on any Saturday,. between the hours of eleven and two, at the office of Mr. Green, Aldermanbury. A. Rainey, Regent-street, Piccadilly, estate agent and auctioneer, 2s. 6d., on any Saturday, between the hours of eleven and two, at the office of Mr. Green, Aldermanbury. 11. and T. T. Woodhouse, Aldermanbury, warehouse men, 2s. 6d„ on Friday. Dec. 3, and any subsequent , Friday, between the hours of twelve and Three, at the office of Mr. Follett, Sambrook. court, 13,ssinghs.11-street. C. C. Knight, Landport, Southampi.oz.iLire, draper, 2a. 6d., on Friday, Dec. 3, and any stzbfequent Friday, between the hours of twelve and three, St the office of Mr. Follett, Sambrook court, Basingh.:ll-6,::rect. H. Clark, Redcross-street, City, oil end ec ileur met chant, 35. 6d., on Friday, Dec. 3, and on any' quent Friday, between the h ours of twelve and .three, office at the of Mr. Follett, Sambrook -court, Basii7s° hall- street. subse quent J. Page, Walsall, Staffordshire, iron dealer, lid., on any Thursday, between the hours of eleven and three, at the office of Mr. Christie, Birmingham. S. Brown, Trowbridge, Wiltshire. woollen cloth ma- nufacturer, 16i., on any Wednesday, between the hours of ten and eleven, at the office of Mr. Miller, Bristol NOTICES OF CERTIFICATES. At the Court, Basinghall.street. F. Wiggic,, Union-street, Blacktriar3, horse con tractor, Dec 21, tit eleven—J. Brittan, Redlynch, Wilt shire, market gardener,. Dee. 21, at eleven—J. A. Phil lips, Riches-court, Lime-street, City, merchant, Dec. 22, at two—J. Rawlins, of Foley -place, coach maker, Dec. 21, at half-past twelve—J. Gilbert, Poston-street, Hack fit), road, engineer, Dec. 21, at two. In the Country. A.-Leighton, Liverpool, broker, Dec. 22. at eleven, at the Court, Liverpool—W. Pineger, Highwo:th, Wilt - shire, s.nnkeeper, Dec. 21, at eleven, at the Court, Bristol —G. I%",ql)ster, Staincross, Yorkshire, nail maker, _Dec. 23, at eleven, at the Court, Leeds—l). Gostick, Keighlef; Yorkshire, grocer, Dec. 23, at eleven, at the Court, Leeds Bevan, Liverpool, flour dealer, Dec. 21, at eleven, at the Court, Liverpool —A. Thomas, Liverpool, cart owner, Dec. 21, ,nt eleven, at the Court, Liverpool—W. Grills, Launceston, twine manufacturer, Dec. 22, at one, at the Court, Exeter—l 3. Turner, Wolverhampton, scrivener, Dec. 23, EL L ` twelve, at the Court, Birmingham —IL Cocker, Hatherst.:ge, Derbyshire, needle manufac turer, Dec. 22, at twelve, at the Court, Manchester —T. Dawber, Manchester, calico printer, Dec. 23, at twelve, at the Court, Ilanahestei--J. Burt, J. Burt, jun., and W. T. Watson, Manchester,. agents, Dec. 21, at twelve, at the Court, Manchester. At the Court of Re.view, Dec. 21. E. Morgan, Lisson-street, l'arylebone, coach builder —S. Harvey, East Mercea, El3sex, cattle and sheep dealer, jobber, and farmer—J. Itqay, Mark-lane, wino merchant—S. Hurdle, Hazelbury Bryan, Dorsetsbire, cheese factor and innkeeper—J. Eva.ms, Oldington, Wor cester, corn dealer—J. S. Dunn, Coventry, draper—W. G. Boucher, Stepney-green, merchant --J. Hancock, Weston-super-Mare,Somersetshire, builder and plasterer —W. S. Brown, jun., Broad-street, Ratcliff, sail maker and ship chandler—B. Robinson, Huddersfield, fancy cloth manufacturer and merchant—G. Maddison, Swain hum, Norfolk, grocer and tallow chandler—lL )V. Gar diner, Hereford, cattle and horse dealer—J. Mott, liiag street, Seven-dials, cheesemonger. PARTNERSHIPS DISSOLVED. H. Hull and F. Hull, Newmarket St. Mary, Suffolk ; cabinetmakers and upholsterers—G. T. Kern and T. Martens, Newcastle•upon Tyne, merchants—lt. D. Iron side and A. Ironside, Newgate market, salesmen and provision merchants—G. Bartholomew and W. Bartho lomew, Pavement, Finsbury—H. W. Palmer and G. H. Ward, Bear-alley, Farringdon-street, printers—E. Lan dells, R. Palmer, and J. Clayton—A. T. Guttcke, J. R. Smith, H. Perkins, A. Smith, and G. A. Mullens, Man chester—H. Rochas and C. Rochas, Bank- chambers, Lothbury, stock and sbarebrokers—W. Killick and W. Winstanly, Bank-chambers, share agents—N. Dean, W. Dean, and J. Dean, Abingdon, Berkshire, iron and brass founders, agricultural implement makers, and ironmon gers—H. Ashby and T. Boorah, Great Surrey-street, grocers and tea dealers—Hannah Grimshaw and J. T. Crook, Liverpool, ship and passenger brokers—R. Wrightson, jun., and J. Bell, Birmingham, booksellers, printers, and stationers—E. Oliver and H. Benton, Dunstable, Bedfordshire, straw bat manufacturers—J. Cowgill, J. Hirst, B. Jessop, J. Hopkinson, and S. Riley, Huddersfield, Yorkshire, fancy woollen manufac tucers—W. M'Cormick, Belfast, and W. Dargan, Bottlo Hall, Liverpool, contractors of public works—B. Wilson and B. Ware, Aldermanbury, straw hat and bonnet dealers—J. Tonge and J. Tonge, Great Bolton, Lanca• shire, painters and plasterers. INSOLVENT PETITIONERS. Henry Winthorp Moughan, Aston, Warwickshire, clerk in a brewery. Benjamin Wallis, Southampton, steward. James Garrett, Cheltenham, retailer of beer. Mark Utley, Rycroft, Lancashire, engineer. George Daniels, Cheltenham, innkeeper. George Lauder, Cheltenham, corset and stay maker. John Wheeldon, Ashborne, Derbyshire, general shopkeeper. Osmond Charles Raymond Maillard, Cheltenham, keeper of a register office for servants. Thomas Thomas, Birmingham, japanner. George Ford, Stapleton, Gloucestershire, hay dealer. Henry Fullford, Bristol. George Horwood, King Stanley, Gloucestershire, farmer. Thomas Jenkins, Bedminster, Bristol, butcher. James Edwin Davis, Stroud, Gloucestershire. Charles Charlesworth, Salford, Lancashire, baker. William Jenkins, Nantwich, Cheshire, chair maker. Griffith Morris, Birkenhead, Cheshire, beer house keeper. William Andrews, Bebbington, Cheshire, book keeper. Daniel Mann, Buckden, Huntingdonshire, beer seller. Abraham Kemp, Lakenham, Norwich, carpenter. Richard Rowlands, Liverpool, basket maker. Thomas Gidlow, Liverpool, journeymen butcher. John Beak, Clifton, Bristol, carpenter. John Kershaw, Rochdale, Lancashire, labourer. James M.Knight, Swansea, Glamorganshire, licensed victualler. SCOTCH SEQUESTRATIONS. S. Richard, Edinburgh, builder, to meet, Dec. 3 and 24, at one, within the chambers of Messrs. Weir and Gardiner, Edinburgh. A. King, Glasgow, grocer, to meet, Dec. 6 and 27, at twelve, within the writing chambers of J. Lamont, Glasgow. A. Mitchell, Glasgow, clock maker, to meet, Dec. 3 and 24, at one, within the office of Railton and Ander son, Glasgow. G. Hay, Dufftown, Banffshire, merchant, to meet, Dec. 6 and 27, at twelve, within the writing chambers of W. Thurburn, Keith. A. Galbreath and A. Carswell, Glasgow, ship and insurance brokers, to meet, Dec. 6, and Jan. 3, at one, within the writing chambers of A. Dick, Glasgow. A. Reid, Glasgow, builder, to meet, Dec. 7 and 28, at one, within the office of A. Clark, Glasgow. D. Hill, Edinburgh, bootmaker, to meet, Dec. 8 and 29, at one, within Dowell's sale-rooms, Edinburgh. COURT CIRCULAR. Mr. Winch, Mr. Mann, and Mr. Russell, a depu tation from the Wallasey Commissioners, and Mr. Fletcher, had an interview with the Commissioners of her Majesty's Woods and Forests yesterday, at their office in Whitehall-place. Mr. W. Evans, M.P., had an interview with the Right Hon. E. Strutt yesterday. Mr. Wilson Patten, M.P., had also an interview yesterday with the Right lion. Gentleman, at the Office of the Commissioners of Railways, in the Board of Trade. Lord Crofton had an interview with Sir George Grey yesterday. Mr. Evans, M.P. for Haverfordwest, had also an interview yesterday with the Right Hon. Baronet, at the Home-office. The Hon. Mr. Roberts, from Jamaica, had an in terview with Earl Grey y es t er d a y. Mr. William Mutton had also an interview yesterday with his Lordship at the Colonial-office. The Lord Chancellor passed a good night on Mon.. day night, and was better yesterday. A number of plans for new lines of railway were yesterday deposited at the office of the Commissioners of Railways, in the Board of Trade. Dispatches were sent off yesterday evening fr om the Colonial-office for th e Governor of New South \Vales. DANGEROUS WASHING AWAY OT A PART Or THE SOUTH-WESTERN RAILWAY.—ROMSEY, Nov. 28.—The heavy rains for the last three days caused the waters in the River Test, Andover Canal, through Rom o seyi, se an to d all along the low lands in this neighbourhood r railway, at a place called Cramp miles from the Bishop so great a degree as to force its way f u o n or der i lt ott pa o t r i t n, o s f b t o h u is t two miles from Romsey, several lengths of both the ws up stoke station. About covered to the depth of washed away, and the m_ atnhdrefieveo'elsonedk downthis rails s rn w o e o r n e detained Salisbury, tw 0 at hoursfive w ar a riving at Bishopstoke station till o'clock, some ,cloc beyond its time, , k " The Southampton train, leaving p ast ei g ht c ' ',l 7 k having gone on to town nearly twt, kfe,eftorwLithon"d•aonte,r: Tsehaetdhoterraeinforfreom there at six o Not the least ac c ident were se t passengers e" had therefore to be specially ex pressedfor London. occurred. to work to repair the damage, and within m ho e u n rs , , ,, toeth space the of three hours it was made su ffi c i ently strong a engine and train to pass over in safety. COMMERCIAL F AILURES AT NEWC ASTLE.—TitiS town and neighbourhood are now beginning to feel the consequences of the late money' pressure, and the disastrous bank stoppage. Five fiats in bank ruptcy have been opened in the district court during this week —a number unparalleled in its history On Monday a fiat was opened against Mr. Robert Imreay, of Jarrow, shawl manufacturer. His liabilities are stated at 23 ,0001. of which 1 6,0001. is said to be due to his bankers. The assets are 3,0001. or 4,000/. and the factory, over which the bank holds a mortgage. Another fiat was opened on the same day against James Hudson, of the New-road, marine store dealer, whose premises were recently destroyed by fire. The sssets are sufficient to pay the liabilities in full, but the bank rupt is a holder of 223 shares in the North of England s Bank. Yest er d ay t h ree f i ats were opened, . Mr. Thomas G a l es , o f Sunderland, shipbu ilder. liabilities are 12,0004 stated a e t , and the assets are . —Newcastle Guardi an . ona :0 1 0. 'l l , 7 exe there [ ADVERTISEMENT. J —SEVERE COLDS AND TP A - IA INWRIOL'S EFFECTS READILY REMOVED ST HOLLOWAY'S 1.71 4. .._ This fine Medicine will do more real service in three days in ',i to , of the most obstinate coughs and colds, even when seriously ray , ray L ie tion , r t uag r : t ais h . o t :e the lungs, than any other medicine in the universe; and w ) ,a is much accumulation of phlegm In the respiratory organ by thee , fills it is immediately carried oft through the bowellt--u the patient gets Instantly relieved, and a radical cure Is ittr,ured by little continuance in the same course, ty: 2The4 Sold lads Strand,t b h y m il a t suf fering fr om tightness of the chest or di ffi culty of breathing, should try the virtue of this surprising At professor Lielloway's Lit PARLIAMENTARY DIVISIONS (From the Votes and Proceedings of the House of Co:Arnow., MONDAY, NOV. 29. CRIME AND OUTRAGE (IRELAND). Question put, " That leave be given to bring in a Bill for the better Prevention of Crime and Outrage in certain parts of Ireland." The House divided:— MAJORITY—AYES, 224. Adair, Hugh E. Fordyce, A. D. Paget, Lord Clarence Adair, R. Shafto Forteseue, J. W. Paget, Lord George Fox, J. W. Palmer, Robert Anson, Colonel Attwood, John Freestun, Colonel Palmer, Roundell 13 ag shaw, John French,,,F. Palmerston, Vis. Bailey, Joseph Frewen, C. 11. Parker, John Gibson, T. M. Patten, J. W. Baines, M. T. Baring, F. T. Glyn, George Carr Pearson, Charles Barnard, E. G. Grace, 0. D. J. Peel, Sir Robert Barrington, Viscount Graham, Sir James Peel, Colonel Henry y uis of Perfect, Robert i Peto, Samuel M. Benbow, John G Gr ran att b li . ; , Greenall, Gilbert Pigott, Francis Berkeley, Captain Greene Thomas Pilkington, James Bernal, Ralph Greaten, C. Pascoe Pinney, W. Bernard, Viscount Grenfel , Charles W. Plumptre, J. P. Birch, Sir Thomas Grey, Sir G. Beckett, t, S. V 3 il i li . am Plowden, W. H. Illackall, S. W. Grey, Ralph W. Price, Sir R. Bourke, Richard S. Grogan, Edward Pusey, Philip Bowring, Dr. Gwyn, Howel i Raphael, Alexander Bramston, T. W. Hallyburton, Lord Rawdon, Colonel Brand, Thomas Hamilton, G. A. Repton, G. W. J. Bremridge, Richard Hamilton, J. H. Ricardo, Osman Ilroadwood, :H. Hastie, A. Ricer R. E. Brockman. E. D. Headlam, T. E. Rufford, Francis Brooke, Lord Henley, J. W. Russell, Lord J. Brotherton, Joseph Herbert, Id efiry A. Russell, F. C. H. Brown, Humphrey , Heywood, James Sadleir, John Bruce, Lord E. Hindley, C. Scrope. G. P. Buller, Sir J. Y. Hodges, T. L. Seele), Charles Bunbury, Edward . Hodgson, W. N. Seymour, Lord Burke, Sir Thomas Hood, Sir A. Shafto, R. D. Campbell, W. F. Horsman, Edward Shell, It. L. Cardwell, Edward Hudson, George Sheridan, It. B. Carew, W. P. Hutt, William Simeon, John Carter, John B. Inglis, Sir R. H. Smith, John B. Castlereagh, Vise. Jackson, William Somerville, Sir W. Caulfield, Colonel Jervis, Sir John Sotheron, T. H. S. Cavendish, C. C. Jervis, John Spooner, Richard Cavendish, W. G. Jocelyn, Viscount Stafford, Augustus Chichester, Lord J. Keogh, William Strutt, Edward Clay, James Keppel, George T. Stuart, Lord D. Clements, Charles Ker,lßichard Stuart, J. Clerk Sir G. Labouchere, Henry Sutton, Henry Cockburn, Alex. Lennox, Lora A. Talfourd, Sergeant Codrington, Sir W. Lewis, George C. Taylor, T. E. Collins, W. Lindsay,_ Colonel Tenison, E. K.: Corbally, M. E. Littleton, E. R. Tennent, .J. Cowper ' W. F. Lockha r t, W. Tlicknesse, R. A. Cripps, W. M'Gregor, John Thompson, Colonel Curteis ' 11. B. M'Nagkten, Sir E. Th orue l y, T. Davie, Sir Henry M•Tavish, C. C. Townely, John Deedes, W. Mogan, W . Y. Turner, E. Deering, John P. Mahon, O'Gorm an Verner, Sir W. Disraeli, B. Maitland, T. Verney Sir H. Dixon, John Marshall, J. G. Vivian, J. H. Dodd, G. Martin, C. W. Wahnsley, Sir J. Drummond, H. Martin,.Samuel Ward, H. G. Duckworth, Sir J. Matheson, Alex. Watkins, Colonel Duff, George S. Matheson, Colonel Waive, J T. Duke, Sir James Maxwell, J. West, F. R.l Duneuft, John Melgund, Viscount Westhead, J. P. Dundas, 'Admiral Mitchell, T. A. Willcox, Brodie Dundas, Sir David Monsen, William Williams, John Dundas, George Moore, George 11. Willoughby, Sir H. Dunne, Francis P. Morgan, 0. Wilson, Matthew Edwards, Henry 31orpeth, Viscount Wood, Sir Charles Evans, John 3lowatt, Francis Wood, W. P. Evans, William Mulgrave, Earl Wortley, J. S. Farrer, James Norreys, Sir D. Wrightson, W. B. Ferguson, Sir It. Nugent, sir Percy Wyld, James Fitzpatrick, J W. O'nrien, Sir Lucius Wyvill, Marmaduke Fitzroy, Henry O'Connell, M. J. Yorke, IL R. Fitzwilliam, G. W Ogle, S. C. TELLERS. Foley, John 11. Osborne, Ralph Rich, Henry Forbes, William " Oswald, Alexander Tuthell, Henry MINORITY-NOES, 18. Anstcy, Thomas C. Lushington, Charles Scholefleld, William Elswitt, R. J. Meagher, Thomas Scully, Francis Devereux, J. T. Morgan, 11. K. G. Thompson, George Fagan, William O'Brien, Timothy Wakley, Thomas Fox, Richard M. O'Flaherty, Anthony TILLERS. Greene. Captain Power, Nicholas O'Connor, Feargus Keating, Robert Reynolds, John Crawford, W. S. RAILWAY SHARE MARKETS. BRISTOL, Novitufaxi. 30. STOCK Excxxxorg.—The sales are—Great Western, Quar ters, 2 1 4 p.—Ditto, New, 171. Shares, 1 p.—Midland ( 13ir mingham and Derby), 82—North British, Thirds, 21&—Taff Vale, Quarters, 25 LIVERPOOL, NOVEMBER 30. STOCK EXCRALNOE.—The sales are—Birkenhead, Lanca shire, and Cheshire 311. Shares, (late C. and B.) 17 c.— Birmingham and Oxford, 3 1 ,E p.—Great Western, Quarters, 2 p.—Lancashire and Yorkshire (late M. 8., and B.), Fifths, 43p.—Ditto, Fifths (late West Riding Union), 2A dis.—Leeds and Dewsbury, c. 8 dis.—London andlNorth-Western,lss l ,4 Ditto, Quarters:(A and B), 4 1 ,1 3 p.—Ditto, (C), 4< p.—Man. cheater, Sheffield, and Lincolnshire, Quarters, INo. 1 (guar. 7 1, 2 per cent. till 1853), % p.—Midland, 110 e.—Ditto, 401. Shares, 42 ;—North British, Quarters, par—North StaflOrd shire, par—Shrewsbury, Oswestry, and Chester, 5% dis.— Ditto, Preference (guaranteed 8 per cent.), 1% p.—South- Eastern and Dover, ow, No. 2,5% dis.—Ditto, Consolidated No. 3,5% dis.—Ditto, No. 4, 2 die.—York, Newcastle, ,and Berwick, 134—Ditto, Extensions, No. 1, 4 p.—Ditto (N. and B.) Extensions, No. 2, 2% p.—Ditto (G. N. E. Pur chase), IA p. MANCHESTER, Nov. 30. STOCK EXCHANGE.—The sales are—Huddesfield and Man chester Railway and Canal, Thirds, dis.—Lancashire and Yorkshire, 321. Shares, 5 die.--London and North-Western (Manchester and Birmingham), Quarters (B), 4% p.—Man chester, Sheffield. and Lincolnshire, Quarters, No. 2, 17 1 4 Ditto, Preference, 1 4 p.— North Staffordshire, 1-16 p.—Pres ton and Wyre, 34h—South -Eastern and Dover, No. 4, 2 dis. —York, Newcastle, and Berwick, Extensions, N 0.2, 2 5-16 p. LEEDS, NOVKMBER 29. _ STOCK ExcHartax,.—The prices of shares have varied very little for the last four or five days. A moderate amount of business continues to be done, and that chiefly for invest ment. The sales are—East Lancashire, 3%—bitto, New, 4 dis.—Ditto. Quarters, 16s. dis. —Great Northern, 6 dis.— Lancashire and Yorkshire, Fifths, par—Ditto (West Riding Union), dis.—Leeds and Thirsk, 151 it dis.—Ditto, New, 13 1 % dis.—North British, Thirds, 2s. 6d. p.—Ditto, Quar ters, lk n. dis.—Ditto, Extension, par—North Staffordshire, 3s. 9d. dis.—North- Western, 4IA dis.—York, Newcastle, and Berwick, Preference, 11A p.—Ditto, No. 2(New Berwicks), V. Is. 3d. p. YORK, Nov. 29. Sroex EXCHANGE.—The sales are—Great Northern, 4% —Leicester and Bedford, 11s. 6d,—North British, Halves, 12 Thirds, 21. 4s. c.—Ditto, Quarters, 41. 14s. Ditto, Extension, 11s. 9d.—Tork, Newcastle, and Berwick, No. 2 (New Berwicks), 12. EDINBURGH NovEmaxx 29. , STOCK EXCITANGE.—The sales are—Caledonian, New, 245. 6d.—Edinburgh and Northern, 171. 55.—Ditto, New, 425. —Great Northern, 90s. —North British, 271.—Ditto, Quar ters, 935. 6d. —Ditto, New Quarters, 12s. C.—Ditto, Thirds, 435. PERSONAL'. GRACES.—The countenance is rendered additionally pleasing by the well-arranged curl, the braided plait, or the flowing tress. In dressing the hair, nothing can equal the effect of Rowland's Macassor Oil, on either natural or artificial hair, rendering it so admirably soft, that it will lie in any direction, producing beautifully flowing curls, and by the transcendent lustre it imparts, rendering the head dress truly enchanting. Rowland's lialydor is a preparation of unparalleled efficiency in improving and beautifying the akin and complexion, preserving them from every vicissitude of the weather; and Rowland's Odonto, or Pearl Dentifrice, is alike invaluable for its beautifying and preservative effects on the teeth and gums. Caution—lt is necessary to see that the word " Rowland's" precedes the name of the article on the wrapper of each, as spurious imitations are abroad. 1111INDELSSOHN, THE COMPOSER. The German journals give very interesting particulars relative to the death of Mendelssohn. Mendelssohn was brought up with a sister, who married an artist of the name of Haensel. He himself married, about ten years ago, the daughter of a senator of Frankfort. These two fami lies were inseparable. Mendelssohn, and his sister, Fanny Haensel, formed but one soul. This remark able woman was herself a good composer, and directed the first steps of her brother in his musical career. About nine months ago Fanny Haensel composed a symphony, the performance of which she conducted herself. At the commencement of the fifth part Madame Haensel dropped dead of an apoplectic fit. Since that time M. Mendelssohn wandered about like a shadow among the living. In a letter addres sed to his wife, he , says—" Our common sou l has taken fli g ht to Heaven. therefore, advertised v be erteis expected t e o d i n sail a I greatly fear I shall shortly go to meet her, fo r Fanny always promised she would come and take mo from this world, should she die before me." Two months after Mendelssohn died of an apoplectic fit. The I be llorvaesmhingrt; she onstmeanmy, th was steamer from New York for Southampton and Bremen on t h e few days. 18th of i • , • ‘,, - '-•,,