Northern Times. — Liverpool, Merseyside, England, 1857-11-13 00:00:00

'uSI3I7,NSION OF THE BANK ACT. r°I7ERNMENT LETTER. 4tIBmc6DOWNING STREET, Nov. 12. n +"-Rev es i Ma • t 's Government have observed, • , concern, the serious consequences which have t, t r°4 the recent failure of certa i n jo i nt-stock b anks e e 4t1 4 . 1 41 a nd Scotland, as well as of certain large 4ltser air e Sr ins chiefly connected with American trade. and distrust which have resulted from theso the Withdrawal of a large amount of paper Itka?; a uthorised by existing bank acts, appear to l io N jeBt ra Government to render it necessary for them Rothe sank o f E ng l an d th a t, if t h e y s h ou ld b e 41 11 t ha present emergency, to meet the dimend for t, a NI adv ances upon approved securities, without 14 t, th it th e limits of circul a tion prescribed by the act of X 41,4 e Government will be prepared to propose to li t e , 4 4 ) an its meeting, a bill of indemnity for a - ey ki t:14, 4 , 1 ' 3811 M. In order to prevent this temporary ti "f the l aw b e i ng ex t en d e d b eyon d t h e actua l (If -4 ° I . the occasi o n, h e r M a je s ty' s Governm e nt 1 41 :P i nion that the banks' terms of discount 1( 1 ' 44 be reduced below their present rate . elt ra Government reserve for future consideration kliPln°Priation of any profit which may arise upon ,\t iik el ecso of the statutary am aunt, Her Majesty's eat are fully impressed with the importance cf 44 41 11111 g the letter of the law even in a time of con karcantile difficulty, but they believe that for ; P al of apprehensions which have checked the monetary transactiorv, such a measure as is now N l : 44t ed has become necessary, and they rely upon and prudence of the dir e ctors fo r con fi n i ng I°llB Within the strict limits of the exigencies of (Signed) PALMERSTON. G. C. LEW. cl t r i Z % vet . rt or and Deputy Governor of the Bank of • 478 PENSION OF THE BANK ACT. 4 4 EXCITEMENT ON 'CHANGE. for, til r ; re Part of yesterday on 'Change was gloomy in ' l ll l -In e's—not so far as the weather was concerned, p Nt t at f rtl °sPhere was flue and sunny, with a bracing : 4 1 : °ll l the aspect of merentile and commercial L lti pa gl lXinuely did all parties look for some expected ' 6 'ht London in reference to the Bank Act, but as 'Lllti;pled on w i t h apparent . l ea d en pace , an d not hi ng il l Noi h t3n cl, ba], or indifferent" came, the anxiety iLNlll,",tense, almost unsupportable. It was rumoured ' wires" had been cut or tampered with, and I :4 881101 a rumour was, yet there were people found l iet; , te Shortly after three o'clock, however, all w as removed by the receipt of a telegraph fro m the metropolis, stating that the th;,, 33 ANK ACT WAS SUSPENDED, 111 1116 1 : b eing at once made known, the wsnost joyful 1 111 : 13 4 n Prevailed, and long continued cheering fol ltop)t4 in the room and on the flags. It was stated tat !ratio "1 a'lay the panic very materially, if not proving 1 4 Ve ry ri of the country. We understand that had not at a Pleasing intelligonca arrived so oprrtunely, se Illt ation consisting of the Mayor, Mr. Bushell %. eral t i s " _ • ; ° —or influential merchants, were prepared to rro eee , t tle t "ed to London last night, fir the purpose of i t Mme aterview with the Government authorities on pled afcor t ut. Much satisfaction and confidence pre , `Nhe announcement. e a Ott is OF THE NILE." The waters of the Nile," ‘'l,\e,oetter frcroCairo —in the Annales du Commerce Ex this year attained, for a fortnight only, the 4'AFeltlabcCeSSary for the inundation of the land, and the e et , rice i s that , large portions were not watered." On e t°4l /S t ' "atd, the accounts which have been received hn or l r e t a 'n'd Low ' er Ecvpt on thestate of the inunda li the tist,,,. itt district o f ' TY. In Central Egypt, and . particular)y e,P", but n ta ,Cairo, fears are entertained for t ne erta . " or the farmers hope that as the river is er aP or in • its movements, it may rise still more e ir tne k , p ,„ maize is secure from all danger. N 'ln CLOSING OF THE ROCHDALE WORK- Zs ae , s THE POOR-LAW BOARD.—The Rochdale l ii t s : 4 la - e r t m oa ct , on . Friday last, to consider a letter from the '46 re, in which they stated that, except some 1, 1 " r w e yy re made in the workhouses, they would_ . close ;We lacy . • leap presided. In July, Mr. Manweriug, t e , y . la Pecter, reported the workhouse to the Poor. e pij ol , c, as havin,g no receiving wards, and without any 10148 for the sick aed infectious cases, or classification OtseOes. Tho paupers, he also reported, were allowed i ta e ases together out of doors, and their clothing, in ls ll sete: B ' w as in a very ragged condition. he guardians, 1' th e e ' tedd the board they were doing all they could ih t ea o rttfort of the inmates; and the present letter was rei an Y_ f the board. Mr Livesey raid he thought the k, t s , had a just cause of complaint against the Poor. i f ,, t ati e u; for, by their sanction, they had made large Veeei y "'. Therefore, the Po.ir-law Board acted the part tt er e . They would not be satisfied until they had is n ' te , Rochdale guardians to a bastile; bu' he hoped i t to 41 .14 take no notice of the Poor-law Beard, but act y;te ei ',9 l —and if the board did anything, then resign, t he ratepayers would support them. Thi3 coulee lele en " r aved of by a full beard, who directed the work.: ,the'mneit•ee to make any improvements that world be :',.etlatutoet of the inmate;.— Manchester Guardian. ~Np EXCITEMENT IN TANDRAGEE.-03 Thursday . Cs ttl : [air day in Tandragce , a goad deal of exc•ternent l), l hr ett , e d arising out of the fcllowing circumstances : tOtee e` en ing letter had been received by the head of an 1000'atget and as well as I can gather it called upon te Bter f lio tt . 0 the lodge to meet this anonymous corres q4t4,with ei t h er 1,000 or 2,000 O rangemen on the the sth in s t., i n con fli c t. The letter was rece ived th e post-office„ came to the ears of the con trN",,and by them was transmitted to the authorities. k u rte,;°cument of like import was also received by 1 10,Ni e l e e master in a different direction of the country. Vei ti r uourbood has been consequently kept in a state tel ) Red : t and alarm, and the peaceable inhabitan's were tiOte seply themselves with ars and am munitien fin ddha p ve been for some time, m in nightly expect , 1. itvtep,'a attack. Such being the disquieted state of Tsteil°azdinie neighbourhood, a crisis was confidently ib~d of on the evening of the sth. About twilight the lOoe ih a dru m was h eard to ee h o from the entrance to t6 b , t ott;* In an instant every one ran in the direction of iti,Ptet* The drumming party were met by a body of tttider head-constable flcott, of Portedown, who V„Ilr e : Presumed warned them of the impropriety of " t ee dings. However they beat the drum down and 4 ktiNsi` °w n, and a great crowd followed them; they ilstylY departed the way they came in, without ar!y 1 4"tat, i ' t tIcleance. The town was then allowed . to remain t lii t k °I tranquillity never before experienced on the ttell ler Tandragee.—Belfast Mercury. 4 1 ett I NXRAL WEALTH OF ENGLAND. —When we tik ll the fact that British minets have been iti,111 1 : cur native rocks for metalliferous minerals le t ltt - , 115 75 when the merchants of Tyre supplied the 1 - q`qe, (ll.l d. and that we are now drawing from the te,' l 4:,,ally metals alone which have a market value of t'ei ti 4t '7' °, we cannot but be struck with the enormous `ll l 0 ? - mineral malt).— which have been stored in the t t :t o re th ese " far islands of the West." F.om the it ti tte. y ' l o f Mining Metallurgy" we learn that coal has br l , °ll lll zed since 1234 in Northumberland; but at that qqantity of fossil fuel raised must th have been : te, I% ' l 0 " In the report of the committee of e House ' the consumption of coal in &tilt Britain in trrlei!.teted at 22,700 , 000 tons ; in 185 6 , according to eti% l ' k ner al statistics, , it had increased to 66,645,450 !e i tt tat e r, c,alfilds of the united kingdom have been Bet" ) contain a n a r ea of 12.000 square miles, and 'O t tlie -re the estimates which have been made to e;:te ee a the time required to exhaust them. Little i t ili 'tet, l 9 „ lll ' we suspect, be places upon any of these ; but one thing is certain, the coal beds of v tqp ti "e '- ' a ln are not inexhaustible, and with a falling off Vni ) ,, lal / of fuel the staple manufacturers of the s 4 „eata te "'t decline, and England must sink from her t°t'Qll position of a third or fourth rate State 'l N t early 67,000,000 . t0ns of coals are 1 , 1% and i l wrie our collieries, which in 1856 numbered 'rk l 'A c i (l evity part of the country the price of coals tete g• France is opening her ports to receive Ea t ; Denmark Prussia, Italy, and linssia are kp d tie d ?Mer e fur both coils and c ,k e , Egypt and the "ae y Pei tl i- ' , the United States of America, Chili, Brazil,. ° e' e `,,k - et a ' t ,tre regular receiving our fuel in quantities Thee,6" 4l each country annually from 33,000 tons to ne , —eleheineton, WS. [unsDAY• e, is deed. e 28th• _ES. Nov. 11, ace of the Om 17• envy on the ries 00 "e the 29113 : 4 1 wounue". 1 the Vg . e s hot; , ) f the re bel : killed spa since be° I CO l a "r Ltely. J oLs° s ` -01 O ul l e teleg re P; Iblin, so d _ 'douse,cll),l: ArraY' 27th liar AffP 4°° : at GW se ' i the a rrn;ya i bseque se " w 9 ' rig 18S r R.,aideo t desPa icbe.. best praise' CbiO r be by;icd tai o P eci r, out °f t o a brig • Ve lb" near ,or train• cot e( ' r 3 35:h Ye' 7EI I is reP° rte assault e 1 lon bora- ad 183, 3,0 he ° s o l i bseque ll ' e fe ' Lt NagP ° : e Y ' a the ia • 'tad la took. , the 1:1205 ' as the tort o f arila a ' o f , 3 ptar e 0 the the ir CO ° 9° , f s e t the e rvice . , BOO: , FOL. - 01 •pp E 1 ; ;ekvieek e ; theta . and "'" io' we n sa ye r teritY aro 3 133313 if er° alng the alf r aor- l i be and to 0 0J tcrle ° ' Wag ee ting anC h sea for o , Iciff' G. 3 Kip s 9 a 4 f le is" folofajth 0h C° had ~,ijo eseal' d °' f sad cal .o t ol to eo ci ie 31f ..": how aast you ow go t p 054 , 5, op LIVERPOOL BOROUGH BANK. to devote to the inquiry, and their previous utter ignorance, as to the real state of the accounts will admit of their arriving at any conclusion whatever, they venture to express their opinion, that of not only the original capital of the bank, but likewise of other assets held by them, a considerable portion is so locked up in various kinds of securities, that much time, great forbearance, and good management will be required to insure their advantageous realization, and that upon the due combination of these several elements will mainly depend the eventual result, es regards the original capita of the bank. Such being the case, and the bank being about to issue its obligations to its creditors, as before stated, it becomes imperative on the shareholders committee, in order to ensure the punctual fulfilment of these obligations, to re commend to the directors to make a call on the share holders ; indeed this condition has been &ready insisted upon by the creditors. They trust, however, that the dates for its payment may be so arranged, as that while securing the object which renders it necessary, it may be made to press with as little severity as possible upon the shareholders. The meeting of Tuesday having paesed a resolution to place the company under the Joint Stock B making Companys Act of 1857, certain other resolutions requisite to carry cut fully the objects for which that course was adopted, will be proposed to the adjourned meeting to-day. Should the shareholders, as they will see it to be their interest to do. approve of them, the functions of this committee will naturally cease, unless it should be the pleasure of the shareholders to ask for their further services. The committee have been too fully occupied to allow of their going into any inquiry as to the origin of the present difficulties ; feeling, likewise, that the time had not arrived for such an investigation. Whether it shall be the pleasure of the shareholders to institute it, through them, or other wise, must be left a subject for further consideration The committee cannot, however, conclude their report without expressing their approval of the manner in which the directors of the bank have received the various suggestions and recommendations they have made to them from time to time, and of the readiness with which they have, throughout the whole period of their joint action, afforded to the committee eve y information in their power on the different subjects to which attention has been directed. JOHN B. BRINCKER, Chairman of the Committee of Shareholders. with dissolved, and declare that the same stands and is dissolved accordingly, subject, nevertheless to the provi sions of the Deed of Settlement of the Company, and of " The Joint-stock Banking Companies' Act, 1857," whereby it is provided that, for the purpose of winding up the Company, its corporate estate and all its corporate powers shall continue. 8. That the event having occurred, upon the occurrence of which it is provided by the Deed of Settlement, that the Company is to be disolved, the Company be wound up voluntarily under the Joint-Stock Banking Companies' Act, 1857, and the Acts incorporated therewith. 9. That John Barnes Brancker, of Liverpool, in the County of Lancaster, broker, Joshua Dixon, of the same place, merchant, Peter Serjeantson, of the same place, broker, Phillip Rawson, of the same place, insurance broker, and Harmcod Walcot Banner, of the same place, accountant, be and they are hereby appointed liquidators, for the purpose of winding up the affairs of the Company, and distributing the assets thereof. 10. That as between the liquidators and the Company, the authority given by the Joint Stock Companies' Act, 1836, to any two of the liquidators to exercise all the powers thereby given to the liquidators, shall only be exercised eubject to such restrictions and qualifications (if any) as the liquidators, or a majority of them, may from time to time appoint; but no creditor or other third party shall be bound to enquire whether the acts of any two of the liquidators are duly authorised under this resolution, or be effected by express notice that they are not so authorised. _ _ The adjourned meeting of the shareholders of the Borough Bank, was held at two o'clock, yesterday, at the bank in Water-street. The meeting, which occupied a little more than an hour and a half, was private, but the following report has been officially supplied : At an adjourned general meeting of the proprietors of the Liverpool Borough Bank, held the 12th of November, 1857, at the bank in Water-street, Mr. William Rathbone, chairman of the bank, in the chair, Present —One hundred persons holding 37,924 shares, and proxies were handed in for 37 persons holding 22,021 shares, The minutes of the proceedings at the general meeting held on the 10th instant were read and confirmed. The chairman mentioned that it was deemed expedient to call another general meeting of the shareholders for the 24th instant, princ pally for the f)rmal adoption and con firmation of the proceedings of this day, and that notice of such meeting would be issued this evening. The directors presented the following Report to the ehareholdors, which was read : 11. That the liquidators be requested to consult from time to time with the Directors and the Shareholders' Committee as to the best mode of dealing with the interests of the Bank, and as far as they find they can properly do so, to carry out the winding up of the affsire of the Com pany with the sanction and concurrence of these bodies 12. That in the event of any vacancy by death or other wise occurring in the office of any of the liquidators now or hereafter to be appointed, the Company, in filling up such vacancy, shall adopt the following principles, that is to say Dither of them, the said John Barnes Brancker and Joshua Dixon, or any person hereafter to be appointed in the place of either of them, shall cease to be a liquidator, the Company may supply the vacancy occa sioned thereby in such manner as it shall think fit. If the said Peter Serjeantson, or any person hereafter to be appointed in his place, shall cease to be a liquidator, the Company (until the debts of the London creditors shall be paid or secured to their satisfaction) shall only appoint such person to supply the vacancy occasioned thereby as shall be approved of by the London creditors of the Company. If the said Philip Rawson, or any person hereafter to be appointed in Ys place, shall cease to be a liquidator, the Company (until the debts of the Liverpool creditors of the Company shall be paid or secured to their satisfaction) shall only appoint such person to supply the vacancy occasioned thereby as shall be approved of by the Liverpool creditors of the Company; and if the said Ilarmood Walcot Banner, or any person hereafter to be appointed in his place, shall cease to be the liquidator, the Company shall only appoint such person to supply the vacancy occasioned thereby as shall be approved of by the other liquidators for the time being 13. That the remuneration to be paid to the liquidators be referred to the Directors and the Shareholders' Committee, who are hereby authorised and empowered to settle and determine the amount and mode of payment thereof, and if they shall feel any difficulty in the matter then, that Messrs. Holt, Robinson, Aikin, and Moon, be requested to give them their advice and assistance. 14. That this Meeting approves of an arrangement being made with the creditors of the Company, and authorises the liquidators to settle with the c editors on the following terms and conditions, that is to say 1. That all creditors upon deposit or open account other than Shareholders for sums not exceeding £2OO be forthwith paid in full 2 That all creditors upon deposit cr open account, other than Shareholders' for sums exceeding £2OO be paid by four equal instalments', to be secured by the promissory notes of the Company, payable respec tively, six, twelve, eighteen and twenty-four months, from the 27th day of Octob - :r, 1857, with interest from that date, at the rate of £7 per cent. per annum. 3. That the holders of bills bearing the liability of the Bank shall be entitled. if they require it, to the promissory notes of the Bank f ,r the amount of their unpaid bills for the time being, or such part thereof as they shall require, such promissory notes to mature at six. twelve, eighteen, and twenty-fcur months, from the said 2 Tth day of Oct ber in equal instalments of Five Shidinge in the pound each, with interest at £7 per cent. per annum, to be computed from the maturity of the billr, in respect of which such notes are given The Bank is to have the right of redeeming such promissory notes before the same become due in whole, or in sums of not less than one shilling in the pound, on giving notice to the holders of their desire so to do, on condition that the unpaid bills for which such promissory notes shall be given shall . be delivered to the B ink upon trust for the benefit of the parties delivering the same, and in order that the Rank as their agents may collect the amount thereof from the other parties thereto, but not so as to divest the legal property of the holders in such bills, such collection to be made by the Bank to the best of their judgment, and all sums of money collected by the Bank from the other parties to such bills shall be immediately applied in liquidation of the promissory notes given by the Bank in lieu of such bills which have the longeet time to run, the Bank to be credited in account with the holders of such notes with interest at the rate of £7 per cent, per ant= on the moneys, so paid, and the holders of the bills are to have the right of requiring the re-delivery of such bills, or any of them, on returning to the Bank their promissory notes received against them, but the bills so re-delivered are to bo subject to such arrangements as the Bank may have - made in the meantime with the parties liable thereon. 4. That Shareholders who are creditors upon deposit, or open account, are not to rocoive the amount of their c: edits until all their liabilities to the Bank and the Bank's liabilities to the public have been 1 qui datsd. 5 That depositors or other creditors having bills running with the Bank under discount are not to to receive promissory notes for the sums due to them until the Bank is satisfied of the safety of such bills. G That the acceptances of the Bank given out against creditors are to be paid at maturity if the liquidators shall deem it safe and advantageous to the Bank to do to. 7. That upon the realization of the Bank of any securi ties deposited with the Bank against any particular bill or bills, the proceeds thereof shall be applied immediately as received towards the liquidation of such bill or bills ; and in case of the Bank having given their promissory notes against such bill or bills to the holders thereof, then the proceeds shall be applied towards such of the said promissory notes then current as shall have the shortest time to run. 8. The dividends and interest shall be paid to the holders of bills who may be entitled to promissory notes, but who may net require the same, or who may have returned their promissory notes to the Bank in like manner as if such notes had b.en given or had not been returned. 0. That the chief basis of the settlement with the credi tors of the bank hereby authorised is, that calls amounting to £5 per share shall be made on the shareholders as soon as the law will permit, and shall be enforced with all reasonable speed. 10. That in passin g this resolution the shareholders re serve to the liquidators the power to exclude any creditor who shall not signify his assent to the settle ment hereby authorised by a day to be fixed by the liquidators and by the Creditors' Committee from receiving a higher rate of interest than the law would The following report of Mr. H. W. Banner was then read : Having lasen called in by the Directors of the Liverpool Borough Bank for the purpose of preparing a statement of the affairs, for the information of the shareholders, I have complied with the request, and the statement as compiled is now in my hands ; but it is felt by the committee, by their legal advisers, Messrs Lace and Co., and by Mr. Field, that it is not for the interest of the shareholders that that statement, or any other involving figures and estimates, should be read, In that view I certainly concur; and when it is borne in mind that a statement of accounts or estimate, now formed, could in no way influence the action which the proprietors have now to take for the protection of their own interests, but, on the contrary, that such a statement of their affairs might very seriously injure that action, I can not but think they will agree, for the present at least, in the wisdom of postponing this part of the originally intended business of the day. The interests of the share holders depend largely upon two matters—the first is the necessity of neither doing or saying anything which may even indirectly touch the position of any parties who have engagements with tho bank, and who by reflection, however trifling, upon their credit, may become unable to meet their engagenaents, and so increase the liabilities which would have to be provided f r; a consideration of the utmost importance in a case like this, where there is a large quantity of paper bearing the bank endorsement, which ought to be met by the parties primarily liable upon it. This part of the question involves also the tandesir ableness of anything lrke a detailed statement of losses, the bulk of which are matters of estimate only, depending in no small degree upon no injury being inflicted upon those through whom such losses have been considered as not likely to occur. The second point is that of the assets, which have been valued at the present depreciated rate of such securities in the market. rates which, in realising, it is to be hoped will be exceeded ; but any statement of those veluetions could en'y tend, by making known the depreciation at which they have been taken, to operate against what is considered the intrinsic value cf the respective properties, such value as in fact in improved times would certainly in most cases , be obtained. A large portion of these assets consists of ' securities of various kinds, on land, on ships, some few in shares and other matters. To get the valuation of these securities as correctly and as safely as possible, I obtained the assist ance of Mr. Culshaw and Mr. Lampert, whose estimates are formed upon the present deprec.ated value of the dif ferent properties submitted to them. It will be understood that such valuation can little be depended upon,as the prices which might be obtained when mercantile matters settle down again to their accueomed course, and it will also be well understood how largely the circumstances of the times have operated against the interests of the shareholders, both as regards th 3 value of the property which they hold, and the increase of the liabilities of the bank, which latter has almost daily been taking place, by the suspension of mercantile h .uses with engagements bearing its endorsement. The estimate of these engagements is large certainly, but after all it is merely an estimate, and it is quite impossible to say whether or rot the amount may be exceeded, and to what extent. Into the accounts upon which the lessee have occurred, I have not had time to enter closely ; they have most of them been current upon the books of the bank for some years, and I see that largo amounts have been written off from time to time to the debit of profit and loss, the sum of £371,178 10s. ld. having been so written off between June in 185-f, the year in which Mr. Oliver stopped, and the same time in 1857, covering a period of four year's only. It has been though*, and probably with reason, that one or two prosperous years would place these accounts upcu a legitimate footing, and meantime the business of the balk was so large, and the real profits so great, that any deficiency occurit g might be made good out of the annually undivided portion of those profits —unfortunately, this pro ject has not been realised, and the crisis which has now come upon this institution has been in its consequeues and still is, most disastrous. In conclusion 1 have to say that I have thonaht it right to the proprietors to examine the accounts of the directors and managers, the latter have alwat s been in credit, and of the former two only have overdrawn balances ; one is covered to a cmaiderable extent, and more than the diffe rence is now about being brought in in cash ; the other will doubtless shortly be arranged. I find that Mr. Smith, the late manager, was a purchaser of shares as lately as May last, the price paid being £lO 6s. 3 i. per share, and your respected chairman has been a purchaser still more recently. I find also that the only shares held by the directors which have changed hand; for many years, was a small lot transferred by ore ditector to another in February, 1856. lIARMOOD W. BANNER, Accountant. The followirg resolutions were moved by Mr. J. B. Brancker, and seconded by Mr. Samuel Martin, and were adopted unanimously : 1. That the Report of the Directors, including that made by Mr. Banner, now read, be and the same is hereby adopted. 2. That the several acts done and measures taken by the Committee of Shweh:dder3, appointed by the Board of Direc7ors and an inbrmal meeting of Shareholders, held on the 301 day of Ociob3r, 1857, be and flu sane are hereby adopted and confirmed. 3. That the report of the C mmittee of Shareholders, mentioned in the last resolution, now read, be and the same is hereby adopted. 4 That the gentlemen constituting the Committee of Shareholders, referred to in the preceding resolutons— that is to say, Mr. J. B. Brancker, Mr. Samuel Martin, Mr. John Dickinson, Mr. Gilbert Henderson, Mr. John Laird, Mr John Marriott, Mr. IL J. Webster, Mr. Cooke, Mr. Thomas Blythe, Mr. Bramley-Moore, Mr. William Smith, Mr. Thomas Hibbert, Mr. John Park, Mr. Fletcher Rogers, and Mr. John Bristow—be appeinted a Committee on behalf of the Shareholders to superintend, in conjane lion with the Board of Directors, the future conduct of the affairs of the Bulk ; and that such Committee be empowered to add to their number, to appoint a Sub-Committee, and to make such regulations for transacting their business as they shill see fit. 5. That the thanks of this Meeting be offered to Mr. Holt, Mr. Robinson, Mr. Aikin, and Mr. Edward Moon, for consenting on the requisition of the Directors and the Committee of Shareholders to act as mediators in all questions arising between the Bank and its creditors, and between the Shareholders in the Bank inter se, and that they be requested to continue to give the Bank the benefit of their valuable services in the same capacity. 6. That it appears to this meeting that the losses of the Company have exhausted the fund in the Deed of Settle ment of the Company called the " Reserved Surplus Fnnd," and also one fourth part of the Capital of the Company actually paid up by the Proprietors, and it also appears that three.fourths of the said capital have become unavailable by reason of the aforesaid losses of the Com pany, and of the remaining Capital thereof being invested on securities which are not at present convertible. 7. That having regard to the circumstances mentioned in the last resolution, all the Proprietors of the Company proont at thu meeting require that the Company be fore award. 15. That this meeting request the creditors of the Bank to continue the present or some other Committee to repre- sent them during the winding up of the affairs of the Bank, 10. That inasmuch as interest at the rate of £7 per cent. per annum is to be allowed to the Creditors of the Bank, the like rate of interest shall be adopted in the settlement of all ace mnis between the Shareholders and the B ink, and shall be computed from the :27th Octob3r, 1857. All balances due to or from any Shareholder on Banking account are to b 3 transferred as of the aforesaid day to his Shareholder's Account, and t,► b 3 dealt with accordingly. It was moved by Mr. Dixon, and seconded by Mr. Brancker, and carried unanimously, That the tha..ks of this meeting are hereby given to Mr. Field for his invaluable services to the Yank in the present emergency. (signed) EATEIB'NE Chairman. We have been informed that the greatest naanimity prevailed through3nt the proceedingT. During one of the discussions in the Swedish Di , t on the royal proposition relative to religious liberty, M. de Kock, the Chancellor of J atice, said the, it the proposition was not voted, the tribunal would be compelled io pass sentence on seven Swedish women, accused of the crime of having thee years ago quitted the evangelical church and embraced the Roman-catholic faith. They would, added the minister, be necessarily condemned to exile. This argu ment, however, as is proved by the result, had no it fluence On the decision of the States. THE NORTHERN TIMES.---LIVERPOOL, FRIDAY, NOVEMBER 13, 1857. REPORT. Since the last report to the shareholders, at their annual meeting in July, it became apparent to the directors that the position of the bank, in respect to losses incurred and copital locked up, and unavailable, rendered it impossible to carry on the bank, except at the risk of being suddenly stopped by a run that might at any time ensue from the disclosures of these losses, even if the constant drain on its resources which seem to have set in, did not compel its suspension within a short period. It was, therefore, decided that it would be the wisest course to sea assist ance in London. The state of the money market made it extremely difficult to obtain this assistauce, and the bank, after various protracted negotiations, failed to secure it in time to prevent the necessil of closing its doors, at the moment when its efforts seemed to be successful. It then became the duty of the directors to place them.- selves in such a position as would satisfy the shareholders, the creditors, and the public, that they were doing every thing that could be done for the interests of all conc.srned. Under the able advice of Mr. Field, whom they sum moned from London to their assistance, they called toge' her a large number of shareholders net previously connected with the management of the Bank, to assist the directers by their advice and sanction in all the steps necessary and advisable to be taken. The chairman of the committee then formed by these shareholders will inform you more particularly of its proceedings ; and the directors would only briefly state that it was farther deemed desirable, under the advice of Mr. Field, to summon a meeting of the depositors, who elected a committee, with which the directors and the committee of shareholders have since been in communication. Mr. Bran cksr, Chairman of the Committee of Share holders, and Mr. Dixon, one of the managing directors, were deputed to go to London an l open negotiations with the bill brokers there. The result is that the London bill holders and a large proportion of the depositors have agreed to accept the terms of payment proposed by the bank, viz : In instalments of six, twelve, eighteen, and twenty-four months, with seven per cent. interest, and there is every prospect that the remainder of the depositors and the few other 1311 holders who have yet to be com municated with will fall in with the terms, which so large a majority have already in this short s i , ace of time so readily acceded to: To provide against the possibility of angry feelings excit ing shareholders and creditors to a course of action which, though natural in its motives, might lead to results exceed ingly detrimental to the interests of all concerned, creditors as well as shareholders, the directors adopted the sugges tion of appointing mediators who might step in to calm irritation, and to point out the absolute necessity of all parties, shareholders, directors, and officers of the bank uniting in one general effort of cordial co-operation to make such a settlement with the creditors of the bank as would be most conducive to the interests of shareholders, whose forbearance in seeking the fullest information that can be afforded, is only desired in so far and so long as the exercise of it is absolutely necessary for their own interests. Mr. George Holt, Mr. James Robinson, Mr. Edward Moon, and Mr. James Aikin have kindly consented to accept the office of Mediators, and the Directors have only to express the wish that their kindness in so accepting an onerous duty for the sake of the good results to the welfare of all count eted with the bank, may be reeipzoea`ed zts it deserver, by the determination to make the call for their good offieso as little needed as possible. With reference to the pecuniary position of the bank, the Directors have to state that mare than one-fourth of the capital is gone, an amount which, under the deed, renders it imperative upon them to give the shareholders the option of winding up the affairs of the bank, and that tbreo-frurths cf the capital is so locked up as to be at present unavailable for banking purposes. These are the only two points that it is essential to sta`e as far as regards the objects of the present meeting. With reference to the general affairs of the bank, the directors neel hardly state that it is at all times extremely difficult to arrive at conclusions that will convey reliable impressions as to the probable results of the winding up of matters involving such very large amounts, ecipec'ally at a time when the varying aspect of the Money Market, and the occurrence of unexpected commercial difficulties of unexampled intensity, bring new elements of embarrass ment into play. They consider, however, that they have ground to hope that a portion of the capital may be pre served. The amount so preserved will mainly depend upon the good management end judicious nursing of assets, which the arrangements now proposed will enable those gentlemen to exercise who are about to take charge of the bank's affairs. The resolutions which will be submitted for your adoption, have for their object the voluntary winding-up of the bank, under, and in accordance with the provisions of the Act of 1857, which was framed with the intention of leaving Ihe conduct of affairs in the hands of shareholders themselves, subject only to the interference of the Court of Chancery, wh.n it is required to compel an inconsiderable minority of shareholders or creditors to yield to the wishes of a majority, and to arm the company with sufficient power to enforce on reluctant shareholders a compliance with calls made on them, in order to enable the bank to discharge its liabi'ities. The directors are happy to inform you that the regis tration of the company, resolved on last Tuesday, is now completed. Having thug laid before you a statement of the proceed ings of the directors. with reference to the circumstances which have given ese to this meeting and having indi , ated the steps propored to you in the present posture of affairs, the directors beg t' refer you to what be stated by Mr. Braucher, the cha'rman of the committee of shareholders, and to what Mr. Harmood Banner may wi,h to say. (Signed,) WILLTAII RATSIBONE, Chairman. Liverpool Borough Bank, Liverpool, 12th Nov., 1837. Mr. J B. Braneker, chairman of the Shareholder Committee, then pro ented the following report, on behalf of that committee : The Committee of Shareholders of the Live pool Borough Bark, informally appointed, no doubt, but pre , enting at the time, as has been since eminently proved, the instrument most ready at hand, and under a!l ei , cumqances best calculated to aid the Directors in deciding on such measures as the m geucy of the circumstances required, beg to pre - ent the following report. After agreeing on a recommends. , ion to the directors to convene a meeting of the shareholders, the committee pro ceeded to take into consideration the best mode of ap proaching the creditors of the bank, in which consideration two points of vital importance were involved—the one being the probable successive periods at which assets might be expected to be realised, so as to base thereon some definite proposal; the other, as to how long it could reasonably be expected that the creditors of the bank I would consent to defer the settlement of their claims. . _ After mature delibeTation, it was decided to recommend the payment in cash of all deposits under £2OO, so soon as the directors should be in a position to do so, and to offer to all the other creditors of the bank alike, the bank's promissory notes, at 0, 12 18, and 24 months' date, with interest at the rate of 7 per cant. per annum. Onerous as this latter condition may appear, it was only with great difficulty that a large and influential portion of the credi tors could be brought to give their assent to i'. That difficulty having been however overcome, and a large number, representing in amo u nt nearly three-f.urths of the whole, having now acceded to the propositions, it may be fairly assumed that they bear upon them the stamp of reasonableness, both in respect of the creditors and of the shareholders. It is further to be hoped, that the unanimity exhibited at the meeting of Tuesday, and the determination evinced to proceed with the liquidation of the bank's affairs in the best possible manner, will not be without its effects in influencing such creditors, as have not yet assented to come into the arrangement. The sub-committee of the shareholders committee, having had a somewhat more intimate access to the state of the bank's affairs, it may be expected that the report should contain some allusion thereto. ' 8 9 far he the shortnees of the time, they have been able AFFAIRS OF THE ROYAL BRITISH BANK. On Wednesday evening a meeting of the shareholders in the above unfortunate concern was held at the Guildhall Coffee house, Gresham-street, City, for the purpose of !siting into consideration their present position. Mr. J. W3ld, M.P., in the chair. The Chairman, in opening the business, said he took the chair as one of the trade assignees, and in that caaacity he had, with hie colleagues, taken on himself to call the shareholders together to consider what should be done. There was tot much doubt but that this would be the last meeting. (Hear, hear.) With regard to the bill which had beea carried through Parliament, he thought it would tend to settle matters most amicably for the Share holders. Although this bill gave powers to the share holders, he had found th y had done nothing, and therefore she trade assignees deemed it advisable to call them together. There was a majority of the crelitors who had exereieid the greatest forheirarce, and he thought it would be as well for all actions to be stopped, and the incarring of costs thus prev:_nted, and then to endeavour to get the shareholders to carry out that entopromise which had teen offerred and accepted in good faith by the depositors for the payment of 16s 6d in the pound, which, if carried out, would finally put an end to the affair, and close the accounts in this disastrous concern. In conclusion, he said that many propositions had been made ha the shareholders as to the amount that. they should contribute, and if any other were present who wished to make any proposition he should feet happy to have them. A Shareholder wished to know if the amount was sub scribed in the room would thole who paid have their release at once, or would they have to wait till all the £lBO,OOO was paid ? Mr. Linklater, in reply, said that as each shareholder paid his 6s 6i in the pound he would receive his release. (Hear, hear.) In answer to further questions he said that the assignees did not want any further information as to where the money came from, or what the means of the shareholders were, all they wanted was the money, 6s 6d in the pound. The assignees would not. have called them together if they had organised themselves before to say what they intended to do. Mr. Lowrance hoped the total amount required would be stated. The shareholders bad pledged themselves to pay 63 6rl in the pound, and he thought they should pay it, as they were entitled. to pay. Ilc embraced this op pTrtutity of expressing an opinion that the assignees and creditors had acted with the gre.itest fairness and honesty. (f-lear, hear.) He thought - , when they beard Mr. Her ding's report, they would find it a matt r of• impossibility for the £lBO,OOO to 1) , ?, raised, and therefore he it, que.;ted that the asFigoees should reccmsicler the matter, and say that a lesser sum, which might be raised, shoild st.ff se. Mr..Liuklater thought differortly to Mr. Lawrace for in his opiniau the nauses of those wh.) had not contributed should be re,d aloud. _ _ _ Mr. Hording then stated that the number of persons holding charts at the time of the sto)p2.ge, was 231, of whom 123 held oti7inA shares. Thu numh..tr of persons su pposed to be able to pay had been diminishing, and now it was 17, holding 295 bares. 02 the persons applied to, 69, holding 517 shares, had not made any ( liar at all. He h td rtteived premisss to the anytunt of £33,899 2s 41, to which these were set-offs, lcavirtg it about £55,000. Of the persons from whom no offer had boot received, en assessment had been made, and it was found that £113,000 could he got from them. Therefore, that would be sufficient to pay the 6s 61 in the piond. After a few remarks from Mr. Charteris, Mr. Lawrancc, and Gtht-rs, Mr. Hardin2t, with Mr. P. Taylor, far the assignees, and two shareholders on behalf of the body, repaired to an adjoining room to r6ceTve off re of subscriptions. A Sharehol ler asked Mr. Lirklater whit would ba the am , uat realised front the securities of the defaulting directors. Mr. Linklater said the aniouct wcula be added towards :be 103 of the comnromise. Mr. Humphrey Brown wished to make a fem obseiva- Cone, as the question of the c'.ireetors' securities had been mentiened. He oely attended the meeting at the request ot some if his friends. Ben)re he aisWerel the question as to his securities, he observed th:t, although thorn were many of the shareholdo - s competent t) pay the amount required, the question h d not been raised, that if they we re going to make some pay the en 61 in the pound, what wete they going to do with those who refund to pry anything ? It app tired from Mr. Thrtl;nes state ment, that about £115,000 was wan ed to make up the amount of the cyriposition, and that that amount was enimited to be obtained from the shirehohle s who hail not sent in any offer. If the assignees thought that could be realised, then his opinion was that the most fair and legitimate course to he chalked out would be to make such a margin the', if it was found that some of the wher shareholders who at fist refused, paid, the amount should be divided amongst the ()liters, who had come ferny trd readily, pro r‘Vio. lle blie vrd that then the time would arrive when the shorehoiJers enild obtain their r,?leise. He trusted it might not be considere l i mpsrtinence in him attend_ in;; the meeting, hut the question of the state of the hank wa s not one to be discussed then?, for, u o fort u eats ly, they were placed in such a position that it would have to be discussed in another place. Referring. to the question of his securities, he soil that one of the result; of the stoppage of the Royal Briti4h Bank, anti the disastrous slstcm of mismanagement of this Intnle, was, that the securities had alßays been in the hands of ci4ht different lawyera and tne.ln:rs. He was not geing to woke any complaint against the a. , siguees, the legal parties, nor her Majesty') Attorr ey- Gmeral, for the prec-.edings that had been taken against him and the other direeors; but lie w,s happy to say that he was in a position to meet them. He declared, before G and man, that if Mr. Linklater would offer him a release from those pn:ceedinns to-marrow, he would not accept it. (Loud cries of'' Order, order.") The Chairmen Considering the peculiar circumstances in which Mr. Brown is situated, I have given him more than usual latitude, but no v I hope he will confine himself to the question. (Hear, hear.) Mr. Humphrey Brown: I will confine myself to the question, tut I disagree with Mr. Licklater. (ocder.) Mr. Mexweli Ole of the assignees) . If we begin recri mination, I do not know where it will end. The Chairman : If Mr. Brown confines himself to the question I will hear him, but not wi hurt. (Hear.) Mr. Brown then rcsum:a his seat. Mr. Harding and his assistants then entered the room, and reported that fresh offers to the amount of £11,700 h'nd been nntcle. Mn Stapleton (she only direc'or who had offered any contributions) bad offered £4,000: and, with others, the offers amounted to £lO7 700. (Hear, hear.) That included £27,000 from old shar-holders, who would pay when the remainder of the £lBO,OOO was sithFerbe• - % Some discussion then rrsu-nl, in which the chairman stated that he hoped in a fortnight or so, some advance would be made in the state of affairs, thea he hoped those who bad paid would have their release ; but it was the intention of the assignees to pnoe-ed to the rtmest of the law against these who hid net paid, out of justice. Reselutious were passed authorising Mr. Harding, and one of the assignees and two of the sl - Ardholders, to c en municate with the shareholders that had effrred no c in tributions. reforming them what amount would procare them their release, and the meeting was adjeurned for three weeke. FALL OF A FOUNDRY ROOF AT WIGAIi. On Tuesday, sown after one o'clJek, a fearful noise was heard in Clayton-Street, Wigan, proceeding from the Clayton Foundry, the property of Messrs. J. & Coape ; one portion of the building tying used as the mouldi,g room, and the other being filled with lathes and other apparatus for iron turning, by steam-power, on an extensive scale. The workmen veers just corning from their dinner, and rn ho iring the sound ran to the spot, where they found the roof of the moulding room had fallen in, burying two boys, named Jovvett, and a man beneath the debris. No time was lost is removing the po , tibn of lalen roof add beams which covered the helpless lads and man, veten all three of them were instantly conveyed to the surgery of Mr. Wright, in Wellgate. One of the boys had a broken are', and the other twe were crushed ablut the back and other parts of the body ; bat, owing to the cruet-beam fak ing only en one end (the opposite extremity still remaining in a leanirg position), they were sheltered frona the falling roof, and thus escaped from death. A vast quantity of castings, and other moulding apparatus, still remain covered, which the men had h2en working upon only a q arter W. an hour before the accident. The amount of damage is not yet asuat tined. The walls, particularly the upper part, were composed of what the workmen call " rubble stones," set with very suspicious-looking mutter. The other portion:3 of the foundry are still used, but the whole building may req tire entire renovation. PARIS, Thursday Morning. Abbattucci, Minister or Justice, died last evening. The Porte has flrwarded a second note, protesting against the union of the Principalities. The Turkish Customs department is desirous of increas ing, by ten per cent., the impert duties on merchandise. Ac Bucharest, there has been au ovatio n to the deputies, and there is not a little agitation among the peasantry Troops BY THE OVERLAND ROUTE,—The entire of the 69th regiment, except one officer and fifty men, have orders to proceed to India by the Overland route. At Suez they will embark for Madras or Bombay. TELE INDIAN WA it —The Times says—We have no longer before us the apparition of a hostile empire, capital, and army. All that remains is a set of isolated bands, ravaging the country without purpose, system, or hope of nccess. THE COMMERCIAL CRISIS IN THE UNITED STATES. (FROM AN AMERICAN CORRESP NDENT.) You will have heard before this reaches you, of the recurrence of one of those overwhelming monetary revul sinus necessarily incident to any system of mixed currency. It has come upon us suddenly, and to most persons unex pectedly. Two months ago the whole country seemed in a high state of prosperity. Immense crops were c om i ng forward ; every branch of industry was fully employed— the manufacturing, and agricultural, and mercantile—all Feemed full of activity and hope. Now all is stagnation, depondency—almost despair. That such a change should come over a people possessing such a p ,wer of production is a marvel and a mystery to the great mass—to all who do not Fee into the hidden but efficient cruses which produce such baneful effects. A eingle spark ignited the combus tible ma's; and the conflagration is spreading terror and dismay throughout the nation. A few weeks ego, a corpor ation called the Ohio Life and Trust Company, with a capital of two millions of dollars, and having a business agency in New York, failed. That event set the ball in motion, causing the failure of several bookers and stock desiers involved with it ; that. in turn, created suspicion of others connected with stock transactions ; one der another of them stopped payment; this extended the alarm, and in a short time the merchants, manufacturers, and banks became involved in one general calamity. The banks having suspended specie payments, the whole country is left with an irredeemable paper currency. May of the h:aviest mercantile houses and manufacturing companies have followed the example of the banks ; and these failures, or suspensions as they are often most properly called, are not confined to those who have been engaged in reckless speculation or wild extravagance, but include no small number cf the ablest merchants of the con ;try. some of whom show a surplus over their indebtedness of a million of dollars in good assets. It seems now as if the explosion would be as general and as terrfic in its effects as the g: eat revulsion of 1837. You are not unacquainted with such periodical tornadoes, in your own experience in England ; for you, like us, have a mixed, and therefore a flustuating currency. But we go to a far greater extreme in money affairs, as in everything else. Our system of currency has no al-quate check or salutary restraints. We have about 1,500 banking institutions in the United States, with capitals varyingfrom 50,0 to 3 000,000 of dollars scattered all over the land bat particularly numerous in New England, and the middle States. All these are allowed to issue their promises as money. These notes go in o circulation The banks compete with each other in getting out the largest circulation—the largr r the greater the income. As the noes cast nothing, and draw fall interest when loaner!, each:bank strugges to get out as much paper money as possible. They are not restricted at all, except in one or two states as to the proportion between their specie and their circulation. They may issue tee or ten, or a hun dred for every dollar of specie in the bank. As a meter of fact, many banks issue their notes to the amount of 20 or 30 times as much as the specie they hold. To refer to the currency of Massachusetts, regarded as amongst the very best in all the States, there was, by the last annual report, a circulation of 20 millions, easainst 41 millions of specie, while at the same time theso banks owed some 24 millions of "deposits," in all nearly £0 millions of imme diate liabilities, sg'inst 4 it millions of immediate roc urces. The moment a panic strikes upon such a currency, what must, of necessity, happen ? These banks of course at once stop all loans, and take in their hills as soon as pos sible. And that is just what has been going on for the past six weeks. There are 172 of these institutions in Messahhusetts, with a popalstion of about 1,100,000, or one bank to 'about 6 500 inhabitants. Of these 136 are in the country—that is, out of Boston —the great commercial city. These country banks, by late returns, had 15 750 000 of bills in circalation, and only 1,000,000 of specie, but little over 6 per cent ; yet these are the banks on which the business of the people is based. That a terrible revolution should take place under such a system of banking ought to ocession no surprise to any one. Yet, strange as it may seem, the greater part of the people regard the present financial crisis as quite unaccountab'e. The reason of this is, the complete infatuation throughout the country in regard to piper money. So entirely has this money driven out all other money, that the people practically know no other. The bills issued by our banks are for a as small a sum as one dollar, and from that sum all the way upwards. Gold and silver are seldom seen amongst the people, except the latter for small change. The illusion is universal and complete. The banks are so numerous a d have got so entirely the p-ssession of the monetary afftire of the c mutry, that the people look to them as the only source of prosperity. Yet the moment there is any unusual demand for specie for shipment, or any panic from want of confidence, the whole business of the community feels the shock Far example, if a bank, which has out ten times as much of its bills as it has of specie, is called on foe 5,000 dohs of the latter, it must take in ten times that amount of belle, that is 50,000 dole. Hence the terrific effec's of the present crisis. The currency rapidly disappears, and those who have relied upon it, as all do. are thrown into the greatest distress. such was our sad experience in 1.837, as the people of England but too well know, and suc'a is our experience now. There is, however, on several accounts an inpor taut difference between the present crisis end that of 1837. Ist. At the occurrence of that contraction the merchants were greatly indebted to the G )verntnent for duties. Now, all the du'ies having been pre-paid in specie, the Govern ment had on hand a large sum—about 20 million dollars— at the commencement of this contraction, which it is now paying oat for the public service, and thus aiding the banks. 2nd Le 1837 exchange on England was high, and we were continually shipping specie Now it is very low ; and specie is flowing towards this country. 3rd. In 1837, so much had speculation been en gendered, and the business operati his of the country deranged by the issue of paper money, so much had agriculture been neglected, that we were obliged to import large quantities of wheat from the Black Sea. Now, the country is flooded with breadstuffr ;, and we are *early sending a large amount to Earope. These fats will greatly alleviate the present distress; and the catastrophe of 1857, though general and terrific, will not produce such lasting results; we shall not be so long disabled. How you^ monetary affairs may be affected I cannot say ; but should naturally expect that our troubles would cause much embarrassment on your side of the water ; and I am not without the few! that a general explosion of the paper currency of Europe will soon take place. That such an event will come is certain enough ; but when it will come no one can csnfidsntly predict. Many unforeseen events may postpone, though they cannot possible prevent, the catastrophe The impression seems to be gaining ground amongst the reflecting classes, that our present paper money system is doomed; th .t it will never regain its former supremacy, but must be greatly reformed or totally abolished. INCBEA3E OF PAI:Palt MI IN PIVST 3N.—anirg the last row weeks, in co , segaeoce of the mills in Pres on having been either wholly or partially stopped, there has been a large aueinen'atio it in the number of able-holied p tupers in that town. To such an extent Iris this increase already art ire', that the guardians are unable to find work for the various applicant . , which weak, by the Poor-law Board's orders, they are conurelled to find for ab'e-luli: d p ople. Yesterday, at the meefiag of the hoard of gun.. diens, the chairman said it was highly necessary, in cansupieuce of he great access in this particular, that the general board should be applied to to rel..x their rule. The feeling was partieip - aed in by the guardians g nerallT, and a resolution to the effect named was unanirno , :sly adopted. . • TIIE LITTLENICA3 AND GREATSFES OF "Niwq.--Whett by masurem:.nts, in which the evidence of the method advance .s eq tally with tho precision of the results, the volume of the earth is reduced to the millioneth part of the volume of ;la FUll ; when the sun himself, transported to the regions of the stars. t ics up a very modest place among the thousands at millions of thus; bodies that the tsleseope has revelled to us ; when the :18,000,000 of leagues which s-parat 1 the earth from the sun have became, by reason of their c .riaparative smallness, a base totally insuffi cient for ascertaining the dimensions of the viii)le universe ; when even the swiftness of the luminous rays (77,000 leagues per second) barely st_ffices for the common valuations of science; When, in short, by a ehaie of irresistable proof=, certain stars have railed to distances that helot csuld not ravetse ii less than a million of years: we feel as if anni hilated by suahimmaßsities. Ii assigning to man, and the planet that he inhibits, E 0 small a position in the material world, astronomy seems really to hay.: made progress only to humble us. Bat if, on the other bar d, we regard the subject from the opposite point of view, and reflect on the extreme feebleness of the natur .1 17.0 , 17 S by the help of which so many great problems have kea attacked and colvd ; if eve consider that to obtain and measure the greater put of the quawities now forming the basis of astronomical .g cinn p u tation, man has had greatly to itnprove the most deli cate of his organs, to add immensely to the power of his eye ; if eve remark that it was not less requ'site for him to discover metho )6 rdapted to no3airin vary long in!ervals of time, up to the prec.sion of ten . .las of sec ands; to co mbat against the na 'se. micro,ieopie (flee s that earnttet variations of temperature produce in metals, an'', theref ore, in all in strut:ants ; e , gaarl ag a inst the innuanirable illesions that a cold or hot atmosphitie, dry or heimitt, trenq iii or agi tated impresses on the medium through which the obsorva'ions have inevitably been made; the feeble being resumes ell his advantage : by the side of such wonderful labours of the mind, what signifies the weakness, the , fragility of onr body; what signify the dimensions i of . the , planet, our residence, the gr ain of sand on which f happened to us to appear for a few moments , —Arago'c 4 Biographies of Distinguished Men." t has