The Stourbridge Observer, Cradley Heath, Halesowen & District Chronicle.
Stourbridge, West Midlands, England, 1880-11-13 00:00:00

i*Jll ur Fodon CorrtspoOent.

rNe deem it right to state that we do not at all times
Identify ourselves with our Correspondent's opinions.

The quotations upon the Money Market respecting
the price of Government stocks are generally regarded
as an unerring indication of the feeling of the mercantile
classes on the condition of home and foreign affairs.
If Consols are steady and quoted at a high figure,
there is no apprehension in the Money Market either
of serious disturbances at home or of convulsions abroad.
Consols have lately been quoted at par, and people
were ready to put their money into Government stocks
without requiring anything for such advances. Such
a circumstance had not happened for seven-and-
twenty years. The previous occasion was in 1853,
when Lord Aberdeen was Prime Minister, and Mr.
Gladstone was, as he is now, Chancellor of the Ex-
chequer. In the spring of that year it was not un-
natural nor unreasonable to expect that the peace
which had existed among the nations since the Treaty
of Vienna, thirty-eight years before, would still be
maintained. Two years previously the first of the
great International Exhibitions had been held in Hyde
Park ; and Lord Palmerston had described the glass
edifice as the Temple of Peace. Gradually, however,
clouds broke oYer the bright prospect; -and instead of
being a pror,i that the peace which had been maintained
for a gen'eration would be continued for another, the
first Gret Exhibition marked the close of that era of
peace and the reopening of the Temple of Janus for the
w'.,rld. Since then wars have succeeded wars. Arma-
Ments have been heaped on armaments; and, instead
of universal confidence, distrust has prevailed. On
every continent have these struggles taken place, and
not one of the four quarters of the globe has been free
from them.

While, however, public credit mild scarcely be
better than it is, there is another light in which the
high price of Consols may be viewed. It was Mr. Pitt
who once spoke of "the sweet simplicity of the
Three per Cents." ; but, while the simplicity of the
quotation is incontestable, and the security' unques-
tionable, there can be very little doubt that many
people who invest in Consols would be purchasers
elsewhere if a higher rate of interest meant an equal
amount of safety. Some years ago, when there were
such tempting offers for people to put their money
into foreign loans, and when seven, eight, or even ten
per cent, was made, consols were at nothing like the
figure at which they now stand. But, from various
causes, some of the foreign investments experienced
a serious depreciation, and consequently investors
turned in the direction of consols. The revelations
before the Foreign Loans' Committee appointed by the
House of Commous deterred many from again ventur-
ing upon that description of investments. There is,
however, reason to believe that in the present state
of trade there is much to account for and to justify
the general tone of cheerfulness which pervades the
City. This cheerfulness itself in an element of good
augury, but it is held to have ample foundation in
facts, Looking forward to the future it is difficult to
point to any disturbing element by which the hopes
now so generally felt may be disappointed. Doubtless
there is a possibility and almost a certainty of dearer
money as soon as trade begins to improve greatly, for
the present abundance in Lombard-street is fickle
and uncertain. But dear money arising from pros-
perous trade is quite consistent with the continuance
of that prosperity; and according to the present out-
look to cause alarm to those who conduct business
operations with ordinary care.
l'he Registrar-General has always some facts of
interest to tell the people, and of this character are
the Emigration Returns. -.During the third quarter of
this year the proportion of emigrants to a million of
the population was respectively 1,441 from England,
1,018 from Scotland, and 3,583 from Ireland. Com-
pared with the corresponding period of 1879, the
English rate showed very little variation, the increase
of Scotch emigrants did not exceed 9 per cent, while
the Irish emigrants were more by 58 per cent. Of the
entire number from the three kingdoms, 69 per cent.
left for the United States, 12 per cent for British
North America, 12 per cent for the Australian
Colonies, and 7 per cent. for all other places. The
proportion to the United States showed a further
marked increase while that to Australia, still further
declined.

The only effectual preventative of distress and
famine is provision in time of - prosperity for that
rainy day which is sure, sooner or later, to follow. In
France and Belgium habits of economy and thrift
seem born with the people. France experienced the
benefit of this ten years ago, when she was enabled
so speedily to pay off the heavy war indemnity
demanded by•the Germans. In our own islands
any project that tends to encourage a saving dis-
position among the working classes is worthy of
high commendation. The Post-office, already one of
the most comprehensive departments of the State,
shows itself more and more alive to the importance of
encouraging thriftiness on the part of the labouring
population. Recognizing the fact that a penny saved
is a penny gained, the Post-Office has very recently
organized a scheme and put it to the test of practical
operation in a few countries whereby the smallest
sums may be laid fast by attaching stamps to a form
provided for the purpose, and depositing them in the
post-office when they accumulate to twelve. The plan
is said to be most successful thus far. Another and
more comprehensive project comes into operation on
the 22nd of this month, by which any person may
become a holder of Government stocks to the value of
£lO and upwards. The investments will be at the
current price of the day, and the dividends will be
collected by the Post-office, and placed to the credit
of the investor. A similar scheme has been in opera-
tion in France for many years, enabling the frugal
peasant to put his small savings into Rentes ; and now
that we have adopted the system there are sanguine
hopes that it will prove as successful and be of as much
advantage to the community in this country as across
the Channel.

In an unpretending and quiet thoroughfare running
southward of the Strand, once a month assemblos the
Committee of the ROyal National Lifeboat Institu-
tion. The thoroughfare in question is the Adelphi,
and at its last meeting, the report which was
presented showed the extent of the beneficent work
carried on by this organization. In the great storm
which passed over these islands at the end of October,
the lifeboats of the Institution contributed to the
saving of 113 lives from different wrecks. On these
occasions the boats were manned by 500 persons with-
out accident, although many of the services were per-
formed in most difficult and dangerous circumstances
in heavy seas and a hurricane of wind. For these and
other services, rewards amounting to £640 were granted
by the institution to the lifeboat crews. On those
parts of the coast which are more immediately open
to the Atlantic, the waves roll in with the force of
niore than 2,000 miles of ocean behind them, and the
risk to the lives of the men who issue forth to the
rescue of the tempest-tossed mariner is at times con-
siderable. The boat, when upset, rights in a few
seconds; but even in that short time one of those
giant rollers periodical to every storm is liable enough
to fall upon the submerged crew and to place it in the
most imminent peril.

By the middle of November coming events begin
to cast their shadows before them, and there is an in-
creased amount of political activity by both parties
in the State. September and October have been
devoted to recreation after a more or less protracted
Session; but in the short days of November there is
not much of outdoor amusement save for the foxhunter
when the absence of frost permits the indulgence
of his favourite pastime. It is in November that
the Cabinet Councils recommence their sittings. Who-
ever may be in power finds that while criticism is
still active upon the quality of ministerial measures
in the past—praisp and blame being often equally
bestowed—the wheels of State never stand still, and
although the recess is only half through, preparation
has to be made for the future. It is in November that
the estimates for the great public departments are made
up, and the heads of the army, the navy, and the
civil service lay before the Cabinet the probable cost
of each for the ensuing twelve months. The outline
of the Ministerial measures for the coming 'session is
discussed, and the details filled in at future meetings;
in a word, holiday may be said to have ended, so far as
Ministers are concerned, and work again begun. The
assembling of the Ministers in London for the Lord
Mayor's Banquet is generally held to be a favourable
opportunity for a Cabinet Council, and this year there
has been no exception from this rule.
Another sign of the revival of an active public life
is the return of the Queen from Balmoral, which, as
a rule, takes place in the third week of November.
Although her Majesty does not now live in London,
she goes from Balmoral to Windsor, which is less than
an hour's ride from the metropolis, and is therefore
easily accessible for consultation on affairs of State on
the part of her Ministers. So far as London is con-
cerned, however, many members of the Royal family
have lately been staying in the capital. The Prince
and Princess of Wales have been moving hither and
thither amongst its people, and showed their sym-
pathy with the Empress Eugenie by paying her a visit
to Chiselhurst and inspecting the model of a memorial
to Prince Louis Napoleon in front of Camden House.
The Duke of Edinburgh has varied his residence
at Clarence House by an occasional visit to
Prince and Princess Christian at Frogmore. Prince
William of Prussia, the eldest son of our own
Princess Royal, has been staying alternately with the
Prince of Wales and with Princess Christian. He is
nearly two-and-twenty years of age. Prince John of
Glitcloburg hare for bong) gm, been A visitor at

Marlborough House. Princess Louise, Marchioness
of Lorne, who has been in Europe for some months
for the benefit of her health, is expected shortly to leave
this country for Canada. The addition of her Royal
Highness's name to the list of Royalty which has
lately been to and fro in the capital has helped to
relieve London from some of the dulness which at
times settles down upon it in the dark days.

While there are unmistakeable indications of the
revival of trade, it may be noted that the price of
food has. during the past few months been lower than
for a very long time. In the three months ending
September the average quotation of wheat was 435.
per quarter, showing a decline of 3s. id. from that which
prevailed in the preceding quarter. It was lower than
in any corresponding period since 1864. The mean
wholesale price of beef and mutton was 6d. and 6,2 d.
per lb. respectively, and in each instance there was a
decline. Coal, too, which may be regarded as a
necessary of life, was quoted lower. Pauperism also
declined; so the improvement in the national pros-
pects may be said to have been exhibited at both ends,
and in a sense, negative as well as affirmative.
The great London Societies have all begun another
session's sittings except the venerable Royal, which
has been described as the upper house of the
scientific parliament, and this does not get into
full working operation until after Christmas. It is
to these gatherings that new ideas and discoveries are
brought for investigation ; and one of the most inte-
resting winter evenings which can be possibly spent is
at the meeting of the Royal Geographical Society
There "observation, with extensive view, surveys the
world from China to Peru," and oftentimes a great
deal farther. A country which has lately claimed
much attention from the Geographical Society, and
not only so, bltt from our educationists and traders as
well, is Japan, described by Sir E. J. Reed, K.C.8.,
who has gone at length into the history, traditions,
and religion of that remarkable and enterprising
people. The prevalent idea of Japanese exclu-
siveness is altogether dispersed by this work.
Sir Edward Reed went out there at the invita-
tion of the naval authorities, for whom he had
constructed three ships. He was everywhere f4ted
by the chief dignitaries; he remained all his time
in the neighbourhood of Tokio, the capital, and the
modernised towns which surround it; so that the
author enjoyed unusual opportunities of learning all
that was worth hearing from the best authorities,
European and native. There is little doubt that the
enterprise and intelligence of the people fully entitle
Japan to the description which it has earned—the
Light of Asia.