The Press.
London, England, 1855-12-01 00:00:00

xdbsence of that excitement which has lately charac-

terised them, is regarded as promotive of the interests
of healthy trade. There is still, however, a brisk
demand for money, and we do not see any prospect
of a decline in the rate of interest, while the antici-
pation prevails that heavy demands must be made
on the capital of the country to support the war ex-
penditure. Several weeks back, we expressed an
opinion that a loan of 30,000,0001. would be required;
and, unless an enormous addition to the taxation of
the country is contemplated, we do not think our
estimate is likely to exceed the amount which the
'Chancellor of the Exchequer will require.
Consols were firm on Monday, the last quotations
*being 881 for money, and 88/ j for 6th December.
'Quotations for the next account (10th January) were
:891 1. On Tuesday these prices were well main-
tained, and on Wednesday they were at one time
done as high as 891 if fur money, the closing price
lbeing 89 to 1. On Thursday the improvement was
:more decided, the price for money at the close being
4491 1, and for 10th January account 891 j. To-day
a disposition, as might have been anticipated, to
:realise was manifested. Quotations for money were
,first 891 to 891 ; then they receded to 891, closing
•at lig/. Far the 10th January the quotation was
.891 rto 3.
Exchequer Bills have scarcely shared in the im-
-provement of the funded debt. With the present
high rate of interest, they are not regarded favor-
ably, and they are still at a trifling discount-3s. to
7s. As the late advance in the rate of interest bat
-very little enhanced' their value, it is doubtful
'whether the amount out is not larger tban is 'required.
.At all events the Government is bound to take some
-further measure for raising their amount above par.
Foreign Securities have slightly improved.
'Turkish are better. The Six per Cents. were to-day
afif 83, and the New Scrip 31 discount.
To-day was settling day in the share Market, and
'the amount of business was limited, but most
'descriptions have improved. Business was done in
North-Westerns at 941 and 941 ; Great Westerns
brought 60 ; and Great Northenss 89 end 881.
There were several bargains in Eastern Counties at
-81 to 1.
The Bank return in to-night's Gazette is not
favorable. The bullion has decreased to the extent
•of 120,0001., while the "Other Securities" show an
advance from 17,787,1501. to 18,651,4301. This
large increase may admit of some explanation we do
not know of while we write, brit it looks as if thr
'demand on the Bank for accommodation had largely
increta ed.
Accounts from Copenhagen state that the con-
ference of delegates from the nations interested in
'the Sound dues took place there on the 20th ult.,
when all were present eiceptlhe United States dele-
gate, whose presence was actised by the American
Minister on the plea that they had a special treaty
with the Danish Government• en the subject, which
(mold not be effected by the result of the conference.
The average amount of revenue thrived from this

THE PRESS.

01l by Denmark, taken from the years 1851 and
1859 inclusive, was stated to amount to 7,998,8001 r.,
which would give a capitalisation of (in round num-
bers) 160,000,000, in proportions as follows :
Russia, 47 ; England, 46 • Prussia, 20; France, 6 ;
Low Countries, 51; North America, 31; Norway,
2,000,000 fr., &c., while at present England paid about
51 ; Prussia, 31 ; Norway, 2 4.sths of the revenue,
and Russia only 1,219,800 fr.
' A summary of the report of the:committee of in-
quiry into the affairs of the Eastern Counties Rea-
-1 way tends to show that great abuses have prevailed

in the management :
It is asserted that no correct balance has ever been
struck in the stores department since Mr. Waddington
was chosen chairman ; that goods untouched have been
sold for old stores ; and that on occasions when these
transactions were taking place the company were buying
fresh goods, at from ten to forty per cent. above the
highest market prices. Illegal additions are represented
to have been made to the capital account of 66,6061.
which belong to the Norfolk company. Preferential con-
tracts have been entered into with individual firms to carry
coakr, cattle, dm, at a positive loss to the shareholders,
and also to the damage of regular traders, who were thus
shut out from fair competition. With regard to the loco-
Motive superintendent. it is recommended that a claim
on his part of 8,1981. should not be paid until the justice
of payments to the amount of nearly '40,0001., made to
bim for per-centages since 1850, shall have been settled
by arbitration, and that his existing engagement be re-
ferred to the law officers of the company, with a view to
its termination. An advance of 8,0001. to the corporation
of Harwich, and commitments to an outlay at that plaice
01'80,0001., are involved in obscurities which the com-
mittee have been unable to fathom. Since Mr. Wadding-
ton became chairman, in 1851, the additions to capital
have been to the extent of 1;213,9521., or at a rate which
the committee consider would, if it were continued, soon
destroy the dividend available for ungusranteed share-
holders. A considerable portion of this amount should
not have gone to capital at all. In relation to the main-
tenance of the permanent way, which the last committee
of investigation recommended should be met by an an-
nual apportionment of 32,0001., it appears that the amount
appropriated for the purpose in 1855 has been only 3,2001.,
and that an outlay is now necessary of 150,0001. The
examination of the accounts for the last half-year has
resulted in showing that instead of 51,5811. being, as
represented, divisible for dividends, the amount was only
21,2631. Previous returns are believed to have been of
the same delusive character, and the audit by the pro-
fessional auditors has been imperfect, and, in the opinion
of the committee, entirely useless. Finally, it is unani-
mously submitted that the election of a chairman at a
salary of 2,0001. a year has acted most prejudicially to the
interests of the company, by decreasing the influence of
the individual members of the board.
No one practically acquainted with railway manage-
ment can wonder at these revelations. The share-
holders have in reality so little oontrol over the direction
which in past times have lent themselves to jobbery,
abuse, and mystification of accounts, that in our
opinion there must be a total revolution in railway
management before any chance exists of the estab-
lishment• of a healthier system. The first step
should be to decisively close all capital accounts at.
once, or as soon as possible, for until that virtually
necessary measure be adopted, the shareholders will
never know how they really stand, or what are their
actual earnings fairly applicable for dividend.
The accounts from the manufacturing districts are
not unfavorable. The strike at Manchester un-
happily continues, but as a consequence of it the
Manchester Market has shown more firmness.
The currency question is now so well understood
by leading commercialists, that it is not likely that
any agitation in favour of any extension will meet
with much support. A letter in the Times of today
handles ,the question admirably. The broad view
may be given in a short paragraph :
The fact is, war is a great destroyer of capital, and at
the same time it creates new competitors tor it upon a
gigantic scale. Hence, not only the value of capital, or
the interest of money, must increase, but there must be a
leas amount of it for distribution among those who
require it, and all cannot have at their control the same
quantity they would have commanded under other circum-
stances. No legerdemain in currency can alter or obviate
this hard necessity.
The soundness of. this 'view is unquestionable.
While so much capital Is required for a new and
unproductive purpose, capital must be scarcer, and as
a consequence deafer, than formerly, and this prin-
ciple must act under whatever system be established.
The only pretence for a change would be, that the
supply of gold was not equal to the fair wants of the
world, but this cannot be alleged at the present
ie time.

BRITISH Funs.- Closing Prices.
OFFLCIAL QUOTATION.
Yong Turned. Wed. Thurs. ?Map.
--- —•--
I per Cent. Ccrnsole BB 1i 84 188 F 1 89 4 894
Ditto for Account
881 185 A 891
3 per Cents Reduced
081
3 per Cents
Lang Annuities —''-I 7•13 $ 7481
Beek Stock, 7 per Oent 9OB 9401119 j 989 10 900 10 203
Ommten • .r., asp
Exch. Bills, 21d. per diem 89 8 3 3 8 7 7 $ A
India Bondi, (1,0001.)", , . 84 .... 6 2