The Press.
London, England, 1857-09-05 00:00:00

THE PRESS, SEPTEMBER 5, 1857.

Obituarg.

L ao B U.GONIE' eldest son of the Earl of Leven
and Melville, died on Saturday last, the 31st ult., at
Roehampton Lodge, Surrey, after an illness of nearly
two years duration, in the twenty-fifth year of his age.
He entered the army soon after leaving Eton, and
served with the Grenadier Guards through the
greater part of the Crimean campaigns, although he
was obliged to return home invalided towards the
close of the year 1855. Since that time he had been
gradually sinking until, as we have said, death put
an end to his sufferings. He was a most promising
young officer, and much beloved in his regiment.

- _
VISCOUNT HINT" second and eldest surviving son
of the Earl and Countess Poulett, died on Saturday
last, at Hinton St. George, Somerset. His lordship
was born Aug. 20,1822, and became Viscount on the
death of his elder brother, in August, 1843. The
deceased, who was a Harrovian, entered the army as
ensign in the 08th Foot, in 1842, from which, after
a few years' service, he retired. In October, 1852,
he was appointed Colonel of the Ist Somerset Militia.
By the lamented decease of his lordship, the families
of the Duke and Duchess of Cleveland, Lady Charles
Somerset, and several others of rank are placed in
mourning.

THE PRESIDENT OF QUEEN'S COLLEGE, CAMBRIDGE,
died on Tuesday, at the President's lodge. The
deceased (Joshua King, Esq., LL.D.) graduated in
1819, as senior wrangler, Mr. Cooper, afterwards
Prebendary of Chichester, being second in the honour
list, which comprised many distinguished names.
Dr. King was soon after elected a Fellow of the
Society, and succeeded to the Headship in 1831, on
the decease of Dr. Henry Godfrey. Between 1830
and P 449, Dr. King held the office of Lucasian Pro-
fessor of Mathematics in the University, and since
his resignation had been afflicted with uninterrupted
ill-health. He was in his 60th year. The election
of his successor is vested in the Fellows of the
Society, and by the statutes, must take place on the
eighth day after the vacancy. Candidates must be in
priest's orders, and a B.D. at least; if not a fellow at
the time of the election, he must be in possession of
property to the amount of 201. per annum at least.

- -
LIEUT.-GENERAL THOS. HUTCHESSON, of the Royal
Artillery, died on Friday week at Dover, in the 77th
year of his age. The gallant officer, soon after he
entered the army in 1799, served in the campaign in
Holland in 1799, and subsequently saw considerable
active service. He proceeded to the Peninsula in
1813, and served in the following year in France.
From May, 1815, he served in Belgium, being present
at the battle of Waterloo, and was with the army of
occupation in France until November, 1818.
THE LATI: QUEEN DOWAGER ADELAIDE'S HOUSE-
KEEPER, Mrs. Elizabeth Fenton, died suddenly on
Sunday night, in Union-street, Berkeley-square.
The deceased lady, who was between sixty and
seventy years of age, was for nearly forty years
attached to the household of the late amiable arid
lamented Queen Dowager Adelaide, and was present
with that illustrious personage when she breathed
her last. After the sad event Mrs. Fenton retired
upon a handsome pension. The deceased was pos-
sessed of great wealth, and it appears that she has
not a relative surviving to claim it.
LADY MAXWELL, wife of Sir John Maxwell, Bart.,
died suddenly on Monday morning at Nether- Pollok.
The deceased, who was sister of the present Lord
Elgin, was born in 180'2, and was marrie,l to Sir John
in 1830. Her ladyship leaves no issue.

877

Money continues in good supply, though not so
good as last week ; and there has been a very active
demand for it in Lombard street, particularly in con-
nection with the acceptances at maturity this day.
At the Bank the applications have been less nume-
rous, but still a good business has been done in
loans and advances. To day there was, on the whole,
less inquiry generally. Now that the "fourth" has
passed over, there will probably be diminished ac-
tivity for a short time for commercial purposes,
though we are glad to see a little more activity in
some of the manufacturing districts, as there is an
impression in many quarters that, owing to the
improved position of the Bank, rates will be reduced
from five and a half to five per cent. All who are
able will consequently wait for the anticipated reduc-
tion. Our own impression is that the Directors will
not change their policy, merely from the fact of
the Bullion and Reserve having increased. It must
be borne in mind that the Continental exchanges
have for some weeks not looked well, that a con-
siderable transmission of bullion to the Continent
is in progress, that the export of silver to India and
China is very large, and that the expenditure for
suppressing the insurrection in India must shortly
produce ccnsiderable effect upon the Money Market.
On the other hand, the harvest here and elsewhere
places us at ease with regard to our supplies of food,
and there is no probability of the imports of Austra-
lian gold falling off. So that, although there will be
large transactions in bullion, it is probable that our
stocks may not, for a time, undergo any serious reduc-
tion. There is, however, but little dependance to be
placed upon such a contingency in the present active
movement of the precious metals. Yesterday the
Bank Directors made a slight relaxation in their prac-
tice with regard to advances. Until the payment of
the dividends they have been in the habit of making
advances on three-months bills only ; but the pri-
vilege is now conceded to six-months paper. This
circumstance is to some extent an indication that
a reduction in the rate of discount may follow. We
believe that no change will be made for a fortnight,
at least ; and in the meantime the prospect of
relaxation may bo entirely marred by the nex
accounts from India.

We have again to report considerable arrivals of
specie. They amount to about 815,000/. The
exports, independent of the sums sent to the Conti-
nent, which are estimated at 100,000/., have exceeded
718,0001. This amount includes 696,025/. for India
and China, by the packet leaving Southampton to-
day, nearly the whole of which was in silver. The
Bank has enlarged its stock of bullion during the
week by about 180,0001. Rather more than
1,000,0001. in Australian gold is now at sea.
Business in all classes of securities continues dull,
partly from the absence of dealers at this period of
the year, and partly from the public having ceased
investing in Reduced and in the New Threes, and in
consequence of the closing of the books for the
October dividends. Quotations up to yesterday were
better than those of this day week, particularly in
Railway Shares. In Consols the improvement was
little more than nominal. In both cases it was
owing to an expectation of money becoming cheaper,
and in railways to some descriptions of stock, such
as Great Western, being very scarce. The first sign
of improvement appeared on Saturday. It will be
remembered that on the previous day great gloom
pervaded the City, in consequence of the adverse
intelligence from India, received by one of the Go•
vernment papers. On Saturday the full details were
published, and they were read more favourably than
the telegraphic summaries. Why they should be, is
a mystery to this day, but such was the fact. The im-
provement thereupon set in, and, being supported by
the large imports of specie, and the belief of an
' easier Money Market, it was very fairly maintained
until today, when a reaction commenced, and a
general decline took place. This change was owing
partly to the unfavourable aspect of the Paris Bourse,
especially in relation to the shares of the Credit
Mobilier, three of whose directors, it is stated, have
resigned, and partly to an exceedingly anxious state
of feeling with regard to the next accounts from
India. Indeed, this sentiment with regard to India
dominated all other considerations. The prin-
cipal causes of apprehension were the pre-
carious condition of the garrisons at Lucknow and
Agra. No one anticipates that the news can be very
favourable at the hest. But if it proves unfavour-
able—if more lives have been wantonly sacrificed
by the insurgents—if, as some foreign journals say,
the insurrection has found a vigorous leader in the
miscreant Nana Sahib—if both Lucknow and Agta
are still menaced with destruction, the Bears of she
Stock Exchange will carry all before them, for it will
be impossible for public securities, under such cir-
cumstances, to maintain present prices.
Consols left off last Friday at 901 exactly. On
Saturday they closed at 901 to 1, and the highest price
subsequently was 901 to 01. Yesterday they de-
clined to 901 to 1. For the 14th October, the next
account, they closed at 91 to 1, so that, the rate of

continuation is about three-eights per cent. To-day
they3opened at 9O tog and declined to 9O to a, from
the causes just referred to, closing dull.
Exchequer Bills have receded Is. They are now
ss. dis. to Is. dis.

Foreign Stocks have been dull, but in Turkish
Six per Cents., and some others, a slight advance has
been established. To-day all descriptions declined.
The advance in Railway Shares, owing to the cir-
cumstances described above, has ranged from one-
half per cent. in some cases to two per cent, in
others. In one or two instances it has exceeded two
per cent. Great Westerns, Sheffields, Lancaster
and Carlisle, and the North Midland lines obtained
the chief improvement. French have receded, and
the Indians are weak. Canadian descriptions are
also lower, the traffics being unsatisfactory. To-day
the reaction averaged from a quarter to half per cent.
Joint-stock Banking, Mining, and Miscellaneous
Shares are all about the same.

A failure has taken place upon the Stock Exchange
in the course of the week. The party was a young
member, and some of the circumstances are said to
be not of a creditable character.

The Bank of France is now issuing fifty-franc notes.
The first issue, which was made on Tuesday, was for
400,0001., and it will be followed by two others of
3,600,0001. each, making altogether 7,600,0001. So
long as the notes are convertible there is no danger
of depreciation ; all that the Bank of France has to do
in order to maintain the circulation in a safe position
is to keep a sufficient reserve of bullion. No doubt
this will be done. We know in this market that the
Directors find it profitable to pay a premium to keep
up the stock of gold. These fifty-franc notes will
economise the silver circulation, now greatly re-
duced.

During the month of August the range of fluctua-
tion in Consols was one and three-quarters per cent.,
the lowest price being 891 and the highest 91i, and
a fall was established of a half per cent., in addition
to that of one and three-quarters which occurred in
July. The bullion in the Bank fell off about
500,0001., and that in the Bank of France 805,0001.
In railways, also, the general tendency was towards
reaction, although some lines maintained great
firmness. The railway calls for September amount
to 111,0001., so far as they are hitherto advertised.
M. Auguste Thurneyssen, the well-known banker,
and one of the directors of the Credit Mobilier, has
been declared by the Tribune of Commerce liable
for the debts of his nephew, M. Charles Thurneys-
sen, who failed in May last for more than 600,0001.,
and subsequently absconded. The effect of this
declaration has been exceedingly prejudicial to the
Credit Mobilier.

It seems likely at last that some practical steps
will be taken towards establishing telegraphic com-
munication with India. The line by the Euphrates
not being available under existing circumstances, the
Rod Sea Telegraph Company have issued their
prospectus. It is proposed to start with a capital of
300,0001., and to lay down the first section from
Alexandria to Aden. A minimum annual revenue of
20,000/. is guaranteed by the East India Company
and the Board of Control from the date of the first
message. The cable is to be extended to Kurra-
chee ; but, meanwhile, the first section would reduce
the distance to India to one week.

At the annual meeting of the British Telegraph
Company, held on Monday, it was stated that the
amalgamation with the Magnetic Telegraph Com-
pany is proceeding satisfactorily. The accounts of
the joint company show a surplus profit of 15,3121.,
which, after defraying all charges, left a dividend at
the rate of four per cent. per annum.
An elaborate view of the railway system in France
has been published by Galignani, from which it
appears that tha gross receipts in 1850 were no less
than 11,210,0001., or about one-seventh of the whole
imperial revenue. The value of the shares and
bonds in circulation at the end of the year is stated
at 160,000,0001., and the amount of dividends paid
in 1850 was 4,800,0001., of which, either by direct or
indirect taxation, 1,321,8471. went to the State.
And it is expected that a still greater amount of
profit will accrue in future owing to the new law im-
posing a duty upon the transfer of shares.
A deputation of the directors of the Netherlands
Land Enclosure Company have proceeded to the
Hague with a view of obtaining from the Dutch Go-
vernment an extension of the time for making the
canal, and also to free the land at present inclosed,
amounting to nearly 3,000 acres, from the strict con-
ditions of the concession. The Government, it is
considered by the directors, will not be taking a very
politic step if they refuse to deal liberally with the
company.
A. dividend of Hs. GI per share is about to be
paid on the shares of the Friesland Gas Company.
The National Guaranteed Manure Company have
earned a profit of 1,768/. during the half-year ending
in June, and have divided at the rate of three per
cent. per annum, leaving a balance of 800/.
From a compilation added to the last monthly
return of the Board of Trade, it appears that the

declared values of British and Irish produce and
manufactures exported during the first six months
of 1857 amounted to 18,155,7781. to British posses-
sions, 11,72.2,952/. to the United States, and to
30,947,751/. to other ports, making a total of
60,826,381/. According to this document thirty
per cent. of our aggregate shipments go to our own
possessions, nineteen per cent. to the United
States ; and, at this rate, the foreign and colonial
trade of the year will amount to no less than
121,652,762/.
The Trade Reports of the week are generally
satisfactory.