The Press.
London, England, 1857-03-28 00:00:00

PP-

314

" How true the observation that the most help-
" less of all creatures is man born of woman," &c
We are checked abruptly by our Printer. He
has other matter on hand—so we must reltie
. tantly postpone the clearance of our table for
another week.

gtusir.

THE Royal Society of Musicians is one of the best
managed institutions in this country. It is mainly
self-sustaining, as such an association ought to be ;
for if musicians past their prime, who may be afflicted
with illness or misfortune, require aid, it is but
reasonable that such claimants should in their pro
sperous days have contributed their subscriptions in
support of the society. Then, again, the widows and
orphans of professors who have deposited a small
portion of their savings, can c..nfidently look forward
to a helping hand in the hour of need. By careful
management the Royal Society has accumulated a
large reserve fund ; and ay an annual appeal to
artists and amateurs, every subscribing professor
knows that if the ills of life fall heavily on him or
his successors, there is the haven in which refuge
can be found in the storm. The Anniversary
Festival is always looked for with great interest, as,
independently of the musical entertainment provided
with honourable zeal by our best vocalists and in-
strumentalists, native and foreign, to the constant
attendant there is the agreeable reminiscence repre-
sented of the artists of bygone days, with the gratify-
ing refiec sin that the descendants of those on whom
fortune may have frowned are now provided for. At
the 119th meeting, last Thursday night, Lord Ward
was president, and admirably did he perform his
duty. There was no affectation of the patron of art
about him. He spoke clearly and feelingly. His
language was felicitous, and his points were so well
made, that in many instances they were of epigram-
matic force. The noble chairman gave a firm but
courteous lecture to the artist.'" absentees. Nothing
but indispensable engagements should prevent the
presence and assiatanle of professors on such occa-
sions. Lord Ward warmly complimented the working
committee and officials on their excellent exertions,
so strikingly proved by the balance-sheet, showing
that, out of receipts to the extent of 2,9121., only 2031.
had been paid for expenses, whilst aged musicians,
widows, and orphans had been paid 2,174/. ; the sum
of 1801. had gone in premiums, schooling, and rewards
to apprentices; an amount of NU had been be-
stowed in temporary relief and funerals ; and 391. in
benefactions to aged claimants, anl to indigent
musicians having no claim on the institution. These
figures are indeed eloquent ; and the hon. counsel,
Mr. T. H. Hall, might well feel a pride in referring
to them in proposing the President's health. Miss
Dolby and Miss Poole, and Signor Marras were the
principal vocalists ; and as usual there was a strong
muster of madrigalians and glee singers, with Dr.
Sterndale Bennett and Mr. Turle as acccmpanyists.
As there is room for progress in almost everything,
so perhaps it may be suggested that the musical
programme might have been more varied. With a
band of wind instruments, playing the marches com-
posed by Winter and Sir Henry Bishop for the
society, glees scarcely amalgamate. ThelFlungarian
violinist, Herr Remenyi, was the soloist, and created
a sensation by eccentricities of the Paganini, Ernst,
Sivori, and Ole (Bull styles, with some droll effects
of his own. He is an excellent musician, and fortu-
nately is conversant with higher schools than those
of the maudlin sentimentalist, and the pantomime
executant. Herr Remenyi is now the solo violinist
in her Majesty's private band, and the position is a
guarantee that he must be a classic musician. In
closing this notice of the festival, it may be men-
u med that the annual toast, " Prosperity to the
Royal Society of Female Musicians and the Choral
Fend," suggested to some amateurs the policy of em-
bodying the two latter institutions with the parent
society ; the first society, it is stated, has not a single
recipi mitt of its funds, and the latter ought to have
the fostering care of a larger and richer institution.
Time liberal donations of Lard Ward, Lord Saimaa,
B ?ti t het, Lindsay Sloper, Ella, Sims Reeves, Signor
M ireas, C. Laurent, Ice., and the princely firm of
Bro tdwood, brought up the contributions of the fes-
tivai to a large amount, and, as Lord Wood ex
eta ned, " May it be doubled next year."
there was last night at Eteter•hall a truly grand
per • =mince of the Israel in Egypt, being a foretaste
of t a stupendous effects which may be expected
whet this noble oratorio will be given with a band
and iliorus of 2,500 executants under Mr. Costa's baton
at tto Crystal Palace next June. However elabo-
rate may be the notices of the rendering of this work
by t to Sacred harmonic Society, and of the attri-
bute • of the composition itself, there can be but one
cone ision come to as to last night's display, that,
whil -t on the one hand it was, on the whole, the
fines ever heard, it would be difficult to conceive the
04, possibility of word-painting in music to be carried to
. .
O.
41.4

Mom Market /to Citg

FRIDAY EVENING.
THE return of the Bank of England for the week ending
the 21st inst., shows the following ciianges compared with
that for the week preceding :
Increase in Circulation
Increase in Public Deposits '2:1.2,:103
Increase in Other Deposits ..
Decrease in Government Securities 50,715
Increase in Other Securities
Increase in Bullion

Increase in Rest
Decrease in Reserve
Circulation, including Bank Post
Bills
Bullion in Both Departments
The increase in the Bullion shown in this comparison,
in the face of the withdrawals from the Bank, which within
the week included in the return amounted to about
101,0001.. is due to the receipt of coin from Constantinople
and from Ireland. The Bullion will probably be now
maintained at about ten millions and a quarter for some
weeks. There was an active demand for money last week,
as is shown by the considerable addition to the Private
Sectuities, and by the fact of the Reserve being less while
the Bank deemed it necessary to realise some of its public'

SATURDAY,

securities. The Private advances now stand at 20,000,00 w.
within the fractional sum of 1,258/., being the highest
amount they have attained during the present year. The
Public Deposits are still increasing; they are close upon
9,000,0001., while ten days must yet elapse before the divi•
dends will be released.

The election for the City is now too near to make any
speculation upon its probable issue of much consequence.
But we may say that the proceedings of the week have
materially strengthened Lord John Russell's position, and
that his success is tolerably well assured, though there is
not the same amount of confidence as to his being returned
at the head of the poll. The irresponsible clique by which
the noble lord is opposed have made the must desperate
eff ins to prejudice the constituency against his claims to
the representation ; and the only policy adopted to
counteract their measnres has been a few speeches, sod a
few advertisements descriptive of his public services since
the Reform Bill. These are feeble defences against a
large, politic, and determined organisation ; but great con-
fidence is felt, first in the noble lord's character, and next
in the spirit of independence on the part of the electors
which the attempted domination is sure to create at the
poll. The proceedings at the nomination to-day confirmed
everything we have said.

Avery active demand for money prevailed during the
greater part of the week, and it continued with occasional
intervals of ease until this day. Certainly the demand, on
the whole, has not been so heavy since Wedne,day as it
WAS before ; still it has been considerable enough to support
maximum rates in all cases. The reduced pressure since
Wednesday is attributable to a temporary cessation of
commercial activity in consequence of the agitation pro-
duced by the elections. This has caused fewer bills to
come up from the country, and possibly next week mry
present something like analogous features in this respect;
but we apprehend that the lull will be followed by a reac-
tion of considerable severity, as the 4th is rapidly
approaching, while the trade of the country has not really,
but only apparently, suspended its ordinary activity. At
all events, we expect a further season of pressure before
we can venture to anticipate that period of ease which
many persons think will follow the dispersion of the April
dividends. It is true that the foreign exchanges are slowly
improving, and that money is cheaper in Amsterdam and
Hamburg, so that the higher value which it commands in
this market may attract alma capital here. But, on tho
other hand, the rates in Paris are six per cent., the same
as in London. There is a great drain upon the Continent
for public works, and even the Spanish loan, little as is
thought of it here, is making itself felt in the general com-
petition fur the surplus capital of Europe ; and the Indian
demand for silver continues so heavy tint we are
obliged to send gold away almost daily to obtain
the needful supplies from the Continent. Indeed,
agents are at work in every capital buying up all the silver
they can meet. with, every ounce of which must be paid for
in gold. Now, whether this gold is drawn from the stock
in the Bank, or whether it is obtained in the open market
as Australian or other supplies come in, the effect upon
the value of money is the same. It keeps up the compe-
tition for it, adds to the bill circulation of the time, and
consequently exercises a powerful influence in the tu lin-
tenance of rates. We infer, therefore, that as this process
is now in active operation, that as commercial activity will
revive before the elections are over, and that as our quports
cannot be expected to neutralise these adverse elements
all at once, a season of increased pressure will in all
probability precede the period of ease which, though
foretold a long time ago, has hitherto disappointed cc-
pectation as to its arrival.

Pile principal feature which has characterised the specie
movements of the week has been the almost daily with-
dr,iv.,als of gold from the Bank to send to the Continent.
With the exception of Tuesday, various amounts have
been daily withdrawn, until the aggregate has reached
166,0001., exclusive of 100,000/. taken by the Government
in coin for transmission to the Cape. Thus the Bank
has lost 266,000/. this week, an amount which must pro-
duce some effect upon the bullion in the next return,
especially as the internal circulation cannot during these
election times have returned any considerable sum in coin.
Against the sums so withdrawn the imports have been
little more than nominal. They have been exclusively
from the %Vest Indies, Brazil, and the Peninsula, and
have only reached to 19,2201. From the United States
about 61,000/. has arrived, but it was all on French account.
The packet of the 4th, for fndia, will, it is believed, take
out about 60.)p001., principally in silver. Meanwhile, we
hear nothing of any arrivals from Australia, though
several are die, including the first steamer of the ziew
mail line.

The English Funds have shown no variation of impor-
tance during the week. Steadiness has been their chief
feature, with occasional tendencies to firmness. Indeed,
the market has been rather firm than otherwise, but busi-
ness has been too limited to support an advance. In
Railway Shires more has been doing, and several descrip-
tions, both English and foreign, command higher terms
than this day week ; but, on the whole no great improve-
ment has been established.

Consols, which finally left off last Friday at 95f to
have been about that price all the week, sometimes one-
eighth lower. Speculative business has for the present dis-
appeared, and the public have been too absorbed in Um
elections to direct attention to investments. To-day they
opened at 931 to , and, after some slight variations, closed
at 93 9 16 to 11.10.

Exchequer Bilk, particularly the June issue, are lower.
They are now at 4s. dia. to Is. dis.
Railway Shares have been in moderate demand, and
some of the heavier descriptions advanced yesterday, but
subsequently there was a reaction, though the market
remained tolerably firm. Lancashire and Yorkshire, East
Lancashire, Midlands, anti Caledonians, were amongst
those which improved the most. French and Canadian
shares have also been good. To•day there was no material

MARCH 28, 1857.

alteration except in Northerns of France, which improved
one per cent.
In the Foreign Market the principal dealings have been
in Turkish and Mexican. The latter have wholly lost the
improvement caused by the statement that the United
States were about to advance a loan to the Mexican
vernment, of which 800,0001. would be applied to the
liquidation of British claims.
Joint-stock Bank Shares are all rather flatter. The
Discount Companies are stationary.
Miscellaneous and Mining Shares have been very in.
active.
We copy the following from the Times, observing that
we agree in every word of it :—" The commercial history
of each day seems to be little else than a record of the
shameful mismanagement of our public companies. On
Monday last there was an exposure of the Australian
Agricultural, which, with a paid-up capital of 380,000/.,
and a free grant of nearly 700,000 acres of valuable land, has
squandered all its immediate resources, the shareholders
meanwhile being kept in profound ignorance. A few days
previously, in connection with the abandonment of the
project of the London and Paris Bank, a balance-sheet was
presented to the subscribers, showing 14,42.21. to have been
expended by the Directors in the mere introduction of that
enterprise to the public, not a step having been taken in
the shape of an absolute commencement of business.
Yesterday (Wednesday) the theme was the London and
Eastern Bank, which, having been established three years
back to carry on banking and exchange transactions with
India with a paid-up capital of 250,0001., has contrived in
that period to assist its own Directors and Manager with
sums amounting in the aggregate to nearly 290,(4)0/., and
which is now obliged to announce to its shareholders the
probable loss of their whole investment, with the possi-
bility of their being called upou even for a further con-
siderable contribution. The addition to the list for to-day
is furnished by the North of Europe Steam Navigation
Company. A meeting took place to-day (Thursday), Sir
Morton Peto in the chair, when it appeared that the
Directors, like those of the Australian Agricultural Com-
parry, have perilled the entire property of their constituents
by leaving it recklessly in the control of a single individual ;
that 50,0001., or upwards, out of a capital of 500,0001., has
been lost in the course of a few months, without the Board
having the slightest suspicion of the circumstance ; and
that the last half-yearly dividend at the rate of eight per
cent per annum was paid, not only when there had been no
profits, but actually while these ruinous proceedings were
going on." At the meeting, after a good deal of indignation
had been expressed, a committee of six shareholders was
appointed to investigate the position of the undertaking.
At a meeting of the Ottoman Bank proprietors held
yesterday, a dividend at the rate of ten per cent. per
annum was declared. It was stated that the business of
the company is making satisfactory progress, and that
establishments have been opened at Constantinople,
Cialatz, Smyrna, and Beyrout.
The estate of Messrs. Copland and Barnes, provision
contractors. who failed on the sth instant, is to be wound
up through a petition for private arrangement under the
control of the Bankruptcy Court. The loss by the royal
mail steamer contract was 25,0001.

The retiring Directors of the Canada Company have been
re•elected, and a favourable report presented of their
proceedings from the Ist of January to the tith of March.
The funds in hand in London amount to 38,1581., and the
liabilities '2.880/.

Messrs. Baring Brothers and Co. have announced the
receipt of 2,2181. lbs. on account of interest on the debt of
Buenos Ayres.

The Fruit Trade of London have adopted resolutions
and opened a subscription to resist the system of nietage,
as conducted in the port of London.
The Riga Railway Company have announced the suc-
cessful termination of their negotiations with the Russian
Government The capital allowed is 1,630,5001., with a
guarantee of four and a half per cent., of which one-eighth
is to be applied as sinking fund. The actual cost is esti-
mated at 1,340,0001.; the Directors, consequently, will be
enabled to issue the 201. shares at a discount, so as to
make the guaranteed interest equal to five per cent.
A railway is projected in Trinidad, with a capital of
800,0001., in 101. shares. Fifty miles are to he con-
structed in the first instance, in order to bring some of the
sugar districts into 'connection with the coast, and the
local Legislature is to be asked for a guarantee of six per
tent.

The Proprietors in the Bank of Egypt have resolved to
carry forward the balance of profit (5,941/.) and to refrain
from making a division until the expiration of twelve
months from the commencement of operations.
An important resolutbn has been passed by the Com-
mittee of the Stock Exchange, with reference to dealings
in the scrip of companies incorporated under the Limited
Liability Act of 1836. The delivery of shares, when the
allottees have signed articles of association, must be by
deed of transfer; and in cases where no such articles have
been signed, and scrip certificates only have been issued,
n settling day will not be fixed in such scrip unless they
bear a penny stamp, and a limited period is stipulated for
their registration.
The suspension is announced of Messrs. B. James
Brown, and Co., timber merchants and shipowners and
builders at Sunderland. The direct debts are 111,0001.,
and commitments on bills discounted 150,0001. It is esti-
mated that the assets will yield about 11s. 91. in the
pound.

- Farther examinations have taken place during the week
into the history and management of the Royal British
Bank. The more the affair is sifted the more disgraceful
are the circumstances.

The Board of Trade Ilettirmi for February were issued
yesterday. They are generally favourable with regard to
onr foreign commerce, as will be seen from the following
comparative table of the aggregate results for the first
mouth and two mouths of the year :

511thogolitan Riarktts.

(Reportedexclusivelyfor "Tali Passe.")

CORN EXCHANGE—Since our last report only limited
supplies of English wheat have come to hand coastwise and
by land carriage; yet the demand fdr all kinds has continued
in a most inactive state. A few of the finest samples have
changed hands at a decline of 2s per quarter; and other gush-
ties have been offered at fully 3s per quarter less money. For
foreign wheat—the imports of which have nut increased—there
has been very little inquiry, and the rates have ruled nominal.
Floating cargoes of grain have commanded very little atten•
uon. 11e have to notice a dull inquiry for barley, the wane of

BETTS'S PATENT BRANDY has ever since
its introduction to the public been recognised, both 1y
scientific men and the trade, as the best article ever mail .
factured in this country. Its claims to such ore-eminence are
based upon its unrivalled purity, and its closer assimilation than
any other to the flavour of the finest Champagne Brandy.
There has been no Brandy made from wine in France, eith(r
in the present year or in the preceding one. Owing to the au—
cessive failures in their vintages, the French winegrower ge
a higher price for his wine, consumed as such, than he c. 71
realise by its being distilled into Brandy; and forsamuch as ti e
foreign Brandy of recent importations is but the product r
British grain and beetroot spirits, the prestige hitherto e) -
elusively enjoyed by French Brandy as having been distill. d
from a particular French wine no longer exists, and is no long r
worthily assignable to it now that it is bunglingly made ft. its
other materials. The supply of wine for distillation in o
Brandy having failed, the French distiller is constrained Ics
recur to a manufacture in which he needs the quarter of $
century's experience which has been exercised upon that .
BETTS'S PATENT BRANDY. to render his article respectat'y
competitive, and he has not had it. Under these circurnstan.. g
the Messrs. Betts challenge that their PATENT BRANDY 111
superior to any now made abroad.
It is to the interest of the public and the Messrs. Betts thtt
these facts should be widely spread, for recent importations at •
of a quality so inferior as to disgrace the same they bear, at d
are twice the price of BET'T'S PATENT BRANDY, which e.
supplied in capsuled bottles by the trade to private families in
any quantity down to the single bottle. Excise regulatitne
prevent its sale from the DISTILLERY, 7, SMITHFIELD.
BARS, ST. JOHN•STREET In any less quantity than two.
gallon. tah..a. ...... bra/