The Press.
London, England, 1856-09-27 00:00:00

alairai ait Rlilitarg itttilignut.

The following circular has been addressed to the
general officers commanding divisions and brigades,
and to officers commanding infantry regiments :

Horse Guards, Sept. 19, 1856.
• His Royal Highness the General Commanding•in•Chief
is desirous to receive your opinion of the bayonet exercise
introduced a few years since into the army, and carried on
under the superintendence of the late Mr. Angelo, and to
ascertain, more particularly—
First. Whether you consider that the system is calcu-
lated to give confidence to the soldier in the use of the
weapon ? and,

THE PRESS.

Secondly. Whether. as a gymnastic exercise, it tends tai
supple the limbs, strengthen the muscles, and set up
the man ?

You will be pleased to report whether any and what
regiments under your command have been practised in the
bayonet exercise, and whether it is still carried on as a
part of drill.

G. A. WETHEAALL, A.G.

Major-General the Earl of Cardigan, accompanied
by his aide•de-camp, Captain Law, has arrived in
Dublin on official duty as Inspector• General of
Cavalry.

An official statement has been published at Ports-
mouth of the number of persons of all ranks who
embarked and disembarked at that port during the
late war. The number was upwards of 150,000,
7,500 horses. Major-General Breton, the Lieutenant-
Governor of Portsmouth, has issued a special order
in reference to the manner in which the duties of the
garrison were performed during the period in ques
tion, thanking the different men and officers engaged
in the duty. He states that since May last more
than 60,000 men have passed through Portsmouth,
and in one day 6,000 were shipped off.

The conduct of Captain Nias, C. 8., Captain-Super-
intendent at Plymouth, and whose characteristics are
neither agreeable nor courteous, is about to be the
subject of a court of inquiry to be held, to investigate,
first, into the repeated causes of difference which
have arisen between the superintendent and store-
keeper of the victualling-yard ; and, secondly, into
the alleged uncourteous conduct of Captain Nias
towards a party of French ladies and gentlemen who,
with letters of authority from the Admiralty, sought
permission to walk through the establishment over
which he is the superintendent. The officers named
as members of the court are Admiral Sir William
Parker, Bart., G.C.8., commander-in•chief at this
port; Rear-Admiral W. F. Martin, Superintendent of
Portsmouth Dockyard; and Rear Admiral Sir H. D.
Chads, K.C.8., commander• in-chief at Cork. Mr.
Grant, Comptroller-General of Victualling, is also to
be in attendance. The court will not assemble for a
few days, as Rear-Admiral Chads has to arrive from
Cork.

His Excellency the Lord Lieutenant has appointed
Colonel Hastings Doyle to be Inspector of the Irish
militia.

Five officers of the Tipperary Light Infantry
have applied for a court-martial, arising out of the
reprimand given to the corps by the Commander of
the Forces.

THE SHIP Imogene, bound to Pernambuco with a
cargo worth 60,0001. on board, was run down at three
a.m. on Sunday morning off the Barges light, by the
Cork and Liverpool steamer Falcon, and in spite of
every exertion foundered in about two hours. The
Imogene was on the port tack, had three lights in her
weather rigging, the night was bright and clear, with a
fine fresh breeze. The Falcon struck her just on
the weather bow, and after the collision remained
by for two hours and took off everybody on board.

FROM THE LONDON GAZETTE.
Tuesday, September 23.
BANKRUPT.—WILLIAM STUART FINDLATER, Plymouth, coal
merchant.

Friday, September 20.

BANKRUPTS.—GEottos HENRY STANLEY, Cannon-street-
toad, St. George's in the East, builder—WlLLlAM riARTZIO,
Stafford, manufacturing chemist—Thomas Hoopes BROOK,
Wolverhampton, draper—HENßY MERTENS and JOHN SUT-
CLIFFE, Apperley-bridge, Yorkshire, dyers—HENRY WARNE,
Mill-street, Hanover-square, carpenter, ac.—Jonn WHITE,
Jose EXLEY, and JOSEPH DARLINGTON, Meiborough, York,
coal proprietors—lSAAC JAMES IiAWDEN and JAMES LAMONT
M'Oszoos. Liverpool, merchants—HENßY ALFRED WARD,
Birmingham, grease manufacturer—Wmitam JAMES BEAMAN
and ROBERT PEARCE LEWIS, Bath, hide dealers—Simon HORS-
MAN, Westgate, Bradford, grocer—SAMUEL PARKINSON MUFF,
%estgate-hill, Bradford, currier—Roscar Inonam, Hamer
Bottoms, Rochdale, cotton manufacturer.

SCOTCH SEQUvESTRATIONg.I=4imes M'brrosn, Dundee,
cabinet maker—Maxus( CARRUTHERS, Tynron, Dumfcieshire,
deceased.

ffloneg alarket Intb ditg

PRIMLY EVZNINO.
THE return of the Bank of England for the week ending
the 20th inst. shows the following ciattiges compared with
that for the week preceding :
Increase in Circulation . .
Increase in Public Deposits
Decrease in Other Deposita ...... 14,392
Increase in Private Securities
Decrease in Bullion
_ _

Increase in Rest ..
Decrease in Reserve
Bullion hi Both Departments
Circulation, including Bank Post
Bills
This comparison, like that for last week, contains ample
testimony of the active demand for money last week. The
Government Deposits were increased 1,000,00 W. by the
payment of the final instalment upon the loan, and by
300,0001. in ordinary revenue payments; and the whole of

933

this amount was immediately lent out again, with 67,0001.
more. The I:eserve consequently shows a alight falling
off. The Private Securities are now more than eighteen
millions and a quarter, but they are about 250,000/. less
than they were in the corresponding week last year. The
Bullion is still above 12,000,0001. The return, as a whole,
is no worse than that of last week; and considering it as a
whole, we do not see in it any reason for anticipating a
change in the value of money, as fixed by the rate of dis-
count, so early as next week. A considerable amount of
private securities will run off in the forthcoming week ;
but we do nut expect any considerable diminution in this
stock for the next fortnight or three weeks.
Most of the great banks in the commercial cities of the
Continent have just raised the rates of discount, and
yesterday the Bank of France adopted the same policy,
and it now charges six instead of five per cent This mea-
sure, though not altogether unlooked for, had all the effect
of a surprise in the market for English securities. The
object of this policy is local, being directed, primarily,
against the efflux of silver to India and China, and
also to Russia, whence au active demand has sprung
up. The reports in the early part of the week of
the Banks of Amsterdam, Vienna, and Prussia having
advanced their terms, produced an impression on this
market that the Bank directors would be obliged to follow
the example at their meeting yesterday, and advance the
minimum rate of discount from four and a half to five per
cent. This expectation, as we led our readers to anticipate
last week, proved unfounded. It is a mistake to
assume that the policy of the Bank of England is
regulated by that of the continental banks. The Bank
of England, though far from ignoring the state of
the European money markets, is influenced, in its execu•
tive policy, by considerations that have reference solely to
the interests of its own proprietors and to the prospects
of British trade. It has to consider, before taking a step
in this direction, whether the foreign trade of the country
is so unfavorable as permanently to depress the exchanges,
and so cause an export of bullion to pay for the excess
of imports; and next, whether, if money be arbitrarily
raised in value, it will not lose its own discount business
through the formidable competition of private establish-
ments. For some weeks past the state of the Bank's
weekly account would, upon the principles by which they
were interpreted previously to the gold discoveries in Cali-
fornia and Australia, have justified an advance to five or five
and a half per cent.; but experience has now established a
different set of rules, maxims of practical authority have
superseded the old theories, and altogether a new system
has sprung up. So that it is not simply by its weekly
returns that Bank policy is to be inferred. A wider view
is to be taken, embracing the position and prospects of
trade all over the world, in winch the great element
of a private and corporate interest must always be
taken into account. Such considerations will in future
always induce the Bank of England to postpone
raising the value of money to the latest possible period
that is safe, and, on the other hand. to reduce it at
the earliest moment that is prudent. The Bank is now
in the first of these positions ; and if, as we consider, the
public revenue is well paid up, the bullion and reserve,
though low in relation to some former periods, are not
materially diminished, and there is no scarcity of money
for sound commercial enterprises, we see little reason for
doubting that the period will be got over without adding to
the existing pressure. The demand for money during the
week has been considerable, and full rates have generally
been paid ; but the supply has always been equal to it.
The best bills are done at four and a half per cent. The
release of the October dividends in about a fortnight will
increase the floating supplies, and possibly the Lombard-
street houses may, if matters look smooth in politics, try
the chances of adding to their business by transacting it
below the Bank terms. We should not be surprised to
see a temporary change of this kind about that time ; but,
all things considered, there is not much prospect of rates
generally falling below four and a half per cent.
The specie arrivals during the week have amounted to
about 100,00 W., and the whole has been taken for the
Continent. It is said that the next packet from South-
ampton will take out silver for India and China to the
value of more than 1,250,0001. It is not improbable that
silver will be demonetised in France, and it has been sug-
gested by influential parties that the same policy should be
adopted in India. Such a course would immediately
relieve the pressure for silver. Gold enough is produced
to feed the circulation of both countries, though in the
transition a good deal of inconvenience would be caused;
but something must be done before long unless all Europe
is to be drained of every ounce of silver it possesses.
Apparently, as a step towards the adoption of a single
standard in France, sn agreement has been concluded
with the Miut at Paris to provide 50,000,000 f. in gold
pieces of 5f., and they are to be put in circulation at the
rate of about 175,000 f. per diem. This will partially
relieve the inconvenience caused by the exhaustion of the
silver currency.

Consols for account, which closed last Friday at 9th to
1, left off last night at 94 exactly. They had, therefore,
declined to the extent of a half per cent. up to that time.
This fall is to be attributed to three tbings,—first, the
absence of bona-fide business; next, to the perplexities
created by the irregular state of the Money Market ; and,
lastly, to indefinite apprehensions with respect to our
political relations with Naples and Russia, and also with
Austtia. With such a combination of unfavorable circuni
stances the wonder is, not that Consols have fallen a ha