The Press.
London, England, 1858-07-10 00:00:00

THE PRESS, JULY 10, 1858.

The witness then withdrew.

The CHAIRMAN: I wish to state, on behalf of the
committee, that we are all under vety considerable i
difficulty as to what answer should be given to those '
persons who have applied to be heard here. I have
lone my best to answer those applications, but, not-
withstanding my efforts to comply with the wishes of
all parties, I feel it would be physically impossible
for the committee to uullergo the examination of all
the persons who have made application to us. We
therefore have decided, as the session is drawing to a
close, to call evidence according to the best of our
ability. It may be that we may not happen to call
those persons who are most able to give testimony
upon the subject ; but we hope that, under the pres-
sure of time and the exhaustion of our physical
strength, the public will think that we have done best
in hearing such parties as in our own judgment we
shall select daring the short period remaining to us
for taking evidence on this subject.
The committee then adjourned till Thursday.
On that day the witnesses examined were Mr.
Mopham, Mr. Haywood, and Mr. Bszalgette. They
were examined on the practicability of burning the
noxious gases in the sewers by means of furnaces.
The opinion of the witnesses seemed on the whole
unfavourable to this plan.
Mr. HAYWOOD said t No doubt the system of the
furnace and air-shaft would diminish the bad smells
in the streets, but, as regarded the condition of the
river Thames, it would not have the reteotest effect
upon it whatever. The state of the Thames was
caused by what ran into it.
Mr. BAZALOETTE was of opinion that the sewer
could be much better ventilated and purified by a
copious supply of water than by any other process.
He had no doubt that that supply could be easily
obtained. No beneficial effect could be fully obtained
as hug as the sewers remained in a stagnant posi-
tion. There should be a free outlet at all times,
instead of the sewage being allowed to remain stag.
nant for several hours in the day.
It was then suggested that Mr. Bazalgette should,
before the committee again met, make an investiga-
tion ieto the effect which had been produced by the
system of ventilation carried on by Mr. Gurney, at
the House of Commons, in the Victoria sewer, the
College-street sewer, the Wood-street sewer, and the
other branch sewers in the neighbourhoA of the
Houses of Parliament.

The committee then adjourned till Monday next.

THE LATE FATAL ACCIDENT ON THE
SOUTH EASTERN RAILWAY.

On Tuesday last, a most important investigation
was conducted before the county coroner, Mr. Thomas
Thorpe Delasaux, and a jthy composed of the
residents of the village of Chi:ham, under the
foremanship of Mr. William Howard, at the Alma
Inn, touching the death of Alfred Wood, twelve years
of age, caused by the frightful injuries which he re-
ceived at the recent accident on the Ramsgate and
M rgate branch of the South-Eastern Railway,
within a few yards of the Chilham station.
Mr. Robinson (from the law otflces of the South.
Eastern Railway Company), Mr. Knight (superin-
tendent of the line), the traffic superintendent, and
locomotive superintendent, were in attzeidance on
behalf of the company, and also Mr. Cosheatl, local
superintendent. Mr. Towne attended on behalf of
the friends of the deceased boy Wood ; Mr. Stephen
Plummer (of the firm of Plummer anti Sons, of
Canterbury), on behalf of the Rev. Thomas Wood,
one of the sufferers; and Mr. Bartholomew for the
Rev. D. Darnell, vicar of Welton, who was seriou,ly
injured on the occasion, as well as several members
of his family. Mr. Sharland, of Gravesend, repre-
sented the friends of the deceased man Channon.

Henry Wood, the first witness examined, said : I
am station-master at the Chilham station of the
South• Eastern Railway. On Wednesday last I ob•
served the 3.30 fast train approaching the station
a few minutes before six. I can't say the exact
time. When I first saw the engine some steam was
escaping from the under part of the boiler. The
engine was then about one hundred yards from the
station, where I was standing, as far as I could tell.
Nothing had occurred to the carriages then ; they
were then on the rails. As soon as the steam was
clear I saw the carriages were thrown off the line ;
they were all off the line. At that time I should
think the train was travelling at from twenty to
twenty five miles an hour. There is a curve where
the accident occurred, but I can't say the extent of
it. I can't say that was the cause of this occurrence,
but I suppose when the crank-axle of the engine
was broken it made a hole in the boiler. I believe
that was the cause of the occurrence. I can't say
what was the cause of the crank•axle breaking. I
can't say whether it was caused by the speed at
which the train was going or not. I believe the
train in question was going at its usual rate. I believe
the deceased was in a third-class carriage. The
engine and tender were broken away from the other

carriages. The engine travelled about, one hundred
and fifty yards after I saw the steam escaping from
the bottom of it. After the crank axle was broken
the engine could travel, as it had six wheels. It
was the middle wheel of which the crank-axle was
broke. Only the ordinary carriages were with the
train; there were none with it of unusual length.
It was an excursion train. The excursion-trains
are as well appointed and attended as the ordinary
trains.

The same witness examined by Mr. Towne : I
have been station-master here about four years and
a half. The line has been repaired since my ap-
pointment, but I can't say how long since. The train
VMS due one minute before six o'clock. It was not
to stop here. A telegram was sent to Canterbury
about the accident. It was as follows :—" Mr. Wood
to Mr. Rolls,—Please send som help : accident here
at the station." That was sent at 6.5. I received a
telegram from Wye. The train left that station at
5.50, being due there at 5.40. It was due at Chilham
at 5.50. Ten minutes are allowed for an express-
train from Wye to Chilham. An ordinary train takes
thirteen minutes. When first appointed here I did
nut use a green flag at the curve unless there was
some occasion, such as there being something the
matter with the road below. Did not know that the
company had given any orders to go slow down that
curve. The engine driver regulated the time of the
train. George Wilkinson was the engine-driver of
the train in question. It went about five or six
yards past the station. I was standing at the signals
at the time I saw the train approaching. Of course
I was very much frightened at the time. It is
unusual to see the steam coining from the bottom of
the holler. I watched the engine till it passed me.
About a minute and a half elapsed from the time I
saw the steam until the engine passed me. When
I heard the whistle I was at the signals at the end
of the platform.
James Cummings, of Meeting-street, Ramsgate,
was next examined ; he said : I am a guard in the
employ of the South-Eastern Railway Company.
On Wednesday last I left London by the excursion-
train at 3.30. Did not observe anything particular
before the accident took place. We had progressed
at the usual rate from London. Just as we were
passing over the crossing near the cottage, in the
curve, I observed something break. That is about
200 yards from the station. 1 was sure it was with
the engine, as I was in the next carriage, and felt the
shock. I attempted to apply the break, and partly
succeeded in doing so, and was then jerked away
from it; but I got hold of the handle again after
being thrown about in the van. We then came in
contact with a coal truck, and came to a standstill.
I then found that the train had parted, and that
there was another carnage with the one I was in
with the engine and tender. Can't say whether the
rails were torn up by the engine or tender. I don't
know what caused the carriages to go off. We were
travelling at about twenty-five miles an hour at the
time of the accident. I judge so by my constantly
travelling on the line, as near as I can guess. I be-
lieve the breaking of the crank-axle was the cause of
this occurrence, but I can't say what was the cause
of the crank-axle breaking. I have been ten years
in the service of the South-Eastern Railway Com-
pany. Was never on any other line previously.
Travelling round that curve at twenty-five miles an
hour would not break the crank-axle.

Mr. J. Latham, of Folkestone, said : I am in-
spector of the permanent way of the South-Eastern
Railway. About two days previous to the accident I
walked from Chilham to Wye, and inspected the line
that distance. The rails were then in a perfect
slate, and not the slightest danger to be apprehended
from trains travelling thereon. The morning after
the accident I again saw tho line, and examined it
carefully. I found that several fresh rails had been
put down in the room of those damaged. About
four had been replaced. I looked at the first rail
where the accident took place, and found it bent. I
can't say by what means it became bent. The break-
in4 of the crank-axle might have caused the rail to
bulge out, but I can't say positively.
Mr. John P. Knight, superintendent of the South-
Eastern Railway, said [ know the spot where this
accident happened. Looking at the curve in clues.
Lion, I should say from 25 to 30 miles an hour is not
a dangerous speed. From my experience lam able
to say that on other lines they travel at the same
rate on similar curves. It would not make much
difference whether you go round a curve upon an
incline or a level. I do not think it would be a
material fact, as regards going down a curve, if
there was a continuous declivity of three-quarters of
a mile. The drivers have written instructions as to
the speed to be maintained throughout the line. I
do not consider the curve in question a severe one.
The declivity supplies the motive power, as the
driver shuts off the steam, and therefore the rate of
only 25 miles an hour is continued throughout the
curve, and, if necessary, the breaks may be applied,
but that depends upon the state of the rails. By
rule 344, section 6, of the instructions to drivers and

1 .. . .
THE PRESS, JULY 10, 1858. 669
--____-r2---- _____Aummummmemmenumm."
stokers, " tl:
slacken speed
rating several co,
curves."
I do n
know of many she.
barn.
The inquiry was t
next at lialf•past ten o
_—
THE DAGENH.
on Monday morning, a,
filewitt, a farm labourer, was.
amination at the Court-house at
Essex, before a full bench of in
with being implicated in the myst
George Clarke, a police-constable of
who, it will be recollected, was found 1
at Dagenham on the morning of July 3, L
mutilated.
Mr. Tindal Atkinson appeared as CORM
accused, and Mr. Rawlings, the solicitor, was
for the prisoner.
The CHAIRMAN asked Inspector Whicher, c
metropolitan detective force, whether any additie
evidence had been obtained which would throw a,
light on the murder.
Inspector Whither said, that he had received im-
portant informaticn, but he was unable to produce
the witnesses. If the case was adjourned for another i
week he should ba fully prepared. There was a diffi-
culty in getting the witnesses together after the COIL
lapse Of twelve years. Th
Mr. Atkinson here rose and said it was monstrous for adj
to detain the prisoner in custody on the uncorrobo- prisoner
rated testimony of the woman Smith, late Page. Inspect
The CHAIRMAN asked if Inspector Whicher was have more
sure that he could obtain important evidence if Mr. Atkii,
the case was adjourned until a future day. prisoner on 1,
Inspector Whicher answered in the affirmative. application.
The CHAIRMAN : The bench did not for a moment The CHeresite,
wish to press hard upon the prisoner, but at the Police Commissiot
same time they felt themselves bound to give this for the prosecution ,
extraordinary murder the fullest investigation. tent case, which was.
Mr. Atkinson, the counsel, then proceeded with every possible attentio,
the cross•examination of the witnesses, and elicited The other members
the fact that no blood was seen in the corn-field co cunrred, and the exam
until the body was removed. The corn had been week.
trodden down to a considerable extent round the The young man Page, wh
spot where deceased was found. There appeared to last occasion, and found the I.
have been a desperate struggle. the public to know that he was
After the testimony had been read by Mr. Clifton, to the women Smith, formerly I:
the chief clerk,
Mr. Atkinson said he had looked over the case
with care, and he felt bound to say that a mass of fi'
wontg glarket a 0 Cttg
evidence taken at the last examination was not legal, e.
and ought not to appear on the face of the depositions.
If the case should be sent to another tribunal the FRIDAY -
court would certainly object to such testimony. THE return of the Bank of England for ,
The Chief Clerk said a portion of the evidence of
ending Wednesday last, the 7th inst., she
the woman Smith, who made a confession, implicated
her own husband, William Page, who died ten years following changes compared with that for the
ago. preceding :
The principal witness, Smith, was then brought Increase in Circulation
into the court, and her evidence was read over to her, Decrease in Public Deposits 400.199
when certain parts were erased by order of the bench. Decrease in Other Deposits
By Mr. Atkinson : I was married to my first Increase in Government Securities 15,449
husband, Page, at the parish church of Havering- Increase in Other Securities 259.756
Decrease in Bullion
atte-Bower,
atte-Bower, October 20, 1847, and about nine months
afterwards I was married to Francis Smith. I never Increase in Rest 37,544 Bat
Decrease in Reserve
mentioned the fact of the murder to any one until A
Bullion in both Departments
last August. I hid the secret, and lam truly twiny. and St.
Circulation, including Bank Post
I have said that my husband's ghost followed me Bills
about. I saw him in three different cottages, and ever, that
The changes shown by this comparison are important,
my eyes were wide open. I could see him as plain owing to a.
as noon day, but I did not speak to him. My particularly in respect to the falling off in the Bullion and Exchange th
husband told me in the hospital that if I said any- the Reserve. The decline in the Reserve is, however, inasmuch as t
thing he would rise from the grave and crush me. I incidental to the period, and therefore less important impediments
most favour
have told Mrs. Woolmer that when I have been relatively than the reduction in the Bullion ; because it has remarkable firmt
taking my meals I have felt the devil tapping the been caused by the payment of public salaries for the half- elements that di,
bottom of the chair. Through his threats to me I
year, and by advances upon securities, which again have speculators, they hole
have really believed that the visitations were through frightened, even by 0
the devil from my husband. I have charged my acted upon the circulation.. But the decrease in the into placing it on the to,
husband with stealing seven sacks of potatoes. I Bullion has no such incidents. It is the natural terse- carted the Bears not a lit
know a Mrs. March and a Mrs. Palmer. I don't quence of the continental demand, and it is probabli they felt it expedient in
operations, and to buy back t
recollect telling Mrs. March that I never went into that the next return will show a continuance of the move.
liiewitt's house on the night of the murder, but I ransold. The consequence has h
ment to pre•ty nearly the same extent. The stock has two per cent. With regard to the
under an apple tree. now been diminishing for several weeks ; and unless the prevailed. The announcement u.
The witness here became much excited by the Emperor of the French at Cheri).
process is speedily arrested by the arrival of large supplies.
questions put to her by the learned counsel, and ex- • arrrivals from the 'United States, h.
claimed, "If I had committed the murder I would it can scarcely fail to produce some effect upon the value sensitive minds that our foreign rt
tell the truth ; right is right, but wrong is no matt's of money. The Bank is steadily adding by small amounts more satisfactory ; while at home evet
right." to its stock of Government Securities. The next return in Parliamovernment .t en proves that
these we have
cumst
A s,
When she liad somewhat calmed and regained her will show a large diminution in the Public Deposits by
G Under
in the Money Market has produced it.
seli4ossession the learned counsel proceeded with the the payment of the dividends.
upon Public Securities ; and from pr
cross-examination : Mrs.Allsop, my daughter, resides
The monthly debtor and creditor account of the Bank antes we only need the realization of the i.
at Brentwood, and I have visited her. I have spoken b Innteons harvest, i
and an expansion of come,
to her about the murder since the police were made of France was published in the
Moniteur this morning, and
tadence, to consolidate and extend the niprovemt
acquainted with the case. I have beeged of my altogether it is the most favourable of any that has an. opening. With confidence revived and comm,
daughter if she knew anything of the murder to tell peered in the present year. It is the first return for the tended, railway property must i norove also ;wb
me. I never told any one that my husband struck second half of the year, and it indicates generally that the severe lessons of the half-year just terminated wi,
Clarke with a fork. I have never said that I held doubt, cause proprietors tu keep a sharp check n,Jon
turning point has been reached in French commerce, thus
Clarke's head while my husband cut his throat I do judicious management.
confirming the accounts to this effect received through
not recollect saying that I tho Consols, which left off last Friday at 951, to I have tc,
had lent the V. 10s. to George Blewitt. I did not private sources. For example, the Discounts, which in the some extent been affected by the monthly settlemsa

stokers, " the drivers are specially cautioned to
slacken speed at the following places (after enume-
rating several places), when running round all sharp
curveg." Ido not consider this a sharp curve. I
know a many sharper curves than the one at Chil-

barn.
uir The inqy was then adjourned until Monday
nest at half•past ten o'clock.

THE DAGENHAM MURDER.
On Monday morning, at ten o'clock, George
lllewitt, a farm labourer, was brought up for re ea•
amination at the Court-house adjoining Ilford Gaol,
Essex, before a full bench of magistrates, charged
with being implicated in the mysterious murder of
George Clarke, a police•constable of the K division,
wbo, it will be recollected, was found in a corn field
at D;wenham on tht morning of July 3, 1816, brutally
mutilated.
Mr. Tindal Atkinson appeared as counsel for the
accused, and Mr. Rawlings, the solicitor, was present

preceding month fell off no less than 1,110,0001., have in
the present month increased 1 761,4981., and they have
now attained an aggregate of 15,740,206/. This circum-
stance, taken in conjunction with a diminution in the Pri-
vate Deposits, indicates returning activity in commerce,
and a relaxation of that distrust which has so long pr, sited
upon the trade of France. Another indication of greater

say that my husband, Ralph Page, and Blewitt
murdered the policeman. I had said that Bill told
me that Blewitt and Ned Wilcox were going to get
some corn out of the barn. Blewitt came to me one
Sunday morning, but I was afraid through her to
speak to him about the rumours that were in circula-
tion. I have told Blewitt in the presence of his eon
that when Bill died he never gave me a halfpenny,
but his brother Bill gave me a shilling. Ido not
recollect saying that if he had given me one I did not
know where the harm would have been, but I might
cost him pounds. I did not say that if it had not
been for the money I should not have done it I did
not say to Blewitt " I do not know who did it, but I
wish I did." On the night of the murder I was at
Blewitt's house. I saw present the prisoner, my
husband, and George Chalk. Ned Wilcox, to the best
of my knowledge, was not present. We all four left
the house of Blewitt and proceeded to the barn. My
husband had a loaded stick in his hand when the
policeman Clarke came up to the barn. I cannot
say, when the police-constable came up to the barn,
whether he had his cutlass extended in his hand,
but when he was being driven back tho weapon was
drawn from the scabbard. While the struggle was
going on between my husband and Clarke my
husband called out very loudly for help. George
Blewitt came out of the barn to assist him. No one,
to my knowledge, came out but the man Blewitt and
my husband. When my husband struck Clarke the
latter used his cutlass.
Other questions having been put by the learned
counsel,
The CHAIRMAN said if there was only fair ground
for adjournment he should feel bound to remand the
prisoner again.
Inspector Whicher said that he should, no doubt,
have more evidence in a week.
Mr. Atkinson asked for the liberation of the
prisoner on bail, but the magistrates refused the
application.
The CHAIRMAN said that he expected that the
Police Commissioners would have employed counsel
for the prosecu►ion to take charge of such an impor-
tant case, which was of a character that required
every possible attention.
The other members of the bench unanimously
concurred, and the examination was adjourned for a
week.
The young man Page, who was examined on the
last occasion, and found the body of Clarke, wished
the public to know that he was no relation whatever
to the women Smith, formerly Page.

for the prisoner.
The CHAIRMAN asked Inspector Whicber, of the
metropolitan detective force, whether any additional
evidence had been obtained which would throw any
light on the murder.
Inspector Whicher said, that he had received im-
portant informatico, but he was unable to produce
the witnesses. If the case was adjourned for another
weik he should ba full witnesses There was a diffi-
culty in getting the i together after the
lapse of twelve years.
Mr. Atkinson here rose and said it was monstrous
to detain the prisoner in custody on the uncorrobo-
rated testimony of the woman Smith, late Page.
The CHAIRMAN asked if Inspector Whicher was
sere that he could obtain important evidence if
the case was adjourned until a future day.
Inspector Whicher answered in the affirmative.
The CHAIRMAN : The bench did not for a moment
wish to press hard upon the prisoner, but at the
same time they felt themselves bound to give this
extraordinary murder the fullest investigation.
Mr. Atkinson, the counsel, then proceeded with
the cross-examination of the witnesses, and elicited
the fact that no blood was seen in the corn-field
until the body was removed. The corn had been
trodden down to a considerable extent round the
spot where deceased was found. There appeared to
have been a desperate struggle.
After the testimony had been read by Mr. Clifton,
the chief clerk,
Mr. Atkinson said he had looked over the case
with care, and he felt bound to say that a mass of
evidence taken at the last examination was not legal,
and ought not to appear on the face of the depositions.
If the case should be sent to another tribunai the
court would certainly object to such testimony.
The Chief Clerk said a portion of the evidence of
the woman Smith, who made a confession, implicated
her own husband, William Page, who died ten years

activity is the addition of 1,895 5761. to the circulation,
which now amounts to 25,317,5111., but this may be partly
owing to the payment of the dividends upon Rentes. The
stock of hullion now amounts to the unprecedented sum of
21,118,2791. 0r3,709,6221. more than there was in the Bank
of England on Wednesday last; with this farther fact, that
it is increasing in Paris while it is decreasing in London,

temporarily at least. The Bank has increased its advances
on railway and other securities by about a million and a

k pause, rather sudden, has taken place in the demand
for money. Last week there was a considerable Inquily
at three per cent., stimulated by the concurrence of several
heavy calls on railways and other undertakings, and by the
preparations to meet the commercial acceptances at. matu-
rity on the 4th. These simultaneous demands largely re
duped the reserves of the joint-stock banks and discount-
houses, and increased the applications at the Bank. But,
as on many previous occasions, the sensitiveness of com-
mercial men led them in numerous instances to take more

fontg glarket Cttg ]uttlitynce.

than their necessities absolutely required ; and in the
desire is make themselves perfectly safe against all con•
tiugencies, they found themselves on Monday, and for some
days during the current week, in the possessinn of larger
reserves than they could immediately employ. The market

FRIDAY EVENING.
THE return of the Bank of England for the week
ending, Wednesday last, the 7th inst., shows the
following changes compared with that for the week
preceding
Increase in Circulation
Decrease in Public Deposits 400.199
Decrease in Other Deposits
Increase in Government Securities 15,449
Increase in Other Securities 259.756
Decrease in Bullion
Increase in Rest 37,544
Decrease in Reserve
Bullion in both Departments
Circulation, including Bank Post
Bills

ago.
The principal witness, Smith, was then brought
into the court, and her evidence was read over to her,
when certain parts were erased by order of the bench.
By Mr. Atkinson : I was married to my first
husband, Page, at the parish church of Havering-
atte-Bower, October 20, 1847, and about nine months
afterwards I was married to Francis Smith. I never
mentioned the fact of the murder to any one until
last August. I hid the secret, and I am truly sorry.
I have said that my husband's ghost followed me
about. I saw him in three different cottages, and
my eyes were wide open. I could see him as plain
as noon day, but I did not speak to him. My
husband told me in the hospital that if I said any-
thing he would rise from the grave and crush me. I
have told Mrs. Woolmer that when I have been
taking my meals I have felt the devil tapping the
bottom of the chair. Through his threats to Me I
have really believed that the visitations were through
the devil from my husband. I have charged my
husband with stealing seven sacks of potatoes. I
know a Mrs. March and a Mrs. Palmer. I don't
recollect telling Mrs. March that I never went into
blewitt's house on the night of the murder, but I ran
under an apple tree.
The witness here became much excited by the
questions put to her by the learned counsel, and ex-
chumed, " If I had committed the murder I would
tell the truth ; right is right, but wrong is no man's
right."
When she Ind somewhat calmed and regained her
sell-possession the learned counsel proceeded with the
cross-examination : Mrs.Allsop, my daughter, resides
at Brentwood, and I have visited her. I have spoken
to her about the murder since the police were made
fmqqainted with the case. I have begged of my
daughter if she knew anything of the murder to tell
me. I never told anv one that my husband struck
Clarke with a fork. I have never said that I held
Clarke's head while my husband cut his throat I do
not recollect saying that I thought that my husband
had lent the V. 10s. to George Blewitt. I did not

thus obtained an-artificial appearance of ease for the time,
and rates, following the ordinary law, declined in L-nn-
bird-street, while the higher terms required at the Bank
reduced the applications there to a minimum. Yesterday
the payment of the July dividends commenced, and the
capital waiting employment was increased. But, mean-
while, the surplus obtained in anticipation of the 4th had
been absorbed; so that the inquiry yesterday, resuming
something like its natural proportions, became a little more
active, while the means of meeting it were more ample.
The market, therefore, now that it is less affected by inci•
dental circumstances, has thus become regular, and the
demand for capital is steady, at from two and a half to two
and three quarters per cent. upon the hest paper. There
is a better demand for money at this moment for legiti-
mate commercial enterprize than at any previous period
of the year, for manufacturing stocks nre generally low,
while our foreign as well as home trade is gradually
expanding. Under these circumstances, we are still of
opinion that rates are not likely to be lower than the terms
now current; and that, when the effect of the dispersion
of the dividends has passed away, they will probably
advance.

The specie movements of the week have possessed con-
siderable importance, though the amounts involved are
but of secondary interest. The withdrawals of bullion
from the Bank, which last week amounted to 150,0001.,
have continued, 201,0001. having been taken out since our
last, making a considerable aggregate in the course of the
fortnight. This amount has all been sent to the Conti-
nent; and in addition to it 180,3321. have been purchased
for the same destination in the open market as the vessels
bringing it have arrived. The continental demand is not
vet satisfied. Its continuance is exciting attention ; but
it has not yet been satisfactorily explained to what cause,
or causes, it is attributable. About 03,2541. have been sent
abroad elsewhere, principally to Brazil, in connection with
banking operations at Rio. Altogether, the total export of
the week has been 480,000/., whilst the imports have been
largely below that amount. From the United States little
or nothing has come; but there are no less than
1,110,4281. in Australian gold now at sea en route for this
country, of which fully 500,0001. are either now due or will
be in the early part of the week. Until some of this
amount reaches us, it is probable, as stated above, that the
Bank will have to meet the demand from the Continent.
A partial reaction has followed the depression in Stocks
and Shares to which attention was called last week, and
some improvement has now to be noticed. We fear, how.
ever, that as far as railway shares are concerned it is more
owing to the operations of speculators within the Stock
Exchange than to the bona-fide investments of the public,
inasmuch as the causes that we glanced at last week as
impediments to returning confidence remain unmitigated.
The most favourable feature, as regards the public, is the
remarkable firmness with which, putting aside the
elements that disturb the calculations of professed
speculators, they hold to their property, and refuse to be
frightened, even by the certainty of reduced dividends ,
into placing it on the market. This firmness has discon-
certed the Bears not a little this week ; so much so that
they felt it expedient in many cases to reverse their
operations, and to buy back that which they had previously
sold. 'l'6e consequence has been an advance of from one to
two per cent. With regard to the Funds, a better feeling has
prevailed. The announcement that the Queen will visit the
Emperor of the French at Cherbourg, and the successive
arrrivals from the 'United States, have satisfied the most
sensitive minds that our foreign relations could not be
more satisfactory ; while at home every day's experience
in Parliament proves that we have a strong and popular
Government. Under these circumstances the ease
in the Money Market has produced its natural effect
upon Public Securities; and from present appear-
ances we only need the realization of the promise of
b ointeons harvest, and an expansion of commercial con•
fidence, to consolidate and extend the improvement that is
opening. With confidence revived and commerre ex-
tended, railway property must i improve also ; while the
severe lessons of the half-year just terminated will, no
doubt, cause proprietors to keep a sharp cheek u„ion in•
judicious management.
Consols, which left off last Friday at 051, to have to
some extent been affected by the monthly settlemsn

The changes shown by this comparison are important,
particularly in respect to the falling off in the Bullion and
the Reserve. The decline in the Reserve is, however,
incidental to the period, and therefore less important
relatively than the reduction in the Bullion ; because it has
been caused by the payment of public salaries for the Ifelf-
year, and by advances upon securities, which again have
acted upon the circulation.. But the decrease in the
Bullion has no such incidents. It is the natural cotse•
quence of the continental demand, and it is probablvi
that the next return will show a continuance of the move•
ment to pre•ty nearly the same extent. The stock has
now been diminishing for several weeks ; and unless the
process is speedily arrested by the arrival of large supplies,
it can scarcely fail to produce some effect upon the value
of money. The Bank is steadily adding by small amounts
to its stock of Government Securities. The next return
will show a large diminution in the Public Deposits by
the payment of the dividends.
The monthly debtor and creditor account of the Bank
of France was published in the Moniteur this morning, and
altogether it is the most favourable of any that has ap•
peered in the present year. It is the first return for the
second half of the year, and it indicates generally that the
turning poimt has been reached in French commerce, thus
confirming the accounts to this effect received through
private sources. For example, the Discounts, which in the