The Press.
London, England, 1854-01-21 00:00:00

THE PRESS.

the reach of many who, if they had used it with the eco
nomy and wisdom their employers exorcised, had the oppor-
tunity of raising themselves to the position of masters
themselves. (Hear, hear). Hu made no doubt but
that there were few establishments in this country
where a master had accumulated money, or gained
for himself a profit, in which the workmen, if they had
chosen to be economical, might not accumulate money.
There was, and ever would be, in this country, a deter-
mined spirit to put down tyranny. Times had been when
we had had to put down regal tyranny ; and times had been
when we had put down aristocratic tyranny ; and, if ever
the time came when we should require to put down demo-
cratic tyranny, he did not doubt but the same spirit and
disposition would be found to exist. (.lpplause.) If this
were not done the result would be, that as labour was
driven from Ireland by those who ought to have fostered
and encouraged it, so he believed capital would be driven
front this country by the arbitrary conduct of the operatives.
(Hear, hear.) He spoke from his own experience and what
had been observed by others when he said that there was a
close contest between the masters of this countryand those
of America, Germany, France, Switzerland, and many
other countries, for the possession of the market ; and
that the time was come when we must work assiduously to
maintain our present position. He had samples laid before
him last week by a gentleman most able to jadge—whose
name, if he were to mention it, would have great weight—
showing that the Americana were progressing with rapid
strides in cotton mauufactures, and that they were making
most beautiful cloth not only of the coarser description but
of fine fabric, and that there was nothing to prevent them
passing us, except that labour was a little dearer there than
here. In a few years he felt confident that we should have
a hard race with them. He knew the same thing of other
countries by his own experience. He had Leen suffering a
diminution of orders from the Continent, and he had been
told the reason why it was that continental manufacturers
were progressing to such an extent that they would be able
very soon to take several branches of his business from
him, and were already producing several articles he had
been accustomed to furnish at a cheaper rate than he could.
Hear, hear ) Now, if this were the case, not only with
domestics, but fine goods, unless we were prepared to fight
the battle with energy we should lose it. lie said this
without any unkindly feeling towards the operatives. If
they could obtain better prices for their labour they were
entitled to obtain it, but let them not, while they were
making their own bargains, endeavour to prevent their
neighbours from making one also. They had a right to
sell their own labour, but they had no right to send dema-
gogues up and down the country, endeavoming to set the
masters against the men, to create an unkindly feeling
where there should be nothing but kindness ; and at-
tempting, in fact, if they were allowed to continue these
proceedings, to upset the whole manufacturing system.
There had been other attacks upon capital, fur the ten-
dency of legislation had been in that direction. While the
operatives had been relieved from taxation on every article
of domestic consumption to make up the deficiency thus
occasioned, new burdens had been imposed upon capital in
the shape of income tax, and in other forms, all of whtch
was so much taken from the lower and middle classes to
be laid on the shoulders of the capitalists. If this system
was to go on, capital would have more than it could bear,
and would seek vent and occupation in lauds where it
had more respect. Ile had himself, as well as other gentlemen,
had application made to him to commence works out of this
country. (Hear, hoar ) He had had a very fiattenrig offer
of something of that kind, and Imbed no doubt that he could
employ his capital, if he were un-English enough to do so
—(Hear, hear)—to more advantage abroad than he could
employ it here ; but at all events, at his time of life, such
things were out of the question. He should never re-
move one single iota of capital from operation in this
country ; but he would tell the workpcople, and he would
have them consider it seriously, that, it..capital became
more unfavourable in this country by their oppression of
it, the tendency would certainly be to remove it to lands
where it could be employed to greater advantage.
Alluding afterwards to the prospect of war, Mr.
Turner remarked :

" It was a new cry in this country, and one which it was
very much to be lamented to luive raised among us.
This country, lie was sure, and the Government of this
country, had shown wonderful forbearance in endeavouring
to stave off any possibility of our being engiged in war.
Some people thought the Government had been rather
too cautious, too dilatory, in their proceedings. How that
might be he knew not, le the was quite willing to attribute
only the best motives ; for cer airily war in any form would
be a most disastrous ev, nt both for the com'ort of this
country and the comfort t f tie country in which it might
be carried on. We scarctly knew what war was in this
country, and long might it be before we had it located on
these shores! It would be disastrous whenever it took
place, for he believed we little knew, and be thought onr
opponents, if we were to have opponents, little knew, the
strength and the power which could be put forth when
England was really rowed to use the resources which she
possessed. lle hoped that, if we were drawn into that
position, we should not use our power int ffectually, but
that we should use it strongly, and that every effort would
be made for carrying on the war with vigour, so that it
might speedily end; and he hoped that, as there were
duties on the part of Government to carry on the war
vigorously and stmnaly to maintain the dignity of this
country, so he hoped that the people at large would never
begrudge the expense necessary to be incurred for that
purpose. (Hear, hear,) He was now speaking among
merchants and manufacturers, who, with their operatives,
were likely to suffer as much as anybody ; but, as this
country had carried on wars, perhaps less necessary and
less justifiable, on former occasions, with patience and
with endurance of many evils uncomplainingly, so lie hoped
that the merchants he now saw around him would not ow-

53

barrass the Government by unnecessary complaints of the
expense incurred, but !inbuilt with proper patriotism to ally
evils, any state of things, which war might bring upon
them. (Hear, hear.)"
The meeting separated with a vote of thanks to
the president.

BANK-NOTE CIRCULATION.
THE returns of circulation of the Irish and Scotch
banks for the four weeks ending the '24th of Decem-
ber, 1853, have now appeared, and give the fol-
lowing as the weekly average during the past month,
viz.:—

Average circulation of the Irish bank*
Scotch banks 4,112,7147
I,

Average circulation during past month.... 10,568,014
On comparing the above with the fixed issues of the seve-
ral batiks, the following appears to be the state of the circu-
lation :

.2
The Irish banks an above their fixed issue.... 014,73:1
The Scotch banks are above their fixed inane.. d,(h21,M17M

Total above the fixed issue 1,124,311
The amounts of gold and silver held at the head offices of
the several banks during the vast mouth have been as
follows :

Gold and silver held by the Irish banks
Scotch banks
Total 2,527,390
These statements complete the returns of the note cir-
culative► for England, Ireland, and Scotland, for the month
ending 24th December, 1S:13. When combined with the
previously-published accounts from the Hank of England.
they show the following as the comparative movement of
the circulation in the United Kingdom during the last
month of the year :

Nov. 26, Dec. 24, 1 „lams. 1 Decrease,,
1953. 1853.
X R i 1
Bank of England 21,985,961 20,910,700 .. 1,019,191
Private Banks 3,907,994 3,800,994 .. 168,000
Joint-stock Banks 3,1200470 3,055,1493 .. 04,877
Total in England 29,024,811 27,782,747 .. 1,242,008
Scotland 4,288,496 4,112,787 173,699
Ireland
United Kingdom. 199,090,521 38,348,761 .. 1,341,740

Showing a decrease of 1,242,008/. in the circulation of
notes in England, and a decrease of 1,341,7001. in the
circulation of the United Kingdom, when compared with
the month ending the 26th of November; and, as com-
pared with the month ending the 25th of December, Nrel,
a decrease of 1,214,6161. in the circulation of notes in
F:nglatid, and of 08,1071. in the circulation of the United
Kingdom.
The average stock of bullion held by the flank of Eng-
land in both departments during the month ending the
26th of December was 14,424,0401., being a decrease of
187,•!3.1/. as compared with the previous month, and a de-
crease of 5,884,184/. when compared with the same period
of the previous year, 1K52.

The stock of specie held by the scotch and Trish banks
dining the month ending the 24th of Deeember was
3,427,890/., being an increase of 72,3g3/. as compared with
the previous return, and en increase of K1ii,778/. when com•
pared with the corresponding period period in 1/01.

THE BRITISH FLEET IN THE EAST

OF EUROPE.
WnEN uttering the Black Sea, Admiral Dundas is
announced to have taken with him about half of his
naval force—namely, four line of-battle ships and
five steamers. The shirt appertaining to his squad-
ron are accordingly now distributed as follows :