The Press.
London, England, 1856-10-25 00:00:00

OCTOBER 25, 1856.

in Worcestershire, the exertions of its promoters have been
attended with the success which I hope will attend the in•
stitution now formed in Birmingham. Ido not, however,
think it judicious or candid to excite exaggerated expecta-
tions. 1 speak in the presence of my valued and esteemed
friends, the Recorders of London and Birmingham, both of
whom, like myself, have had long experience in courts of
ustice, and I know that they will agree with me that among
the many unhappy objects brought before them for the
punishment of their sins there are, alas, to) many who, for
want of some helping hand in early life, have become
hardened and reckless, upon whom, humanly speaking, it
is not probable that the society's efforts would produce any
great effect. Upon the other hand I believe there are
many whom they might redeem, and we should not be
discouraged by the fact that there are some hardened and
unimprestionable and hopeless offenders. As well might
the captain of a stranded ship declare that, because he could
not save in his boat the whole of his crew, they should all
perish without an effort.

Before I close my observations, there is one other aspect
in which, for a few moments, I will ask permission to place
the subject before you. I wish the British public to regard
that charity which we are now advocating, not as an isolated
and separate question, but as one part—perhaps not the
most important part—of a gre•tt movement which I see
rising in this country, and which I hope, by God's blessing,
may gain strength and grow from day to day, for the eleva.
tion and improvement of the working classes. We must
not forget that, while encouraging the reformation of
offenders, there is another far greater, far more important
and glorious object—the prevention of crime. I ask the
men of Birmingham, and every assembly of my fellow-
countrymen, to press upon their fellow citizens and the
Government that there should be brought home to every
man's door a sound, wholesome, and liberal system of edu•
cation. The present moment is not the moment to dwell
upon this subject longer, but intimately connected with
both movements is the necessity of making strenuous
efforts to redeem from hopeless destruction, here and here-
after, those swarms of destitute children crowding the
streets and alleys of Birmingham and all our great towns,
and from whom we reap a harvest of crime. Another part
of the great movement is the question of reforming early,
and in time, those children who have fallen into the ways
of crime and vice. A third branch we are now met to con-
sider; a fourth has been touched upon by my excellent
friend the Recorder of Birmingham in terms so eloquent
that I cannot presume to repeat them—viz., the tempta-
tions held out to large classes in this country by public•
houses, dramshops, and heetshops, where poison both to
body and soul is distributed among the people.

The right hon. baronet, in conclusion, congratulated
the meeting on the return of peace, and observed :
As the great war in which we were engaged ig now hap-
pily nt an end, I hope such subjects as that now before us
will command more attention than they have hitherto done,
an 1 thus may we hope to see the prosperity of the country
advance, thus may we hope for the continuance of the
Divine blessing and mercy upon a civilised, enlightened,
and virtuous nation.

STRAND THEATRE.—whiIe its neighbour, the
Lyceum, supplies so excellent an original, this little
theatre offers a capital burlesque of Belphtgor. If
the dialogue is tolerably good, the acting throughout
deserves higher praise. Miss Cuthbert, as Belphegor,
takes an original view of her character, and throws
into it just sufficient delicate refinement and real
pathos to preserve the portrait, without loseing its
essentially ridiculous features. The boy Tommy,
Master Edouin, is the cleverest buy who has ap-
peared on the stage for some time past. His tricks,
his vivacity, and the thorough enjoyment with which,
without the least bashfulness, he enters into all the
fun, prophesies a good future tor him.

Du. R►E, THE ARCTIC TRAVELLER, last week
arrived at Gochabar, just as the Agricultural Society
were about to sit down to their annual dinner. Dr.
Rae asked, and was immediately granted permission
to join ; throughout the evening he made himself
particularly agreeable, and his health, as " The
Stranger," was proposed and cordially drunk. On
rising to return thanks, he said
In the the course of my life I have seen some rough days
and many pleasant ones. I have lived ten months in a
snowhouse without once warming myself at a fire; I have
had my mocassins cut off my legs with a hatchet ; I have
had to kill my own food with my own gun, and I have
been reduced to the necessity of living on bones; hut all
these things are easily fingotten when I meet such a
pleasant party as is now around me. As lam an entire
stranger to you all, and as I have received so much kind-
ness from yon, it is but fair that you should know who I
am ; my name is Rae, and you may have heard it asso-
ciated with the Franklin expedition.

THE PRESS.

ffloneg pact aittl ditg

FRIDAY EVENING.
THE retnrn of the Bank of England for the week ending
the 18th inst. shows the following &tinges compared with
that for the week preceding :

Increase in Circulation ..
Decrease in Public Deposits
Increase in Other Deposits
Decrease in Government Securities 275.009
Decrease in other Securities
Decrease in Bullion
Increase in Rest
Decrease in Reserve
Bullion in Both Departments
Circulation, including Bank Post
Bills
The changes shown in this comparison are highly im-
portant, but for the most part they are referable to the
payment of the dividends. Still there has not been a
single occasion since the great crisis in 1817 when the
reserve of notes has fallen so low as it appears to be by
the present return. It only amounts to a fraction above
2,500,0001., while the Bullion now stands at as low a
point, if not actually lower, than at any time since the
same memorable period. With the reserve of notes so
diminished, it is no wonder the Bank directors refused,
as they did this day week, to make advances even upon
Government Securities with the exceptma of Exchequer
Bills; indeed, they would have been compelled to resort
to still more stringent measures if they had not had
securities falling in to the amount of nearly 2,04,000/.
But even with this aid, and the absorption of so large
a sum out of the Reserve, the Bank was obliged to sell
stock in order, whilst paying the dividends, to maintain
its stock of notes at something like a comparati ;sly safe
amount. On the whole this return shows very clearly
the critical point at which we have arrived ; and, if the
next two returns do not indicate some great and decisive
improvement in the position of the Bank itself, inde-
pendently of the bullion it may possess, it is hardly
possible to avoid the conclusion that the rate of discount
must be raised again.
There is no real improvement in the Money Market.
Certainly the funds have risen since our last, and the pay-
ment of the October dividends, now about completed, has
disclosed a tendency on the part of the general public to
lend their money on call as well as to invest their savings
in public securities ; but the real tests of improvement
found in large reserves, and an anxiety to employ them in
good commercial discounts, have been wanting. The fact
is, there is so much uncertainty and sensitiveness about the
market, that bills, except of the most undoubted character,
are not readily taken, and where a disposition to grant dis
counts is shown it is believed to be more from a natural
desire to keep the particular connection than from confi-
dence in the future. At the same time, a satisfactory
feature in the business of the week is the fact that the
Bank has had no demand upon it for gold, except in its
ordinary and daily transactions. If it has secured no part
of the arrivals of the week, it has at least parted with none
for the Continent ; and an inference has been drawn from
this circumstance that the drain upon it from this source
is not only suspended but that it has permanently ceased.
Without adopting the latter opinion, which is open to con-
siderable doubt, we may mention that the talk has dropped
of a further increase in the rates of discount, and of an ad-
ditional issue of notes, though the figures given above will
very likely revive it, and so far there is certainly a dimi-
nution of remedial suggestions, implying that a change for
the better may be at hand. This we admit. But the
question is, is the state of the Money Market improved ?
It is not; otherwise there would be no difficulty in obtain
ing advances, and fewer complaints of the terms required.
Indeed, the improvement of our market depends, not upon
ourselves, but upon the condition of our continental neigh-
bours, particularly the French ; and certainly the prospects
in that quarter are no brighter than they were last week
We do not in this observation refer only to the Bourse, or
to the difficulties of the associated undertakings which are
mainly responsible for the existing crisis, but to the
ordinary trade of the country. The latest accounts de•
scribe it as being much embarrassed and exceedingly
sensitive, under the rigid operation of the rules which the
Bank of France has laid down with regard to advances
and discounts. In short the commercial classes of France
are now keenly smarting under the double evil of dear
money and reduced trade, to which must be added the high
prices of many articles of raw material which are limiting
the production of several of their staple manufactures.
Although, therefore, we are in a somewhat better condition
in the current week from special and incidental circum-
stances, we are far from feeling great confidence in the
future. The Bank of England shows no signs, nor,
indeed, is it possible it can, of mitigating its restric-
tive policy of refusing to advance upon Govern-
ment securities except Exchequer Bills; trade is not so
good as it was ; and we fear that a good deal of the foreign
commerce which has led to such a development of our
exports is not likely to prove very remunerative. However,
these are only indications. They are, fortunately, well
understood, consequently there is no abatement of the
prudence and caution which have been the distinguishing
few

1029

mass of business. We believe now that the Bank has few
loans oat on Government securities. On Tuesday and
Wednesday it received from the Stock Exchange and else-
where repayment of the advances made in the previous
week for seven days, and since then it has not been lend-
ing money upon stock. In a week or ten days all its loans
will have been repaid, and its opinion as to the duration of
the continental drain of gold may be infer.ed by its per-
sistence in, or relaxation of, its present policy with regard
to loans. The exchanges both on Tuesday and to-day
have been rather turning against this country.
The accounts from France yesterday stated that the
Bank of France now refuses to lend money on the secarity
of Rentes or railway shares, while she is practically limit-
ing her commercial discounts to bills not having more than
forty-five days to run. Hitherto, since the rate of discount
was raised to six per cent., the Bank has been lending, for
thirty days, forty per cent upon Rentes and twenty per
cent. upon shares, while discounts were limited to sixty
days' bills. The change is therefore one of a highly strin-
gent character, and it is a stern answer to a memorial
which a number of Parisian merchants have sent to the
directors praying them to extend their discounts to ninety
days' bills. In the meantime five-franc pieces continue to
come over here. The position of the Batik with respect to
its stock of bullion was said to be improved by the supplies
obtained flon, this market and from New York ; but the
information on this point is of no value. It Lmounts at
best but to an opinion. Probably the gold has increased—
it would be strange if it had not; hut the question is, will
the Bank be able to retain it, and how long this process is
to be continued of busing it up at a premium upon the
market price here? Since this was written we have re-
ceived a private letter from a commercial friend in Paris in
which he states that the bullion since the last monthly
debtor and creditor account has fallen off 13,000,90 X, or
520,0011., while its receipts from purchases are only
6,0:10.000f, or 250,0001. And it was added that the Bank
would be obliged to sell its Rentes in order to obtain
money.
Specie to the value of 449.'2.571. has arrived during the
week, including 212,0014., mostly in silver, from Mexico
and South America. With this exception, all the rest,
amounting to 23,1,1871., has been sent to the Continent.
The lest advices from Australia do not lead us to expect
any considerable arrivals from thence for the next two or
three months. The exchanges with the United States are
less favorable for the shipment of specie to this country ;
but French agents are understood to he still buying up
supplies for the Bank of France. The total amount of
silver sent to India by the packet which left Southampton
on Monday was 493.1111., and of Mold 8.9801.
English Securities have improved about one per cent.
since our last, solely from continued investments by the
public. Last Friday they closed at 011 to 1, and yester-
day at 921 for account. The fluctuations have been con-
siderable, equal to nearly one and a half per cent. ; but on
yesterday, and again to day, the market became more
settled, with a greater aspect of steadiness than at any pre-
vious period in the week. The dealings have been princi-
pally for money, but one or two considerable speculative
purchases were made yesterday. During the week the
Bank has been a borrower of money in the Stock Ex-
change upon the security of stock. This policy is new, or
at least unusual ; it was adopted presumably, in order to
avoid sales which would have been followed by depressing
effects. To-day Consols closed officially at 92$ to 1; but
after regular hours there was some heaviness, caused by
the receipt of lower prices from Paris, and they drooped
to Wl} to 1.

Exchequer Bills have recovered to a premium of 2s. to
ss. They are not very steady, although no particular
change has occurred in them for the last day or two.
Foreign Securities are to some extent better than this
day week, but business has been upon a very limited scale.
Turkish Six per Cents. still fluctuate with the rumours of
the day, as to the necessities of the Ottoman Government;
but yesterday they closed at 90 to being about 30s.
better than last Friday. The Guaranteed Four per Cents.
have been steadier. To-day the Six per Cents., after some
fluctuations, closed about a quarter per cent. lower than
yesterday.

Railway Shares have advanced since this day week
about two per cent.; the improvement has chiefly extended
to Midlands and some other of the heavier stocks. In the
north holders have been selling Lancashire and Yorkshire
shares to buy Midlands; the consequence has been a tem-
porary depression of the former, but it has now substan-
tially recovered. Stock is scarce, and the tendency from
this cause, independently of other considerations, has been
rather upwards. Just at the close last night there was,
however, a reactionary feeling ; andto-day there was a tall
of about a half per cent. all round, caused by anticipations
of an indifferent Bank return, and by rather an unfavorable
state of the Exchequer.
Joint-stock Bank and Miscellaneous Shares have mini-
Tested firmness this week, but business has not resumed
its former activity.
The connection of Mr. Baylis with the Unity Bank, and
also with the Unity General Life Association, has ceased.
The adjudication in bankruptcy of the Royal British
Bank has been deliberately confirmed by a solemn judg-
ment of the two Commissioners in Bankruptcy, liolroyd
and Goulburn.

Closing Prices.

pa anacsa,c alma ,ellallt/. •• autAa us, c actin I.IIC UlalillipllslJlLlK
At this announcement every one started up and gave features of the commercial enterprise of the period ; and it
BRITISH FUNDS. Closing Prices.
Dr. Rae a most enthusiastic cheer. Dr. Rae is to be hoped that though this year will not prove, under
OFFICIAL QUOTAT lONS.
showed some of the articles which had in- existing circumstances, to have been one of great profit
Mond. Tuesd. Wed. Thurs. Friday
dicated the probable fate of Sir John Frank- except to bankers and money dealers, it will have satisfied --.7 _-.7!..._;___.
the country that the financial disturbance from which we lin and his party. They consisted of a piece 3 per Cent.Consols 9ll 292if92 4 22 1 92t
are now suffering was neither caused nor aggravated by Ditto for Account 02 ii 92i a, 92} ,92 I ....1 i
of gold and two silver watches, a small anchor,
i per Cents Reduced 9l 4 914 oj. 91 191 j3lll 1
several coins, a spoon, with a crest engraved on it, Britishcapitalists.
merchants or
Money has been in active demand all the week, and we 3 per Cents l9l 9li i,21l 191 2i.1 92;
&c. Dr. Rae had been on a visit to Mr. Edward have heard of no cases in which extreme rates have not Long Annuities
Ellice, M.P., at Gleuquoich, and was on his way to been required. The Bank has had numerous applications, Hank Stock, 7 per Cent—'9ll 10 210 e 3.212 i 1. 219 212 3
Omnium
Castle Menzies. but it is rather restricting than enlarging its discount Exch. Bills, 23/4d.
-- operations, consequently Lombard-street has obtained the , India Bonds,(1,0001.) —yl 8p I p —p 6 9p
_ .