The Press.
London, England, 1857-07-11 00:00:00

THE PAUL VERONESE.

Tne recent discussion in the House of Commons
upon the merits of this purchase by the trustees of
the National Gallery. has brought out Mr. Ruskin
in its defence. He writes 1—

During a long residence in Venice T have carefully
examined the Paul Veronese lately purchased by the
Government. When I last saw it it was simply the best
Veronese in Italy, if not in Europe (the " Marriage in
Cans," of the Louvre, is larger and more magnificent, but
not so perfect in finish), and, for my own part, I should
think no price too large for it; but, putting my own deep
reverence for the painter wholly out of the question, and
considering the matter as it will appear to most persons
at all acquainted with the real character and range of
Venetian work, I believe the market value of the picture
ought to be estimated as perhaps one-third more than
the Government have paid for it. Without doubt the
' Murillo. lately - at Paris, was much
accidental

price of the purchased
enhanced by _ competition; under ordinary
circumstances, and putting both the pictures to a fair trial
of market value, I believe the Veronese to be at least
worth double the Murillo ; in an mistiest point of view
the latter picture could not be put in any kind of com-
parison whatever with the Veronese.

BERANGER AND THE EMPRESS EUGENIE.
M. BERANGER'S critical state of health excites the
warm sympathy of all France. His door is crowded
all day by eminent authors and people of all ranks of
society, who call to make inquiries and subscribe
their names. Among other anecdotes current in
Paris is one of the Empress, who, on hearing of the
illness which placed the life of Beranger in danger,
sent M. Damas•Hinard, her private secretary, to ex•
press her sympathy for the sufferer:—
Notwithstanding his serious state, Beranger signified his
desire to receive her Majesty's secretary. Extended on a
sofa, his face pale and shrunken, his eyes half closed,
Iteranger raised his hand to take that of M. Damas•Hinard,
who told him in whose name he bad come to condole with
him on his sufferings. " Her Majesty is very good," said
Beranger, in a feeble voice. "It was very natural,"
replied M. Damas•Hinard, " that the Empress should send
to you. Yon were one of the delights of her youth, and to
her admiration for the poet are united esteem and affec-
tion for the man." While M. Dames-Hinard was speak.
ing, the countenance of Beranger brightened up, and he
said, " The Empress is very kind. She has passed nobly
through the different phases of her life, and now, in the
exalted station► in which she is placed, she gives proof of an
excellent heart. Do not fad," added Beranger, "to express
to her all my gratitude."

THE WORCESTER FESTIVAL. The principal
vocalists engaged for the forthcoming festival are
Madame Clara Novello, Miss Dolby, Miss Louisa
Vinning, Madame Weiss, Mrs. Clare Hepworth, Miss
Palmer, and Miss Gilbert; Mr. Sims Reeves, Signor
Gardoni, Mr. Montem Smith, Mr. Weiss, Mr.
Thomas, and Herr Formes. The band and chorus
will exceed 300 performers, with Mr. Dene as con•
ductor. There will be full cathedral service on
Tuesday, the first morning, with Handel's Dettinpen
Te Deum, and anthems by Mendelssohn and Dr
Elvey. On Wednesday morning, Mendelssohn's
Elijah. On Thursday, Mendelssohn's Hymn of
Praise, and selections from Costa's Eli and Handel's
Israel in Egypt. Miscellaneous concerts will be
given in the College-hall, as usual, on the evenings
of Tuesday, Wednesday, and Thursday, and on
Friday the festival will close with The Messiah.

CHINESE INFERNAL 11ACHINKS.—On Sunday, the
3rd of May, at four a.m., it being a dark rainy morn-
ing, &tremendous explosion took place exactly ahead
of the Acorn, and so close as to shake the ship all
over; immediately afterwards fragments of a very
large infernal machine floated past, and many pieces
were caught by the spars that are rigged out all
round the ship as a protection against flra•rafts. The
pinnace and cutter were sent ahead, and discovei ed
at the distance of half a mile a strong bamboo rope
attached to a pile driven into the bed of the river.
This rope was found to lead from the pile under
water to the Acorn's cable, to which it was attached
some feet under water. This must have been done
by a diver during the night, as the anchor bad
been weighed the day before. The machine which
had contained the powder was attached to rings,
by which means it would slide easily along the
rope fastened to the cable ; from each bank was a
line, also fastened to the machine, to guide it. The
banks of the river, being high, would entirely sonecal
the men employed in guiding it. Part of a fine
trigger•line was also found leading to the nearest
bank of the river. The machine bad evidently been
floated down along the bamboo rope and guided by
the lines directly ahead of the Acorn, and, had the
firing been delayed one minute, it must have ex-
ploded immediately under the bows and destroyed
the vessel. Most fortunately, however, the guard-
boat, which had returned to the ship for a fresh
crew, had just shoved off, and was pulling in the
direction of the exact point of the bank behind
which was the man guiding the machine. He must
have thought himself discovered, sad pulled the

Cant l! Par ktt anD titg nitiligence.

FRIDAY Evaxmo.
Tuz return of the Bank of England for the week ending
the 4th inst., shows the following changes compared with
that for the week preceding :

Increase in Circulation £327,424
Decrease in Public Deposits
Increase in Other Deposits
Decrease in Government Securities 1,157
Increase in Other Securities 327,315
Increase in Bullion
Increase in Rest

Decrease in Reserve
Bullion iu Both Departments
Circulation, including Bank Post
Bills
This comparison is scarcely so favourable as was expected,
seeing that the demand for money last week caused a con-
siderable addition to the private securities, and induced a
large decline in the stock of notes. The reserve, too, is
affected by the diminution in the public deposits ; and as
the dividends are now in course of payment, it will probably
show a falling off for the next week or two, though of
course the Bank will be receiving repayments of advances.
The private securities now amount to 19,315,0001. The
bullion exceeds 11,500,0001. and will be about 200,0001.
more next week, so that in this respect the position of the
Bank is very satisfactory.
The Monthly Debtor and Creditor Account of the Bank
of France, made up to yesterday, July 9, was published in
the Mooriteur of this morning; and the following are the
most important changes in the position of the establish-
ment compared with that for the preceding month :
Increase in Circulation .. £1,581,868
Increase in Public Deposits
Increase in Other Deposits
Increase in Discounts
Decrease in Bullion

Increase in Advances on Public
Securities
Decrease in Advances on Bullion .... 24,880
Increase in Advances on Railway
Securities

Premium on Gold and Silver Pur
chases
Bullion (July 9)
Circulation (July 9)
Contrary to expectation, the Bullion shows rather a con-
siderable decrease, and the demand for money has been
so active throughout France that the discounts have
enlarged beyond recent precedent; while the advances on
the security of stock and shares are about 220,0001. more
Wan last month. In these respects the present return is
not of a favourable character. The amount of commer-
cial bills under discount is no less than 23,400,0001., or
4,084,7991. more than the corresponding item in the
return of the Bank of England analysed above. The
premiums expended on the purchase of gold and silver
during the first month of the half-year are, however,
moderate, being only 5,0001. In the last half-year they
amounted to 84,6431. ; at the rate of 5,000/. per mensem
they will amount daring the current halflear to 30,0001.
only. It is, however, too soon to anticipate the figures.
The present account debits the Bank with the new capital
of 91,250,000 francs and the new reserve of 9,125,000
francs, ander the renewed charter ; and, on the other hand,
credit is taken for a reduction of 5,000,000 francs in the
amount advanced to the State.

The Money Market has increased in ease, and the
supplies have become so ample that large sums cannot be
lent on call with any certainty of obtaining more than
three per cent. The payment of the dividends and a
falling off in the demand during the last few days are the
main causes of this change in the market, stimulated, of
course, by the previous knowledge that the position of the
Bank had considerably improved. Under these circum-
stances the discount houses and joint-stock banks have
been taking bills, ordinarily, at 54 per cent., and as the
Bank from motives of expediency, which we believe to be
wholly political, arising out of apprehensions as to the
nature of the next intelligence from India, has main-
tained its rate at six per cent., they have led
the market. The Bank consequently has not been doing
much ; but if the present improvement lasts for a few
days longer, and the Indian news is of a tranquillising
character, a reduction will certainly be made next Thurs-
day to 54 per cent. Trade is not at present manifesting
any great disposition to take advantage of the existing ten-
dencies of the market. This is owing to an opinion in
some quarters that money ought to be more than d per
cent. cheaper, but much more to the caution with which
the more important branches of our export commerce is
now being conducted. The trade with Australia has been
overdone and is unreinnnerative, and that, with some other
of our dependencies, is not very encouraging : merchants
and shippers, therefore, are operating with great caution
and showing little or no speculative disposition. This
accounts for the quiet character of the commercial demand
at the present time, but any moment may see a change in
this respect, and one would certainly have occurred at
this period if the India and China difficulties had not
broken oat.

The specie imports during the week have amounted to
about 300,0001., the greater portion of which has come
from the United States. The exports have not exceeded
150,0001., including the imports on French account. The
Bank during the week has purchased about 280,0001. of

gold out of the recent arrivals, and there is now but little
in the market. Silver has declined Id. since the arrival
of the last West India steamer.

The Exchanges are steady, at little variation from the
rates of this day week.
Great dulness has prevailed in Consols all the week, the
settlement of the ace3nnt, and the Indian mutiny, with
its possible consequences, having deterred all parties from
contracting engagements; while the payment of the divi-
dends now in progress has, so far, had no effect in the way
of recovery. They have been at one price for money all
the week, namely, 921 to 1, and they closed at this yester-
day. For the new account, on the 6th of August, the
last transactions were at W2I. To-day they opened at 94
to;, and alter touching 93 left off at 921 to j.
Exchequer Bills have improved. They are now quoted
at 3s. die. to par.
In Foreign Securities the most noticeable feature in the
business of the week has been a rise in Peruvian stock,
which, however, has not maintained the highest price,
a fall of about 21. having occurred to-day. Other descrip-
tions much the same as last week.

Railway Shares have, on the whole, been fairly sup-
ported, showing a tendency to improvement, interrupted,
however, by the feelings as to India. Yesterday the
market was dull. To.day it was steady, and closed
moderately firm.
Joint-stook Bank, Mining, and Miscellaneous Shares
have been exceedingly quiet.
The basis on which the amalgamation of the Royal Mail
Company and the European and Australian Royal Mail
Company is to be carried out has been published. The capital
of the two companies is fixed at 2,000,0001. Half of this
is to be represented by 13,000 Royal Mail shares, at
661. 13a. 4d. each, fully paid up ; and the remaining half
by 9,000 European and Australian shares, at 861. 13s. 41.,
amounting to 600,0001., and unissued stock for 400.0001.
On the European and Australian shares 200,0001. has yet
to be paid, and it will be called for by four instalmen's ;
but these shares will not receive any dividend for a year,
reckoning from the Ist July, 1875. The conditions are
subject to the approval of the sharaholders of the two
companies, and also to a proviso for an extension of two
years of their existing contracts being obtained from the
Government.

The amount paid into the Treasury of the East India
Company for bills on India from the 25th June to the 7th
July, has been only 35,4751. The reduction of one per
cent. in the rate has therefore had no appreciable effect ;
and it is not improbable that another may be made before
long.

From a notice given in the House of Commons on
Wednesday by the Chancellor of the Exchequer, it appears
that the Government intend to bring in a bill for continuing
the present duties upon tea and sugar, as fixed by the act
of last session, for two years from the let of April last.

The contest between the directors of the Great Northern
Railway and the preference shareholders with respect to
the losses by the Redpath frauds is increasing in public
interest, and a strong effort will be made to defeat the
measure in the House of Lords. The proposition of the
directors was carried at a meeting of the company on
Wednesday by means of proxies, but the show of hands
was against it.

Serious differences have arisen between Mr. Rymer, the
late solicitor to the Western Bank of London, and the
board of directors. Mr. Rymer has published a letter
containing a number of allegations affecting various points
of management ; and the directors on their part intend to
call a meeting to refute them.

The bankruptcy of Mr. J. C. Mare, the shipbuilder, is
about to be superseded, the creditors having agreed to
accept 2s. 6d. in the pound in addition to the Is. 6d.
already announced.

The capital of the General Iron Screw Collier Company
is to be reduced bi. per share, or from 123,0001. to
100,0001.

William John Lawson and William Cockburn have
been found guilty, by a special jury, of conspiring to
damage the credit of the Bank of London by the publics.
tion of a series of libels in the Joint Stock Campania
Journal, and sentenced respectively to one year's imprison-
ment. The punishment is considered extremely severe;
but it is one that has given satisfaction.

The Trade Rapala of the week read favourably; but
there is no great activity. The short•time movement in
the manufacturing districts appears to be somewhat
relaxing.

BRITISH FUNDS.— Closing Mae
OFFICIAL QUOTATI
Mond., Tied
3 per Cent.Consols
Ditto for Account
per Cents Reduced
3 per Cents
Long Annuities
Bonk Stock 7 per Cent 1914 914
New 9s per Cent Annult —
Bills, 2jd. .. (June)! 3d p p 3c
I Indisßonds,(l,oool.) I —

Wsd. 77tur s . Fridag
1
9,4 92;
i 192; 92;
221 #122; I!1
92 92;
199; 92; i
:2 7.16
214 214 212;
ad Sd p,
M 4 104 id

FOREIGN FUNDS.
Per Cent., /loud. Mead. Wed. Mars. Friday.
Brazilian 5 981 101 101
Danish S 102 1 I
Dtch. (Ka 12 Gal f
e ' a
aff—T
French
Do. 4ejf •tefehfs; f a
Do. Bank Stock —l.—f. CI if.
Mexican 3 22t 22/ ' 21t
Peruvian 4l 84 831 21 831 21,921 sl
Portuguese 4 —xdi
Russian 41 98/ 981 98 vii 90i
Spanish 3 401 xd 40 ad I .
Turkish Acc.6 9611 9$ j 553