The Press.
London, England, 1856-12-06 00:00:00

PERIODICAL LITERATURE.

Blackwood this month contains a more than usual
number of substantial articles. " Our Indian an-
pin)" is a curiously complete account. The nature
of the land tenure; the system of British administra-

DECEMBER 6, 18'56.

Lion; and the moral and social condition of the
Indian people, are all fully discussed. Under the
last head the nature of Thuggee, Suttee, and other
cruel and horrible Asiatic customs, are concisely
stated, and the method of their suppression de-
scribed. Very useful articles on the English eccle-
siastical courts, and the food of London ; a good
review of " Dred ;" and an average instalment of
The Athelings," are among other noticeable articles.
The " Political Lull" contains many passages from
which we wholly dissent, though the opening part of
the article is excellent. We think the writer's suspicions
of Russia are excessive, and his pointed denunciation
of a new congress sounds rather odd now it is known
that the Congress will take place.
Fraser this month contains an amusing essay on
" Popularity," but there i 3 not much thought in it.
" Sketches on the Nort,, Coast " affords, as usual, an
agreeable and spirited article. Pauli's " History of
England " is a good historical paper, written in n
clear and vigorous style. These, with a curious
antiquarian article called "The Muniment Cham-
ber at Loseley-place," are the cream of tha number.

„ .
The Dublin. contains one of the best reviews of
Dred ”we have yet seen. The character of Dred
himself is severely criticised. He should, the writer
thinks, have been more a man of action, more in the
style of Balfour of Burley. " Dred'; madness is
monotonous ; the pious are pained and the careless
wearied with Joel and Amos; the burden of Nineveh,
and the burden of Moab, sounding in our ears like
the voice of a millstone, harsh and incessant." At
the same time the great power displayed in passages
of the book is fully acknowledged. The "Fortunes
of Glencore," and a biographical sketch of " Telma,"
are also very good.
In Bentley " Professor Dunkopes Adventure at the
Bal Mabille," is the chief attraction. The story of
" The Spendthrift," which has now reached its fiftieth
chapter, exhibits signs of drawing to a close. The
'subject chosen by Monkshood this month is Cardinal
'Wiseman. It is well handled.

Tait for December is a very good number, and
maintains its character for variety. The " Lost
Faculty" contains a choice selection ot ghost stories
which will be found invaluable for all "diners-out."
"Life in the Bush" is a useful and interesting paper
on Australia, containing a curious account of the
different classes of squatters. " Tho Profit and Loss
of Insurance Companies," continued from the last,
is a peculiarly seasonable article just now, and will
be well worth the perusal of business men. Litera-
ture is represented by a nicely written article on
" Poets and Poetry," No. IV.; and, altogether, the
magazine is about as good a shilling's worth as is
often to be met with.

The Art Journal opens this month with an
address from the able and energetic editor. The
influence which this journal has for many years
past exercised on the advancement of art and art-
manufactures is referred to, and the editor is
enabled, with pardonable pride, to point to the punc-
tual fulfilment of every promise he has ever made.
The engravings from pictures in the Royal collection
have been regularly given in the numbers of this
journal, and the series will be continued during the
ensuing year. In addition, the whole of the pictures
bequeathed by 'l'urner to the nation will be engraved
in line, and published in the journal; the Man-
chester Art Exhibition will be fully reported and
illustrated ; and an illustrated tour of the Thames,
by Mr. and Mrs. S. C. Hall, will appear in future
numbers. The contents of this issue are, as usual,
diversified, the papers on art being carefully written,
and the engravings of the first style of excellence.
No periodical of our time has ever been conductel
with more spirit. Its criticism is free from acerbity,
and hence, while maintaining a perfectly independent
position, it has been enabled to conciliate the sup-
port of the great body of artists, and of the most
eminent art-manufacturers.
We have this month an excellent number• of the
Monthly Review, a magazine which bids fair to be•
come one of the leading periodicals. The reviews of
Gerald Massey and Mrs. Browning, and " Ivors," are
both very good; though both, iu our opinion, rather
too favorable. In the latter the critic differs so
pointedly from an opinion expressed by ourselves,
that we cannot pass it by without a word. He says,
" And that very fault of morbid self-examination, for
encouraging which Miss Sewell has often been
accused, is here at least pointedly condemned." Our
Own view is exactly the contrary. The question is
not what Miss Sewell may formally condemn in
words, but what she makes her most exemplary cha-
racter do. Do they not all practise this morbid
habit?

The Churchman's Magazine contains a very able
notice of " Bishop Blomfield and his Times," which
we are glad to see is to be continued. It has other
articles, interesting to the profession, as well executed.
No. 111. of the Commercial Traveller's Magazine
is sprightly and well written. " Highways and By-
ways of London," and "Where shall I get my chop?"
are articles evincing considerable powers of observa-
tion and humorous description.

THE PRESS.

poneg fflathet unb Q 1 it

FRIDAY EVENING.
TIIE return of the Bank of England for the week ending
the 29th ult. shows the following changes compared with
that for the week preceding:—

Decrease in Circulation
Increase in Public Deposits
Decrease in Other Deposits
Decrease in Securities
Increase in Bullion 513,761
Decrease in Rest 58,047
Increase in Reserve ..
Bullion iu Both Departments
Circulation, including Bank Post
Bills
The changes made in the present return, as shown by
this comparison, aro of a very important character. The
general effect of them is to strengthen the position of the
Bank, and to support the conviction tnat the most threaten-
ing aspect of the crisis has ben safely passed. The
increase in the Bullion is one of the main features in the
comparison. It brings up the aggregate amount to not
far short of ten and a half millions, but it is accompanied
by one drawback in the fact that it is not likely to increase
any further until after the next arrivals from Australia.
The addition to the Reserve is satisfactory, and it will be
observed that a very large amount of advances and dis-
counts have run off, a circumstance that helps to explain
the state of the market last week. The Bank has neither
added to nor diminished its Public Securities. The Public
Deposits are creeping up, and it is evident that the Chan.
cellor of the Exchequer will obtain money enough to
date the January dividends without requiring the tempo-
rary assistance of the Bank. On the whole the return is
one of the most satisfactory that has appeared for a long
time past.
Owing to yesterday being the well-known " fourth of the
month," when the mass of commercial acceptances are
due and have to be provided for, money has been in very
great and even excessive demand. So great were the
requirements, particularly on Tuesday and Wednesday,
that they trenched to a large extent upon the ample reserves
of Lombard•street, and led to a return of the most strin-
gent rates lately exacted. The very best paper could not
be done at one time under the bank minimum, and in
numerous cases it was exceeded. The pressure, however,
substantially passed away on Wednesday, for yesterday the
demand moderated, and rates underwent a material relaxa
tion before the close of business. The Bank, however,
mainly contributed to this result by a reduction in its
minimum from seven to six and a half per cent., without
distinction of long or short bills. So that the financial
history of the week presents some degree of variety—ex-
cessive dearness at one period, with comparative modera-
tion in price at another. To-day the inquiry has again
been active, and there is reason to fear that the re-
duction of half per cent, will not be found adequate to
mitigate the pressure that must undoubtedly arise before
the end of the month.

At the same time the policy of the Bank in reducing
only a half instead of one per cent., as was fully expected
in some quarters, cannot but be approved under existing
circumstances. The market, though approaching to a
better condition, is not yet righted ; and a sudden reduc-
tion of one per cent. whilst in this state of transition
would, we are satisfied, have led to an inflation of specula-
tive transactions, just at a time when contraction is the
true policy. It is true that discounts are cheaper in Ham-
burg, Amsterdam, Paris, Vienna, Berlin, and Frankfort,
and that the differences between their rates and ours re-
present theoretically the balance against the British mer-
chant in the conduct of his business. But more than this
is to be considered. London is the first money market in
the world. It is to all other markets what the Bank of
England is to all other banks at home—the head, and
guide, and primary regulator of all the circumstances
which govern the value of money. To make capital
suddenly cheap here at such a time as the present would
be to make all the continental speculators wild, to urge
them to prosecute their schemes with redoubled zeal,
and precipitate a catastrophe from which this country
would finally be the greatest sufferer. The true policy,
therefore, is to proceed in the way of reduction with the
utmost circumspection and only upon the largest view of
circumstances—and rather to incur a small amount
of odium now than to obtain heavy condemnation here-
after. Besides, there are substantial grounds for the opinion
that the Bank could not at present concede more in the
way of redution than a half percent. Gold is going out of the
Bank to pay for silver for India and China, while two or three
weeks must elapse before any considerable supplies can be
expected from Australia. The exchanges are such that it
is unprofitable to bring it over from the United States in
the ordinary course of trade ; while, from the bills upon
this country sent from the Continent, it appears that gold
must be sent there in discharge of our indebtedness. In
short, whatever may be the cause of it, the balance of
trade, as it is called, is at the present moment against us,
not only with the Continent, but with the United States.
The exchanges can only he turned by the maintenance of
high discounts. Considered in this light the Bank Direc-
tors, if they felt justified in making any change, were only
justified in making one of the smallest proportions. The
return given above, favorable as it is, will, we think, afford
some proof of this. Other considerations might be added to
show that a prudent course has been adopted ; but we have
no desire to be diffuse upon a policy that in our judgment is
right, and that commends itself to the approval of all the sub-
stantial interests of the country. From what we have said
it will be seen that we do not expect any further change in
the rate of discount for the remainder of the year. For
short bills it is still one-half percent. higher than it was in
October. Even that, we anticipate, must be maintained
until the first or second week in January; but by that time

'in

it is probable we shall not only have received further sup.
plies of gold, but that the exchanges will have been cor
rected, while it is tolerably certain that if some unforeseen
adversity does not occur, the dispersion of the January
dividends will give both ease and strength to the Money
Market.

Assuming that no further change is made during the
remainder of the year, we may as well recapitulate the
various rates current during the year 1858
In January the rate was six per cent. on two-months'
bills, and seven per cent. on three•months' bills.
May 22nd. The rate on three•months' hills was reduced
to six per cent.
May a. It was again reduced to five per cent on all
bills.

June 20. Further reduced to four and a half per cent.,
which was the cheapest rate during the year.
October 1. Raised to five per cent.
October 6. Again raised on two•months' bills to six per
cent., and on three•months' bills to seven per cent.
November 13. Raised on all bills to seven per cent.
December 4. Reduced on all bills to six and a half per
cent.

Being no fewer than seven different changes,—a circum-
stance that is likely to create some observation in the dis-
cussions on the Bank charter during the next session.
The specie movements of the week have been rather
important. The arrivals from South America, the Pacific,
the United States, and the Peninsula, are about 510,0001.
Of this amount fully 130,0001. has been or will be consigned
direct to France, and a considerable portion of the remainder
was in silver, which, in all probability, will not be retained
here. Altogether a balance of about 120,000/. has been
secured ; but against this must be put about 80,000!. sent
to Hamburg, Antwerp, and other places in payment
for silver bought for India and China. The packet which
left Southampton yesterday took out 798,6311. in silver
and 8,6241/. in gold for China and our Eastern dependen-
cies. The drain from India is increasing, and with a view
to stop or rather to mitigate it the East India Company
have reduced the rate of exchange. The check thus inter-
posed may be effectual to a certain extent, but we appre-
hend it will be found little more than nominal. But the
absorption of silver from the Continent may possibly be
arrested in some degree by the arrival of a large amount
from Mexico by the next packet, due at the end of the
month—an amount which but for the outbreak in Puebla
would have been in hand now. Fully 600,0001. are ex-
pected ut that time, but this estimate is subject to the
contingency of the roads to the shipping port being safe
from brigandage, and other dangers. As to supplies from
Australia, there is no reason to expect any for some weeks.

•
There is a concurrence of testimony from numerous
quarters that the position of the Bank of France has
materially improved since the publication of its last
monthly balance-sheet on the 13th ult. The bullion has
increased, it is said, fully 1,000,0004, thus bringing up the
aggregate to about 7,600,0001., and its discounts and ad-
vances have been reduced. The Bank, however, has made
no change in its rate of tlisconnt, which still remains at
six per cent., nor in the icheance of the bills which it
accepts, notwithstanding that a good deal of expectation
appears to have existed of some considerable alteration.
It is now said that some change, if not in the rate of dis-
counts, at least in the currency of the bills discounted, will
be made next Thursday, simultaneously with the publica-
tion of the next monthly balance•sheet. So far as we can
see, a change will be made with regard to bills having
seventy-five or even ninety days to run ; but an alteration
in the rate appears to us, upon the information before us,
to be improbable. A movement is in progress to induce
the Government to increase the capital of the Bank, on the
plea that the note circulation is too small to meet the re-
quirements of commerce. The Minister of Public Works,
M. Rouher, has put forward his report upon the means to
be applied to the completion of the railway network during
the year. It was estimated by some parties that the com-
panies would require as much as 20,000,0001. for this
purpose during the next twelve months, and the question
was how to raise that amount. It appears, however, that
the companies themselves put down their requirements at
12,000,0001. Either of these sums would unquestionably
disturb the French money market to no slight extent, and
a sort of compromise has been decided upon by the Minis-
ter which apparently will effect the object. The compa-
nies are empowered to borrow 214,000,000 f. or 8.560,0001.,
within the year; but how, or where; the Ministerial report
did not contain the most remote suggestion. This diffi-
culty, however, appears to have been got over withont his
help, at least openly, for we &retold that the Bank of France
has made an arrangement with the Syndicate of Bankers,
at the head of which is M. Rothschild, to take debentures
to the amount required. Of course they will issue them
to the public or not, as the state of the market may justify.
Thus the railway " difficulty " of France for 1857 has been
already judiciously surmounted, at least in prospect.
A considerable failure has occurred upon the Stock Ex-
change. The party was a dealer. He had operated in
Consols for the fall to a very great extent, and was unable
to recover. There are circumstances about the ease which
have given a good deal of dissatisfaction. We hear that
two dealers in Paris failed at the settlement this week, one
leaving differences unpaid to the extent of 225,000 f., and
the other of 162,000 f.
Consols, which left off last Friday at 941 to 4. improved
during the week, and last night they closed at 944 to j. The
December account was closed yesterday, and the last price
for it was 941 to 4. The closing price yesterday, however,
was 944 to I: and for the new account, January Bth,
954 to}. The business of the week has been marked by
a great deal of steady firmness, although transactions have
been but few. To-day there were some money purchases,
and atemporary advance took place, but it was subsequently
lost, and the last price was 951 to 4.
To-morrow (Saturday) it should be remembered that as
the Transfer Books closed this evening, Consols will be
quoted with the dividend deducted,—that is, at a reduction'

of one and a half per cent. from this day's quotations.
The closing price to-day being 954 to 4, the quotation ex.
die. would be 94 to
Exchequer Bills have been firmly held, and, notwith-
standing the demand for tuouey, the premium upon them
has advanced from 2s. to 55., at which we last quoted it,
to sa. to sa.
Railway Shares are, upon the whole, about one per cent.
better than last Friday. The market, though occasionally
irregular, has been well maintained, though business has
been restricted by an impression that these securities have
attained about their maximum value in relation to the
present price of money. French lines have received a
considerable rise, and a large demand has arisen for some
other descriptions which have the benefit of a Government
guarantee.
In the Foreign Market nothing of importance has
occurred, except a further moderate rise in the Turkish
Six per Cents.
The new Joint-stock Banks have this week regained
favour, and they have been in demand, particularly the
shares of the Bank of Egypt and Ottoman Bank. Both
have advanced to a moderate premium ; but the latter
partially lost it to-day. Unity shares, so long de-
pressed (by recent circumstances, are gradually imlrov-
ing, and the same may be said of Western of London.
The older banks have been in some request for invest.
ment, as it is stated their dividends for the current half
year will be quite equal to those of the last.
Miscellaneous and Mining Shares, though good, have
presented no features to call for special notice.
The dividend to be declared to-monow at the meeting of
the Peninsular and Oriental Steam Navigation Company is
to be at the rate of seven per cent. per annum, with a
bonus of 11. per paid up share, and 4.' per new share. A
payment will also be declared of 30s. pee share, and of 6s.
per new share, out of a balance of 49,2481. standing to the
credit of the proprietors' underwriting account.
The Trade Reports of the week are better than those of
last week. In Manchester the accounts from India and
China have given an impulse to business; but we still hear
a good deal of the necessity of reduced production in order
to set it right.