The Press.
London, England, 1857-04-11 00:00:00

Obit CI r LT.

JAMES DOUGLAS, BARON DOUGLAS, died at his seat,
Bothwell Castle, upon the Clyde, on Tuesday morn-
ing. The deceased peer was born in 1787, and suc-
ceeded to the title and estates on the death of his
brother, in September, 1814. Dying childless, he is
succeeded in his estates—principally situated in
Clydesdale, and estimated to be worth about :55,000/.
per annum—by his sister, Lady Elizabeth, married
in 18:12 to the Earl of Home. This lady is the
mother of a large family, the eldest of whom is Lord
Douglas. The deceased peer was the son of the
first Baron Douglas, in whose name " The Great
Douglas Cause "—the most important legal case of
tie last century—was carried on. In connectiin
with the death of the last male heir, it, may not be
out of place to give a brief sketch of this celebrated
case. The Duke of Douglas died childless in 1761,
when the title became extinct, but the real and per-
sonal estate was claimed by his nephew, Mr. Archi-
bald Stewart, who was served nearest heir to the
duke in the same year. The assumption of the
estates led to this memorable lawsuit. Lady Jane
Douglas, sister to the last duke already mentioned,
was one of the handsomest women of her time, and
in August, 1740, being then forty-eight years of age,
she was secretly married to Mfrs•. Stewart, afterwards
Sir John Stewart, of Grandtully. They resided
abroad, principally in France, from 1740 till the end
of December, 1749. At the latter date they returned
to this country and took up their residence in Lon-
don, bringing with them two male children, of whom
they gave out that Lady Jane had been delivered in

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APRIL 11, 1857.

glom Pact ant( (Sit!! itttiligence.

FRIDAY EVENING.
THE return of the Bank of England for the week ending
the 4th inst., shows the following cuauges compared with
that for the week preceding :
Increase in Circulation
Decrease in Public Deposits
Decrease in Other Deposits
Decrease in Government Securities 44
Increase in Other Securities 107,035
Decrease in Bullion
Increase in Rest
Decrease in Reserve
Bullion iu Both Departments
Circulation, including Bank Post
Bills
This comparison shows that the Bank had no alternative
last week but to adopt some restrictive measures in order
to maintain its position against the double demand for
bullion and discount accommodation. For, though the
addition to the Private Securities is comparatively moderate,
it will be observed that they amount, according to the
present return, to no less than 21,649,7871., a greater
aggregate than has hitherto been attained since the
greatest pressure of 1850. But in estimating the nature of
the commercial demand, it must further be observed, that
the brokers and others having balanceb at the Bank with-
drew more than three quarters of a million ; so that the
draw upon the Bank from these two sources diminished
the Reserve to the enormous extent of more than 1,124,00(1.
The Directors, therefore, had no alternative but to apply
the screw. At the same time the Bullion has fallen to
9,343,7201., being by far the lowest aggregate of the year.
Altogether this return is, perhaps, no worse than was
expected from the adverse reports current yesterday ; but
it is calculated to maintain a considerable degree of
anxiety as to the possibility of a further change in the rate
of discount.

The position of the Money Market during the week has
been very peculiar. The season of pressure which we
anticipated a fortnight ago has arrived; we are now in the
midst of it, and the commercial mind is greatly unsettled
as to the kind of future which is before it. Rather un-
expectedly, and indeed after the regular hours of business,
the Bank, on Monday, gave notice that the rate for loans
on stock would be advanced from six and a half to seven
per cent., and that they would only be granted for periods
of seven days, and the next day a further restrictive
measure was adopted in limiting the discount of bills for
the regular brokers to such as have not more than one
month to run, and their advances upon those of a longer
date to a fortnight. The state of things indicated by
this policy naturally engendered a good deal of anxiety,
which immediately took the form of an anticipation that
the Directors might, at their weekly court yesterday, ad-
vance the current rate of discount from six and a half to
seven per cent. This extreme measure, however, was not
taken, and to a certain extent opinion was reassured, but
the impressions created by the two previous steps have by
no means passed away. The commercial demand for
capital is too heavy and too constant for mercantile men
not to feel extremely sensitive at a state of things which
discourages the hope of money being cheaper; but with
our own extending foreign trade, and with the claims put
forward for the creation and extension of great public
works all over Europe, no great surprise can be felt if
capital, as we expect, remains permanently dear. We see
no signs whatever of cheap money. and we would rather
not have it if it is to be accompanied by an inactive trade
awl a diminudon of public enterprise. This week the
demand has been extraordinarily active. It has been espe-
cially visible in the repayments to the Bank of advances
made upon stocks during the shutting, and in taking up
the bills at maturity at the beginning of the month. A
large amount, too, has recently been invested in foreign
railways, the supplies for which have only just been found.
In the present week, also, vast sums have been paid in
London and all the great ports for tea duties—these pay-
ments having been delayed for fully a month past, in order
to take advantage of the reduced duty which has just
come into operation. To these sources of demand must
Le added another for payments for silver imported from
the Continent. Here is a combination of causes, altoge-
ther independent of the wants of trade, quite sufficient to
explain the magnitude of the pressure which, operating
upon diminishing stocks of bullion and notes, impelled
the Bank Directors to resort to a more restrictive policy.
A little better feeling prevailed in the Money Market
yesterday, but we do not expect any solid ease for the next
week or ten days.
It is quite understood that the drain of gold was the
primary cause of the Bank advancing the rate of discount
last week. It is now understood that that drain has been
-arrested, and that 100,0001, or nearly that amount, have
been purchased by the Bank, and that further sums are
offering; but this sum is not equal to the arrivals. The
arrivals have amounted to 420,0001., nearly all from Ans.
tralia. About 130,0001. have been sent to Rio, New York,
the Peninsula, and the West Indies, leaving a fair surplus
in the market, of which a portion will be sent into the
Rank, as the purchasers for the Continent are believed to
be discouraged by the high terms of discount here. There
is, further, some reason to believe that the gold now upon
its way to this country from Australia amounts in value
to no less than 1,500,000/. It is impossible to assume
that the Bank will not obtain some portion of this vast
aggregate ; consequently it is expected that the next and
following returns will show con,iderable additions to the
stock of bullion. The Oneida, which has not yet been heard
of since she left Melbourne upon her return voyage to
Suez, has 40,0001. on board, on which insurances have
been effected at Lloyd's at the rate of twenty guineas per
cent.