The Press.
London, England, 1857-05-09 00:00:00

THE MUSICAL UNION.

THE welcome return of Mine. Clara Schumann
was the great event of the second meeting. Since
last year, this world-renowned pianiste, better known
as Clara Wieck, has lost her husband, the late Dr.
Schumann, distinguished both as a critic and com-
poser. Tho director could not have selected a finer
composition than Beethoven's famous sonata appos-
sionate in F minor, op. 57, to develop the attributes
of the queen of pianistes. Never was she in finer
play, and never was a more profound sensation
created on a large and criti?,al assembly than by her
magnificent interpretation, the more remarkable as
the sonata was played from memory. Her own
fancy and imagination, as with all performers of
genius, dictated the reading. Original thinkers do
not bind themselves by the readings of others, and
Mme. Schumann stamped the sonata with her own
seal, a soul-stirring speciality with which she is pecus;

w

464

iariy gifted. The expression she gave to the
andante was little alma of inspiration—she com-
pletely carried away the feelings of her hearers. In
the Scarlatti gleanings, originally written for the
harpsichord, Mme. Schumann vitalised antiquated
notions, requiring great command of the modern
grand pianoforte to render effective. To add to the
eclat of the morning, Ernst was in one of his finest
moments; and everybody knows what that means,
when he has to treat with an adagio of Beethoven or
Mendelsohn. In the andante of the quartet in D,
op. 44, by the latter, Ernst won earnest admiration.
Piaui being at the Manchester festival, M. Paque
was the violoncellist. Goffrie and Henry Illagrove
occupied their customary desks as second violin and
viola.

THE PRESS.

tone Ritafat 110 (Eitg `itttliigcnce.

FRIDAY EVENING.
THE return of the Bank of England for the week ending
the 2nd inst., shows the following cuanges compared with
that for the week preceding :

Increase in Circulation
Increase in Public Deposits
Increase in Other Deposits
Decrease in Government Securities 32,903
Increase in Other Securities 681,819
Increase in Bullion
Increase in Rest
Increase in Reserve
Bullion iii Both Departments
Circulation, including Bank Post
Bills
The demand for money in the week included in the
present return appears from the increase in the amount of
private securities to have been very active; for it was suffi-
ciently large to absorb all the Bank's means wising from
the public and private deposits during the period, besides
necessitating the sale of some amount of stock. The
Bullion shows only a nominal increase, and the whole
stock remains at barely above nine and a half millions ;
while the addition to the Reserve is only trifling. On the
whole, the return presents little or no peculiarity, its chief
feature being the evidence it contains of the unabated
demand for money.

Although the liabilities of the 4th were exceedingly well
met, it is very doubtful whether there were not more re-
newals this month than at any previous period of the
year. We seldom remember a time when there were
more extensive complaints of a general want of money ;
while its dearness is certainlj causing great embarrass-
ment, limiting production in some cases, destroying profits
in others, and restricting legitimate commercial enterprise.
Symptoms of impatience at this state of things are not
wanting; but the time has not yet arrived for them to
assume a specific and definite character so as to be com-
pressed into a general sentiment. It will, however, come,
and come speedily, unless the market shortly presents
fewer perplexities, and the profits of trade are retained by
those who have legitimately earned them. The pressure
this week h is been severely felt by large dealers, particu-
larly during the last day or two; but its intensity seems
not to have been generally suspected until yesterday, when
the Bank Directors not only called in their short advance.,
but refused to lead on Uovernment stock on any terms.
Previously to this resolution they granted loans for seven
days at seven per cent. Although this measure is regarded
as aimed partly at the speculators on the Stock Exchange
who carry on their operations by nseaus ri borrowed
capital, and partly at the agents concerned in bullion
operations with the Continent, its effect was far more
general, as it was, apparently, an indication both of present
difficulty and of future uncertainty. It was indeed re •
g inled as essentially a part of the process, voluntary or
otherwise, which is gradually rendering capital dearer in
this country than elsewhere, and which, if continued, must
produce effects not very pleas mt to contemplate. At, the
same time it was also considered that the measure will
tend to regulate the market by forcing the holders of stock
to take it into the market in order to obtain the means for
embarking in farther operations ; and as discounts remain
unaltered at six and a half percent.,the inference was drawn
that legitimate trade cannot be embarrassed by a special
measure for a special object. There is some Inundation
for this view ; but legitimate trade, nevertheless, regards
all such changes as barometers of the state of credit, so
that, although the immediate effect may be to regulate the
market, the measure itself is cons dered an indication that
some. degree of adversity is rot improbable. At all events,
the change caused great dissatisfaction, and the Bank
Directors are justly blamed for having made it without
notice, and at a tune when it was sere to produce great
inconvenience. Some palliation% have been suggested on
theit behalf, such as that they are not bound to make such
ntlyances at all, and that no one should depend upon ob-
taining them. No doubt. Then they should have con•
tinned these loans for a few days longer, or have made the
notification at an earlier period of the day. The explana-
tions, therefore, are not satisfactory ; and we are much
mistaken if the Batik policy in such particulars will not
be made the subject of animadversion in the coining par-
liamentary discussions upon the renewal of the charter.
The arrivals of specie this week have been tinder
200,0101. The a hole of the guild brought by the Anglegen
has at length been taken to the Hank ; but, on the other
hand, the Bank has parted with various small amounts.
The demand from the Continent has relaxed, and it seems
probable that we shall reta.n a good deal in this country.
The Continental and American Exchanges are favourable.

Mr. Gladstone's C series of 2,000,(10)1. Exchequer Bonds
were paid off today. A large proportion of them were
hell by the savings banks ; and the Government broker
to•day purchased 30,0(101. Exchequer Bills in their behalf,
sc that it appears that a portion of the amount is to be
reinvested in those securities. The purchases will, it is
stated, be resumedlito•roorrow and next week ; but many
persons think that either Consols or the New Threes will
also lts• bought.
In the early part of the week English Securities of all
descriptions were held at improving quotations ; and the
market retained much firmness until yesterday morning,
when it suddenly fell upon the movement made by the

SATURDAY,

Bank. Afterwards they partially rallied, and to•day they
fully recovered, except some rrilway stocks.

Consols, which left off last Friday at 921 for the 7th May,
finally closed fir that account yesterday at 92/. They had
been at 931 to lat one time. For the account of the 4th
June they opened yesterday at 931 to 94. and they bad
improved to 91 to 1, when the restrictive measure adopted
by the Hank was announced. The immediate effect was a
fall of a half per cent.,followed by a grave state of perplexity
as nothing of the sort was expected, and ail the dealers,
were operating for higher prices. One dealer, however, of
well known connections, was a constant seller from the
opening • but this circumstance was nut particularly
remarked until after the announcement. The lowest
price of the day was 931 to a ; but subsequently less anxiety
was felt concerning the change, and a gradual recovery
took place to 93a to 1. Tne decline established during
the day was therefore a quarter per cent. Today they
opened at 931, and closed at 91 to 1, after having been
several times at. 1/41 to 1. The settlement has passed
off well.

Railway Shares have generally shown an improving
character during the week. Certainly they did so up to
yesterday morning, but the change made by the Bank led
at once to a fall or fully five-eighths per cent., and a heavy
market, which at present does not appear likely to recover
very rapidly. Grand Trunk of Canallas have declined
four per cent. during the week, in consequence of some
unfavourable rumours with regard to the tieancia! arrange-
ments with the Government ot. Canada. French shares
have rather recovered, but the market is not yet steady.
To-day the market was unsettled, in constquence of a
large operator having sold heavily some of the principal
stocks. Caledonians, however, improved one per cent.;
and Sheffields considerably.
The Foreign Market has not changed much. Turkish
Six per Cents receded three eighths ves•er.lay morning,
but most other descriptions, th‘ugh flatter, retained pre
vious quotations.
Joint-stock Bank, Mining, and Miscellaneous Shares are
nearly all flatter than this day week.
Exchequer Bills Is. dia. to 3s. prem.
The choice of assignees of Colonel Waugh, late one of the
directors of the London and Eastern [tanking Conipany, has
been perfected in the Court of Bankruptcy. The principal
question to be considered is said to be the validity of the
secorities given to the bank for its large advances to the
bankrupt.
The London and Birmingham Iron and Hardware
Company (limited) is to be wound up in bankruptcy.

The General Wood•Cuttin:,, Company has suspended,
with liabilities to the extent of 80,0001. A dividend of 10s.
in the pound is expected.

The Western Bank of London have hell their first
meeting, Mr. Roebuck, M.P ,in the chair. The transac-
tions since the commencement and the precautions taken
to secure the proprietors and depositors gave satisfaction,
and the shares of the undertaking have, in consequence,
experienced some improvement.

The Oriental GAS Clmpany have divided Is. NI. per
share in the shape of interest. The works for lighting
Calcutta are making satisfactory progress.

The Submarine Telegraph Company have confirmed
the power givtu to their directors to sell the Hanoverian
concession to an independent company to be formed
under continental laws.

The subscription to tl,e Russian railway scheme in
London closed this week. It is believed to have been a
total failure: lint specific information on the subject cal•
not yet be obtained, fur the con tractors end their friends
ate mute as the grave in reference to it. The serip is at
a nominal premium, but no business can be done in it.
Mr. Linklater has concluded his penetrating examina•
tions of the directors of the Royal British Bank; and
the revelations now completed have been fullcoted by a
popudir demand upon the Government to prosecuie some
of the parties criminally. It is believed that an indict-
ment mig!it be so framed as to catch two if not more
of the delinquents.
The Country Trade Reports are but of an indifferent
character.

93a 11
t 41
92
931
2 a
2121

~...,
464 THE PRESS. SATURDAY.
_. . .
...—..
.
• -• k Bank. Afterwards they partially rallied, and to•da they iariy gifted. The expression she gave to the I Mnltog Biarhtt alts (lilt llitliigtntoy
andante was little short of inspiration—she com- ....z*v.** •• fully recovered, except some rrilway stocks.
pletely carried away the feelings of her hearers. In --- Consols, which left off last Friday at 021 for the 7th May,
ansntrilrethaedyopltieadd
the Scarlatti gleanings, originally written for the FRIDAY EVENING. finally closed fir that account yesterday at 9'21. They had
been at 031 to iat one time. For the account of the 4th
harpsichord, Mme. Schumann vitalised antiquated THE return of the Bank of England for the week ending
Jimunperovtellytooopientoedcyweshteenrdtafive
it
restrictiveD3 to (11n4e.
notions, requiting great command of the modern the 2nd inst shows the following coanges compared with .
•,
grand pianoforte to render effective. To add to the
that for the week preceding : by the Bank was announced. The immediate effect was a
eclat of the morning, Ernst was in one of his finest
Increase in Circulation
moments; and everybody knows what that means, Increase in Public Deposits
when he has to treat with an adagio of Beethoven or Increase in Other Deposits
Mendelssohn. In the andante of the quartet in D, Decrease in Government Securities 131,903 well known connections, was a constant seller from the
op. 44, by the latter, Ernst won earnest admiration. Increase in Other Securities 681,819 opening; but this circumstance was nut particularly
Pistil being at the Manchester festival, M. I'aque Increase in Bullion
was the violoncellist. Goffrie and Henry Illagrove Increase in Rest
occupied their customary desks as second violin and Increase in Reserve
viola. Bullion iii Both Departments
THE BEETHOVEN EVENINGS. Circulation, including Bank Post the day was therefore a quarter per cent. To-day they
Bills
Miss ARABELLA GODDARD brought the sixth and The demand for money in the week included in the several times at 041 to 1. The settlement has passed
last of her soirees to a close on Wednesday night.
off well.
present return appears from the increase in the amount of
Railway Shares have generally shown an improving
These performances have been remarkable in more
private securities to have been very active; for it was sufli- character during the week. Certainly they did so up to
than one point of view as regards art, and have as ciently large to absorb all the Batik's means at ising from yesterday morning, but the change made by the Bank led
suredly been most glorious to the artiste, who has the public and private deposits during the period, besides at once to a fail or fully five•eighths per cent., and a heavy
market, which at present does not appear likely to
recover
proved herself to be the greatest pianists this country
necessitating the sale of some amount of stock. The •
very rapidly. Grand Trunk of Camellia have declined
has ever produced. The speciality of these enter. Bullion shows only a nominal increase, and the whole four per cent. during the week, in consequence of some
tainments has been in a complete revival of the in- I stock remains at barely above nine and a half millions ; unfavourable rumours with regard to the tieancial. arrange-
ments with the Government of Canada. French shares
tense interest which was created in musical circles while the addition to the Reserve is only trifling. On the ,__
nave rather recovered, but the market is not yet steady.
some years since by the formation and progress of whole, the return presents little or no peculiarity, its chief To•day the market was unsettled, in constquence of a
the Beethoven Quartet Society, under the auspices of feature being the evidence it contains of the unabated large operator having sold heavily some of the principal
stocks. Caledonians, however, improved one per cent.;
demand for money.
the well known amateur, the late Mr. Aleager. After and Sheffields considerably.
Although the liabilities of the 4th were exceedingly well
his death the society, after a vain struggle on the The Foreign Market has not changed much. Turkish
met, it is very doubtful whether there were not more re- —•
part of M. Rousselot to prolong its existence, soonet: per Cents receded three eighths ves•er.lay morning,
ceased to exist, and then the later works and post-
newels this month titan at any previous period of the but most other descriptions, th‘ugh pre
humour productions of Beethoven were only heard flatter, retained
year. We seldom remember a time when there were vious quotations.
at rare intervals; but eventual] in more senses than more extensive complaints of a general want of money ; Joint-stock Bank, Mining, and Miscellaneous Shares are
y ,
while its dearness is certainl, causing great embarrass-
nearly all flatter than this day week.
one, Miss Arabella Goddard had the courage to Exchequer Bills Is. dia. to 3s. prem.
merit, limiting production in s ime cases, destroying profits
attack the grand sonata in B flat, op. 100, with a
in others, and
restricting legitimate commercial enterprise.
The choice of assignees of Colonel Waugh, late one of the
E
directors of the London and astern [tanking Conipany, has
tremendous " fuga a tee voci con alcune licenzie," impatience
Symptoms of at this state of things are notbeen perfected in the Court of Bankruptcy. The principal
to borrow Beethoven's designation. This per- wanting; but the time has not yet arrived for them to question to be considered is said to be the validity of the
formance will not easily be forgotten. It was given assume a specific and definite character so as to be cont• securities given to the bank for its large advances to the
without a book by the juvenile player, anti she earned pressed into a general sentiment. It will, however, come, bankrupt.
the highly honourable sobriquet from some entliu and come speedily, unless the market shortly presents The London and Birmingham Iron anti Hardware
company (limited ) is to be wound up in bankruptcy.
siastic amateur of the Key of the Sonata. It was fewer perplexities, and the profits of trade are retained by
The General Wood•Cuttine Company has suspended,
those who have legitimately earned them. The pressure
prt bably this triumph which suggested the present with liabilities to the extent of 80,0001. A dividend of 10s.
Beethoven soirees, at which Miss A. Goddard has this week his been severely felt by large dealers, particu• in the pound is expected.
taken in turn those sonatas numbered as Op. 101, larly during the last day or two; but its intensity seems The Western Bank of London have held their first
106, 109, 110, and 111, marvellous elaborations, not to have been generally suspected until yesterday, when meeting, Mr. Roebuck, M.P ,in the chair. The transac-
exacting executents of totally exceptional gifts and the Bank Directors not only called in their short advance=, lions since the commencement and the precautions taken
abilities to render; and it has been by the trium- but refused to lend on Government stock on any terms. to secure the proprietors and depositors gave satisfaction,
pliant interpretation of these works that a complete Previously to this resolution they granted loans for seven and the shares of the undertaking have, in consequence,
impetus has been given to the Beethoven contro• days at seven per cent. Although this measure is regarded experienced some improvement.
versy. Art gains by such discussion, and it is a as turned partly at the speculators on the Stock Exchange The Oriental Gas Cempany have divided Is. 61 per
proud distinction for a young English pianists: to who carry on their operations by meatus ef borrowed shore in the shape of interest. The works for lighting
have provoked the agitation of the question how far capital, and partly at the agents concerned in bullion Calcutta are making satisfactory progress.
the imaginings at the close of the Beethoven works operations with the Continent, its effect was far more The Submarine Telegraph Company have confirmed
general, as it was, apparently, an indication both of present the power girt u to their directors to sell the Hanoverian
are to be accepted as the commencement of a new era difficulty and of future uncertainty. It was indeed re • concession to an independent company to be formed
in musical writings. It is all very well for the girded as essentially a part of the process, voluntary or under continental laws.
inferior order of pianoforte players to pronounce the otherwise, which is gradually rendering capital dearer in
last sonatas of Beethoven as impracticable arid this country than elsewhere, and which, if continued, must The subscription to the Russian railway scheme in
abstruse ; but such assertions arise mainly from in- produce effects not very pleas mt to contemplate. London closed this week. lt is believed to hare been aplate. At the total failure • hut specific information on the subject cale
capacity or from a want of energy to overcome the same time it was also considered that the measure will
h ' ed, fur the contractors and their friends
.
mechanical not yet be o tam intricacies of the works. The Beethoven tend to regulate the trarket by forcing the holders of stock are mute as the in reference to it. The scrip is at
Qiiartet Society proved that clear and intelligible to take it into the market in order to obtain the means for. grave
a nominal premium, but no business can be done in it.
interpretations of the posthumous compositions could embarking in farther operations ;and as discounts remain
be effected and Miss A. Goddard has been equally
unaltered at six and a half percent.,the inference was drawn . Mr. Linklater has concluded his penetrating examine.
; that legitimate trade cannot be embarrassed by a special bons of the directors of the Royal British Bank ; and
successful in demonstrating that the sonatas are as measure for a special object. There is some inundation the revelations now completed have been followed by a
" plain as a pikestaff," and that those who " run may for this view ; but legitimate trade, nevertheless, regards Popular demand upon the Government to prosecute some
read," if they will take the trouble to listen to her all such changes as barometers of the stale of credit, sit of the parties criminally. It is believed that an indict-
magnificent development of the composer's inten- that, although the immediate effect may be to regulate the meat might be so trained as to catch two if not more
tions. As an intellectual player the Beethoven market, the measure itself is cons dered an indication that of the delinquents.
soirees have unquestionably placed Miss Goddard sonic degree of adversity is rot improbable. At all events, The Country Trade Reports are but of an indifferent
oil tile lightest pinnacle of executive skill ; an,l it is the change caused great dissatisfaction, and the Bank character.
not on the ground, therefore, of her mastery of the Directors are justly blamed for having made it without
minutest el.e.ttils that we pin our faith on her future, notice, and at a tune when it was sere to produce great BANK OF ENGLAND.
iiiiconvetlience.
archSomeh ptallliations have been suggested on An Account, pursuant to the Act 7th slid Nth Victoria, Cap. 34
astounding as was the ease with which every in-
t try arenot bound to make such for the week ending on Saturday, the 2nd day or May, 185..
tricacy was vanquished —really the most difficult tit" behalf, as that
winces at all, and that no one should depend upon ole ImaGa oeratirmeer
feats seemed like child's play to her—but it is on the tenting them. No doubt. Then they should have con• sotea issued .... e 23,320,593 Government Debt A 11,015,110
sentiment which site evinced in the slow movement. tinned these loans for a few days longer, or have made the Other securities .. 3,159.!.0)
I
The composer marks this, " Adagio sostenuto, notification at an earlier period of the day. The exp amp Gold Com& Bullion 8 844 :95Silver Bullion ....
appassionata e con moito sentimento." Now, this tions, therefore, are not satisfactory; and we are much --
was completely realised. The gloom and despon• mistaken if the Bank policy in such particulars will not /23 329,395 128,322,595
dency which the musician so vividly present-4 in this be made the subject of animadversion in the coming par- NANKIN° GF:PARTKINT.
adagio were most poetically brought out, displaying liamentary discussions upon the renewal of the charter. eroprietorreCapitatele,3s:eneo, Government Seca
deal.
-
• indeed an amount of profound feeling which on no The arrivals of specie this week have been tinder Public Deposit:ls 5.890,1, ,0 , Dealt eight An.) 411 800 223
firmer occasion had we conceived Miss Goddard to 200,0101. The whole of the gold brought by the Anglegen utter Deposits ,. 9,491,214 ? Other Securities .. 18 410 823
be imbued with. After the ovation so justly be- has at length been taken to the Hank ; but, on the other seven Day A other j Notes 3,553 30
Bills
bend, the Bank has parted with various small amounts.
stowed on her at the close of the B fiat sonata, it ___. _
lite demand front the Continent has relaxed, and it seems would be useless to dwell on her execution of those ' 233984,841 I II 433,965,C13
probable that we shall reta.n a good deal in this country.
curious thirty two variations on the theme in C ;Continental • Including Exchequer, commissioners of National Debt,
rite and American Exchanges are favourable. Sa rings' Batiks, and Dividend Accounts.
minor, which run on in such an extraordinary manner, Mr. Gladstone's C series of 2,000,000/. Exchequer Bonds
nor on her share in Mozart's sonata in A, in which were paid off to-day. A large proportion of them were BRITISH FUNDS. Closing Prices.
she had a clever violin coadjutor in M. Carrodus. held by the savings banks; and the Government broker
The vocal selections call for an emphatic protest today purchased 300001. Exchequer Bills in their behalf, OFFICIAL QUOTATIONS.
Mond. Tuesd. Wed. Thurs. Friday.
against such utter apathy as that exhibited by Miss 8C that it appears that a portion of the amount is to be
_....._. I.—.
I4v;celles in Gluck's impassioned "Cite faro senza reinvested in those securities. The purchases will, it is 3 per Cent.Consols .... 921 931 1 931 / 1931: 1' 031 II
Euridice," and such want of preparation as that dig- stated, be resumedleernorrow and next week; but many Ditto for Account
played by Mr. Charles Braltam in Mendelssohn's persons think that either Consols or the New Threes will t per Cents lteduced
i per Cents
also be bought.
song, " the Garland," Ore setting of the words to Long Annuities -10 4 748 :2 7-18/ 2 7-16 2 t
In the early part of the week English Securities of all i •
which in Hursley's masterly glee, "In Celia's task sunu. 7 per cent 2l2t a 111 8 413 413 11 412/
descriptions were held at improving quotations ; and the New 2) per Cent Annuit 177
- Arbour," we take leave to prefer to the German market retained much firmness until yesterday morning, Exeb. Bills, 2iti... (June)! SAI 24 6 Id I 4d 1 4d
2elllloll. when it suddenly fell upon the movement made by the IndiaDonds,(l,oool.) 1 lug 44 44 ) d
•