The Press.
London, England, 1858-12-11 00:00:00

THE PRESS, DECEMBER 11, 1858.

1220

born Britons in the way of operatic art. Well, for•
tunately, the aura popularis was in our favour, and
so the national flag fluttered gaily in the breeze, and
many were the people who believed in our devices.
The press patted us on the back, the public flocked
to our theatre ; and thus we have traded and
thriven upon the strength of a good cause, and the
general sympathy which our professed devotion to it
created. It is our earnest desire that this state of
things should continue. That the press and public
should still believe in our promises, and not scan our
managerial acts too curiously. If, in the course of
two seasons, we have brought forward some eight or
nine foreign operas, we have at least given one new
work, The Rose of Castile, and two old ones, The
Bohemian Girl and Maritana, by native composers,
and promised a new one by an Atherican gentlemen,
whose success on the London stage would, of course,
be highly flattering and honourable to British art.
With respect to performers our acts have been
equally remarkable. Here, indeed, we have achieved
wonders. Would anybody have believed that an
operas grand national opera—could be carried on
successfully without an efficient contralto, baritone,
bass, supplementary tenor, or prima donna, or that
the public would have been satisfied with anything
less than the very best English singers in every
department which money could procure? Yet the
public has put up with ail this, so resolute were they
to uphold the cause; and to chow that we are not
ungrateful we have taken another and a more
expensive theatre; have added Mr. Weiss, our best
English bass, to the company, and intend to give
you immediately one more new opera by Mr. Balfe,
besides the long-promised work of Mr. Bristow, the
American.

If the valedictory address (supposing there
should be one) does not say these things, we
know not what it can say, unless, indeed, the
management choose to rest all their claims to
patronage upon the talent of Miss Louisa Pyne, the
efficiency of Mr. A. Mellon's band and chorus, and the
merits of the ad captandum, and by no means
"national," tunes of Messrs. Balfe and Wallace.

LI CEUM THEATRE.
M. JULLIEWS CONCERTS.

TEE highly successful season of M. Jullien's
famous promenade concerts at the above theatre is
rapidly drawing to a close. This evening a " Mozart
Night" is to ho givcu. with Miss Arabeita tioddard
and M. Wleniawski as solo instrumentalists, and
Mme. Evelina Garcia as vocalist. On Monday next
the grand annual "Bal Masque " is announced.

AN INTERESTING STORY was told by Mr. Brown,
M.P., in presiding at a conceit on Saturday evening
last., given in connection with a working men's asso-
ciation. A little girl, ten years of age, called at
his house during the Social Science week, when
Lord Brougham, Lord John Russell, and other dis-
tinguished personages were his guests. " Polly,"
for that was the girl's name, asked to see Lord John
Russell, and when she was shown into the room to
his lordship, in a modest, bi:t frank and winning
manner, she told how she had a taste for music, and
that she wished to he educated, but that her parents
were poor, and could not afford to give her that kind
of training which would best develop her musical
talent. Lord John VMS pleased with the child,
pleased with the beauty of her singing—for she sang
several songs before the great people—and ultimately
Lady Russell declared that she would most willingly
contribute towards the expense it Mr. Brown would
see that " Polly " was suitably educated. The result
was that she was now at Blackburne•house, receiving
as good an education as any gentleman's daughter
in the land; and they were glad to receive her there
without fee or reward. The music master reported
most favourably of her great aptitude for music ; and,
from the formation of her vocal organs, she bade fair
to be a famous songstress—a prima donna, perhaps,
who, by her beauty—for she was beautiful, too—and
her song, would some day win a diadem.

Voncg 41aratt anb rag tlttelligtate.

FRIDAY EVENING.
THE return of the Bank of England for the week
ending Wednesday last, the Bth inst., shows the
following changes compared with that for the week
preceding :
Decrease in Circulation 4.. .£2.74,460
Increase in Public Deposits
120,003
. 73,401
144,857
2,205
415,087
18,921,171
20,833,078

The comparatively small amount of Discount busi-
ness done by the Bank, as shown by the Private
Securities, and the increasing accumulation of gold
and unemplopid notes, will assist in explaining the
policy of the Directors, as referred to below. The
Bullion ha.; regained a very high aggregate, while
the notes in reserve are not much short of thirteen
millions. The necessity has arisen for finding em-
ployment for some portion of this vast amount of
capital. The Public Deposits are still largely in-
creasing. They are now within 150,0001. of nine
millions ! Such a state of things has not been
known for many years ; and though the circulation
is necessarily contracted in some degree by the tem-
porary absorption of heavy revenue payments, the
Money Market is not feeling any particular incon-
venience from it.

The monthly account of the Bank of France, made
up to yesterday evening, was published in the
Moniteur of this morning. Whilst showing a
decrease of 118,6341. in the aggregate of discounts,
which rather exceed 16,700,0001, there is a moderate
increase in the aggregate advances upon different
descriptions of securities, from which it may be in-
ferred that, for different purposes, there has been a
good demand for money throughout France during
the past month. At the same time the private
deposits have enlarged to 7,104,0581., being an
addition of 573,2681. compared with those given in
the previous return. The Treasury balances have
been increased by 1,070,0081., and they nw reach to
5,302,8531. The circulation has slightly declined,
being 140,1481. less; the notes, amounting to
27,493,6131., exclusive of a limited amount to order,
corresponding with our "post bills." The bullion
shows an addition of no less than 1,117,9651., the
aggregate stock being 22,174,5801. The Bullion
unitedly held by the Banks of England and France
is now 41,095,760/.

The Directors of the Bank of England took the
whole city—and we believe we may say the whole
country—by surprise yesterday by suddenly reducing
the rate of discount from three per cent., at which it
had stood since the 11th of February last, to two and
a half per cent. Nothing could have been more
unexpected than this resolution, and nothing could
exceed the excitement which for a time it produced
in Lombard-street and the Stock Exchange. Every •
body appeared to have made up their minds a fort
night back that the Bank would maintain their
minimum of three per cent., at least for ►lie rest of the
year, especially as the general demand appeared to be
gradually expanding, although the supplies certainly
did not seem to be affected by the increasing inquiry.
We ourselves, reflecting public opinion as prevailing
in some of the highest financial circles, certainly
anticipated no present reduction, but rather the con-
trary, though, as our readers will remember, about
three weeks ago we asserted in positive terms that
money would be cheaper before the end of the
year. The change has now been made, and what-
ever may be its effects or its duration, it certainly
has for the present created some degree of per-
plexity as to the immediate motives for adopting it.

There can be little doubt the Directors considered
the full bearings of the measure, both upon the
commercial interests of the country, and upon the
interests of their own proprietors. With respect to
the latter, we have seen from week to week the re-
serve of unemployed notes enlarging until they
amounted to 12,324,0101. on the Ist inst., and to
12,731,260/. on Wednesday last. At the same
time the Private Securities, representing discounts,
loans, and advances, have for some time been sta-
tionary at little more than 15,000,0001. Thus the
most profitable branch of the banking business must
have been yielding comparatively small returns, s)
that the Directors felt themselves compelled to add to
their investments of a permanent character, such as
India Bonds, the interest upon which, though fired
and definite, is not equal to average banking profits.
It is therefore very probable that a necessary regard
for the interests of their own proprietors was a lead-
ing motive in determining upon the reduction, the
more especially as, being compelled by their own
resolution to insist upon three per cent., they could
not hope to draw business from Lombard-street,
where the terms for the same class of bills were only
two and a quarter per cent., and in some cases even
lower. It may thus be rationally assumed that the
interests of the corporation required the reduction.
Of course, under such circumstances, it has not
proved very acceptable to the private discount
houses, who for some time past, and even yesterday,
have been doing a large and profitable business. The
unanticipated introduction into their domain of so
formidable a competitor can scarcely have been very
agreeable. But the main question is, what will be
the effect of the measure upon trade and commerce,
and whether it was justified by the general financial
prospects of the commercial world. We think it
was, and that, if not abused by rash speculations, it
will consolidate and strengthen the improving trade
of the country. Money is cheap upon the Continent.
Our stock of bullion is not likely to be materially
diminished, a►nd the supplies promise to keep up.

Numerous details might be given to support these
views, but considerations of space render it expe-
dient to forbear. It may be sufficient to add a hope
that the screw will be rigidly applied the moment
there are any obvious tendencies to excite a mania.
That is our only apprehension, and surely the dis.
cretion of the Bank Directors will not allow any con.
siderations whatever of private advantage to their
proprietors to prevent them from stepping in to give
a timely, and as far as possible an efficacious,
warning the moment that danger may be perceived.
The demand for money during the whole week
has been good. In Lombard-street yesterday it was
active, thus showing the unlooked-for character of
the Bank movement. To-day the Bank did a large
business at the reduced minimum ; but to Lombard-
street the demand was very quiet, though the rates
were only from 2: to f per cent.

The Bullion movements of the week have been
important. The whole of the gold ships known to
have left Melbourne up to the departure of the
latest Australian mail steamer have now arrived,
and shipments of specie from the United States have
been resumed. Altogether the receipts of gold
from all sources since our last have amounted to
711,0071. The exports have not exceeded 380,006/.,
so tar as they are known ; and about 120,0001. have
been sent into the Bank. The continental inquiry
for gold is, for the present, satisfied ; but it is
thought that further amounts may be transmitted
for a short time longer. About 4,0001. were sent
into the Bank to-day.
Business has been very dull upon the Stock
Exchange in all classes of securities ; but with a
remarkable degree of buoyancy in several descrip-
tious of railway stock, attributable in part to im-
provement in traffic, but much more to the amicable
settlement of differences and the satisfactory
revision of tariffs. The improvement thus inatt,ta-
rated was confirmed and increased by the measure
of the Bank Directors; and it is now felt, on nearly
all sides, that the prospects•of railway proprietors
are good and substantial. Political questions and
anxieties, combined with the arrangements of the
settlement, adversely affected Consols, and they
were decidedly fiat until the Bank rate was
reduced. The etfect was most important; an
immediate reaction took place, and before the end of
the day a decided advance had been established,
which was folly

Consols left off this day week at 97j to 98, including
the dividend, and the highest price up to Wednesday
was 98 to I both for money and account. On Wed-
nesday the transfer books were closed, and yesterday
the quotations were ex the dividend. They opened
at 94 to j, equal. with the dividend, to 981 ; but the
market soon became flat, and they fell to 961 to 1.
Indeed a large speculative sale had just been effected
for account at 901 when the Bank reduction was
announced. A reaction forthwith set in, to the
infinite annoyance of the Bears, and there was at
once a rally to 981 to 97, and before the final close of
business prices had advanced to 97; to This was
an advance from the lowest point of the day of i
per cent., and equal to 981, or within 275. 6d. of par.
This morning they opened at 97i to I, and eventually
closed at 94 exactly, without the dividend.

In the course of the week the Government broker
has purcha3ed about 80,00,4., principally in Reduced,
on account of the savings banks.

Foreign Stocks have generally been firm, but with-
out the slightest excitement in the market. Chihan
Loan i to f prem.

The state of the Railway Market during the week
has been already described. Its tendency is still
good, particularly for the heavy shares.
Banking Shares have been in moderate request.
Ottomans steadily maintain the late advance.
Atlantic Telegraph Shares 250 to 280. Nothing
done in them.

The Continental Exchanges have been firm all the
week, except on Vienna and Trieste.
The directors of the East Indian Railway Com-
pany have given notice that they are prepared to
receive payments in anticipation of calls up to the
31st lost. After that day the option of paying up in
fut., until notice to the contrary, is given.
It is announced that the terms of amalgamation
between the London and North-Western and the
Chester and Holyhead Railway Companies have been
definitively arranged.
The decision of Judge Longfield in the great case
respecting the Sadleir frauds was given on Monday,
and it was in favour of the London and County
Bank.
♦ second dividend of 2s. Bd. in the pound has
been declared upon the estate of Messrs. Alexander
Hintz and Co., who failed during the crisis of last
autumn.

Messrs. Hicks and Gadsden, merchants in the
American trade, have suspended with liabilities to
the amount of 50,000/. A meeting of the creditor's
of Messrs. James Davis aad Soo, wholesale boot auJ

.• •. --. • .
\
I
1220 THE PRESS, DECEMBER 11, 1858.
born Britons in the way of operatic art. Well, for- The comparatively small amount of Discount busi- Numerous details might be givaepnptlioedsutphpeomrtotmheent
mute! • the aura o laris was in our favour, and ness done by the Bank, as shown by the Private views, but considerations of space render it
t 3, P Pti
their
exile_
so the national flag fluttered gaily in the breeze, and Securities, and the increasing accumulation of gold client to forbear. It may be sufficient to add a hope
many were the people who believed in our devices. and unemployed notes, will assist in explaining the that the screw will be rigidly
The press patted us on the back, the public flocked policy of the Directors, as referred to below. The there are any obvious tendencies to excite a mania.
papningeiffinct°acious
to our theatre ; and thus we have traded and Bullion has regained a very high aggregate, while That is our only apprehension, and surely the dis.
thriven upon the strength of a good cause, and the the notes in reserve are not much short of thirteen cretion. of the Bank Directors will not allow any con.
general sympathy which our professed devotion to it millions. The necessity has arisen. for finding ens- siderations whatever of private advantage to
created. It is our earnest desire that this state of ployment for some portion of this vast amount of proprietors to prevent them from stepping give
things should continue. That the press and public capital. The Public Deposits are still largely in- a timely, and as far as
should still believe in our promises, and not scan our creasing. They are now within 150,0001. of nine warning the moment that danger may be perceived.'
managerial acts too curiously. If, in the course of millions ! Such a state of things has not been The demand for money during the whole week
two seasons, we have brought forward some eight or known for many years ; and though the circulation has been good. In Lombard-street yesterday it was
nine foreign operas, we have at least given one new is necessarily contracted in some degree by the tern- active, thus showing the unlooked-for character of
work, The Rose of Castile, and two old ones, The porary absorption of heavy revenue payments, the the Bank movement. To-day the Bank did a large
Bohemian Girl and Maritana, by native composers, Money Market is not feeling any particular intone business at the reduced minimum ; but to Lombard-
and promised a new one by an Atherican gentlemen, venience from it. street the demand was very quiet, though the rates
1 whose success on the London stage would, of course, The monthly account of the Bank of France, made were only from 2: to 1 per cent.
be highly flattering and honourable to British art. up to yesterday evening, was published in the The Bullion movements of the week have been
important.bs
ve
let.t Melbourne The whole
o o
p f thetothg paid l d
departuresl
With respect to performers our acts have been Moniteur of this morning. Whilst showing a
equally remarkable. Here, indeed, we have achieved decrease of 118,6341. in the aggregate of discounts,
wonders. Would anybody have believed that an which rather exceed 16,700,0001, there is a moderate latest Australian snail steamer have now arrived,
opera—ti grand national opera—could be carried on increase in the aggregate advances upon different and shipments of specie from the United States have
successfully without an efficient contralto, baritone, descriptions of securities, from which it may be in- been resumed. Altogether the receipts of gold
bass, supplementary tenor, or prima donna, or that ferred that, for different purposes, there has been a from all sources since our last have amounted to
the public would have been satisfied with anything good demand for money throughout France during 711,0071. The exports have not exceeded 380,0061.,
less than the very best English singers in every the past month. At the same time the private so far as they are known; and about 120,0001. have
department which money could procure? Yet the deposits have enlarged to 7,204,0581., being an been sent into the Bank. The continental inquiry
public has put up with ail this, so resolute were they addition of 573,2681. compared with those given in for gold is, for the present, satisfied ; but it is
to uphold the cause; and to chow that we are not the previous return. The Treasury balances have thought that further amounts may be transmitted
I ungrateful we have taken another and a more been increased by 1,070,0081., and they now reach to for a short time longer. About 4,0001. were sent
expensive theatre; have added Mr. Weiss, our best 5,302,853/. The circulation has slightly declined, into the Bank to-day.
English bass, to the company, and intend to give being 140,1481. less; the notes, amounting to Business has been very dull upon the Stock
you immediately one more new opera by Mr. Balfe, 27,493,6131., exclusive of a limited amount to order,
zxchange in all classes of securities ; but with a
besides the long-promised work of Mr. Bristow, the corresponding with our "post bills." The bullion remarkable degree of buoyancy in several &scrip-
American. shows an addition of no less than 1,117,9651., the cous .. ••
1 1 If the valedictory address (supposing there
should be one) does not say these things, we aggregate stock being 22,174,5801. The Bullion
unitedly held by the Banks of England and France i or tai
stock, attributable in part to im-
provement in traffic, but much more to the amicable
settlement of differences and the satisfactory
know not what it can say, unless, indeed, the is now 41,095,7601. revision of tariffs. Ths improvement thus inatun-
management choose to rest all their claims to
The Directors of the Bank of England took the rated was confirmed and increased by the measure
patronage upon the talent of Miss Louisa Pyne, the
whole city—and we believe we may say the whole of the Bank Directors; and it is now felt, on nearly
efficiency of Mr. A. Mellon's band and chorus, and the
country—by surprise yesterday by suddenly reducing all sides, that the prospectswof railway proprietors
(1 merits of the ad captandum, and by no means
"national," tunes of Messrs. Belle and Wallace. the rate of discount from three per cent., at which it are good and substantial. Political questions and
had stood since the Ilth of February last, to two and anxieties, combined with the arrangements of the
) a half per cent. Nothing could have been more settlement, adversely affected Consols, and they
LI CEUM THEATRE. unexpected than this resolution, and nothing could were decidedly flat until the Bank rate was
N. JULLIEN'S CONCERTS. exceed the excitement which for a time it produced reduced. The effect was most important; an
THE highly suer .essful season of M. Jullien's in Lombard-street and the Stock Exchange. Every • immediate reaction took place, and before the end of
body appeared to have made up their minds a fort the day a decided advance had beeu established,
famous
was folly rn...;:itiiiii.:Z .0-day.
rapidly drawing to a close. This evening a " Mozart minimum of t bree per oent., at least for the rest of the Console left off this day week at 971 to 98, including
i
Night" is to be g t.n.
v With Miss Arabella tit:indent year,
especially as the general demand appeared to be the dividend, and the highest price up to Wednesday
and M. Wleniawski as solo instrumentalists, and gradually expanding, although the supplies certainly was 98 to I- both for money and account. On Wed-
Mme. Evelina Garcia as vocalist. On Monday next did not seem to be affected by the increasing inquiry. nesday the transfer books were closed, and yesterday
the grand annual " Bal Masque "is announced. We ourselves, reflecting public opinion as prevailing the quotations were ex the dividend. They opened
in some of the highest financial circles, certainly
at 94 to i, equal. with the dividend, to 98}; but the
anticipated no present reduction, but rather the con- AN INTERESTING STORY was told by Mr. Brown market soon became flat, and they fell to 961 to 1.
, trary, though, as our readers will remember, about Indeed a large speculative sale had just been effected
M.P., in presiding at a conceit on Saturday evening three weeks ago we asserted in positive terms that for account at 901 when the Bank reduction was
I last, given in connection with a working men's asso- money would be cheaper before the end of the
elation. A little girl, ten years of age, called at year. The change has now been made, and what- announced. A reaction forthwith set in, to the
infinite annoyance of the Bears, and there was at
his house during the Social Science week, when ever may be its effects or its duration, it certainly once a rally to 961 to 97, and before the final close of
•
,
11' ' Lord Brougham, Lord John Russell, and other dig- has for the present created some degree of per-
business prices had advanced to 971 to 1. This was
tinguished personages were his guests. " Polly," plexity as to the immediate motives for adopting it. an advance from the lowest point of the day of -i
for that was the girl's name, asked to see Lord John
his lordship, in a modest, bet frank and winning There can be little doubt the Directors considered
per cent., and equal to 981, or within 275. 6d. of par.
Russell, and when she was shown into the room to
the full bearings of the measure, both upon the Phis morning they opened at 971 to 1, and eventually
commercial interests of the country, and upon the
manner, she told how she had a taste for music, and interests of their own proprietors. With respect to
that she wished to be educated, but that her parents the latter, we have seen from week to week the re-
were poor, and could not afford to give her that kind serve of unemployed notes enlarging until they
of training which would best develop her musical amounted to 12,324,0101. on the Ist inst., and to
talent. Lord John MLR pleased with the child, 12,731,2601. on Wednesday last. At s same
pleased with the beauty of her singing—for she sang time the Private Securities, representing discounts,
several songs before the great people—and ultimately loans, and advances, have for some time been eta- closed at 94 exactly, without the dividend.
In the course of the week the Government broker
has purchased about 60,00.4., principally in Reduced,
on account of the savings banks.
Foreign Stocks have generally been firm, but with
the slightest excitement in the market. Chilian
Loan I to a prem.
Lady Russell declared that she would most willingly tionary at little more than 15,000,0001. Thus the The state of the Railway Market during the week
t )
contribute towards the expense it Mr. Brown would most profitable branch of the banking business must has been already described. Its tendency is still
;
~, see that " Polly " was suitably educated. The result have been yielding comparatively small returns, s., good, particularly for the heavy shares.
I was that she was now at Blackburnehouse, receiving that the Directors felt themselves compelled to add to Banking Shares have been in moderate request.
as good an education as any gentleman's daughter their investments of a permanent character, such as Ottomans steadily maintain the late advance.
in the land; and they were glad to receive her there India Bonds, the interest upon which, though fired Atlantic Telegraph Shares 250 to 280. Nothing
without fee or reward. The music master reported and definite, is not equal to average banking profits. done in them.
most favourably of her great aptitude for music ; and, It is therefore very probable that a necessary regard
•kThe Continental Exchanges have been firm all the
from the formation of her vocal organs, she bade fair for the interests of their own proprietors was a lead-to be a famous songstress—a prima donna, perhaps, ing motive in determining upon the reduction, the week, except on Vienna and Trieste.
, who, by her beauty—for she was beautiful, too—and more especially as, being compelled by their own The directors of the East Indian Railway Cora-
;l her song, would some day win a diadem. resolution to insist upon three per cent., they could pony have given notice that they are piepared to
r
... ton 41arket ad atitg ilitelligtitte.
_
FRIDAY EvESING.
THE return of the Bank of England for the week where the terms for the same class of bills were only 31st inet. After that day the option of paying up
two and a quarter per cent., and in some cases even Pile until notice to the contrary, is given.
lower. It may thus be rationally assumed that the
interests of the corporation required the reduction.
•
Of course, under such circumstances, it has not
proved very acceptable to the private discount
ending Wednesday last, the Bth inst., shows the houses, who for some time past, and even yesterday,
4i in
It is announced that the terms of amalgamation
between the London and North-Western and the
Chester and Holyhead Railway Companies have beeu
definitively arranged.
The decision of Judge Longfield in the great case
i following changes compared with that for the week have been doing a large and profitable business. The
unanticipated introduction into their domain of respecting the Sadleir frauds was given on Monday,
so
preceding : and it was in favour of the London and County
formidable a competitor can scarcely have been very
Decrease in Circulation 4• • .£274,•160 Bank.
agreeable. But the main question is, what will be
Increase in Public Deposits
Decieass in Other Deposits
Increase in Securities
73,401 the effect of the measure upon trade and commerce,
and whether it was justified by the general financial A second dividend of 2s. 6d. in the pound bas
crisis of last
been declared upon the estate of Messrs. Alexander
Co., whofailed
Hintz and during the
I Increase in Bullion 144,857 prospects of the commercial world. We. think it alitilmn.

- r
Decrease in Other Deposita
Increase in Securities
Increase in Bullion
Increase in Rest ..
Increase in Reserve
Bullion in both Departments .. •• •
Circulation, including Bank Poet
JAW
' .
_....