The Press.
London, England, 1858-09-18 00:00:00

THE PRESS, SEPTEMBER 18, 1858.

910

AMHITECTURE.—Upon the recommendation of the
Architectural Society of Birmingham Mr. Chamber-
lain has been appointed to the vacant chair. The
council relies on Professor Chamber'ain's Exertions ;
but however enlightened and strenuous these may be,
the co-operation of the Society of Architects will con-
tinue indispensable.
WARDEN.—The Rev. J. G. Cumming has
been appointed resident warden on the following
grounds experience of twenty years in tuition
and the management of students, more especially as
Vice• Principal of King William's College, Isle of
Man, the unvaried approbation of those with whom
he has been connected in two large educational in-
stitutions, a constant engagement in clerical duties,
and in scientific and literary pursuits. It is firmly
believed that Mr. Cumming will be powerfully in.
strumental in working out the scientific details of
your iie.titution, no less than providing a comfort-
able home wherin the students may pursue their
studies with pleasure and profit, with greater advan-
tages than young men can command who live with-
out the precincts of the college. It ought specially
to be mentioned that the Warden and the Professor
of Pastoral Theology, in order to relieve the college
from its financial difficulties, have most generously
devoted a considerable amount of the Warneforde
endowments towards its support.
THE PaisctrAL.—The earnest and untiring devo-
tion of time and talent by Mr. Sands Cox during the
last thirty years to the interests and advancement of
the college are so well known to all connected with
it, that the highest position and honour which it is
in the power of your council to confer will be deemed
only a small acknowledgment of his eminent
services. Your council entertain the most fervent
hope that under his pliticipalship the college will
(with the Divine blessing) greatly prosper, and
become, not only a seat of sound learning and
religious education, but what it has always been his
earnest endeavour and high ambition it should
become, the Queen's University for the Midland
Counties.

From the facts embodied in this report it may be
interred that at no period since the foundation of the
Queen's College have so many progressive changes
been effected in strict accordance with the com9re
hensivo spirit of its charters of incorporation. Your

council have witnessed with infinite satisfaction the

passing of the new Medical Act, a measure which
cannot fail greatly to strengthen and widen the
foundations of medical science. This result may
not be immediately apparent, but it is none the less
certain. Every measure tend;ng to encourage
learning must eventnahy powerfully enhance the
position of medical men in the social scale. Your
council will as heretofore labour unceasingly for so
desirable a consummation.
The Warden will deliver his inaugural address on
the 4th of October, when the honorary prremia will be
conferred on the students.

one 113rlitt an) 6tt2 latctligcna.

FRIDAY EVENING.
TAE return of the Bank of Engiand for the week
ending Wednesday last, the 15th inst., shows the
following changes compared with that for the week
preceding :

Increase in Circulation
Increase in Pablic Deposits
Decrease in Other Deposits
Increase in Government Securities
Decrease in Other Securities 31,418
Increase in Bullion
Increase in Rest
Increase in Reserve
Bullion in both Departments 18,848,915
Circulation, including Bank Pdst
Bills 20,913,550
It will be observed that the Public Deposits are again
largely increased. They are now at a much higher amount
than is usual at this period of the quarter. The main
feature in the comparison, however, is the enormous
addition to the stock of Bullion. It is now within a
traction of eighteen millions and three quarters, and
there is good reason to ant ici:iats that it will reach nineteen
millions in the next return. The Reserve is also
greatly enlarged, the unemnloyed notes exceeding
1.2,279,000/. Meanwhile the private securities continue
to fall off--a proof that the discount liminess of the Bank
is declining, RS it must iu the present condition of tle
Money Market.

TM; supplies of capital waiting employment are very
large, and though the trade of the country is progressively
increasing, there is still only n very moderate demand fir
money. It appeara to be s subject of some astonishment
that trade should have revived so considerably with so
little assistance from the Money Market. Certainly with
discounts at two and n half per cent.. and a desire to find
employment for capital in some quavers on even lower
terms, it dues appear extraordinary that the great extension
of production now ‘isible tiircughout the manufacturing
districts has been found practicable without enlarging the
demand fur accommodation. The feet is novel in curnmer
dial history ; but we believe the explanation of it is not very
vlitlicult. It wilt be remembered that in the hard times
that preceded the recent commercial collapse, the high

pike of discounts, and the absence of confidence, forced
upon traders of nearly all classes the adoption of the
e isli system. In most cases credits were virtually so
restricted that the mass of transactions were generally for
cash. The ordeal was excessively severe, and in many
instances greatly disastrous. But the ultimate issue has
been beneficial ; for by initiating a better system it has
rendered trade, to a great extent, independent of money-
dealers of every description. Discounts at ten and twelve
per cent., by eating up profits, were sure to induce a
violent change of some sort on the part of traders. That
change was the forced adoption of the cash system. This
fiery ordeal has purified the commercial atmosphere ; hut
in so doing it has caused a violent reaction in the Money
Market. Where trareactions ate for cash thete is no bill
circulation ; if the bill circulation diminishes there are
fewer to take to the banks and the brokers, and the
greater the competition to obtain them. 'I he extension
of the cash system, therefore, while closing transactions
—enabling buyers to go to the cheapest market and
giving sellers command over their own capital—has
gradually pieced producers in funds to sustain au exten-
sion of business. The convenience and safety of the
system has necessarily restricted discounts, for there has
been less need of them, and hence the complaints of the
difficulty of finding profitable employment for large
reserves of capital. At the present moment we see no
sympt.ans of this state of things being changed. Com-
merce itself is supplying the means of its own extension ;
and if the rates were reduced to-morrow the relation
between trade and the Money Market would not be in the
slightest degree changed. We therefore do not anticipate
any change in the value of money, though the difficulty
which the banks are finding in making profits under
present circumstances frequently give rise to rumours of
a reduction.

Gold is rapidly accumulating, as maybe seen by our
analysis of the Bank return. The actual additions made to
the stock of bullion since last Friday, up to this evening,
is no less than 615,0001. Most of this amount has been
obtained from the large supplies of last week from
Australia, added to some heavy receipts from Russia. The
exports have been unimportant. In the forthcoming week
toe probability is that further considerable amounts will
reach its, as several Australian ships are due, while the
West India mail steamer arrived to day with 1511,0001.,
and Russia may probably send 100,0001. or 200,0001. next
week. In a short time, silver may he expected to return from
China. The continental demand, except fur certain
qualities of gold, is satisfied ; so that there is nothing to
stand in the way of rapid accumulations here.
The Funds and most descriptions of stock and shares
have again been firm, and a further advance has been
established. There is still little or no speculation ; the
improvement, therefore, is mainly the result of moderate
investments. Railway shares are firmly held, though
yesterday, and again to day, there was some tendency to it
slight reaction, owing to one or two lines showing rather
unfavourable traffic receipts and the difficulty experienced
in bringing about an understanding to avoid the ruinous
effects of unrestricted competition.
Consols, which left off last Friday at 971 to 1, improved
to 971 to 1 a day or two ago, and they even touched 971.
The operation of purchasers on account of the savings-
banks has checked the tendency to improvement. To-day
they closed at 97 to 4.
Foreign Stocks have been firm, and a good deal of
business has been done in them. The New Turkish Loan
(on which 797,1251., or twenty-five per cent., is payable on
the 20th inst.) has been steady, at about 1 to 1 prem.
The old Six per Cents. have improved about 1; and gene-
rally the whole of this market has been extremely well sup-
ported.
Railway Shares maintain the improvement noticed last
week, and in some c ices there has been a further advance
of one per cent. Yesterday, the market gave way a little,
but to-day there was some reaction.
Banking Shares are all good. Ottomans maintain the late
improvement.
Atlantic Telegraph Shares have dwindled down since
our last. The highest price obtained during the week has
been 510; but yesterday they fell to 450; and to-day
to 350. The cause of the interruption in the communi-
cations has nor yet been discovered, and it is now
thought to be one that will involve a great deal of labour
and expense to rectify.
Miscellaneous Stocks and Colonial Government
Securities are all firmly held
Exchequer Bills have advanced 2s. since our last.
The Continental Exchanges are still in favour of this
country, but to-day they were rather lower.
At the half-yearly Court of Proprietors of the Bank of
England, held yesterday, a dividend was declared of four
and a half per cent. Some doubts were indicated whether
this rate can be maintained for the current half•year.
The Government have renewed the contract with the
Pacific S'eam Navigation Company of Liverpool for a fur-
ther period of six years for the conveyance each fortnight
of the British mails along the west coast of South Ame-
rica, from Panama to Valparaiso. The company have also
a contract with the Chili Government for the conveyance
of the mails of that republic between Valparaiso and Ove
island of Chilite, as well as subsidies from the several re-
publics for the conveyance of the local letters along the
whole line of coast.
Captain Hoisli has resigned the important past of
manager of the London and North-Western Railway Com-
patty, which he has occupied for eighteen years.
The estate of Messrs. Carmichael and Co., in the timber
trade of Liverpool, who lately suspended, is tit be wound
up under inspection. The liabilities are 324,0001., the
assets 220,0001. The estate of Messrs. Montgomery
and Co., Australian merchants, who stopped on the
(1111 loaf., is also to be wound up under inspection. The
dividend will be under 10a. in the pound. Messrs. Rawson
and Sons, East India and Chiba merchants, who sus-
pended on the 2nd of June, with liabilities to the amount
of 4'42,0901. and assets showing a large surplus, have au-

to paynonneed a
fu first dividend of is. in the pound. They pa
in l.
The Provincial Trade Reports are agnin of a very favnar-
ebbs character. The high prices of several descrip•
tions of raw materials have in some !rancher checked bast.
ness rather; bat the production ia still below the
consumption, anti there is no increase of stocks. Under
these cireurnstanzes manufacturers are obtaining their own
terms, though they occasionally are such as to restrict
orders to immediate wants. The iron and hardware trades
are decidedly improving. And on all sides great hopes of
advantage are felt from the opening Of China to the eater.
prize of our merchants and manufacturers.