The Northern Daily Times.
Liverpool, Merseyside, England, 1856-04-11 00:00:00

EVENING EDITION

ar An Evening Edition of the NORTHERN DAILY
TIMES is now Published every Afternoon, at Three o'clock,
containing the Markets, together with all the News of the
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e Fitt stn (giattl

FRIG

APRIL 11, 1856

THE mercantile community are deeply indebted
INTOUN, for his able and lucid
cal operation of the Bank
it difficulty in deal-

to the Earl of I

exposition of the pm(
Charter Act of 14-14.

The gr
rd cur

Nicy, is to avoid
theoretical speculations, and to select those facts
which bring the defects of past legislation home
to the public at large in an intelligible shape.
This Lord EGLINTOIIN did in the House of Lords
Monday last. The noble lord commenced by
g, that the present Bank Charter Act was
I in 1844, for ten years, after which time
it was liable to be terminated on the expiration of
tice, and that the Bank of England

ing with banking a

statin

establishe

one year

y be said to be now waiting for
a new charter ; but that ho believed few persons
would desire to see the act renewed, without the

might consequen

subject's undergoing " a most searching investiga-
-4 tion." Here we have the very cogent reason which

has induced the Bank to suffer their charter to
remain so long in abeyance. They enjoy, it is
true, all the privileges and profits of the Act of
1844, still they do so only on sufferance. The
Legislature dreads to undertake the renewal of a
measure so generally denounced; and the Bank
Directors are fearful of the consequences of
agitating a question, in which they know they
would be opposed by nearly every merchant and
trader in the country. This is saying little for
the strength or consistency of the Government,
whose duty it is to see that those institutions,
whose existence is closely interwoven with the
material interests of society, are preserved intact,
or for the perfection of a law which, we are told,
few persons would desire to see renewed, without
undergoing a most searching investigation.

This country is now probably on the eve of a
career of considerable commercial enterprise, as
Lord EGLINTOUN observed; and it therefore be-
comes necessary for mercantile men to consider
well the actual conditions on which they engage
in any large increase of trade. Banking discounts
stand first on the list of conditions to be taken
into account in such cases ; and what are we told
by the House of Lords on this vitally important
Why, that "during the last eleven years

point

" forty fluctuations of interest had taken place,
" varying from 2 to 7,8, and 9 per cent.; whereas
" in previous years the fluctuations were few and
" trifling. These fluctuations appeared to be on
" the increase, for during the last four years they

had amounted to eighteen, and during the last

" year to eight." Now, these fluctuations take
place in obedience to the movements of gold—a
commodity over which we have no more control than
we have over the cotton, sugar, coffee, or tobacco
crops of other countries. And when the precious
metal does leave us, the Governor of the Bank of
England stated, in 1844, that " the means of get..
`• ting back the gold is by making money dear,
" and causing a fall generally in the price of comm.
" dities, which will bring back gold, and prices will
",fall in consequence of the increased value of money:'
With such a system as this in operation, it is quite
impossible for any man in trade to guard against
loss.

The Bank Directors are told that they are to
act simply as bankers, and are not to consider the
changes which may take place in taxation or the
general condition of the nation. And since these
individuals show that they have not been losers by
the fluctuations which have taken place within the
last year, why should they care whether the means
taken to get back gold should cause " a fall generally
in the price of commodities ?" It matters not to
them how much the manufactures and other pro-
ducts of the country are depreciated in value in the
foreign markets where gold is to be obtained, so
long as they can raise their rates of discount to 6,
Y, and 8 per cent. By regulating the amount of
circulation the public shall have, they can compel
those requiring banking accommodation to go to
them and pay the high rates they demand, while
they are at the same time depreciating the bor-
rower's goods in value ! This may occur forty
times in eleven years, or eight times in one short
twelve months ! These fluctuations, Lord EGLIN-
TOUN told the House of Peers, have increased very
remarkably within the last few years. And it is
strange that, with the " fall generally in the price
of commodities" which must attend every advance
in the Bank's rate of discount, the dividends
increase. It would appear, in fact, from
the Bank's having recently divided ten per
cent. among their stock-holders, that the more
frequent the general fall in prices of commodities
the better it is for the monopolists of Thread.
needle-street. It seems as if they had, under the
operation of the Bank Charter Act, of 1844, a direct
interest in depressing the fair and natural price
of all those products on which the industry and
capital of the realm is expended.
The Ministry who would shrink from an investi-
gation of such a system is, what ?—as Lord DERBY
asked on Monday. Lord EGLINTOUN has proved
that the Act of 184.4 has been eight times within a
year of war opposed to the commercial and indus-
trial interests of the country, and " Bearing " the
prices of all commodities totally irrespective of
supply and demand—and what is still worse, in a
season when the burdens of taxation were nearly
doubled, as compared with the eleven years in
which only forty fluctuations took place. In
1855, the Bank of England Directors altered
their rates of discount eight times, knowing fully
well that by lowering the price of money they
advanced the prices of all commercial commodities,
and that they would be depressed by raising the
rates of discount ! Such a piece of machinery as
this was never before suffered to exist in any
civilised, to say nothing of a trading country.
The mercantile and industrial classes are, how-
ever, not the only victims of the pernicious act in
question. It places the fund•holders and public
annuitants generally, in a most hazardous position.
Lord
,:TaLinToux reminds us that Mr. HORSEY
PALMER, when speaking of the panic of 1847,
stated that, " if the Bank of England had
" attempted to relieve itself by a sale of
" Consols, the price of those securities would have
" gone down to 60." Where would have been the
annuitant interest then ? and what would have
become of the convertibility of the 14,000,0001. of
notes issued by the Bank on Government Stocks ?

The baseless fabric of that enchanting vision—
convertibility—would have passed away, leaving not
a wreck behind, if the Bank had done that which
it should always be able to resort to for safety.
We say, then, that there is imminent danger in
leaving the country exposed to the recognised and
generally admitted impracticability of our present
banking laws. The remedy, Lord EGLINTOUN
suggests, for the existing incongruities, is a return
of One Pound Notes, to be issued as legal tender,
to increase the note circulation, now based on
Government Stock, to 18,000,009/. or 20,000,0001.,
the adoption of a minimum rate of interest, and to
add to the present Board of Directors a Governor
and two Sub-governors, to be appointed by the
Crown, with a view of assimilating the Bank of
England to that of France, on the simple ground
that, as within the last four years we must have
had twenty changes in the rates of discount, the
Bank of France has only made two ! One and all of
these proposals would probably be gladly received
by the public—but where should we be at the end
of a year or two hence ? Gold would still be the
basis of our circulation. When it was called for by
other countries in the ordinary course of exchange,
the Bank, though limited to a minimum rate of
interest, would, nevertheless, be left to employ
those means of getting back gold, which would
cause " a fall generally in the price of commodi-
ties." A minimum rate of interest is not what is
wanted in commerce, but a fair commercial
maximum, with a stringent enactment against
usury. Give the country these two safeguards
against the forced depreciation of its products,
and we shall have fewer fluctuations, and lower
banking dividends, all of which are matters, the
Ministry may rest assured, which cannot be
" tided over," as Lnrd DERBY told the Duke of
ARGYLL in Monday's debate.

TIE NORTHERN TIMES.-LIVRRPOOL, PRIDAY, APRIL 11, 181$6

MONETARY AND COMMERCIAL,

LIVERPOOL, THURSDAY EVENING.
There has been a very great activity in the
Liverpool Cotton Market to-day and a most
extensive business has been done at full prices,
the sales reaching 22,000 bales, of which 15,000
have been taken by the trade.

The Liverpool Share Market opened firm at
the closing prices of yesterday, and continued
steady for the greater part of the day, but closed a
shade easier :—Aberdeen, 13k 14. Chester and Bir-
kenhead. 16 161. Caledonian, 301 xd 308. Chester
and Holyhead, 168 164. Eastern Counties, 104
10$. East Lancashire, 191 191. Great Northern,
23k 231 Ditto A, 94 101. Great Western,
641 651. Lancashire and Yorkshire Stock,
881- 89. Liverpool, Crosby, and Southport,
161 161. London and North Western
Stock, 100,-, 1012, Manchester, Sheffield, and
Lincoln, 288 29. Ditto Pref., Hz- 111. Ditto
New 6 per cent. Pref., 7-16 9-16 p. Midland Stock,
741, 75. North British, 81 81-4. North Stafford-
shire, 6 514. South Eastern, 218 2.2. York, New-
castle, and Berwick, 191 198. York and
North Midland, 281 28k. Leeds Capital Stock,
16 161. Dutch Rhenish, 1 13-16 1 15-16 p. Ditto
31p. Great Western of Canada,
Shares, 3 317 p. Ditto
Great Luxembourg, el 624.

New Shares, 3g
Ditto
2n(l issue, 2 13-16

26 268

L .TEST INTELLIGENC

THE CONGRESS

PARIS, THURSDAY EVENING

To-day there has not been any meeting of the
plenipotentiaries at the Minister of Foreign Affairs,
nor is it probable that there will be any before

Saturday

In consequence of the increased charges for
Lighterage at Melbourne, we learn that the owners
of the Black Ball and White Star Lines of Aus-
tralian packets have advanced the rates of freight
for goods to the wharf to 70s. per ton, but goods
for the bay are still taken at 555. per ton by both
lines.

FRANCE.

(FROM OUR OWN CORRESPONDENT.)

PARIS, WEDNESDAY EVENING,

Just after closing my letter last evening, I learned
that what has been resolved about the congress is
this—that instead of continuing to sit, as it has
been doing since the signing of peace, it will
nominate a commission, consisting of one member
for each power, to examine into the condition of
Italy and other states of Europe, and to draw up
reports or protocols, or whatever may be the
diplomatic name thereon ; and that afterwards
another grand congress will be called, to take the
documents into consideration, and to decide on
them.

Now that peace has come, the question of the
Fusion " of the two Bourbon families and their
partisans has again come on the tapir. I am
informed that the fusion may be considered as
accomplished, the little Count do Paris (Louis
Philippe's grandson) has written to the Duke de
Bordeaux to recognise " his rights " as legitimate
king of France, and to say that though
"extraordinary events have suspended the
exercise of those rights, they continued to
exist." The meaning of this is that the Count de
Paris—in other terms the family and party of
which he is the nominal head—makes an amende
honourable to the Legitimists for the revolutionary
reign of Louis Philippe, and that the two parties
will henceforth be united in their opposition to
the Bonapartean government.

At a meeting of the creditors of Mr. W. 0.
Young, held to-day, a statement of the probable
assets and liabilities was read. This gave liabilities
to the amount of 65,7501., and assets of 25,2491.
A long conversation took place with regard to a
patnership which was supposed to subsist between
the above gentleman and Mr. Beckwith, of New-
castle ; and it was finally agreed that the meeting
should be adjourned until an investigation had
taken place in this matter. Mr. Pitcairn and Mr.
Stevens consented to act as inspectors.
The Funds opened firmly this morning and soon
attained a fresh rise of -3 to per cent. In the
afternoon a reaction took place, owing to some
influential sales, coupled with a certain feeling of
disappointment at the maintenance of the existing
rates of discount by the Bank directors at their '
weekly meeting to-day. The closing prices were
7,- per cent. below those of yesterday, being 958 I.
In general character the market remains steady.
The whole of the gold ex Red Jacket, amounting to
upwards of 400,0001. has been sent into the Bank,
the demand on French account having ceased. It is
known, however, that the shipments`to the East, of
gold drawn from the Bank, have, during the last
fortnight, been very heavy. This drain which is
partly in connection with the Turkish Loan
and partly induced by other government
requirements in that quarter will tend to
induce the Bank to postpone the abrogation of its
seven per cent charge for the 60 to 95 days' bills.
The demand for money, which is stimulated by the
new foreign undertakings now in course of intro-
duction into this market, will also operate in
the same direction. In the Discount Market com-
parative quietude prevailed, to-day's instalment on
the new loan having been provided for, whilst the
release of the dividend money imparts relief. At
Paris to-day the Three per Cent. Rentes closed
only sc. below the final quotations of yesterday, so
that the recent advance is well maintained. The
Railway Share Market was rather better this morn-
ing, but did not maintain the improvement to the
close. The closing quotations stood as follows :
Caledonian, 61/ 613. Eastern Counties, 101 104-.
East Lancashire, 76 78. Great Northern, 94 95.
Ditto A. 79 80. Great Western, 6411 65. Lan-
cashire and Yorkshire, 883 888. London and
North Western, 101 a 101:i. Manchester Shef
field, and Lincolnshire, 282 29, Midland Stock, 741
741. North British, 341 35. South Eastern and
Dover, 723 73. York, Newcastle, and Berwick,
781 794. York and North Midland, 562 57k.

I am assured that the London Times greatly
exaggerates what it is proposed to do about Italy.
Count Cavour does not in reality demand so much
as he is represented to do, and the French Emperor
cannot certainly grant anything like it.
The newspapers announce the death, at Rouen,
of M. Carrel, father of the celebrated Armand
Carrel, editor of the republican National.
The Timer has been seized by the police to-day,
for having published some verses, hostile to the
existing government, ascribed to Berdinger.
The Assemblee Nationale publishes an article, in
which it advocates an alliance between France
and Austria, on the ground that the state of Turkey,
in whom they have united interests, requires it,
and that France cannot, with due regard
to her own interests, adopt the revolutionary
policy which England has for some time followed
towards the Continental states, and especially
Italy and Spain.

A-number of literary men and publishers have
formed themselves into a commission for promo.
ting the sale of Lamartine's new periodical, Cours
Familier de Litterature. They have done this in
consequence of his being so reduced in fortune
as to be obliged to write for his bread, and in
consequence, also, of the public not giving him
that support which they ought to do, considering
his celebrity.
The text of the manifesto of the Emperor
Alexander, announcing the conclusion of peace,
which has arrived to-day, and which will be in
your hands (via Belgium) as soon as this letter, has
wounded the vanity of the French. They think
that he ought, in justice to them, if not to the
English, have refrained from claiming the honour
for Russia, of having repulsed the enemy at
Sweaborg, as well as in the White Sea and on the
coasts of Liberia; and that out of regard to them,
if not to the English, he ought not to have
represented his concessions as insignificant.

PRIVATE INVESTIGATIONS BY MAGIS-
TRATES-WHAT IS A " GENTLEMAN ?"

TO THE EDITOR OP THE NORTHERN TIMES

Sir,—Yesterday I attended at the Police Court, in
order to hear a case which I understood would come
before the bench. I was told, on presenting myself at
the door of the centre court, that I could not be allowed
in, as the magistrates were investigating a charge against
a "gentleman," and that the enquiry was private. Had
the accused been a poor man, whose existence perhaps
would depend on his character, would their worships
treat him so leniently as they seem to have dealt with
the " gentleman ?" whom I understand was charged with
a henious and serious crime. What, therefore, consti-
tutes a " gentleman ?" And had tha magistrates a right
to shield a criminal, by not exposing his case in the
usual way, because he stands in society as a "gentleman ?"
These are questions, perhaps, that may be put to the
Home Secretary, with this notice, &c, I am, sir, your
obedient servant, R. S.
Liverpool, 10th April, 1856.

THE " DELICATE" INVESTIGATION.—Yesterday, shortly
after one o'clock, Messrs. T. D. Anderson, and T. Bolton,
entered into the " delicate" investigation alluded to yes-
terday, in the magistrates' room, at the police court. The
magistrates, after consulting for some time, resolved to
hear the case in private, and intimated to the reporters
that their presence would not be required in the room.
We are of.opinion that the holding private investigations
into matters of public notoriety leads to confusion, mis-
representations, and incorrect reports, If the idea of
preventing publication be entertained by their worships,
they are quite mistaken, for our reporter is in possession
of all the facts, nearly as fully as their worships; but not
being permitted to be present, he declines publishing
them. It may be questioned whether the magistrates
possess the power of excluding the reporters, and, even
if they have, the policy of doing so is objectionable, for
the reason stated. The reporters attend not out of
curiosity, but in the discharge of a duty, to supply the
public with the information which the public expect
from the journals. We are aware that, in consequence
of the paragraph which appeared in our paperyesterday,
that several persons from 'Change attended at the court
in order to hear the details of the case; but, after wait-
ing some time, they went away, remarking that they
could see it all in the papers the next day. Well, we
cannot satisfy them, for which their warships may be
thanked. We may remark, that the complainant resides
in Bold-street, and the charge was one against a person
for an unnatural offence. We refrain from saying more,
lest we might not be strictly accurate, but we believe the
enquiry resulted thus—the defendant, who, we under-
stand, resides in the neighbourhood of Woolton, was
fined L 5 for an assault, and ordered to enter into
sureties of £2,000 to be of good behaviour in future.

OXTON AND CLAUGHTON HORTICULTURAL SOCIETY.—The
Committee of this Season held their first meeting yesterday,
when it was determined upon having two shows this season,
the first on the sth July, and the second on the 28th August,
to be held in Birkenhead Park, as before. William Ryrie,
Esq., of Fir Grove, Claughton. was appointed secretary and
treasurer for the season.

CORONER'S INQUESTS.—Yesterday the coroner held the
following inquests :—On the body of an unfortunate girl,
named Mary O'Brien, aged 23. She was a confirmed
thunkard. She died, according to the medical evidence, of
apoplexy, brought on by excessive drinking. Verdict
accordingly.—On the body of a man named Michael Dalton,
aged 45, who died from having drunk a great quantity of
rum, which he got on board a ship where he was at work.
Verdict died of excessive drinking.
SOUTHERN AND TOXTETH HOSPITAL.—WEEKLY REPORT,
APRIL 10, 1856.—1 n patients :—Discharged : cured, 12 ;
relieved, 3; at own request, 3 ; irregular, 0. Dead, 2 ;
entered, 20 ; under treatment, 49. Out patients : cured,
47 ; entered, 46 ; under treatment, 40. Treasurer, James
Houghton, Esq. Visitors, T. Farnworth, Esq., and B.
Platt, Esq. Honorary chaplain, Rev. D. T. Barry,
B.A. Physicians and surgeons for the week, Dr. Cameron,
and Mr. Minshull. House surgeons, Mr. E. C. Garland,
and Mr. William Townsend. _ _

HISTORIC SOCIETY. —The literary section of this society
met last night, in the grand jury room, St. George's Ha'l,
Mr. 'l' Sansom in the chair. Among the donations acknow-
ledged to have been received were, from the Royal Irish
Academy, volume 22, part 1. Science, and part 2, Polite
Literature, Proceedings of the Royal Irish Academy, volume
6, part 2; from the Philological Society, parts 12, 13, 14,
for 1854, of the Transactions of the Society, and the Arch-
eological Cambrensis ; from Mr. Brown, twelve Greek and
Roman Coins. Rev. Dr. Hume exhibited two soap-stone
fi7,,tre., representing the Hindoo Mars and Janus; Mars, or
Kartikza as he is called among the Hindoos, was represented
by a mild faced man sitting on a peacock, while Janus was
portrayed with an elephant's head and protuberant stomach.
When a youth he is said to have lost his head in battle.
His mother took him to Bramah (Saturn), who told her to
appropriate the first head she came across, which happened
to be an elephant's. Both figures are very finely executed.
Dr. Hume also exhibited a silk purse envelope used in India,
used for the purpose of conveying important letters and
documents with safety and secresy. The paper for the even-
ing was "On Shakapeare's play of Hamlet," by the Rev.
Mr. Ramsay.