Northern Times.
Liverpool, Merseyside, England, 1857-11-13 00:00:00

'uSI3I7,NSION OF THE
BANK ACT.

r°I7ERNMENT LETTER.

4tIBmc6DOWNING STREET, Nov. 12.
n+"-Rev es i
Ma • t 's Government have observed,
• , concern, the serious consequences which have
t,tr°4 the recent failure of certain joint-stock banks
ee4t14.141 and Scotland, as well as of certain large
4ltser air e Srins chiefly connected with American trade.
and distrust which have resulted from theso
the Withdrawal of a large amount of paper
Itka?; authorised by existing bank acts, appear to
lioNjeBtra Government to render it necessary for them
Rothe sank of England that, if they should be
4111 tha present emergency, to meet the dimend for
t,
aNI advances upon approved securities, without
14t, thit the limits of circulation prescribed by the act of
X 41,4 e Government will be prepared to propose to
lite,44) an its meeting, a bill of indemnity for a-ey
kit:14,4,1'3811M. In order to prevent this temporary
ti"f the law being extended beyond the actual
(If-4 °I. the occasion, her Majesty's Government
141 :Pinion that the banks' terms of discount
1(1'44 be reduced below their present rate.
eltra Government reserve for future consideration
kliPln°Priation of any profit which may arise upon
,\tiikelecso of the statutary am aunt, Her Majesty's
eat are fully impressed with the importance cf
444111111 g the letter of the law even in a time of con-
karcantile difficulty, but they believe that for
;Pal of apprehensions which have checked the
monetary transactiorv, such a measure as is now
Nl:44ted has become necessary, and they rely upon
and prudence of the directors for confining
I°llB Within the strict limits of the exigencies of
(Signed) PALMERSTON.
G. C. LEW.
clt r
iZ %vet. rt or and Deputy Governor of the Bank of
•
478 PENSION OF THE BANK ACT.

44 EXCITEMENT ON 'CHANGE.
for,

tilr;re Part of yesterday on 'Change was gloomy in
'llll -Ine's—not so far as the weather was concerned,
pNttatfrtl°sPhere was flue and sunny, with a bracing
:41 :°lll the aspect of merentile and commercial
LltipagllXinuely did all parties look for some expected
'6'ht London in reference to the Bank Act, but as
'Lllti;pled on with apparent.leaden pace, and nothing
illNoiht3ncl, ba], or indifferent" came, the anxiety
iLNlll,",tense, almost unsupportable. It was rumoured
'wires" had been cut or tampered with, and
I:4881101a rumour was, yet there were people found
liet;, te
Shortly after three o'clock, however, all
was removed by the receipt of a telegraph
from the metropolis, stating that the
th;,, 33ANK ACT WAS SUSPENDED,
11111161: being at once made known, the wsnost joyful
1111
:134n Prevailed, and long continued cheering fol-
ltop)t4 in the room and on the flags. It was stated
tat !ratio "1 a'lay the panic very materially, if not proving
14 Veryri of the country. We understand that had not
at a Pleasing intelligonca arrived so oprrtunely,
se Illtation consisting of the Mayor, Mr. Bushell
%.eral tis " _ • ;
°—or influential merchants, were prepared to
rroeee,
ttlet "ed to London last night, fir the purpose of
i
t Mme aterview with the Government authorities on
pled afcor tut. Much satisfaction and confidence pre-
, `Nhe announcement.

ea
Ott is
OF THE NILE." The waters of the Nile,"
‘'l,\e,oetter frcroCairo —in the Annales du Commerce Ex-
this year attained, for a fortnight only, the
4'AFeltlabcCeSSary for the inundation of the land, and the
e et, rice is that, large portions were not watered." On
et°4l/St' "atd, the accounts which have been received
hn orlreta'n'd Low' er Ecvpt on thestate of the inunda-
li the tist,,,.
itt district of' TY.
In Central Egypt, and. particular)y
e,P", but nta,Cairo, fears are entertained for t
neerta. " or the farmers hope that as the river is
eraP or in•
its movements, it may rise still more
eirtnek,p,„ maize is secure from all danger.
N'ln CLOSING OF THE ROCHDALE WORK-
Zs ae,
s THE POOR-LAW BOARD.—The Rochdale
liits:4la-ertmoact,on. Friday last, to consider a letter from the
'46 re, in which they stated that, except some
1,1"
rweyyre made in the workhouses, they would_. close
;We lacy . • leap presided. In July, Mr. Manweriug, t
e,y .laPecter, reported the workhouse to the Poor.
e
pijol,c, as havin,g no receiving wards, and without any
10148 for the sick aed infectious cases, or classification
OtseOes. Tho paupers, he also reported, were allowed
ita eases together out of doors, and their clothing, in
lsllsete:B' was in a very ragged condition. he guardians,
1' the
e' tedd the board they were doing all they could
ihteaorttfort of the inmates; and the present letter was
reianY_ f the board. Mr Livesey raid he thought the
k,ts, had a just cause of complaint against the Poor.
if,,tatieu; for, by their sanction, they had made large
Veeeiy"'. Therefore, the Po.ir-law Board acted the part
ttere.
They would not be satisfied until they had
isn'te, Rochdale guardians to a bastile; bu' he hoped
it to 41.14 take no notice of the Poor-law Beard, but act
y;teei',9l—and if the board did anything, then resign,
the ratepayers would support them. Thi3 coulee
leleen"raved of by a full beard, who directed the work.:
,the'mneit•ee to make any improvements that world be
:',.etlatutoet of the inmate;.— Manchester Guardian.
~Np EXCITEMENT IN TANDRAGEE.-03 Thursday.
Csttl: [air day in Tandragce, a goad deal of exc•ternent
l),lhrett,ed arising out of the fcllowing circumstances :
tOtee e`ening letter had been received by the head of an
1000'atget and as well as I can gather it called upon
te Bter f
liott
.0 the lodge to meet this anonymous corres-
q4t4,with either 1,000 or 2,000 Orangemen on the
the sth inst., in conflict. The letter was received
the post-office„ came to the ears of the con-
trN",,and by them was transmitted to the authorities.
kurte,;°cument of like import was also received by
110,Nieleemaster in a different direction of the country.
Veitir uourbood has been consequently kept in a state
tel)Red :t and alarm, and the peaceable inhabitan's were
tiOte seply themselves with ars and am munitien finddhapve been for some time,m in nightly expect, 1.
itvtep,'a attack. Such being the disquieted state of
Tsteil°azdinie neighbourhood, a crisis was confidently
ib~d of on the evening of the sth. About twilight the
lOoeih a drum was heard to eeho from the entrance to
t6b,tott;* In an instant every one ran in the direction of
iti,Ptet* The drumming party were met by a body of
tttider head-constable flcott, of Portedown, who
V„Ilre: Presumed warned them of the impropriety of
"teedings. However they beat the drum down and
4ktiNsi`°wn, and a great crowd followed them; they
ilstylY departed the way they came in, without ar!y
14"tat,i'ttIcleance. The town was then allowed. to remain
tliitk °I tranquillity never before experienced on the
ttell ler Tandragee.—Belfast Mercury.
41 ett INXRAL WEALTH OF ENGLAND. —When we
tikll the fact that British minets have been
iti,1111: cur native rocks for metalliferous minerals
letltt -,11575 when the merchants of Tyre supplied the
1-q`qe,(ll.ld. and that we are now drawing from the
te,'l4:,,ally metals alone which have a market value of
t'eiti4t '7' °, we cannot but be struck with the enormous
`lll 0?- mineral malt).— which have been stored in the
tt:tore these " far islands of the West." F.om the
ittitte.y'l of Mining Metallurgy" we learn that coal has
brl,°lllllzed since 1234 in Northumberland; but at that
qqantity of fossil fuel raised must
th have been
: te, I%'l
0" In the report of the committee of e House
' the consumption of coal in &tilt Britain in
trrlei!.teted at 22,700,000 tons; in 1856, according to
eti% l'kneral statistics,, it had increased to 66,645,450
!eitttater, c,alfilds of the united kingdom have been
Bet") contain an area of 12.000 square miles, and
'Ottlie-re the estimates which have been made to
e;:teee a the time required to exhaust them. Little
itili'tet,l9„lll' we suspect, be places upon any of these
; but one thing is certain, the coal beds of
vtqpti"e '-'aln are not inexhaustible, and with a falling off
Vni),,lal/ of fuel the staple manufacturers of the
s4„eatate"'t decline, and England must sink from her
t°t'Qll position of a third or fourth rate State
'lNtearly 67,000,000.t0ns of coals are
1,1% and ilwrie our collieries, which in 1856 numbered
'rkl'Aci(levity part of the country the price of coals
tete g• France is opening her ports to receive
Eat; Denmark Prussia, Italy, and linssia are
kpdtied?Mere
fur both coils and c ,ke, Egypt and the
"aeyPeitli-', the United States of America, Chili, Brazil,.
°e'e`,,k -eta't,tre regular receiving our fuel in quantities
Thee,6"4l each country annually from 33,000 tons
tone,—eleheineton,