Northern Times.
Liverpool, Merseyside, England, 1857-06-20 00:00:00

THE NORTHERN TIMES.--LIVERPOOLI SATUR DAY, JUNE 20, 1857.

total engaged up to the afternoon was about
1,150,0001, of which about 800,0001 is destined for
the Straits and China and the rest for India,
principally for Bombay. The proportion in gold
is only two or three thousand pounds, the rest.
consisting entirely of silver.- The chief feature
in this shipment is the extraordinary magnitude
Of the amount destined for China. Further sums
would have been.despatehed by this opportunity
btit for the difficulty of effecting insurances.
The specie and bullion ex the steamer La Plata
we delivered yesterday. The 120,0001. in gold
brought by this vessel will be despatched to the
Continent.

-The exact amount of specie and bullion taken
out by the Sultan to tha Peninsula is 88,0001, all
hi gold.
The steamer Seine has arrived in the Tham-s
from Boulogne, and the Telegraph from Ant-
werp. The former vessel has brought 58 cases,
'and the latter 10 cases of silver. The total valiv,
of the two remittancos is computed at 50,000/. o.
60,0001.

*A large meeting of the creditors of M. William
Macintosh, warehouseman, of Manchester, took
place yesterday. Mr. Parinton, of King-street.
submitted a statement of affairs, which showed the
following results :—Debts and liabilities, 52,756/-;
assets, consisting of stock in trade, book debts, and
cash and bills, 27,844/, A composition of 9s 64 iii
the pound, payable by instalments at theee, six,
and nine months, the last two to be secured, was
agreed to by the creditors.
An official communication from the Scinde.
Railway _Company h.ls been published, detailing
the recent correspondence of this company with
the East. India Company with reference to the
grant of a guaranteed rate of interest on the
capital of the Indus Flotilla. The object is the
establishment of steam communication on the river
Indus, in connexion with the Scinde and -Punjaub
Railways: The correspondence has resulted in a
notification from the East India•house, that the
Scinde Railway Company will be allowed to issue
shares representing a capital of 250,0001. for this
purpose, "an agreement being entered into
between the company and the East India Com-
pany upon the same terms as those which are
included in the railway contract." This, of cOurse,
involves a guarantee of 5 per cent. •
We believe that an agreement between the direc •
'tors of the Manchester, Sheffield, and Lincolnshire
Railway and the Great Northern, which provides
for an amicable interchange of traffic between the
two companies, was signed on Wednesday. In
some quarters it is thought that the Great
Northern will thus be enabled to compete with
the London and North Western for a considerable
portion of the- Manchester traffic. It is alleged
that the agreement will come into operation on the
Ist of August next.

At the adjourned meeting of the North of. Europe
Steam Company held yesterday; Sir S. M. Peto in
the chair, the report of the commitee, an abstract
of which has been published, was, after a long and
violent discussion, adopted. The chairman of the
committee, Mr. C. Morrison, opened the proceed-
ings by alluding to the disastrous result of the
recent investigation. Although a loss of 136,000/
has been ascertained, it is still thought
that with extensive modifications in manage-
ment and a reduction in the number of directors
the trade may be carried on at a profit, a recourse
to winding-up being considered undesirable. It is
stated that the transport service would have been
more profitable had greater economy been exercised,
and that the other branches have barely proved
remunerative. The continued illness of Captain
Andrew has prevented the committee from examin-
ing him, and consequently they have not been able
to arrive at the whole of the explanations affecting
his personal responsibility. The report, of the
committee having been received, and it having
been arranged for the present directors to re-
tire, Mr. Morrison, Mr. Young, and Mr. Yates,
at the special request of the proprietors, agreed to
take seats at the board, leaving the other vacan-
cies to be filled up hereafter. Sir S. M. Peto,
at the conclusion of the proceedings, entered into
an explanation of the manner in which the direc-
tors and himself were misled by Captain Andrews ;
and, while assuming the chief responsibility, he
asserted that the mistake arose from his having
entered into .an undertaking the management of
which he did not understand. Feeling, however,
that in the discharge of their duties they had not
been sufficiently cautious, he (Sir S. M. Peto) and
his colleagues in the direction would return the
fees which had been appropriated to them. A
special vote of thanks was passed to the committee,
and a vote of thanks was also accorded to Sir 5.117.
Peto for his explanation.
Following the movement of the Bank of Eng-
land Directors, yesterday, the various discount
establishments, including the National Discount
Company, have reduced the allowance for deposits.
The terms are now I per cent. lower, viz , 5i for
money on call, and 51_ per cent. when the agree-
ment is for seven days' notice. If a further reduC.
tion takes place it is supposed that several persons
who have employed their money in the discount
market, instead of investing it in the funds, will
withdraw their capital with the view of purchasing
securities.

The position of _the market for American
securities is thus noticed by Messrs. D. Bell, Son,
and Co.:—" There is no change to report in the
market for American Securities. During the past
week there has been so little business doing, that
with very few exceptions the quotations continue
nominal.

BANK OP ENGLAND RBIURNS

An Account, pursuant to the Act 7th and Bth Victoria, cap.
32, for the Week ending June 12, 1857.
ISSUE DEPARTMENT.

Debit.
Notes issued . , £24,696,375

£24,696,375

BANKING D:

Credit.
Government
Debt
Other securities 3,459,91
Gold Coin and
Bullion .. 10,221,375

T0ta1.... £24,696,375

Debit.
Proprietors' ca-
pital
Rest
Public deposits 7,603,966
Other „ 9,441,178
Seven days, and
other bills .. 685,761

Credit.
Government se-
curities ..... £10,326.131
Other securities 18,679 198

Notes
Gold and silva
Coin

5,924',190
687,880

T0ta1.... £35,617,399
Compared with the retui
have the following results :
Active circulation
Decrease

I Total f 35,617,399
.n of the previous week. we

£18,772 185
17,615
10,909 255
618,606
Rest .
Increase 11.676
Seven day and other bills 685,761
Increase
Public deposits
Increase
Other deposits
.Decrease
Government securities lO 326,131
No change
Other securities
Decrease
Notes unemployed
Increase

Bullion
Increase

i 8,679,198
387,542
5,924.193
656 590

WHAT TUE CHANCELL'7II OF THE EXCHEQURR SHOULD
DO.—lii6 safest course lies in ntrenchrren,. By rfsolui.ely
cutting down the demands of the several government
departments to the extent of something betty; en two anti
three millions, he may,: if favoured with an abundant
harvest, which seems not unlikely, reduce the thre itened
deficit to a trifle L-perhaps extingui-3.h it. And comparing
the Estimates of 1857, the Tear after the war, with t?-,(sc
of 1853, the year before the war, it would seem possible to,
effect this reduction in the naval and military departments
alone. But if this be really u s intention, he manages very
carefully to conceal it. The extravagance -of the present
gives no very reliable augury of the. economy of the futufe..
We are not abaut't6-bore. the readir with a repetition of
details. Some of these we. put before him last week. All
the estimacs of the year, indeed, appear to have been
framed upon the supposition that the purse of the ration
is full to overflowing, and that the Chancellor of the
Exchequer max dip into it ad libitum. Such being the
present state of . our national finances, it will certainly
:require the sternest decision of purpose, and the fullest
tension of nerve, to bring the vessel round in time to pre-
vent her striking.—Nonconformist.