The Sun.
London, England, 1870-04-05 00:00:00

formation of the society (1852), to Lady
Day, 1870, are

Total withdrawals under the rules since the

... £377,333 16 11

The last share number issued to Lady Day,

1870, was No. 33,660.
The reserve fund to Lady Day, 1870 (exclu-
sive of office premises and furniture ac-
count) amounts to ... ••• £10,500 0 0
The applications for building advances have been numer-
ous, since the last meeting of the members, particularly on
the Forest Gate, the Holloway, West Hill (Putney Heath),
Clapham Junction, Fulham Fields, and Hammersmith
Estates. In addition to these suburban properties, there
nave been advances made on the estates at Willesden,
New Ferry (opposite Liverpool), Red Hill, Ports-
mouth, Sheerness, &c. As regards the building advance
business, the board has found that the laud purchased by
the United Land Company (Limited) suffii..”3 for the
efficient use of the society's funds, without having to extend
the loan system to erect houses on estates not acquired by
the company, the recent purchases of which at Kilburn and
the Harrow-road, Hendon, Southall, and Wolverhampton
will c.ntinue to supply the Conservative Benefit Building
Society with a wide field for extended operations.
Since the last meeting, H. W. Currie, Esq., has ceased to
be a member of the board.

The executive committee will make no change on the rate
of interest which remains on shares (completed), and shares
in progress paid a year in advance, at 5 per cent, per annum,
end for the deposit department, that is, fur investors who are
not members of the society, at 4 per cent. per annura ; the
interest warrants for the shares and deposits will be issued
as heretofore on the Ist of May and let of November.
As regards the Lady-Day warrants to bo sent to the
shareholders, for the completed shares on the lst of the next
month, the bonus of 1 per cent., declared at the last annual
meeting on the 7th of December, will be included therein.
On shares not completed, but paid a year in advance and
upwards, the warrants will be at the rate of 5 per cent. per
annum, the 1 per cent. bonus having been added to the ac-
counts of the members entitled to the same, as also to the
accounts of the shareholders holding uncompleted shares,
not in arrear, and in respect of which no interest has been

paid.
The Executive Committee feel persuaded that the share
holders, who are so fully aware of the advantages accruing
from the co-operation of the parent society with the United
Land Co. (Limited), will be gratified to learn that the second
issue of 10,000 shares of the latter has nearly been taken up,
and that the share li.t will be then closed. The society's
members have largely availed themselves of the privilege of
investing in the company's shares, and the co-operation is
working as satisfactorily as was anticipated by the Executive
Committee.

(Signed) RANELAGH, Chairman.
(Countersigned) CHARLES LEWIS GRUNFISEN, Secretary,
LEFT SITTING],

HEAVY DAMAGES FOR INJURIES,—A colliery agent,
named Perry, has sued the Wallasley Local Board, at the
Liverpool Assizes, for injuries received while crossing the
Mersey in their ferry-boat. The defendants consented to
a verdict for £6OO.
A REMARKABLE VERDICT.—Another noticable action for
compensation in a case of railway injuries was brought at
the Leeds Assizes. Mrs. Jones, the wife of an innkeeper
at Leeds, sued the North-East Railway Company for
damages. Mrs. Jones travelled in the defendant's railway
to Garforth, and when there the train only stopped
when the carriage she was in had gone twenty yards
from the platform. The door was locked and the
station-master when unlocking it told her to make haste
in getting out ; she fell and was seriously hurt. The
fuliount claimed was small, and the surgeon who attended
Mrs. Jones during a month's illness, only charged
Bs. a visit. The jury returned a verdict for tile plaintiff ;
damages, 40s. Mr. Justice Smith expressed great dis-
satisfaction with the verdict, observing that if they
believed the plaintiff's statement, they ought to have
given greater damages. He gave the plaintiff leave,
however, to move to set it aside.
TWENTY YEARS' PENAL SERVITUDE.—Worthy Rich has
been indicted at the Salisbury Assizes, for the attempted
murder of his brother-in-law, Ralph Butter. It will be re-
membered that the prosecutor was in the habit of taking
charge of his brother, William Butter's farm on Sunday
evenings when the family were at church.. One Sunday
the prisoner, his wife's brother, came m, robbed the
house, and nearly murdered Ralph Butter. He has been
found guilty, and sentenced to twenty years' penal servi-
tude. He formerly bore a bad chararter, and at the close
of his trial for assaulting Butter he was sentenced to 18
months' additional imprisonment for stealing four
heifers last July.
A CLERGYMAN SUED FOR LIBEL.—The Rev. M. Hip-
pisley, rector of Stow, has been 'sued at the Gloucester
Assizes, by an attorney named Francis, for libel. Mr.
Hippisley had accused Mr. Francis of perjury and mis-
appropriation of money in connection with some local
affairs. Mr. Hippisley subsequently apologised. The
jury gave a verdict for the plaintiff—damages 100 guineas.
NEEDLESS LITIGATION. —At the Kingston Assizes an action
was brought for non-delivery of parcels by the South-West-
ern Railway within a reasonable time. The plaintiff was a
dealer in fancy goods at St. Helier's, Jersey, and he
contended that lie lost a market by his goods not being
delivered within a reasonable time. He had only lost a
few pounds by his own account, but never-
theless came from Jersey to Kingston with his
witnesses while he was suing the same company
on another ground at the local court at Jersey. The
company gave an explanation of the delay, and the jury
gave a verdict in their favour, the Chief Justice observing
that, with one exception, this was the most discreditable
instalict of htigaition thait tad eyer come before bhp,

MONEY AND BUSINESS.

(From the Springfield Republican, March 18.)

From tho.fluctuations of the past fortnight gold seems
now to have reached a point of equilibrium, unstable per•
haps about 8 per cent. lower than when the present move-
meet began. if we remember correctly the actual decline
i❑ the September panic was also about 8 per cent. 11 is
likely that we may reckon gold at 112, until there is a
marked advance in the foreign quotations of our bonds, or
until there is decisive action in Congress on the finance
measures no w under consideration. Of these measures the
one most conspicuous in the public eye at present is the
Funding Bill. A few weeks ago legislation in this direc-
tion was looked upon as a field to which any Congressional
fugler could resort for the exhibition of harmless theories
and ornamental financ •, but which it would hardly pay to
cultivate with serious earnestness. The rise in our old
bonds, however, has begotten a lively hope that something
may be done in the way of placing a new loan at lower
interest, and to this end the energies of Congress and of
the Administration are now directed. The measure now
before Congress is substantially what Mr. Boutwell
desires, and was passed by the Senate with more promp-
titude than the country expected, if we may judge
from the criticism that it is now receiving from the
press. The bill is of such a composite nature that almost
every point in it is objected to by somebody, and while no
large party will unite on single amendments, the ag-
gregate disfavour may possibly be sufficient to defeat it
entirely. The banks, as a general thing, are willing to
accept such terms as this bill affords them, and to ex-
change their Six per Cent. Bonds for the new issue, ave-
raging 41 per cent.; nevertheless, there are in the whole
country enough banks of a meaner spirit to send a power-
ful lobby to Washington to work against the bill. It is
also hold by some that the Government, in proposing to
the banks to make this exchange, is really breaking faith,
as much so as though it repudiated a debt. if this be so,
then the Government can never abolish the National Bank
system without " breaking faith." For the present bill
gives the banks the option of exchanging their deposited
bonds or suffering extinguishment. But as they bought
their present bonds at from 20 to 50 per c ont. below par,
and have drawn 6 per cent. gold on them, any sympathy
for them under the proposed exchange is miss laced. The
exemption of the new loan of $1,200,000,000, with its in-
come, faom taxation of any kind, is a less unpalatable fea-
ture than it would have been a few months since, when the
popular furore against the "bloated bondholder" was more
rampant than it now is. The people have also been "edu-
cated up" to look at such a provision as necessary to the
peace of mind of the foreign investor. The prevision set-
ting apart $150,000,000 of Customs revenue for the interest
and gradual extinguishment of the debt does not interfere
with revenue reform, as that is precisely the sum given by
Commissioner Wells in the footing up of his model tariff,
wherein he put his estimates at the lowest figures, and came
out with a few millions over the round sum above given.
It is noticeable also that the Evening Post, the free-trade
organ, finds no fault with this point. It will probably be
found in the House that the chief objection to the bill will
come from the West and lie against the provision for the
contraction of the Treasury notes. The Chicago Tribune,
which is opposed to expansion, is disposed to fear the con-
traction involved in the present measure, and even expeets
to see a contraction in the volume of bank notes, the
Western banks, as it thinks, being unable to bear up under
the low interest of the new bonds. Senator Thurman,
however, presented in his speech Dome figures taken at
random from the bank returns, indicating a pretty large
per cent of " undivided profits," even in the Western banks.
The bill has now reached the Committee of Ways and
Means in the House, and will, perhaps, be much modified,
when it again appears, both by the action of the committee
and by the financial events that are likely to occupy the
next few weeks. Meantime Senator Sumner has put in a
bill bearing more immediately on specie payments. It
compels the banks to reserve in coin 1 per cent. per month
of their liabilities, stops the manufacture of paper money
by tbo Government, and directs Secretary Boutwell to
keep his gold and resume specie payments next New
Year's-day. The banks are to continue hoarding coin
till their present paper reserve of twenty-five per cent.
is turned into gold. This measure is radical and
straightforward, but will have to meet with a grave
apprehension that there is not gold enough in the coun-
try to carry out its provisions. The anticipation,
founded on statute, of such a locking up of gold in the
future is much more damaging than would be the realiza-
tion of the demand in the ordinary course of events. As
to the amount of coin in the country, the Financial Chronicle
presents some figures, which may be taken for what they
are worth. It gives the domestic production of gold and
silver for 1868 and 1869 as $122,000,000 (receipts at San
Francisco in 1869, $55,000,000), the imports during the
same time as $23,800,000,and the exports as $126,500,000,
leaving a gain to the country of $19,300,000. It estimates
the supply of specie in the Atlantic States as follows :
In circulation in Texas and the remote South and in the
hands of brokers $15,000,000; hoarded, $10,000,000; in
the banks, exclusive of Treasury certificates, $30,000,000;
in the United States Treasury $105,000,000, about cne-
tifth of which belongs to Government and the rest to pri-
vate parties ; total, $160,000,000. This is $10,000,000
more than wo held in 1860, when the banks had $83,000,000,
and the peopl-, at $2 per head, $65,000,000. The Chronicle,
taking a view of the nine years from 1860 to 1869, gives
these totals :—lmports of specie, $148,000,000; production,
$574,600,000; exports, $520,000,000; leaving us the ba-
lance of $203,400,000, most of which must have been
worked up in the arts. The amount of bullion used in the
arts has, we are inclined to think, been usually underesti-
mated, but thatit has reached 30 percent of our whole supply
and nearly 40 per cent of our production seems incredible.
The above calculation takes no note of the amount that has
gone into Canada,or abroad with travellers,or that has come
hither with immigrants. Sinca Wednesday of last week gold
has fluctuated, with less excitement than in the previous
week, from not to 113. Thursday was the day of calm,
and on Friday the premium rallied to the vicinity of 1111
to 1121, where it has since remained. It goes up as the
Funding Bill goes down, and vice versa, and is badly
affected by rumours of West Indian complications. Fo-
reign exchange is very dull, the market being full of cot-
ton bills bought at low rates in Mobile, am. The clear-
ances of cotton to the English and continental markets for
the past fortnight have supplied about $15,000,000 in ex-
change. Outside of this influence there is little of a com-
mercial character to affect gold one way or the other.
Money continues easy on call, and dainty of permanent
investment. Government bonds have become more steady,
and are being invested in by those who could not afford
to buy them at a higher rate. The price in London
occasionally opens at 91 for 18625, but falls off to 901 at
the close of each day. Ten-Forties are 87, 31 per cent.
higher than they were a month ago, and about 5 per cent
below par. Our new 10-40 s therefore would sell now at 95.
State stocks are higher than during last week, new Virginia
6s 1 to 11, Missouri 68 2, and North Carolina If, per cent.
Railroad mortgages and stocks have been dull and are a
trifle lower. Prices were kept up during the fall in gold,
and when gold came to a standstill there was considerable
unreasonable disappointment because stocks did not "re-
cover." Of course, as they had lost nothing they could
not well "recover" anything. Union Pacifice property
was well affected by the recent meeting of the stock-
holders, and indeed the mortgages have been steadily ad-
vancing for some time; quotations for all descriptione of
the securities of this road will be found in our market re-
port from Boston, where they are much dealt in. The
scramble for North Western and St. Paul stocks still con-
tinues. It is rumoured that the North W esterns will issue
$4,000,000 of convertible bonds, convert them into stock,
and place them in the hands of those who will vote
for retaining iu the directorship the St. Paul faction,
which the Pennsylvania Central party is anxious to
oust. The World is big with another exposé, this
time of a conspiracy to run up stocks. The public is
informed in staggering italics that the same plan which
was carried out with gold last September is about
to be tried with stocks. About twenty firms are al-
ready enlisted in the enterprise, with thirty lower
brokers to do their bidding, these last controlling a
whole community of operators. The scheme is to buy
stocks on all hands, run up the price, and make holders
put up their margins to correspond, and then to begin to
sell cautiously at the advanced rates, and to sell as long as
possible without being caught, and in fact until they are
caught and the selling firms fail. This last catastrophe
will take place " decently and hi order," and the slippery
rascals will receive the condolence of the Stock Exchange,
and go off the stage to slow music. The showing up of
the scheme by the World is very good and carries with it
but one pang, viz. :—How is one to know whether the
revelation would ever have been fulfilled, since the
making of it is supposed to frighten the rogues from
their work? In other words, would the prophecy have
been verified if it had never been made? We file this
question away with the Byron and Billy Patterson
problems. General business is suffering less than last
week floor currency fluctuations, but cannot of course
settle down into " steady going" in the present uncertain
cond:tion of affairs. The importations continued liberal,
and the quantity of foreign goods marketed was equal to
last year's, despite the uneasiness of gold. The exports
also maintained the average surplus of this Sear over the
last, while the cotton ports sent out double the amounts
that they did in the same week of 1869. The receipts of
cotton thus far are 2,258,000 bales, an increase over 1869
of 518,000. Wool is more quiet, with a downward ten-
dency, but the supply is small at Boston and moderate at

New York. The activity of dry goods during the pre-
vious fortnight was succeeded last week by a dull time.
The trade is mostly confined to such descriptions as are
wanted for immediate use, and prices have not changed
much. Breadstuffs are tending downwards, but were ex-
ported pretty freely during the week. Provisions experi-
enced a marked decline, but have recovered under liberal
orders from abroad. Hops aro firm, with a good export,
while tobacco is dull.

(Extract from Monthly Circular of Messrs. Henry Clews and
Co., No. 32, Wall-street, New York, March 15.)

The heavy fall in the gold premium requires little ex-
planation. The firm stand taken by the Administration
and by leading minds in Congress in favour of a strong
assertion of the public credit and for the early resumption
of specie payments. has dissipated the expectations of a
relapse toward inflation, and has brought the public mind
somewhat unexpectedly to look upon the near prospect of
the restoration of a sound monetary basis. Although some
of the measures proposed in Congress have been of a wholly
impracticable character, yet,with the public, their effect has
been little mitigated upon that account. Speculation has
lent its utmost aid to give effect to the tendency of these
measures, and the artificial forcing down of the premium
has only added to the prevailing excitement, and strength-
ened the growing impression that the country is verging
closely upon the resumption of specie payments. This
impression has taken such deep hold of the public mind as
to prepare the way for a still further fall in gold, should
the final action of Congress upon measures of finance and
currencylfavour such a tendency. But with these possibilities
and probabilities before us, it must be admitted that, upon
a calm survey of the condition of our currency system, the
public may easily come to the conclusion that we are not
so near resumption as they had at first supposed. These
stubborn facts confront us—the Treasury holds only
$2 ,000,000 of coin properly its own and free from claim,
while its demand liabilities pa 3 able in coin amount to
$356,000,000, or fourteen times the amount of its reserve.
Before resumption can be undertaken, either the coin reserve
must be very largely increased, which involves the difficulty
of making gold scarce on the market and strengthening the
premium—or the circulation of United States notes must
be largely contracted—a process to which the money
market is so extremely sensitive that, even with the freest
and most natural compensations that could be concurrently
instituted, it must be conducted very slowly, and probably
with frequent intermissions to obviate monetary spasms.
In any event, therefore, the approach to specie payments
must be much more gradual and occupy a longer process
than might be supposed from the now prevailing anticipa-
tions.

In the circular of Messrs. Bowles Brothers and Co. of
this day there is an interesting article on the westward
currents of exchange. Pointing to the fact that formerly
the only rapid and regular communications with India, the
extreme East and the West Indies were centred in England
by the Peninsular and Oriental Company and Royal Mail
Steamship Companies :—" This circuitous route, singular,as
it seems, had its explanation in the advantages of the trans-
oceanic steam communications, and in the availability of
Paper drawn upon a centre where everybody had to pay
somebody else. London was then the universal clear.
ing house. More recently even, when by the esta-
blishment of telegraph lines, and' of regular steam ser-
vices between San Francisco, China, and Japan, Eng-
land should have lost this species of monopoly. Re-
mains of this habit existed and still exists—of direct-
ing the current of exchange to London, without re-
gard to its natural direction westward. But it is only
thus forced from its course to rapidly reflow back over
the wires to San Francisco and beyond, like returning
water when swept up hill. The moment has come to
reorganize things in their normal state; that is to say,
in strict conformity with that axis of exchanges, which
for us of Northern America revolves across our own
meridian, having at its extremities, like two poles,
New York, with its extensions at London and Paris for
Eastern clearances; and San Francisco, with its branches
at Hong Kong, Calcutta, and Melbourne, for our western
relations of same character. It is already more than three
years since the first steamer of the Monthly Pacific
Mail Line left San Francisco for Japan and China;
and while we write the steamship Nebraska is pro-
bably on her way from San Francisco to the Sand-
wich Islands and Australia, as the first of a lino
of almost equal importance in the future." The
time approaches when "thanks to the great Pacific Rail-
roads, this current will acquire all its force, and then San
Francisco will become for the ' Orient' a clearing-centre
as important as Paris tends to become for Continental
Europe. . . . In such a movement our Republican
Government should pioneer the progress of its people, by
conforming ifs monetary system thereto, irrespective of
national boundaries, traditions, or other trammelling pre-
judices."