The Sun.
London, England, 1870-02-23 00:00:00

The Bank Returns.

The Bankers' Magazine furnishes the returns of the cir
culation of the public and joint-stock banks in England
and Wales for the four weeks ending Ist of Jan., 1870.
These returns, combined with the circulation of the Scotch
and Irish banks for the same period, and the average cir-
culation of the Bank of England for the four weeks ended
the 29th of Dec. (the nearest date furnished by their
returns), will give the following results of the circulation
of notes in the United Kingdom when compared with the
previous month :

Dec 4, Jan. 1,
1869. 1870. ;Increase. Decrease.
Bank of England 23,181,190 22,706,752 I 474,438
Private Banks 2,751,719 2,66 '.ltP I t0.,599
Joint-stock Banks 2,3 8,739 2,281,198 87,541
Total in England ¶,8,301,643! 27,650,070 6;1,573
Scotland 5,287,453 4,975, 47 312,
Ireland 7,354,163, 7,056,256 197,907

United Kingdom. 1 40,9'3,2,19 39,681,373

1,361,898

And as compared with the month ending the 2nd of
Dec., 1869, the above returns show a decrease of
£412,119 in the circulation of notes in England, and a
decrease of £50,413 in the circulation of the United
Kingdom.

On comparing the above with the fixed issues of the
several banks the following is the state of the circulation:—
The English private banks are below their
fixed issue ... ..• X 1,380,506
The English joint-stock banks are below their
fixed issue

457,442

Total below fixed issue in England ... £1,837,948
The Scotch banks are above their fixed issue... 2,225,776
The Irish banks are above their fixed issue ... 701,762
The average stock of bullion held by the Bank of Eng-
land in both departments during the month ending 29th
of Dec. was £19,091,239, being an increase of £648,033,
as compared with the previous month, and an increase o
£906,873 when compared with the same period last year.
The following are the amounts of specie held by the
Scotch and Irish banks during the month ending the Ist
of Jan. :

Gold and silver held by the Scotch banks ... £3,087,604
Gold and silver held by the Irish banks 2,757,358

£5,844,962
being, a decreas3 of £79,689 as compared with the pre-
vious return, and an increase of .£314,579 when compared
with the corresponding period last year

TU.; is rather a good point made by the New
Fork Herald on what the Philadelphia Ledger calls that
very bothering question, Reconstruction :—" Southern
States were required to ratify the Fifteenth Amendment
as a condition of restoration to the Union. As they could
not be trusted to come in and then ratify it, they ratified
first and then came in. They were, therefore, not in the
Union when they acted du the Constitution, or else they
wore never out,of filo Union. Either, then, all the Recon-
struction Laws of Congress are invalid, or these Southern
ratiScations of the Fifteenth Amendment are invalid. If
the States were in the Union there was no need to admit
them, and if they were not in the Union they could not
participate in, waking laws for States that are in."

THE LICENSE AMENDMENT LEAGUE.
DEPUTATION TO THE HOME SECRETARY
TUESDAY.
This afternoon a deputation interested in the object of
the License amendment League, had an interview with the
Home Secretary, at his official residence, Whitehall. The
reforms which the League suggests are :-1. The amend-
ment of the Beer, Wine, and Spirit Licensing
Acts ; magistrates to form the licensing autho-
rity, and to decide as to the kind of license
to be granted ; no appeal from the decision of the local
magistrates. 2nd, Diminution of the present facilities for
obtaining new licenses : By increase of sating qualifica-
tions, and also of the annual license fee; by giving to
owners and occupiers of adjacent property a lccal veto;
by giving to town councils, &c., a general veto.
3. Early and Sunday Closing.—Sunday drinking;
majority of the ratepayers or their representatives (Town
Councils, Boards of Ccmmissioners, &c.) to have the power
of closing public-houses, &c., during the whole of Sunday.
Early and late drinking; public-houses and beer-houses to
be closed during the week from 10 or 11 p.m. till 7 or 8 a.m.;
where there is not a Local Board elected by the ratepayers,
these powers to be exercised by the Board of Guardians.
4. To establish special checks to drunkenness, by prohibit-
lag the opening of gin palaces ; by. prohibiting music,
dancing or dramatic entertainments in places where in-
toxicants are sold ; magistrates to have power to prohibit
publicans or others from supplying notorious drun-
kards with liquor. 5. To give greater protection
to young persons ; publicans or others to be pro-
hibited from supplying liquors to any young person under
eighteen years of age in any licensed house. No female
under the age of twenty-one years to be employed as a
waitress or barmaid, in any licensed house. 6th. Parlia-
mentary elections : That it be rendered illegal to hold
election committees in places in which intoxicating liqours
are sold during municipal and parliamentary contests, and
that all suchplaces shall be closed on the day of any Parli-
amentary election, and also on the day of the annual municipal
elections. Mr. Pease, M.P., introduced the deputation, and
amongst a large number of gentlemen present were :
Sir T. Bazley, M.P., Mr. Jacob Bright, 1N1.P., Mr. Had-
field, M.P., Mr. Melly M.P., Sir R. Anstruther, Bait,
M.P., Mr. Bolckow, M.P., Mr. Ward Jackson, MP.
Mr. Rylands, M.P.
Mr. PEASE, M.P., brought before the attention of the
right hon. gentleman the programme of the League, the
various points of which he explained.
Dr. MARTIN, honorary secretary, adduced a variety of
statistics to prove that such reforms as the League pro-
posed would greatly tend to diminish crime. For instance,
he said that a woman in London who kept twenty-six
brothels told them that if public-houses were closed at
the hours they named, half of these places would be
shut up. If her Majesty's Government could
not see their way to close public-houses in the
whole of the country. on Sundays, they hoped that
such power would be given to Manchester and Liverpool,
where agitation would not cease, tilt they had it. In
Liverpool out of 1,400 publicans who were spoken to on
the subject, 800 were in favour of the total closing on the
-Sunday, and only six were in favour of opening during two
lours.
The HOME SECRETARY : Six or 600 ?
Dr. MARTIN : Only six ; not 600.
The HOME SECRETARY ; What opinion did the 600
express?
Dr. MARTIN : 800 in favour of closing altogether, and
the other 600 in favour of leaving things fixedly much as
Spey are.
The HOME SECRETARY : Which two hours did the six
wish to keep open ?
Dr. MARTIN : From one to two o'clock, and from eight
to nine o'clock in the evening. There was an exceedingly
strong opinion that the present scandal to our civilisation
should no longer be permitted. As for the gin palaces.
they were merely " gilded traps." (Hear, hear.)
The Hossz SECRETARY: How do you define a gin
palace ?
Dr. MARTIN : Everybody knows what it is ; but to put
it into legal verbiage is probably a great difficulty, but
still it is a difficulty which we think could be surmounted.
The evil is so tremendous that it must be coped with in
some manner. We know there is a difficulty, but we say
there is an evil. Another great evil is the sale of liquors
m places of amusement. (Hear, hear.) They are mere
schools of drinking. We also ask that publicans should
not sell liquors to young people under 18 years of age.
The HOME SECRETARY : How is the age to be ascer-
?
Dr. MARTIN : Throw the onus on the parties selling the
"iquor ; but of course the magistrates would never stretch
the line. If a boy was only 16, but looked 18, they might
;hink that sufficient excuse. There are many gentlemen
sere who know that there are many houses in which boys
Ind girls are encouraged to drink. Public opinion is now
so ripe on the matter that we are confident the Govern-
nent will be strongly supported ff they will deal with the
svil. (Hear, hear.
Mr. JACKSON, .P., presented a memorial from Hartle-
nool, and observed that he heartily sympathised with the
movement which sought a remedy for this intolerable
evil of drunkenness.
Mr. JACKSON, of Manchester, stated that the lower
',lasses were enthusiastic in the matter.
Mr. RICHARD FRY, of Bristol, also strongly supported
the object.
Mr. E. ROBINSON, magistrate, Bristol, in referring to
the great difficulty which magistrates had in reducing the
number of licences, expressed the opinion that it would
be well if magistrates had the power to make some
compensation to landlords. If they had the power to
give to the owner some compensation for the depreciation
in the value of his property, he thought they would be
able to refuse licenses much better.
The HomE SECRETARY—Out of the rates?
Mr. ROBINSON—I suppose out of the rates. The
rates now suffer from the amount of crime, much of which
is caused by public-houses. in Bristol we have public-
houses enough for double the population. I should like to
see the number of these houses very much reduced. (Hear.)
I think it would be against the public sentiment that
publichouses should be altogether closed on Sundays. I
may not think it necessary that they should be open at
all, nor may you, sir, but hundreds of thousands of
p:ople do think so, and it is only fair that
they should be in a position to get their beer fresh.
Mr. itYLANDS, M.P. believed that a very important
thing was to give abundant local control. It would
certainly be difficult to define what a gin palace was,
but in Warrington he was satisfied that if the magistrates
had this control, without appeal to the Quarter Sessions,
In did not he:itnte to say—and that without any reserva-
tion—they would have put a stop to every gin-palace in
the town.
Mr. WADE, of Hull, spoke of the very favourable way
in which the proposals of the League had been receive,
by the working classes, particularly that portion of the
programme for closing the public-houses on Sundays.
Mr. GEORGE CIIUIKSHANK considered that Saturday
nights were the most injurious to the interests of the
people, and the ones most profitable to the publicans.
It was on Saturday night that the publican
looked for his greatest harvest, and sold mixed and
adulterated drink. Their profit was enormous—perhaps 200
por cent. or more. If the public-houses were closed at an
earlier hour on these nights, he believed that a
very important step would be taken to prevent so much
misery and drunkenness.

The Rev. Dr. MARTIN testified to the great injury
inflicted on public morals by the large number of public-
houses and beer-houses. He mentioned an instance
in which a woman had applied to him for a recommenda-
tion for a renewal of her license, but as he knew
that the house was not well kept, he declined.
However, the woman obtained the license, and
shortly after, when he was passing the House,
he saw the police there in consequence of a row. He met
a magistrate, and upon representing the facts of the case,
the latter said that they had the greatest difficulty in re-
fusing licences, in consequence of the power of appeal to
the Recorder at Quarter Sessions. It was only in flagrant
cases that they refused.
Mr. JACOB BRIGHT, M.P., while very warmly sup-
porting the programme of the League, said that he dis-
agreed with the statement of the hon. gentleman
that there would be any diffieulty in getting ale which
was not "flat. "if the houses were closed on Sundays.
They would make great alterations in Manchester if they
had the power.
The HOME SECRETARY, in reylying, said he had listened
to the representations which had been made to him
by the deputation. He might say, with perfect truth,
that there was no one who had given the subject
a longer or more anxious considerations than he had. He
should have to deal with the matter very shortly, and, as
they were aware, he would have to bring it before the con-
sideration of a ranch less enthusiastic assemblage than the
large meetings to which reference had been made. It did
not do at all times to be guided by the sentiments
which were expressed at public meetings. Such
meetings as to those of which gentlemen
present had spoken were generally attended by persons
who sympathised with the particular object, while there
might be many who did not go to the meeting
who were of a different opinion. Respecting
the measure which was now in course of preparation, they
would soon have an opportunity of hearing what were its
proposals, as if would be brought forward for the acceptance
of Parliament in about a week. It would not go so far
as a great number of those who were in the room, but it
would go as far as he • thought Parliament would
sanction, and it would, he believed. effect a very wholesome
change. It would not interefere arbitrarily or per-
emptorily with the enjoyments of the people. However
their curiosity would soon be indulged.
The deputation then retired, after thanking the right
hon. gentlemen for his courtesy.
•

Bank of England Returns.

An Account, tursuant to ti
cap. 32, for the week ending I
ISSUE DEP

Notes issued £33,815,050

£33,815,050
BANKING D.

he Act 7th and Bth Victoria
Wednesday, Feb. 16, 1870.

'A.RTMENT.

Proprietors' Capi-
tal £14,553,000
Rest
Public Deposits
(including Ex_
cheq uer, Sav-
ings' Banks,
Commir,sioners
of National
Debt. and Div.
Accounts
Other Deposits.. 16,542,989
Seven Days and
other Billt

IGovernmt. Debt-V.1,015,1CP
Other Securities 8,984,900
GoOd Coin and
Bullion
Silver Bullion

457,439

£33,815,050

!PARTMENT.
Governmt. Secu-
rities(including
Dead Weight
Annuity) £14,331,314
Other Securities.. 17,783,223
Notes 11,274,285
Gold and Silye,
Coin ,„ 950,283

£44,339,103

£44,333,105

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THE SUN, LONDON, WEDNESDAY EVENING, FEBRUARY 23, 1870.

iIIONETARY REPORTS—Yesterday.

(From the Sprinafleld Republican, Feb. 4.)
Money continu: s very easy, much easier than it was last
year at this time. The speculation was much brisker than
now, and there was a more active demand for money, the
absolute supply probably not,being much larger than it is
now. At New York aed Boston it is at present obtainable
at sto 6 and even at 3 to 4 per cent. Borrowers obtain
National Bank notes for a few days, free of interest, on
the promise to return greenbacks. The petition which
was circulated among New York bank officers to have the
Government pay interest on surplus National Bank notes
has not been heard of for some days. Although currency
continues to accumulate at the centres the increasing ac-
tivity of trade must soon make employment for this sur-
plus capital. The prospect of specie paynieut, however,
and the popular faith in a not far distant resumption (con-
stituting the principal difference between the financial
temper .now and a year ago) will offset in a great mea-
sure the customary annual revival in business and lead to
even more caution than has been exhibited during the
fall and winter. Traders and speculators will move with
unaccustomed prudence in view of the unsettled state
of the currency question and the falling premium
of gold. it seams a little odd, by the way, that while
we are aching to get back to a hard money basis, Canada
is burdened with an uncomfortable weight of silver. The
reputation of a Canadian Finance Minister rests on his skill
in delivering the Dominion from spe.cie. A scheme of ex-
portation has been in operation for some mouths; bat is
found to give no appreciable relief, and it is now proposed
to sell silver at a discount in foreign markets. Consider-
able quantities have been brought to New York and sold
for Al cents on the dollar, and the Canadian Parliament
is urged to make American silver quarters and halves of
dollars legal tender at 80 per cent., when, of course, there
would be an immediate effort to get rid of them. The
Canadian farmers and common people have generally
hoarded the coin, a fact from which we should learn the
expediency of issuing no more fractional paper currency,
if we would make the pockets of the people a certain reser-
voir of hard money. Gold during the past week has been
troubled with the usual monthly rumours and contradic-
tions of rumours as to what Secretary Boutwell would do
next month. The premium on Saturday and Monday drooped
with reports that the secretary had given himself a stint to
pay off $108,000,000 by March I,thus closing the first year
of the administration with unparalleled thrift, and that in or-
der to accomplish such a programme he would sell $8,000,000
of gold during February. His real inteution,however.wasless
ambitious, contemplating only the sale of a million of
gold each week, and the purchase of a million of bonds
each fortnight. According to the February Debt state-
ment, the amount of gold in the Treasury has decreased
from $109,559,475 to $101,600,730 during January, and the
debt decreased $3,933,664. Governments have not been
quite so active during the past week, but have maintained
their quotations firmly. The small demand for them by
the Government during February renders the market
easier. In foreign markets the high price, while it inspires
and is inspired by greater faith in our credit, and conse-
quent greater willingness to hold our securities, has also
the opposite effect, to shut out dealers with small capi-
tal, who would invest at cheaper rates. Southern State
securities are strew:, especially in Virginias and South
Carolinas, which are being bought up by insurance and
other companies for deposit with the State Treasurers
North Carolinas and Tennessees are the most unsettled
and fluctuate unaccountably. Stocks last week were quite
animated. The excitement over the expulsion of Rock
Island from the list of the Stock Exchange at New
York has scarcely subsided. The StockTelegraphCompany
has been forbidden by the Stock Exchange to pass
the quotatious over its wires. The press of New
York generally support the exchange. The Financial
Chronicle demands legislation compelling corporations to
make public their intention to issue new stock. As one
of the supposed advantages of corporate over private ma-
nagement lies in the publicity procedure under the former
method, it would certainly become legislators not to lose
sight of this important element. The authority of the
Stock Exchange is exhausted when it has expelled the ro

MONEY AND BUSINESS.

A quiet feeling has pervaded the Stock Exchange
markets to-day. Railways and foreign bonds have been
tolerably firm in value, but Telegraph shares on sale have
given way in value. Consols have been flat, and lower,
at 92k, 92 for money, and 94, 92/ for March. Reduced
and New Three per Cents, 94, 92k ; Exchequer Bills, 2s.
dis., 3s. prem. India Three per Cents. have been done at
ill& 1111, and India Bonds at 205., 255. prem.
No change of importance has taken place in the value
of English railway stocks, and the movements have been
about evenly balanced. Metropolitan has risen London
and Brigton South-Eastern and Great Eastern but
Midland, London, and North-Western, and Great Western
have receded
Indian railway stocks have changed hands quietly, but
the quotations have been maintained. Canadian Shares
have sold slowly. For foreign shares there has been very
little inquiry. Recife and San Francisco have been
lower.

There has been a continued scarcity of money to-day.
The demand for accommodation has not been active, but
the rates have been firm, and three months' paper has not
been taken under 24 to 3 per cent.
As regards foreign bonds Egyptian have been steady,
and have risen from to 1 per cent. Peruvian also have
been firm, and better. Italian, Portuguese, Russian,
and Mexican have maintained previous quotations, but
Spanish (1867) have been lower.
The Russian Loan has been 3i, n prem.

American Government securities have been steady. The
Five-Twenty Bonds have risen ; Ten-Forty, * ; and
Illinois Central, ; but Erie shares have fallen ; and
Atlantic and Great Western Mortgage Bonds, L
The transactions in Bank Shares have been only to a
moderate extent, but the quotations have ruled firm.
London and Westminster have been steady at 61k.
Telegraph Shares have been flat. Anglo-American have
fallen /, Anglo-Mediterranean, 1 ; British Australian. ,
British Indian Submarine,
Telegraph Construction shares at one time touched 432,
but the quotation has since fallen. Hooper's Telegraph
Works, after being dealt in at 1 prem., receded to 44 4
prem. India Rubber shares have advanced
Miscellaneous securities have been quiet, at about pre-
vious quotations.

Advices from Melbourne, dated the Ist inst., state tha
the mail steamer takes to Galle .2391,500. The City o
Vienna has sailed with £17,500.

The Araucania, from Valparaiso, has brought £54,000
in specie.

Paris advices state that the Prefect of the Seine proposes
to raise a new loan of £10,000,000.
There have been no bullion operations at the Bank to-
day.

Money has been very firm to-day, and three months'
paper has been charged 3 per cent.
Bills have been in request, but the rates of exchange
have been without material alteration.

At a meeting, of the General Steam Navigation Com-
pany a dividend and bonus at the rate of 10 per cent. per
annum were declared.

A prospectus has appeared of theAnglo-Maltese Hydraulic
Dock Company (Limited) with a capital of £150,000 in 220
shares. Nearly one half-the shares have been already
taken up either here or in Malta. It is proposed to con-
struct a hydraulic lift dock on the system of Mr. Edwi:.
Clark, for which the Maltese authorities have granted an
ample site in addition to a subsidy of £5,000.
The directors of the Estates Company (Limited and
Reduced), in a report to be presented on tho 28th inst.,
recommend a dividend at the rate of 4 per cent. per

At a meeting of the Submarine Telegraph Company the
directors' report was adopted, and a dividend at the rate
of 8 per cent. per annum, free of income tax, was declarel
At a meeting of the Australian Agricultural Company,
the report, which was adopted, showed that the funds in
London, on the 31St of December last, amounted to
£3,70775. 9d., and since that date bills of lading for tallow
and a considerable portion of the wool clip of 1869 have
been received. An interim dividend of 7s. 6d. per share,
free of income tax, payable on and after the 28th inst. was
declared.

creant company, and it might turn out all its patrons and
thus expel itself out of existence without much penal
effect on the disobedient. Rook Island Las been largely
dealt in and has run up to I]3 to 117, since it has been put
under ban. The rise on Monday was so sharp as to cause
the report, as yet unconfirmed, of the failure of a promi-
nent broker. Wabash fell off 2 to 3 per cent on the au-

The traffic returns of the South-Eastern Railway for
the week ending February 21st present a total of £17,821,
being a decrease of 43,578 compared with the correspond.
Inz week of 1869.

nouncement of its new loan, but has nearly recovered,

The Chicago and North-western have disposed of their

new issue of $720,00C at 89k to 90, the bids being for
about double the amount offered. Erie has had ono field
day during the week, rising to 25}, but has since
dropped back again in the old rut. The British stock-
holders are congratulating themselves on having com-
pleted the "stamping process," or registration, by which
they intend to prevent the disposal of more Erie paper in
the English market. The principal other spe.culations in
stocks at New York were in Now York Central and
Reading, both advancing, and of the latter 10,000 shares
changing hands on Tuesday. At Boston, Boston and
Albany stock has risen since Dec. 30 from 144 to 153 ;
at the same dates respectively Hartford and Erie stood 71
and 74; Eastern has declined from 118 to 1161, and North-
ern Now• Hampshire has advanced from 107 to 1124. Bos-
ton and Albany is about 2 per cent. higher than at this
time last year. "Moderately active" is as hearty a term
as the present state of trade will justify. The broadstuffs
are unsettled, displaying considerable activity last week,
but au advance iu Liverpool having fallen off, were dull
again on Tues lay. The cotton movement last week was
very active, 81,666 bales going abroad, against 21,514 for
the same week last year. Thu total receipts since Sep-
towt.er 1, 1869, have been 1,730,509 bales, against 1,387,313
for the previous season. The average price of middling
Orleans at Liverpool for the week ending January 28 was
114 d, about the same as 1869, and against 84d for the

same week of 1868. Wool is more active, not only for
manufacturing, but for speculation, and at the close of last

we dc was Ito 2c highOr per pound. The sales in the

vizinity of Boston during the fortnight rea'hed 3.000,000
pounds. There was a brisk sale in seed leaf tabicco, and
prices were firm with sales of Connecticut, crop of 1866,
at 22 to 25; and of Ohio at 18 to 22c. Provisions have
been unsettled, with greater weakness in beef and beef
hams than iu pork products; the latter, however, for
future delivery are sold at a decline. Butter is lower on
choice qualities, and cheese firm. In dry goods there is
preparation for a large trade both in dorne.tic and foreign
goods.

(From the ►Wall-street Journal.)

FRIDAY EVENING, Feb. 4, 1870.
Money on call is in supply, excess of the demand, and
we quote six - per cent. on railway and miscellaneous col-
aterale, and four and five per cent. on Governments.
Discounts are very easy and prime acceptances are quickly
taken at seven per cent., and, in some instances, at six per
cent. Single names passing readily at seven per cent. and
upwards. Gold is generally weak, varying but little from
120}. State bonds are very active, particularly South
Carolinas and Louisianan. New North Carolinas are very
heavy, Tennessees have shown many fluctuations, many
difficulties appearing in connection with them. Govern-
ment
Bonds are especially steady on the long bonds, which
have advanced to-day to per cent.

Sixes, 1861, registered ll7. to 118
Sixes, 1881, coupon
Sixes, 1868, coupon
U.S. 6s. Pacific Railroad
Five-twenties, 1862, registered
Five-twenties, 1862, coupon
Five-twenties, 1864, coupon
Five-twenties, 1865, coupon
Five-twenties, 1855, coupon, new
Five-twenties, 1867, coupon
U.S. 5-20 Coupons, 1868 ll4 to 114 f
Ten-forties, coupon
Ten-forties, registered lO9 to 109 f
Oregon War Loan, Sixes 1881 — to