The Sun.
London, England, 1858-01-23 00:00:00

THE S'e N LONDON, SATUR
" EVENIN 0, JAI UAMIY 231 1858.

reckoning with the brigands, with his indefatigable
energy and experienced skill, he will be enabled
speedily to put down the disturbances and restore
tranquillity. Oude is uow the citadel of these
sanguinary miscreants. Lucknow is in their

hands, although Sir COLIN took care to bring with
him the treasure, guns, and, far better, the fugi-
tives, which were fortunately placed in perfect
security through his care. It can, however, at
any moment be captured ; and it is, perhaps,
better that there should be a position in which the
rebels should be concentrated, so that a more
effective blow may be given when the proper
period arrives, or, in other words, when the
expected reinforcements come to the scene of
action.

The Government have at length recognised
the just claims of some of our Indian heroes.
General INGLIS has been made a K.C.B„ and
with him the gallant HOPE GRANT, Captain
PEEL, and Colonel LIIGARD. Every one of these
honours have been justly earned, and indeed it
may be considered that more should be done for
Norm and GRANT. Never was there a more
brilliant specimen of enduring fortitude and
skilful defence than that shown by the brave
leader of the garrison at Lucknow, and by which
he saved his followers and those dependent on
him for shelter and protection. His name will
for ever be associated with the spot rendered
memorable by his acts. It was no no trivial test
to succeed such men as Sir HENRY LAWRENCE
and Major BANKS, but General INoms
passed through it not merely with untar-

nished laurels, but with the universal
approbation of all who witnessed his indefatigable
and very efficient exertions. We trust that in
his case the step just taken is merely an instal-
ment of justice—a mere payment on acJount.
The Hon. Colonel Plum has received a similar

mark of Royal approbation, doubtless for the care

bestowed on the management of the Privy Purse.
As, however, he is placed on the Civil divi-
sion of the Order, we are not called on to scru-
tinise very closely his claims, or institute invi-
dious comparison between the modes in which Sir
JOHN EARDLEY WILMOT INGLIS and Sir CHARLES
BEAUMONT PHIPPS have earned their respective
titles.

There are also a numerous list of persons ap-
pointed to the third rank, or Companionship of
the Bath, some of whom had worthily won a
higher position. There are few who will not
think that G REAMED, LONGFIELD, and JONES,
SHOWERS, COTTON, and HAMILTON, TYTLER, and
BAIRD SMITH, would not have graced higher

titles. We do not mention these names for the
purpose of slighting the claims of their companions,
but merely taking almost as at a lottery those
whose names have recently been mentioned with
merited praise. Brigadier WiLsoist and the gallant
Sterling would have been included, had their lives
been spared to their country.
In China we are about to exhibit greater acti-
vity. Lord ELGIN had delivered an ultimatum

to which a categorical reply was required within
ten days. The telegram says that Commissioner
YEH showed no disposition to do something ; but
what we are not told. We suppose, however, that
he still exhibits the same perverse obstinacy for
which he has made himself so painfully notorious.

The good men and true of Sunderland have

assembled to do honour to a true hero—one from
amongst them—and in so doing have honoured
themselves. The very interesting meeting, a

report whereof appears in another part of our
impression, shows the manner in which the
exertions of the illustrious HAVELOCK were appre-
ciated by his townsmen. Nor was it the least
interesting part of the proceedings to witness the
stress laid upon his relgious principles. HAVE-
LOCK was a Christian hero. He was not

,Dly good himself, but made thoae with

I him good. His " Saints," as they were termed,
always did their work well, and when efficient
services were required, it was well known where
they might be obtained. HAVELOCK never spared
himself for a moment. There was not a man
under his command whose safety he did not look
to more closely than his own, and yet he never
avoided danger, but rather seemed to court it.
Never will his memorable march from Allahabad
o Cawnpore, and thence to Lucknoar be forgotten

in the military annals of his country. It was
A series of continuous conflicts, and every one

was a triumph. Never for a moment
did victory desert his standard. He met the most
terrible and almost overwhelming odds, not only
without flinching, but with miraculous success.
Such a man was an honour to any district, and it
would be strange indeed if those born in the same
locality should not adopt measures to prove what
a true-hearted man they had been associated with.
But t hereshould be more than a mere monument.
ETA VELOCK loft children—sons and daughters; and

they should in the first instance be made the
national care. But there are institutions in
which he took a deep interest, and we have no
doubt that, if he had been spared, he would be
better pleased to have his name associated with
such matters than with mere bricks and mortar,
or monumental marble. The latter will not be
withheld; but judging from the liberality and
enthusiasm displayed, there will be quite sufficient
t.) accomplish every legitimate purpose, to keep
the memory of the Hero fresh in the recollection
of his countrymen, and to have an cducationzl
movement, "sere perei'nius," which will make
many a youth to bless the name of his departed
benefactor, and qualify him to follow in the course
that led to such honours and glories.
Captain HAVELOCK has been made a Baronet.

he oversight has been so far remedied, and

his mother has been declared entitled to the rank
of a Baronet's widow. But more ought to be
done. The peerage. said to be intended for the
father ought to be given to the widow and her
issue. Let the justice of the demand be urged
by all parties, and the Government will accede to
the pressure from without, and gracefully listen
to the voice of public opinion.

ARRIVAL OF PRINCE FREDERInv" Wllr
LIAM OF PRUSSIA—I— -"`
11.11L9 DAY). 4

This afternoon, his Royal Highness Prince Fre-
derick William of Prussia, the future husband of
the Princess Royal, arrived at the Bricklayers'
Arms Station of the South-Eastern Railway.
At 20 minutes past 11 o'clock a telegraphic mes-
sage arrived at the Bricklayers' Arms station, an-
nouncing that his Royal Highness and his suite
were on the line, in a special train, speeding their
way to the metropolis, and that they would reach
London about a quarter past one o'clock As the
train approached all was eager expectation in the
neighbourhood of the station.

The chairman and directors had made ample
arrangements for the reception of the Royal party,
but there were no decorations of any kind.
At half-past twelve, the band of the Grenadier
Guards came on to the ground, and played several
martial airs. The band was followed by about
80 guards on foot and 40 mounted.
The Prince Consort, who was accompanied by
the Prince of Wales and Prince Alfred, arrived at the
station at 10 minutes past 1, and in another minute
a bell rung, announcing the approach of the train.
Exactly at a quarter-past cne, the time indicated
on the company's bill, the train came into the
station, and the band struck up the National
Anthem.

Prince Frederick William came on the platform
and was received by the Prince Consort, with
whom he drove off at once to Buckingham Palace,
over London-bridge and through the City.

LATEST NEWS.

been buoyant to-day in ccinsoquence cif the iidte
of the Moniteur, announcing that Belgium had
prosecuted the Dr apealt before the tribunal. The
following were the last quotations :-
4 per Cents 94 50 Credit Fancier
- Belgian month
4.. .. 69 15 Piedmontese (5)
894
3Do: per encdentnto.n
Do. end month 69 35 Roman B3
Bank Shares
Credit Mobilior ... 945 Spanish Threes
Do. Account 915 Home Debt . 37

RAIL'

rAYS.

Orleans
Northern ..
Now Ditto 802.3
Lyon and Mediteran. 875
New Ditto BS2A
Geneva

Midi
Western 7OO
Strasburg
Grand Central .
Sardinian
Austrian

THE DANUBE.

A letter from St. Petersburg of the 13th, in the
Constitutionnel, says :
"The exchange of the ratifications of the treaty for
the navigation of the Danub:,, between Austria, the
Porte, Bavaria, and Wurtemberg, which was only
known here yesterday, produced a certain sensation, for
it was regarded as a kind of provocation to the Rusi,ian
cabinet. It appears, however, that too much
importance is attached to that diplomatic formality,
the communications made here by Count Esterhazy being
much more conciliatory than were expected on the sub-
ject. Prince Esterhazy, who had a private audience
of the Emperor yesterday, had previously a long con-
ference with Prince Gortechakoff, in which he gave
an assurance that Austria was not so much opposed to
the views of Russia and France as was supposed, but
that circumstances had compelled her to ti rminate as
promptly as possible the affair of the navigation of the
Danube, in which two States which had not taken part
in the Congress of Paris were interested. The Austrian
minister announced, at the same time, that as soon as
the treaty of navigation hal been ratified, the cabinet of
Vienna would communicate it to the great Powers for
their examination. He added that, notwithstanding the
exchange of ratifications, Austria did not at all consider
the treaty as definitively concluded."

Another letter in the Cologne Gazette says :
" The Austrian cabinet has replied to the note of
Servia in which that Power complains that no attention
has been paid to her observations in the negotiations of
the treaty for the navigation of the Danube. The Aus-
trian note maintains the'right of the four riverain states
to alone ratify the treaty, and persists in refusing that
right to the vassal principalities. It, however, holds out
a hope to the Servian Government of a reduction of the
expenses charged to its account. These expenses will
be fixed in proportion to the revenue of the cmntry,
and if they exceed the sum set down, Austria and
thq Porte will take upon themselves to pay the surplus."

A letter from Constantinople announces that
the remnant of the Polish Legion raised by Turkey
in the war against Russia, and which had occupied
the barracks of Raider Pacha at Scutari, have
lately left for various places. The Government
presented each officer of the staff with 11,000
piastres, the subalterns 3,000, the not
officers 2,000, and each soldier with 300. The
Turkish piastre is worth about 4i sous.

The Moniteur Algerien of the 15th states that
the accounts from the Kabylia of the Djurdjura
are most satisfactory. General security prevails,
and Fort Napoleon, which was con,tructed with
such amazing rapidity, has already become an im-
portant centre of communication both for the
Kabyles and for the French.

THE CURRENCY.

Comments on the Currency Fallacies of Lord Over-
stone, avowed by him in his evidence before the
Bank Committee of the House of Commons of
1857—t0 be the principles on which the Bank
Charter Act of 1844 was founded.
(Continued.)
Fallacy No. 5. That the practical effect of in-
creasing the issue of bank notes to- the extent of
two millions against securities would be to decrease
the issue against bullion to the same extent. That
such au issue would not add one farthing to the
money of the country, nor afford any relief to trade
worth mentioning.
3,691. " You entertain no doubt that the prac-
Coal effect of enlarging the limit from 14,000,0001
to 16,000,0001. would be nt t to add 2,00 J, 0001. to
the paper currency, but to diminish the bullion re-
serve of the Bank by 2,000,000/.?"—Ans. No.per-
son who understands the elements of the subject
can entertain a doubt upon that point. It would
cause an increase of 2,000,0001. in the amount of
paper notes issued against securities ; at the same
time it would cause a decrease of 2,000,0001. in the
amount of paper notes issued against bullion. There
would be no absolute increase in the aggregate
amount of p per money. There would be iu the
issue department an increase of securities, and a de-
crease of bullion in each case to the extent of
2,000,0001."—In another part of his evidence
(3,910) he says, " ft will not add one farthing to
the money of the country."
3,692. "You cons:der that as certain as anything
that cannot be made a matter of mathematical de-
monstration, do you not ?"—" I consider it to be
as fundamental in discussing this subject as a defi-
nition of Euclid is in discussing any of the works
of Newton."
3,694. " Whatever relief was afforded to trade
would merely be momentarily ?" —" The relief af-
forded to trade, I think may be thrown out of the
question ; it clearly doss not touch the principles
we are discussing ; one may fairly say that their
would be no relief afforded to trade ; it would be
temporary to so slight a degree that it is not worth
speaking of."
Can it be believed that such evidence as this was
given an the 10th of July, and that four months
later, en the 12th of November, when th 3 Act was
suspended, 2,000,0001. of additional notes were actu-
ally issued against securities, producing the very
opposite effects so confidently predicted. by Lord
Overstone ? The issue of notes against bullion were
increased instead of being diminished, and bullion
flowed into the Bank at the rate of 1,000,0001. a
week, instead of flowing out as previous'y at the
rate of a million and a quarter ; and instead of the
relief to trade being hardly worth mentioning the
trade of the country was saved, as hut for the sus-
pension of the Act the Bank of England would
undoubtedly have stopped payment and the whole
machinery of the credit system of the country
would have been brought to a dead lock. In saying
that not one farthing would be added to the money
of the country, he is again confounding money with
capital—not one farthing would be added to the
capital ; but 2,000,000/. would Too added to the
money of the country, to that legal tender money
so absolutely necessary to meet engagements to pay
money when other credit money fail.
Fallacy No. 6. That the object of discounting is
only to obtain the command of a greater quantity
of capital, and that the rate of discount is the
price paid for the command of capital:
3,729. In reply, Lerd Overstone asks—" What
is the meaning of discount ? Why does a person
discount a lain ? Ha discounts a bill because he
wants to obtain, not money for its own sake, it is
useless in itself—he discounts a bill because he
wants to obtain a greater command of capital."
Discount, we apprehend, is an allowance made for
ready money ; is the price paid for oonvertitia• credit
into cash ; for exchanging bills, one sort of money
into B ink notes, another sort ofinoney. Discounting,
therefore, is not for the purpose of obtaining a
greater command of capital. A bill for 1,0001.,
accepted by Jones Loyd, and Co., Would give
just as great a command over capital as a Bank of
England note of the same amount, minus the charge
for discount. Bills are discounted for the purpose
either of obtaining money of a more commercial
denomination for wages and smaller cash payments,
or for the legal tender to meet engagements falling
due. , This is the main object of discounting, and
bears out the position we have advocated, that the
rata of discount in this country depends funda-
mentally upon the demand and supply of the legal
tender.. The rate of discount, then, is paid for the
use of money itself, our contracts being made in
money, and not capital, untilconverted into money,
can discharge them. Lord Overstone appears to
have obtained his idea of money in early days, he
is asked—(3, 757)_" Do !rightly understand your
lordship to say that the money was the capital ?"
No ; 1 said just the reverse. I say that with
money, retained as money and not used as a means
of obtaining capital, you can do nothing ' • you
mightiest as well have a parcel of old iron. When
I was a child a sovereign was given to me, with the
grave admonition that as long as I kept that
sovereign in my pocket I should never be without
money ; but I soon found that no good came to me
from keeping the sovereign in my pocket." True,
but if he had previously obtained the capital on
credit, and came under an engagement to pay one
pound in money for it, he would have found his
sovereign of great use iu keeping him out of limbol
and that capital of itself would be of no use.
Fallacy No. 7. That the convertibility of the
Bank of England note w.is endangered in 1825.
3,793. " With respect Jo the three drains from
1819 to 1844, you have stated that they in-
volved three great alarms for the converti-
bility of the note. Can you give any proof
of that, that the alarm at that time was for
the convertibility of the note ?" —" It is like
asking me to give a proof that the sun rose this
morning. It is universally known and recognised
by everybody who lived in the commercial or
monetary world during that period. It is perfectly
notorious that in 1825 the bullion was drained out,
and that if there had not been found some
700,000/. or 800,0001. worth of 1/. notes, the Bank
must have avowed that they had no more sovereigns
to give." 3,795. " Then, under the most adverse
circumstances of a drain of bullion, when it was
stated that the Bank was within twenty-four hours

of a state of barters these one-pound notes, w1,i311
came out of the Batik, gd far from being discredited,
staved off the panic ?"—Answer. 't They were not
discredited in the slightest degree." He com-
mences his evidence with stating that it was as cer-
tain that the Bank-note was discredited in 1825 as
that the sun rose that morning, and concludes by
admitting that they were not discredited in the
slightest degree. Can self-contradiction further
go ? One additional instance I will give. 3,89 G.
"Do I correctly understand your lordship,, that
you give up the argument which you used in 1840,
that the fluctuations in the notes out of the Bank
of England ought to conforin to the fluctuation in
the awount of bullion ?"—" I give it up so far as
this—if that is the meaning of giving up—it is
really completely the statement, in no respect
givieg it up—that now, with the means of
informa' ion which we possess, the notes
out of the Bank of England must have
added to them the notes which are in the
banking reserve of the Bank of England."
Here, in the same sentence, he gives it up, and
does not give it up—nay, he is still more confident
of its being correct. In 1840, before the com-
mittee, he stoutly maintained that the notes out of
the Bank should fluctuate with the bullion, bat now
that statistics prove this position to be untenable,
he says the notes in the Bank must be added.
It seems difficult for him to acknowledge himself
to be in the wrong, and yet we must do him the
justice to say that in one instance, the Repeal of
the Corn Laws, he did retract. We well remember
calling on him, along with John Bright and Henry
Ashworth, to solicit a subscription for the Anti-
Corn Law ,vague, when he not only refused, but
remonstrated with us for disturbing the country by
agitating the question. Subsequently he subscribed
that we need not despair of his ultimate conversion
to the principles of Free Trade in a sound currency
c., of metal and of paper,perfectly convertible
into metal; and, particularly, as he admits (3,836)
" that free trade in an article is the best mode of
procuring allthe results with regard to it which you
desire, is a principle which I fully adopt."
Fallacy No. B.—That violent fluctuations are
prevented by the Act of 1844.
3,986. He says, " The changes in the rate of
discount may probably be more frequent, but ou
that very account they will be less violent ; and I
have already stated that I think the frequency of
the oscillation is really an essential principle in their
utility ; and I have given an illustration which
seems to me in point. It is like the rapid
and multiplied oscillations of a tight-rope dancer •,
if you allow him to go on for some time, instead
of righting his position the moment it is disturbed,
he will lose his balance and tumble over, and it is
precisely so with your monetary system."
This is rather an unfortunate illustration of the
operation of the Act of 1844, for this distinguished
performer did lose his b dance (of reserve) during
two celebra'ed exhibitions of 1847 and 1857, and
was iu such a panic that he tumbled down and
would have broken his neck, had not his friends
come to his assistance and suspended him. Two
more violent oscillations could not well have been
conceived. The second was the more to be woadered
at, after the assurance of the master of the circus
that the accident would never occur again, as his
favourite performer now understood the principles
(of the Act) better, and would make the rope still
tighter.
Lord Overstone said, in 1848, "I have no doubt
that the commercial prosperity of the country will
be restored, and even be placed on a firmer founda-
tion by the events of last year (the panic of 1847)."
Fallacies sufficient have perhaps been enumerated
to show that Lord Overstone's notion of money
being merely coin and bank-notes, leads him to
explain all the phenomena of the currency incor-
rectly, he sees them through such a false light, and
from such a fallacious standpoint that there is
hardly a principle that he lays down or an infer-
ence which he draws, or an opinion which he gives
that is not open to dispute.
There is evidently a ~reat reluotance on his part
to come to a clear definition of terms. He

declines to define capital, and he prefers the
term money, which is very indefinite to legal ten-
der money, which is les so. He says (3,818)—" I
think you had better keep to the word 'money.'
I do not know what may be meant by legal tender."
Nor did he know, which is very strange in so great
an authori•y, that Bank of England notes were not
a legal tender in Scotland and Ireland. He is
asked (4,ls2)—Are you aware that Bank of Eng-
land notes are not a legal tender in Scotland and
Ireland ? Ans.—l do not know how that is.
If the language of these economists should ap-
pear too positive and strong, it must be remem-
bered that they are made on the evidence of one
whose expressions are dictatorial and offensive in
the extreme to the opponents, and even insolent to
the committee, the representatives of the people.
Ho characterises the views of some of them as
" absurd; perfect quackery, and perilous nonsense,"
and this is iiidefence of a pecuniary system which
benefits his own class at the expense of all others.
We feel justified, therefore, is copying his own
words (4,193), as being more applicable to himself
than to his opponents. "It is , perilous nonsense
owning from high quarters, from which we are en-
titled to expect more sound information and safer
advice, you may rest assured. I must speak
plainly: I have a great public duty to discharge
. .

in giving my evidence in this matter." And also
we quote against his monetary system, his own
quotation respecting the American system :—" It
is supposed that in this latter crash, nearly 180
banks, including the Batik of the United States,
were perfectly destroyed, and the last occasioned
by the depreciation which it causes in
the valuation of stock of all kinds,
and of all sorts of property was quite enormous ;
the failures in this country iu the late panic are
alone estimated at 100,000,0001., and the deprecia.
tion of property is incalculable ; and yet, great as
was the loss, it was really trifling, as the writer in
the American almanac has stated, compared with
the injury resulting to society from the upheaving
it occasioned of the elements of social order, and
the utter demoralisation of men by the irresistible
temptation to speculation which it afforded, ending
in swindling to retain ill-gotten riches.
Contrast the eulogium on the Act of 1844,
chaunted by him before the committee in July last
withthestateofthingsmNovember. (4,189). "Look
around you," he says, "look at the present state
of the trade of the country ; look at the prosperous
condition of the revenue of the country ; look at
the contentment of the people ; look at the wealth
and prosperity which pervade every class of th-
community—and then having done so, the com-
mittee may be fairly called upon to decide whether
they will interfere with the continuance of an act
under which. these results have been developed."

Oantrast again this eulogiuni and its flattering
anticipation of further blessings with the production
of Mr. Fullarton, in the concluding sentences of
his admirable work on the regulation of the cur-
rency, published in 1845, the year after passing the
act—" That if the spirit in which the restrictive
clauses of the Bank Act are framed is to be
consistently acted up to, a state of circum-
stances can well be imagined, in which the
catastrophe would be as tremendous as it would in
all likelihood be sudden and irretrievable, shaking
even to its foundation the entire financial fabric of
the realm."

Let the public compare these diametrically op-
pc:wed prognostications of the operation of the Act
of 1844 by its most powerful advocate and parent,
and by one of its ablest opponents.
Let them consider the arguments of Lord Over-
stone and of M'Culloch (his echo, judging from his
recent treat;st2), on the one band, and of Fullarton,
Tooke, Neil, and Wilson, on the other, with the
evidence that has already been published, and with
that which has to be given before the next com-
mittee (a public one, it is to be hoped, and nob a
sel ct committee composed of a majority of the
moneyccracy), and then it may be fairly left to
them to decide on the merits of the Bank Charter
Act of 1844.

Alas ! ye gentlemen of England, who live at home a ease,
How little do you think on the danger of laws such as these.

THE ROYAL MARRIAGE AND THE CITY OF LONDON.
—Within these few days rumours have been current,
in well-informed city circles, to the effect that it is her
Majesty's intention, on the present occasiott of the
auspicious marriage of the Princess Royal of Eng-
land, to coLfer a baronetcy upon the Lord Mayor,
and knighthood upon the Sheriffs at an early opportu-
nity after Monday next, the day of the marriage.

VACANCIES, APPOINTMENTS, AND PROMOTIONS IN THE
Civre SERVICE.--The Home Department—The office of
Lord Lieutenant of Derbyshire has become vacant by
the death of the Duke of Devonshire. Coast Guard—
Conmander F. W. Gough has been appointed to the
Hastings Division, vice Robertson, promoted ; Lient,
J. M. Bushell has been appointed to command the
Stagg tender, vice Broad, promoted ; Mr. W. IL Wil
hams, master, R.N., has been appointed to command
a)woderry Station ; Mr. IL 11. Garrett, chief officer,
has been removed from Barking Creek to St. Margaret's
Bay, vice Lieut. W. A. P. Reyse, R.N. Customs—Mr
C. Robinson has been appointed a searcher at Stock-
ton ; Mr. U. Veale has been appointed a clerk and
searcher at Fowey ; Mr. T. E. Fawcett, lccker, &c.,
Sligo. has been appointed principal coast officer at Pres-
t( n (Lytham) ; Mr. A. C. Patterson has been appointed
principal coast officer at Limerick (Kilrusb); Mr. S. T.
W Mauls has been appointed principal coast officer a'
Milord (Solea); Mr. W. C. Turnbull has been pre-
meted from third to second class clerk at Shields; Mr.
George A., Bethell has been promoted from fourth to
thud-class clerk at Shields. Ireland.—A third-class
clerkship in the Registry of Deeds-office, Dublin, has
become vacant by the death of Mr. P. Murray,—Civil
&Tice Gazttee. ti

THE NORTHUMBERLAND AND DURHAM
DISTRICT BANK.

NEWCASTLE ON-TYNE, JAN. 22.
A densely-eroivded meeting of shareholders of
the Northumberland and Durham District Bank

was held in the Central Exchange Asseinair-res
this afternoon—Mr. G. Ridley, M.P., in the chair
—for the purpose of winding up the company and
appointing liquidators for that purpose. Mr. Mew-
man, solicitor to the Bank of England ; Mr. Mur-
rough, solicitor to Glyn and Co.; and several local
solicitors, were present. The meeting was very ex-,
cited.

Mr. OGDEN read a report from the directors.
They regretted to announce that not only had the
losses of the company exhausted the whole of the
guarantee fund, but also, in their opinion, the en-
tire paid-up capital. They had hoped that some •
small portion of the shire capital might have been
preserved, but a further examination of the ac-
counts, the continued effect of the monetary crisis
on parties indebted to the bank, and the necessity
of placing a value OR the assets, compelled them to
take that view. The directors further stated that
the fo'lowing gentlemen bad been agreed upon by
them, the shareholders' committee, and deputations
from the creditors, for nomination as liquidators :
—Mr. John Fogg Elliott, gentleman, Durham ;
Mr. Wm. Bainbridge, barrister ; and Mr. Joseph
Fairs, chemist, Newcastle. The shareholders' com-
mittee also reported that they had had access to the
books and securities of the bank, and that their ex-
amination had satisfied them that the figures in the
undermentioned balance-sheet, proposed by the di-
rectors, was an approximation to the truth. The
result thus shown was founded on the presumption
that the securities of the Derwent Iron-works, the
Elwick estate, and the Messrs. Carr, Brothers,
were sufficient. The investigation of the committee,
they stated, led them to the belief that the bank

had long been under circumstances threatening to
its safety, and that the present acting directors,
Messis. Ogden, Ha wkes, and Silleck, had
struggled most anxiously, though ineffectually,
to overcome its difficulties. The committee re-

gretted that many of the shareholders had not met
the call of Dec. 15 with promptitude. The follow-
ing approximate statement was read :—Debtor
deposits, 1,304,280/. ; ditto, interest, 35,0001.:
credit accounts, 818,493/. ; ditto, general or sus-
pense account, 21,427/. ; sundry banks, 162,1741.;
balance, 46,456/. ; total, 2,377,830/. • Credit ac-
count : bias in hand, current, or overdue, and
debit balances, after allowance for bad and doubt-
ful debts, 2,296,59 C:. ; sundry banks, 49,589/. ;
gendral or suspense accounts, 8,377/. ; bank pre-
mises, 18,000/. ; cash in hand, 5,274/. ; total,
2,377,830/. This account includes 62,279/. received
iu part of new call, a large portion of which arose
from transfers of parties' own credit balances ; the
bills rediscounted, amounting to 1,627,093/., were
not included in the debtor statement: The divi-
dends paid since the formation of the bank amount
to 676,483/. 7s. 9d. The shareholders' account
showed that 66,775 shares had been issued at 10/.
each, amounting to 667,750/., while the bank owns
10,470 shares, of the value of 104,700/. It ap-
peared that the bank held life policies maintained
by debtors amounting to 22,099/., and policies
maintained by the bank at an annual cost of 2,063/.
which amount to 45,000/.
The CHAIRMAN moved the adoption of the re-
ports.
Mr. MILNER seconded.

Questions were asked, and a warm debate ensued
relative to the security given by Mr. J. Richardson
recently a director on the Consett Iron Works.
The agreement between Mr. Richardson and the
bank was read. It was made after the stoppage of
balk and guarantee pay men tof 765,0001., 50,0001.
having been written off by directors in considera-
tion of his giving the guarantee, interest of the
whole to be at the rate Of 5 per cent. The portion
of the principal to be paid yearly to depend upon
tte price of forged iron. In answer to numerous
qutst'ons why such large advances were made to
Mr. Ric! ardson,
Mr. OGDEN said the debt had commenced before
he entered the bank, in 1845, and was then 500,0001.
The directors who were in power then had died, except
Mr. Richardson, who was the only survivor. Mr.
Richardson was not legally, only morally liable,
and they had done the best they could. His part-
ners in the iron works—Messrs. W. Backhouse,
E. Richardson, T. Richardson, Mr. Richardson's
brothers, Mr. Smith (of Derby), M. Bigg, and C.
Bragg—were liable with him under the agreement.
If their property were brought into the market at
this moment, it would probably not realise the
amount cf security, but under improved manage-
ment it would ultimately be worked out. Mr.
Richardson's real property was not secured to the
bank; be was reputed a rich man, but his property
was encumbered.

The Rev. Mr. FEATHERSTONHAITGH asked how
it happened that in the directors' report last Feb-.
the profits of 70,0001. were declared gain on the
year's transactions, and that a dividend was de-
clared. Wasnotsuvension hanging over them then?
Mr. OGDEN said that that prcfit was made upon
living account, everything bad and desperate being
struck off. Part of it was divided, part carried to
bad-debt accouut, which had been placed before
the eyes of the shareholders every year.
Strong objections were made to confirming re-
posts, and the motion was not put.
A string of resolutions was submitted to the meet-
ing ; the principal points in them were the dissolu
tion and winding up of the company, subject to the
provisions of the company's deed of settlement and
Joint-Stock Banking Companies' Act, 1857 - the
appointment of liquidators named above, and re-
commendations to creditors to appoint a committee,
to represent there during the winding up.
The CHAIRMAN read a letter from Messrs. New-
man and Murrough, solicitors to the London credi-
tors, dissenting from winding up by the three gen-
tlemun named, and suggesting the addition of Mr.
Coleman, accountant, and Mr. Williams, senior
clerk at Messrs. Glyn's.
It was objected to Mr. Coleman, that he was
accountant in the affairs of Messrs. Carr, Brothers,
and Co., who are debtors to the bank.
. _

After some discussion the resolutions were unani-
mously carried.

The CHAIRMAN declared the meetilig dissolved.
A private meeting of the creditors was after-
wards held in the room.

IRELAND.

DUBLIN, FRIDAY MORNING.
THE PRIEST'S PROSECUTION.
The fate of Father Conway is still in the balance.
To the disappointment of not a few who were early
in the Queen's Bench yesterday morning, the three
Judges took their seats and proceeded to thelrou-,
tine business without making allusion to the judg-
ment which was set first in the list of the day's
work. It is understood that the Court is divided,
Mr. Justice Perrin differing from his two learned.
brethren. Yesterday was the last day for serving
notices of trial for the present term, so that, even if
the Attorney-General succeeded in his motion to
change the venue to Dublin, there would be either
a trial at bar or the case would be postponed to
the after sittings of Trinity Term, no special jury
cases being triable in the short sittings of Easter
Term.

THE CONTEST FOR LIMERICK.
The two candidat4 have launched their election
addressee, and each is pursuing a vigorous canvass
of the constituency. If, however as is rumoured,
the Conservative interest should be thrown into the
scale for Mr. Ball, there would be little doubt of
that gentleman's success.

THE RECENT FAILURE IN THE SOUTH.
Ac cr)unts from Limerick announce that a meeting
of the creditors of Messrs. Bannatyne has just taken
place there, and, according to the statement put
forth, the liabilities-amount to nearly 95,0004 The
arrangement proposed was payment of 6s. 6d. in
the pound, at six, 12, or 18 months, which it is
understood has not been accepted, some of the
principal creditors not having beets represented at
the meeting.

COURT OF COMMON COUNClL.—Yesterday a special
court was held for the purpose of receiving the report
from the committee of justices, appointed at a meeting
of quarter sessions for the City of London, to carry into
execution the Lunatic Asylums Act, 1853, in relation
to providing a lunatic asylum for the City of London,
and to inquire and report what would be the probable
cost of the proposed lunatic asylum, out of what funds
it was desirable the expenses should be paid, and how
those funds should be raised. The oommittee, having
carefully considered all the circumstance?, were of
opinion that the proposed asylum, including the pur-
chase of the ground, would be about 50,0001.; and that
the coot of erection, if erected at all, should be by a
county sate, it being for the accommodation of pauper
lunatics. Mr. Cox moved the adoption of the report.
After some discussion the motion was agreed to, there
being only one hand held up against it.
THE TROUSSEAU OF THE PRINCESS ROYAL, altlough
in amplitude worthy in every respect of so important an
occasion, is remarkable for the substantial utility of the
articles composing it. This observation Is more especi-
ally applicable to the chaussures of her Royal Highness,
which, although comprising some twelve dozen pairs of
boots, are almost in every instance useful in their
character, and solid in their manufacture ; while, at the
same time, they are light and elegant in appearance.
Some of them, intended for rough walking, are pro-
vided with treble soles, and small, but projecting nails.
They bear the matt of Mr. Sparkes Hall, her 116E8k:sty's
bootmaker, who has applied his well-known 1 atent
elastic process to all of them. Some of the lighter boots
are made of a beautiful and exquisitely woven material,
known, we believe, as Italian Stockinet. [The thick,
warm boots of youthful royalty will, we trust, become a
fashion ]