The Sun.
London, England, 1866-11-09 00:00:00

THE SUN, LONDON, FRIDAY EvENIING, NOVEMBRR 9, 1g(36.

The New Medical Club.

A meeting was held at the Hanover-square Rooms
yesterday with the object of establishing a club in
London for the social intercourse of members of the
medical profession, British and foreign ; to promote
and maintain a mutual interest and fellowship be-
tween them, and to cultivate friendly relations with
men of arts, science, and letters—Sir NV. Fergusson,
Bart., in the chair.

The CHAIRMAN, having referred to the advan-
tages to be obtained by the formation of such a club,
called upon the hon. secretary, Dr. L. Marsh, to
read the report, of which the following is a copy : --

" The establishment of a club in London for the social
intercourse of members of the medical profession of this and
other countries has at different times engaged a consider-
able amount of attention. Almost all agree that such a
club would be a great convenience, and as it is proposed to
include as members gentlemen connected with oher scien-
tific societies, a further advantage will accrue by the culti-
vation of friendly relations with men of arts, science, and
letters. At present the number of members enrolled is up-
wards of 300, and doubtless many are waiting to see the
local habitation of the club settled before joining. In this
as in other clubs the amount of entrance and subscription
will be increased so soon as the opening of the club is de-
cided upon. When opened, the club will be worked upon
the proprietary principle, so that members shall not incur
any personal pecuniary liability beyond the amount of their
entrance and subscription. All existing clubs are de-
signed more or less with a view to the special convenience
of some particular class of members ; none of them, how-
ever, would afford those conveniences which it is confi-
dently anticipated a club of the nature we now propose
to establish will possess. The club would require to
be moderately economical. Members should in all cases
be allowed to introduce their friends as visitors.
Many of the members would reside out of London, and
it is desirable they should, if possible, be provided with
sleeping accommodation, so that they might find at
the club a genial and comfortable home. As the mem-
bers would frequently require to meet for the purposes of
professional consultation, rooms would be set apart daring
a portion of the day for that purpose, and separate lockers
would be provided for members using the consulting-rooms,
in which instruments and apparatus am, might be safely
secured, so as to afford all the advantages an independent
house could supply at a comparatively trifling cost. Of
course the club would supply the ordinary conveniences of
such a place of resort. It would possess a reading-room,
refreshment-room, and library, &c. These are some of the
advantages the promoters propose to accomplish by the
establishment of the new club. The movement has been
carried on thus far without incurring any establishment
expenses beyond those necessary for printing, postage, and
advertising. A favourable opportunity now offers itself
for opening the club in the neighbourhood of Cavendish-
square ; and to enable the committee to carry out the ne-
cessary arrangements, it is important that gentlemen de-
sirous of joining should send an early intimation of their
intention of so doing either to a member of committee or
to the honorary secretary."
_ _

The following resolutions were afterwards put to
the meeting and adopted :
"1. That, in the opinion of this meeting, it is desirable
to establish a club in London for the social intercourse of
members of the medical profession, British and foreign—
to promote and maintain a mutual interest and fellowship
between them, and to cultivate friendly relations with men
of arts, science, and letters.
"2. That the club be called The Medical Club,' but
that it be competent to elect as members gentlemen con-
nected with literature, science, and art, as well as members
of other scientific societies. The election in all cases to
be by ballot.
"3. That a committee bo formed, consisting of the fol-
lowing gentlemen, with power to add to their number :
SirW. Fergusson, Bart., London ; Dr.:Farquharson, Cold-
stream Guards ; Mr. Clement, M.P., Shrewbury ; Mr.
Propert, London ; Dr. Bell Fletcher, Birmingham ; Mr.
Grigg, R.N., Greenwich Hospital ; Sir Charles M'Grigor,
Bart., to settle the rules, to determine the amount of the
future entrance and subscription, and to take the necessary
steps for opening the club as soon as practicable, it being
distinctly understood that, previous to their adoption, the
rules shall be revised by counsel, so that members shallnot,
under any circumstances, be liable to pay more than the
amount of their entrance and subscription.
"4. That a copy of these resolutions be forwarded to the
members of the club, with a request that they will circu-
late them among their friends."
_ _ _

The proceedings terminated with a vote of thanks
to the chairman.

COTTON SPECULATION IN INDIA.

._A~

In the slightly renewed firmness observable in the Liver-
pool market there is a crumb of comfort fin- creditors and
the holders of document bills ; but we trust there is no
danger of any European merchants being thereby deceived
in regard to any prospective business in cotton. As to the
native dealers they must bo left to feel the smart from the
rod they are laying in pickle for themselves. We notice,
in our weekly contemporary's report on the export trade
the remark :—" Our market here has continued very strong
diving the past week. Prices have gradually hardened,
and to-day close about 40rs. per candy higher than last
Saturday." In accordance with this remark, D hollers, is
quoted 290 rs. per candy (91-1) in Bombay) and sawginned
Dharwar 305 rs. (911) Now, we think it must be evident
to any one in a fair position for estimating the prospects of
the cotton market at home, that the prices in Bombay are
just about twice the figure which is safe for shipments
round the Cape. It is, of course, possible that cotton may
again go to 12d., but we take it that advance is in the last
degree unlikely. The chances in favour of 6d. (equal, say
to 175 rs. per candy here) as compared with 121 are about
20 to 1. Gambling speculators may go in for such odds, but
no man worthy the name of merchant would dream of doing
so, or of sharing the risk with any one so blind or reckless.
On noticing that the market had " hardened"—an indica-
tion that some business had been done—we were curious to
know what class of persons had been venturing their ru-
pees in such a leaky craft. Oa turning to the seine report
we find it stated that "considerable parcels continue to go
forward on native account ;" and from other sources we
learn that European merchants are, as yet, steadily refus-
ing to meddle with cotton at the present dangerous prices.
The little trade there is cannot well go on without some
facilities being afforded by bankers; but we understand
that .£6 to £8 per bale is the utmost rate that is now being
advanced on document bills—a rate which, so far as we can
judge, is a very liberal one to set against the chances of
the cotton market at the possible time of realisation four
months hence. The banks having ceased from their race to
see which of them could in the shortest period spread abroad
their capital and deposits, are now desirous of leaving them-
selves an ample margin on document cotton bills for the
contingency of low prices. This being the attitude of the
commission houses and the banks, the native dealers in
Bombay must be left to ship on their own account, if they
have confidence iu the absurd prices they are now asking.
No one can object to this; and even if some of the up-
country dealers were to betake themselves to exporton cot-
ton on their own account, it would probably be the com-
mencement of a more healthy state of things. The extra-
vagant prices that have been current in Bombay have been
due in a great measure to the reckless competition between
commission houses themselves, and the high scale_ of ad-
vance on document bills by some of the exchange banks ;
though this policy has been backed up in many instances
by seriously mistaken ad vice from home. All European
houses and bankers are, however, now so thoroughly con-
vinced of the serious risk involved in committing them-
selves to engagements based on the high prices ruling in
Bombay, that they aro not likely to be enticed from their
resolution by the few tempting telegrams that may come,
so long as there is any uncertainty respecting the American
crop. Bombay commerce can never right itself until the
merchants here determinedly refuse to be influenced in any
way by the imaginative views in which up-country dealers
may choose to indulge respecting the prospects of the cot-
ton market. Nothing will bring the dealers to common
sense so soon or so effectually as for merchants to stand
aside—as just for the present they are doing—and let the
Bhattias and Bunnias themselves take the risks of the
Liverpool msrkot. Hitherto the chief profits of the recent
magnificent cotton trade have gone to the dealers and the
ryots, and it would only be fair for those classes to have
their share of loss.

Although we think that the prices
ajpuesetunlaotwiveaskaendd for
cotton on Bombay Green are purelyall
"grief" to those. who buy, we should
support
sesst
hh6
aedynp
ee
be
rt:nlebi
but certain to bring
not by any means be undersbtiotsaoydperoototfitot
that the cotton trade of Western India is in itself
unsooulodn
uteiscomaelrlyelyditahtraitbuthteeds.hlafreßsoima
in
to tLhievecrapl otiovl,a t:okra
overprice
vperricae
vweirlyl lleaarvgee apagroto d
of mt
haregipareoafi
dpernocfiyt.
and the central provinces ; but the ryot must be content to
take such a price as will leave the necessary margin for the
risks of exportation. No doubt the ryot himself would be
content with a price equal to 120 rs. to 150 rs. in Bombay ;
but it is the intermediate dealers who aie not content with
the reasonable profits of middlemen. These are the men
wha strive to get a larger share than any one else through
whose hands the cotton passes. It is this class who, just
now when the season of business should open again, are
rendering sound trade impossible. European merchants
are very little nearer to the cultivator now than when the
American war began ; but, seeing that speculative_ profits
have gone, they must contrive to open up more direct com-
munication with the producer. The middlemen dealers have
all the shrewdness and cunning which consorts with keen
avarice, but none of the judgment by which good business
men forestall the worst losses incident to a falling market.
If they can be left to hold the present cotton stock for two or
three months longer, they will in all probability be cured for
a time; but the merchants here should in future take every
likely means to enable them to dispense with these dealers,
whose profession it is to squeeze the ryot and fleece the
Bombay merchants. The circumstances of the cotton trade
in Western India are likely to be such as must call for the
exercise of much more economy and care than ever has been

needed before. We do not by any means share the opinion
that the cotton trade between India and Europe must be an
unprofitable one because prices will be much lower than
during the last three years. But the question now is be-
tween Bombay and the Mofussil, and as to how the legiti-
mate profits shall be apportioned. It is possible that next
year the ryots in many districts may find oilseeds pay them
better than cotton ; but there is already a great breadth
sown this year, and before it is gathered or brought to
market it would be an advantage for Bombay merchants to
signify that they do not intend to give a speculative price
for it. By dint of improved communications, greater care
in cultivation, and increased means for pressing up-country,
the production of cotton in Western India may yet be ex-
tended with adVantage to every ono concerned. We do not
deem it needful to go into any elaborate argument to sup-
port the proposition that cotton is far more likely to go
down than it is to remain at the present high prices that are
asked in Bombay. Dr. Forbes's low estimate of the Ameri-
can crop is already discredited on every hand, the Egyptian
crop is likely to be larger than ever it was before, and the
Brazilian and Turkey crops will also be considerable. The
stock in Liverpool does not materially decrease ; Surats
alone form more than half its bulk, and nearly 300,000
bales more from Bombay are yet on the sea. From these
and obvious other considerations it seems evident that the
prices now asked in Bombay are far above what any pru-
dent firm would commit itself to, or countenance in any
way. The advance in fair Dhollera reported 'in our tele-
gram to-day has evidently been caused by the comparative
lowness of that particular stock in the market at the time ;
the great fleet of Bombay ships that are nearing Liverpool
will soon alter that.—Times of India, Oct. 2.

but not until after a keen contest with Sir W. Stir-
ling-Maxwell, who offered as high as £215 for the
animal. Sir William was, next to Mr. Drew, also
the last bidder for a fine one-yr-old bay filly, out of
Maggie, by Sir Walter. Among the other buyers
were the Duke of Buccleuch, Mr. Ainslie of Coster-
ton, Mr. Hunter, Auldhouse Burn ; Major Staple-
ton, Mr. Wilson, Wolfstar ; Mr. Waugh, Gartness;
Mr. Riddell, Kilbowie ; Lieut.-Col. Lind, Mr. Kerr,
Kilmarnock, &c. The amount realised for horses alone
would be about £1,500, and altogether the proceeds
of the day's sale would come to about £5,000. To-
day (Wednesday) the whole of the implements and
crop of the home farm are to be sold.—Scotsman.