The Sun.
London, England, 1857-12-24 00:00:00

DRAIN OF SILVER TO THE EAST.

(From. the Daily News.)
During a period of eighteen months the value of
money has been unusually high, varying from 51
up io 10 per cent. Setting on one side the extra-
ordinary pressure witnessed *luring the last two
months, which must be regarded as altogether ex-
ceptional and transient, it may be interesting, in the
last days of 1857, to draw at, ention to the most re-
cent features of a movement which has powerfully
contribu'ed to the maintenance of a high rate of in-
terest. We allude to the drain of silver to the East.
which each year increases in sevetity. From the an-
nual tabl-s prepared by Mr. James Low we have
compiled the following sta*ement, showing the total
quantity of gold and silver shipped direct from
England in each mouth during the year 1857, by the
steamers of the Peninsular and Oriental Company :

Gold. Silver. Total.
January £9,973 £787,550 £'97,523
February
March
April
May 4,588 1,297,634 1,302,222
June 7,457 1,896,772 1,904,229

,
July 4,854 1,395,177 1,401,031
August 21,727 ' 2,086,250 2,107,977
September
October
November
December

Total £269,275 £16,795,232 R 17,064,507

The following table shows the destination of
these:-i*Vtimatelmee,si, despatched _during the
year 1857: - '4-- —— - t '
To Gold. Silver.
Alexandria £2,280 nil.
Aden
Mauritill2 ... ...
Ceylon 76,496 1,136
Bombay
Madras
Calcutta
Penang
Singapore
Hong Kong 950 2,048,795
Cant0n......
Shanghai ......

Total £269,275 £16,795,232

The total shipments of specie from Great Britain
to the ports mentioned for seven ye yrs are thus
stated :

1851.

1852

1853 .

1854

1855 .

1356 .
1857 .

Gold. Silver.
£102,280 ...... £1,716,100

921,739

883,202

. 1,174,239

'943;272

6,409-889

401,749
269,275

Total for 7 years... £4,700,816 £47,513,115
Even these figures, however, do not represent
the full extent of the Eastern drain, for the fol-
lowing additional remittances have been despatched
to the East from the Mediterranean—i.e., from
Marseilles, Gibraltar, and Malta, but chiefly from
the first-named port—during the last five years,
viz. : _

1853 .
1854
1855 .

Gold.

Silver.

£848,352
48,456
243,239

1856 .
1857 ..

74,039
259,986

1,989,916
3,350,60

Total in 5 years.... £7]9,248 £9,161,221
We thus arrive at the following astonishing
facts :—During the year now closing more than 16
millions and three-quarters sterling in silver have
been despatched from Southampton to the East ;
including the sums remitted via Marseilles, the
silver absorbed by the East in 1857 exceeds 20
millions sterling ; and during the last seven years
the amount taken from various parts of Europe by
Asia is 56,677,3331. This is altogether exclusive of
gold.
There is no movement in the history of commerce
more deserving of study than this, for its influence
upon the money market is direct and important,
and every branch of trade is thus affected by it. It
upsets, too, many of the prevalent theories respect-
ing the probable influence of the gold discoveries ;
for of the twenty millions in silver transmitted to
the East from Europe in 1857, the larger propor-
tion has been drawn direct from the circulating
medium of countries which have a double standard
of value. It may be asserted that the amount of
silver absorbed this year by Asia is nearly equal to
the combined production of gold in Australia and
California. In so far, then, as the year 1857 is con-
cerned, the new gold drawn from the bowels of the
earth, though of such enormous amount, does little
more than fill up the vacuum occasioned in the sil-
ver circulation of Europe by the Eastern demand.
Under the stimulus imparted by the production of
gold a vast fabric of new trade and speculation has
been reared up ; but during the last year or two the
new gold seems to have become insensibly dispersed
throughout Europe, merely occupying the room of
the silver displaced. An accumulation of gold in
the European banks has thus been rendered impos-
sible ; a return to low rates of discount has been
everywhere prevented ; and the immense transac-
tions, commercial and speculative, which have been
entered into have been, to a great extent, deprived
of the expected support. The disastrous commer-
cial collapse of the autumn of 1857 is in no small
degree traceable to these considerations.
It is interesting to remark, however, that the
crisis which sot in at the close of the year has given
a considerable check to the drain of silver. In the
first quarter of 1857, the shipments of that metal
from Southampton ware 3,971,091/. ; in the
second quarto], 4,703,258/. ; in the third quarter,
4,822,602/., and in the fourth quarter, 3,298,2811.
Of the latter mum one million formed an exceptional
remittance. being despatched by the East India Com-
pany. In the single month of August no less than
2,086,2501. in silver was sent from Southampton,
whibt in December the amount was 737,1691.
Indeed, deducting the half million remitted for the
Indian Government, the mercantile remittances in
December have been only 237,169/. This is not
surprising, for at a time when the stringent opera-
tion of the Bank Act was hurrying the country
into the vortex of panic, and when there was a
prospect that the maintenance of the law would
bring the entire commerce of the country to a stand-
still, and the whole community, including the Bank
of England and every other bank, to suspension of
payment, there could be little inducement to send
silver to India. Latterly, too, the parties engaged
in these bullion operations have either found money
too difficult of obtainment, or ;have been satisfied
to employ it at ten or eleven per cent., without en•
tering into fresh transactions in connexion with the
East. Now that the rates of discount in the open
market have virtually fallen two per cent., andthat
a reduction of at least two per cent. in the terms
of the Bank of England is confidently expected,
the restriction placed upon the silver drain will be
in some degree removed ; and it becomes a question
of interest to what extent will the movement re-
vive ? No announcement has yet been made of an
intention on the part of the East India Company
to send out fresh sums in silver, but Government
have already dropped a hint that Parliament may
be called upon to extend to the Indian Treasury
some " temporary assistance." In this case, fresh
remittances of silver to the East, on State account,
'may be hereafter witnessed. It must not be for-
gotten, too, that the East India Company
.at pre-
sent draw scarcely any bills on India, keeping up
their rate of exchange at a point almost prohibi-
tory, with the express object of deterring such ap-
plications. This circumstance operates as an in-
ducement to remittances of silver Eastwards. It is
very possible that the news of the crisis here, and
of the fall in the value of produce, may give the
Eastern Exchanges a turn in our favour, as was the
case after the panic of 1847 ; but, bearing in mind
the large remittances that must be made to India
for account of the various railway companies, it
would be very hazardous to assume, as some per-
sons are disposed to do, that silver will flow back
to Europe from the East. We are rather inclined
to look for a continued efflux, but upon a less active
eale.

SUICIDE WITII VlTRlOL.—Yesterday a ♦ery determined
act of self-destruction, committed under very frightful
circumstances, was brought under the notice of the co-
roner for West Middlesex, by Mr. Davis, the summoning
officer for the district. It appears that the deceased, a
woman named Margaret Pervil, aged about 60 years,
resided at 1, Margaret-row, Marchmont-street, Bruns
wick-square, and there had never been anything material
in her manner which could lead to the supposition that
she would commit so dreadful and rash an act. However,
as she did not make her appearance at the usual hour on
Tuesday morning, her room was entered, when the hap-
less woman was found lying in the bed quite dead. A
bottle, which had contained some oil of vitriol, was by
her side, and her mouth and throat, on being examined
by the medical man who was called in, fully testified to \
the fact that she had swallowed a quantity of that
burning fluid. No cause whatever can be assigned for
the determined act. An inquiry, it is expected, will be
held on Saturday into the dreadful affair.

ADJOURNED INQUEST.—CHARGE OF ARSON.
Yesterday morning, Mr. W. Baker, the coroner,
resumed the inquest, at the Prince of Wales Ta-
vern, Bonner'e-road, Victoria-park, Bethnal-green,
respecting the deaths of John Metcalf, aged 52,
Ann Metcalf, aged 48, and Julia Maria Metcalf,
aged 8, who perished in the late fire on the pre-
mises of Mr. Harman, silk manufacturer, of No.
27, Anchor-street, near the terminus of the Eastern
Counties Railway, Shoreditch.
Mr. T. A. Roberts attended for the Liverpool
and London Insurance Office, Mr. Jas. Braidwood,
the superintendent of the London Fire Brigade;
Mr. Lowe, the secretary of the Reyel S -eiety for
the Protection of Life from Fire ; and Inspect-it.
Dendy, of ti,n H. division, wee in attenil,4nee o
watch the ca-e. Mr. C. Sleigh attended for Mr.
Harman.
The following ad litional evidence was eddueed
Mr. T. B. Christie, assistant-surgeon to the
workhouse of Bethnal-green, dep•sed that he had
made a post-mortem examination of the bodies,
which were free from organic disease. The de-
ceased died from asphyxia, caused by suffocation
from burning.
Maria Mown, 28, Anchor-street, widow, pro-
duced a policy of insurance on the household and
persaial property of Mr. Harman, who was insured
for the sum of 3001. The chief portion of the goods
was her property. Mr. 'Jarman gave her the po-
licy for safety three days after it was taken out. I
left home on Friday evening at half-past eight with
my daughter (Mrs. Harman),ito proceed to No. 34,
John-street, St. John's-wood, the residence of my
brother. I saw Mrs. Harman on the same evening
at 7 o'clock. She was then crying, and wished rete
toaseiet--, her in,Racking 11r, :cotlies and baby
linen; *ether work-boxr.
The articles were obtained from the front room on; the
first floor of Mr. Harman's house. Mrs. Harman
seemed to be suffering from grief, and said, "I
cannot live with him any longer." Mr. Har-
man has not behaved so kind to his wife as he ought
to have done, and I have frequently lent him
money. There was no danger of fire from the cha-
racter of the goods. There was a gas-burner over the
mantel-shelf in the kitchen and another gas-burner
in a glass case in the window, with a large quan-
tity of empty boxes. The' boxes] were placed there
until they were required for use. Mr. Harman
was very slack in business, and the boxes were
generally placed in the window. There were no
articles of trimming hawing in the window. When
I left the premises at half-past 8 o'clock, I lowered
the gas in the back room. There was a little fire
in the grate in the back parlour. There was aside
r door in the passage for the entrance of the lodgers.
After I left Mr. Harman's I took the clothes into
my house, and placed them upon the floor of my
own room, as I expected that Mrs. Harman would
take them away. I went into Mr. Harman's shop
at 10 o'clock, and at that time all things were safe.
Mr, Harman when intoxicated was very much ex-
cited, and he has thrown me down violently. Ido
not conaider that he was deranged, but, on the
contrary, I believe he knew what he was about.
He was very abusive, but not generally violent.
He has never threatened to set fire to the house.
Witness denied having ever said that she would
stop him having the money from the insurance
office.
In reply to the coroner, witness said the deceased
persons wero on good terms at the time of the fire,
and she never heard Mr. Harman threaten any
one.
Ann Finlayson, servant to Mrs. Brown (thellast
witness), was next called, and said—l left- the
house of Mr. Harman on the night before the fire,
at half-past 10 o'clock. There was only one gas-
light burning at that time. It was in the kitchen,
and was nearly extinguished. There were no com-
bustible materials on the mantel-shelf, but there
were two paper paintings with frames, and they
were 9 inches from the gas burner. This room
was at the back part of the house, and the apart-
ments were in the usual state, and I have no know-
ledge of Mr. Harman having removed any goods.
After some words with Mr. Harman, his wife (Mrs.
Harman) t :ok away some goods, about Good Fri-
day last, but the articles were brought back again
shortly afterwards, becluse the quarrel between
them had been satisfactorily arranged. Mrs. Met-
calf did not pass through the cellar from her own
house to Mrs. Brown's residence on the night before
the fire. The Metcalfe were very sober persons,
and I knew of no ill-feeling between them and Mr.
Harman. I never heard any threats between them,
and they always seemed on friendly terms.
George Cole, the sub-engineer of the Watling-
street Engine-station, was recalled, and said that
he had made an examination of the premises of Mr.
Harman since the fire, and he was of opinion that
the flames fir,t broke out iu the shop.
Barton, the fire-escape man from Shoreditch,
stated that he assisted in getting the engine and
the fire-escape to the scene of the fire. He had
charge of the latter machine, and in consequence of
the flames which were issuing from the windows, he
found it impracticable to place the escape against
the burning building. He therefore passed through
No. 28 on to the roof, and got into the attic by the
window, to assist Cole, the engineer, who was then
in charge of the deceased persons on the second
floor.

James Vicat, a watchman, said—On Saturday
morning last, at about three o'clock, I was passing
the front of the premises. I saw flames issuing
from the upper part of the door of Mr. Harman's
shop. I went to the back of the house, and saw Mr.
Harman, who was excited, and exclaimed, " Where
is my bull-dog." I assisted Mr. Harman over the
wall of the yard. He returned with the dog
in his arms. The animal was afterwards loosened,
and ran away. Mr. Harman was not sober.
Wm. Adams, a licensed victualler, landlord of
the Three Compasses public-house, Anchor-street,
was then called by the wish of the son of the deceased
man Metcalf. He said, Mr. Harman, on Saturday
morning, about a quarter past 12, came into my
parlour and asked for a ladder, as he wished to go
to bed. I told my potman to take the ladder with
Mr. Harman, and bring it back again- The potman
returned with the ladder, accompanied by Mr.
Harman, who said, "I am a ruined man, I have
been robbed of everything I possessed. I have a
great mind to cut my throat," but be did not harm
himself. He added, "My wife has robbed me, and
lam a ruined man." Mr. Harman, at half-past 1
o'clock, took a can containing two quarts of half-
and-half away from my house, He had been drink-
ing, but was capable of taking care of himself. Mr.
Harman asked my son and others to accompany
him to his residence, but all declined, as they were
going home to bed. I took the knife from Mr.
Harman.
The Coroner said he was of opinion the case could
only be properly investigated by being sent to ano-
ther tribunal; and the inquiry was adjourned.
The Coroner then called in the son of the deceased
man (Metcalf), and after a short consultation, Mr.
Harman was given into the custody of Inspector
Dendy, who immediately conveyed the accused in
a cab to the Lemau-streetpolice-station, Goodman's
fields, where he was charged with wilfully setting
fire to his own premises, whereby the lives of the
deceased persOns were sacrificed.
The prisoner will be taken before the sitting ma-
gistrate at Arbour-street, Stepney, to answer the
charge of arson.
The inquest was then formally adjourned for ad-
ditional evidence.

A PUZZLED AMERICAN EDITOR.—Broke into the
pocket of the editor of this paper, sometime during the
week, a ten-cent. piece. To whom it belongs or where
it came from is a mystery to us, and we earnestly request
the owner to come and take it away ; we have been
without money so long that its use is entirely forgotten.
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The following letier wa- written '‘..!--;tt. 31 ti;il -,,A-'l'->.r
f.',F4-:::, •:: ,
ieut. Duncan Horre (Bengal Engliteerq, q ,hl-4:3‘ Of-,
mother on the very day of his I.tmented, knitti.--147--: , ;-:!..4 •
Camp, Malaghur, near Bolundshuilr;-64 . -,,..ki4,'
My dearest Mother In the hurry.aniilbat . 0f1241.zi...1:. •
the siege of Delhi, the last mail day p.tsttily. wt. - . ,
...-1.413
out my knowing it, or bAtig able to write, Ad I ; - S
IIOW on duty with the moveable column, where des-
. tination is not known, and which lia;, as v t, only
realted thus far, after an engagement with \Valli:al
Khan's men at Bolittidshatur, on Monday last. lie
bolted and has left the fort in our hands, whiel; I !;iii
at present rendering untenable. You will doubtl: s
ere this have beard of the fall of Delhi, and that the -
King is in our hands ; Mogul Beg and two olrer
princes have been killed. The former was the man
who killed uncle Simon.* I must now tell you.
something about the siege, and of my goings on in
it. For ten days I was perpetually on duty, day
and night, first on the right and then on the left.
I had charge of the construction of our fir.t breach-
ing battery, which was constructed in one night, a
thing which has only been done in one other siege.
The engineers were high'y complim: nt, don it. I
;hen had charge of the construction of th-_, litt-f ry
ileareit the e ty—at onlv 14u yards from it wli cli
was finished satis'actorly, and breach: d the "-a ,r,
basti,), of ;he cily. I rem tin Ain cha'ge (;) ill.
bat'ely Vii 211-' nSsa.lit, -',n -,:li ~,h my du' ,oz Were as
flow.- :—1 w:is then; e ± to t ~..., cha• ._.;43 of ~ part,:
of 14 Sappo , PIT; th,e, ,cri-comoii-5.07;,.A olfiu :,
and another ()leer of ...;;e Engin.. el s, n ;ane.i S okohl,
and to proceed and l low in the C 'shiner° Ga-e of ,lie
city. Owing to delays, the as‘-ault rid not tako
place till sunrise, and I had ,o advance from Lud-
..... ...

low Castle (uncle Sitnon's house) in bread daylight
to the gate, place powder-bags against it, and ex-
plode then, and then give ti'e signal for advance.
We all arrived at the gate quite w-tfely, although we
were under a very heavy fire of muskei,iy from the
walls and through the wicket of the gate, which was
open. However, as we were laying the bap at the
gate, we began to lose Ines. There were two Euro-
pean non-counnissioned officers and one native
killed. Salkeld was badly wounded in the arm aud,

leg. He has lost 1“- and his leg, beirg
wounded, is in splints. I hope ho may recover,
but it seems very doubtful. I had also ttionatives
wounded. I escaped with a blow on. the leg abaeo
the knee from a stone knocked up by a bullet. Out
of 12 persona who were at the do 6 were o.;
woundej. - Fob blowing in the` Cashmere Gate in •
broad daylight, General Wil-on has put in orders
that Salkeld, a sergeant, a bugler, and myself -tare
to get the Victoria Cross ; so we are, of course,
proportionably prowl, we being the first persons
in the Indian army to receive this decoration.
After we got into the city, owing to the heavy loss
in engineers, 9 out of 17 who went into action
being killed or wounded, I was the third senior
officer fit for duty, so got charge of the left column
of attack, and was continually on duty until the
king evacuated the palace. I had never more
than four horns' sleep in the 24, and then only by
snatches. I had. also the pleasure of blowing in
the gate of the palace, though no one luckily fired
at me, there being so few men left to guard the
palace, and they were asleep. The gate was blown
in at noon. So now the Delhi business may ba
considered over, and I hope the country will soon
begin to get settled. •
We had a tolerably sharp action with the rebels
atWolundshuhur, which they occupied with about
2,000 men and some fourteen guns; however, after
three hours' fighting, they bolted.
They had, however, managed to attack our bag-
gage, and to cut up two sick Europeaus who were
being carried in dhoolies. We found a lot of
European property in the fort which had been
looted from Bolundshuhur. Walidad Khan was
some relation of the King of Delhi, and had con-
tinually intercepted our communications during
the row. He has now, I believe, gone to Rohd-
cund, which has become the refuge for the des,i-
tute. Ido not know where we go to from this
place. I believe that the force is to go to Agra,
but I should not be astonished at its being ordered
ou to Cawnpore, to join the force under Havelock.
It is quite cool in camp, though the sun is still
powerful. I have not received any letters fr stn
you by this mail, but hope to get some soon. With
best love to you all, believe me, your affectionate
son, DITNCAN C. HOME.

*The Uncle Simon" mentioned in this letter is the late
Mr. Simon Fraser, Commissioner of Delhi, who was one
of the first victims of the mutidy.

IRELAND.

DUBLIN, WEDNESDAY MORNING.
TIIE LATE MONETARY CRISIS.

The Mayo Constitution announces a case of mer-
cantile embarrassment in that county, which ap-
pears to have caused very general regret there. The
old. and respected firm of Pinkerton and Thompson
have been compelled to suspend payment. Th,se
gentlemen bee ime so far back as 1822 the successors
.of the wealthy house of Smith and Patten, of West-
. port, and throughout a long career maintained a
high character as mercantile men. The amount of
their liabilities is not stated. in order to meet the
demands of their creditors they have offered for sale
the residue of their private property, consisting of
mills, dwelling-houses, farms, a►,d a salmon fishery.

MR. JUSTICE MOORE.

The Evening Post states that Mr. Justice Moore,
one of the judges of the Queen's Bench, whose slate
of health for some time past had been anything but
satisfactory, is now considerably better. It was
believed that, in the event of a continuance of his
illness, he contemplated a journey to the south of
Europe.