The New York herald., 1870-03-21
ENGLAND.
Financial Affairs ia 'Europe-Notes from 4sTho
City.v

Financial Anairs 10 Europe-Notes from 4srho
City"
LONDON. March q, 1870.
We are now IN the third month OF The year, wnen
everybody expected everything TO improve SO that
there might be no more complaining In the streets;
but you have only to walk from London Bridge to
The Bank to satisfy your eyes and that Is
coutented. Men and women out OF employment and
unable to obtain any tmporrune you for help, re-
gardess OF the officers OF tho Mcndicity. Brokers
and merchants tell you they arc doing nothing, and
you cannot but believe them bankers and discount
ers complain that their business, Notwithstanding
the constant demand for money, is departing from
them and going TO France or Holland. In fact there
IS snothng but universal complaint. The whole ma.
ton seems to want cheering up yet unable to com.
pass favorable reaction. The government Is doing
something In the way Of economy, which win prob
ably end In further reductions OF taxation being
proposed IN the coming "oudget,n and they may
possibly, do something more in rhe way OF extend
ing free trade, by aooishng reducing one or more
OF the remaining import duties; but they viii do
nothing towards aD0lishng the monopoly or the
Bank OF England. oy which money, the great mover
OF trade, Is rendered artilcally scarce wien lt
ought TO be plentiful and arti1cially abundant, when
1t ought to be naturally scarce-ail 60 the further
benefit OF the rich and TO the further npovershment
or the poor.
Such Is the present state OF things. In this con-
dition Is not surprising that the SIX millions ster
ling paid away by the State In purchase OF the tele-
graphs has been severely felt despite the benefits
that are anticipated from Its dispersion. Tho funds
at the best are but stationary in price anu people
shy OF them at 92as to 92sl for consos because
stock has been secretly created to an unknown ey-
tcnt though under the letter or the law, pay for
the te'egraphs. And money which wnen the tele-
graph purchase was effected stood at az 10 2sI per
cent IN lombard street. has advanced to az per
cert. And we have been exposed to some OF the
dangers OF inlation or speculation, against which
we profess to be perpe.ually on our gaard but are
not, in consequence OF this telegraph movement.
We are laying cables III all directions to unite us
with everywhere and fortnight ago all the shares
In the companies embarked in these enterprises
commanded high premiums. Now they have fallen,
and while some are OF two discount Others at the
best command only par. Two cable construction
companies have been ''bulledu up to outrageous
prices, and now they are coming down by the run,
10 the delight OF crowd or half ruined
s,@ar snears" bus to the I'm ,niinite peril OF the
Company. through jobDing Id tile management ana
perpeAity In the accounts IS for the tenth time in
the Court or Chancery; aud while Mr. Parsons has
retired To bs snug abode in Hampshire from the
peris OF an untenaoe Office the shares which once
stood at l35 are summed by investors at 70. The
dividends have shrunk accordingly. 1t ia true that
some OF the great trunk lines the London and Ncr:h
western the Midland, the Great Northern and some
other railways are worSing satisfactorily but the
discomfort al the adverse conditions Just described
Is not the less conspicuous on this account There
Is not indeed much to be sad In favor OF the nnan
cial and commercial virtues which John Bull is fond
OF arrogamg 10 himself alone by which fortunes are
honestly made and virtuously spent.
While these things have been going on It is not n
little remarkable that constant demand has pre-
vailed for United States government securities and
tor some OF their railway shares. The flvetWenty
bonds are at this moment above par and they have
been bought to hold at one per cent premium. Vir-
ginia State bonds have risen more thau tnlrty per
cent within the last few weeks. Illinois railway 500
and the redemption bonds stand at l03. Other
American securities might be named which have
advanced In something ike the same ratios. But,
unfortunately for the self-eected Erie committee,
which sits sometimes in Austin Frias and some-
times In Angel Court and holds It's quarter meetings
at The big but unpaypg hotel IN Cannon street. their
stamped shares do not grow la favor They say that
10000 are held In This country. This may or may
mas not been able 10 persuade more tnan portion to
send IN their shares to be stamped and their in
nuence IN America IS felt TO be proportonatey les
sOBed. The shares stand at II, when, II the COM
mittee had really the nnuence winch 1t claims tney
ought to be at 81 at the least, and this about the
Of the movement. The fact is, there too many
stock jobbers upon or IN constant ASSOCIATION with
the committee and these arc class that do not in
variaDiy acquire that position IN the pubic esteem
winch they think they deserve because the odor OF
riches comes from some Of their names.
But If The English shareholders the Erie Rail-
way are not exactly satisfied with the way they
are represented, neither are those people who
Interested In the Atlantic and Great western Rafi-
way. There Is 50 much complication IN the affairs
Of this undertaking that it IS difficult TO say with
brevly what Is their present condition. But
ing OF some OF the creditors held the other day
to hear MIR. David Chadwicks report OF his MISSION
u America, wbltner he went with no better dedned
purpose tnan to do the best could for all rter.
ests, which really means doing notntng at all ef-
GENTLY DAVID Ii not the man to hide his light under
bushel or to let the trumpet give an uncertain
sound where his own merits arc the question. Ac-
coroingly he described his mission as full OF insnr
ha
all In spite OF opposition that would nave defeated
any other man but his gallant SELF The accuracy OF
this minute hero can ne better TESTED IN America
than here Here he persuaded the meeting to believe
IN hIln ana In the unity which ne recommended bur
tho aclual progress he mas since made IS believed 10
be IN inverse 10 to the vehemence hts speech at
the London Tavern IN this behalf The fact Is that
David. since he ceased TO be professional
conntant and became crystallized into q men,
Der OF Parliament ior decayed borOup, mas lost no
opportunity OF exhibiting his personal Importance.
Originally petty clerk N Macccshcid for when he
now sits as member through agencies which the
ballot NAV perhaps prevent as another election, lie
became through The insIrumentalily OF the late Jo
sepn Brotherton, parochai officer in the borough
ofSallord; then he was promoted 10 an acconntsnip
naaer ne o. aa II yey place and
countants in Manchester he maue money during
those times when firms were crashing Some estaD
Iishmen,s he undoubtedly saved from ruin. ana ne
has been Instrumental IN revviBg others that had
succumbed during the panic OF 1869. But, after all
he Is mere accountant, with en- accountants view
Of every question, however great or complicaied:
and ais present. railing Is persuasion that the
magic ettcIS M. r." aILef MS HeDreW-SaXOn name
certify the craftsmanship In which he is enormously
wanting. So, II people mere do not very readily
Grust the Erie committee they arc not more forward
10 trust our friend David, and perhaps this may
arise from their belief that lie represents the defunct
Bank Of London rather than the general creditors Of
the Atlantic and Great Western Railway.
Though lhe affairs OF the European Assurance
Society have notagain turned UP with any partica-
lar prominence, there are people IN this city who,
being shareholders In It, are liable to Calls and WHO
earnestly desire that MIR. Caves Assurance bill
Should pass IN the present session. THIS bill based
upon tne American prlnciple but Mr.. Cave, the pro-
poser IS not the Mr.. Cave whe year or two ago
visited America on the affairs OF the Atlantic and
Great Western Railway. one Cave Is named
Stephen; the other Thomas. Both IN
Parliament; but one Is a retired banker ana
the other ~ an active bill dscOunter Both take
interest but from different reasons, in life assur,>
ance anu II is most improbable tnat Thomas would
have undertaken the onerous duty tsat stephen has
placed upon himself. stephen and Thomas are NO
relations, and they sit on dinerent sides; but whie
stephen IL out OF business Thomas 1B mixed up, or
mas been mixed up, with various ligHfdauens less
fortunate than David, in rescnsciatons Of c0ncsFns
blown upon. Thomas found himself last ye9r quite
unable to revive the small steam packet company