, 1876-01-26

when be opposed the project of the Canal.
Doubts have been entertained of the legal
powers of the English Government to voto
a. the meetings of the Company. But, how
ever votes may be divided, the owner of half
the capital, representing at the same time an
overwhelming interest, political as we'll as
commercial, ia the transit will assuredly in
fuenoe the policy of the Company. The
chief merit Of the Government is that, not
withstanding Lord DERBY's disclaimers, it has
given notice to the world that free passage
through Egypt must, at all hazards, be
maintained. AS q further proof Of the interest
of England in the welfare of Egypt, Mr.. GAYS,
lately Judge-Advooate has been sent on a
mission to Cairo for the purpose of assisting
the KHEDIvE in the reorganization of his
finances. At the same time, in Difference to
the advice and wishes of the English Govern
ment, the KHEDIVE has withdrawn a force
which menaced the territory of Zanzibar, and
1t is hoped that he has been Induced to re-
nounoe the o0stly enterprise Of avenglng. a
defeat which an Egyptian Army lately incur
red on the Abyssinian frontier.
At home the year has not been prosperous,
although it has not been marked by any extra
ordinary disaster Heavy rains ID the middle
of Juy, Producing unusual foods in many parts
of England, disappointed the expectations
which had been formed Of an average harvest.
Stll heavier floods in November caused great
inconvenience and loss and, by an %unfortu-
nate coincidence, an unusually high tide on the
Southern Colst AMI il the estuary of the
Thlmo5 OVERT )wed at the same time several
districts, and more especially the low lying
parts Of London. The condition of industry
aud trade shows for the present no sign of i'm
provement. At the beginning of the Year
great suffering vas caused in Glamorganshire
and M)umluthshiro by a dispute between en-
ployers and workmen A usual in similar cases,
eth r prty charg ID thu o.hr with having com
menced the contest. The Council of the Mon
m)uthshire aud South Wales Galleries AssOcia-
ton determined on a general lockout In conse-
quence Of Strike of the men against some OF
the members of their body. The production OF
coal for sale was afterwards resumed; but the
iron manufacture, both in South Wales and
throughout Great Britain, remains 10 a state OF
stagnation. The masters allege that the rate
of wages is still too high to admit Of q prohta-
BILE trade, and the men are naturally reluctant
to su render the remnant of the advance which
they obtained four or five years ago. The Board
of Trade returns have during the latter part
Of the year shown a reduction of exports, and
the elasticity of the revenue is no longer
maintained. Early in the Summer much un-
easiness was caused both by a series of fixtures
and by the consequent exposure of the laxity
with which commercial transactions had in
many instances been conducted. The Aber-
dare and Plymouth Iron Companies, which
seem to have been long 10 an unsound state,
suspended payment, and several other failures
followed. The house of COLLIE and Co which
had, as it appeared, raised enormous sums by
accomod alton bills, stopped payment, and the
principal partner soon afterwards absconded.
after the commencement of a criminal prosecu-
ton. A remarklble symptom of the depression
of trade is the difficulty of finding employment
fer money. The Bank rate of interest, which
during the year had varied between two and
four per cent, no longer affords an accurate
index of tue market rate of discount. The
Joint Stock Blnks have been compelled to
abandon the practice of paying interest on
deposits at one per cent. below the Bank rate
and the supply of money has constantly ex-
ceeded the demlnd. The discredit which
has been thrown on a large class of invest
ments tends to aggravate the glut of money.
The impression which had been produced by
the investig alton of the Foreign Loans Com
mittee into the debts Of Honduras, Costa Rica,
and Paraguay has been revived by the con-
duct Of the Peruvian Government in r%epudiat'
ing a contract for the sale of guano, with the
result of suspending payment Of dividend on
its debt. The Turkish financial catastrophe
has still further disturbed the filth of credu-
lous investors in stocks which pay a high rate
of interest. English Railway Stocks have
risen in proportion to the distrust which affects