Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-12-20
REDUCED RESERVES.
.NSATIsFAOTORY SHOWING OF THE
BANK OF ENGLAND.
Warning Cry of the sLondon Thunderer"
Minister WEIGH Improvlng-The Steam
er Byzantine Sunk and One Hundred
and Fifty Lives Lost-O1d World Polit-
icaI and General News.
BRITISH FINANCIAL. SITUATION.


LONDON, Dec. 19.-The Times in financial
article says there is good demand for money
maintained at the Bank of England. Seven
per centun has been charged for advances. It
is quite possible that in spite of the influx Of
gold from abroad that the bank return will
show further reduction Of the reserve. It is
Important in the present circumstances that
too much should not be made of this circum-,
stance. It Is due almost entirely to the
unprecedented expansion of the note
circulation at most inconvenient sea-
son of the year. At the present moment
banks in London more particularly have large
unemployed balances, and through their disin-
cllnation to afford the usual accommoda-
ton demand is thrown upon the Bank of Eng
land. simultaneously with this pressure Sc
curities have been realized to a large extent
be impressed upon those who do not absolutely
need money that they only tend to aggravate
the temporary stringency by boarding up
unnecessary supplies. There is no commercial
demand worth speaking of, and there can con-
sequently be no cause of the existing tight
financial difficulties do not arise to create flu
ture distrust.
BEACoNsFHLD.
LONDON, Dec. 19.-Lord Beaconsfeld to-day,
receiving testimonial from British residents
be was much gratifed at the recognition of his
efforts received from the colonies, but this tes-
timonial from British residents Of great coun-
try like the United States was especially pleas
ing. The treaty of Berlin, he believed, would
tend to the pacifcation of Europe. In that
belief it was made, and thoughthere might be
those desiring its failure, that was not the
mined to see the treaty executed. All the
conditions under which Cyprus had been Sc
cured to enable the Sultan to carry out the
regeneration of the most important part OF his
dominions have been fulfilled. As station
Cyprus was not second in value to Malta.
OLDHAM COTTON sP1NNERs.
number of Oldham mills, principally of
limited companies, have commenced running
part of their machinery at the reduction.
Piecers are engaged in winders' places and do
the work satisfactorily. The employers hope
to dispense with the winders altogether. One
or two resumed in consequence of large and
profitable orders. A reduction of wages will
be the condition of resumption of labor and
probably on short time The strike has en-
tered upon the fourth week and there has been
lost in wages alone 100000. There is great
distress and appeals are making for relief of
the laboring classes.
COLLIs1ON-L1vE3 LOST.
LONDON, Dec ia telegram dated Galata,
at 3 80 2. N. to-day, reports the steamer Byzan-
tum, from Marseilles for Constantinople, sunk
in collision and $50 lives are supposed to
be lost.
LONDON, Dec. 19.-The report that $50 lives
were lost by the disaster to the steamer Byzan-
tin, is confirmed. Fourteen persons only were
saved from the steamer.
GLADSTONE.
LONDON, Dec 19.-Gladstone's Willingness
to contest Edinburghshire for the house of
commons is conditioned on assurances by
liberal committees that they insure his re-
turn. The object is to win that important
seat, the present member being conservative.
GREEK FRONTIER.
CoNsTANTINopLE, Dec. l9.-The Porte, SUBJ
jeot to the sultan's approval, has nominated
Moukhtar Pasha. Abbedin Pasha and vahan
Effendi commissioners for settlement of the
Greek question, and intends to invest them
with relatively extensive powers.
Ro,1ER.
CoNsTANT1NopLE, Dec. l8.-The American
consulgeneral, Heap, will not release Romer,
the alleged American citizen, imprisoned in
Constantinople, as the grand vizier has inform
ed him proofs exist of his guilt.
LONDON, Dec. ia Constantinople dispatch
says Romer will be expelled from Turkey with
the consent of the American legation.
WIND STORM.
An unprecedented gale FRUSTRATED largo
number of houses. and it is feared many per-
sons were killed.
IMPROVING.
WEIGH, the American minister, is improving
REJECTED.
BERLIN, Dec. la.-The government committee
of inquiry rejected Prince Bismarck's tobacco
monopoly scheme, and favors duty according
to weight, as advocated by the national liberals.
It is believed Bismarck will not accept the de-
cision,