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, STATE OF TRADE. 'JPkaob&j beginning to...
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Note: This text has been automatically extracted via Optical Character Recognition (OCR) software. The text has not been manually corrected and should not be relied on to be an accurate representation of the item.
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The News Brought''B Y The Extra Mail Fro...
application of the principle to banks ; which are not , pioperly speaking , trading bodies , Init bodies holding the custody of . other people ' s property , and therefore demaudiug some very strong pledge on . the part of the persons managing or owning , the banks . The question , however , was not settled ; Mr . Thomas Hankey tried io get the opinion-of tie House by put tin sr Mr . 'HeAduoi ' s motion ian more simple -form ; out both motions were negatived ; and we interpret that result , less as a negative on the merits , thorn as a refusal to entertain a section , of a much larger subject wliicli stands over till after Christmas .
The Jew Bill has been remtroduced , not by Lord Pa : lmebston , its ¦¦ author , but by Lord John Hussell ; for the Bill is the same as that which lord Paxmerstox brought forward , with rather a peculiar alteration . OLord > Jonx 3 R . CSSBLL has restored to the oath as amended by Lortl Palmerston , " This I declare on the true faith of a Christian ! " a separate clause providing that Jews shall not be compelled to utter those words . Lord Jons admits them on the score of their ' prescrifitive value / It is a concession intended / to conciliate xrayward opponents , biit the Opposition still relics on the House of Lords . Mr . Du ^ combe , whom
" w-e rejoice to see once more in action , promises to Tiling the dispute to its last issue upon the reassembling ot Parliament after the Christmas holidays . Another religious point is handled in Lord ^ hajissbuot's Bill to amend the Act to secure liberty of religious worship ; this new amendment being intended to grapple with the incumbent of St . ^ Michael ' s parish and similar recusants , who will not ; permit services to be performed by any-but themselves or curates within , their " parishes . Lord . SHAKr . ESBTnri ' 's Bill would deprive the incumbent of any such power , even if he has it by the present ¦ law , unless he is sustained in it by the Bishop of 'his diocese .
3 & eTe seems to be no doubt that Mr . Milder Gibson will he returned for Ashton in the room of Mr . Charmes Hikdley . Thus , by degrees , we are getting back our best men . What constituency will now honour itself ; b y bringing Gobden back into the House of Commons ? -Several have been "engaged in electing members , but they are sending us up either unknown men , or men that have not achieved any repute . A Bagshta . w" for Harwich , a C : r-um-Ewix & for Paisley , and a Waud Hunt for tNoxthamptoTishirey in the place of "Wakbitrton , 'Hastie , and Augustus Stafford . And the
reixirn of Mr . Deedes , in the place of Sir Edward iDEEnrG , for East Kent , gives us one exceedingly re $ pectable Conservative for another exceedingly Respectable Conservative . Mr . James Edwakd Stephens , late Manager of the London and Eastern Banking Corporation , has furnished a stroug exemplification- of the truth which is in the old saying that ' there ' s many a slip 'twist the cup and the lip . ' Gentlemen in his unpleasant position , with very natural dislikes to the mode ot doing things at the Bankruptcy Court in'London , have preferred the milder treatment of
their disorders prescribed by tlie practice of the similar Court at Edinburgh . A certain duration of residence over the border was all that was requisite to ensure them the benefits of the mild treatment desiied—and so desirable . In the Bankruptcy Court of . London they have latterly taken to use gentlemen connected with banks so very roughly—• really as if they -were criminals ! What was more natural , tken , for MivJamks Edwakd Stkpiiens to decline to . expose himBolf to such odious treatme T'u ^ went to S 9 otlftud i where they conduct such business as his in a much less barbarous fashion : but— - ' l'homme nronosR . T ) ip . n disrwjn ; p —
poor man , instead of finding peace and quietness , lie walked right into a hornets' nest of savage and stinging lawyers . Mr . Stephens is a mocTel and exemplar of a man who can do great things without livcans—that is , with only a little worthless stationery — calL it « paper currency . ' His p lan is so simple , a schoolboy can understand it . Ho is manager of a Banking Corporation ; a friend of liis , Colonel Wauou , has an estate with exceedingly valuable clay -works upon it , but no money to work them with ; ho introduces the Colonel to the Directors of the Bauk , who . on this
• trength ot the introduction , help him to all the ' accommodation' ho requires ; tho gallant friend offers him half a share in the clay-works , and he accepts it . He has nothing to find but advice and ns ^ istanco in making a profit out of the clay ; the batik , being at hand to find tho money . Soon after ,
he becomes sole partner m the firm of Luttet and Co ., to ^ cftta-y on the watchmaking business of B . vawise and <* 3 o ., jBiocadilly , London ; again a littte while , and Hie is partner with a Mr . James Black , as proprietors ot Lett ' s Wharf , having ' a cash credit with security' with the bank , overdrawn ; to the extent of 23 , 000 / . ; -aifew mouths later , and he ' became a member of the copartnery ** ' of Minteb and -Go ., upholsterers of Frith-street , Soho , Mr . Jambs Black being 'the only other partner ; at that time , Mr . John ^ Carnac Moukis was
chairmanm iheSank Board of Directors-, on tlie : 26 th of Septenvtwr , 1 S 5 G , 2 SO 0 / . were takeii from'lhc bank on account of the Upholstery business—the proceeding- was not formally sanctioned till the 29 th , the day after which , Mr . James Edward Stephens became the son-in-law of Mr . John Caenac Morkis . That is the way it was all done—and the way in which twice as much more might have been done , had time served ; all without capital , and by means so simple !
But , after all , there are yet simpler means of trading upon nothing , called in the City 'hypothecating . * You get together a cargo of goods on credit—you want no capital , you only want credit , ; you ship the goods to India , say ; then you take the bills of lading to one of the great Indian Banks , and get an advance of two-thircts of the value oL" the goods , enabling you to pay your way and to keep up your credit , aud get you tip . w pargoos ta ' hypolhocatc' "Without a penny to start with , you may trade to the extent of a million a year , and make a good thing of it , if you have wonderful ltiok ; if you have not , you will probably find yourself in the ¦ Bankruptcy Court , in the position of Messrs .
Syeks , Walker , and Syers , experts in the science of hypothecation , but floored—as so many great gamesters have been floored—by want of luck . Other instances of the excellent working of our credit systeni have been ventilated during the week . Mr . Moon , bookseller of Regent-street , a man with 'too many irons iu the fire , ' ha 6 found himself in the Bankruptcy Court in consequence of the large amount of patronage extended to him by the aristocracy of his country for Opera-boxes- —on credit ; and he had also a ' restaurant , '—on speculation . The BranVhill murder has been disposed of , a verdict of acquittal being returned by the jury . The crowd who were in court received this verdict
with loud applause—why ? Looking carefully over the whole evidence , the anxiety of the prisoner as to the words that were to fall from the lips of the foreman sceins to us much more reasonable . The Leviathan , fog-enshrouded , is believed to be where she was when last seen—that is , some 101 feet nearer to the river . A sudden shock has been administered to public spirit in Prance by the temporary confiscation of the most powerful daily organ of independent opinion—La Prcsse . It is amazing to Englishmen , accustomed to a free press as to the air they breathe , that ,
any Government sustained by five hundred thousand bayonets , and as many functionaries , should be frightened into fury by a newspaper article ! Lord Palinierstoh might whisper into the ear of M . Billaue / t , " that public spirit is a steam-engine , only dangerous when the driver sits upon the safetyvalve , and that compression from above means violence from below . The press , like a naughty child , should always be left to cry itself to sleep . Perfect liberty is perfect impotence , and the irresponsibility of Government is only possible and practicable in a country where every citizen is at liberty to write himself down a—statesman . " ¦ . . - '
But theso maxims have yet to be learned in Franco . It is a curious circumstance that on the day after the suspension of La Presse , M . Emims de GuiAiiDiN ( it is impossible to mistake the hand ) , began a scries of articles in the Courrier de Paris , recommending a constitutional opposition' and the reconciliation of the Empire with liberty . Is this a false alarm to tho Empire , or a pitfal to the Liberal party ? Probably l ) uth . At any rate , the articles ar . e written with all M . be Giliaudin ' s force and dexterity of stylo , and have already driven two three
or of the beat writers of the Courrier do Paris into resignation , and attracted the curiosity of Europe . Meanwhile , wo arc not surprised to hear that the modest dignity of M . Puy hat ' s life and home is besieged b y admiring letters and deputations , and that lio will probably be carried into tho Corps Lcgislafcif by tho ' national will , ' as il ; in represented in the metropolis of Prance . A wiser demonstration in favour of liberty it would be impossible to _ doviso , and quite as impossible to embody ji principle in a nobler representative than AxrHONSE Teykat .
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¦ . . ¦'¦• .. ¦ ^ ¦ "• •¦; * ¦ ** . * ¦ . . ¦ y ¦ ¦ ¦ ' ¦" 11 ,- - _ - _^^^ - ^^ l _ g _^ J _ gAJ ^ g _ : "P *<> - 4 * 03 , Becembeu , 12 , 1857 .
, State Of Trade. 'Jpkaob&J Beginning To...
STATE OF TRADE . 'JPkaob & j beginning to recover itself , and some of the rtnills m the-nwmufiicturini ; districts which had closed ! ha * e reopened , -while others which have been ^ vorldn £ r 8 fcwt time have returned to full time . Since tlie open ? ing of the soup litcheits at Preston , five hundred and thirty gallows of soup have been distributed daily The supply is not equal to the demand , and preparations are being made for increasing the quantity . The overlookers . of the various factories formed a relief fund about six months ago , and the sum in hand has been very opportune- during the distress . Upwards of 807 . have heen distributed among the nee ^ y members of that body . In BUickbarnythereare nuinerocs signs of amendment " At the yarn-market 3 ield on Wednesday week there ' . vis great animation , and a considerable amount of busmen was done . In some of the other northern towns there i * also an improved feeling ; but at Manchester , Binning ! ham , Wolverhampton , Nottingham , Leicester , Leccls Halifax , Bradford , & c , trade continued during the-wholeof last week in a very depressed condition . A serious disa ^ reeuKsnt has broken out between the colliery proprietors and ironmasters of the Aberdare | Mineral district and the colliers and workmen , and has I led to a strike of some thousand ironmen . The colliers proceeded to acts of intimidation , and a requisition wa 3 sent for the . military . ' The origin of the dispute is a desire on the part of the employers to reduce the wages of their men , owing to the slackness of their trade . ° The amount of the proposed reduction -was twenty per cent . at the ironworks , and from ten to fifteen par rout , at the collieries . Tho ordinary rate of wages is from twentysix to thirty shillings a . week . Daily meetings of the workmen were held on the mountain last-week , at which the men resolved— " 1 . Not to accept any reduction of wages . 2 . That the men employed to look after the pumping and ventilation and other underground work in the pits shoxdd not be allowed to work . 3 . Not to pay the various shopkeepers and tradesmen the debts owing for provisions had by the colliers during the past month . " The credit system prevails greatly among the workpeople in . that district , the payments being made monthly or fortnightly , as the men receive their wages . It appears that the colliers and ironmen are habitually very improvident , and , as they have laid aside no fund for any such crisis as tlia present , there is great distress . A few days ago , the colliers vented their indignatiou against the masters in a verj' singular way . Thsy : assembled before the houses of their employers . ¦ and ran races in & state of entire nakedness ! I A far more serious proceeding than this , however ,. has '¦ been taken . The engineers have been forced , under | threats of violence , to abandon the pumps , so that | the pits are flooded , and it -will take some months to i undo the mischief . The colliers at some of the other I Welsh works have struck , for the same reason as in the case of the Aberdare men ; but . at ' Merthyr the men have consented to a reduction of twenty per cent . A singular story with regard to the suspension of the ; Bank Charter Act is related in the Times City Article in Wednesday ' s paper : — "On the morning of the 12 th of Noveanber , when the alarm was at-its height , a svul-! den demand was made by a leading discount house for j accommodation to the extent of half a million . Tlie moment an affirmative answer was obtained from the ' governors , the requirement was raised from 500 , 000 / . 'to 700 , 000 / . ; and as soon as this amended request Tvas granted , it was then augmented to 900 , 000 / . Tliiit also ; was complied % vith . Meanwhile , however , tlie partner by whom these applications were made is understood to have proceeded to a leading banker among the private i firms in Lombard-street , and to have informed him that i he had been to tho Bauk of England in vain , and could ' get no advances whatever . Of course , tins was calcup lated to add greatly to tho distrust already prevalent , and its effects would liave spread much further had not . j the banker subsequently ascertained that the representation had been entirely erroneous . In tho afternoon , tho Government letter came down to the City , and there tho matter terminated ; but , as it was generally alleged that the discount house in . nnnsHnn li « rl 1-mrl -m ! ntr > r-
j view with the Government shortly before the measure j was announced , a very general impression was created I that tlio proceeding adopted had not been altogether unpremeditated . " This is in direct contradiction of statements made in tlie House of Commons by Government . The "Western Banic of Scotland has finally abandoned all idea of resuming business . Tho result of the investigation into tho affairs of the City of Glasgow Bank by tho independent committee appointed by the shareholder /! has been published . Tho capital is ' found to be intact , nil but 75 , 000 / ., and tho greater part of the deficiency may bo made good by a . slight improvement in tho valuo of tlio securities and the recoveries from doubtful debtfi . Tlio bank is expected to rosuino . The failures this -week comprino—Messrs . Sowoll . s find . Nock , nn old and respectable house in thci Norwegian trade , with liabilities estimated nt fiQ 0 , O 00 / . ; Messrs . Albert Polly and Co ,, also in tho Norwegian trade ( l ' wbilitics , 170 , 000 / . ); Messrs . Krell and Colin , a German firm , with moderate liabilities ; Mossi-h . Hadlnmt and Co ., a very old firm in tho Manchester trails , with liabilities amounting to about 40 , 000 / . ; and Messrs . Lichtenstoin , a Gorman liouao ( liabilities supposed to amount to about 80 , 000 /) .
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Citation
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Leader (1850-1860), Dec. 12, 1857, page 2, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/cld_12121857/page/2/
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