THE ENGLISH MAIL.

Evening Star, Issue 3407, 22 January 1874, Page 3

THE ENGLISH MAIL.

PANIC ON THE LONDON ’CHANGE.

The, ‘Argus’s ’ London correspondent writes as foJlows on November 14Nine per cent; and a four days’ panic on out Stock Exchange are the two grim facta of the past fortnight. Many transactions, indeed, have taken place at rates considerably above the official minimum. ‘ Several times of late we have had experience of the fallaciousness of these temporary lulls in the agitated condition of the money market. Only a fortnight ago, there was a treacherous appearance of ease which seemed to promise a speedy subsidence of the prevalent anxiety. All the commercial organa published on Saturday, November 1, wrote in a hopeful tone of the future phases of the market, yet on that very day the Bank directors unexpectedly advanced; the. rate of discount from 7 to 8 per cent. The former rate had been found inadequate, either to attract money from abroad or to retain the bullion already in our possession. The startling action of the bank was '.specially ascribed to the calling in of upwards of a million and a-half of money, to be paid on account of the German Government to ; the .Syndicate for the American Funding Loan ; but other causes wore concurrently at work to produce the passing stringency, amongst which may be mentioned the usual transfer ,of gold to Scotland to .protect the bank-note circulation which always takes place at this season of the year. An unusual brisk commercial demand also sprang up at this juncture, partly precautionary in its character and partly stipulated by the news of fresh commercial .disasters in America. For a day or two after the advance to 8 per cent, a quieter feeling prevailed. Money, however, continued scarce, and on Wednesday rates became very firm. The joint-stook and private banks began to call in their money from the brokers, who had consequently to go to the bank, and were charged not unfrequently 9 and 10 per cent, for advances. The American Exchange meanwhile fell as low as 1054, so that further shipments of bullion • were made from this side. Under these unpromising circumstances the bahk directors on' Friday, the 7th, raised their minimum to nine per cent! This movement was met by a corresponding rise in the rates of the principal continental banks, thus neutralising to a great extent the effect of this vigorous action. . The fact i is, money is exceedingly scarce ; and owing to the financial disorganization in America, in France, and Germany, it is in unusual demand. Alii these countries are drawing upon our stores, To protect our reserves we raise .the market price, but pur customers do the same, , .and,in the fierce competition thus induced it is impossible to foresee where it will all end. The resources of the Bank of England .are being seriously depleted, In three weeks five millions sterling slipped away. Still if we had pply our own internal difficulties to battle with, the position of the bank would occasion no anxiety ; but with the monetary needs of the world pressing upon us it is impossible pot to feel some solicitude regarding the immediate future. We find nearly all the ordinary resources of our regular gold supply cut off; most of the Australian, arrivals are. at . once drained; off to America; and even some tardy supplies of fold which seemed likely to come from 'ranee have been suddenly arrested, by the .action of the Bank of Franca; in advancing its rate to seven per cent. Almost the only favorable feature of the situation upon which we can congratulate ourselves is the suspension of the German demand for coinmg purposes. The critical state of the money market, the rapid rise in the rate of discount, and the financial embarrassments* of the United States and several continental countries, upset the equilibrium of the Stock Exchange. After a' protracted period ef depression, the stock and share markets early last week assumed an appearance of con- • eiderable excitement, whiph rapidly fle.

veloped into lasting several days. During its continuance, securities of ail descriptions were eagerly parted with at heuvy laor'fice*, and declining prices for a while seemed to present no limit of possible depreciation. This wan especially noticeable in the case of American stocks and foreign Government securities, the latter experiencing a severe pressure of sales on continental account. The fall in French, Turkish, Egyptian, and Peruvian was very heavy. With regard to British railway stocks, a uuivcrsal and severe dee’ine rook place; and even foreign railways shared in the depression. Bank shares suffered slightly, and telegraphic property underwent serious depreciation, owing partly to specu T lative operations. English Government securities, hitherto so firm, wero adversely affected; and even Colonial Government stocks, tho rising tendency of which I have remarked for many months past, received a check. Most of the debentures of the Australian Colonies fell for a short period 4 to 1 per cent. In nothing, perhaps, was the severity of the crisis seen so strikingly as in the fact that investors in such solid securities because infected to some extent with the alarm which had proved so fatal to the prices of speculative stocks. Australian Land shares presented a remarkable exception to the general collapse of prices. Australian Agricultural, iS'orth British Australian, and Scottish Australian, having actually improved during the panic week from one per cent, to four per cent. With the opening of the present week matters began to amend. Tho unhealthy excitement and tremulous dread of the previous few days gradually subsided ; and ah though the demand for money was strong and the bank was charging 12 per cent, to short advances, a feeling of calm confidence resumed possession of the public mind. This feeling was assisted by the announcements that a considerable sum had come from Parish that L 650.000 in specie had been shipped from Egypt, and that the mail steamer bad left Melbourne last week with 1600,000 in gold; and though not due here till the end of December, the mere knowledge that such a consignment was on its way, acted as a tonic upon the fevered market. CLOSE OF THE DEFENCE IN THE TICHEORNE TRIAL. The case for the defence in the Tichborne trial is concluded. What must have been tho feelings of the three judges and the twelve jurymen, on whom Dr Kenealy’s anr noun cement came yesterday as one more “ surprise ?” Whether it is to be the last or noc we cannot as yet be sure. Tho prosecution find it necessary to call some evidence to rebut that which has been offered for the defence, and Mr Hawkins has intimated that he may have to make “ a special application to the Court. It will he remembered that about a fortnight ago we were startled by the sudden appearance of a witness who swore that he was mate of the Osprey, and corroborated the defendant’s story that h‘e had been picked up by that vessel and conveyed to Melbourne. The counsel for thfe prosecution alleged that this witness had been sprung upon him unexpectedly, and it is understood that further time may be requisite fop the purpose of inquiring into this evidence. We may, therefore, have another surprise in store for us. But, even if this occasion a little delay, it can hardly fail to he the last * episode in the trial; Counsel, we presume, will exercise, their right of reply, and'then will follow the summing-up. That may he expected to prove (tho' most- interesting part of the whole proceedings, A judge has never before had so portentous a tasir, but there certainly has never' been a judge -more capable of discharging it than the present Lord Chief Justice. He will probably be more concise than the defendant's , counsel; hut he will have to discuss the bearings of about a huudred days’ evidence, and it will bo beyond even his power to compress such a mass of matter within any ordinary length. At a trial at bar, moreover, each of the judges wo believe, has a right, to sum up separately • but it may be hoped this will not be found’ necessary, at least at full length. These things, .however, are all calculable, and when once wo have reached Mr Hawkins’s reply, the jury may at least hope to be free from their burden before Christmas. •

[Our latest telegrams arc to January 10 and “the Line surprise” was still being discussed, so that the end is not yet near, Ei>i E. S. ] PIRATES IN THE EASTERN SEAS.

The * Penang Gazette’ of October 4 contains the following intelligence “ Her Majesty’s ship Thalia met Her Majesty’s ship Midge at the mouth of tho Laroot river on the night of September 19, and, after a consultation between the captains of the two vessels, the Midge and the Bajah Muntri’s yacht proceeded up tho river early on the morning of the 20th, towing the boats which were destined to take part in the ihtended action. At about 11 o’clock preparations were made for going into action; the boats left tho Midge led by tho galley of tho Thalia, under Captain Woolcombe’s command, to attack the stockade. Tho Midge opened fire immediately, and the Chinese in the stockade returned it, assisted by the guns from three heavy war junks which uere anchored close by. Shortly after the Rajah’s yacht, with Captain Grant in command, steamed close up to the fort and anchored. The Midge in the meantime, somehow or otherowing, we believe, to a change of the tide—got asbore, and was for a time exposed broadside on to the fire of the enemy. A. boat was immediately sent out with an anchor, under Mr Ellis, of the Thalia, who laid it out in a most plucky manner, under the fire of the stockade, and the vessel was, taken out of’ her dangerous position. At about two o’clock all the boats were mustered under the shelter of the Rajah’s yacht, and she steamed into a favorable position* where at a given signal an attack was made on the fort, the stockade, and the junks. The scene which ensued is described as being more than ordinarily exciting and brilliant. Captain Woolcombe led the attack, and was seen standing in the stem sheets of hia boat, waving his drawn sword, urging his men iu the boats, which, propelled as fast as muscle and eagerness could, were soon up to the positions that they were respectively to attack. The assault is said to have been most daringly made. The Chinese fought to the last, but wero no match for the impetuous onslaught made upon them by the blue jackets, and one after another the fort, the three junks, and the stockade surrendered. Later in the day the boats, after destroying the forts and stockades, spiking the guns, and burning the junks, proceeded up the river in company with the yacht; they came up with a war junk and burnt her, destroyed another stockade, and captured a second junk. After this two of the heads of the Sing Engs boarded the yacht and nnconditionally surrendered themselves with their forco (mustering some 4,000 strong.) The doctor on board the Midge was directed to attend to the wounded of tho enemy, and did his best to alleviate their sufferings. Tho boats subsequently made their way to their respective ships. The whole force engaged under Captain Woolcombe’s command in this assault only amounted to 150 mpn. The loss on the side of the Chinese, as far as pould be estimated, amounted to about 2QO killed and wounded.”