mies van Mustansi and roen at the end of 1854. 4,752 miles remain to be

The mes me e-Didol el Wales 6.114; Scotland, 1,043; Ireland, 87 has been estimatsi iɔruz 22.06 miles will ultimately in all be required གླང་ ཀྲང་བུ་སུསiན་མ། | བ་ཟླ་བ་སུསྶ The book an art of caninu, azthorised to be raised by shares and loans, to the UNA LIP und au 365,106705, of which 256,068,7941. was then raised. the ità /me, 284 183 miles of railway were open, and 90.409 are therson, empiered Average number of persons employed per sar no Jozne 30, 1862 #55; 1835, 107: 1854, 11-59.

2.

mber of persons ocavered on the railways in 1854, was 111,206,707, 2008 a 1833; number per mile, 14,160 in 1854, against 13,659

The receipts from £ vrees of made in 1854, amounted to 20,215,724, being 2.5780 per mile; in 1838 18 35,879, or 2,4084 per mile. The revenue, inelaling rents, steam-beat receipts, &e.. would be more than 20,215,7241., which is stared to be trafic receipts alone. We are not told what these additional receipts amant DA

Of the 20215,724 traffe receipts in 1854, as much as 11,040,779% was for goods traffic, being an increase of goods traffic of 1.565.979, over 1853's, or 165 per cent. increase, which is imRES. In the year 1849, the goods traffic amounted to 3,328-06). Since that time the railways have increased in length 40.6 per een... but the increase in the goods trate has been 99-67 per cent.

The werking expenses including rates, taxes, and Government duty) average 45 of the receipts of railways in Great Britain; that in England, it is 45 per cent, in Scotland 43 per cent, and in Ireland 46 per cent.

Expenditure in 1864 per mile per train run in England, was 31-28d.; in Scothand 18-42d; in Ireland 29 18d Receipts per train per mile were 68-82d, in England; 50-33d in Scotland; 61·196, in Ireland.

Capital paid up in 1854-ordinary, 166,030,8062; preference, 49,377,952%; loans. 70,660,035); tetal, 2KOSTE

The average fixed dividend paid in 1834 on the preference capital was 5-01 per cent., absorbing a sum of 2,475,188,

The average interest paid on the loan capital was 4-27 per cent., absorbing in the year 3,021.2864

The average rate of working expenditure having been 45 per cent. of the receipts, and after deducting the preference dividends and loan interest, there remained in 1854 from the 20.215.7241. receipts-a sum as surplus profit equal to 3:39 per cent.. say 31. 8. per cent, on the whole of the ordinary share capital. The ordinary dividends of railway companies have been in

THE representatives of the Chambers of Commerce of Birmingham and Liverpool have adopted specific resolutions, embodying their views upon the operation of the present Bank Charter Act, and the laws which govern our monetary system. In both cases the parties have arrived at the conclusion that these laws are wholly inefficient for the intended purposes, but the Birmingham section do not appear to have been unani

mous upon the whole of the views attempted to be propounded. The Liverpool Chamber seem to have been more fortunate in arriving at a conclusion, and a committee has been appointed to watch the progress of

events.

Birmingham, Oct. 20.

The present state of the monetary laws has been under discussion by the council of the Chamber of Commerce in this town. A committee having been appointed, they arrived at the following resolutions, which they recommended for the consideration of the council::

"1. That had Australian and Californian gold not been discovered, the present monetary system could not have been maintained.

2. That the Legislature, when it passed the last Bank Charter Act in 1844, could not by any possibility have contemplated that discovery.

3. That experience has proved that the provisions in that charter, limiting the issue of notes by the Bank on the Government debt to fourteen millions, and beyond that to the amount of bullion held by the Bank, are provisions extremely injurious, and not grounded upon any sound principle.

4. That in 1847 these provisions were practically suspended; had that not been the case, no man who at all understands such matters can for a moment doubt that all the bullion would have been drawn out of the Bank, and the notes issued on the fourteen millions of Government debt could not have been paid.

5. That great fluctuations have taken place in the amount of bullion held by the Bank since the passing of the Act of 1844-such fluctuations compelling the Bank at one time to decrease the amount of Bank notes in circulation, and thus to create great distress and bankruptcy; and at other times compelling the Bank to purchase gold, and thus vastly to increase its circulation, thereby causing a rapid rise in the price of all property and labour, and thereby creating a temporary prosperity, to be followed by a renewed export of gold (the rise in price necessarily producing such export of gold), and that export compelling the Bank again to reduce the amount of their notes, great distress and bankruptcy becoming again the consequence.

6. That the professed object of the Government, in proposing the Bank Charter Act of 1844, was to mitigate these fluctuations, ar d, as far as possible, to insure a steadiness of price, and, as a consequence, a steady and profitable

commerce

7. That no such effect has been produced. The discovery of gold, and its continued influx, has, in a great degree, lessened these fluctuations, and prevented the whole system from giving way.

8. That the question now is-Will the supply of gold continue such as to enable us to meet the unavoidably immense drain caused by the war, and to retain a sufficient quantity for the foundation of a circulating medium adequate to the wants of the nation?

9. That this drain will be greatly increased by the necessary import of corn, occasioned by (what is no longer doubted) a great falling off in the crop of wheat for the year 1855.

10. That the Bank of England seems to be quite aware of this, and is already taking most decided steps to check the demand for gold, by curtailing the issue of its notes, the effect of which will be to depress prices, and thus induce the export of notes rather than gold.

11. That it cannot now be stated that these steps are called for by any wild, dangerous speculations in this country, for trade is known to be more free from speculation than it has long been.

12. That this drain is mainly caused by the Turkish loan, a measure proposed by Government, and at their request sanctioned by Parliament; secondly, by the amount of gold required to pay our troops in foreign countries,

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and now by purchases of wheat being made in every quarter of the world where it can be found.

13. That, however stringent such measures may be, it would appear inpossible that the drain of gold from these causes can be stopped without the suspension of the Act of 1944.

14. That if a much larger amount of gold from the mines than has hitherto been the case be not immediately produced, the Bank will be compelled. in seif-defence in what will prove a vain effort to maintain the convertibility' of its notes, to diminish its circulation to a point which will occasion enor mous commercial confusion, bankruptcy, and distress, and render the payment of taxes, the raising of loans, the fulfilment of monetary engagements, the employment of labour, and feeding the people, utterly impossible.

15. That the means enabling the country to carry on and bring to a successful issue the late war were furnished by the adoption of an exactly con trary course of conduct on the part of the Bank than that which, by the eharter of 1844, the Bank is now compelled to adopt, the issue of its notes being then not restricted to the amount of bullion which happened to be in its coffers, but issued to an extent commensurate with the necessary wants of the Government, and the legitimate requirements of commerce.

16. That the present law, by permitting the Bank to issue a fixed amount, fourteen millions, of notes on mere Government debt, over and above the notes for which bullion is held in deposit, has proved that, even in times of peace, these wants and requirements cannot be met by a circulation limited by the amount of gold in the Bank.

17. That inasmuch as one main element of price is the amount of legal tender "pounds" in circulation, it is manifestly unjust, by diminishing the amount of such legal tender "pounds," artificially to depress prices of all property, and proportionably to enhance the burden of taxation and all other monetary engagements, merely because of occasional fluctuations in the amount of one article-gold.

18. That the object to be accomplished is to provide and maintain a sufficient steady circulation of legal tender money for all internal affairs. At present, operations which the public cannot foresee, and over which they ean exercise no control, can at once derange all existing contracts, and greatly endanger the best interests of the country. As long as gold is the only foundation of the circulation, it is impossible to keep a steady and sutficient circulation. In time of peace it has been found impossible so to do; how can it be possible in time of war?"

Two meetings of the council have been held, at which Mr. Spooner, M.P., presided; and after a very lengthened discussion, the council determined, by a small majority; on the adoption of the first two paragraphs only. These will hereafter be laid before a general meeting of the chamber.

The resolutions are understood to have been framed mainly by Mr. Spooner himself, but they were unanimously concurred in by his four colleagues on the sub-committee.

Liverpool, October 24.

The following resolutions were adopted at the private meeting of the Council of the Chamber, held yesterday, and, by adjournment, to-day, in response to the numerously-signed memorial of merchants and others, on the subject of the present state of the monetary system :

Chamber of Commerce, Liverpool, October 23. At a special meeting of the Council to consider a requisition on the subject of the present state of the monetary system, Mr. Edward Heath, president, - in the chair, it was resolved:

"That, although the Council see no reason for alarm in the present state of the commercial position and the general resources of the country, yet they

cannot conceal from themselves the fact that there is a growing apprehension in the public mind of approaching difficulties.

The Council, therefore, think it necessary to communicate to the requisitionists the following conclusions at which they have arrived:

That, should the demands of a large war expenditure on the one hand, and the food requirements of Western Europe on the other, cause a continuance of the drain upon the available banking capital and the stocks of bullion in this country, the Bank of England may (despite the exercise of the only corrective principle apparently in its power-namely, that of raising the rate of interest and restricting discounts) find its banking reserve of notes exhausted, while the issue department, as in 1847, still retains a large stock of bullion.

That the experience of 1847 clearly demonstrates that, in the event of such an assumed contingency, the Bank of England, under the provisions of the act of 1844, is powerless to afford any facilities to the commercial world, and that (although the originating causes may not be precisely parallel) the same calamitous crisis as that of 1847 may again be witnessed.

That, as the public are now fully aware that the only possible mode of relief in such an assumed state of affairs is the interposition of Government to suspend the operation of the Bank Act of 1844, the uncertainty as to the mode and the time of such interposition is calculated to create apprehension, and to generate a want of confidence in the public mind.

That the prevailing apprehension on the part of the public, arising from such a state of doubt and uncertainty, is in itself mainly conducive to cause and hasten the advent of the crisis which is so much dreaded.

That it may, therefore, become the duty of this Chamber to call upon Government to anticipate and prevent any such breakdown of public confidence, by declaring, at an early period, its readiness to assume the responsibility which is expected from it.

That, in order to make any such declaration practically useful, it is requisite that it should not be deferred (as in 1847) until, by the total loss of confidence, unnecessary suffering and injury shall have been experienced,

That a standing committee be now appointed to watch the progress of events, and to intimate to the Council their opinion when immediate action on the part of this Chamber is desirable."

THE AFFAIRS OF MESSRS. STRAHAN, PAUL, AND BATES. THE bankruptcy proceedings under the estates of Messrs. Strahan, Paul, and Bates, have elicited further information with respect to the extraordinary career of these delinquents. The reckless conduct of business, and the involved condition of the partners, show that they should have long since brought their affairs to a conclusion, and not have suffered the property of their creditors to undergo a heavier sacrifice than was necessary, in order temporarily to maintain their credit. The final examination of the bankrupts has been adjourned until December, the balance-sheet not being ready; and the declaration of a dividend has been postponed to the same date, owing to the introduction of new claims, which have to be investigated. Reports of the inquiry before the commissioners are appended, as they are worthy of attentive perusal.

IN RE STRAHAN, PAUL, AND BATES.-FINAL EXAMINATION.

Court of Bankruptcy, Basinghall-street, October 9th.—(Before Mr. Commissioner EVANS.)

The bankrupts were bankers; they were also navy agents, trading under the

style or firm of Halford and Co. This was a meeting for their last examination. The bankrapts were in the building, but were not brought into Court. The accounts, which are in course of preparation by Mr. Turquand, not being ready, an adjourment became necessary as a matter of course.

In the absence of accounts, it may be stated that the debts and liabilities are computed at between £700,000 and £800,000; the assets at about £100,000.

Mr. Lawrance appeared for the assignees, and Mr. Bagley, Mr. Linklater, Mr. Columbine, and Mr. Lewis, for various creditors.

Mr. Weston, of George-yard, Lombard-street, tendered a proof on a bill of exchange for £2.500. Mr. Weston said he had given £1,000 for the bill about three weeks before the bankruptcy, and it was agreed that the bill should be forfeited if not paid on a certain day. The name Richard Critchley on the bill was that of an agent, and worth nothing. He had discounted the bill chiefly on the credit of the bankrupts. Critchley had told him that he acted as agent to Messrs. Gandell Brothers, and that he (Critchley) was not worth a penny. Critchley lived at Manchester, and was in receipt of a salary. The bill was drawn by Critchley upon the bankrupts, and endorsed by him and by Gandell Brothers.

The proof was ordered to stand over after Mr. Lawrance had remarked that Messrs. Gandell were indebted to the bankrupts' estate upwards of £3 10,000, part of which was in respect of liabilities similar to this bill of exchange. The assignees desired to subject all claims on such bills to the fullest investigation.

A proof was next tendered by Mr. E. H. Prior, colonial banker, of Great Tower-street, upon a similar bill, except that Gandell Brothers were the drawers, and the bankrupts the acceptors. Mr. Prior, examined, said he had received the bill from Mr. Rastrick. Mr. Rastrick was a merchant, in Philpot-lane. Mr. Rastrick's name was on the bill. He (Mr. Prior) gave £1,000 for the bill, less the discount.

The proof was ordered to stand over for the production of the claimant's books. A proof was next tendered upon six bills, amounting to £5,041, by Francois Guillaume, of Paris, and of which Gandell Brothers were the drawers. The proof was ordered to stand over for the production of books and other documentary evidence.

Mr. Bagley said he appeared for Miss Burton, the daughter of a deceased general officer in the Royal Artillery. She had proved for £800, but she had a claim against the estate for £2,500 more, in respect of some Dutch bonds which had been misappropriated. She proved against the estate of Halford and Co. Her only dealings and transactions were with that estate; she knew nothing of Strahan and Co., the bankers. Now the bankrupts had been made bankrupts in both capacities, as navy-agents and as bankers. His application was, that distlnct accounts might be kept of the assets of Halford and Co. and of those of Strahan and Co., with a view to the subsequent distribution of those assets in accordance with the ordinary principle in bankruptcy of making each estate bear its own burden. He had been informed that distinct accounts had always been kept by the two houses, and no difficulty could arise in complying with his (Mr. Bagley's) application.

Mr. Lawrance said there would be no difficulty at all in thus keeping a separate account of each estate, but he could not accede to the application, as it would be holding out hopes to that particular class of creditors which could never by possibility be realised. The same persons constituted the partners in both firms. Strahan and Co. had two places of business-one in the Strand, the other in Norfolk-street. There were no other partners in the house in Norfolkstreet; therefore there could be no separate rights as affecting any particular class of creditors. The moneys were dealt with indiscriminately. It was precisely the case of a tradesman having two shops-one in Cheapside and the other in Regent-street.

The Commissioner-It does not occur to me that the question has ever arisen. Mr. Lawrance-Nor does it to me. I have endeavoured in vain to find any authority on the point; but the reason that none such can be found is, that one cannot conceive how the question could arise where the parties are identically

the same.