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Leader (1850-1860), 17th September 1859, Edition 3 of 3, Page 7, - , . _^ ' "MfflTPf JYIY Tfl^llT ^ q^j v »¦ **#?* O^i-vw r* * +

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      corded of the Royal confidence in our High School University , and other seminaries of learning . 2 ; That thp distinguished honour con- ferred by the auspicious visit of his Royal Highness will ever be ' associated in the minds of the citizens with feelings of satisfaction and delight , as having been the means of enabling them to witness the per- sonal virtues which adorn the character of the Prince , and which have won for him their dutiful attachment and esteem . 3 . That this council , in ¦ common with their fellow-citizens , rejoice in the opportunity which his Royal Highness has been graciously pleased to embrace of visiting the places of historical and scientific interest in the city and * its neighbourhood ; and they humbly tender to the Prince the expression of their grateful and respect- ful acknowledgments for the unvarying condescen- sion and courtesy which have marked the demeanour of His Royal Highness during a residence of two months in the Scottish metropolis . The Coming Shrievalty . —Instead of the usual tawdry finery , next I > ord Mayor ' s day it is intended that what is considered an apparently quiet taste shall prevail , and , instead of new chariots , with gold and silver mouldings , the sheriffs ' chariots will be merely revivified for the occasion . The liveries will be wholly free from splendid ornamentations , and simply of ordinary cloth . The beadles will not , as usual , be furnished with new cloaks , those which they received , upon the election of the sheriffs elect being considered capable of being brushed up ; wlule , instead of those elegant massive gold chains and badges generally made , those belonging to the past sheriffs have been obtained and burnished up for the new sheriffs . Other deviations from the usual shrieval display will also take place , such as dispensing with one out of each of the two footmen , and particularly the inauguration dinner . City Sewers . —The Commissioners held their first meeting yesterday since the commencement of the holidays . Deputy Christie in the chair . Some reports were presented from Dr . Letheby , after which the Court adjourned . St . G-eorge ' s-in-the-East . —Last Sunday the rector ' s after noon service and the ordinary 7 o ' clock service were marked by actual riots of the most ¦ extravagant character , the authority of the church- wardens and the advice of the Bishop being wholly set aside and disregarded .. The . whole of the ser- vices ( with the exception of Mr . Allen ' s ) were in- terrupted and interpolated by remarks on the part of the congregation . The regular service of the church was taken ( according to his lordship ' s expressed desire ) by the Rev . Alexander Heriot Maconochie , M . A ., of Wadham College , Oxford , one of the ministers of the Mission Church which has been established by the Rev . Bryan King in his parish . There was nothing in the manner in which the Rev . A . H . Maconochie performed the service to call for especial remark . Like his predecessor ( Mr . Lee ) , he performed the service in the choir stalls , but he wore nothing but the ordinary vestments of a Church of England clergyman—namely a black stole , an Oxford master of arts hood , and the ordinary surplice . Mr . Maconochie preached a sermon which , strange to say , was not interrupted except by some boys in the gallery . Between 2 , 000 and 3 , 000 persons stayed until the 4 o ' clock service , which Mr . Maconochie had the courage to perform . He was hooted and threatened as he approached the altar , and as he retired he was " mobbed , " and his surplice torn away from him . In the evening the same scene was renewed , although during the course of a very eloquent sermon he kept the congregation . in perfect silence . At its close loud and uncalled for hisses broke forth , and it was with difficulty that the churchwardens cleared the church . Mr . Selfe , the magistrate , was . in attendance during the services of the day . How to Encourage Defaulters . — At the weekly meeting of the directors of the poor of St . Pancras , the clerk to the board reported that the Police Commissioners had informed him that a letter had been received from Canada West , which stated that Charles Hibbard , late a clerk in . the em- ploy of the vestry , and who absconded with upwards of £ 800 of the parish money , was living at Ottawa , and requesting that the necessary documents to authorise his apprehension should bo forwarded . Some _discusssion ensued , in the course of which it was stated that the cost of bringing Hibbard _ovorto this country and prosecuting him would be about £ 300 , and it seemed to be the general opinion that it would not be well to put the parish to that ex- Ponse . Eventually a resolution was come to " that the clerk write to tho Police Commissioners stating that the board do not feel disposed to prosecute ¦ _Kibbard so long as ho remains beyond the shores of _EnKland / The Eight Hon . T . Milner Gibson has boon rusticating on the French coast , and is at present « t Dieppe . It is understood tho right hon . gentle- won returns to England next week , and wlU most probably make a short stay In town .

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      THE NATIONAL DEBT . The first form in which the state seems to have borrowed money was by way of anticipating the duties of future quarters , or of the following year , In 1691 a sum of . £ 3 , 130 , 000 was borrowed in this form , and in that year , the oniy public debt , con- sisted . of this temporary loan , upon which the in- terest was £ 232 , 000 , or at the rate of about 7 £ per cent , These loans seem to have ceased in 1753 , or at least there is no separate account of them after that period . But the practice in another shape prevails to this day . In every quarter when there is a deficiency in the means to meet the charges upon the Consolidated Fund and the dividends of the public debt , there are issued to the Bank of England deficiency Exchequer-bills for the amount , which are paid off from the accruing revenue of the coming quarter , and which constitute therefore a loan in anticipation of duties . Again , there is extant now a law which enables the Treasury to raise money for any of the services of the year , upon an issue of what are called " Consolidated Fund Bills , " but which must be paid off" from the revenue of the next following quarter . These again form a loan in anticipation of duties . The next form of debt which we find was in the shape of navy bills , which were issued in 1693 to the amount of £ 1 , 430 , 439 . This form of debt existed until 1795 , when they , together with the ordnance debentures , appear to have been consolidated with the funded debt . In the following year , 1694 , the first loan , was made by the Bank of England to the Government , amounting to £ 1 , 200 , 000 , at 8 per cent . This loan continued stationary until 1709 , when it was increased to £ 3 , 375 , 028 , and the interest reduced to 6 per cent . It remained at this amount until 1718 , when it was increased to £ 5 , 375 , 000 , partly at 6 per cent , and partly at 5 per cent . The debt to the Bank of England reached its maximum of £ 14 , 686 , 800 in 1816 , at the rate of 3 per cent ., at which it stood till the renewal of the charter iu 1834 , when it was reduced to £ 11 , 015 , 100 , at which it now stands . The next form in point of date in which the nation borrowed was by t ; he issue of the ordinary Exchequer-bills in 1696 , to the amount of £ 50 , 000 . This form of unfunded debt has been more largely used than any other ,, and their issue seems to have reached the maximum in 1814 , when the amount was £ 56 , 987 , 700 . At the close . of the last financial year they Avere reduced to £ 13 , 277 , 400 , a quantity amounting to £ 7 , 000 , 000 having been funded a few months before . In point of date , the next form of public debt was a loan of £ 2 , 000 , 000 from the East India Company at 8 per cent . In 1707 this loan was increased to £ 3 , 200 , 000 , and the interest reduced to 5 per cent . In 1744 a further loan of £ 1 , 000 , 000 seems to have been made at 3 per cent ., and in 1757 the whole ( £ 4 , 200 , 000 ) was re- duced to that rate . This loan continued at that amount till 1793 , when it was paid off . These loans from the Bank of England and from the East India Company must be regarded in the light of payments from their stocks , as the price of the monopolies which they enjoyed . It was not until 1706 that portion of the debt called the National Annuities was contracted , In that year annuities at the rate of 6 per cent , were contracted for to the amount of £ 664 , 268 . This sum was increased in 1711 to £ 5 , 125 , 033 , and in 1712 to £ 9 , 816 , 563 . In the fol- lowing year a small amount was issued at 4 percent . In 1716 the 6 percent , annuities ceased , andformany years the National Debt was in the form of 4 and 5 percent , annuities . The _first time the 3 percent , consolidated annuities appear is in 1722 , when the whole capital of the funded debt , including the debts to the Bank of England , the East India Com- pany , and the South Sea Company , amounted only to £ 49 , 874 , 736 . At the same time the amount of the unfunded debt was £ 4 , 281 , 470 . This was the growth of thirty-one years . The system qf bor- rowing having been once fairly entered upon , it went on steadily from year to year , notwithstanding the remonstrances of enlightened men , until in 1761 , at the beginning of the reign of George III ., the funded debt had reached £ 109 , 908 , 974 , when the unfunded debt was £ 4 , 386 , 040 , making a total of £ 114 , 294 , 987 . In the next twenty years tho amqunt was increased by another £ 100 , 000 , 000 , and in 1782 , it stood at £ 214 , 792 , 586 . In ten years more it increased to £ 239 , 663 , 421 , at whioh it stood in 1792 , before the commencement of the long struggles which end in 1815 . During those twenty-three years tho debt increased by no less a sum than £ 621 , 375 , 628 , the total amount funded and unfunded being in that year £ 861 , 039 , 049 , the _maximum point to which it ever reached , The only period in English history during which the public debt did not increase , but , on tho contrary , underwent a diminu- tion since 1691 , when tho art of State borrowing was first inaugurated , has been the time that has elapsed from 1815 to the present time . Under tho influence of the sinking ' fund established in 1821 , the debt diminished , until , in 1834 , it reached tho minimum at which it had stood since tho closo of tho

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      [ French war . It was then £ 773 , 234 , 401 , being a reduction from 1815 of £ 87 , 804 , 648 , or at the rate of upwards of four millions a-year . In 1835 an increase took place in order to raise the Slave Indemnity Fund . In 1841 it again rose to _# 792 , 209 , 685 . A gradual reduction then took place until 1853 , when it stood at £ 769 , 982 , 549 . Then came the Russian war , in consequence of which th & amount rose in 1856 , to £ 808 , 108 , 722 . Since then it has been reduced to the sum of £ 805 , 078 , 554 , at which the funded and unfunded debt together stood on the 31 st day Of March , 1858 . It has been thus that in 168 years the public debt of England has grown from a sum of £ 3 , 130 , 000 , and an annual charge of £ 232 , 000 , to a sum of £ 805 , 078 , 554 , involving an annual charge of £ 28 , 204 , 299 . to be borne by the capital and industry of the country . - — Economist . ¦¦

      No. 495. Sept. 17, 1859. The Leadeb, 105...

      No . 495 . Sept . 17 , 1859 . THE LEADEB , 1051

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      , Mo * Otrnmrt Rrm? T^Tm-Crr Txt Iilji ;...

      , mO * _oTrnmrt rrm _? T _^ _Tm-crr _txt _iilJi ; _UlbAbiJiK 1 U itiJi _JiKl . XJ . & H . i r * CHINA . The intelligence received by the last overland mail brings most important , and at the same time unfavourable news from Hong Kong , under date of July 22 . The British plenipotentiary , Mr . Bruce , arrived off the Peiho on the 18 th of June , and sought communication with the authorities on shore . No officers of rank were found , but some messages were interchanged between some petty mandarins and Mr . Bruce _' s suite . The tenour of these was , that the foreign Ministers would be allowed to proceed to Pekin by a passage to the northward , but that no _man-of-war would be allowed to enter the Peiho . They disclaimed acting under Imperial orders , stating that the forts and barriers were constructed by the . country people to protect them against pirates _, Failing to obtain any . satisfactory intercourse , Mr-Bruce handed the matter over to Admiral Hope , who , on the 25 th of June , proceeded to force a > passage ; but . we regret to say that our forces were repulsed with great loss . The North China Herald contains the following account of the action from an officer who was present : — "On the 25 th of June » the admiral , with Ms flag flying in the Plover , followed by the gunboats Lee , Nimrbd , Cormorant , Opossum , Banterer , Starling , Forester , Kestrel , Janus , and Haughty , proceeded to take up a position off the Peiho forts , ready to attack in case the Chinese should offer any resistance to clearing away the barriers . At 2 p . m .. the Opossum proceeded to clear away a passage through the iron states which composed the obstruction . Two of these having been drawn , the Plover , followed by the Opossum , passed through them . Almost immediately a single gun was fired at her , and directlyall the masks were rolled up a tremendous fire was opened on the squadron , and the action became general . The Lee , by signal from the Plover , passed through the stakes to the support of the admiral _, The Plover and the Opossum were , however , soon obliged to slip , the fire being to , heavy for them _, At 4 . 30 the enemy ' s fire was slackened considerably orders were sent down to the reserve for Marines and Naval Brigades to prepare to land , and the Forester and the Opossum , together with the Toeywan , proceeded and towed . them to the Nimrod the place of rendezvous . At an early period of the action the admiral had been wounded ou board the Plover by a splinter in the thigh , and that vessel was almost entirely disabled . He shifted his . flag to the Opossum . When there lie took his statioiv on the caboose , and thence issued his orders , until a round shot cut the mainstay on which he was leaning and caused him to mil to the deck , a height of some eight feet , breaking a rib and sevprely shaking him . After a short time ho left the Opossum in the _Pu Chayla ' s gig , and proceeded to the Cormorant where ho remained . At 4 45 the boats having assembled alongside Nimrod , pushed for tho shore as near tho stakes ns possiblo and . opposite to the left bastion , about GOO yards distant from it-The landing hero was composed of mud about lenoo deop , and the greatest difficulty was experienced in getting up tho scaling ladders and bridges . I no Marines and Naval Brigade , a small portion of which had only _. just landed , pushed to the front under a very heavy fire from six guns in flank ana in front . Tho fire from tho walls was very neavyv A ditch , five feet deep and ton broad , ocourrod , and / the , men having no choice ; plunged across , and _thereby wotted their ammunition . A party of some fifty officers and men again pushed on and crossed another wot ditch , which took them within twenty yards of the wall . In tho meantime Captains Shadwell and Vansittarfc , as also Colonel Lemon , having : boon wounded , the ; commands devolved on Gotnmandera Commorell and Major Parko . It was now about nine o ' elook , and darkness had get in . Tho position of the landing party was most precarious s

  • Citation
    • Leader (1850-1860), Sept. 17, 1859, page 7, in the Nineteenth-Century Serials Edition (2008; 2018) ncse-os.kdl.kcl.ac.uk/periodicals/l/issues/sldr_17091859/page/7/