Our Home Letter.

Otago Witness, Issue 1555, 27 August 1881, Page 8

Our Home Letter.

SCOTLAND. > ' /

(FE©M t ODB OWN COpS3^6vp^R^''^\ i EdINBDBGH, JtWfl 3«th. -

, FINANCIAL. > . - *'Z*L i -r,

The liquidators of the City- of \Glaegow Bank laat week isaned, a, statement tot the Committee of Oontributories showing, fte state of the liquidation aa at 22ad Obtober»el880. The indebtedness of the Bank then Amounted to L 1.823,174, and the: assets to L2,109;851, leaving a' Butplus (subject ton expenses) rof L 286.677. -The liquidators point lout- that, If the liquidation is to be worked out as in ordi» nary cases, the funds in hand Bhonjd ,be.a.t onoa applied , to the payment of , .another, dividend. Qn ihe other hand, if ,,it ifl,dgf|nep fo. some scheme which will Batisfy the scruples or allay the apprehenflionaj Qf f -the O^anks/' 'the liquidators add that lfc,musCdejolYe,npon,them " to adopt some, method to fr«(e,khe t li<iuidatioß from the extravagant! stook'it h« jnjt]tt|H one aaget— New t Zealand -andj, AptealiaQi I»and Oompany-8t00k.", , It iaatated that^method whioh the liquidators favour is the formation of an. Assets Oompany r to take over and hold the stock just named.. ''.]*., t ., , . 1 The correspondence whioh, as I have, formerly noted, has been going otf^k^ween the Treasury and the Scotch banks inTs^scqaeno* of three, of, the latter promoting, private bill affecting their liability to, thefr ; .customers, appear^to have proved abortive. o AttheiSame , time fit, ia now regarded as oertain tha> ttli only a matter of time for the whole system of Scottish banking to undergo vital changes, especially in reference to, the,, isaqe of notes. The Government seem deßirous. PO take v toil praotibally into their own,;t»ucUf,^Ußlng t .tho banks as their brokers, and the Ajjubjic mind seemß generally in favour of .the change*, : .The banks, however, still adhere. to. their old priti* leges, and as their influence :« very grea£;and the question is one of equal' delioaoy and, importance, the matter .ia, likely, to hang in abeyance for sometime. Probably c is is well that it should do so, as sudden phangea of such a kind are to be deprecated, in any .country, and more than ordinarily so in Scotland, where they are likely to do harm by their suddenness, even if beneficial in. their character^ahd ultimate effects.

The British Linen Oo.'s Bank, at its annual meeting on Jnne 20th, declared a dividend at the same rate bb last year, viz., 13 per cent. The net profit for the year was reported to be L173.3Q0, which was considerably more than the profit made daring the proceeding 12 months. The Bank's " rest " now amounts to L 550.000. , „.,.. Mr W. J. Duuoan has, inconeequenoe pi advanced years, resigned his put, as .general manager of the National. Jßank; of {Scotland, with which he has been connected for 35 vftarfc Mr Duncan's well-known ability and integrity have largely contributed to the. remarkable huccqhs oi the Bank with which he was bo long identified, causing it to outstrip longer estab* lushed inßtitutf'>ns'°'of the same kind-

INDTJSTBIAIi N^IBS. '' The revival of the Clyda ship bnildiug trade

is thegreat (feature of the ,trade of that part <of tbe country this year, and it seems to proceed without any abatement, as the newspapers constantly announce the conclusion of new and important contracts. Some idea of the magnitude of this industry may be formed from the fact that the tonnage on the stocks or contracted for at the various Clyde shipbuilding yards when this year began amounted to 314,711 tons, whioh a competent authority (Mr West Watson) estimates to represent a money value of about L 13,000,000. The revenue of the Clyde Trust, too, exhibits a steady and considerable increase. Last year the revenue of this body was L223J09. In spite of all this, however, Glasgow' seems to be dull enough in regard to some things, and especially with respect to house property. A few days ago it was stated in the newspapers that of the total number of houses in Glasgow lOf per cent., or fully 1 in 10, are uninhabited at the present time. This is doubtless the outcome, in large measure, of the reckless building speculations which have ruined so many in Glasgow during the last two or three years.

Some interesting facts illustrative of the importance of the Lanarkshire coal and iron trades were given in evidence the other day before a Committee of the House of Lords, whioh has been investigating certain bills' 'promoted by the Caledonian and North British Railway Companies- The witness was Mr Charles Thomson, managing director of the well-known concern of Dixon and Co., coal and iron merchants, Glasgow. Mr Thomson stated that his firm owned pits having an annual output of 1,100,000 tons of coal, and 300,000 tons of ironstone. It employed between 6000 and 7ooo mark and paid upwards of L 60.000 a year for railway rates.

Leith is rapidly becoming a port of the first magnitude, in spite of many disadvantages, and next month there will be added to its dock accommodation an immense wet dock and another graving dock, which have been under coraftruction for five years past. They are siOalted to the east of the previously existing docks, on a site which has been reclaimed from the beach. The sea-wall alone is about a mile In length, and is made of blooks of concrete, each weighing four tons. It is likely that special facilities will be provided for the shipment of grain— a trade which is capable of great expansion at Leith, where the coal trade has grown into great importance under judicious enoouragement of this kind. The cost of the new works has been L 400,000.

There appears to be a strong probability that tho construction of the Forth Bridge will, after all, be proceeded with without excessive delay. The different railway companies interested in the undertaking, viz., the North British, Midland, North-Eastern, and Great Northern, have agreed to modify the arrangements formerly entered into by them with the Forth Bridge Company, and a meeting of the shareholders of the last-named body is accordingly called for the 11th July, to consider the desirability of withdrawing the bill now before Parliament, authorising the abandonment of the scheme. It is expected that the new arrangement will result in improvements both in the construction of the bridge itself and in the route to the North— of which it will form a part., So powerful a coalition as that named ought to ensure the erection of this great structure as speedily as is consistent with safety. It is stated in this morning's papers that the companies' named have separately procured plans with estimates for the construction of the bridge, the lowest estimate being LI, 388,000, while that of the late Sir Thomas Bouch was L 1,116,000. The railway companies hare given a joint guarantee to the Forth Bridge Company to the extent of L 2,000,000, apportioned as follows :— North British, 30 per cent, of the whole; Great Northern and North-Eastern jointly, 32$ per cent. ; and Midland, 37£ per cento The shareholders of the Forth Bridge Company who have already entered on the scheme' are' to be guaranteed 4 per cent, on their money. The bridge is to be erected on the site previously choßen, at Qaeensferry.

THE STOLEN STEAMER FERBET.

As was to be expected, the news of the capture at Melbourne of the Highland Railway Company's steamer Ferret, with the subsequent disclosures of the' extraordinary conspiracy by which the theft of the steamer was effected, have excited much interest in Scotland. The case is likely to occupy still more largely public attention An this part of the world, as the Scotsman says it ia intended to bring the prisoners to Edinburgh for trial before the High Gourt of Justiciary here, the crew being also brought hither as witnesses. An uncomfortable feeling is very generally prevalent that this business la not an exceptional one, save in being discovered, and it is hoped that a searching investigation may result in light being thrown upon this point. ' The trial, wherever it may take place, will be followed with very keen interest by commercial men throughout the country, and nowhere more than in Glasgow.

THE EDINBURGH OARLTLE MEMORIAL.

As in England bo alao in Scotland, the publication of Thomas Oarlyle's " Reminiscences " seems to have considerably cooled the public enthusiasm in favour of a memorial to the " sage of Chelsea." On June 20th a meeting of the general committee charged with raising a fund for [an Edinburgh memorial waa held in the University, bnt about a dozen gentlomen only attended. Professor Masson,(who presided, nsLdMdb there was no possibility of endowing a leoWreship whick Bhould lead to a Chair of History, as for such a purpose L 12.000 would be required. He suggested the founda tion of a triennial lecture-scholarship, whioh, he said, would bring out the talent of the young men, and be an addition to their apparatus for the encouragement of the higher learning. If there was any money over it might be appHed to obtaining a bust or statue, if that were thtraght desirable. These views met with general approval, but it was resolved to leave the matter open, in order that it may ultimately bs'settled at a meeting of the subscribers after the subscription-list is closed. It was added that the total sum required would be about L2SOO.

EX-PROFESSOR ROBERTSON SMITH.

This well-known personage is now domiciled in Edinburgh, where he has accepted an appointment on the staff of the "Encyclopaedia Britannica." The Aberdeen Free Press, in noticing his departure from the "Granite City," says that Mr Smith's new engagement trill leave hip time for Biblical research and public lecturing ; also that it had been intended by Mr Smith's friends to present him with a public testimonial on his leaving for Edinburgh. At his own request, however, the intention waa abandoned— or rather postponed, for it seems there is a likelihood of it being carried out later in the year. It is, of course, certain that Mr Smith will lecture as much as he can, for bis prospects largely depend upon his keeping himself before the public It is said that daring the winter he will lecture again in Glasgow, besides giving a short course of four lectures in Inverness. Two of his principal lay supporters are stated to have left the Free Church, and others are reported to be meditating a similar step, which will only weaken Mr (Smith's bands if he intends! to fight bis cause again in the Assembly, as it is generally thought he will do, sooner or later.