Title:
PP/GC/LE/39 Letter from Sir G.C.Lewis to Henry John Temple, third Viscount Palmerston, about the Oxford University Commission, the state of the money market and the newspaper reports of the Crimean War, 28 September [1855]
Date:
28/09/1855
Content:
Letter from Sir George Cornewall Lewis, [second Baronet, Chancellor of the Exchequer], Downing Street, [Whitehall, London], to Henry John Temple, third Viscount Palmerston: he called at Palmerston's house the previous day [27 September] to say that he has spoken to Sir G.Grey about the Oxford University Commission. They both agreed that Labouchere would be the best person to fill the vacancy, if he could be persuaded to serve. The compulsory powers of the Commission come into force at Michelmas. Due to an engagement, Lewis must return to the country the following day [29 September]. If Palmerston desires a full cabinet, however, or if there should be any special business relating to the Treasury, Lewis will obey the summons. Lewis has had a long conference with the Governor and Deputy Governor of the Bank [of England]. He is now apprised of their views. "There is ground for uneasiness on account of the state of the foreign exchanges and the drain upon the bullion in the coffers of the Bank, but not, I think, for alarm. Exchequer bills are at a small discount, and consols have fallen. It is not impossible that this downward tendancy may discontinue. I have made all the arrangements which can now be adopted for meeting this state of things, and we must wait to see what turn events may take." Britain's financial state is good. The Exchequer balances are large. The revenues are coming in as estimated, despite some problems which might have upset the calculations. The difficulties have arisen from the effects of the war expenditure upon the foreign exchanges, together with the necessity of exporting large quantities of bullion to meet payments "in a country which swallows bullion and does not disgorge it". Detailed newspaper reports of the attack on Redan have produced an unfavourable impression of the conduct of Simpson and the other generals. 28 Sep [1855]
Extent:
Two papers
License:
All images are copyright. Please contact Archives@soton.ac.uk if you wish to reproduce this material
Subject:
Newspapers and the press
Sir George Grey, second Baronet, Secretary of State for Home Affairs
Oxford University Commission appointed under 17 & 18 Vict cap. 36: An act to make further provision for good government and extension of the University of Oxford, of the colleges therein, and of the College of St Mary, Winchester
Henry Labouchere, later first Baron Taunton
Thomas Mattias Weguelin, Governor of the Bank of England
Deputy Governor of the Bank of England
General James Simpson, later Sir James Simpson, commander of the British forces in the Crimea
Redan, one of two fortresses at Sebastopol, Ukraine, Russia
Crimean War, 1854-6
Facebook Twitter Stumbleupon Delicious Digg RSS