The Express.
London, England, 1847-11-27 00:00:00

IMPERIAL P.

HOUSE OF LORDS.—FRIDAY, Nov. 26.
The ltarl of SKAPTIIIIPWIT at u speaker.
Several peers took the oaths.

BANK DISCOUNT.

Earl GREY, after presenting copies of the correspondence
between the governor of the Bank and the government on
the subject of the rate of discount, said he wou:d answer the
question put to him on the previous night by the noble baron
te. That question was, whether a letter had not been
ddeareel by the governor of the Bank of Eneand to the
Chancellor of the Exchequer on the Thursday, prop=
rate
reduction of the of interest from 8 to 7 per MIL
letter remained unanswered until the Monday
The facts of the matter were Amply them Oa
Bth inst., the court of directors ef dm Beak mar to tr. no
solution that the governor Amid sequatat the Clumesßer of
the Exchequer with their desire to reduce thereto of interest
from 8 to 7 per cent. The governor and deputy.go.
wage of the Bank had accordingly an interview
as the following Thursday with the First Lord of the
Tommy and the Chancellor of the Exchequer, to whom
they =edit known the resolution passed by the court of
direeless, desiring the assent of the government to the re.
dismiss of the minimum rate of interest of the Bank from
Bto 7 per mat. The member of the cabinet present gave no
official answer at the time, but aware that under the
changed shomastanees of the case there were no grenade i
•y finfwe interference on the part of the government fa
dasseelher. dm Chancellor of the Exchequer told the Beak
dipMeglen, gemendly, to do as they should think best. It
unripe to the Bank directors to use their own diem-
thuds delimilming whether and when the rate of interact
Enid be winced, and in the exercise of this discretion
Desk esinerad the rate of interest on the Monday sa,
IisMAIIIIBUBTON—Then. in point of fact, the court
of dloneson bake ems, on the Monday, to the resolution,
which they nomeereedleted to the government on the Thurs-
day, that it was proper le redoes the rate of interest from
:lac cent. did net eat open this resolution until the
, %rely ea delay could only have been
esneinied n emirs en the pert of the directors Ant to
have the Mind tieskien of the government on the point—
and masted Enke enough. He did not recollect on which
precise day She government addremed to the Bank directors
the amnisakation withdrawing the so much talked of

letter in which they had temmaimied the minimum rat* of
uttered to he hoed at II pat mat, hea phial, it uppeerad
to him that while Oh latter mined la Wows the court
of diesettee Pali wet, with my prepiely, Imo Mama the
rate of Wept arid by preweresat.
Bari GREY repeated that the Glemsellet of the Exche-
bed distinctly intimated la the Pak depletion on the
Thaedq, that they eight me thaws dimities m to the
redaction al OPP. The pwammeat Law reememend-
log that the Waimea rate ef IMP* druid be 11 per cent.
was weilarmally withdrawn PIE the Yeseley apt Mow.
lag ths Monday on which the Beck Aired= PO in the
aseeshe at their own di pip& the nitet Wrest.
Lied ABRBORTON et idnlhey ef
eweree, if the
itPP, ea the 'Thmoday, raked me elfttlea le the
libeirsatjt was wet the bah of Oa pieemeemt that the
hmtiea wee sese eimosemed.well the
the
Meadey,
bitO& imphollea would throw the lame dU the imam
Os IWO ellenalsea.

Rol MIT limilevei the Bank directors had good and
velht moons fkr tie Mantles of the rite of
• lutanist until the , He hod the !Idled conviction
that ia fixing the Msolty leitmol if the Monday they
hat meld to the beet of their judgment. ail weft a sitars
eamatierilica et the .lied. (Hoar, hest.)
SAILWAYB.

1: 7- lard BROUGHAM skirl wkwieretbe semaltleo et their
heiddire to be Woul to inquire Me the exceed our
cownweid d!i wield compreheed la their *atria
the quails, hew Brari iareelawat et aodtal for railway
epeadidem bat meatelhated b the agrees, or whether
there would be a wpm* kopky hie Ilds matter ?
Rut GAIT sepia that la the pespeeed committee,
which be bad seam to lie oak- khad the President
of the Coosa woad he waenvead to neve for on
Thursday—,(ha, Leer)—atasfavity mot of asaustly oc-
ear se to the elbet et the hewers et espied to railways
ors the 'semi west d seemme. • epodes inquiry,
however, tee d& be mdse la wsew home Is the course
to be adepeed httothe talon rawer Mk
! Lad AIM ato
sizeg, was it In ontempledea le
briar • bllt eatea=tede e allowed he the 'Naphtha
BarratAlt lILLI replied that he believed each a bill
weein eontenspladon.
Their lordships adjourned at half•past 6.