The Northern Daily Times.
Liverpool, Merseyside, England, 1853-11-15 00:00:00

•
sia." Surely when such grave allegations are made
it-is high tier e for -Lord:ABERDEEN and his col=
leagues, by prompt interference, to remove the
Barne—,provided, indeed,. they carry,not with them
the force of truth. Can it be that the Imperial
4
Conjurer has the British CABINET really in his con-
juring box.

THE last returns of the Bank of England show
that this institution is the recipient of only a very.
moderate portion of . the large amounts of bullion
and specie imported into this country.. The in-
crease shown in their stock of.bullion for the week
ending Saturday, the sth inst., is only 408,8611.,
while the imports for that period amount to 42,260/
The excess of imports over the exports of gold for.
the preceding financial week was no less than
1,314,4541. In order to elucidate fully the actual
Movements Of bullion, we find it necessary, how
ever, to reprint the table of exports and imports.
which appeared in the banking article of the
NORTHERN DAILY TIMES of the 31st ultimo ; in
which the iMports and exports are estimated as
follows:

FROM AUSTRALIA.
Oct. 24, per ship Eagle £250,000
„ 25, „ Charlotte Jane 155,288
„ 26, „ Argo 567,777

FROM THE UNITED STATES
Oct. 22, per ship America 98,389
„ 26, „ Baltic 200,000
„ 26, „ Arabia . 243,000

973,065

541,389

Total imported
Deduct gold exported 200,000

£1,314,454

When we published this return we took occasion
to make the following observations :—" This; total,
owing to the -loose way in which the returns are
made, may be a few hundred pounds more or less.
In the meantime, they are sufficiently correct, to
show that the amount actually received by the
Bank of England is but very little .oirer a fifth of
the amount imported for the week ending October
9. The question then -is : What has becoine of
the surplus in the imports over the exports ?" The
increase shown in the bullion deposits of the bank
in the last weekly returns, being only 340,478/.
against 1,314,4541. of surplus imports, it conse-
quently follows that the sum of 094,9761. remained
in the hands Of the public, or had been deposited
in other. banks, . .

To trace out the real source'of absorption of so large
au amount of -the imports of the precious metal, is
most difficult and. no less important, in the present
juncture of our foreign and domestic affairs. The
imports of gold for the week ending Saturday, the
sth instant, are as follow :

AUSTRALIA.
Nov. 1, per ship Royal George
// 77 Bombay
206,622

WEST INDIES.
„3, „ „ Madelina . .

90,438
90,438

PORTUGAL.

4, ~ Tagus

UNITED STATES.
Oct. 1, „ „ Arabia

243,200

Total Imports. ,
Deduct Exports

54:5,260
120,000

Total surplus over exports £425,260

The SurPlus in the imports of gold for the week
being 425,2601., and-the increase in the bullion de-
posits of_tlAcl3ank of England being only 408,8:61/.,
it follows that the balance remaining in the hands
of .the public, or . deposited - in other banks,• is
83,6011. This latter amount, added to the sum of
094,9761., makes a total of 1,078,5771., which can
only be accounted for by assuming that it still
remains in the hands of the public, or has been
deposited in other banks. - Should this idea prove
erroneous this matter will require the most search-

ing- investigation.
In the meantime the fact of the Bank Returns
having failed in supplying us with anything like a
reliable index as to the real monetary, position of
the country,: the mercantile circles must look to
some other source for that data which is so
essential to the success of their daily operations,
and more distant transactions. The sum at present
deficient, as it were, is 994,9761., and it would bepre-
posterous to suppose that such a sum could by any
possibility have passed into circulation without ap-
pealing in our banking returns. If the monthly
statement of the private and joint stock banks show
that they have received the large amount here al-
luded to, then the question arises how far those in-
stitutions are justified in following in the restric-
tive steps of the Threadneedle-street guides, and
increasing the evils' to Which trade and commerce
are exposed, by a combination which threatens to
rob them of that very popularity which has so mate-
rially strengthened their position Within- these last
three years ?
Lombard-Street is capable at any moment of 'go-
verning the steps of the Bank of En-gland ; and the
joint stock banks are a still more potent power.
The shares of the latter are as goOd'investments as
any bank stock in the United Kingdom. Specula-
tors deal and dabble in the latter, while the public
hold the former, for which a quotation is seldom
found in our stock markets. It must also be re-
membered that joint stock banks were originated,
encouraged and regulated by the most enlightened:
men in our legislature, as a necessary and great
counterbalancing power in the State. The argu-
ments advanced by PITT in favour of joint stock
banks, and the caution which became a crotchet in
PEEL, are all embodied in the law which regulate
those .adjuncts to the monetary institutions of the
EMpire. That they should forget their origin, use,
and power, within legitimate limits, and run 'tip
the ladder of- high- rates of interest, in pur-
suit of the ignis fatnus of Threadneedle street,
is to show a want of that sound discretion and fore-
sight, which does not augur well for the future..
spread as these institutions are : over the manu-
facturing districts; they are in ft better position to
know the state of trade in their respective localities
—from being essentially, commercial in their origin
and operations, they must of necessity be better
able to judge of thelndneywants of their customers,
and they have no right for mere fiscal or political.
reasons to follow the trade-mulcting steps of an in-
stitution which relies for stability on the political
condition of the Empire. The time has now arrived
when a broad line of distinction must be drawn
by our banking institutions between the fiscal wants
of the state and the legitimate wants of trade. The
movements' of bUlliOn at thiS 'fiithrient afford a con-
clusive demonstration of the fact; and we hope it
will not be thrown away on the Joint Stock Bank
Directors, Trade is sound, stable, and active, de--
spite the intensity of the " screw" pressure. The
returns of the imports and exports prove this, and
when trade is safe it is sound banking policy to be
liberal.

SHALL ALBERT have a Statue ? Such is now the
cry, originated by the ex-Lord MAYOR of London•
Really these civic dignitaries belong to a very ex
traordinary--genus. They are. fin' ever building
castles-in the air,'! and proposing all manner of be-
nevolent schemes for the benefit 'of mankind.
Unhappily, hOweve'r, few of
.their plate.meet with
universal approbation, and their good deeds seldom
become known beyond the aldermanic circle—