The Express.
London, England, 1857-12-04 00:00:00

AMERICA.

ARRIVAL OF THE ADRIATIC.
OT minim AND DAONZTIC TILEGALTD.)

(sum ova ows

mxt.)

LIVERPOOL, PEDAL

The United States Mail steam-ship Adriatic,
Captain James West, the new paddle steam-ship of
the Collins Company, has arrived the Mersey this
forenoon from New York, with advice. to the 21st
ult., with 33 paasengers and 330,000 dole. in specie
on freight.
The United States Mail steamship Atlantic hence
arrived at New York on the 23rd November.
The commercial affairs are decidedly improving.

THE GOVERNMENT dIrD THE BAHL

Last ight the Chancellor of the Exchequer laid
upon thentAL el the Rouse of Commons the coereepondenee
which passed between the government and the governors of
the Bank, tektite to the enlargement of issues beyond the
limit flied by the Bank Charter Act. The letter of the go-
vernment authorising the temporary relaxation of the law,
and the resolution of the &rooters to act upon it, have ahead;
been publiabed. It subuqueatly came to the knowledge of
the government that the limit of Mote axed by law had ben
eiceeded, and the governors were thereupon coquetted to ex-
plain the course the directors had pursued in regulating their
1.18,1011 of notes subsequently to the 12th of November. The
following is their reply :
" Bank of England, Dec. 2.
"My Lord and Sir,—We have the honour to 'clone/ledge
the receipt of your letter of the 27th instant, requesd%
'ouch an explanation, with respect to the course which
the directors of the Bank of England have pursued in rep-
'sting their lames of notes since the 12th instant, as they
may be able to furnish for the information of ben Majesty's
government.'
" In complytng with this wish it may be well to allude to
the position of the Bank of England accounts anterior to the
receipt of the letter of the 12th.
" On the 24th of October the bullion in the issue de-
partment was 8,777,0001.;, the reveres, 4,079,0001. • the now
the hands of the public, 19,786,0001. • the di;count one
' advances., 10,282,0001. ; and the deposits,' 18,128,0001. • the
rate of discount at the Bank being eight per cent. fat: bine
having not more than 95 days to run.
" In the following week a great shook of credit end a con-
sequent demand on the Bank of England for discounts nor
from the Wm* of the Liverpool Borough Bank, who's re-
discounted bill, were largely held by the bill-brokers sal
others In London. The effects of this and other failens,
however, up to this time, had not occasioned any
presimre on the resources of the Bank, or great din=
lin eunrencial affairs in London.
On the 6th of November the !roues was 2,944,0004
' the bullion in the issue deportment 7,919,0001., and the
deposits 17,265,000/. The rate of discount was tannest to
9 per cent, and on the 10th of November to 10 per cent.
" The continental drain for gold had awed, the Americas
demand had become unimpodant, and there wee at that
time little apprehension that the Bank bones would be
inadequate to meet the neeeesities of commerce within the
legalised sphere of their circulation.
Upon this state of thing., however, supervened the
faille of the Western Beak of Scotland, and the City of
Glasgow Bank, and a renewed discredit in Ireland, calming
an increased action upon the English circulation by the ab-
straction in four weeks of upwards of two millions of gold
to supply the wants of Scotland and Ireland; of wBl
amounts more than one million was lent to Scotland, sad
280,0001. to Ireland, between the sth and 12th of Novem-
ber.
This drain was In its nature sudden and irresistible, and
acted necessarily in diminution of the reserve, which on
the 11th had decreased to 1,482,0001. end the bullion to
8,868,0001.
" The public became alarmed, large deposits accumulated
lathe Bank pi England, money dealers haying von ease
lent to them up= call were themselves obliged to mean Its
the Bank of England for increseed sappily', and for sews
days nearl the whole of the requirements of commente
were thrown on the &ink. Thus, on the 12111, it elimosseedi
and advanced to the amount of 2,373,0004 which still Ise
a reserve at night of 581,000 i.
" Such was the state of the Beak of Englund amounts on
the 12th, the day of the publication at the inter from the
Treastuy. The demand for disounte sod abeam eon'
tinned to biersar• till the 21st, when they method**
maximum of 21,818,0001.
" The public have also required a much larger quantity of
notes than usual at this season, the amount In their hod
having dun on the 21st to 21,664,0001.
The Bank have, since the 12tIL under the authority el
el
the letter from the Treasury, issued 2,000,0001. of notes
excess of the limits of the circulation peeve:bed by the
Act of 1844 and have passed Potential to the issue de-
partment to that amount
" That, however, la not the measure of the smout
actually parted with the by Bank. which has not exceeded
928,0004 the remainder of the 2,000,000!. hernia tees re-
tained as a MOM of notes in the banking department
which, at the same time, also held 407,0201. in coin.
"We subjoin a statement of accounts from the Ilse
of November to the 28th inclusive, from which it will be Fr
parent that the Bank continued to meet all the &wade er
discounts and advances, on approved securities, to rose?
the canmerelal discredit and distress mentioned to yowling'
of the 12th tuna% 'as occasioned by the recent bilged
certain Sant sleek tanks in England and Scotland, se es
of certain large marouttlle &mesa chiefly connected with de
innertnia trade,' and aggravated by the subseqesnt mho"
sestruest of lanes knot-cock
"la diammals and abeam the mai sae.t:they.:4
between the turbot Nonmaterial let of
In the aggregate no 12,60.6,
" SHEFFIELDOOOI. FIZAFE. Dommot•
" BONAMY DOBILIZ, DipdrOviser.
" To the Right Hon. the Elea Loud duo
and the Right Hon. the Clan.
cellar of the Exchequer."