The Northern Daily Times.
Liverpool, Merseyside, England, 1856-06-30 00:00:00

THE BANK RATE OF DISCOUNT

The Bank of England on Thursday reduced its minimum
rate of discount from 6 to 4/ per cent. This_ step, of
coursA, has, not surprised any one who has watched the
rucent changes in the money market, and the large arrivals
of specie to .his country, since the previous alteration was
made on the 29th of May. The bank had scarcely any
alternative but to adopt the course which it has taken,
owing to the c mpetition which it must now encounter
with the banks and discount houses for a portion of its
business. So long as the bank could dispose of its spare
capital to the government at a high rate of interest, there
was but little danger of meeting with any effectual compe-
tition ; but the monied world will now assume a totally
different aspect under the influence of peace, and the hank
will no longer rule the other money establishments of the
kingdom, but simply become a competitor for business
amongst them. '

Under the present aspect of things, there will doubtless
be a temporary accumulation of specie in the bank coft-rs,
and a reduction in the rate of interest will be the conse-
quence ; but the extensive movements made in the com-
mercial and financial world cannot fail to operate with
considerable influence upon these increased supplies of the
precious metal, and probably preventany material reduction
in the mercantile value of money capital. If we were to
assume that the entire I rodnce of gold from the Australian
colonies would be retained in this country, the result would
be such as to create an entire revolution in our commercial
and fin,ncial system ; but as only a certain proportion can
be retained by us, the extent of the changes produced will
he in a great measure determined by what that proportion
may be.

The Bank of England is again performing one of those
" cycles" which some of our monetary philosophers con
sider to be a law of nature, superseding he necessity of
human skill and judgment. We do not profess to belong
to th's school, but we would rather look upon many mf the
monetary changes which occur as nothing more than the
result of various causes which can be accounted for upon
the most unquestiopable arguments, and as the consequence,
in a great degree, of a combination of circumstances,
extremely simple in their origin. The only power which
carries with it the essence of something Divine is to he
seen in that wonderful change which the discovery of gold
will ultimately exercise over all the civilised nations of the
world.--Bankers' Circular.

LIMITATION OF PARLIAMENTARY ORATIONS.-Mr. W, A.
Wilkinson, one of the members for Lambeth, has given
notice of a motion for next Tuesday .—" That, except
upon the introduction of a measure to the House, no
member do speak for more than half an hour at one time
upon the same question ; nor upon any occasion for more
than one hoar.''

PROTECTION OF LIFE FROM FIR-E.—The annual meeting►
of the Royal Socif tv for the Protection of Life from Fire
was held on Friday, the Duke of Wellington presiding
The renort stated that during the past year the escanes
had attended 368 fires, and had saved 59 lives. Since
the establishment of the society, twelve years ago, the
escapes had been increased from 6 to 45, 2,832 fires
had been attended, and 340 human beings rescued from
de ,th.

DISSOLUTIONS OF PARTNERSHIP.—J. Daglish and W. H.
Carter, St. HeleLs, Lancashire, land and mine surveyors.
H. Royston, J. Armitage, and E. Armitage, Barnsley,
Yorkshire, iron me chants. E. Jones and R. Ballantvne,
Liverpool, timber merchants R F ilows and R. Revitt,
Manchester, estate agents. T. Hokin and J. F. Fenton,
Sheffield, silver platt'rs. A. Schofieb and W. Schofield,
Manchester, commission agents. W. Jacunchikoff and M.
Stepanoff, Liverpool. W. Isherwood and J. Ashton,
Over Darwen, Lancashire, nail manufacturers.