The Sun.
London, England, 1855-10-08 00:00:00

THE DRAIN OF GOLD ON THE BANK

OF ENGLAND.

( From the Times' City Article of this day.)
The subjoined communication refers to the ques-
tion as to the mode in which the bills were pro-
cured by which the recent drain of gold to Paris
has been brought about. The subject is one on
which conflicting opinions are still entertained,
even among the most experienced persons :
"Sir,—l notice from your money article of this morn-
ing it is asserted in the city that large masses of the bills
offering for discount, and by means of which gold is ob-
tained for transmission to Paris, are not accommodation
paper between the houses employed in the transaction,
simply a supply of bills on London and bank-notes ob-
tained on the various bourses of the continent in the
ordinary course of business. •This has given rise to
conversations among parties well qualified to judge, and
the unanimous opinion is decidedly opposed to it, the
belief being that the original suggestion on the matter
was the correct one. Numerous instances are quoted
of merchants who have been applied to for their
acceptances against a liberal commission, and the
conviction is strong regarding the utter insufficiency
of explaining the extra supply of bills to the Bank
of England and other monetary establishments of
the metropolis by merely attributing it to the
clearing the continental bourses of a portion of their
ordinary stock. On the contrary, no other bourse offer-
ing such facilities for discount as London, it is contended
that most of the bills on London find their way speedily
tr this country, with the exception of Vienna, where
bills on Landon are held for particular reasons, but are
not likely to be suddenly parted with just now at a loss
of from 10 to 15 per cent. In fact, it is considered un-
questionable that no such stock of bills on London ever
exists as to supply on a sudden so many millions ster-
ling. The general absence of speculation, moreover,
confirms the supposition that peculiar motives must exist
which have furnished so large a supply of first-class fo-
reign bills. The exertions of Baron Bruck to restore the
redeemability of the Austrian paper money deserve at-
tention at this moment, particularly as it is asserted he
has established an understanding with the leading finan-
ciers and the modern great financial engine, the Credit
Mobilier in Paris. You may depend upon it that in
that direction sonic of the attraction is, to be looked for
which is at present draining our coffers.
" Assuming, therefore, that a considerable portion of
the large masses of first-class foreign paper now pressing
for discount is based upon credit, it would appear that a
suitable remedy for this temporary inundation would con-
sist not so much i❑ the expedient of raising the rate of
discount, which is calculated so injuriously to interfere
with the ordinary bona fide business transactions of the
country, but rather in gradually and decidedly reducing
the time which bills admitted for discount have to run,
of which the Bank of France has already set the exam-
ple.—l remain, &e., "B. G.
" City, Oct. 6."

The following alsO has been received in connec-
tion with the same point. There can be no doubt
the Bank would forthwith turn out all bills they
could with any clearness identify as being mixed
up suspiciously with the transaction ; but a step
of that sort requires extreme caution, since, if
wrongly adopted in any case, it might seriously
jeopardise individual credit:—
"Sir,—When it is quite a matter of certainty to the
authorities of the Bank of England who the parties are
that are extracting gold from their coffers, and for what
purpose, in the name of common sense would it not be
the right thing for the Bank Directory to turn out their
bills when presented for discount, instead of coercing
innocent people, and perhaps finally having to jeopar-
dise the interests of our important commercial commu-
nity ? There is not nor can be a doubt about this mat-
ter.—l am, yours respectfully, '

"A CITY BANKER.

" October 5."

WILL OF THE LATE HENRY COLBURN.—The will of
this eminent publisher has been proved in the Consistory
Court, Docto re-commons. It is comprised in ten folio
sheets, and is dated the let of August, 1854. The whole
of his property, consisting of money in the funds, goods,
chattels, and credits, is sworn to be under 35,0001. He
has left his widow, Eliza Ann Colburn, sole executrix.
He bequeathed to her sole use and benefit the sum of
10,0001., together with his leasehold house in Bryanston-
square, furniture, pictures, stock, copyrights, &c. and
a like sum of 10,000/. to her sister, the wife of? Mr.
Malcolm Douglas Crosbie, and her six children. With
the exception of a sum of 5001. to Mrs. Hurst, and two
small annuities of 801. and 501. respectively to two other
persons, there are no bequests whatever to any of his
friends or dependants.

DEATH OF REAR-ADMIRAL THE HON. Wm. H.
PEROY.—We regret;to announce the death of Rear-Ad-
miral the Hon. Wm. H. Percy, who expired on Friday
morning, at eight o'clock, at the Earl of Beverley's re-
sidence, in Portman-square, after a protracted illness.
The gallant gentleman was fourth surviving son of the
late Earl of Beverley, and brother of the present peer.
He was born 24th March, 1788, and entered the navy
as first class volunteer in May, 1801, on board the Lion,
64, and in November the following year was midship-
man on board the Medusa. In 1814, early in the
spring, be was appointed to the command of the Hermes,
20 guns, which vessel, after having 25 men killed and 24
wounded in an unsuccessful attack on Fort Bowyer,
Mobile, was set on fire and destroyed, to prevent her
falling into the hands of the Americans in September
that year. Captain Percy had under his orders at that
time, besides his own ship, the Canon, 20, and Sophie
and Childers, of 18 each. Of all blame in the loss of the
Hermes, be was, by a court-martial, honourably ac-
quitted in June, 1815. In March that year be arrived
in England with despatches from S;r Alex, Cochrane,
reporting the defeat of the army before New Orleans.
Since,tbat period he never held any naval employment.
He formerly represented Stamford in Parliament, and
bas been for many years past a Commissioner of the Ex-
cise. His commissions bore date as follows :—Lieute-
tenant, 6th July, 1807 ; Commander, 2d May, 1810 ;
Captain, 21st March, 1812 ; and Rearadmiral (retired),
Ist Oct., 1846. The Earl of Beverley, Lord and Lady
Lovable, the Bishop of Carlisle, Viscount and Viscountess
llolmsesdale, the Hon. Mr. and Lady Margaret Littleton,
Mr. Mortimer, and Lady Emily Drumniond, and many
other families of rank, are placed in mourning by the
melancholy event.

(Prone the Special Correspondent of tire Daily News.)
CAMP, SEBASTOPOL, SEPT. 24.
No change has occurred in the disposition of the Bri-
tish Divisions since the mail left on the 22d inst. The
First, Third, Fourth, and Highland Divisions are held in
'readiness to move in case any part of the British force
should take the field. It is not expected that the Light
or Second Divisons will leave their present encamp/lents
—their especial duty will be to guard the south side of
Sebastopol and the neighbouring heights, in case of the
rest of the British force leaving. A conference has been
held this day at the French head-quarters, at which Ge-
neral Simpson was present. The result of the meeting
has not been divulged. The rumour in the camp is that
the French have made a reconnaissance, and reported
that the Russian position between Sebastopol and Batchi-
Serai is so strongly defended, as well by its natural ad.
vantages as by its artificial works, and that the enemy
is in such force, that it would amount to rashness to
attempt to dislodge them from it, and that on this ac-
count the projected expedition is for the present aban-
doned. This is a mere rumour, and its truth or falsity
will be decided in a very few days. The weather which
has prevailed lately has been so bad as almost to pre-
clude the possibility of moving artillery. Rain fell
heavily during the greater part of the week until yester-
day, the 23d inst., and in some places the roads became
nearly impassable from the accumulation of mud. On
the 22d, there were some viorent thunderstorms, and
this electric disturbance appeared to change the condition
,of the atmeephere ; for-since-tbiadarsa.no rails- has fallen,
the sky has remained clear from rain-clouds, and the
temperature has been considerably raised.
The Russians have sunk seine guns on the north side,
and have succeeded in getting the range of the town
and Karabelnaia suburb on the south side. They
have also kept up a frequent fire from Fort Constan-
tine, and from the large square stone-work, generally
spoken of in camp as Fort Michael, but marked in
plans as Fort Sukaia. From this latter, howitzer shells
have been discharged against the west side of the south
harbour. The principal French mortar battery is con-
cealed by the long range of building comprising Fort
Nicholas, and the shot and shells discharged from the
opposite side with the intention of impeding and si-
lencing the fire of this powerful battery, fall very wide
of their mark. A few of the French artillerymen on
the right, in the battery close to the water of the road-
stead near Careening Bay, have suffered. On our side
one man only of the 3d Buff 4, which regiment was
sent to garrison at Karabslnaia, has been wounded.
He was struck by a piece of shell while walk-
ing near the dockyard, and died shortly after-
wards from the effect of his wound. An extraordi-
nary escape occurred on Sunday morning, shortly-
after the hour for divine service. The Russians ap-
pear to have seen the regiment parading, as the men fell
in on the terrace in front of one of the large white build-
ings which they occupied as their barrack. Some shells
were thrown, and one, penetrating the roof, lodged in
the room converted into a surgery. Assistant-Surgeon
Teevan and an orderly were in the apartment, and had
just time to make their escape before the shell exploded.
Neither was injured. As no good purpose was effected
by exposing the troops to this fire, the 3d Buffs marched
back to their old position near the 2d Division today.
The French have kept up a harassing fire, day and night,
against the Russians on the north side. In addition to a
large pile of buildings, supposed to be storehouses,
another detached shed, also seeming to be connected
with the commissariat, has been set on fire.
The convoys of waggons are not observed moving, as
they used to do, in the day time, towards the depots of
stores below the Star Fort; and the working parties and
troops on the march keep much higher towards the
crest of the line of mountains forming the north
side, instead of moving along the lower road near the
cliffs. The tents, moreover, seem diminished in number,
but the camp on the Inkerman heights remains as ex.
tensive as ever.

It is singular that so few accidents have occurred in
the town and suburbs, and among the deserted fortifica-
tions, from the mines and magazines left by the enemy,
and arranged to be exploded. Fresh magazines were dis-
covered daily, until the last three days, with trains laid,
and everything prepared for explosion. No casualty
occurred, however, and the quantity of gunpowder se•
cured from these sources is enormous. A few men have
been injured by treading on fougasses, but the number
injured by these has been remarkably small, both among
the French and ourselves.

Major-General Markham has been suffering so much
from rheumatism and general ill-health that it is feared
he will be compelled to leave the army in the field for
a time. When first ordered to join the force in the
East under Lord Raglan, General Markham was in the
north-western provinces of India. To comply with the
order he travelled by rapid journeys, and on his way
met with a serious injury in consequence of the upsetting
of his conveyance, and receiving a severe kick limn a
horse in the chest, which fractured some ribs. The
General was too earnestly bent on the object of his
journey to adopt the necessary means of care for this

hurt, and in consequence of absence of proper attention
on this occasion his health appears to have suffered. He
has been ailing ever since he reached the Crimea, but it
is fully expected that after a few weeks' rest and care he
will have regained health and strength sufficient to en-
able him to resume duty. Brigade-Major W. F.
Rooke, 47th Regiment, who, while doing duty with
the 2d brigade of the 2d division, was wounded in
the head at the assault of the Redan, is lying in a
very precarious state, and not expected to live.
Brevet-Major Remnant Chapman, 20th Regiment, doing
duty as acting engineer, died at the siege-train of the
left attack on the 20th instant. He received a wound
in the knee. He was nephew to Lieutenant-Colonel
Edward Chapman, Royal Engineers, whose name has
been so intimately associated with the engineering ope-
rations on the left, and was residing with him at the
time of his death. Captain Halsted Poole, 23d Regi-
ment, has also sunk from the effect of his wounds, which
were of a very serious character. He was supposed at
first to have been killed, as he was not found till the
morning after the assault. As a general rule the wounded
are reported to be going on remarkably well, and many
have already been enabled to leave the field to complete
their cure in England.

The Ist and 2d battalions of the Royal Regiment have
received orders to join the Highland Division. This,
the lst Regiment, is reported to have been once known
as the Royal Scots Regiment, and still bears as its em
blem the royal cypher within the collar of St. Andrew.
This circumstance is said to have influenced its selection
to form part of the Highland Division. The division
will now consist of two brigades, each formed of four
battalions. One brigade will be composed of the four
kilted Highland regiments ; the other of the two regi-
ments, one of which, the 71st, is still at Kertch, wearing
trews, and the two battalions of the Royal Regiment.
The head-quarters and greater part of the Highland
Division still remain encamped near Kamara.
The French are restoring the bridge across the south
harbour, to connect the west side with the Karabelnaia
suburb. They are placing it in its original position—
that which it occupied before the more powerful and ad.
vanced fire of the siege guns compelled the enemy to
shift it to a greater distance. It is nearly completed.
The communication is at present round the head of the
harbour, and includes a considerable circuit, which will
be avoided by the direct passage.
The construction of the military roads by the English
troops is being carried on with great energy. The guard
of the trenches in each attack is reduced to a captain's
command, and the greater number of the troops thus
set free are employed either in making roads, clearing
the batteries, or making the necessary preparations for
the coming winter. In this respect among others, the
abandonment by the enemy of the south side, occurring
as it did a month or six weeks before the commence.
ment of the severe season, has rendered the most impor-
tant service to the British force. Had it taken place a
month later, there is every reason to believe that the
winter would have caught us with nothing but the rail-
road to depend on forcommunication and the conveyance
of supplies. Now there is every reason to expect that
the plateau will be traversed in all directions by firm
and substantial well-drained roads. It is impossible
to overrate the great value and advantage of the op-
portunity thus afforded to us for insuring constant
provision against the most material exigencies of the
coming winter. Those only who had occasion to observe
the increase and multiplication of the varied miseries
and sufferings which arose last winter from the want of
means of transport and communication will be able to
appreciate the real value of the different circumstances
under which the army will be placed during the ensuing
winter.

All the shot and shell belonging to the siege guns