The Sun.
London, England, 1855-10-11 00:00:00

BANK OF ENGLAND R°TURNS.

( From the Times' * City Article of this day.)
The perplexities of the public regarding the past
and' pro bable future operations of the Bank of France
are undiminished, and until the proceedings of that
institution as 'me a plainer character the common"
cial business of both countries must be seriously
disturbed. The majority appear to consider that
the method by which the recent measures were
carried out was in accordance with that alreadY
described in the Times; but a variety of suggestions
are forwarded by correspondents, each illustrating
the extent of uncertainty that prevails. Thus, one
writer, whose opinion on any financial question
would at all times command attention, observes :--
"I think there must be some mistake in the idea that
the measure can have been accomplished by an operation
through the Bourse. It seems to me evident that if the
scheme has been carried to the extent mentioned
(4,000,0001.) the bullion can only have been obtained
by the deposit in this country of some general securities
with the large financial establishments having heavy de-
po in their hands, which they may have been tempted
to advance by the offer of a high rate of interest. An
operation of that kind may be carried on for many
months, provided the borrowers be willing to pay tt •
rate of interest demanded. It appears to me the inquiry
is worth notice. Whether, however, my idea be right
or wrong, it is clear that such mysterious proceedings
may prove extremely detrimental to both countries. In
the present cordial good understanding between Franc!
and England it bt c)mes the duty of both to unite their
strength in every way not to divide it. I have often
thought that an intimate correspondence upon emergen-
cies between the two Banks of France and England
might be beneficial to both ; and if the existing charters
of either do not now admit of it, an alteration or power
to a2complish that object might be given for their mutual
advantage."
Another correspondent considers there must still
be some influences in operation which have not
been made public, and is disposed to agree with
those who suspect a Russian loan. "It is stated,
he observes, " by foreign merchants and moneyed
i
men that the Russian Government, not now n
very' good credit, have offered terms to the Dutch
bankers for a loan, which, it would seem, they hare
not been able to resist. This has led to the sale, in
the English and French markets, of all other kind°
of securities, national and private, held on account
of the Dutch bankers, the proceeds of which have
been remitted to Holland in gold, to be sent thence
to Russia." Such a supposition, however, is not
borne out by anything that has been lately ob-
served. Some insurances for Gold to Hamburg,
where the market for that metal is ordinarily very
limited, attracted attention two or three weeks age,
from the impression that it was destined for Berlin,
or, in other words, St. Petersburg ; but the total
sent, although larger than is usual to that city, iv°,
not of any magnitude, and during the last fortnight
the feature has ceased altogether. As regards a
direct loan from Amsterdam to Russia, the trans'
action could not long be concealed, and would, it
may be presumed, immediately give rise to inter-
ference on the part of the allies ; while, at the save
time, its difficulties would be increased by the cer-
tainty that no houses pretending to any respecta-
bility in London or Paris would lend themselves to
assist it. Indeed, on this point the same corre'
spondent rightly observes—" We should object to
any of the continental Governments supplyill
Russia with articles contraband of war, and it
surely as objectionable that they should be permit-
ted to supply her with gold, the sinews of war."
The next letter contains a protest against the
recommendation of a previous correspondent that
the Bank of England, instead of raising their rate
of discount, should reduce the period for bills to
run :

" Sir,—Referring to an able letter in your money Atli'
cle of the Bth inst., signed G-.,' respecting the cause
of the drain of gold to Paris, and without entering upon
the question whether the same has been paid for by a 0
commodation bills or not, I desire to notice a suggestioe
of that writer that the Bank of England should, in lieu 01
raising the rate of discount, gradually and decidedly re.
duce the time for which bills admitted for discount hafe
to run ;' because, as he writes, raising the rates of die'
count is calculated so injuriously to interfere with ths,
ordinary bona fide business transactions of the countrY.
But is not such a restriction, in point of the time bills
have to run, calculated to operate more injuriously t°
business in general than a raising of the rate f Is 11°, ',
the greater part of the vast trade of this country male''
on by means of bills of three months and longer date,
If so, would not such a step more disastrously age'
of tbs
the trading body of this country than a raising
rate? while, as regards the moneyed houses of this city
engaged in the bullion transactions, against whom thIS
restriction in point of the time of bills is apparently
levied, they would be comparatively little affected by ltf
as with their extensive foreign connexions they can boy
ter command short-Idated paper.
"A great part of the recent pressure has arisen, as 9,1
have stated, from the 'cautious rates,' and, I would I,°‘"
conduct of the discount houses, causing much of the
business which would ordiaarily have passed tbeougl!
their hands to go to the Bank of England.' The disceve.:
houses curtail their business or charge a higher rate tba"
the Batik, an I, ael a consequence, people have recent.°
to the latter. Such condi], t, if persisted in, will probr
bly lead to a crisis, as the Bank will get too many bills'
and the Bank seems scarcely to dare to throw out WV,
paper, because it is said to be a public establishment ;1
and thus, in times like the present, they have additions
custom from houses who can, and when money is cheaper
out cif doors' do, get accommodation elsewhere.
" Ic justification of the course lately taken by the
count houses, I believe they state it has been caused by
the frequent, and, in some cases, to them unexpected'
rises in the Bank rate lately, making them heavy losers)
and apprehensive of further dap 4 in the same direction'
,4 The remedy fiir all this Seems to me to be fag the
Bank of England should regulate their business accord,
,
ing to the demands upon them day by day, at various
rates, and not promulgate to the world once a-week thel
minimum, rate (I believe this subject has often emplo97,
your pen); failing this, that the other banks, private
and joint-stock, and the discount houses, should not toe
greatly restrict their business (there does not appear I
have been so much undue speculation of late), but O a
with a judicious liberality, and not throw too great "
burden upon the Old Lady of Threadneedle-street.
B.
The annexed refers to the anxiety felt for 08
appearance of each Bank return, and urges the,,
',
more speedy publication. This has been previously
recommended in various • quarters, and .one objet'
tion to it was that, if each return were inserted in
the Gazette immediately on its being made up, it
would not be possible for the Bank Court to delibc:
rate upon it previously. It is now pointed out that
the difficulty might be wet by altering the date
which the statement is prepared, a step that caul
be authorised at any time by the Commissioners °
Stamps and Taxes ; but it is not certain that tb".
Bank arrangements would admit even of this plalif
since it is understood that the publication alreadlo
takes place within three days of the time when
account is completed. The return ending Satur.4.
day is, it is believed, not available for the dirscW;
until the following Wednesday, and on Frids)
evening it is sent forth :
" At the present time, when the Bank returns are
looked forward to by the mercantile community with ei,""
much interest, you would do them a great service if 10i
would lend your powerful advocacy to induce the.BAn
directors to publish their returns somewhat more in the
spirit ,of the age. According to the present regulation;
the result of the week's movement in the bullion is 134/
known until the following Friday ; meanwhile rumo d
supply the place of facts, creating alarm and unseipi"
business.

In the present day, when steam and the ()lett°,
telegraph put us in possession, in a few hours, of late;
intelligence from distant parts of the globe—wben tbs
state of the money-market in New York is known alro°,,s
as soon as the state of the bullion in the Bank of goo'
land—surely it is not too much to ask of the Bank direc:
tors to depart from a plan worthy only of the last 0,114
tury, and to furnish the public at an earlier date W
the actual. state of the bullion in the Bank.
"'The plan I would suggest is, that the returns,
stead of being made up as now, should be made up 04
Wednesday evening, and published in the Gazette of th.
following Friday. The directors would be able to delil'
rate upon them at their meeting on Thursday bef°`-a
they are made public, while their early publication 9/010
tend, in times like the present, to do away with rumou
which are far more injurious than the worst reality. „
«g, B.

SHOCKING 11031ICIDE.—On Saturday evening Af,
Jackson held an inquest on the body of Patrick Crossari;
aged 66, who met his death under the circurnstacc:j
detailed by the witnesses. Two young Women, ean3,o,
Mullen and Hatton, deposed that they accompanied
ceased from Belfast on Thursday evening, the 4th il7
When they reached the bottom of liannahstown-bIA
they were joined by two brothers, Daniel and Bernarr
M.‘Areavy. Shortly after passing the chapel the °
ceased began to dance on the road, and to make senlea
jesting observations. Otte of the AVAreavys cg
some expressions which led to a verbal altercatiob;
on which the deceased struck him with a stick.
V
A
young women, terrified at the prospect of a
-iis
ran into a house at band to request assistance. .)°b
~e
Boyle, a servant of the house, swore that on •
ceiving the information of the young women be 110
out and found deceased lying on the road and the °foto
M'Areavys kicking and beating him with a stick. /
his remarking that they had killed the old man t"„ i 1
acknowledged that " he had got enough," and Vie- a
went away. Deceased was bleeding from a wound °O-,
the head, and was removed to his house in a cart Weil/
sible. Dr. J. S. Dickson deposed that be professievad
visited deceased early on Friday morning. A
-1131,,C11
other injuries he found an open wound on the b 8 to
into which four fingers could be passed to a consider° en
depth. The broken pieces of the skull had been drltet
into the substance of the brain, and portions of the lath
forced out of and around the wound. The poor Tter
was rapidly sinking, and lived only a few hours
having never rallied. The jury returned a verdict,
•‘ Manslaughter against Daniel and BernardM'Are9fili:e
The deceased and his assailants were neighbours,
„le
siding a little beyond Tolenaroy-bridge. The latter h:ps
for the present escaped ; but, doubtless, Sergio
' Hinds, who has evinced great activity in having toe
awful affair investigated, will soon place them
hands of justice.—Belfast Mercury.