The Sun.
London, England, 1855-09-21 00:00:00

THE PUBLIC JOURNALS.

of them, nay, one of them, falling on the new raft-
bridge which spanned that bay, would have defi-
nitively intercepted the garrison's retreat, and
would have brought Prince Gortschakoff to Paris.
He went off while he could. As to his being now
"in a better position " than that out of which he
has been driven, just look at his position. Either
the Sievernaya, the Star Fort and its helpmates,
have sufficient provisions to keep for a month his
crowded battalions, or they have not. If the pro-
visions do not exist, Prince Gortschakoff continues
still further the fine strategic movement of which
we have heard so much ; and if those forts possess
the necessary victuals for his army, he could not,
even then, do better than to pack every knapsack,
and load every mule, making the utmost of his time.
He ought still to retreat. We wish him no worse
fate than to be submissive, in this crisis, to the
pride of his Czar and country, and to immo-
late to the vain chimera of an untenable prestige
the remnants of a gallant and much-enduring
army. For, suppose an advance of the Allies
upon Mackenzie's Heights. These heights cannot
be so difficult to capture as the Malakhoff Works.
General Liprandi is not capable, alone, of resisting
the Allies. His is the left wing of the Ragaliall
army, which is in a most curious position. The
centre is at Old Inkerman, the right is in the Star
Fort and Sievernaya, under Prince Gortschakoff,
who is, besides, Commander-in-Chief. The whole
force looks eastwards. It is not the game of Prince
Gortschakoff to leave General Liprandi to face us
single-handed. At all events, it is not the interest
of the Russian army to do this. The north forts
need not be attacked at all, much less do they need
to be invested, in order to be taken. Any advance
on General Liprandi draws out the whole strength
of what was lately the garrison of Sebastopol from
Fort Constantine and the Sievernaya ; otherwise
that garrison is cut off, and General Liprandi's
position is forced besides.
In this operation the Allied troops have plenty
of water. In an advance from Eupatoria there
would be a scarcity of that great necessary. We
understand that there are some wells beyond the
Tchernaya. Moreover, it is but one great rush
from that river to the Belbec ; and then it is the
enemy's turn to be solicitous: He has a line of
road prepared since Catherine's time, and amply
provided with water. But a sort of insane pride
seems to be at work in the Russian head-quarters.
The tribes and populations of Asia are asking, " Is
it possible that Sebastopol has been taken from the
Czar ?" The reply is negative. Prince Gortscha-
koff has gone from the south side to the north side.
That is all. if this be true, we shall have that
Prince in Paris or London before long.
But suppose he attacks the Allied army on the
Tchernaya ? His garrison is now like a rat in a
hole ; nothing is too desperate for them. In fact,
desperation is become their only hope. Well, in
that case, we confidently believe that General Pelis-
sier's and General Simpson's despatch of detach-
ments to the north-west will not have so weakened
our lines between Inkerman and Tchorgoun that
we cannot hold them.

Our troops and the French troops have lately
been amusing themselves with a variety of re-
sources. In the worst and hardest times of the
now terminated siege we had a theatre on the
heights of Otar, and we had horse-races in front of
Tchoulion. The shells of the enemy occasionally
disturbed the performances of that hazardous stage,
and abridged the runs on that daring race-course.
But a force which could presume thus to solace
itself ought not to let an already beaten and de-
moralised enemy to escape out of its hand, either
by the astuteness which is an old and well-known
characteristic in our opponent, or by the despera-
tion with which a ruinous position may inspire
him.

ADVANCE IN THE BANK RATE OF
DISCOUNT.

Although there was no general expectation of a fur-
ther advance in the Bank rate of discount yesterday,
there was sufficient uncertainty upon the point to cause
the breaking up of the Court to be waited for with in-
terest, The demand at the Bank during the past week

is supposed to have been as heavy as during the two pre-
ceding weeks, in which it was found necessary to resort
to a rise, and but for the circumstance that much of it
was believed to be caused by the caution of the discount-

houses in refusing large transactions while there might
be a prospect of a further immediate change, as well as
by the desire of the public to provide themselves against
such a contingency, there would have been ground to
entertain the probability of a fresh movement. Whe-
ther it will yet have to be resorted to must still depend
in a great degree upon the state of the corn-market, the
arrivals from Australia, and the course which the Go-

vernment may pursue regarding the instalments on the
Turkish loan. Since the first advance in the rate, a

fortnight back, not only has the expectation of large
receipts from Australia been disappointed, but a sudden
and, as the tendency to re-action has since shown, a
rather unwarrantable rise in the corn-market has been
witnessed, which has stimulated the transmission of
about 400,000/. to the Danube and elsewhere for the pur-
chase of wheat, and which will also have the effect, when
the news reaches New York, of hastening the substitu-
tion of flour for gold in the future shipments from Ame-
rica. As the amount overdue from Australia is at least
800,0001., we have here a total of 1,200,0001., which,
but for peculiar and improbable events, would be at this
moment in the Bank coffers, and which would have
brought their stock of bullion to a point in excess
of the average of the past year. Another of its
effects also would have been to have prevented the
idea of a scarcity of money getting to that height which
in itself begets scarcity. Hence the surprise felt at
the rapid and continuous nature of the change just
witnessed is easily accounted for, together with the fact
that neither the almost unprecedented occurrence of an
advance in two consecutive weeks, nor the early pos-
sibility of an additional one, has produced any disturbing
effect upon the trade or credit of the country. Even in
the Stock-Exchange, where the current of speculation
has recently been on the adverse side, the fluctuation
has been comparatively unimportant ; and there is, con-
sequently, full reason to believe that the estimate
already expressed of the healthy condition of almost all
departments of industry will be fully borne out, and
that the movements lately witnessed, notwithstanding
their intensity, are of an exceptional and iu many re-
spects of a purely accidental character.
The Bank of France yesterday increased their rate
of discount from 4 per cent., at which it had stood since
the 12th of May, 1854, to 5 per cent. A similar in-
crease has been made in the rate for advances on stocks
and shares. This measure was fully expected, a decrease
of about 5,000,0001. having occurred in their stock of
bullion since the rate was fixed on the previous occasion.
It was then about 16,400,0001., and in the return pub-
lished last Saturday it was 11,550,0001. As the move-
ments of the Bank of France are to the extent of one
per cent, at a time, they are usually delayed for a longer
period than those of the Bank of England ; but, even
making allowance for that, the present step may be
considered to have been made with less promptitude
than was desirable. Unlike what has been witnessed
on the London Stock-Exchange, the ardour of specu-
lation has been maintained on the, Paris Bourse to
a considerable extent throughout the war, and
.the
various undertakings fostered by the Credit Motaher
have for some time assumed proportions which were
certain to lead to a revulsion. At the same time
the general commerce of France, like that of
England, is believed to be in a healthy state, and there
is, consequently, among the mercantile houses of Paris
no apprehension of any serious interval of distrust or
disaster. The immediate effect of the increase of dis-
count will be towards a revival of the demand for gold
from this side, and it will therefore operate as a direct
inducement for the Bank of England to raise their rate
to a similar amount.
For some days past the acceptances of the large ship-
building firm of Messrs. C. J. Mare and Co., of Rack-
wall, have been lying over unpaid, butit was hoped
from hour to hour that an arrangement might be made
to honour them. This anticipation, however, has been
disappointed, and it is understood that a meeting of the
creditors of the house will be held to-morrow, when a
balance-sheet will be submitted, together with such pro-
posals as may seem best to secure their important works
from being interrupted. Notwithstanding the great ex-
tent of the business of Messrs. Mare and Co., an impres-
sion is entertained that their liabilities, apart from their
debts to private connections for advances, which are un-
derstood to be very heavy, are not much beyond 70,0001.
The fact of the firm having become embarrassed has ex-
cited universal surprise, since they 'have enjoyed for
many years orders and contracts of a gigantic and most
profitable description, not only from the large steam
companies, but also from other quarters, and especially
of late from the Government. The establishment is still
going on, the workmen having up to the present time
been regularly paid, and it will be very satisfactory if
the accounts about to be presented should show that the
existing difficulty arises mainly from a lock-up of capi-
tal, and is such as to allow the works, under proper su-
pervision, to be continued without interruption.—Tietes'
City Article.

C. APTURE OF A NOTORIOUS THlEF.—Through the AC-
tavnty of Mr. lieddington, a detective officer on the Mid-
land Railway, a notorious thief, named William Attey,
has just been captured, after having committed innume-
rable depredations throughout England, particularly on
the different lines of railway. There are already 15
cases of robbery against him, and several other charges
are in the course of investigation.
CLOSE OF THE SALMON FISHING.—The salmon fishings
in the rivers north of Tweed closed on Friday last. In
the Spey, owing to the very severe frost, the month of
February was all but lost to the fishers and proprietors,
and during the rest of the season the take of salmon
altogether was considerably under last year. The grilse
fishing was fully equal to that of last year. Towards the
close, the rod fishing became very productive. In the
Findhorn, the fishing, though backward at the com-
mencement, was, before the close, most productive, and
this river has this season fully sustained its former high
character as a good salmon river. The Deveron has this
season fished remarkably well ; the grilse have been
plentiful, giving promise of a good salmon fishing next
season. The Ness has also improved. The Dee and
Don have fished pretty well, particularly in the early
part of the season. The sea-fishings have also yielded a
fair average,-13GnAirg ht4rnal.