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

BANK OF ENGLAND RETURN'S.

( From the Times' City Article of this day.)
The perplexities of the public regarding the past
an d!probable future operations of the Bankof France,
are undiminished, and until the proceedings of that
institution assume 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 its 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 maul
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 detiimental to both countries. In
the present m rdial gocd understanding between France
and England it becomes the duty of both to unite their
strength in every way not to divide it. I have often
thought that an intimate correspondence upon emerged:
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 accomplish 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
men that the 'Russian Government, not now in
very good credit, have offered terms to the Dutch
bankers for a loan, which, it would seem, they have
not been able to resist. This has led to the sale, in
the English and French markets, of all other kinds
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 ago,
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, was
not of any magnitude, and during the last fortnight
the feature has ceased altogether. As regards
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 same
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 supplying
Russia with articles contraband of war, and it is
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 arti-
cle of the Bth inst., signed 'II. G.,' respecting the cause
of the drain of gold to Paris, and without entering upon
the question whether the same has :wen paid for by ac-
commodation bills or not, I desire to notice a suggestion
of that writer that the Bank of England should, in lieu of
raising the rate of discount, 'gradually and decidedly re-
duce the time for which bills admitted for discount have
to run ;' because, as he writes, raising the rate's of dis-
count is calculated so injuriously to interfere with the
ordinary bona fide business transactions of the country.'
But is not such a restriction, in point of the time bills
have to ruo, calculated to operate more injuriously to
business in general than a raising of the rate ? Is not
the greater part of the vast trade of this country carried
on by means of bills of three months and longer date?
If so, would not such a step more disastrously affect
the trading body of this country than a raising of the
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 it,
as with their extensive foreign conuexions they can bet-
ter command shorl.dated paper.
"A great part of the recent pressure has arisen, as yeti
have stated, from the 'cautious rates,' and, I would add,
conduct of the discount houses, causing much of the
business which would ordinarily have passed through
their hands to go to the Bank of England.' The discount
houses curtail their busin-ss or charge a higher rate than
the Balk, anl, ai a consequence, people have recourse
to the latttr. Such condo, t, if persisted in, will proba-
bly lead to a crisis, as the Bank will get too many bills,
and the Bank seems scarcely to dare to throw out any,
paper, because it is said to be a ' public establishment ;
and ius, in times like the present, they have additional
custom from houses who can, and when money is cheaper
' out of doors' do, get accommodation elsewhere.
" Ic justifit a,`,ion of the course lately taken by the dis-
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 steps in the same direction.
" The remedy for all this seems to me to be that 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 their
minimum rate (I believe this subject has often employed
your pen); failing this, that the other banks, private
and joint-stock, and the discount houses, should not too
greatly restrict their business (there does not appear to
have been so much undue speculation of late), bat act
with a judicious liberality, and not throw too great a
burden upon the Old Lady of Threadneedle-street.
"W. B."
The annexed refers to the anxiety felt for the
appearance of each Bank return, and urges their
more speedy publication. This has been previously
recommended in various quarters, and one objec-
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 delibe-
rate upon it previously. It is now pointed out that
the difficulty might be met by altering the date to
which the statement is prepared, a step that could
be authorised at any time by the Commissioners of
Stamps and Taxes ; but it is not certain that the
Bank arrangements would admit even of this plan,
since it is understood that the publication already
takes place within three days of the time when the
account is completed. The return ending Satur-
day is, it is believed, not available for the directora
until the following Wednesday, and on Friday
evening it is sent forth :

" At the present time, when the Bank returns are
looked forward to by the mercantile community with so
much interest, you would do them a great service if you
would lend your powerful advocacy to induce the Bank
directors to publish their returns somewhat more in the
snirit of the age. According to the present regulation,
the result of the week's movement in the bullion is not
known until the following Friday ; meanwhile rumours
supply the place of facts, creating alarm and unsettling
business.
" In die present day, when steam and the electric
telegraph put us in possession, in a few hours, of latest
intelligence from distant parts of the globe—when the
state of the money-market in New York is known almost
as soon as the state of the bullion in the Bank of Eng-
land—surely it is not too much to ask of the Bank direc-
tors to depart from a plan worthy only of the last cen-
tury, and to. furnish the public at an earlier date with
the actual state of the bullion in the Bank.
" The plan I would suggest is, that the returns, in-
stead of being made up as now, should be made up on
Wednesday evening, and published in the Gazette of the
following Friday. The directors would be able to delibe-
rate upon them at their meeting on Thursday before
they are made public, while their early publication would
tend, in times like the present, to do away with rumours
which are far more injurious than the worst reality.
" A. B."

SHOCKING HOMICIDE.—On Saturday evening Mr.
Jackson held an inquest on the body of Patrick Crossan,
aged 66, who met his death under the circumstances
detailed by the witnesses. Two young women, named
Mullen and Hatton, deposed that they accompanied
evening,de-
ofHa nnahstown-hill
the 4th inst.
When
d fromthey Belfastreached
they were joined by two brothers, Daniel and Bernard
M'Areavy.
Shortly after passing the chapel the de-
ceased on
the h T
bottome r
began to dance on the road, and to make some
jesting observations. One of the WAnavys usedsome expressions which led to a verbal altercation,
on which the deceased struck him with a stick. The
young women, terrified at the prospect of a fight,
ran into a house at hand to request assistance. John
Boyle, a servant of the house, swore that on re-
ceiving the information of the young women he ran
out and found deceased lying-on the road and the two
Al'Areavye kicking and beating him with a stick. Oa
his remarking that they had killed the old man they
acknowledged that "he had got enough," and quietly
went away. Deceased was bleeding from a wound on
the head, and was removed to his house in a cart insen-
sible. Dr. J. S. Dickson deposed that he professionally
visited deceased early on Friday morning. Among
other injuries he found an open wound on the head,
into which four fingers could be passed to a considerable
depth. The broken pieces of the skull had been driven
into the substance of the brain, and portions of the latter
forced out of and around the wound. The poor man
was rapidly sinking, and lived only a few hours after,
having never rallied. The jury returned a verdict o
•‘Manslaughter against Daniel and Bernard leicAreavy."
The deceased and 'hie assailants were neighbours, re-
siding a little beyond Tolenaroy-bridge. The latter have
for the present escaped ; but, doubtless, Sergeant
Hinds, who has evinced great activity in having this
awful affair investigated, will soon place them the
hands of justice.—Befa4 AlO
_ gun . -