The Sun.
London, England, 1864-08-15 00:00:00

MONEY '' AT CALL,"

Has the custom of taking money at call anything
to do with the increasing fluctuation in the rate of
discount; and is not the practice bad in principle ?
These are questions which require grave consi-
deration and free ventilation. Many persons expe•
rienced in the money market Ere inclined to think
that both questions must be answered in the affir-
mative—and yet the custom of taking money at
call has prevailed so long, that to abolish it at once
would masion some important changes in our
financial arrangements. On the other hand, if it
were abolished, the probability is that we should
avoid many of the changes in the value of money
which are constantly taking place. •

Let us, however, before going further, endeavour
to understand clearly what is meant by " money at
call." All the balances held by bankers, and be-
longing to their customers, may be broadly re-
garded (apart from express stipulations to the con-
trary) as in some cases money at call, because the
banker is bound to honour his customer's cheque to
the extent of his balance. But a banker, from ob-
servation, gets to know the amount of the ordinary
balance which his customer keeps in his hands,
anl therefore by hoAing a certain average amount
in reserve he can safely employ the remainder of
his balances for his own advantage. This is ordi-
nary banking business. We see by the weekly
accounts of the Bank of England that it is the
custom of that establishment to keep at least one-
third of its balancee, or banking liabilities, in re-
serve, and when this reserve is more or less than
the third, the bank, as a rule, raises or lowers the
rate of discount.

But these ordinary banking balances ere not, in
the common acceptances of the phrase, " money at
call,"which consists for the most part of money taken
by the banks and discount houses in deposit, with
interest allowed thereon, the depositors of the money
being themselves uncertain as to when they will
require it, and the establishments who take it has.
ing the power, at pleasure, either of returning it or
of lowering the rate of interest allowed on it. This
is the sort of financing which, in our opinion, con-
tributes to the constant fluctuation in the value of
money.

Now, the Bank of England does not deal in this
sort of money at all. It neither takes nor lends
money " at call." The practice, therefore, of taking
money at call, be it for good or for evil, cannot be
charged upon the Bank of England. The custom is
confined to private joint-stock banks, and to the
discount firms and companies. We question very
much, however, whether private bankers take much
money at call, although they certainly lend it on
those terms to the discount establishments, and pos-
sibly to some of the joint-stock banks. But there
can be no doubt that the onus of the practice lies
chiefly at the doors of the discount houses and
companies. _ _ _

It is, of course, very agreeable to large holders of
money to be able to place it out quickly for em-
ployment at good rates of interest, with the power
of recalling it and with good security for it. It is
questionable, however—and this is a point of no
small importance—whether in nine instances out of
ten any security is' given for money at call beyond
mere deposit notes. This free and easy manner of
dealing with money constitues at once its conveni-
ence and its danger, and certainly contributes to
render the money market unsteady in times of pres-
sure. We believe that if security were taken, as it
ought to be, in every •transaction, the custom of
taking money at call would be in no small degree
checked, and we are sure that it is sound advice to
recommend those who lend money at call to take
security. _

Fora real remedy to the evils arising out of the
present system we must of course go deeper than
this. We confess to a belief that if the discount
establishments would refuse to take money at less
than seven days' notice, the dangers involved in the
present system would be greatly diminished, and
the money market be rendered much steadier than
it is. The time is certainly ripe for the dicussion
of the question.—Money Market Review.

British Archaeological Association.

IPSWICH, Saturday.

Yesterday afternoon the members of the associa-
tion, to the number of about 130, paid a visit to the
president, Mr Geo. Tomline, M,P., at Orwell Park.
On their arrival they inspected the fine, though not
large, collection of paintings, which includes works
of Murillo, Cuyp, Van der Velde, Wouvermans, Van-
dyck, Gainsborough, and other eminent artiste.
The beautiful view from the park in front of the
mansion was duly admired; the Orwell, admitted
to be a most lovely river, forms the south.
western boundary of the park, and with wood and water
nature has made Orwell Park one of the prettiest seats in
Suffolk, After passing an hour or two in the grounds
dinner was announced, and the large party sat down to a
sumptuous repast, which having been concluded,
Mr PETTIGREW proposed "The Health of their President,
Mr. Tomline," thanking him for the great assistance he
had rendered the association during the congress, and alse
for the magnificent manner in which he had entertained
them that day. (Cheers.)

Mr TOMLINE briefly responded, expressing the pleasure
he experienced in welcoming them to his residence, and
concluded by proposing " The Ladies."
Soon after the party returned to Ipswich, and met in the
evening at the new assembly rooms, where a very interest-
ing temporary museum of antiquarian curiosities, contri-
buted by gentlemen in the neighbourhood, had been
.:rranged. Here a conversazione was held, the chair being
taire.7 by the president.
Mr pi:TTIGREW read a letter from Durham inviting the
association 1;.:1 hold its congress for 1865 in that city, and
stating that the corporation, the university, and the dean
and chapter would co-operate. He pointed out the inte-
resting nature of the neighbourhood of Durham to the
archaoologist, and prepesea that the invitation be accepted,
and that the next congress be ;:eld at that city.
Mr PHILLIPS seconded the motion, observing that
Durham, lying so near the Scottish. border, abounded in
old castles and objects of interest.
The Rev. J. C. HA.RTSRORNE cordially supported the
proposition, which was oarried Unanimously.
Mr GOnDON HILLS then read a paper upon the round
towers of churches in Ireland.
The PRESIDENT said he had now to move that the thanks
of the association should be given to numerous gentlemen
who had assisted in rendering the congress now about to
be closed so successful. He proposed a vote of thanks to
the Mayor and Corporation of Ipswich (cheers), to the Yen.
Lord A. Hervey, and the clergy of the diocese (applau.ae) ;
to two sister societies—The Suffolk Archasological Institut°
and the Archaeological Society of Essex; to the vice pre-
sidents and officers of this conference ; to the local secre-
taries (1r R. M. Phipson and Mr J. Haddock) and the
-al committee; to the Mayor of colcheater, to the Rev.
• ',ton, and others who had hOpitably entertained
; to the gentlemen who had contributed
them (cheer.,
papers, and to these who had sent interesting objects to
this museum. (Chem....)
a vote of thanks to the presi-
Mr. PETTIGREW propose,.
gr. Towline had s,hown the
and ;:ad entered thor‘.lughlY
;lent. (Loud cheering.)
and deserved ts."ll.
greau:st urbanity and courtesy,
into the ;;Psiness of the congress,
hearty thanks'. (Cheers.)
Mr. PHILLIPS /ISO
nded the motion, alluding to the hos-
pitality the president had shown them that day.
The PRESIDENT briefly responded.
To-day the last excursion of the moeting was made to
Sudbury, Long Melfoid, and Lavenham.

THOMAS DE QIIINCSY.--Thomas de Quincey, in
his autobiographical sketches, records the fact of his
having, at the age of 15, gained a certain public distinction
—to wit, a prize for a copy of English verses. Three
prizes were given, of which De Quincey's was
he bthe third.
lie describes with amusing egotism, how ecame,or
the first time in his life, s&mething of a " lion," and ha
states that all his friends, excepting his mother, assured
him that his velsers ought to have stood the first. Ho
adds, that from what he could recollect of the verses after
the lapse of 50 years, it was his opinion that although
they might les perhaps less finished ;than the others,
they were superior in the structure of the metre, and in
the choice of expressions. And he launches out into
o
remarks upon the eoi-disant poets of the day, and
reasons why he has declined to take his place among them.
It may be worth preserving among the minor literary
memoranda of that period, that each of De Quincey's rivals
in this competition became, like himself, in due course of
time, men of no' e. The first was J. H. Leigh Hunt, and
the second one of our most distinguished topographers,
George Ormerod, D.C.L , F.R.S. The prizes were offered
by the publishers of a long forgotten periodical, called the
Monthly Preceptor, and the verses were a translation of the
" Integer vita)" of Horace. It may be added that the
translations themselves are found in the Monthly Preceptor
of the date, and that whil th
e ey are highly creditable to
boys of lb, the composition of the now venerable historian
of Cheshire is by no means inferior to either of the other
two.—.rotes am? Queries,