The Sun.
London, England, 1852-09-18 00:00:00

DAILY WEATHER TABLE.

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'3`ate of the Wind and Weather at each of the following
pl,ws_. at Nine o'clock yesterday morning.—The stations
Hr.. qrranged in order of latitude.
POOLE— Wind N.E., gentle breeze—partially cloudy.
N.E., gentle breeze—overcast.
oLEESTONE—Wind N.E., gentle breeze—overcast.
T,..Yl4"Tta)Gß—Wind S., calm—partially cloudy.
tiASDTGSTOKE—Wind N. W., gentle breeze—cloudy.
pie ENWiCE-I—Wind N., light airs—partially cloudy.
STUD—Wind N. calm—partially cloudy.
COLCinisTint—Wind S.W., gentle breeze—partially cloudy.
Ca.martruck—Wind N., gentle breeze—partially cloudy.
Yours—Wind W., gentle breeze—cloudless.

THE

S U. N,

the Lords and the Commons of old England. Now- I
a- days we have, numbered in the ranks of our peerage,
a popular scholar with abilities capable of rendering
him worthy to become the translator of GOETHE, as
the world has seen brilliantly proven through the
Faust of the Earl of ELLESMERE. Again, the lovers
of sylvan poetry might discover exquisite tokens of
idyllic sensibility in the genial and inartifieial verses
of the late Lord LEIGH. Another and yet more
agreeable evidence of that honest and humaniz-
ing reciprocation of feeling between the
peerage and the people, is afforded in the
practical, and ever assiduous, philanthropy which
has soothed so many pangs, and dissipated so
much darkness, and removed so much impurity, and
ameliorated so many sufferings under the guidance of
the gentle and the noble heart of the good Earl of
SHAFTESBURY.

Popular amongst the most popular, however, of
these people-loving members of the peerage—is a
man whose name has not yet been mentioned, the
kind-natured and large-minded, the amiable and ac-
complished Earl of CARLISLE. It is by
a patrician
such as Lord CARLISLE that the most valuable bene-
fits are conferred upon his caste—namely, by endear-
ing it to the hearts of the more susceptible and of the
better educated members of the population. Within
the last few days, it will have been perceived
that the Noble Earl has repeated that
graceful tribute to the poetic genius of
our incomparable POPE, which he first
offered in 1850 through his charming and
thoughtful lecture addressed to the Mechanics' In-
stitute at Leeds. The repetition of that lecture was
appropriately given on Saturday last in the Town-hall
of that ancient borough from which he had derived
his younger title of courtesy, and from the suffrages of
whose electors he had drawn his earliest prerogatives
as a representative—the loyal and liberal borough of
Morpeth. Proceedings of this kind are eminently
befitting the distinguished abilities and the generous
temperament of Lord CARLISLE, while they cannot
but be signally beneficial to the interests both of the
people and the peerage. They are agreeably charac-
teristic, moreover, at the same time of the blended
and self-adapting nature of our institutions, and of
the large heart of that statesman who does not regard
it as derogatory from his dignity to address an as-
sembly of mechanics as a public lecturer—knowing
full well that, if it is not within the capacity of such
labours to lend a new purity to his ermine, it is cer-
tain, at least, to shed additional lustre upon his proud
Earl's coronet.

Although the community in general is enjoying
almost unexampled prosperity, and every branch of
industry is flourishing, the proprietors of the Bank
of England find that the profits of the leviathan
establishment have diminished considerably during
the past half-year. They are consequently com-
pelled to submit to a reduction of 10s. in their divi-
dend, or 12i per cent. diminution on that declared in
-March last. The Governor, in responding to the in-
terrogatory respecting this lamentable deficiency,
declared that " the banking profits of the half-year had
been less, because the rate ce interest had been consi-
derably lowered." This e.x planation was not alto-
gether satisfactory, inasmuch: as it did not appear that
there had been any falling ofl in other " unprotected"
concerns not enjoying privi: eges coequal with those
possess ed by the " Old Lady of Threadneedle-street."
The joint-stock banks, whose accounts have been
published, and, we doubt not, that every judi-
ciously managed private bank, have been en-
abled, notwithstanding the :reduction of interest, to
increase their profits, the 'augmentation of the de-
posits and increased activity :more than compensating
for cheaper discounts. The Bank of England di-
rectors, however, appear determined to abide by their
ancient traditions. They still seem to think that
they are entrusted with the regulation of the cur-
rency, and that they can ia.nore the recent dis-
coveries in Australia and California, treating the
question as if the supply of gold were
still inadequate to the annual consumption,
or, as if they could keep back the tide of bullion flow-
ing to our ports. The attempt would be sufficiently
ludicrous, were it not rather too expensive a jest. The
proprietors are, indeed, "paying pretty dearly for
their whistle"—for the desire to maintain a reserve of
notes more than three times the amount calculated to
be required by the Bank in its own business. That
amount has been usually estimated at 4,000,0001. ster-
ling, a liberal and abundant sup' ly for every possible
exigency. It appears, however, from the return for
the week ending the 11th September instant, that the
notes unemployed amounted to no less than
13,263,463/., and we believe that the average during
the half-year exceeded 12,000,0001., two-thirds
whereof, or 8,000,0001., might have been brought
into activity, had the directors pursued a wiser policy.
This, even at three per cent. per annum, would
have added 120,0001. to the profits of the half-
year, which, with the sum remaining undivided,
in consequence of the supposed desire of the
proprietors that " no subdivis ion of a dividend should
take place to a smaller extent than a half per cent."
would have enabled the declaration of a dividend of
5 in place of 34 per cent., which would have proved
a very welcome addition to the incomes of many of
the stockholders.

We really cannot conceive what advantage can be
derived from keeping so large a fund inactive. The
Act of 1844 was intended to exonerate the directors
from all responsibility respecting the currency,
to deprive them of any discretion as to the issues.
Its policy, as explained by its devoted champion, Sir
CHARLES WOOD, was "to leave the Banking De-
partment perfectly unfettered in its operations, sub-
ject only to a weekly publication of its accounts.'i
The Governor, too, adopted' the same view at the
meeting on Thursday, when he spoke of " the ac-
counts of the Bank being divided into entirely sepa-
rate divisions, leaving the issue department on its own
footing, and the banking department on the same
principle as any other joint-stock company carrying
on the banking business in England." The strange
policy, we had almost said " mismanagement," of
permitting more than eight millions to lie idle and
unproductive is therefore utterly inexplicable. The
proprietors are the chief sufferers, and they should
initlate the proceedings to obtain a suitable refor-
mation.

Therecan
forward d
b position
no doubt that one of the chief causes
of this unwise course is the constant change
in the management. Each director is look-
ing to the period when he shall
assume
n of Governor; and when his
ambition Las been
as nfo sooner qualified himself
achieved his obj„t,Bhreathified, when he has at length
to make way for a nehbw6isand comparatively for the efficient discharge
banking,
gives
duties than he is dis-
placed,paratively in-
experienced man, who, in
place to
king- This is not
another novice in the science of'
evernTorheoyf do
oheit otherwisenationa in France.
as
eirt
year establishment
retains his situation from year to
e should
the üb°
ile
is not
influenced by the idea that he is to surrender his
place at the termination of the current
year; he has
therefore full opportunity to inaugurate any
peculiar policy that may require time for its de_
velopment. A Lord Mayor ofLondon or a Governor
of the Bank of England is afraid to venture on
any experiment, however promising, the re-
sults of which may remain unascertained at
the termination of his period of office.
It is the same in every joint-stock or private esta-
blishment in either country. The shareholders who
would displace a manager of known efficiency to
make way for en untried man would be regarded as
persons incapable of managing their own affairs.
There was much weight in the argument of Mr.
D
E WINTON—a gentleman of great experience and
sound judgment in banking t • ransactions—that a copy
of the accounts for the past half-year should he placed
in the hands of every
proprietor
of 5001. stock some
days before the meeting. The meagre
information at
Present afforded is of nothe practical utility in enabling
parties interested to recommend
Policy. When a different
maintain so
anything like mystery. There
much is published, it eppears
absurd
to
is no
medium, It might b • 3 advisable to keep their
affairs secret, but
re-
quired by the Act
of when we consider the returns re-
-1844, it is ridiculous not to
give full statements,to They do either too much or too
little. But as no Op
it is not too much
ton is allowed respecting the former
expectwhn that at the semi-annual
meeting of proprietors,
the Board is rendering
itn account of its
be fairly answered, and fail
explanations rendered on
apy doubtful points.

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