The Sun.
London, England, 1839-12-17 00:00:00

BANK OF ENGLAND.

The usual average return of the liabilities and assets
of the Bank of England embracing the period from the
17th of September to the 10th inst., which appeared in
the Gazette, gives the following results—viz., that the
average of the month ending the 10th inst., as compared
with the average of the month ending September, 17,
shows a decrease in the circulation of 1,509,0001., a de-
crease in the deposits of 540,0001., and an increase in the
stock of bullion of 1,026,0001. Wherefore it appears that
the decrease in the liabilities is 2,049,0001., and this re.
presents the decrease in the total quantity of money in
the month ending the 10th inst., as compared with the
month ending the 17th of September, in so far as re-
gards the administration of the currency by the Bank of
England.

The yearly comparison is as follows :—The average
of the month ending the 1 Oth inst.. as compared with
the average of the month ending the Bth of January,
shows a decrease in the circulation of 1,656,0001., a
decrease in the deposits of 4,881,0001., and a decrease
in the stock of bullion of 5,745,0001. Wherefore it ap-
pears that the decrease in the liabilities is 6,537,0001.,
and this represents the decrease in the total quantity of
money in the month ending the 10th instant, as com-
peted with the month ending the Bth of January, in so
far as regards the administration of the currency by the
Bank of England.
The variations in the stock of bullion have taken
place in the following manner and proportions :
In the month ending the 2d of April, as com-
pared with the month ending the Bth of Ja-
nuary, there is a decrease of £3,099,000
In the month ending the 25th of June, as com-
pared with the month ending the 2d of April,
there is a decrease of 2,325,000
In the month ending the 17th of September, as
compared with the month ending the 25th of
June, there is a decrease of 1,347,000
And in the month ending the 10th instant, as
compared with the month ending the 17th of
September, there is an increase of 1,026,000
Which leaves upon balance a decrease of 5,745,0001.
The changes and fluctuations in the circulation will
appear from the following statement :
In the month ending the 2d of April, as com-
pared with the month ending the Bth of
January. there is an increase of £219,000
In the month ending the 25th of June, as com-
pared with the month ending the 2d of April,
there is a decrease of
In the month ending the 17th of September, as
cetinpared with the month ending the 25th of
June, there is a decrease of 27,000
And in the month ending the 10th instant, as
compared with the month ending the 17th of
September, there is a decrease of 1,509,000
Which leaves upon balance a decrease of 1,656,0001.
The following are the changes and fluctuations that
have taken place in the deposits :
In the month ending the 2d of April, as com-
pared with the month ending the Bth of
January, there is a decrease of £2,856,000
In the month ending the 25th of June, as com-
pared with the month ending the 3d of April,
there is a decrease of . . 741,000
In the month ending the 17th of September,
as compared with the month ending the 25th
of June, there is a decrease of 744,000
And in the month ending the 10th instant, as
compared with the month ending the 17th
September, there is a decrease of

Being a total decrease of X4,881,000
The following are the average amounts of the circu-
lation, the deposits, and the stock of bullion, during the
period from the Bth of January to the 10th instant in-
clusive :

Circulation
Deposits 7,574,000
Bullion
.280,000

In this return of the Bank of England, of which
,he preceding is an analysis, there are two things chiefly
,o be observed :

1. That the amount of the circulation and deposits
of the Bank of England is less than at any one period
since the resumption of cash payment.= in 1821.
2. That the decrease in the total quantity of
money in the month ending the 10th instant., as com-
pared with the month ending the 17th of September,
being 2,0-19,000/., while on the other hand there is an
increase of 1,026,000/. in the stock of bullion, so is it
manifest that by comparing the latter with the former
period there is a decrease of 3,075,000/. in the securities
held by the Bank of England.
This great decrease in the securities is in all proba-
bility to be referred to the transactions of the Bank
with Paris and other parts of the Continent, for, on the
supposition that these transactions are still unliquidated,
it is evident that for the debt which the Bank has con-
tracted either there must have been a formal actual
pledge and delivery of a portion of securities, or the
parties to whom the debt is due might be willing that
the securities should still remain with the Bank. In
either case the Bank must take out of its monthly
returns, and set apart a portion of its securities, as
otherwise these returns would be inaccurate.

Till our whole system of currency has been fully
inquired into, and new and better principles laid down,
the future proceedings of the Bank Directors will pro-
bably in some measure be governed by their stock of
bullion, and this must depend, on the one hand, on the
quantity of corn that it will be necessary to import,
and, on the other, on the foreign demand for our ma-
nufactures.

Tw•o things have lately occurred to increase the
Bank's stock of bullion.

I. The very large amount of silver that has lately
flowed into this country, and the greater part of which
has been purchased by the Bank, and shipped to the
Continent. By this means a further decline in the fo-
reign exchanges was prevented, and the Bank was en-
abled to retain its gold.
2. So large a quantity of gold has been sent from this
country to the north of Europe during the last twelve
months, that there has been a very great decline in the
price, and so that notwithstanding the exchanges have
not improved, yet there has been no profit on the ex-
portation of gold.
Little stress, is, however, to be laid on this circum-
stance ; for if, as resulting from the state of our relations
with the Continent, the balance of payments should be
against us there, the stock of silver being exhausted,
gold will again be exported, and this will be accom-
plished either by a rise in the price of gold on the Con-
tinent, the exchange remaining the same, or the price of
gold remaining the same, or, going still lower, there will
be a proportionate fall in the exchange.
With respect to the foreign exchanges it must be fur-
ther observed, that while all the operations of the Bank
of England have had little or no effect on the exchanges
with Hamburg, Amsterdam, and Paris, yet during the
last month the difference in the St. Petersburg ex-
changes is more than 3 per cent. in favour of this country.
This is, however, probably on account of the shipping
season being over, and therefore it may not be durable.
We have mentioned two circumstances that have
tended to increase the stock of bullion held by the
Bank. A third will probably be this, that the great
decrease in the circulation and deposits of the Bank,
accompanied as it perhaps also has been by a decrease
to a greater or less extent in the country circulation, will
have been the occasion of the payment during the pre-
sent quarter of a larger amount than usual of the taxes
in gold,
and this gold has of course found its way into
the coffers of the Bank of England.—Times.

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The following letter, written by an officer on ser-
vice the camp near Kurnool, Lieutenant John
Ochterlony, of the Madras Engineers, gives an in-
teresting detail of the events connected with and
subsequent to the capture of that fort :
" CAMP NEAR KURNOOL, OCT. 20.
" I certainly did not expect, when I closed my
journal with intelligence of the evacuating of Kur-
nool, to have to add another line or two, written in
packet g
bed—a wounded man, with my left arm in a splint,
laent
my my bod
d otohearwway
is maltreated.
e withoutteti
youcouldng o
f notthe
very dashing and consoling action with which this
campaign has for the present terminated. I told
you that the Nawaub had taken up his abode
among some tents in an enclosed burial-ground,
about two miles from the town, and that the Ro.
hilla soldiers, whom he had had with him in the
fort, detained him there, and refused to let him
come over to us, which he professed himself willing
to do. Until the immense discoveries were made of
military stores and preparations which I have de-
scribed, our envoys seemed to manifest much
indifference upon the subject ; but after all this had
come to light, they began to alter their tone, and
being unwilling to sacrifice the men who were with
him—in number between 500 and 600—they sent
a man to tell them that if they would give up the
Nawaub quietly, they would pay up all their ar-
rears, and allow them to depart in peace to their
own country with their arms. This they refused,
and accordingly the day before yesterday, the 18th
of October, a force, consisting of detachments of
infantry, cavalry, and artillery, with four guns,
marched down at daybreak, and took up a position
within musket shot of the walls which enclosed the
burial-ground where the Rohillas had taken up
their abode. The camp of the sappers and miners
happened to be at some distance from that of the
other troops ; and as none of our men were wanted
for the service, no intelligence of the intended at-
tack was conveyed to us, till about half an hour
before the action began, when a man came in to
tell us that he had seen the guns unlimbered, and
all ready for action, in a field near the village of
Jolapoor. Many of us were in bed, and we
dressed and rode off in such haste, that we did
not allow ourselves time to take our pistols, but
just belted on our swords, and galloped off.
When we arrived on the ground we found every-
thing ready ; the guns were posted in a field, so as
to be able to plunge right into the enemy's line ;
the matches were lighted, the men at their posts,
the guns all double shotted, and only waited the
bugle to sound to let fly. In a road leading up to
one of the walls of the enemy's enclosure were
drawn up a detachment of the 39th (Queen's regi-
ment), and behind them some companies of a na-
tive regiment ; parties of the 13th dragoons were
posted all round in such a manner as to be ready
to charge the enemy, if they sallied out from the
enclosure, and a strong detachment of our native
cavalry were put to the bank of the River Toom-
buddia, which ran at 200 yards distance from the
battle, to cut off their retreat. The Brigadier (Dyce)
who commanded the force that day was, when we ar-
rived, engaged in treating with the Rohillas for their
surrender, and from half-past six to half-past nine
he gave them to consider the terms which he
offered. At last we saw the native interpreter,
whom he had employed, come scuffling out
from the enclosure at a great rate, waving his
hands to us, as if for us to take care of ourselves,
while immediately after him came rushing out a body
of fine looking, but ferocious, bearded fellows, who
spread themselves across the road parallel to the
39th, and handling their muskets and matchlocks
shouted defiance to us. The word was then given
to the buglers to sound the note "to commence
firing," and in a few seconds the cannon shot came
bounding across our front, bringing down large
branches of trees and pieces of the walls, while the
whole line forming up opened a heavy musketry fire
upon the Rohillas. Well,however, and gallantly, did
they behave. Large parties issued from the en-
closure, and throwing themselves into the fields on
our flanks, where the corn was so high and thick as
completely to screen a man, they threw in upon us
a fire nearly as heavy and well-directed as our
own. I was in the road with tfie 39th when it

it began, and I do not suppose I shall ever be in a
more heavy one than it was for ten minutes or so.
Several men fell, and a ball passed through the
lining of my cap, which trophy I, of course, pre-
serve, and will send it home to you some day or
other. As it soon became necessary to drive
the enemy out of the fields, from which their
balls raked our position, I was sent round with
a detachment to the bank of the river, to
charge them from their rear, and clear them out of
their cover. There I found a body of the 13th
dragoons stationed ; and as 1 found some sepoys,
who were nearest the enemy, firing away at random,
some up into the air, some anywhere but at the
enemy, and all anything but willing to charge them
with the bayonet, I took upon myself to order up
the dragoons, and away we went into the chollum
(a species of corn) fields. As lam writing this in
a very constrained position, on a book which my
orderly is holding up for me, I cannot tell you now
all the wonderful works we did ; suffice it, that the
Rohillas fought most desperately, but were over-
powered in every case ; and that I received in a
skrimmage with a party of them, some cuts from
sabres, of which, however, the one in my arm, over
the elbow joint, is the only one likely to give me any
trouble. My arm, however, is quite safe, thank God,
as the wound has taken a healthy turn, but the
sword of my friend went so near the great artery, that
the doctor tells me it would have cost me my valuable
life if the sword had been an inch longer. One
blow cut my•belt in two, and saved me from a se-
vere wound ; my sword scabbard was also smashed,
and my horse received a cut on the hip ; he was
not, however, much hurt, and as the excitement
was too great just then to allow me to feel the pain
of my wounds much, I got a soldier to bind my arm
up, and went on with the dragoons. The enemy
were now in full flight towards the river, and as
many were escaping across it the cavalry plunged
into the river to intercept them. This was the
most dangerous part of the day to us; for the cur-
rent was so rapid and the bed so rocky that while
the horses about six feet ahead of you were walk-
ing on rock, the water only reaching to their
girths, yours would be swimming for the dear life
against a current which roared through and over
the masses of rock with a very unpleasant fury. A
great many troopers were hurled, horse and all,
over and over in the stream ; but all, luckily, es-
caped, except one fine old soldier of the dragoons,
who was swept away out of sight. The ammuni-
tion and pistols, too, all got wet, and many were
of course useless. However, a good many priso-
ners and aims were taken, as also some horses, and
a great many were killed. I felt very faint and
giddy from loss of blood at first, but the first plunge
which my horse took, up to his ears, re-
stored me, and as I managed to get " a drink" cn
passant, I got strength enough to carry on ; how-
ever, I confess when he had crossed back again to
the other side of the river (it was fully 600 yards
broad), and I felt myself once more on terra firma,
I was very thankful ; for, bound up and cut through
as my left arm was, arid encumbered as I was with
my sword and reins, I must have been drowned had
my horse once rolled over. We lost two officers killed,
and two wounded, all by sabre cuts or stabs, and of
the men I think about 40 or 50 have been killed
and wounded. We had all the bodies brought

hack to camp, as the field was not more than three
miles distant, and they were buried next morning on
the glacis of the fort. One of the officers, who was
mortally wounded, and died in the evening, was a
fine young man—or boy, I should say, named.
Yates, who had a few days before only been pro-
moted to his lieutenantcy. He had received two
stabs, one in the hack and the other in the abdomen,
but he died without much pain. Another older
officer, Colonel Wright, was stabbed in the back by
a wretch of a fellow whose life had been spared by
the men ; but fortunately the sword blade took an
oblique direction, and so missed a vital part. The
Colonel still lives and is likely to recover, and his
assassin had four bayonets through him. before he
could use his sword again.

"About 200 of the ltohillas altogether were killed,

and almost all of them behaved so well
courageously—that every body commisserat, te:j'r,
fate, but slaughter was the order of the day, a, )n-e:
of them would yield to any superiority of num, rp..
I tried to save the life of one very fine man, '
tho'
was almost surrounded by our fellows, but the mo-
ment he got one arm free he clutched a pistol, and
he was obliged to be cut down. A great many
swords have been taken, and their edges are found
so beautifully sharpened that there is no room for
wonder at the slicing which they managed to inflict
on me. I shall keep my uniform coat as a curiosity,
for it is cut almost to pieces,—though I should not
like to send it to you, as you would think that the
body which had been enshrouded in it must have
been regularly minced.
" I believe all fighting is now over, and the
campaign ended, as the Nawaub's troops are
now completely dispersed ; and as there are parties
of cavalry out after such as escaped from the field,
I dare say there will be few left alive in the course
of a day or two. The force is now busy in
disposing of the prisoners, (about two hundred,)
and collecting such booty as they can find, in
hopes of prize-money. A good deal of treasure
has been found in the fort, but as we did not take
it by a regular siege, I suppose our generous mas-
ters will not allow it to be considered as prize
property. The Nawaub is now in confinement
near us, and will, it is expected, be imprisoned
for the rest of his life in some fortress in the Bri-
tish dominions."