The Sun.
London, England, 1847-12-24 00:00:00

y Mr. PrendaPgasit, a ieentleruan who had represented
lit for some years, and who, a, far as talent was coa-
-
cerned, could buy the sixteen gentlemen elected at
one end of the street, and soil them at the other.—
. (Cries of " Oh, oh," and laughter.) He believed
Ithere was much in the Corporation of Loudon re-
quiring reformation, and he thought that by proper
, management a saving of 25,000/. per annum might
be effected. He believed that much of the para-
phernalia which at present characterised the officers
of the Corporation ought to be abolished as
useless and expensive, and many of the large
salaried officers might easily be dispensed with.
What, for instance, did they want with the Remem-
brancer, who received 1,0001. a year for telling them
what was done in the House of Commons and other
places ? Why, the Times newspaper told them all
this much better, and so did the votes of the
House of Commons.—(Hear, hear, and laughter.)
Then there was the Comptroller, an office of very
little use, and other expensive appointments which
might be very advantageously abolished.—(Hear,
hear.) Mr. Galloway, in conclusion, proceeded to
recount many abuses which he alleged the Common
Council had it in their power to reform. He feared,
however, that body was subservient to a higher
power, and feared to prosecute their case before Par-
liament in the recent dispute between the two courts,
lest a recommendation might follow for a general
reformation of the Corporation.
Mr. PRENDERGAST thanked the 135 gentlemen
who had supported him, and had no doubt the other
electors had good and conscientious motives for not
having done so. He repeated his belief that the
sanitary question was mixed up with a great deal of
humbug, and said it was highly ridiculous to talk of
widening the streets, pulling down alleys, and doing
other things, all of which were quite impossible. In
many streets where sewers had been recently con-
structed they had not been made available—not even
by gentlemen who talked a great deal about sanitary
reform.—(Hear.) He was very desirous of seeing
sanitary improvements carried out to the fullest
.ex-
tent, but he would be no party to the holding out of
hopes which could never be realised.
The other candidates having returned thanks, and
some routine business having been disposed of, the
proceedings closed with a vote of thanks to Alder-
man Sir James Duke, who duly acknowledged the
compliment.

PORTSOKEN (8).
The polling in this ward was resumed at three
o'clock yesterday afternoon, and closed at five o'clock.
Mr. Alderman Moor( announced the final numbers
as follow :

Wright (Deputy), 155 ; Jutsum, 152 ; Kilby, 150 ;
Christie, 149 ; Parker, 149; Thomson, 133 ; Ilay-
ward, 133 ; Danford, 108 ; *Vile, 76.
The worthy Alderman declared the first eight gen-
tlemen duly elected.
Mr. Deputy WEIGHT returned thanke, and in al-
lusion to the repeated opposition of Mr. Vile, who
had now been defeated for the fifth time, said he hoped
that gentleman, unless he had some good cause for
doing so, would not again come forward to disturb
the unanimity of the ward.
Mr. Wright's colleagues having severally returned
thanks,
Mr. VILE said he thought, so far from being angry,
the inhabitants of the ward ought to be very much
obliged to him for bringing them together, and thus
enabling them to know more of their worthy Alderman
and their representatives in the Court of Common
Council than they could expect to do if the proceed-
ings of St. Thoma,'s-day were gone through in one
single hour.— (Hear, hear, and laughter.) tie was
very well satisfied at his position on the poll, and he
begged to assure his more successful competitors that,
notwithstanding their appeal, so long as he resided in
the ward he should continue to offer himself for re-
election.—(Laughter.)
Mr. Deputy WRIGHT then rose to perform what
was to him a most pleasing duty, viz., to move a vote
of thanks to their worthy Alderman. The vote ran
thus—

" That the best thanks of this wardmote be given
to the worshipful Francis Graham Moon, Esq., alder-
man of this ward, for the able discharge of the various
duties which have devolved upon him as alderman of
the city of London, for his exertions to promote the
comfort of the poor by suggesting sanitary regulations
forthe cleanliness and improvement of their habita-
tions, for his urbanity at all times to his constituents,
and for his impartial conduct while presiding over this
wardmote."

Mr. \Yawn; in submitting the question, paid a
flattering and well deserved tribute to the worthy
alderman ; and the proposition, having been seconded
by Mr. Parker, was carried by acclamation.
The Worthy ALDERMAN said he felt peculiarly
gratified at the manner in which the vote of thanks
just moved had been received by the wardmote.—
(Hear, hear.) He could only assure them, in return,
that he should at all times feel it his duty and privi-
lege to uphold the interests of the ward, and assist, by
every means in his power, in promoting the prosperity
of the city of London.—(Hear, hear.)
The proceedings closed with a vote of thanks to the
members of the Common Council for the ward.

MONEY-MARKET and CITY NEWS.
CITY, THURSDAY EVENING.
TIMES.—The alteration of the rate of discount to-
day by the Bank of England is a step of very ques-
tionable expediency, but it is one which will cause no
surprise, since so long as the direction is constituted
in its present shape there can be little question that,
however tardy may be its decisions in raising the
charge for accommodation, time will never be lost in
seizing an opportunity for its reduction. That the
accounts of the Bank, as they stand at this moment,
exhibit it in a condition to extend its advances may
readily be admitted, while it is also clear that if such
extension is to take place it must be at a rate such as
that which has to-day been decided upon. But these
accounts are only to be regarded as of a temporary
character, preporatory to the payment of the dividends
within a fortnight from this date. With a reserve of
seven millions against banking liabilities, for deposits,
&c., not exceeding seventeen or eighteen millions,
some relaxation under ordinary circumstances would
seem perfectly warrantable ; but when a large pro-
portion of those deposits are to be called for in a few
days, the case is greatly altered. Hitherto, at the
period of the dividends the Bank has usually had
large amounts falling in from loans advanced
during the shutting, but this year there are
no such outstanding resources, and in its pre-
sent position, therefore, we see all that it has
to rely upon. At this time last year the re-
serve in the banking department was more
than two millions higher, and the securities
held were nearly two millions lower, than the
amounts at which they stand in the Gazette return of
this day week; and although an improvement may
be shown in to-morrow night's publication, and
fur
daily
further payments
off, areaccount,snonrevenuesettobe xp
easweeeltle
das:
thef or
bills
state of affairs will not seem such as to render the
present experiment necessary, when by two weeks'
delay a far better judgment might have been formed
'of its desirableness and safety. Even the argument
of a consideration for public convenience, which,
although always a pernicious one when used in bank-
ing matters, is oftentimes made use of, does not
exist in the present case, for there is no want of ac-
commodation in ordinary channels at 5 per cent.;
and the only public effect therefore of the measure
seems likely to be that it will be regarded as a sort
of manifesto in favour of icheap money, and thus
cause the four, or six, or eight millions of railway
'galls (whatever the ultimate sum is to prove) for
January to be followed up in February with like
vigour. On the whole, therefore, although the step
may not appear actually a dangerous one, it cer-
tainly cannot be regarded as exhibiting that example
of caution which from a public establishment might
be demanded.