The Sun.
London, England, 1846-12-07 00:00:00

In July, 1839. the bullion in the Bank of England had
fallen below 3,000,0001, sterling, while its rate of discount
was as high as 51 per cent. It was evident that the causes
for the existing drain consisted more in distrust abroad,
funnded on a belief that the Bank of England could
not lung continue specie payments, than in an un-
favourable balance of trade, or a tun for sovereigns to
hoard at home. Partied on the continent drew our all
their balances here, and as much more as their corres-
pondents would give them credit for, discounted the
acceptances in London, and, in the absence of foreign
bills, took gold from the Bank of England. Under
these circumstances, it was impossible that exports
of produce and manufactures from England could
take place immediately to a sufficient extent to counteract
the evil ; but it was seen that the difficulty would be nut
if a temporary creation of bills on the continent could be
effected. With this view, the Bank of England engaged
to transfer English securities as a guarantee to Messrs.
Baring, Brothers, and Co., or those whom they
should name, and this house arranged to draw three
months' bills for 40,000,000 f. on various houses in
Paris. These bills, which Baring, Brothers, and
Co., negotiated upon 'Change (paying the proceeds
into the Bank, so as gradually to act upon the circula-
tion), fully supplied the trade demand for remittances
hence, and equally served to meet all paper on Eng-
land remitted here 'for returns, as they proved a
better return than gold. At the end of three months,
when the acceptances fell due, the same amount was
redrawn, so as to cover each acceptor by bills on
his neighbour, thus prolonging the operation to six
months ; but, before the expiration of this period, the
supply of the regular remittances of comm-rce had
been such as to enable Messrs. Baring to liquidate all
the engagements in Paris, and to restore the pledged
securities to the Bank of England.
From this statement the Bank of France will ap-
pear to have had nothing to do with the operation ;
but a mode by which they facilitated its progress,
and which, doubtless, gave rise to the erroneous
suppositions which have since been entertained on
the subject remains to be mentioned. The draughts
drawn by Messrs. Baring on the various French
houses were, of course, liable to be presented

for discount to the Bank of France, and as these
firms, respectively, had credits only to a certain
limit with that institution, there was a possibility that
their rejection might become necessary, owing to such
limits being exceeded. This difficulty was calculated to
produce au injurious effect, and application was there-
fore made to the Bank of France in order that it might
be overcome. An understanding was accordingly entered
into by the Bank of France, that the draughts, in case
they should make their appearance, should be discounted
without regard to the limits in question. This precau-
tionary arrangement, however, proved to have been
scarcely essential, for the draughts being of the first
character, and the rate of discount at the Bank of France
being somewhat higher than the market rate, they were
readily discounted out of doors, and hence it is believed
that but a very small proportion found their way into
that establishment.
The only claim, therefore, that can be urged upon the
Bank of England in the way of reciprocity is, that sup-
posing the Bank of France should now, for the purpose
of purchasing silver from us, adopt a method analogous
to that just described, the same facilities of discount
' should be afforded with regard to the parties upon whom
they might procure bills. These would, doubtless, con-
sist of leading houses, whose acceptances would at all
times be received with avidity by the ordinary money-
lenders, and such an engagement on the part of the
Bank of England would therefore involve no great
stretch of generosity.
From the present aspect of affairs it seems by no
means improbable that some measure of this description
will be resorted to by the Bank of France, and it is im-
portant to recognise that if such should be the case it
must cause an immediate rise in the discount market.
A demand from a new source for two millions, or even

for only one million, could not come suddenly upon us
without producing a decided increase in the prevailing
rates, and thus another is added to the numerous reas,ns
which already exist to call for the exercise of caution.—
Times.

LLOYD'S SHIPPING.
LONDON, DEC. s.—Wind W., light breeze and hazy, with
'rost. . -

DEAL, Disc. 4.—Wind N.W. to N.N.W., fresh. —Arrd.
Aurelia, Amis, Quebec; Six, Bainbridge. ditto. Arrd. from
the River and ald. Louisa Campbell, Derby, New Zealand ;
Elphinstone, Young, Hobart Town ; Alexander, Phillipson,
Sydney; Champion, Mosey, New Orleans; Vanguard, Morris,
Mauritius.
BIHSTOL.—Wind N.E , light. —Sid. George, Nicholas, St.
Vincent ; Bandon, Smith, Barbadoes.
CARHIFF.—Arrd. Regina, Reynolds, Quebec.
LIVERPOOL.—Wind N. N.E., light.—Arrd. Ann and Jane,
Smith, Calcutta; Middleton, Milligan, Valparaiso;
mela, Bell, Berbice ; Eleanor, Wakeham, Laguna; Indefati-
gable, Marwood, Quebec; Highland Mary, Crossley, ditto;
Agenoria, ditto; Symmetry, Williams, Newfoundland. Sid.
South Stockton, Rands, Batavia; Ann, Stonehouse, Madras;
Mary, Forshaw, Africa; Flirt, Poustic, Havannah ; Maine,
Wade, New Orleans; Louisa Bliss, Creighton, Philadelphia;
Cambria steamer, Halifax, &c. Arrd. off port, Seaflower.
GLAssox Dock.—Arrd. Aurora, Scott, Quebec.
CLYDE.—Wind N.N.E.—Arrd. Coverdale, Benson, Quebec.
DUBLIN.—N.N.W.—Arrd. Lady Napier, Campbell, St.
John's, New Brunswick; Industry, Stevens, Quebec.
BuiGsTowx.—Arrd. Sir Henry Pottinger, Quebec.
WATERFORD.—Arrd. Margaret, Hedge, Quebec.
OFF DOVER.—Wind N. and N.N.W.—Demerara, St. Übes.
PLYMOUTH, DEC 4.—Arrd. Eliza, Burchell, Savanilla ;
Susan and Sarah, Thobwin, Quebec.
NEWPORT.—Wind E.N.E.—Arrd the Alchymist, Wilts
Quebec; Egerton, Owen, Dundee fer St. Thomas's; Amelia,
Arkley, Dundee for Havannah ; Elizabeth Moore, Hughes,
London for Grenada; Trial, Morrison, Cardiff for Boston.
Sld. Susanna, Kidd, New York.
ROCHESTER, Disc. 4.—The Esperance, Romilly, from
Hartlepool to Dunkirk, was abandoned on the Haisborough
Sand on the 3d instant; crew saved by the Queen Victoria
Fuller, at Rochester.
FALMOUTH, DEC. 3.—A very large number of balks of
elms and birch, and one only of fir, one of the elm being at
least seventy feet long, were passed thirty miles N.W. of
Scilly, by the William, Watkins, arrived here.
REDCAR, DEC. 4.—The brig Margaret, M'Millan, of and,
for Leith, from Middlesborough, in towing out of the Tees
last night, parted her two lines, and drove on the South Gar,
and went to pieces last tide.
PLYMOUTH, DEC. 4.—The Heros, Boisson, which went on
shore near Queen Anne's Battery on the 20th ult., has been
got off. The Alpha, Harper, which went on the rocks on
the 20th ult., has been floated off, much damaged.
ST. IvEs, DEC. 3.—A coppered vessel, bottom up, was
passed 30 miles from this port, by a vessel arrived here to-day.
YARMOUTH, DEC. 4.—The Rosetta, from Rotterdam to
Hull, got on the Hasbro' Sand yesterday, but has been got
off, and assisted in here very leaky, and must discharge.
LIMERICK, DEC. 3.—The Senator steamer, of Dublin,
which was driven on shore at Eastern Bay, 20th ult., has been
got off, and arrived here to-day.
WELLS, DEC. 4.—The Maria, Dunk, of and for Rye, from
Newcastle, got on shore to the westward of this harbour, but
has been assisted off and brought up here.
HARWICH, DEC. 4.—The Sarah, Hudson, of Scarborough,
got ashore on Haisbro' Sand yesterday morning, but came off
and arrived here very leaky.
BELFAST, Disc. 3.—Wind N.N.E.—Arrd.Josepha, Quebec
LEITH, DEC. I.—Wind N.W.—Sld. Fama, Band, Sydney,
New South Wales.
Hum..—Wind N.W.—Arrd. Columbine, Taylor, Quebec.
ABEKDZEN, Dxc. 2. Wind S. W.—mod- Brilliant,
Elliot, Quebec.
WzYstounr.—Arrd. William Bryan, Hester, Quebec.
Simmus, Dxc. 4.—Wind N.—Arrd. Hope, Miramichi.
NOTICE TO MARINERS.
The following has been pos at Lloyd
" G ted
luckstadt,s Nov. 16, 1846.

" On the end of the North Harbour Pier, a light, 23 feet
above high water, will be exhibited every night from the Ist
of December next. From the Elbe this light will be visible
in every direction, to the distance of one mile (Vanish) from
,z the Harbour, and from S.W., by the W. to the Northern
shore of the Elbe ; it will have a reddish appearance.
Before the head of the North Harbour Pier there is a shoal,
on which at ordinary high water, 12 to 15 feet water is found.
e- Until the complete removal of this shoal, by dredging, a green
1136 buoy, with a staff and broom, will lie on the extreme we-
-566 terly point. South of this buoy is the entrance into the har-
-652 hour, which has a depth of 17 to 18 feet at high water;
2ln the harbour lies a steam-boat for towing vessels and
97
3272, from Gluckstadt. Ships desirous of the assistance of this
-418 steamer are to hoist their national flag at the main-mast ;as
19G soon as this signal can be seen from the harbour. Informa-

tion will then be sent per telegraph from Cuxhaven to
:39 Altona, where arrangements have been made for transmitting
106 it to this place in two hours, by railway trains, at eight
L 23 o'clock in the morning and half-past three in the afternoon.
The railroad from Altona and Kiel to Gluckstadt is con-
a24 netted from Bahnhofe by a horse-road, with the places for
landing and loading in the harbour, and the railway carriages
r„„4 can load and unload at the side of the ships.

79
THE HONOURABLE ARTILLERY COMPANY.--At
!84
130 a meeting of the members of this regiment, held on
L 64 Thursday night at the Armory House, a resolution was
132 unanimously passed, that the Court of Assistants be re-
-130 quested to form a library for the use of the members.
DARING ROBBERY IN THE CITY.—On Friday even-
-144 ing, about six o'clock, a fellow in a white
ho flannel acwketot
12 wilfully broke a pane of glass in the p-wi
197 Mr. Leach, watchmaker and jeweller, 5, Great Tower-
-122 street, exactly opposite the station-house, and stole
'25 therefrom a tray of goods, containing rings, keys, and
26
brooches. He was pursued by the shopman (Mr.
1-98 Leach's son) through the lanes in the immediate locality,
.18 and was eventually captured by City constable 533, in
.31°3 Lower Thames• street, who found at the robber's feet a
handsome gold key and a massive brooch. A diligent
search was made for the other missing articles by the
police, &c., but through the pressure of the mob and the
darkness of the lanes, &c., they have not been yet dis-
covered. The thief is in custody.
THE HERTFORD RAILWAY.—This branch of the
Eastern Counties Railway was opened on Thursday as a
double line. The event was celebrated by a dinner given
by the directors at Hertford, at which Mr. Samuels, the
engineer, presided.