The Sun.
London, England, 1870-01-29 00:00:00

The Bank Returns,

Tho Bankers' Magazine furnishes the returns of the cir
culation of the public and joint-stock banks in Eugland
and Wales for the four weeks ending Ist of Jan., 1870.
These returns, combined with the circulation of the Scotch
and Irish banks for the same period, and the average cir-
culation of the Bank of England for the four weeks ended
the 29th of Dec. (the nearest date furnish.3d by their
returns), will give the following results of the circulation
of notes in the United Kingdom when compared with the
previous month :

I Dec, 4, Jan. 1,
1869. 1870. Increase. Decrease.
- -

Bank of England 23,1.31,190'i 22,70,1,752
Private Banks 2,751,711; 2,63 .1 •
Jotnt.-stock Banks 2.3 8,739: 2;481,198'
I _

-- 1 474,438
- 1 rm,599
67,541
- . I--

• 6 1.57 d
- 31.2,111
I kt)7,907

Total in England ; '8,301,048' 27,650,070
Scotland I 5,237, i 53 4,975,047
Ireland i 7,351003: 7,e56,2.11
United Kingdom 1 40,913,269, 39,681,373 —11,261,83 d

And as compared with the month ending the 2nd of
Dec., 1869, the above returns show a decrease of
£412,119 in the circulation of notes in England, and a
decrease of £50,413 in the circulation of the United
Kingdom.
On comparing the above with the fixed issues of tho
several banks the following is the state of the circulation:—
The English private banks are below their
fixed issue ... .£1,380,506
The English joint-stock banks are below their
457,442
fixed issue

Total below fixed issue in England ... £1,837,948
The Scotch banks are above their fixed issue... 2,225,776
The Irish banks are above their fixed issue ... 701,762
The average stock of bullion held by the Bank of Eng-
land in both departments during the month ending 29th
of Dec. was £19,091,239, being an increase of £648,033,
as compared with the previous month, and an increase of
.£906,873 when compared with the same period last year.
The following are the amounts of specie held by the
Scotch and Irish banks during the month ending the Ist

of Jan.:—
Gold and silver held by the Scotch banks £3,087,604
Gold and silver held by the Irish banks 2,757,358

£5,844,962
being a decrease of £79,689 as compared with the pre-
vious return, and an increase of £314,579 when compared
with the corresponding period last year

The Erie Railway Company have made an ar-
rangement with the Atlantic and Great Western, whereby
Gould, Fisk, and Co. control all the line from New York
to Cincinnati, via Cleveland. The Elie Railway Company
pay as rent 30 per cent. of the gross earnings. In other
respects the lease is similar to that of last spring, with the
exception that the 30 per cent. shall be applied for the
benefit of the bondholders. Thera is a strike along the
Erie Road ; the company, it is alleged, having failed to
pay wages, as they fail to pay for anything except law-
suits. Mr. Gould had an intefview with Mr. James Hill,
Mr. Finlay, and other delegates of the workmen, when the
former threw down the gauntlet, declaring, "This thing
has got to come to an end some time,and it may as well be
settled now." There is a movement by the Newark and
Patterson Railroad Company for the appointment of a re-
ceiver, empowered to commence suits against the Erie
directors, who have failed in every part of their contract.
The unpaid contractors have had the Fisk and Gould pro-
perty in New Jersey seized, and the case is to go before
the Supreme Court at Trenton.
The Monarch, after being spoken off Rhode
Island, arrived at Portland last Tuesday with Mr. Pea-
body's remains, accompanied by the convoy fleet, having
been detained outside by a dense fog. The body is to be
landed to-day, and a grand funeral pageant will take place
next Tuesday, Bishop Neely conducting the religious
ceremonies. The funeral fleet was in line, heavily draped
in mourning. On Wednesday the several municipal dele-
gations visited the Monarch. The coffin is to remain in the
Town-hall till the great funeral cortege has been formed
to convey it to Peabody. Among those invited was a dele-
gation from Washington College, and General Lee was
selected to head it ; but it is doubtful, although he was an
intimate friend of Mr. Peabody, whether he will so far
break through his habit of retirement as to attend. Repre-
sentatives from many States, cities, and institutions will be
present—the Legislature of Maine attending in a body.
It appears by a telegram in the Pall Mall Gazette that the
American officers who sailed in the Monarch speak enthu-
siastically of that war-ship, ranking her, both as a sea-
going vessel and in power of attack and dofen ce, in the
highest scale.
o_ A_ new steam engine, invented by Samuel Harris,
u
futlWashington, District of Columbia, has been in success-
both at Ftt°hlle
operation in that city for over two years. It is ope-
ratedthe principle of reaction aunt direct action,
a hollow same tiine. The reaction wheel is simply
shaft, having two or more hallow arms; steam,
thou to revolve..ibLfothrc.,e
issuing from sidesf of these arms, causing
boonreaction or isubalanced pres-
sure.
buckets on the inside of its r?it'ivi •atira ial
a lvjael,
Just out
a shaft in line with the hollow. sliilaftw l'e;helastihe'utueilig,atuvii)tnegar
arms, strikes the buckets and forces the exerting its full power of reaction upon ooauttera wheel
the opposite direction. •
rho power of Loth wheels
used in driving machinery by means of one crossbe.
These engines have been tested by long and hard usage, t
and hava proved themselves equal to the best piston
engines in economy of fuel. The great points gained
by Mr. Harris are diminished cost, simplicity, less lia-
bility to get out of order; can be set up without an ex-
pensive foundation, and operated without a skilled en-
gineer. A ten-horse power weighs but 300 pounds, and
costs, complete (without boiler). $lOO. These engines
have been examined and tested by a large number of Go-
vernment and other engineers, who have—almost without
exemption - pronounced them superior to any in use for
stationary purposes.