The Sun.
London, England, 1851-11-05 00:00:00

THE BANK OF ENGLAND.

The prospect that the steady increase in the
bullion of the Bank may continue for a lengthened
period is regarded in the City as giving ad-
ditional urgency to the question of the law of
partnership. :With Consols already approaching
par, it is evident that if a further accumulation of capital
should go on for several months, some new outlet will be
forced. It is equally evident, from the condition of Eu-
rope, that that new outlet must be found either at home,
in the colonies, or in the United States. Whether each
shall enjoy its healthy proportion will depend mach upon
the boldness and promptitude of our commercial legisla-
tion. No one can have mixed in business during the
last four years without arriving at the conviction that the
day of joint-stock companies, under their old form, is
at an end, and consequently that if capital is to be
diffused and employed at home it must be under some
new conditions. The system of foreign loans has
equally received a deathblow. Sardinia and Den-
mark are, perhaps, the only two borrowing States in
Europe that could now raise even small amounts in

our markets, and these have already been suppliedthe extent their resources warrant. Austria and
France indicate respectfully an annual want of about
8,000,0001, sterling; but it has been demonstrated that,
although if the present state of things in those countries
is to continue the money must be raised in some manner,
it will be impossible for the smallest fraction of it to be
obtained here. The fate of the recent proposals con-
nected with the Western Railway of France shows that
as regards public works in that country the prospect is
the same, and that hence the scheme for the Lyons and
Avignon line, which is to be one of the earliest measures
before the Assembly, will fail to derive any support from
this side. Thus, while enterprise at home is checked by
the state of the law, it is shut out from the entire conti-
nent by political causes. As regards the colonies, the
Cape can afford no field while it is th© scene of war, and
capitalists will not venture their money in Australia
when they must wait eight months to hear even of its
arrival. In India Government interference and super-
vision is inconsistent with the possibility of commercial
progress, and Canada can never compete on a large scale
with the attractions of her immediate neighbours. Under
these circumstances it is plain that when the next ex-
ternal rush of capital takes place it will be to the United
States. Indeed, for the past five years, the value of
money in the two countries has been so disproportioned
that all who were conversant with the opportunities
that presented themselves were surprised the natural
course of operations, which` was sure, sooner or later, to
bring about a nesrer adjustment of the rates, was so
long delayed. A knowledge of the way in which our
partnership law operates to discourage individual enter-
prise and to dam up capital till it breaks all bounds in a
sympathetic mania is sufficient, however, to explain the
anomaly. There is no reason why tho rewards of en-
terprise should not be almost as great in this coantry as
in America, and they would become so if capital were
equally free. That the undertakings which:have been car-
ried forward in the various states for:the past five years
have yielded high rewards which have had nothing
to do with any artificial excitement, has been
proved by the fact of the rate of money during the
whole time having ranged from 5 to 12 per cent.,
a period of some months having, moreover, just been
passed with safety in which it was as high as from 12
to 18 per cent. With the growing intercourse between
the two countries it will be impossible that such a dis-
parity can much longer continue. The thing to be de-
sired, however, is that enterprise should be so facilitated
in England as to render it worth while to pay high rates
for money here in place of letting the equalization be
effected by a sudden drain to the other side. There are,
it is true, abundant openings in the United States in
which English capital might, in moderate supplies, be
constantly employed, and still more numerous are the
projects in which a union of the two nations would be ad-
vantageous; but a violent and indiscriminate outpouring
is ruinous alike to both, since it corrupts the one and en-
rages the other by all the consequent lose. Whether this
result, which was witnessed in 1839, is again to be seen
a few years hence must, therefore, very much depend
upon the course of legislation meanwhile; but if such
should be the case, it is to be hoped, when we experiene
its inconveniences, we shall be sufficiently jest to bear in
mind that the reproach at our own doors will be heavier
than any we can be entitled to throw elsewhere.— Times'
City Article.

TIZE "TIMES" AND ITS REPORTS.
(From th© Morning Post)
The Times, in its impression of yesterday, thus ex-
presses itself:—

" These speeches (Kossuth's) have been carefully pre-
pared, adroitly modelled, and fluently delivered, and they
have received, in our columns exclusively, the serviceable
honour of being fully reported."
We need not here take the trouble to demonstrate how
much we love the Times, but, whatever be the amount of
our affection for that journal, it is very necessary for us
to show to the public that we love truth more. The
speeches delivered by M. Kossuth, which alone deserve
the laudatory epithets of our contemporary, are those
which he addressed to the friends of the Mayor of South-
ampton, at Winchester, on Saturday, the 25th Oct.; to
the company assembled at the Southampton banquet, on
Tuesday, the 28th Oct.; to the Corporation of
London, in their Guildhall, on Thursday, the
30th
_Oct.; and to the working classes of the
metropolis, at Copenhagen House, on Monday,
the 3d of this month. Of these speeches, respectively,
reports were given in the Morning Post as well as in
the Times, of October the 27th, 29th, and 31st, and No-
vember the 4th; and if our readers will bestow ten
minutes on a reference to both papers of the dates we
have mentioned, they will bo able to see for themselves
in which of the two M. Kossuth " received the service-
able honour of being fully reported." They will find
that, on the first occasion—

The Times gave... 54 Cols. The Morning P05t...64

On the second 3 „
If ),
On the third 4l
A ), ,f ~ 6i
On the fourth % , , ,1 , 6i
This apparent egotism 'has been forced upon us, much
against our inclination; but we cannot permit tho public
to be misled, by a reckless assertion, into a supposition
that we have been second to the Times, or to any other
of our contemporaries, in recording the remarkable say-
ings of a very remarkable man.

SEABORNE MAILS.
[N signifies that the mails aro sent front the General Post-office
by the night—and M by the morning—dispatch.]

When made up in I From what When
PLACES. GeneralPost-ollice I port dis- due.
London: I patched.
America (by Brit. pkt.)N Nov. 7 .. 'Liverpool .. Nov. 10
America (by U.S. pkt.) N Nov. I .. Liverpool .. Nov. 4
America (by U.S. pkt.) M Nov. 5 .. ;Southanapt. Nov. 13
Africa (West coast)•. N lath of the month IPlymonth Nov. a
Alexandria* ........ N 1911 & 30th of mo. Dover .. Nov. 18
Belgium .. .• N Daily .. .. Dover .. Daily
Brazil 31 9th of the month Southampt. Nov.
Buenos Ayres .. M 9th of the month Southampt. Nov. 16
Callfornia(viaChagres)M 2d & 17th of month Southampt. Nov. 5
Cape of Good Hope N 14th of month Plymouth • • Nov. 3
Constantinople* .. N 7th 17th 27th ofmo Dover .. Nov. 10
Central America M 2d & 17th of mon. Southampt. Nov. 6
Channel Isles N Mon., Wed., &Fri. Southampt. To. Th. Sat
Chili M 17th of the month Southampt. Nov. 20
France • • .. M& N Twice daily .. .. Dover Twicedaily
Greece* •• N 7th 17th27th mo Dover • . Nov. 10
Hamburgh N Tuesday & Friday London Tam Sat.
Holland ‘. •• Wednes. & Satur. London .. Mon. Thur.
Honduras N 17th of the monthlSouthampt. Nov. 20
Ireland .. M& N; Twice daily .. 4 .IHolyhead •• TwicedallY
India (via Southamp.) 31 20th of the month Southampt. Nov. 23
India (via Marseilles) N Bth& 24th ef month Dover .. Nov. 15
Mediterranean (via
I,Southampt. Nov. 23
Southampton) .. 31 20th of the month
Mediterranean (via
Marseilles) N Bth& 24th ofmonth Dover •. Nov
Mexico .
M2d of the month. ;South /%1-ov..
Madeira 9th of the month ISouthampit Nov. l 5
II } Dover Nov. 10
Malta
7&th3,lo7tthho,lf9mtko,n27thth
Naples* .. • • • • N sth 15th25thofine Dover ~ Nov. 12
Papal States* N sth 15th25th of molDovcr . Peninsular.. 1117th 17th 27th of mo Southampt. 'Nov Arri 12ved Peru•• •• Mll7th of the month
N sth 15 th th of mo DSOuvte"rainP. Ngoovv: 2102
Tuscany*
West Indies 3i 17th of the month Sonthamptl
West Indies (except . Nov. 20

7th,17th,19tk,27th
' &30th of month
Naples* • • • • • • N sth 15th 25 th of me
Papal States* .. • . N sth 15th 25th of mo
Peninsular.. •• •. 1117th 17th 27thof mo,
Peru ~ ,„ •• • • 51117th of the month
Tuscany* .. • • Nsth I,sth 25th of me,
West Indies .. •• M 17th of the month
West Indies (except
Havauna & Nassau) Mi2d of the month ..ISouthampt. Nov. 5
* The mails to those countries thus marked (5) are conveyed by
French packet via Marseilles.
CALIFORNIA.—MaiIs to and from California, via the United States
are now despatched and due by every American packs,'
The direct Havre mail from Loudon via Southampton during "WI
msatit will bs Davit PP three tialtg A week only, iratod of (WT.