The Sun.
London, England, 1860-11-28 00:00:00

PEMBROKESHIRE.

Two candidates are now fairly in the field, and
actively canvassing for the representation of the
county of Pembroke,' vacant by the accession
of Viscount Emlyn to the House of Peers on the
death of his father. Mr. George Lort Phillips, of
Lawrenny, and relative of the sitting member for
Haverfordwest, is the Conservative candidate. Mr.
Hugh Owen, of Londcn, is the Liberal candidate.

THE BANK BATE OF DISCOUNT.

(From the Times' City Article.)

The confident expectation that a reduction will
be made in the Bank rate of discount at the Weekly
Court on Thursday prevents applications from being
made in the interval. Out of doors the transac-
tions are on terms considerably below the Bank
minimum. In the Stock Exchange loans on Go-
vernment securities can be obtained at 3 per cent.

(From ‘.6e Daily News.)

Great ease prevails in the discount market. The
best bills were taken yesterday at 5 per cent., and
scarcely any applications were made to the Bank
of England. Indeed the dulness of business at that
establishment was extreme. Applicants are waiting
to see if a reduction in the minimum will be made
on Thursday. If the Bank wish to follow the market,
they will adopt this course ; but it is not the cus-
tom of the establishment to retrace its steps hastily,
and the adverse balance of trade between England
and America may be held to counsel delay. It is
probable that, even should the rate not be lowered
on Thursday, there will be some revival of the de-
mand, as the persons who are now holding off will
come in to get their wants supplied.

(From the Morning Chronicle.)
The Money Market remains remarkably abun-
d..lnt ; the rate of discount is 5 to 51 in Lombard-
street ; the business done at the Bank of England
h Is been insignificant, and were it not for the Ame-
rican exchanges, there is no doubt the Bank of
England would lower their rate on Thursday ; as it
is, the directors may prefer to strengthen their
position by letting the " other seaurities" run off.
But whether the Bank of England lowers the rate
of discount or not, we have but little doubt that
the joint-stock banks and the discount houses will
come to an understanding to lower the rate they
allow for money at call, which is quite out of pro-
portion to any rate at which, in the present abund-
ant state of the Money Market, they can employ it,
having a due regard to a fair margin of profit and
the risk they run. In fact, we do not think the
joint-stock banks and the discount houses ought
ever to allow a callhigal;rarnadtethfeorremisonsoemyeatthinh
athsaon-
Exchequer bills p
lutely absurd in their allowing 41 on mongey at
call, and 41 at seven days' notice, when they cannot
re-employ it either on the Stock Exchange or
elsewhere on Government securities at more than
3 per cent., and at present they cannot do so
even at that rate. Besides, ever since the deter-
mination of the Bank of England not to rediscount,
much larger money reserves are obliged to be kept
in hand. All are now working under a perfectly
new order of things ; therefore it is imperative on
the, oint-stock banks and the discount house to
alter the old method of doing business, especially
with money at call. It would be well, therefore,
for those who regulate the price allowed for money
at call to meet and discuss the matter. They had
better abandon the principle of taking money at
call altogether, than continue to take it on such
termst
as,
we will not say must necessarily entail
less, which certainly does not leave a margin
of profit commensurate with the risk. A time may
arrive, if the Bank of England is determined to
work out the Act of 1844, when the Bank of Eng-
land rate may be 10 per cent., and the current rate
of money may be 5 per cent. ; nay more, we expect
to see the day arrive when the Bank of England
will pray to be relieved from the onerous duty of
working the Act of 1844, and to be placed on the %
same footing as any other joint-stock bank,