The Sun.
London, England, 1869-06-02 00:00:00

THE BANK OF ENGLAND.

The Times again comes to the rescue of the old
lady of Threadneedle-street against her insulter,
Mr. Robert Lowe. The City editor, referring to the
Chancellor's threat of borrowing and lending
money under plans not yet matured, infers an
antagonism on the part of the Government towards
the Bank -of England. But, says Mr. Samson; it
is altogether a mistake to suppose that the Bank
enjoys great privileges and derives special advantages
from Government favour. So far is this from being
the case that the dividend of the Bank is only about
8 per cent., while other Banks divide from 15 to
SO per cent., since this smaller sum is accompanied
by greater security. But the Government gets
" All the benefit allowed in consideration for the dignity
and steadiness of the agency thus conferrei. Neither
party could break up the system without damage, and it
is not to be supposed there is any thought of such a step.
To compensate the Bank fur the services it performs, the
Government must maintain there a good average balance,
just as would be required in their degree from ordinary ens.
tomers. If the Government find themselves able to do
more than this it is open to them to invite competition on
the part of borrowers, although it is very doubtful if
they would not do better by still negotiating through the
Bank. Anything beyond would probably result only in
speculative bids from a number of inferior institutions
who would ultimately find themselves unable to alloW as
much as for the sake of a continuous account as the Bank
is willing to concede."

Finally, the Times would have it remembered that
the Bank of England is merely a private bank which
has the keeping of the Government account ; and
that its management has for the last twenty years
been characterised by a degree of uprightness that
has brought honour upon the country.

THE LONDON, CHATHAM, AND DOVER RAILWAY
COMPANY.

Vice-Chancellor Stuart startled not a few people
1:-.Nt week. lle issued an.injunction to prevent the
directors of the London, Chatham, and Dover
Railway
.Company from pursuing a bill in Parlia-
ment. His order would, in fact, compel the company
to allow Chancery to settle its affairs. Now, explain
this away as the lawyers will, make convenient
fictions as they like, they cannot get over the fact
that this decision made Chancery greater
than Parliament, and set up as a rule
that a Vice-Chancellor had higher jurisdic-
tion and was more likely to get at the truth
of matters than the highest of all courts, the Houses
of Lords and Commons. The legal papers raised
dissent immediately. Though they saw a reason for
the decision which the Vice-Chancellor hardly re-
ferred to, they were obliged to consider him to be in
error. They pointed out that the directors were alleged
not to represent the company. The special meetings
of shareholders had had before them a measure which
gave power to two arbitrators—Lords Salisbury and
Cairns—only to be exercised at the will of the parties
to the dispute. The bill has been changed by the House
of Commons to a compulsory one, and the directors
are still pursuing it. But surely Parliament can
decide these questions quite as well as Sir John
Stuart, and can even now make the bill revert to its
original form if it be necessary. The directors ap-
pealed, and the Lords Justices immediately cancelled
the order of the Vice-Chancellor. This decision must
give general satisfaction.