The Sun.
London, England, 1860-11-16 00:00:00

THE SUN, LONDON, FRIDAY EVENING, NOVEMBER 16, 1860.

Infantry, composing the garrison, are to be
marched out several miles into the country, on cer-
tain days in each week during the winter. Advan-
tage is to be taken of these occasions for instruct-
ing the troops in judging the distances of the
various objects passed, in order to perfect them in
that portion of their rifle drill. The officers who
accompany the troops on these occasions will be re-
quired to take flying sketches and make a recon-
naissance of the country traversed, and the facili-
ties afforded for repelling the advance of an enemy,
and these reports are to be submitted to the Major-
Gen. in command of the garrison.

as a compliment to them, to march them out with

the entire regiment, headed by the band.
The Paddington Volunteer Rifle Corps paraded
on Wednesday last in full dress, and marched to

Pierce's Riding-school, accompanied by their band.
On arrival the corps was drilled by Sergeant-Major
Clarke, late of the Madras Army, who put them
through some excellent movements, passing round
in quick time, manual and platoon exercises, wheel-

ing in quarter distance columns, and deploying in
double time, and advancing, which were excellently

performed.
The fifth company of the Norwich Volunteers
have this week had a competition for a breech-
loading rifle, given by Sergeant Wilde, a silver cup
given by Sergeant Dawbarn, and a rifle knife. The
ranges were 400, 500, and 600 yards, and of the 15
competitors Private Adamson scored 9 points, Cor-
poral Piggott 7 points, and Private Minns 5 points.
The prizes were awarded accordingly.
Five companies of the Ist battalion of Stafford-
shire Rifle Volunteers—namely, Longton, Hanley
(No. 1), Burslem, Tunstall, and Stoke—assembled
for battalion drill in a large field adjoining Stoke
Rectory on Tuesday afternoon, under the command
of Lieut.-Colonel Buller. The battalion was put by
Capt. Buchanan, its adjutant, through a variety of
movements which it had never attempted before,
and on the whole acquitted itself very creditably.
On Tuesday evening the ladies of Hanley pre-
sented a silver bugle to the 2d company of Volun-
teers formed in that borough. The presentation
was made by Miss Ridgway, the daughter of the
Captain, and took place in the large covered Mar-
ket-hall, which was tastefully decorated with ever-
greens, and illuminated with various devices in
gas. The Rev. G. F. Whidborne, chaplain to the
company, presided, and there was a very large con-
course of persons to witness the ceremony.
On Wednesday evening there was a great gather-
ing in the Town-hall, Newcastle-on-Tyne, on the
occasion of the Right Hon. Mrs. T. E. Headlam
presenting a silver bugle on behalf of the ladies to
the Ist Newcastle Rifle Volunteers. About 700
Volunteers were present, and also a large company
of ladies and leading inhabitants. Mrs. Headlam
presented the bugle by reading a neat address. Sir
John Fife, on behalf of the Volunteers, returned
thanks in an eloquent speech, followed by suitable
speeches by tbeßight Hon. T. E. Headlam, M.P.,
the Mayor, Vicar, Mr. S. Beaumont, and other
gentlemen, Mr. Headlam intimated his intention
of giving a prize for rifle shooting,
A movement has been made to form a corps of
mounted Rifle Volunteers for the county of Pem-
broke, the headquarters of which would be at Ha-
verfordwest. It seems that a number of gentle-
men, possessed of the necessary means, have ex-
pressed a desire to enrol themselves as a cavalry
force, and the initiatory steps for its formation
have already been taken. The county of Pem-
broke, both north and south of the haven, can
boast of a large body of first rate horsemen, well
up to the hounds, who, if enrolled, would form an
invaluable mounted force.

RISE IN THE BANK B.ATE OF

DISCOUNT.

(From the Times' City Article.)

THURSDAY EVENING.

At their weekly Court to-day the Bank Directors
resolved to make a further advance of one per cent.
in their rate of discount, which is now fixed at 6
per cent.
The step created no surprise, and was not fol-
lowed by any movement in the stock market, where
prices have been steadily maintained throughout
the day. The public see thoroughly that the present
drain is totally different from those that take place
from extravagance and reckless trading, and
that it would be ridiculous to manifest alarm at
the withdrawal of amounts which must all be
repaid within a definite period. For every ounce
of gold withdrawn we have full value in French
guaranteed bills of exchange of a character
equal to gold, and our position, therefore, is
just as strong after the efflux as previous to it. As
far as the actual strength of the resources of the
Bank are concerned, there has been no necessity for
any serious advance in their discount charge, but
the temporary withdrawal of a certain amount of
currency of course increases the value of the remain-
der ; but it is their business, as sound bankers, to
follow the market. If France were suddenly to
come to us for a large quantity of wheat the Mark-
lane iealers would soon put up their terms; but no
one would deem it a calamity for customers thus to
visit our marts. On the contrary, they would be
welcomed; and, whether the commodity be wheat
or gold, the principle is just the same. All that we
have to look to is that Ave manage the transaction
at a profit. In the present case, unlike any other
that could occur, we have an absolute certainty on
that point. If France were to come to us for wheat,
we must take our chance of replacing it at lower
prices, but when gold is the material required, she
actually engages at the end of a certain time to re-
turn the article itself, the commissions, freights,and
discounts paid to our merchants and capitalists in
the interval being clear gain obtained without risk
or anxiety. In a transaction of this kind bills
are drawn between Paris and London by the
firms employed ; these bills are discounted at
our banks, and the notes thus obtained are
taken to the Bank of England to be exchanged
for gold, which is forthwith transmitted to
France. The Bank of France pay all the expenses
of the operation, and those expenses on the one
side and our profits on the other are proportionably
increased by every advance in our rate of discount.
At the same time it may be observed, as an illustra-
tion of the axiom that in acting honestly for our
own advantage we can never work disadvantage
for others, that it would be very undesirable for the
interests of the Bank of France itself if palliatives
of this kind could be resorted to without consider-
able cost. The more the Bank of France have to
pay for such experiments the sooner will they he
be likely to perceive the inconvenience and danger
of allowing matters to reach the point at which
they are looked upon as indispensable.
It was understood that £360,000 in gold bars
would be removed from the Bank today, and the
whole were packed ready for delivery, but as soon
as the rise in the rate of discount was announced
the dealers, it is said, telegraphed to Paris, and
they subsequently declined to take any. The ope-
ration, however, is probably merely postponed till
to-morrow.

A number of rumours are in circulation regard-
ing the extent of the present drain upon the Bank
of France. According to one of them no less than
£3,600,000 has been drawn out since the advance in
their rate of discount to 41 per cent. on Monday
last. Another rumour is that the Bank of France
intend to obtain £2,000,000 more from this side,
but, supposing such to be the case, they would
not be likely to allow the intention to be pre-
maturely published.

(From the Daily News City Artic:e.)
The directors of the Bank of England, at their
weekly court torday, made a fresh advance of 1 per
cent. in their minimum rate of discount, raising it
from 5 per cent., at which it was fixed as recently
as Tuesday evening lak, to 6.
This step of course created a great sensation,
inasmuch as it went in advance of the public
anticipation, few persons imagining that a move-
ment beyond 51 per cent. would be decided upon
to-day. The feeling of surprise was subsequently
strengthened when it transpired that no
bullion has been withdrawn from the Bank
to-day. for exportation. Nevertheless, the
propriety of the Bank's action is scarcely cri-
ticised in any quarter. In most circles strong ap-
probation is expressed, it being recognised that the
directors, in resorting to protective measures of so
stringent a character, are acting in accordance with
the plain dictates of our currency legislation. It is
universally felt that a strong corrective policy is
interposed to the foreign drain. The result is seen
in the remarkable calmness with which the whole
movement is regarded by the public, and in the
increased firmness of the stock markets to-day. in
fact of a rise in the value of money to a point which
must diminish the attractions presented to inves-
tors by most classes of securities.
It is believed that the withdrawals of gold from
the Bank are only suspended for a brief interval.
The private letters from Paris allege that the
draughts upon the bullion in the Bank of France
since the date of the last retnrn have been very
heavy, amounting, according to some rumours, to
upwards of £3,000,000 sterling. The transmission
to Vienna of the proceeds of the call of £2 on Lom-
bardo-Venetian Railway shares may account, in
part, for the drain. Should it continue, we may
expect the Bank of France both to persevere in its
purchases of bullion abroad and to raise its rate of
discount afresh. This policy would of course in-
crease the pressure upon our market, and necessi-
tate further protective measures here.
In consequence of the rapid movements by the
Bank of England, the discount market to-day was
naturally much unsettled. In most quarters only
regular customers were accommodated. Very little
business was done below the Bank rate, and 6 to 61-
per cent. may be considered the prevailing terms
for very good bills having no more than 60 days to

run. As regards four and six months paper, there
was a general indisposition to discount it. In a few
instances transactions occurred at 7 to 71,- per cent.,
bet holders of money generally were unwilling to
do more than make temporary advances upon this
class of bills. Nevertheless, the principal financial
establishments appear to be amply supplied with
money, though very careful of employing it.
At the Bank of England to- day there was a con-
tinued pressure for money, that establishment
being the cheapest market, notwithstanding the
advance in its terms.

The forthcoming return of the Bank of England
s looked for with great interest.
It will be learnt with satisfaction in most guar-

ters that the joint-stock banks and discount esta-
bilshments have come to an agreement to depart
from the practice of raising the rates for loans and
deposits in exact proportion to the rise in the Bank
of England rate of discount. There has been on
former occasions too eager a competition for money,
and, as a natural result, too eager a competition to
employ it. The joint-stock banks have this day
decided to allow 4,k per cent, for deposits, in lieu of
5 (i. e., 1 per cent. under the Bank minimum),
which would have been offerred according to the
practice hitherto prevailing. The only deviations
from this decision are that the London and West-
minster Bank give only 32 per cent. for deposits
below £5OO ; and that the Commercial, whilst
offering only 42 for new deposits, consider them-
selves bound to allow 5 per cent. upon the sums
previously lodged with them.
The Lombard-street discount houses and the
National Disoount Company have raised their rates
from 4 to 41 per cent, for money "at call," and
from 41 to 5 per cent. for money "at notice." Had
the old practice been adhered to, the rates
now in force would have been respectively, 5
and 51.

DINNER TO TILE MARQUIS OF
B.READALBAN.E.

On Tuesday evening the citizens of Perth enter-
tained the Marquis of Breadalbane at dinner in
grateful acknowledgment of many services rendered,
by the noble marquis to that city. The demonstra-
tion was shared in by all parties and almost all
ranks in the community, and the inhabitants, but
little depressed with the fog and darkness of one of
November's dui:est days, turned out in large num-
bers to witness the brilliant decorations and illu-
minations of the public buildings. At four o'clock
an address was presented to the marquis from the
incorporated trades of Perth, the box in which the
address was enclosed being made out of a rafter of
the supposed house of " the Fair Maid of Perth."
-The dinner took place in the large City-hall, which
was splendidly fitted up for the occasion, and about
500 gentlemen 'sat down to dinner, the galleries at
half past six being filled by ladies, Lord Provost
Imrie occupied the chair, and was supported by the
guest of the evening, the Earl of Haddington, the
Earl of Kintore, Viscount Strathallan, Lord Aber-
cromby, the Hon. A. Kinnaird, M.P., Mr. Stir-
ling, M.P., &c.
Apologies were read from the Lord Chancellor,
Lord Clyde, Mr. Home Drummond, Lord Panmure,
the Lord Advocate, the Earl of Camperdown, Lord
Kinnaird, Sir John Ogilvy, M.P., Lord Ardmillan,
&c. After the usual loyal toasts, and the Marquis
of Breadalbane having replied to the toast of the
Volunteers, _ _ _

The LORD PROVOST, in proposing the health o'
the noble marquis, referred to the long connexion
which had subsisted between the family of Breadal-
bane and the citizens of Perth, and said there were
two or three acts of a public character to which
he might particularly allude as reflecting honour
upon the Marquis of Breadalbane. (Cheers.) When
our Sovereign first came to visit Scotland, in her
progress through this country, when the people vied
with one another in testifying their loyalty and
devotion, there was one who especially did honour
to the country, and received the approbation of
Scotland. (Cheers.) The noble and princely re-
ception which was given to our Queen by the Mar.
quis of Breadalbane was now recorded in history.
(cheers).—and it was one of those things for whi
they had met to do him honour. After referring
to the very early patronage given by the noble
marquis to the railways of the district, the Lord
Provost said there was another thing to which he
wished to allude—namely, the stand which the
noble marquis had taken in regard to the Volunteer
movement. (Applause.) The feelings of the noble
marquis in regard to this movement were well
known, and he had aided the Volunteers in a way
in which few had done, for not only had he sub-
scribed liberally to assist the movement, but he had
thrown himself into it. (Loud cheers.) He stood
at the head of that body which he had formed in
his own district, and in the spirit and letter of the
motto of the Breadalbane family he said, " Follow
me I" (Cheers.) Few could forget the day when
20,000 Volunteers assembled in Holyrood Park.
On that day the men, led by the Marquis of Bread-
albane, received the approbation of all who had the
privilege of witnessing them. (Cheers.)
The Marquis of BREADALBANE said that he ac-
cepted the present demonstration not as arising
from any merits of his own, but from friendly rela-
tions that had so long subsisted between this ancient
city and his family. It was particularly agreeable
to him to know that this meeting represented all
sides and opinions, apart from political considera-
tions. After adverting to the fact that he had been
the first representative of the county of Perth in the
Reformed Parliament, he said that, whatever course
he had generally adopted in politics, he had ever en-
deavoured so to steer that course as to act with mode-
ration, always endeavouring to avoid excitement and
agitation, and to act politically on the principles and
within the limits of the ;British constitution.
After taking credit to himself for having seen the
importance of railway communication before several
of the class to which he had the the honour to be-
long, he adverted to the support he had given to
the Volunteer movement, referring to a speech
which he had made in 1828, in the Highland Club
of Scotland, in which he advocated the formation
of rifle clubs. Ho then said, as regards the part
I have lately taken in the Volunteer movement, I
assure you that it gave me the utmost satisfaction
to find that the late Government and the present
gave their sanction to it, and I did my utmost to
rouse the military feeling and spirit in the High-
land districts in which my interests especially are
placed, and I was met on the part of the people of
the country by a patriotic spirit worthy of all
praise. (Cheers.) It was by this means that I had
the honour to lead a corps at the review at Edin-
burgh, which certainly did no discredit to this
country. (Cheers.) I felt proud, I must say, in
leading that corps from their native glens and
mountain sides to pass in review before the Queen,
to show her Majesty what Highlanders could do.
(Cheers.) Gentlemen, I may now allude to what
your chairman has said about the entertainment
which I had the honour to give to her Majesty on
the occasion of her first visit to Scotland. I need
scarcely say that I endeavoured, to the utmost of
my power to give her Majesty the worthiest recep-
tion I could. (Cheers.) We all know that her
Majesty has a great predilection for Scotland. I
have often heard her express this love to the
country herself; and here I may allude to the
honour I had of filling an important situation ilea'.
her Majesty's person. In her household I held a
situation of some difficulty for 10 years; and how-
ever loved and adored her Majesty is by the people
of this country, I may say it is only those who have
the privilege of being near her person that can
know really her admirable qualities and the faith-
fulness with which she discharges the duty of her
exalted station. (Cheers.)

`POLITICAL INGRATITUDE.—The Conservatives
find many kind things to say in favour of Lord Palmerston,
but not a single flattering word do they ever say in honour
of poor Disraeli. We call this base ingratitude, though
Dis is quite strong enough to dispense with their flattery.
But really from the complimentary way in which the Con-
servatives talk, any stranger would naturally conclude that
Palmerston was their leader, and not Disraeli.—Punch.

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