The Sun.
London, England, 1869-11-01 00:00:00

TRADE AND FINANCE.

The money market shews few signs of returning anima-
tion. The position of the Bank of England, as shewn in
weekly accounts, is gradually getting stronger, notwith•
standing the comparative smallness of the totals involved.
Thus we find that while on the Ist of July last
the private securities were £20,552,000, the amount
held by the Bank at the present time does not exceed
£14,347,805. There has, therefore, been a falling off in the
demand for accommodation at the Bank to the extent of
very nearly six millions sterling. The actual position of
the Bank, however, is very strong, and so long as the
directors possess their present facilities, any considerable
advance in the value of money is altogether out of
the question. For example, the total liabilities of the
banking department on the Ist of July amounted to
£27,912,102, against which there was a reserve of notes
and coin to the extent of £11,337,671. At the present
time the figures are £21,301,044 and £10,223,956 respec-
tively. In the one case the proportion of reserve to
liabilities was about 40 per cent., rising at the close
of this month to 43 per cent., thus showing a continual
improvement in the Bank accounts, and a fair proportion of
reserve for liabilities in ordinary times is considered to be
about 33 per cent., which is more than sufficient for all
practical purposes, and the proportion at the present time
is unusually large.
The great falling off in the inquiry for discount at the
bask, however, has necessarily caused some little pressure
in the open market, and at various intervals the Lombard-
street quotation has advanced to a par with the bank rate.
Though there is still sufficient capital afloat in the open
market to satisfy all present requirements, we may
expect the pressure, when it does arrive to come
from this quarter, and the movement will be
all the more sharp and decisive on that aocount.
At the same time any important rise in the value of
money here would be sure to attract large quantities of
specie from Paris, where the Bank of France still holds
about fifty millions sterling, and thus a speedy reaction
would take place in the market. .

A somewhat unusual feature at the present time is the
absence of speculation in the stock markets. In ordinary
times of cheap money, transactions in speculative stocks
and shares are greatly increased, and a vast quantity of
stock is held under advance from capitalists. In this way
the two markets act and react upon one another in the.
most salutary manner, fur an immediate rise in
the quotations for loans follows excessive com-
mitments in stocks, while idle capital is taken
up for the temporary investment. Something of
this kind took place a month or two since, when there was
en excited demand for Five-Twenty Bonds, but recently
business of this nature has been much curtailed. We do
not leek fcr any movement in the value of money
on this account for the present, and as the
position of trade will not justify the expecta-
tion of an active demand, the probability remains
that money will continuo easy for some time longer. The
Government will, it is true, require about seven millions
for the service of the telegraphs before the close of
the year, but even should this ho raised in the
open market, the disarrangement that must neces-
sarily follow the movement of so large an
amount of capital will be of a temporary nature. It seems
more than probable, however, that the loan will be met

by the issue of terminable annuities through the agency of
the post-office savings banks, in which case the operation
will affect the money market in but a small degree.

A rumour is circulated by a country paper that
there are serious dissensions in the Cabinet. There is no
confirmation, however, of the questionable statement.

A meeting of members of Convocation has been
held at Oxford, and it has been resolved to put the Marquis
of Salisbury in nomination for tho Chancellorship.

Fanny Letitia Stockwell, alias Baker, alias " The
Heroine of Romance," who was charged some time ago at
Birmingham with bigamy, forgery of a will, and a variety
of frauds, was on Friday sentenced to seven years' penal
servitude.

It is understood, the South London Press tells us,
that Mr. Layard has given great dissatisfaction through not
displaying the ordinary courtesy of issuing a circular even to
Lis most intimate friends respecting his retirement from the
representation of Southwark.
A telegram from Weymouth states that on Friday
morning the screw steamer Durley of London, bound from
Cardiff to Portland with coals for the Great Eastern steam•
ship, had only just arrived in Portland Roads when a serious
explosion took place, which set the forepeak and forecastle
on fire. Six men were injured, four of them seriously.

The last act in connection with the massacre of
Mr. and Mrs. Powell, together with their son John, all of
whom were murdered in Abyssinia in April last, was the
interment of the remains in tho family vault at Bassalleg
Church, near Newport, on Friday morning. Everything in
connection with the funeral arrangements was conducted
with the strictest privacy.

Some of the newspaper accounts of Lord Derby
assert that ho was the author of a little book for children in
explanation of tho Scripture parables. This (says the Pall
Mall Gazette) is a mistake. The author of the work in ques-
tion was either his father or his grandfather. We believe
the claim is duo to Edward, the twelfth Earl of Derby, who
died in 1834, and was grandfather of the lately deceased
statesman.

The South Staffordshire Industrial Exhibition,
which has been open for six months, was closed on Friday
aftez a very successful " run." It is said that about a quarter
of a million people have visited it, and, after the payment of
over £7,000 expenses, there will be over £l,OOO surplus,
which is to be given to the funds of two local associations,
ono educational, the other having the promotion of art for
its object.

Margaret M'Gowan surely (says the Liverpool iller-
cury) may lay claim to the title of tho most veteran drunkard
in Liverpool. She made her appearance for the 126th time at
the court on Friday, and, in virtue of her pre-eminence, the
ordinary drunkard's fine was increased to 40s. Our respect
for the "liberty of the subject" is such that we suppose this
old woman must be allowed to drink herself to a miserable
death without hope of rescue.

We are glad, the Manchester Examiner remarks, to
obLerve a glimmer of sunshine breaking through the clouds
which have so long hung over Preston. There hes been an
improvement in the trade of the town. Several mills
which have been running short time have commenced full
hours, and one or two millowners, whose machinery has
only been partly at work, will, it is hoped, soon have their
spindles in motion during the whole week.

At a meeting of the Liverpool Town Council,
held on Saturday, on tho motion of Alderman Stewart, se-
conded by Mr. Rathbone, a resolution expressive of
regret at the death of Lord Derby and of sympathy and
condolence with his family in their bereavement,
was unanimously passed. The mover and seconder
of the resolutio❑ dwelt on the widely-spread benevolence of
the nob:o earl, and stated that among the latest acts of his
enevolence which Lad been bestowed on Liverpool was a
contriLution of £lOO to aid in the completion of a mortuary
chapel for the use of the poorer classes of the Roman
Catholics.

Public security at Birmingham is reported to be
badly looked after; and if tho charges against the police be
true, tho force is sadly demoralised. The publicans, finding
themselves completely in the power of these guardians
of the peace, only retain their good will by incessant
libations. It is said that one street is so neglected
that it is a continual scene of disorder and violence. The
other day 17 shopkeepers had to put up their shutters and
suspend business; a landlord reports that ho is losing his
tenants ; and another matt declares that he is obliged to go
to bod in the dark, for the roughs smash any window in
which they see a light.