The Sun.
London, England, 1858-12-11 00:00:00

THE SUN, LONDON, SATURDAY EVENING, _DECEMBER 11, 1858

matt -ly obtained the, highest posts of honour in
Indian and Calonia:: Administration. "Remember,
again," said Lord S TANLEY, " that if common rc-

port be not unfounikd, the most illustrious soldiers
of English or Indian history—then uke of WELLING-
TON himcslf at an curly period of his career seriously
contemplated abv.ndoning a profession in which he
despaired of advancement." After that the one
obvious motto for the India Cadet is surely nil
desperandum. If Lord METcALFE repined, if the
Duke of WELLIVGTON doubted, if Sir CHARLES
NAPIER, and Sir WILLIAM NOTT, and Sir HENRI"
HAVELOCK had grown grey in the service before
the hour of their glory had struck for either—it is
surely always too early to despair, it is surely
never too late to look for the opportunity. The rest
of the impressive harangue delivered by the Secre-
tary of State for India to the assembled students at
Addiscombe, was yet more calculated, if possible,
to influence their judgments, to hearten them in
their career, and to tend appreciably and admirably
to the general development of their character as
champions—in Asia—of the cause of European

The reduction of the rate of discount on •Thurs-
day by the Directors of the Bank of England from
3 to 23 per cent., not only took the general public,
but even the speculators of the Stock Exchange,
completely by surprise. For once the alteration
had not been " discounted," or, in other words,
anticipated, and acted on by some of the jobbers.
Indeed, it was more than hinted on many occasions
that certain favoured individuals had timely notice
of the intended reduction, and were thus enabled to
realise considerable profits for themselves at the
expense of those who had no means of obtaining
information. The secret was, however, strictly
kept on the present occasion, or, what is
perhaps just as probable, the result was not
previously known by any of the directors them-
selves, and thus no certain statement could
be made ; the hint could not be sufficiently
definitive to justify an extensive movement. How-
ever great the probability, there was not the abso-
lute certainty in which certain classes of gamblers
delight.

•It has of late been notorious that there are two
opposing parties in the Bank parlour—the one
being opposed to any reduction, on the very clear
and intelligible ground that it might tend to
the promotion of bubble schemes, and that, not-
withstanding the Act of 1844, they had still
a duty to discharge to the community, so long as
they remained in the position of Directors of even
a quasi National Bank. The others who have sup-
ported the change belong to the party of the "hard
calculators," and naturally look forward to a speedy
increase in the rate of discount, by means whereof
those who have been taken by the tempting bait,
and induced to speculate beyond their means, will
have to pay heavily for their grievous mistake.
These arc the gentlemen who. adopt the principle
enunciated by the Leviathan, that, no matter what
may be the charge for money, whether it be
one or twenty per cent., there should be
no interference. The hard calculating spider
should be allowed to deal with the simple
fly, who was silly enough to enter into the ela-
borate web carefully prepared for his reception.
No matter what might be Ms fatehe had only to
blame himself for his folly, and the " hard" gentle-
man should benefit to the utmost extent that could
be obtained from his victim. Surely if " laws are
made for every degree," the card and skittle
sharpers and thimbleriggers have reason to complain
that they are punished on
,Recount of the super ier
skill which extrzcts money from country yokels,
who are so imprudent as to be beguiled by their
plausible speeches, while speculators of a higher
class, but by no means superior integrity,
arc not only allowed to escape scot free, but even to
retain the booty they may have realised, and pos.
sibly to demand any remaining property of 'the
sufferer.

Hitherto the former party had a majority, and,
notwithstanding the onslaught of the Times, and
its repeated attacks on 'the directors, they held
their ground, and received the approbation of
every disinterested and unprejudiced person
throughout the length and breadth of the
land. Theywere, in fact, acquiring a reputation
that might 'have been very. beneficial when the
qucstion.of the renewal of their charter came under
the consideration of Parliament. It was something
to find men whO looked to their moral and equitable,
as well as to their legal, responsibilities.
This, however, has been altogether changed.
The Directors have most unaccountably altered
their tactics ; they have now yielded, although
the siege had been raised. We hope that
they will receive as much credit for the surrender
as they did for their former steady resistance.
If they can justify themselves it will be an addi-
tional proof, and one of no ordinary importance,
that the Act of 1844 must be repealed. The
directors must purchase bullion at a fired price,
and must, if they desire to pay a handsome divi-
dend to their constituents, find employment for it
at such terms. Bills will be freely aiscounted
that would not be looked at during a panic, or
when they are compelled to part with their gold
at the very same rate that they paid for it when it
•was literally a " drug in the market " This creates
the excitement that is the commencement of the
monetary cycle, one portion whereof is so disastrous
to the industrial community.

No subject has occasioned a greater degree of
comment for a considerable period, and we regret
to say
_that the general impression was by no
means favourable-to the wisdom or prel?riety of the
movement, • ;:

LA..TEST NEWS.

THE INDIA, CHINA, AND
AUSTRALIAN MAILS.

ALEXANDRIA, DEC. 7.
The Bengal, with the Calcutta, China, and Aus-
tralian mails, reached Suez on the sth inst.
Dates from Calcutta were to the 9th November ;
Madras to the 15th ; Hongkong, 29th October.

MONEY MARKET AND CITY NB it S.

CITY, Two o'CLccw.

- -
The Bank of England Return, completed to the
Bth December, shows some rather favourable fea-
tures. The cessation of the shipments of specie to
the continent has caused a slight increase in the
stock of bullion, and the reserve of notes has also
been augmented to a considerable amount.
In the other securities the alteration is
not of an important character—the slight
increase having been caused by the demand
for accommodation to meet the requirements of
commerce, the preparations for the spring trade
in most of the manufacturing districts behig
actively carried on. The public deposits, owing
to the active collection of the revenue, show an
augmentation of over half a million, but the private
deposits have slightly, fallen off. In the active
circulation there is also a slight diminution. The
various items of the balawe-sheet and the changes
they present will be seen in the subjoined table :
Active Circulation
A 20,038,910
Decrease 270,230
Bullion ..
• • • • 18,921,171
In,,rease • 141,857
Rest • • • • • • • 3,1396,933
Increase .. • • 2,205
Public Deposits
• • 8,855,814
Increase .. 610,603
Other Deposits 12 371 668
Decrease .. 120,090
Seven Day and other Bills .. 794,168
Decrease 4,230
Government Securities 10 808 591
, ,
No alteration,
Other Securities 15,505,731
Increase .. 73,401
Notes Unemployed .. 12,731,260
Increase .. 407,220

Although the reduction in the Bank rate has not
created any corresponding movement in the general
market, it is expected that during the next few days
the full effect of that important measure will be
better ascertained. The brokers are now actively
competing for the bills brought forward ; and the
bankers and discount-brokers, in order to monopo-
lise a larger share, will have to submit to lower
rates, through the excessive abundance, and the
difficulty found in employing large amounts of
money. The applications ,for accommodation are
tolerably active, owing to the annual and other
payments which temporarily appropriate a large
aggregate sum ; but in the existing situation of
commercial affairs, and with speculation discouraged
as at present, a largely increased demand is not
likely to be sustained.
Since Monday last the imports of specie have
been about £301,350, and the exports £43,780,
exclusive of the following shipments direct from
London to the Continent during the week ending
Thursday last :—Gold coin, Boulogne, 315 ozs. ;
silver coin, Boulogne, 3,920 ozs.
A small quantity of gold, viz. £4,000 was taken
into the Bank yesterday.
The Australian advices report the departure
from the colony of the Orwell with £317,880,
and of the Kent with £390,744. The Niagara has
£130,000 on board.

The market for public securities has not exhi-
bited any change of importance to-day. Very
little business has been recorded, speculation still
being kept within moderate limits. The quota-
tions, however, are steady, and the late advance
has been well supported. Since the Bank reduced
the rate, the character of the market has
sensibly improved, and the operators for a
rise are rendered still more confident by the
general prospects both . of monetary and poli-
tical affairs. Consols have been 981 1. The
New Threes and the Reduced Annuities were 971
The March Exchequer Bills are 345. to 375. prem. ;
ditto, June, 365. to 375.. prem. Bank Stock is
2244 2251.

In the Foreign Stock Market also business has
remained quiet, but most of the principal securities
are at steady rates. Turkish 6 per Cents. are 931 a ;
the Ist Scrip is 1 dis. to par ; ditto 2d, 1 prem.
Russian 5 per Cents. are 113111 ; ditto 41 per Cents.,
1031 ; and Spanish Deferred are 311. Mexican
Stock is 201. Chilian Loanlis 1, a premium.

A moderate amount of business has been done in
the Railway Share Market, but in most instances a
further slight improvement has taken, place in
prices. Caledonian, Eastern Counties, North
Western, and North Eastern (York), improved os. ;
Chester and Holyhead, Lancashire and Yorkshire,
Midland, North British, anti South Devon, 10s. ;
,Great Northern and Great Western have declined
about ss. The foreign and colonial lines have
been in very moderate demand. Great Luxem-
bourg have declined as., and Grand Trunk of
Canada, lOs.; Great Western of Canada im-
prdved ss.
Joint-Stock Bank and Miscellaneous Shares
have been dealt in to a very limited extent, at
about yesterday's quotations.

BRITISH FUNDS—CLOSING PRICES.
Bank Stock
3 per Cent. Reduced Annuities 97h
Now 3 per Cent. Annuities
India Stock

Ditto Debentures 993 I
Ditto Bonds, £l,OOO
Consols for Account 97 k

March June.
Exchequer Bills, £l,OOO, 2d. &lid— 34 7 f 34 6 7

FOREIGN FUNDS—CLOSING PRICES.
Brazilian 5 per Cent.
Ditto 1552, 41 per Cent. 96a x d
Dutch Exchange, 12 Guil. 2k per Cent 651 I
,
Mexican 3 per Cent. ' 204
Russian, 1822, St., 5 per Cent ll3a
Ditto 43 41 por Cent.
Sardinian, 5 per Cent. —
Ditto Account
Spanish 3 per Cent —
Ditto lv,s,w Deferred; 3 per Cent. —
Ditto Account 3lk
rerkish 6 per Cent
Ditto Account
Ditto New Loan Scrip —
Ditto Account .
Dividends on the above payable in London.
i'atch Exchanwep 12 Guil. 21 per Cent —
.
Ditto Certificates, 4 per Cent.
TWO O'CLOCK.

Consols, Mcney
Ditto Account 97b x d

COURT OF BANICRLIP2'CY—(This Day.)

(Before Mr. Commissioner Eans.)
THE STRAND THEATRE-IN RE PAYNE-TOTAL REFUSAL

OF CERTIFICATE.

This bankrupt was formerly lessee of the Strand Theatre,
and bankrupt as a bookseller, and he now came up to apply
for his certificate; supported by Mr. Warrand, Basinghall-
street, and opposed by Mr. Savile, on behalf of Mr. Levy,
the principal creditor, on the ground that the bankruptcy
had been concerted, and that there were no assets. It ap-
peared that the bankrupt, being in difficulties, was obliged
to take the benefit of the Insolvent Act, or to apply to this
court; it did not appear advisable for him to apply
to the Insolvent Court as he would be Under the
necessity of suffering imprisonment, and he would not
come before this court on his own petition, as he had not
got £l5O, or, in fact, any thing to deposit, and therefore he
was made bankrupt by Mr. Buckingham, the stage
manager, on a debt of £152 ; but the only assets given up
were £l5 bad debts, and even the'. messenger's fees were
paid, as Mr. Buckingham, on being applied to, produced
his protection from the Insolvent Court.
Mr. Warrand briefly addressed the Court, when
His Honour referred to the report " Ite Sellers," often
quoted, and said that on that authority he felt bound to
refuse the certificate.