The Sun.
London, England, 1866-11-29 00:00:00

NOVEMBER.

Liverpool 5

Bank of England Returnee-This Evening,

--+

An Account, pursuant to the Act 7th and Bth Victoria,
cap. 32, for the week ending Wednesday, Nov. 28, 1866.

ISSUE DEPARTMENT.

Notes issued ....,£32,142,275

Governmt. Debt..£11,015,100
Other Securities.. 3,981,900
Gold Coin and

Bullion
Silver Bullion .., —

X:32,142,2751
JUNKING Di

X 32,142,275

tal £14,553,000
Rest
Public Deposits
(including-Ex-
chequer, Sav-
ings' Banks,
Commissioners
of National
Debt, and Div
Accounts) 6,161,157
Other Deposits 18,252,795
Seven Day and
other bills 516,453

EPARTMEXT.
Governint. Seen-
rities (including
Dead Weight
Annuity) .... £12,846,363
Other Securities 19,188,008
Notes 9,655,525
Gold and Silver
Coin

£42,721,191

-412;721,191.

Credit.—A Warning.

We should be false to the responsibility which is
imposed upon us if we hesitated to point out to the
manufacturers and merchants of this country the
danger which is plainly imminent of a return to the
credit system—a system at any time injurious, and
which the experience of the past four years has
proved is wholly unnecessary, but which, under the
present financial condition of the country, would be
fraught with special evils.

For some time past dealers in dry goods have
been selling their goods on time, and we understand
that a large amount of indebtedness in that trade is
outstanding, not only in the North and West, but
in the distracted and impoverished South. Failures
have already taken place in that trade, and others
are anticipated, while the woollen trade is in a very
precarious condition, being almost entirely pros-
trate, and with presages thit cannot be mistaken of
coming disasters.

The iron and hardware trade has heretofore main-
tained with greater firmness than any other interest
the cash system ; but we regret to say that there
are symptoms of relaxation of this policy, which we
cannot regard without. alarm. The demand for
goods is getting dull. Merchants in the interior are
discouraged by the falling off of sales, and although
generally retail stocks are not heavy, yet orders are
few and small, a general depression in the trade
shows itself, and an anxiety to force sales is ap-
parent.

We have recently given our reasons for the assur-
ance that the price of commodities cannot be ex-
pected to decline. An insufficient wheat harvest,
the necessary taxation caused by the war, the dear-
ness and scarcity of house accommodation and other
causes, have all combined to render it impossible, under
present circumstances, materially to diminish the
cost of production ; and high as the present prices
of goods are they are not equal to the advance in
the wages of labour. It is therefore manifestly un-
wise for manufacturers to increase their stocks
ereodr
largely with the expectation of forcing the sale of
cthusetmo,meeirtshetrhebyterinyedttlactiinog prices
nof it ;by
and we write offering their
this article with the simple object of advising great
caution in the course pursued by manufacturers.
If a temporary lull has arisen, let us accept the
fact, and be content for a little while to do less busi •
btyhecrpeaeotipnlge doan
us not
d fcomplicateor
goods th ew evilhiwhich
h
not at the moment want ; but rather than introduce
tnmesnsa;tulreat
again the pernicious system of general credit rest
upon our oars for a little while until a healthy and
natural demand arises.

We do not write these words to alarm, for we
know that the entire North is in a sound financial
condition—we only write them as timely warning
that the effect of a departure from the wholesale
cash system may be kept in mind. And we hope
what we say may be heeded, and that the accumu-
lations of profits made since the war commenced
may not now be recklessly squandered in an attempt
to force an unnatural demand for goods. Better,
vastly better, for all concerned, to shorten produc-
tion, to contract business, and to wait for the re-
vival of demand, which will naturally soon appear.
Our advice to all, but especially to manufacturers,
is—be patient.—The Home Journal.

MAJOR PRANTLY.—. It has bee— '— said that Major
Grantly had thrown a favourable eye on Grace Crawley—
by which report occasion was given to all men and women
in those parts to hint that the Crawleys with all their piety
and humility,were very cunning, and that one of the Grantlys
was—to say the least of it—very soft, admitted as it was
throughout the county of Barsetshire, that there was no
family therein more widely awake to the affairs generally
of this world and the next combined, than the family of
which Archdeacon Grantly was the respected head
and patriarch. Mrs. Walker, the most good-natured
woman in Silverbridge, had acknowledged to her daugh-
ter that she could not understand it,—that she could not
see anything at all in Grace Crawley.
sthhartuggMe:dtjohris
fortune,o which
beyond his half-pay and his late wisfe
whos
were Gs
Ila.aouutlidyersh
aatin dneoxtp expressed ssseidi
shilling
BM
gcro'nfilrf daehlnkitesrbelief
was only six thousand pounds. Otheier
was little better
ill-na-
tured, had declared that Grase Crawley Ynot possibly have
the old
than a beggar, and that she
would Fletcherpay thehis
daughters were all as
hgeear:ttdhl Tempest,eeDw'ciirl.majzotnl:
rector ofbutcher hadsif
vwerobnrdidegr,ee,dN V
whosedebts;he
four .
did not got caught in marriage so
that half-pay majors .
acquiredyfe:n- future f
unmarried,
iliheer-in-1 mannersal v s ofa
had turned up his old nose, and had hinted
easily as that.—The Lag Chronicle of Bonet. No, I. 13y
Anthony Trollop°.