The Sun.
London, England, 1857-11-07 00:00:00

LONDON, SATURDAY, NOV. 7, 1357.

We have double returns from the Bank of
England respecting its assets and liabilities. The
first, according to the usual course, for the week
ending the 31st October, the other up to the 4th
instant, in accordance with the all but universal
demand for more complete information. If any
publication should take place, a matter upon which
very opposite opinions have been entertained, it
should clearly be to the latest possible period, so
that all might have equal opportunities of judging
for themselves. It was notorious that the secrets
of the Bank parlour occasionally transpired, and
that those who possessed authentic information on
the most important points, such as the stock of
bullion, the reserve of notes, and the amount of
other securities, indicating the amount of pres-
sure on the Bank for assistance, obtained a very
unfair advantage over their competitors in trade.
The change, then, must be regarded as a move-
ment in the right direction, and one that could not
be resisted, so long as the Bank Charter Act of
1844 continued without change or modification.
We may, however, remind our readers that Mr.
MORRIS, the Governor of the Bank in 1847,
ascribed the alarm at that time in a great degree
to the publication. The mere fact that the re-
serve of notes had sunk below the amount at
which the business of the banking department
could be properly carried on, was sufficient to
excite grave apprehensions, to create the panic,
and induce parties to provide themselves with
additional funds to be resorted to in the event of
the continuance of the crisis. The Committee of
the House of Lords suggested the propriety of
re-considering the rule respecting publication—
"against which there can hardly be stronger pre-
sumptive evidence than the suggested necessity of
concealing the consequences to which it leads."
This, however, is a point to be taken into account,
with the other provisions of the Act, one which,
no doubt, will receive due attention at the proper
time. For the present, we must deal with exist-
ing materials, and so long as a publication is re-
quired, let it be the most complete that can be
supplied under the circumstances.
Nothing can be more unfavourable than these
returns. They prove, beyond the possibility of
doubt, that the drain is proceeding with unabated
raeritee. The stock of bullion stood on Wednes-
y (welling at 8,497,7801., showing a total
di nation within the ten days of 872,0141.
T'ne reserve of notes, the most important feature
of any in the Return, stood at 2,155,315/., being
a decrease of 1,330,5251., while the increase in
the other securities" amounted to no less than
2,00,686'. l This is indeed a truly deplorable
state of affairs—one that must increase the very
natural alarm alreeely exiting, aud lead to a de-
sire for hoarding and accumulating such resources
as may enable the parties to weather tree storm.
We discover a rapid and uniform current running
in one direction. The bullion, and with it the
reserve of notes, is steadily sinking, while an eager
demand exists for discounts and advances, even
at the most usurious and exorbitant prices. Se-
curities of all kinds, public and private, are falling
in valitel while the foreign exchanges are
adveree, and a treble drain is going on
to India, to the Continent, and to America.
The Times of this day refers to the amount
bf money in the hands of the public as being