The Sun.
London, England, 1857-03-13 00:00:00

MONETARY AFFAIRS.

(Prom the Derbyshire Courier.)
The return of the Bank for the week ending
February 21st is •not of a character to impart
much confidence as to an improvement in money
matters.
The active circulation continues small, being
18,615,1551., a decrease since the former return of
181,2601. The stock of bullion in both depart--
meets has increased by 145,0301., but is still low,
being 10,404,690/.
Adopting the test of the author of the " Bank
Barometer," we find that the cash in hand of this
Bank is 6,264,535/ , while the half liabilities
amount to 8,738,0291. This leaves a deficiency of
cash in hand of 2,473,4941. ; and no pro-pest can,
therefore, be at present entertained of a reduction
in the Bank's rate of discount.
There can be no doubt that this state of things
is acting injuriously on our trade in all commercial
relations. The constant influx of Australian gold
tends to allay anxiety, and alio prevents the Bank
from adopting more stringent measure 3 for check-
ing the drain of bullion. But it appears to us that
European nations must adopt more decided mea-
sures if they wish to prevent the absorption of
silver by the Eastern countries. Tits week
459,3881. of silver has been shipped by one vessel,
the Indus, for India, and 325,8461. for China.
We cannot, of course, obtain an accurate accaunt
of the sums of silver exported to Chilli, but we
have some report of the amount sent to India.
The quantity of stiver importel from Europe
into British India is estimated for the last five years
at not loss than 241 millions sterling ; and during
the single year 1855-6 more than 10 millions were
imported into India.
What is t j stop this ? China and India could
absorb the whole amount of silver in Europe, and
as long as sitter can be purchased in Europe at a
profit these countries will continue to buy. It is
quite fallacious to talk. of the failure of the silk
crop of 1856 us a reason for the exportation of sil-
ver to the East during the five last years. As to
British India especially four millions cif money are
absolutely remitted annually- to England through
the East India Company, the b dance of profit
made to India, to be spent bore, to say nothing of
the large incomes derived by individuals from pro-
perty in India.
In fact, before the g 11 dis&overie', the Indian
banks coneantly impo:ted galfrom that country ;
they now carry on a constant trade in exporting it.
Gold is, therefore, drained from this country to
purchase silver at the eheape,t continental market
for exportation to the East, and as our gold is ex-
ported Peel's Bill enacts that our paper money
should be contracted.

The immediate remedy in Europe would, of
course-, be to alter the rel itive proportions of gold
and silver coins, so OW; the exportation of silver
coin might no linger yield a profit. But metallic
currency will always present evils.
What we require is a domestic circula• ing me-
dium of paper which will never be subject to ex-
portation. With such a circulation Briti:l India
With
e has
an circulating reactdue
adequate
alreadyuinate most be-
would be to us a mine of wealth, of which we can
scarcely yet form a conception.
g
m papereliu mc
cur-
rency eEivme tic
otrhteatiino u r eoaf s
silver vof t
rneenficeyialliyssufberdinbdYal he Rest India Company, re-
ceivable
for t,xes, and not convertible into gold or
silver, at a fixed rate, we s'iould see British India
starting into new life, and instead of drawiug away
our
o fwealth.moneyi
pctring into th's country an abundant
tide

Country Markets.

DERBY SMITHFIELD.-MARCII 10.

There was a moderate supply of fat beasts to-day, prin-
cipally in the hands of dealing men. A good dewznd for
beef, which sold at high prices. There was a better supply
of sheep, which were in good request; also a good- supply
of pigs, principally It ish, which were readily disposed of.
The following were the quotations t—Beef, 6i to 7i 1;
mutton, 80 to 101 ; lamb, --d to 01 ; veal, 7d tc 7§l pe.
lb. ; pigs, lOs 6d to lls Od per score; rough fat, 5s 3.1 tv Ot.
per 141 b. ; hides, 41d to 6,d per lb ; calf-skins, 44d to 60
per lb.