The Sun.
London, England, 1844-11-09 00:00:00

THE NEW BANK BILL.

The money market having been evidently of late
in a state of transition, from a glut of unemployed
capital, to a fair demand for it, and changes like
these affecting more or less all the transactions of
the country, whether commercial or financial, it be-
comes of great importance to collect the views of the
best practical men in the City, as. to the nature and
origin of the transition now in progress, and the ex-
tent to which it is likely to be carried. A circular,
or " overland dispatch" for India, issued for the mail
which has just left England by one of the leading
houses, is so well adapted to this purpose, that it de-
serves to be largely quoted from, for general informa-
tion. The annexed extracts are, therefore, given, and
it will be observed from them, that the effect of the
new Banking Bill, in checking speculation, adverted
to in the present week under this head, is admitted
in this circular, and the operation of it much more
fully detailed :
" Money is under a process of change, from over
abundance and absolute want of employmet t at any rate
of interest, to a decided and extensive demand, at an
advance in the rate which is already equal to nearly forty
per cent. upon the greatest depression. The first indica-
tion of an advancing tendency in the market was the
large sums, amounting to nearly 3,000,0001., taken
from the Bank for several weeks previous to the pay-
ment of the October dividends (thus anticipating nearly
half the amount issued at that period) at rates varying
from 14 to 2i- per cent., as the Bank chose to fix the
value. These sums being borrowed for a given time,
have since been in course of repayment, but the Bank
is again lending for stated periods, and the abundance
of money usually felt after the issue of the dividends
has already disappeared. It is now quite evident that
the Bank will be called upon, between this and the Ja-
nuary dividends, for loans and discounts to a pretty
large extent, and that the present rate; of 2i to 3 per
cent. are at least not likely to be lower.
" The change has come on us unexpectedly, and has
not yet awakened general attention. In the absence of
any political disturbing cause—after an abundant har-
vest—with very favourable exchanges, and a large stock
of bullion in the Bank, it will be inquired, what can
have occasioned so sudden an alteration ?

" Foreign railroads (or, in other terms, foreign loans,
for a great part of the money required for them in some
shape or the other finds its way from this country), to-
gether with the Belgian Loan, although but a small pro-
portion has been actually taken by British capitalists,
have unquestionably had some effect, yet not to an ex-
tent to operate unfavourably on the exchanges, fur the
gold still remains with us.
" As for merchandise, there is not a semblance of
speculation in it, notwithstanding all articles of import
are so low as scarcely to pay the cost of production and
transport.
_ _ _

" The projected schemes for new railroads in the
United Kingdom have been estimated to amount to
70,000,0001., and hence the deposits required before
going to Parliament would be nearly 4,000,000 L, which
must be either paid into the Bank of England to remain
dormant, or be invested in Exchequer-bills. This esti-
mate is doubtless greatly exaggerated, and probably
2,000,0001. would come much nearer to the real fact.
There is no doubt, however, that the deposits which have
been already required to be made into the hands of
bankers and others, actingfor these undertakings, amount
to an important sum, which to a considerable extent ab-
sorbs Bank notes and will continue inactive, a portion
only being re•circulated. The country bankers also are
largely supplying themselves with bank-notes (as a pre-
cautionary measure with reference to the new Banking
Bill), which for a time will also remain in their coffers,
and contribute to augment that portion of the circulation
which is dormant.

" The Bank Act of last session (which may be called
Mr. S. J. Loyd's for the principle has long since been
ably advocated by him), although a measure of the most
stringent character, the tendency of which is to keep
down the prices of all ti e seri pti oas of property connected
with the trade and commerce of the country, and mate-
rially to lessen profits while it appreciates the value of
money, on the other hand is most beneficial as an imme-
diate check upon all disposition to excess. This regu-
lating power, unyielding as it may be, is now operating
by the timely exercise of a salutary interference to pre-
vent the recurrence of evils from which the country has
formerly suffered with such severity. Three or four
months since the long-continued abundance and cheap-
nem of money brought into existence innumerable
schemes for railroads, &c., upon which speculation and
jobbing soon commenced, and seemed likely to be carried
to an enormous extent, as it had been upon previous
similar occasions, and doubtless would have been now it'
there had been no opposing barrier. The capitalist,
however, turned to the ne•w Bank Act, and there found
that the power of Bank of England to issue notes
upon securities was limited to 14,000,000 L, and that the
circulation of country banks was also brought within
strictly defined bounds. Following the provisions of the
Act, he referred to the published statement of the Bank of
England, and ascertained that they had already issued
upon securities the maximum amount of 14,000,0001, the
remainder of their issue, viz., 13,731,9101., being upon
Feld and silver, forming a total of bank-notes from the
issue department of the Bank of 27,731,9101. The next
inquiry naturally was, what means remained with the
Bank to grant assistance in the event of public emer-
gency; and upon further reference to the published ac-
counts, it appeared that of the notes put forth by the
issue department there remained in the banking depart-
ment 6,648,6651., which, with 458,172/. in coin, together
7,106,837/., wis the total amount of unemployed money
at the disposal of the Bank, and that no further issue of
notes could be made, except in exchange for gold and
silver. Under these circumstances, every capitalist
carefully considers the engagements he contracts—money
becomes more closely guarded-6 not parted with for
protracted periods, nor to assist speculation, and the evils
which were evidently arising are arrested in time.
" The country circulation has not been alluded to in
detail, the circumstances attending it not being material
to this brief investigation, and not at all altering the
considerations presented. From these considerations it
seems evident that the new Act is working beneficially
as a precautionary measure ; that although it may oc-
casionally make money dearer and tighter,' it will ope-
rate at once upon speculative and ephemeral undertakings,
and leave the circulation undiminished to the legitimate
transactions of trade, for which at present at least it is
amply sufficient.

‘a The home trade is in a state of prosperity. In
despite 6f foreign restrictions, our manufacturers are
employed to the extent of their power in supply-
ing the home demand, and prospects are favourable.
As regards our colonies, there is also a dawn of
better things for them, and they appear destined soon
to emerge from the depression under which they have
so long suffered. There seems to be no doubt it is
the intention of Government to propose to Parliament a
loan of 1,500,0001. for the West Indies (upon the same
principle as that formerly granted to Canada), for the
purpose of introducing an extensive supply of economi-
cal and effective labour, and after the measure of last
session, some essential relief is imperatively demanded.
At Mauritius they have already obtained a greater num-
ber of effective labourers than the colony possessed be-
fore slave emancipation, and the result would soon be
apparent in their production of sugar, which this year will
probably reach 45,000 tons, cr 15,000 tons more than that
of the last two years. The West Indies, with the pro-
jected. assistance from Government, will equally be en-
abled very considerably to increase their produce ; but
with the augmented supply of sugar, consumption must
be fostered, or the measure will be incomplete and abor-
tive. By the official accounts to the 10th of October,
the consumption in the United Kingdom appears to have
exceeded that to the same period in 1843 by 3,700 tons ;
but as far as can be ascertained it has fallen off since
then, and now only shows an ;insignificant excess of
about 1,500 tons. The consumption'can only be perma-
nently assisted by such a diminution of duty as will bring
the price within the reach of all, and put an end to that
fraudulent admixture and adulteration which now exists
to an extent exceeding all credibility, -and is equally de-
structive to the revenue, the planter, and the consumer.
Apart from all other considerations, the interest of the
consumer unquestionably calls ror the redaction; it must.
however, be no halt measure ; 10s. per cwt. is spoken
of as the intended concession, thereby making the duty
15s. per cwt. ; but nothing less than a reduction of the
duty to a penny per lb., will have the desired effect at
once of protecting and relieving the consumer, annihi-
lating fraud, encouraging the colonies, and infusing
stability and confidence into this important branch of
trade."— Times.

The Government have appointed Mr. Erie to suc-
ceed Mr. Justice Erskine on the bench of the Common
Pleas, a selection that does the highest credit to Sir R.
Peel, though it is only an illustration of his frequently
declared sentiments on judicial patronage. Mr. Erie
was Solicitor-General under the Government of Lord
Melbourne durine• the few weeks intervening between
the elevation of Lord Campbell to the Irish Chancellor-
ship and the resignation of that Ministry. In making
this appointment, therefore, Sir Robert Peel could have
no object except to choose the man fittest for the office.
He has consulted the public advantage, and not the nar-
row interest of the party. It will be well recollected,
that Sir Robert Peel, when Home Secretary under the
Liverpool Administration, also departed from the cus-
tomary routine of official arrangements, and successively
appointed Lord Corehouse, Lord Fullerton, and Lord
Moncrieff, to the Scottish bench, and all for their supe-
rior fitness, as shown by the public confidence reposed in
them at the bar. We are aware, that at that period,
and after the appointment of Mr. Irving (the second
Lord Newton, and one of the soundest lawyers that ever
sat on the bench), which succeeded that of Lord Core-
house, the Tory ranks had been so thinned as to leave
really none eligible without throwing a slur both on the
office and the individual who obtained it, while those of
the opposite party presented a phalanx of eminent men ;
still when we know how judicial offices have been lite-
rally jobbed at various times, Sir Robert Peel deserved
not the less credit for those distinguished exceptions.—
Caledonian Mercury.
FOREIGN CATTLE.—Great quantities of cattle con-
tinue to be imported into this country from the conti -
nent, a considerable number arriving every week by' the
steamers from Holland, &c. The Dutch steawNhip Ba-
tavier, which arrived at the St. Katherine's steam-wharf
on Wendesday afternoon, from Rotterdam, had no less
than sixty head of horned cattle on board, of superior
quality, and in excellent condition, in addition to several
packages of poultry of various kinds, and a number of
baskets of Dutch potatoes. which were lauded without
delay and cleared for the London markets. The cattle
brought from Holland are generally of good quality and
in fine condition, and are superior to those imported
from any of the other continental statf s.
At St. Petershurgh the winter has already set in,
and the pleasures consequent on that season have
commenced. The snows are deep, the sledges in requi-
sition, and on the banks of the Neva, balls, feperas, and
concerts at their height.—Court Journal,

.IVRECK OF THE RUSSIAN BRIG

DIANA.

(From the Doncaster Gazette )
This was one of the most distressing shipwrecks
that occurred during the gale of the 2d and 3d inst.,
and was attended with melancholy and heart-rending
circumstances. The vessel was from Memel, with a
cargo of pipe staves and other wood, bound to Lon-
don. She had been out fourteen days, and was driven
by the easterly winds on the coast of Yorshire, near
the small village of Atwick. At day break on Sun-
day morning, the coast was discovered under her
lee, and to prevent her going on shore, both masts
were cut away and the vessel brought up with two
anchors about a mile from the land. In this situation
she was discovered about eight o'clock, and very
shortly after the rocket apparatus, in charge of ,Mr.
Gale, was on the spot, together with that at Hornseal
and Captain Manby's mortar. From this time until
four o'clock, P.M. the gallant vessel rode out the gale
most nobly, and it was hoped and expected by the
numerous spectators that she would be able to weather
it. There were few who could imagine the dreadful
state of those on board. The cargo had got loose, and
breaking through the bulk-heads, dashed the cabin
furniture to pieces. The only place of refuge was
the deck, and here the captain, who had only been
fourteen days married, strove .to protect his young
bride ; his efforts were, alas ! fruitless ; a tremendous
sea burst on the brig, and the ill-fated woman was,
with her husband, crushed between some loose timber
and the bulwarks, and received such dreadful injury
as to preclude all hope of her survivirg, 'lid she
shortly after expired in her husband's arm, ! Vie
same sea proved fa-al to the pofr cabin boy who was
killed by it. The distress and agony of the unhappy
captain may perhaps be imagined, but cannot be
described. Wet and exposed to the merciles, tempest
he still did all he could to save his ship, but the re
ceding tide brought the breakers round her, and she
began to pitch in a most fearful manner:
About four o'clock the men were observed busy
near the longboat, which stillre:nained on deck, and it
was evident that some decisive step was about to be,
taken before the night set in. Manby's mortars
directed by Mr. 0. Reilly, R.N.A., and Mr. Carte'S
rockets, under his own direction, aspisted by the
coast-guard with life buoys, belts, &c., were now re-
moved to the beach, and shortly after the vessel
parted, and drove in shore. Before she struck, tl-a
boat was launched with one man in her, but wet
stove in launching. The poor fellow drove through
the raging surf, the boat full of water, his head only
occasionally visible, until he reached the shore, and he
was rescued from his perilous situation by one of the
coast-guard, and a sailor from Burlington, who with
ropes and life belts were ready to receive him. The
attention of all was now turned to the unfortuna4.
vessel, which grounded about 330 yards distabt.
Manby'smortar and Carte's rockets were soon actively
at work, but it appeared to the bystanders that she
was still too far distant to effect a communication/
and as only two rockets now remained, they were re'
served until the rising tide should bring her nearer,
which was anticipated would- take place between
eleven and twelve o'clock. The mortar still continued
to fire, and happily at seven o'clock a shot struck the
vessel, which had drifted in, and by the rope, the
captain, the mate, and one searnats, were brought 00
shore in a bruised and dreadfully exhausted state.
Two poor fellows still remained on board, and several
shots were fired but without effect. The darkness of
the night and' the tide which rthw approached the foot
of the cliff, rendered it necessary to remove all the
apparatus from the beach, and all further operations
were obliged to' be postponed until the tide receded.
As soon as the moon rose it was discovered that
the vessel had a.pproached within 40 yards of the
cliff, and at 3 o'clock A.M. she",yvas boarded by Lietit•
O'Reilly, the Rev. G. Brown;,; f Atwick, Mr. Carte,
and two of the coast guard, who to their inexpressible
gratification found the two seamen alive, but almost
insensible from cold and weakness. They were in:
stand), removed to Hornsea, where they receive"
every care and attention. It, was now ascertained
that in addition to the loss of the captain's wife lieu
cabin boy, a seaman had perished in attempting t(3.
leap into the boat—none of whose bodies have ye"
been found. The greatest praise is due to Lieu'
O'Reilly, the Rev. G. Brown, and Mr. Gale, of At'
wick, and to ull the gentlemen present for their in"
remitting exertions. Lieut. 'O'Reilly, Mr. Carte,
Mr. Palmer, of Hull, and the coast guard, had been
called up at 3 o'clock to render assistance to the
Sarah Ann, wrecked at Cowdrm, six miles distant,
but the crew had safely reached the shore in their
boat before their arrival. otWithstanding the file:
lancholy circumstances before narrated, it is most,
gratifying to reflect that the generous exertions of
these gentlemen were not unsuccessful, and that all
whom it was possible to save were rescued by them-
The captain, mate, and one seaman, were taken to
Mr. Bird's farm, and attended'hy Mr. Wilson, sur-
geon, of Hornsea; while the remainder were taken
care of at the Victoria Tavern, and there received
every attention from Mr. Denton. The agents of
that excellent institution, the Shipwrecked Mariners
Fund, the Rev. A. Eyre and J. Beadle, Esq., had hot
baths in readiness for the reception of the sufferers,
who were provided with food and clothing, and their
expenses paid to Hull. There was only one English'
man on board, a passenger ; the captain and crew
were all Russians.

ROYAL THAMES YACHT CLUB.—Avery numero-
meeting of this Club was held on Thursday, the prini
cipal subject for consideration being the conduct of AO,'
Wilkinson, the owner of the Phantom, who had refused
to deliver up the cup presented to' the Club by Captain
Cocksedge, and which had on the day of the race been
awarded to Mr. Wilkinson, but subsequently to Lord
Alfred Paget. Mr. Wilkinson entered into a long state'
ment, justifying the course he had pursued. and ill
which he expressed his conviction that the sailing corn'
mittee had no power to entertain the question, the cuP,,
having been presented to him strictly in accordance wit'
the laws ; and added, that no notice-had been given hit°
to produce evidence before the sailing committee, wil°
had come to si, conclusion without hearing the testimakt ,
he was in a condition to produce. He was met with the
observation, that he had had the same notice as Lur`;
Alfred Paget, and might have produced witnesses, ba,,"
he thought fit. After several gentlemen had addressed
the meeting at great length, Air. Reynell proposed a.,,re'
solution which amounted to a vote of censure on 1131'
Wilkinson. Some further discussion followed, vvhill
another gentleman, named Wilkinson, moved an amend'
went, to the effect that the Club, under the peculiar cit.'
cumstances of the case, considered it inexpedient to ea;
tertain the consideration of the question of Mr. A. Viril
kinson's conduct, and would pass to the consideration
other matters. This amendment was carried by a toter,
able majority (many of the members, as it appeared,',,"
us, declining to, vote), on which Mr. Harrison (Chair
man), who considered the division tantamount to a wan,
of confidence in the sailing committee, who were entitled
to the support of the members, said that his connexils
with the Club as its Commodore was at an end, and Jet
the chair. After some slight altercation as to Olathe',.
other than members had voted, the meeting broke UP
NEW STEAM FRIGATE.—At the iron-ship buildil
yard of Mr. Laird, a fine new iron frigate is now builni
ing. The model, lines, and workmanship of this vesse
are excellent, Mr. Laird, who has,had considerable ex,
perience in the construction of iron vessels, having d.:
voted his almost undivided attention to her. She I'
2.400 tons, 210 feet long, 37i beam, and 23 feet deer'
and is to be fitted with a pair of 282 horse-power stem:
II:
engines, and tubular boilers, by G. Forrester and (-1
The frames are as close as strips over butt joints ene
allow them, and axe sby 4i angle iron The plates Oa
and inch thick, the rives if and 1 inch. She is divide.
into twelve compartments by the thwartships and lour
tudinal bulkheads, forming the coal bunkers. As a 611.113,
of war, great attention is paid to her strength, and
far as good material, good workmanship, and the e-c,Pbe
rience of the builder, which is considerable, that will ,
accomplished. Judging from her frame, she will con!„
bine the properties of a good sea boat and fast
sailer 2no ordinary degree. She is about the same depth as t...„„n
Great Western, but 5+ feet longer, and foot wider'
Liverpool tlfertry.
laSt
WHITECHAPEL IMPROVEMENTS.—During the
two or three weeks a very rapid progress has been Waal,
in the construction of the new street which is to en,on
municate between Spitalfields Church and the
Qh
Docks. On the north sida4of High-street, Whitecbm ,
several hundred feet of vaults; on either side of the .),1
have been built for the houses intended to be erec,tiee,
E;
there ; and a sewer the whole distance, above 1,200 kill
long, has been formed. The gas and water piPes, for
be shortly laid down, when tenders will be offere"
ere'
the new houses. In the course of the excavations savoy
cart loads of bullocks horns were dug up. Also an
and
mense quantity of animal bones, many copper coins,
some spear-heads, which latter were much decayeLi,,os

BIRTHS. ur
On the 2d inst., at Sheffield, the wife of the Hon. •
lesley, of a son. the
On the 4th inst., in Brook-street, LiGrosvenor-square,
wife of John Alexander Hankey, Esq., .of a daughter. vier,
On the sth inst., at Judd-place, East, Mrs.-Thomas Ttl
of a son.
On the sth inst., the lady of George Trumper, Esq., Ch
well Hall, Essex, of a son. of
ady
On the sth inst. at Thicket Priory, Yorkshire, the l
hter.
the Rev. Joseph Dunnington' Jefferson, M.A., of a dace lady
On the sth inst., at Bowden Hall, Gloucestershire, th
of C. Brooke Hunt, Esq., of a son. fk-roam
On the 6th inst., at Blea Halt-villa, New a"hter.
Clapham-park, Mrs. James Maitland Dods, of a daub Rey.
On the 6th inst., at St. John's-wood, the wife of the
Daniel Butler of a son. qraitilt
On the 6th inst., 'at Southrop, the wife of. C. R. -
Esq., of a daughter, stiff-born. wife of the
On the 7th inst., at St. Nicholas, Deptford, the
Rev. A. E. Sketchley, Vicar of that parish, of a

MARRIED.
John Welebs?
On the 2d inst., at the Old Church, Brighton, J
of the Inner Temple, Esq., to Henrietta Anne Ffowell, eldest
daughter of Richard Spre, Esq. George
On the 6th inst., at- St. Nicholas, Brighton,r Par
Attenborough, Fleet-street, London,To Sarah -
sons, granddaughter of Mr. :tones, of Thr}±±fe.l3

-,q ffbie,
On the 29th of August, at Secunderabad, Clarence mew
senior Ensign of the Ist Madras Native. 21
---- ,‘,„ 1„,, 0 , of
London: Printed and' Published by MUSD° l'-'7„,'"-- 119,
No. 112, Strand, Printer, at The ;,Yuri Office, No. :4 ;„ of
Strand, in the Precinct of the Savoy,t in the Cosilv
Middlesex, 84turday, Noyemter 9,1844.