The Sun.
London, England, 1845-10-27 00:00:00

Decrease in the private or other securities..

Gold and silver coin and bullion..
Last time..

54,999

14,580,684
14,865,043

Decrease in the bullion, &c., in both departments 284,359

increase in the circulation, as compared with the
corresponding week of last year 1.
increase in the bullion, ditto, ditto ~.

803,160
135,650

TO THE EDITOR OF THE SUN.
From my Chambers in the West, Oct. 18, 1845.
SlR,—The above account is more satisfactory than the re-
turns of the preceding week; the extension in the circulation
has been checked, and the tables turned the other way. 'I he
large increase of 306,895/. in the private or other deposits, on
the eve of the:dividends is of a very unusual character, and
shows the abundance dmoney. The decrease in the private
or other securities of 54,999/. is but the beginning of a consi-
derable reduction tinder that head; for if parties can get
bills discounted in Lombard-street at 2% or 234 per cent.,
they will of course cease to apply at the Bank ;
the consequence will be, that large sums will
remain in the banking department unproductive.
It is true their Government securities are greatly reduced in
amount. On the 12th October last year they had 16,353,8341.,
now they have only 13,348,643/., being a reduction 013,005,191 t.
in the twelve months ; this amount can now be advan-
tageously replaced, paying even a better rate of interest than
discounting bills at, three per cent., at the present prices of
the funds. The bullion is again decreased ; still, the amount
is above the returns of the corresponding week of last 3 e.r.
and the present rates of exchange even more favourable that]
at that period.
The bank having raised its discounts to three per cent. will,
it is said, have the effect of making some men more sober ;
of course in the same proportion as three bears to two-and-a-
half, that is to say, the maximum of speculation is to be re-
duced in the inverse ratio of twenty per cent. on the aggre-
gate amount, by the increase of one-half per cent. in the
value of money, eras credenzas, hodie nihil. The real cause,
however, for this alteration, is stated not to arise so much
from apprehensions of a domestic nature, but that the Directors
have at last found out that money is of more value on the
continent than in this country ; but this fact was known to
them last autumn, and had they then listened to Cosmo-
polite's remarks they would not have reduced their discounts
from three to two-and-a-half per cent, at all, fur at that
very period the Bank of France was discounting bills at the
current rate of four per cent. The thirst for speculation was
at that time also in an incipient state, which the proceedings
of the Directors since fanned into an unquenchable flame ;
besides it would have prevented this early and injudicious
tampering with the value of money at the rates so recently
established.
It is an old adage, that large bodies move slow; so it in-
deed appears, for the gentlemen in the Bank-management
.have required an experience of twelve months to discover
that if certain parties could get bills discounted here at t wo-
and-a-half per cent. and employ the proceeds in the discount
markets abroad, at from three-and-a-half to five•and-a-
half per cent., it would yield a large profit to those so en-
gaged and ultimately bring a vast number of continental
bills in this country for the like purpose, which, although
drawn by foreign houses, yet being accepted or endorsed by
our first-rate merchants and capitalists,must ofcourse be con-
sidered as unquestionable paper at the Bank and discounted
accordingly.-_I am, Sir, your obedient servant,
COSMOPOLITE.

DEATH OF W. F. BOTELER, ESQ., THE COMMIS-
ZONER es•ltammurrs.—On Friday the bell of Lincoln's Inn
Was told, on information received from Leeds of the death of
sir. Boteler, one of the benchers, who died from the
injuries received in the late accident on the Midland Railway.
Mr. Beteler was a commissiones of bankrupts for the Leeds
district.

CHATHAM, OCT. 24.—The Meander, 46 guns, in
(leek, fitting for commission, has had the whole of the copprr
taken off her bottom, and has been recaulked and coppered,
and is now ready for the pendant. The Retribution rtea:n
frigate, Captain S. Lusbington, has got her lower rigging
over the masts-heads, and is fast progressing in her equipment
for sea. Seveial hands from the dock-yard have entered fur
her. Lieutenant Hall, and a party of Marine Artillery, con.
eating of about thirteen men from Portsmouth, are expected
for this vessel, and also a party of Royal Marines, consis' ing
or about eighteen men, will join this frigate in the course of a
feu- days. The, Hague, 72 guns, and the Eurotus, 42, are
oreered to be fitted with screw-propellers for steam guard- i
ships for the protection of the River Medway : the former
vex sel is to be sent to the River Thames to be fitted by con-
tract ; the latter ship will be fitted at this yard, and will be
immediately taken in hand, and shipwrights are to be hired
for that purpose.
THE NEW EXCHEQUER OFFICES.—On Friday the
new Exchequer offices, in Stone-buildings, were opened for
the first time since their erection. The masters of the Ex -
ch.tquer assembled, and some of the other officers transacted
business. The whole of the establishment will not be pos-
setased of the various offices until Saturday.
:DIEPPE, OCT. 23.—M. Thiers and Count Wa-
le, ;vs ki were among a large number of passengers who landed
herg last night fiom the steamer Magnet, from Brighton.