The Sun.
London, England, 1845-01-18 00:00:00

MONEY MARKET and CITY NEWS

CITY, TWIJRBDAY EVENING.

TIMES.—The English securities still eontinue flat,
and the amount of business transaqing is small. Consols
left off 99i to 100 money, and 100 to k for the next ac-
count. One cause assigned for the depreciation which
this stock has lately undergone is the sale of it for re-
investment in the Three-and-a-Quarter per Cent. An-
nuities, which command considerable attention in con-
sequence of the higher rate of interest they bear, and
their security against reduction for at least the next ten
years. These circumstances, while on the one hand
operating against Consols, give on the other increased
firmness to the Three-and-a-Quarter per Cent. An-
nuities.

The following notice has been published to-day by the
Directors of the Bank of England :
" The Governor and Company of the Bank of Eng-
land are ready for the present time, and until further
notice, to receive applications for advances on the secu-
rity of bills of exchange not having more than six months
to run, Exchequer-bills, East India Bonds, and other
approved securities. Such loans to bear interest at the
rate of 21 per cent. per annum, and to be repaid at
periods to be fixed at the times of advance; but such re-
payment not to be later than the 11th of April next, and
the loans to be fur not less than 2,0001 each."

This is a further exposition of the policy intended to
be pursued by the Directors, and a more complete de-
parture than by any act they have yet done from their
former character of regulators of the currency. The
notice is intended to be received, no doubt—though it is
not so expressly stated—as a termination of the regular
quarterly notices for giving aid to the money-market
daring the shutting of the different stocks for the divi-
dends. Henceforth, what is declared in this notice is to
be received by the public as the uniform practice of the
Bank, subject only to such variations as the fluctuations
in the value of money may render expedient, and which
may then become the subject of a similar notice. It
may be safely stated, however, that the Directors are
not sorry to have a decent pretext for getting rid of this
arrangement, which always formed a species of anoinulf
in money matters, being, in effect, only doing by public
notice that which they were understood to be at all
times ready to do for parties whose credit rendered
them competent for such accommodation. The notice
is satisfactory, perhaps, in another point of view, as in-
dicating a still further separation of the Bank of Eng-
land from the. Government.

A dividend. at the rate of 6 per cent. per annum, was
declared at the meeting of the Shareholders of the
London Joint• Stock Bank held to-day. The report was
highly favourable, the net balance divisable being
111,305/. 16s. ld. The guarantee fund now stands at
90,5561. Ss.

Connected with the present mania for railways a
great alteration has taken place in the aspect of th• iron
trade, and such is expected to be the demand, not only
for home, but also for foreign and colonial, consumption,
that prices are gradually advancing, and the principal
ironmasters are sanguine as to the future. Nearly all
the makers are said to be full of orders, and further con-
tracts are taken with much caution.

THE ARCHBISHOP OF CANTER-
BURY'S LETTER.
The ultimatum of ecclesiastical authority upon the dis-
puted rubrical questions lias at length appeared in the
shape of a letter " to the Clergy and Laity of his pro-
vince, by William, Lord Archhishop of Canterbury."
Assuredly his Grace has taken ample tine for delibera •
tion. No one can accuse him of precipitancy in coming
forward too soon to interpose the needful weight of his
Primacy between the hostile parties. But caution is
one of the characterics of old age—and indecision, per-
haps, is another. The tone of this production, which is
intended for a panacea for the sores of the Church, is
not marked by that positive condemnation of the offen-
sive innovations which we could have wished for, and
without which it will have but little effect. Emanating
from one so high in rank, and possessed of so much
power, it should have spoken unambiguously and point-
, edly—not have left the matter pretty nearly where it
was before. If its purpose was to satisfy the people, the
'Archbishop may be persuaded that he has erred widely
of his mark ; for although he does not encourage nor
command the alterations in Divine service, yet the fact of
his allowing their continuance where they are actually in
use willinduce persons to conclude that he does not totally
disapprove them. This has a bad aspect for the desired
end of peace and unity. After weighing the merits of the
two opinions on this subject, this is all that the Arch-
bishop can do to bring them to a final settlement—to let
things go on as they are. Surely if, as he says, "it
must also be granted that the intention of the Church is
not always clearly discoverable from the language of the
rubric, nor determinable with absolute certainty from the
records of early practiee,"—if it be so, we may well ask,
why tolerate any departure from the custom that has so
long existed among us, and which his predecessors and
other prelates, not less highly gifted, have so long sanc-
tioned, and the clergy and laity of so many generations
have uniformly adopted ?
We are ready to concede most fully the claim of
deference which the years and the station of Doctor
Howley demand, but we cannot from that cause
deceive ourselves into the belief that the letter he
has issued will secure any eventual unanimity between
the contending parties. Mildness and humility are very
excellent qualifications in any Churchman, but there are
many other attributes essential to the formation of an
Archbishop's character, who, in an emergency like the
present, ought not to have written as if he had been
simply the unconsidered incumbent of Addington. Does
he really mean to say, Archbishop and Metropolitan
of all England as he is, that "in the case of churches
e here agitation prevails, and nothing has been definitely
settled, it is not possible to lay down any general rule
which may be applicable to all circumstances ?" Why
not ? What hinders him from insisting on the return
to old usages in such instances as these where summary
judgment is particularly called for, and where, indeed,
the violence of the existing strife imperatively requires
his interference ? Or, if he be ever so " unwilling to
pronounce a judgn:ent," he might at least so strongly
recommend what w• suggest, that no clergyman
could evade his recommendation without vir-
tually resisting the Archbishop of Canterbury,
and so becoming deservedly obnoxious to uni-
versal censure—a position that few would covet.
Meanwhile, it is in vain for him to urge " mu-
tual forbearance," and to say that " a regard
for the spiritual interests of our brethren ought to put a
stop to contentions which, besides the offence :against
charity, engage much time and ability which might be
infinitely better applied ;" or to entreat those to whom
he writes, "to consider whether the peace of the Church
should be hazarded by prolonging an unprofitable con-
; troversy." We beg his Grace to understand, what per--
haps has not yet penetrated within the precincts of Lam-
beth, that the laity have been roused into formidable
hostility to these novelties, and will not, until they are
discarded, be pacified by smooth words and civil advice.
Prom one who holds his high office they expect coin-
. mends, not entreaties. They are tired of waiting for
redress., They have been irritated and defied, foiled
in their appeals to episcopal authority, sometimes
roughly answered, • and rarely conciliated till no other
course remained. • With Englishmen this has ever
proved the worst of all methods that could be tried; and
now that their sympathies are keenly enlisted on behalf'
of the Church, is it grateful or reasonable to check their
1 zeal by disgusting them with innovations which they
regard with jealousy and even alarm? It seems agreed
on all hands that these changes are of no material
consequence, and do not bear upon any vital point of
doctrine. It is really idle to entertain the question.
Churches are emptied, congregations scattered, clergy-
men rendered odious, families set at variance, because
those whose high position requires them to take order
for the adjustment of these differer Ts will not come
forward promptly and effectually. The time will arrive,
we fear, when this energy of the people may be arrayed
against that very institution for the purity of which they
are now determined to battle to Ora utmost, Is it worth
while, is it judicious, is it necessary to thwart and ex-
asperate them.? However, they must now abide by the
result of their own efferts. If they would be r 9 of the
mummeries and extortions which superstition or the
desire of influence has thrust ur on them, they must, each
in his own parish, where the offence continues, protest
and unite against it. By every constitutional and peace-
ful means, without uproar or tumult, they must adopt
whatever appears the speediest mode of accomplishing
their object. There is. nothing so irresistible as a calm,
persevering opposition to what men have reason to
believe illegal, and what they feel to be injurious
To their own exertions the laity are indebted for
so much of . concession as they have already obtained.
They must throughout trust to themselves ; and there
can be no doubt, that with the tacit acquiescence of those
who ought to take the lead, but whom natural indecision
or infirmity condemns to a timid neutrality, they will be
at last emancipated from. childish or offensive innova-
tions, and return to their churches to enjoy once more,
and without interruption, the form of Divine warship
to which they and their forefathers have been ever habi-
tuated and attached. In conclusion, we call the atten-
tion of our reader* to this fact—that the pastoralletter
to which we have been adverting cannot be the letter
which,was addressed by.the Archbishop of Canterbury
to the Bishop of Exeter, and which worked so marked
a change in'the language and mandates of the latter
prelate. The Bishop of Exeter's letter to the clergy of
his diocese is dated Bishopstowe, the Eth, and the Arch-
bishop's presentletter ii dated Lambeth. Palace, the
.l lth,
of January. The difference in these dates is material.
—Times.

It affords us sincere pleasure in having it in our
power to inform such of our readers who have taken
interest in the two children of the murdered woman,
Sarah Hart, that a lady, well known in the fashionable
world for her beauty and amiable disposition, and who
was in the neighbourhood of Salt•hill at the titre, has
kindly come forward and intends befriending them until
claimed by some relative or friends.
NARROW ESCAPE OF TWO OFFICERS OP THE 87TH.

—On Monday:forenoon, about eleven o'clock, Lieute-
nants Johnston and Turner, of the 87th Foot, stationed
in the Castle here, were driving down the High-street,
in' a kig, when, on their reaching a point oppo-
site the High Church, the horse suddenly took
fright, and, by its violent motions, threw the two
gentlemen -out 'Upon the :street, at the same in-
stant iitaitihe off at u tremendous rate down the street.
Ail4—pfeceeding for about one hundred yards, the
animal turned on to the pavement, where it still con-
tinued its frightful rate of speed, until it came vio-
lently in contact with the north-west corner of the
Tron Church. The horse, which was easily secured
on this taking place; was found to be severely in-
jured by the concussion, and the gig much da-
maged, whilst about six feet of the railing which
surrounds the building was broken and torn away. It
is gratifying to state that very little injury was sus-
tained by either of the officers, which may be considered
somewhat surprising under the very perilous circum.
stances in which they were placed.—Scotsman,