The Sun.
London, England, 1845-11-21 00:00:00

„iv
MONEY MARKET and CITY New'
Crrr, Triunsmev E 777,01
HERALD.--The-DireCtors of the Bank of Engr; Kee
no further notice of a change in the rate of discoui!nitielhi
usual weekly meeting to-day. The practical Prit cfoteiet
Bank is acting upon is, except in special cases,
or 17efnrs tfir
their discounts to paper arriving at maturity on
ri. tlLinfro-;
Bth of January, and loans made are generally
same limit as, to time. In the meanwhile there is
.sie' ",;eci
generalbe i n a
repugnancesc a rci ' of m
amongston e i n
the h fsor al
lengthened period. Money is to be had in abinal r.7.riont.
ein
bankersar
discount houses, returnable on call, at the rate et. ''2,'"ov is-
'tollto theree IP,. be the
per annum, whilst long-dated paper has been in_Ll,t pet
stances refused discount even at the rats of 5 per t•”"
of
annum. sitter
es a sti • be
This change in the face of affairs arises, pill
course, from the impression that money
~,, to
more in demand than at present from it pill ire
to the beginning of January, and that, I.L„ofifise
crease in value in proportion. But thi
_LT' iii go;
although it may be said to, be very gen"! ic Os
universal. Some of the shrewdest operators __to for
Discount Market are of opinion that the real pro in it
money. has beedyet very slight, and that the . nv,t appr!:
value is chiefly the result of distrust produced hY,f; would
hension that the reaction in the price of railway :4i, fechs.g.
bring on a serious crisis. The necessary result loch 51
on the part of bankers is to keep their filmic
sews Os
r any.
possible at liberty, in order to be prepared fo
tioS
may occur.brentigi
an,
The effects which have been produced on In a to . g
of our industry by railway communication, ell..ted 0 s
greater changes yet anticipated, ;have been desc.sm_ idorer
intervals in almost every vehicle for communicatlsa hoe be"
tion to the public, until most of the salient Trnit%ousoee it
come familiar. Amongst other effects, the 1 freoesh4
railway communication on the currency has h0n.,0 fits `.
noticed in a cursory manner ; but we have seen le'lley is '
the revolution it has produced on banking genritteo bit:
connected form, equal to the following sketch, W
wpotfiet
practical banker resident in 'the provinces, end c°
iieYs
speak on the subject from experience : hich rs,r;ct.
"Among the many social improvements 1f..;:, led •'" re
have effected, or assisted to introduce into the vni,bo be
dom, it is interesting to contemplate the influenes
exercised over the affairs of banking. o'l'll
allies tbs
" The distinguishing features of railway Wpm plse's Ait
rapidity and regularity. By the aid of railiege,...broes j
most remote, and formerly the most inaccessible, l'i7dine, $.4
within a few hours' journey. Passengers, reernitterjese 'l4
letters are whirled along the earth wit equal cle.teleireP
dispatch, while, by the introduction oft he electric
ter op;
any extraordinary circumstance requiring still gtigdoig
dition, may be made known from one part of the ' 11,3
another in a few minutes. Or
+o'
" The banking instituticne of the country ree,Pocal re,,,;,1
share of the advantages arising out of this green,.„ a ," fit
lution. A banker at Newcastle-on-Tyne lin Ireli}k
run for money may put himself into the Lonenibe4.
six o'clock in the morning and be at home sir, of Ir,io
lowing day to breakfast, with as large a Pull", orsor
notes or gold as his credit can procure. A few :•itb ;fill
the best he could do was to post the whole Wel oriceta
holies, at the rate of nine or ten miles an hoar, 01.6014
the torture of accidents and delays so peculiarly worts,,;fi
that mode ftravelling, and accomplishing the in • ill,jfi
in three or four days. If he reached home wir„ rie•of
before his bank had stopped, he was a fortsetaselaj
the present day, if a banker has any resources, 7, clitfroot
little moment, as, by the aid of a railway train, !:cstlfori
than into action in a few hours. If he has neit_.lll" co
capital, he may remain at home, a railway elPr' .is 4
_d
him no relief. OP't P°
" Some of the witnesses examined before th.„01,,, ilis,,t9;
of the House of Commons, in 1836, were of 01)1f,t— ec,')'
bank should have any branches beyond its "'OW,/
others considered that they ought to be within sievrcialle,
tance—say thirty or forty miles—that a diTettl. Old
might visit them and return to the head office r:sitot;',o
At the present moment, the manager of a ban't eV iiii
London can start from theice and visit a branch ei.,00
244 miles distant, the same day, and be back in )".. if,
folloing forenoon. " ' lii
co ~ fir
" With the same expedition with which he srov
travel by railway, a banker can have his lettersigrbesAet
packages, transmitted from one place to another. or," 0
he formerly sent by letter upon a journey oft iltific'e3fi
days, now arrives at its destination in one. Thetcoor,gr
make payments and retire bills, which it wasY, Xi'
, customers should give him two, three, or eves le"' di
vioue, are now sufficiently early in 24 hours. jelie s'j,e4
" But railways do not merely economise the " 1P ii
banker, they also economise the use of his moneYe'forvi;
not require to keep such large reserves in his _lc OPP,V
used to do, because he can receive an Widow ulieeit
less than half the time he formerly did. TheY1.1,,,,0p,0
the risk of transmitting money. • The rapidity' en 1000, V
of transit from' place :to place have led intseilcety
prefer sending their remittances by a special nivlvict'soe
stead of, as formerly, through the medium of the ersn,iite
This plan is adopted by several banks Moist ersovi
is
There no money sent by post either to or from $ to
but remittances are dispatched, when necesserilcatf'o,c
This insures certainty and security, and the L" In 'llO
,it. De
ceived even more quickly than it could be by Pv too
instances business is thus transacted in one emirs ds,l;eo'
which a few years ago would have occupied an tido! 0/1
" These facilities will probably tend to the 61"-_,u of ,"
duction of still greater improvements in the nw"- )emirs
acting the business of bankers. They may9.l,, drsf
have the effect of shortening the dates at whnets pre'
draWn by country bankers upon their London anpliee,
expedition with which money can be conveyed, li/ibie reif
cured, and advises effected, naturally leads) t° late al*,
They may also have the effect of equalising therot I. fiil
terest allowed upon deposits. This has, in f01. otri',
been' very unequal in different districts of the concoPoill.
may, still be found to vary from 2 to 24 and 3 Peerages Os
even upwards, in several places. Local circulnl'W
no doubt, continue to influence the rate more efts,
there will still be, as there already is, a greater icef
assimilation. , Pt
,;'6.0;
" Those facilities also tend to reduce the entielle l'' tvi
rency throughout the country. Banker., fioni "ifieeol:
stances already mentioned, do not require "ceielfi
large sums in their tills as formerly, such heel see o'4o.
bank notes and bullion. The same circumstenctaceiV,
the more rapid return of notes. Markets which '; let; it'
dealers were in the practice of visiting only at 109 0,160
are now attended three or four times as oftesit cfrlerf
not unusual to hear the remark, that the markets Lott 04
country towns lying contiguous to railways, site 00304
tended than they used to be before these iron sops),,
opened. These farmers and dealers deposit the ire) ,y,
notes they would otherwise carry in their Pot es,,,
hands of their bankers. The notes issued by earth
also more rapidly returned to him by the banker" the,.
them, and this has the effect both of keeping do cbct ,
age amount of the circulation, and of acting es* v ,i;
excessive issues. . ~, 00,, fir,
" Railways have advanced the interest§ of t"-;b!„5111'
the additional banking business they have bee*,,fbv,o:i
of creating, They have increased the num bet .-„;i4Poi,
accounts, and banking operations of every deectiro,lese Ir''
discOunt of bills, the transmission of money, t,lest,„o6' 71
deposits, the circulation of notes and coin. " ~, v, r 0 .„'
creases rh ,---e tnaplOyfalilt ot, tie, peep incres-dee'viv:
business of the banks. All new undertaitings,',."44
waystm e pewerful - auxiliaries
,to the gene-1%1,60 to e'o
country. The mere ipeCulitions arising out sof if. 0.411 likr
during the last twelve months have added br4o4lPi,
employment of the banks, while the calls and,:.Tiel Jr,
been a source of considerable profit. The preTl,-osSicer
tropolitan banks have alike benefited by the in_h"'"110"
way business. The great additional labour whit „Infidel) 1
0,
sequence been imposed upon the clerks in the.,'..""_, „e Ate
has given rise to complaints of their being WV i b0;014
We should, indeed, be glad to see their hours of dd."
little more curtailed. It is a subject worthy the °I Oar
and we trust will receive the early attention,
• of I
ill 0 profit so largely by their labours." Of(
1
There is no reason to believe that the picture or c
spect overcoloured, either as respects the presentis'
babilities of the future.

DEEP SEA FISHING',.OII
E ,„00ar
TO TEE EDITOR OF THE EDINBURGH ,ider rdl
Sir,—Whilst receiving such information as ILO
be of interest to the public, on the subject of P,'"t:ilor,
ing Establishments, I frequently converse with
principal objections are, that they would incur
fishermen by depriving them of a living. „ diorts
A slight consideration of the subject will o°°7
00 ke,„o
al
a delusion. The object of Fishing Companies if° 0' • if
secute the fisheries upon a more extensive ee
now are, with efficient vessels, such for instant
and English. The present existing fishermen is
ploved by those companies. g oPeiletto4ooo
When companies are being got up they er-ht otl
and where shares are small, the fishermen wig'. estA
embark and become part and parcel of them:,,i
some scruple to engage as servants in the enroge_LX
others, if able, they might get up companies
selves. The great want to be supplied is encl.- 010&01
prosecuting the deep sea fishing in all weathers,. r cr
It is a well• known fact that the Dutch, 211:e 0t1f,1.0
distance of 600 miles, export herrings fr°,`;(loo"r9
annually to the Mediterranean, the value 01 of 00.000
mense, and :that is effected a month before enLidog
boats put to sea in quest of herrings. English7,,,*
are often on the coast of Scotland fishing, 1/11"'*
been known to fill their wells with 1,200 cod in 000.4
These fish being taken to London alive, - enr.itb,
been cured there, have been transhipped to 14
in Edinburgh at a high price. ce
Such an anomaly, the public will easily c°°
organised fishing establishments would remove' 0141,11'04
There are parties, too, I converse with, Wi?..9 #61004
to fishing companies are, that if large quantitlE sooPito
brought into market, the price of animal i° visiellto die
be lowered, and the general interest of Pr4:lo 0089
injured. My argument to them is, " Let n°,,Dplid (0,411
as we wish that they should do unto ue"--4-"vi00-4011"00
munity with plenty of cheap food. If the 1)1;° theo,,d
are desirous of acting up to the golden rille'oeTeir"
embark part of their capital in the fishing Vic,, '
.41
what they may lose by the cheapness of beef, fpo
°
gain by the profits from fish. fishei
My. opinions are, that if the whole of the . d ° c"
nise
Britain were conducted under properly orge, to, dro
they would be of a great national benefit-4-11,01'w
g• PP
Edinburgh, Nov. 17, 1845.

°joie'
or
The Brighton and Chichester itai,-,6',001,00,41
opened as far as Worthing on Monday nela, nrii A o g
having inspected the line, and certified that it
traffic. The opening would have taken place 'th• P
for the unfavourable state of the weather during
week.—Brighton Ga ette,