The Daily Times.
Liverpool, Merseyside, England, 1861-01-21 00:00:00

THE MONEY MARKET.

It is still problematical to' estimate what will be the
ultimate course of present financial tlifficnities. The
position of the Bank account, and the pressure That still
exists upon the resources of the Bank of France, ntaf
create additional embarrassment, and the public should
be prepared tOf farther unfavourable intelligence
from America. Through Mese circumstances the state
of business was not favourable on gatuttlay, and although
it is asserted that the Russian GoVernment are willing,
to the eitent Of £2,400,000', to carry out a similar
arrangement to that entered into sonic short time
ago with the Bank of England for an exchange of silver
against gold, it is doubted whether this: supple'm'ental
assistance will
.prove adequate to the emergency of
the moment. In the course of business hours a mer-
cantile einharrassment was mentioned, which seemed
to create a sadden gloom, notwithstanding it was
thought that endeavours will be made to put the
affair etraight, and if this is possible, it will save
a large amount of distrust being thrown on a parti-
cular brauth of bilsinestl, and prevent other suspen-
sions, the effect of *hlcl could not be otherwise than
serious. The latest information from the 'United States
'will prepare most parties for further disturbanced
in the South ; but, if the North can only for' the
next WO months hold their ground in a commercial
sense, the glut of Money from England will have pro-
duced a beneficial inflUenee, and the consequences will
be less hurtful than might have becie anticipated. A
change in the specie movement will, without doubt, fol-
low, when the effect of the late importations from Lon-
don and Liverpool shall have been perceived, but still
at the same time the absorption must make headway,
and it cannot be supposed that the whole Will at once be
returned to this country. Trade necessarily languishes
while these doubts and uncertainties predominate; and
though the exercise of caution is known to be necessary,
it is nevertheless felt that if a more settled state of things
existed, the recovery would be proportionate, and the
operations in the channels connected with spring
branches would yet be quite of a productive and remu-
nerative character.

From day to day anxiety has been manifested to as-
certain. whether the Bank of France or the Bank of
England considered it necessary to interfere with the
rate of discount, owing to the exceptional state of things
both. in Paris and in New York. With the existing
position of the Bank of England and the Bank of France,
it is feared that additional measures for influencing the
value of money may have to be adopted ; but unless ex-
treme necessity ensues the executive of either of these esta-
blishments will be little inclined to make the alteration, and
with the continuance of present prospects there will be no
incentive to enlarge arrangements. This will, therefore,
produce a corresponding effect, and assist to keep the
demand within reasonable limits. It is very surprising'
regard being paid to what has occurred in relation to the
fluctuations in the rate of discount, to find credit in such
a satisfactory condition, and it will also show how pru-
dently trade has been managed, if the present freedom
from commercial disaster should be prolonged. Never-
theless it cannot be expected that there will be a perfect.
immunity from disasters, if the rate of discount should
be again carried in advance, and the result must be that
business will either sustain a severe diminution or sus-
pensions must follow from a chronic disturbance, which
appears to have affected, though in different degrees, the
political and financial situation of France and the
United States.—Observer,

The question of peace or war has suddenly
come to be transferred from the south. of Europe
to the north. According to the Cologne Gazette,
the new King of Prussia has undertaken to assist
Austria against all comers, provided Austria will
assist Prussia in her coercive designs against
Denmark. The address of the King to his
Generals is talked of as a danger in itself; but
this depends on the fact whether William I. is
here referring to Denmark or to France. If to
the latter, the danger may easily be removed by
France herself.
The state of the Bourse is exceedingly inani-
mate. The Government organs suggest that the
absence of transactions arises from the state of
monetary affairs in New York, but the unsatisfac-
tory aspect of financial affairs in Paris have,
perhaps, fully as much to do with it. Dente is
down to 67f. 20c.

THE INUNDATIONS IN HOLLAND.
FRIGHTFUL DEVASTATIONS.

ROTTERDAM, JAN. 16.—1 n the beginning of January
it was observed that the accumulation of snow in this
district was causing the rise of the river to a dangerous
extent. With anxiety and dread the inhabitants watched
the daily increase of the invading waters, now laden
with immense masses of ice, and strenuously exerted
themselves to strengthen the resistance offered by those
artificial barriers by which alone Holland is pre-
served from submersion. But still the flood rose, and
the ice-masses, as it were, formed themselves into huge
battering-rams, pressing with their irresistible strength
against the dikes and dams. The sound of the church
bell, clear and ominous in the frosty air, kept telling the
sad tale of imminent danger, and warning all who could
laboiit 0 aid in the good cause and those who could not
to prepare fot the worst. Higher and higher rose the
waters, and soon the surface of the ponderous shifting
ice-mass stood within half an inch of the dike-level.
Good God ! should it rise that half-inch higher, their
cottages, their cattle, their provisions, their all would
become a prey to the unsparing havoc! Then rose to
heaven many a prayer for help—for mercy ! At
last a bulging out in the dike directed the anxious
gaze of all to one spot—for the waters were press-
ing bard upon it, With the strength and energy
of despair they tried to stay the progress of the
flood as it sought egress from its narrow channel
into their fields and dwellings. Xerxes as well tried to
bind the ocean in chains. Suddenly the dike yielded)
Anti tip waters poured through—the ice-masses and the
flood rose above it, and swept on in their terrific course,
submerging fields, barns, and cottages, drowning the
cattle, destroying all. The aged and the sick, the
women and children, sought a refuge in their attics,
where, benumbed with cold, without bedding, clothes,
fire, or provisions, they had to pass days of inexpressible
terror—af horrible starvation. For a long time it
was impossible to approach them, and. it is feared
Many a cottage has been swept away in the flood,
and its inhabitants frozen to death on the ice-masses.
One family of eight persons were rescued from the attic
in which they had sought shelter, so thoroughly
exhausted by cold and hunger that they could not even
answer the questions of their deliverers. A poor mother,
with her infant, to which she had given premature birth,
was lying in bed in the bleak attic of her homely dwel-
ling, while her husband, from an aperture in the roof,
sought, by cries and signals, to attract the attention of a
few brave men, who, at the imminent risk of their lives,
were endeavouring to make their way between the ice-
blocks in order to rescue some of their perishing fellow-
creatt'res from destruction. They went to the poor fel-
low's help, descended into the attic through the aperture
in the roof, through which they returned, bringing with
them the mother and the babe. It was time, for the
waters had already risen to within two inches of the bed.
As I write, fresh intelligence arrives from the inun-
dated districts detailing additional scenes of wretched-
ness—people dying from hunger and cold; their houses
cut away by the ice, as corn is mown down by the har-
vester's scythe; a church which had stood hundreds of
years swept down, as a puff of wind sweeps down a
house of cards; and the prospect is even, yet more fear-
ful. Holland has often suffered much from inundations;
but never within the memory of living man has an
inundation been accompanied with so much distress and
destruction with so much heartrending grief and
des

The royal mail steamer Arabia which sailed on Satur-
day from the Mersey for New York, took L 226,177 in
specie.
MR. AND MRS. HOWARD PAUL.—Our readers are
reminded that these most interesting ana popular
"entertainers " appear this SMonday) evening at the
Clayton-hall, for a brief season of nine nights. As will
be seen, their entertainment will be interspersed by
many novelties and several new songs.
VOLUNTEER COMMISSIONS.—Cheshire : 29th Com-
pany of Cheshire Rifle Volunteers—AV. Claye, gent., to
be Ensign, vice Graham, deceased.—Memorandum :
16th Company of Cheshire Rifle Volunteers—Her
Majesty has been graciously pleased to accept the
resignation of the commission held by Lieutenant A. C.
Howard, in the above company.
The ship Heros, which arrived here on Saturday
from Akyab, brought a cargo of 10,700 bags of rice.
—The Prospero, which arrived here on Saturday from
Paraiba, brings 1,500 bags of sugar, and 600 bales of
cotton.—The Titania, which arrived here the same day
from Demerara, brings 308 casks of sugar, 100 casks of
molasses, and about 80 puncheons of rum.