The Express.
London, England, 1852-01-01 00:00:00

To-day the accounts in the foreign stock and in the
railway market were brought to a period, and a com-
mercial year closed, which has proved one of great
anxiety. It opened, it is true, with some depression
from the silver panic, but with strong hopes of a sti-
mulus to trade from the Great Exhibition. On the
other hand, at an early period, from the nature of
the winter, serious fears were entertained as to the
Train crops throughout Europe. On the whole, if
sanguine expectations have been disappointed, so
have brooding fears; but to have got fairly through
the year is all that can be claimed at the end. A
large export business has been done, chiefly in the
beginning of the year, but low prices and small pro-
fits have prevailed, and the foreign produce market
has, contrary to anticipation, been subjected to a con-
siderable decline in prices. In the course of the year
many failures have occurred, which have generally
been of a quiet character, not partaking of the nature
of a panic, and generally attributable to the rotten
condition of firms long engaged in trading beyond
their means. Lcd on by the supposed influence of Cali-
fornia and the prospects of the Exhibition manyhouses
in desperate circumstances made a last venture, and
which resulted in their utter prostration. Events of
this kind have rather contributed to the soundness of
trade than otherwise, but there is still reason to be-
lieve that a large number of houses of a like clan to
those which have failed are in serious difficulties. In
the United States similar occurrences have been

brought under notice, although there tho general
prosperity has been of a more decided character, nor,
indeed, is it to be expected, that under any condition
of prosperity we are to be exempt from failures, nor
that recklessness and dishonesty are to be indulged
with perpetual protection.
Last rear great alarm prevailed, owing to an ap-
prehension that the Californian supplies of gold had
disturbed the price of silver, and were about to in-
fluence that of all commodities; this year, although
Australia has opened her stores, and unusual sup-
plies have been obtained from California, less de-
cided opinions are adopted. We have witnessed a
re-action of prices in the precious metals, which
restored the former relations of gold and silver, but
this has now been interrupted by political causes,
under the cover of which, however, operations in
prices may be as yet concealed. Tho same political
causes eve a check to joint-stock speculations which
had their origin iu the plethora of capital and the
want of favoured channels for its employment, but
we have no assurance that such spirit of speculation
has been extinguished.
So far as prices have been concerned, those of
public securities have been pretty evenly supported.
With regard to railway stocks, the rise of prices in
the spring was checked, and although the traffic has
shown a continuous progression, independent of the
Exhibition, no adequate rally has taken place. There
has been no great call for capital in this department
or in any other branch of joint-stock industry, but
guaranteed shares having come more into favour a
&race foundation has been laid for future operations.
The prices of grain and home productions generally
have not been subjected to great fluctuations, which
have been most marked es already observed in foreign
produce. Hitherto the tendency has been decidedly
towards an adjustment on lower prices, but there are
certainly indications of an action in the opposite di-
rection, and, an extreme probability, if peace be
maintained in Europe, of a rise in prices resulting
:tom the large imports of bullion.

ISNOLIaII WIN ~..—Tuts DAT.
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3 in (.1. Natured. Nil I 'Wh trtook. that
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FOREIGN /UNDO.
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6 wx
11...trairil, lir. el 4 6 per Ct. Permian. 91 Il
DIVA Pefeeerthl. /444 t
lose
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Ct. I 14
!per Ct. Ctill GI 4 Iffer ta. Remise, 1 3
3 per Ct., Danish, NO at 6µr Ct. mantel% A ea Ili 2
21 Pee Ct. Dutch. .•9 Al 3 per Ct. 24azzln. 414 $3
4 per Ct. Dutch. NG 3.04 D. Paste., 3 4
Matador. 3 4 24 per Cl. Venezuela. 33 7
1 per Cl. Chmesds. 11 13 De. Deferred. II 13
finials. 6 per Get. SS to ell.