The Express.
London, England, 1863-11-30 00:00:00

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LONDON, MONDAY, NOVIMBBR 30.

Arran a significant lull in the inenelal &bio-
sphere sips portending further agitation have
again made their appearance. A few weeks
ago the rapid and general advance in the
rates of money made us aware of the extent
to which the resources of Europe were being
taxed. The first of of the pressure were sere
in the .recessive changes in the gestations of dis-
count en the chief Continental Bourses. A fur-
ther tightening resulted from the disioslination of
dealer to lend money except at extreme rates.
A quickening appreliemilin that so Woman
an inquiry for bullion coati not be easily
stayed seemed to Munro many minds,
and it was not till after the first oonseguesices of
the advance abroad had been expeiiencod that the
rates in the open market hers declined below the
Bank standard. So long as the money lenders re-
fused to discount bills at or under the dada pries,
the mass of discounters applied to the Bank. They
were unwilling to risk delay; and sines dealers, by
their extreme terms, plainly isdiosted their opinion
of the future course of the market, merengue bonsai
geoerelly could not err by providing amply against
neemities.

It not very difficult to see that circumstances
thus di...soled, moved towards at learnt temporary
ease. The late borrowers had obtained supplies,
and had themselves become lenders for a time ;
since they had dismounted to some extent their
future needs. From Miscue cause, therefore, the
'yap tMet of disorder in lie wary 'mask were
being *Deviated ; and at the same time, the check
administered to speculation by higher rates was
operating to the same end. The Weer proportion of
the Government drawlap on India, and the natural
restraint on speculative beaks abipmemes thither to
which the increased value of money led, gave some
colour to the idea that, from this moues also, re-
lief would, for a time at least, be obtained. With
regard to Egypt no very sanguine expectations
were formed. The opinion.; of those beet qualified
to pronounce judgment have constantly been agreed
that in this direction our shipments must *outline.
To this point we had, in annum with the rest
of Europe, experienced pressure ; the efforts of
the class most immediately interested had secured
a certain amount of present resource, and tempo-
rary ease was the 'vault.

That some special causes in operation at the
present moment act as aggravations to the extra-
editor/ demand for specie and bullion is probable
musegb. It is, however, each day becoming more
sod more evident that the chief want arises from
those eircumaanose which have grown up
from the destruction of our cotton trade with
America. The sadden stoppage of the sup-
ply of that raw material from which
Europe, and England especially, have been accus-
tomed to fashion not only the main portion of the
clothing of their own millions, but also that fur-
nished over the greater part of the whole world,
was an event calculated from its origin to exert the
moat important influence upon commerce and money.
We bad with America • trade gradually deve-
loping itself, and in which, from period to period,
its own aeoumulating profits were constantly and re-
gularly invested, so, indeed, u to provide, except
in extraordinary times, the increase of capital
required for its extension. We had to deal with
a special class; and if the States planter sent us
cotton bales, he took back the manufacture of our
looms in payment, and left us an adequate
margin of profit in the surplus goods which we
exported elsewhere. When the American war
threw oar artisans of the North out of employ,
and forced us to look to other quarters for the
staple of that industry calculated to give occu-
pation to nearly one-fifth of the population of
this country, the very magnitude of the interests
involved occasioned the exercise of a corresponding
rigour in the efforts to secure the supply se
essential to our prosperity, and even to the exist-
ence of • large number of the English people.
That our exertions have been strenuous almost
every clime will now bear evidence. Many
companies have been set on foot solely for gm
purpose of aiding the sottou supply, mod
a considerable proportion of the banks lately
established have based their expectation. of holi-
ness on the cotton trade opened and to be estab-
lished with Australia and with different parts of
that vast continent of South America.