The Express.
London, England, 1855-10-22 00:00:00

LONDON, MONDAY, OCTOBBR 22.

Tas egret of the Money Market ham at length
become so serious as to give rise to general anxiety.
Were the cossegnences of the pressure confined to
the total extinction of all speculative tendencies, they
would be comparatively easy to be borne, even in a
great commercial community like ours, where many
of the operation; are neesesarily prompted by sp.-
Gelation. But the results extend farther : all branches
of trade, even the very soundest, are being affected
by the dearness of money, and by the difficulty of
obtaining accommodation sport mercantile bills having
anycoosiderable period to ran. There is no disguising
the fact, that we are in the midst of a monetary
pressuniof greater intensity than has boon witnessed
since the disastrous autumn of 1847; and it is
beyond a doubt that, unless some amelioration be
shortly experienced, the commerce of the country
will be considerably restricted, and the national
profits, so important to the enoesadal prosecution of
the great contest in which we are engaged, will be
sensibly curtailed. Within the brief period of six
weeks—the Bask having raised Its rate of discount
to 4 per cent. so recently as the 6th September—we
have witnessed a rise in the value of money front Si
to 8 and even 7 per cent. During this remarkably
rapid movement, whilst the market was in its transi-
tion stage, we judged it beet to do oar utmost to Local-
este the necessity of groat caution. With this view we
have almost daily, even at the risk of reiteration and

misconstruction, enumerated the various adverse
elements affecting the market; and this we have done
the more emphatically because hi other quarters
pertinacious attempts have been made to explain
away the cause' of anxiety, and to lull the public
mind into false, and therefore &aprons, security.
Experience has shown that the period of transition,
when a sudden contraction of trading and specula-
tive engagements is neceesitated, is usually one of
great danger; and thus the community may congra-
tulate themselves on having passed through so cri-
tical a phase without sensible embarrassment. That
our cautions view was well founded is fully proved by
the result. To inlet upon caution now would be super-
flume, tbeexisting ratted money being amply enficient
to enforce extreme circumspection in every branch of
trade. A great step has thus been gained towards pre-
venting aggravation of the present premiere, and esta-
blishing a foundation for future recovery. Instead
of launching out into fresh operations, merchants
throughout the kingdom are now engaged in rigidly
restricting them. Regrettable as is this contraction of
trade, it will tend to render accommodation more eery
of attainment. Under present circumstances the
proems is necessary, although painful. Fortified by
the stronger basis now secured, and by the continucd
extraordinary firmness of commercial credit, we are
enabled to face with increased confidence the adverse
influences which threaten the stability of our mone-
tary position.

These dangers, unfortunately, ere sufficiently grave.
The war and the food question form two serious
elements of disturbance, which are further aggra-
vated by the critical position of monetary affairs in
France. To the requirements of the war we have
repeatedly called attention. They will aoudads be
heavy, and will oared= large withdrawals of eoio.
Besides, no inconsiderable proportion of the sum
will never yield say direst esters. The war expendi-
ture, though unavoidable, is not reproductive. Never-
theless, we are perfectly satisfied that, were
our position is other respects satisfactory, the bge-
dens of the war would not constitute any serious brill
to the vest resources of this rich country, swelled by
the accumulations of a forty years' peace. Reverting to
the food question, we see cause for further anxiety. V
truth can be most nearly attained by Weing the
balance of opinion, we shell be led to this einsississ
that this year's harvest in Great Brits% her been
Duke of Cambridge, and
Hie the
somewhat below the average, and that,ocessquently, Royal Highness
Bate. Esesebesis salad some wallets sped ea eater-
quantity shall have to import rather more than the average gay, fa mamma Pub.
quantity of foreign grain. In this fact there is no- Th. Dud. 0( Cambridge sad the Prim", Mary
thin° to create, any feeling of einem' But, an- will leave Iffeetea.hall. near Mansbariter, where their soya
happily, short crop appear to have been highnesses ham bees stain en a 'left to the Bag end
tethered in many Puts a Enrolls- In France, Center et Wilton dose Monday lest, is day, te Mow
the Government admits there is a large the Red sad Casten of Derby by a Melt at KiMarts
deficitucy. In Spain, Italy, and many other States talon a litaialslabol party is sistaidad to meet the Ord
much popular discontent prevails, stimulated by the fiends,
mune cause; and all the accounts from Northern Oer- The Bilk* of Dem". Infra at Davaalhbe
Ms lame time, his plete's
many refer to the serious privations of the poorer Reeleio of w isbabbis sobs woad
dames coomquent upon the partial failure of the seat
by 7bess. Zs muds a *mg Image bh gssensiioy his
crops of rye, their chief food. In fact, in this year's Neel „mow% es bk INF es gaska.
harvest Gnat Britain seems to have been more w, mdsrstmd th„neuddit norriele
favoured than almost any other European State. cassia sir Theme prosbniagt, lame palled Iredlime,
The inference is inevitable that food will remain with miss Lewis Gamey, posagost besieged Ne. Dodd
high in price throughout Europe until next harvest. Gana, of Ring's Lyaa sad Ituastea-kallaierfdk. glebe
Under Free Trade England can supply her wants selemaleed early is It. ensuing month. The adr Amends
from the United States, or from any other country &stomata %the Zed of
where there is comparative abundance, and our The Right Hon. Sidney and Mrs. Herbert's party
labourers and artisans can hence draw the sesurance at Wiltall'!"l9. near Salisbury, laeleded the Earl sad
that, although the loaf may command an enhanced Hoo Coaster
Sir Charles end
ll°'i
Ledbeillylldery Weed,
of
Bhahasbaq, the Bight
the Bishop ef
price, they will nap the positive }eke' (Word, Caul Baseleski. Captain Wm. Peal, BILK. Ms.
roue to which limy of the EurePtien C. W. A'Court, ILP., Mn. A'Court, Re.
populations will be exposed. But we must at the cinema sir George Brown has gone on a ens.
same time remember that, in calculating the effect boatel tour, sessayanied by Lady Brews. The pia,
of the imports of grain upon the Money Market, price general purposes te per the winter at Nies
forms a most important oneideration. A difference The Lord Mayor has appointed the 6th of Nevem.
of 20s. a quarter in the price of earn tells sensibly her far a moat!" is the Egyptiaa.ball, at the Menelsn-
upon our monetary system. Iteesselaing, then, this hews te take late esesidirstice the establishment of
fact, and that dearness of corn throughout Europe Pablis Litearias is the City, is esabrmity with the resent
means dearness in Great Britain, we are justified in act of Localsll4°"°t•
placing the food question in a prominent positianAdmiralty have
to gnat a Commissioners
aaddrataityet 151. to John
amongst the cause, of the existing disturbance. she ".---bostoinge,e mew. tote her bleintg.„hig ge.
Evils in abundance are laid to the charge of the war, ys„, edam, so, belonging so her usieeere side Reddeg,
so let it be remembered that this element—which for oessormas gallantry, in osesseessieg ta set fire is the
would probably of itself have raised the value of Rallaial ships Is the Wilmer of Sebastopol, by mesas of a
money this autumn and winter—stands in a great •aPladial aPearataa. on the sight. of the 15th a duly and
measure unconnected with the war. 16th of August lest.
Os Thursday next, on the occasion or the trial of
France, we regret to observe, less fortunate than NE Bustin, ',mil. sad Baru,a wen sway of legal
this country, is at ogee environed with a multitude bleat is likely to be sees. It is and that the Attoray.
of difficulties, including a dee.dedly deficient harvest, Nam', Mr. Bodkin, sad Mr. Poland, instructed by
necessitating an active export of gold for fresh food Mews. Emapheas See, sad Mega, of °beeper/has-
supplies, in addition to the specie drain for the war, bets. are esesgiedfor the proomadosiathat SG P.
Moreover, this adverse conjunction takes place at a
Th .who e at
with Mr. Sa peasant at and
i lianas for Mr. &rah= ; &dams
time when speculation has become iodated, and when
retainedßeles sad M. Hawkins, Jimmied by Messrs. Lewis and
the general position of modetery affairs is unsound. /4„.b. of B 17-place, to we yob, Dean pod; end Ito.
The warnings repeatedly uttered as to the danger mei& James, Q.C., ad Mr. Parry for Mr. Bates.
of the current of French speculations have been Mr. Williamson Booth, showed gendeddon, has
attended, we have satisfaction in thinking, by glees aetiee that he will held a epeeist mart for the else-
the good effect of presently; English ea- ion of a Knight et tee liklre, in euoearlea to Visesset
pitaliste participating in loss ; het on the Meariedile, new Duke of Matehester, en the 33rd lest.
ether aide of the Channel the speculative (te..._ll'ece„):l'
of Erroll his
rejoined his
the
spirit remained unchecked. At a time when the saasebatten: nine gelled.. new sae -a-e.ATie:ebeee.
shall
of
bullion
in
the ihtnit of Fallen—upon Lord ad Lady Salton°, with the Hon. Miss Fraser,
which that country mast chiefly rely for the means pnoor. ses party, have arrived at Plalacti Raiff
of earning on the war and purchasing grain— ben sows so Amami.
was becoming seriously reduced, a rapid astssaisor Mr. E. A. Scott and Mr. B. H. Droop, of Mall-
instead of contraction, of paper and speculative sear brawl College, have ash bee. elated to a felleiship at
dties was blindly .earried on. A reaction wee arida. Tubby Ceiba% Osahrldie•

LATEST
NEWS FROM ABRO41)

STritRENDER OF RINBURN.

1,600 PRISONERS AND 70 GUNS TAKEN.