The Express.
London, England, 1865-10-09 00:00:00

LIFEBOAT SHRATICIDI—During the storms
of the pmt year. the NATIONAL LIIfILBOAT II
110:i htile sod ether mesas, contributed tow T-
In Psuswie trona sumer' wrecks oe oar waste The
Institution also expended r. 19,500 is the rate period oe its We.
bold wesbtbdintenta in addition teerantiqt ALIAS se rewards.
The Committeeors,
of the lestitatto• eamestly APPAL to the
public for AM 5TANcii, to amble them to meat the continued
Win demands on the In titutloWs 150 Lifeboat Zetablisheoenta
Contributions sr* received by all the London and country
Bankers, sad by the Secretary. C
IAND LAW IS, Msg.. id the
Institutiea, 14, John-street, Arbelyh, leodon.

JOHN BROODEN.
GINAL GOLD ORLIN MANI/ FAOTORY,
IL" ti A RUM -11 T . 00VIINT-GASDZ/f.

JOHN BROGDZES GOLD CHAINS.

JOHN BROGDEN'S GOLD GL• ARD GRAINS.
----

JOHN BROODEN'S G OLD ALBERT °HAMS.
JOHN BROGDEN'S GOLD BROOCH CHAINS.

4iht eVPreini•

TO COIDASPONDIOWTB.
Advertisements tatawlea tor The longs
pays " tondos Byealsg
malt be M the Mat, Is. Bouverte4inst. AY Two
ae the day ribiloglop•

HAYMARKET.
THIS ESS.NINO, ncIiGUL 10* SCANDAL. Messrs.
Blackstone, compton, and W. Ferran Slam RAT HMS=
Snowdon, and Ors. L NadenM A
LEND ME !'IV x SHILLt M.l&—And EASY SHAVING.

nu Sr=No. IT 18 NV/ KR TOO LILTS TO WIRD. Years.
0(/.81%Iterelv.U(!le: la
Monert D. Marry, Oat:NY.
VU-
Uert
cart ; Wm L. Moore and Mb* Y. liedgers.

BITTAIMA.
THU svurnro. and
A DHOIL & Lana.—Don Pattoa.
.-egaloor Havant and his Autontata.-IJAHNY THE VOX-
NM/TM Miss Corwin ettntoo.—And THE WINTER

HIGH WATED AT LONDON-DDIDGI.
TEO DAT Yoram atA 411s.....Albessea. Ut. Is.
T4-itozaow Morals& 61a. tess.....Alvasoss. MA Um.

LONDON. MONDAY. OCTOBER 9.

Tax unexpected rise in the Bank rate of dis-
count at the close of the quarter has been fol-
lowed by additional stringency in the money
market, no less than three further move-
ments having taken place in the past week.
In ten days the terms have thus been raised
from 4 to 7 per cent., and it is in many
quarters believed that the pressure has by
no means reached its limit. Eight per tent. is
freely talked of, while some alarmists go so far as
to predict a return to the state of semi-crisis that
prevailed about a year ago. In all these cases,
however, there is an inevitable tendency to exagge-
ration, and it is to be hoped that the worst the
community may suffer will be no small amount of
pecuniary loss and inconvenience. The only danger
consists in the proneness to over-apprehension
which these seasons of difficulty invariably pro-
duce. The public, however sensible in ordinary
times, are apt to take fright when things begin to
look unfavourable, and in particular when the
state of the money market is in question. The I
feeling is perfectly natural when it is remembered
that a commercial panic inflicts an accumulation of
suffering and loss (far more than is known or even
conjectured by the outside world) that could hardly
be caused by any other national calamity. Even
the partial crisis of the past year has been in many
cases borne with the greatest difficulty, and a re- I
currence of the same pressure now would to all
large class be nearly intolerable.
The state of the Bank accounts is indeed cal-
culated to excite much uneasiness. When the
Bank rate was increased from 3i to 4 per cent.,
on the 3rd August, the reserve of notes and coin
stood at 6,461,3181., whence • steady advance
took place to 7,541,552/. on the 30th, the amount
of the other securities being at these respective
periods 21,669,8181. and 21,256,7161. In the
item of bullion the totals were 14,457,6481. on
the 2ud August, and 14,489,6121. on the 30th,
showing scarcely any alteration. The large ab-
sorption of coin for the harvest and pleasure pur-
poses then commenced to make itself felt, and
notwithstanding a steady influx of foreign gold
the bullion on the 20th of September
had fallen to 14,219,8421. The reserve
stood at nearly the same point as on the
30th August, 7,550,7871., while the private secu-
rities amounted to 21,332,4281. In the next two
weeks, up to the 4th instant, the changes became
very considerable. The reserve (notes and coin) fell
in the first week to 7,108,1741., and in the second
to 5,105,677/. ; the private securities advanced to
22,522,3161., and then to 24,170,2801. ; and the
bullion declined to 13,960,8191., and by the last
returns to 13,183,837/. In • fortnight, therefore,
we find that the available resources of the Bank
had decreased nearly two millions and a half, and
that the bullion held was more than • million lower.
The private securities, on the other hand, bad
augmented by a sum not far short of three mil-
lions. It will be useful to compare with these
results the experience of the corresponding week
of the last three years. In 1862, 1863, and 1864
the reserve (notes and coin) stood as follows:
Sept. Oct.
£11,314,977 ...... £9,836,331
9,823,313 7,737,682
7,48=

1862
1863
1864

In each of these cues the diminution varied from,
in round numbers, 1,200,00 W. to 1,600,00 W.,
against nearly 2,500,0001. in 1865. Since, how-
ever, the reserve in the four years shows an almost
continuous decrease, the actual percentage of the
present falling off is proportionably higher. Thus
in the current year the diminution is folly 30 per
cent., in 1864 it was only 16 per cent., in 1863,
17 per cent., and in 1862, 13 per cent. As re-
gards the other securities and bullion the totals
were :

Private Brouritiss.
Sept.
IM2 £19,524,938
1.463 . . 19.722,525
1864
Sept.
£17,166,742
15,432.838

Oat.
C19,7M,704
22,591,537
2/3,836,860

Oat.
.. £16,548.156

14,856.037

13-307,177

1i,918,210

In 1863 the increased demand for money more'
nearly approximated than in former years to that
we have at present experienced, but it was un-
accompanied in any corresponding degree by the
heavy diminution in the reserve and bullion which
has been lately shown, and, judging from the rise
in the rate of discount so lately as Saturday, appa-
rently continues.
The causes which have so suddenly led to this
altered state of affairs are very simple, and resolve
themselves into the one result of an increased de-
mand for the currency. As we have already
observed, the requirements for pleasure purposes
have far exceeded those of former years, and, for
the time, have absorbed large amounts of both
notes and coin. The continued fineneu of the
weather until late in the autumn also canoed boll-1
day-making to be unusually protracted, and hence
the sums originally withdrawn have remained in
circulation at a period when in ordinary years they
would already have returned to the Bank. At
this conjuncture trade with America experienced