The Express.
London, England, 1847-01-09 00:00:00

MONEY MARKET.

Dec. 17.—Thu stock market opened with the same spirit
which has characterised it for the peat month or two. Prices
were a shade lower at the first board, but the transactions
were to some extent. At the wcond board prices experienced
another decline. It has now become sadly apparent that there
can be no let-up to the tightness of tho money market, the
prospective operations of the sub-treasury leave no grounds for
• reasonable anticipation that the apt eie clause can be removed.
In the short space of fifteen days the payments must be paid
in specie to and from the government ; the manufacturing
business is already prostrate ; the domestic commission
houses are in melancholy distress; the out-door rate of
respectable notes ranges from eight to ten per cent. ; the
failures constantly announced seem to indicate the same
state of things which preceded the suspension of 1837.
If foreign exchange has fallen, why is it ? The excess of
exportation for 1846 over 181.5 scarcely exceeds 3,000,000
dais., a cum too small for the great reduction of rates. It is
to other causes we must look for the depreciation. The
amount of business transacted by the purchasers of domestic
and foreign goods will best explain this intricate subject.
The transactions are of the most limited character. The
importer., feeling the effects, are much embarrassed in
making their remittances. The sake at auction amount al-
most to • suspension.
The stock market of course ham been and MUM he very
materially depressed. There is a general want of confidence ;
the movements of the treasury aro so essentially unsatisfac-
tory, leading to an apprehension of a conflict with the banks,
that loans on the best description are made with difficulty,
and on terms so restrictive and capricious that most holden
prefer selling.

We have accounts this morning from Cape Town
to the ith November. Intelligence from Fort Beau;
fort to 28th October announces that the hostile Kaffir
and Tambookie chiefs had submitted unconditionally,
and declared themselves and their people to be at the
disposal of the governor. Reports that it was
intended by the British to deprive them of
their lands had struck them with terror, and
induced the rapid submission of one chief after
another. Sir Peregrine Maitland was making ar-
rangements for locating parties of colonial natives in
the territory between the Fish River and the Keis-
kamma, and no time would be lost in settling, with a
population that could be trusted that fine district,
known as the Cheemie Basin.
Such was the state of affairs on the frontier at the
date of the latest advices, but though there appeared
to be every prospect that the war was ended, remem-
bering that the Kaffirs, in 1836, effected some of their
most daring forays within a few days of the prods- ,
mation of peace, it was considered advisable to con-
centrate
a strong force in the neighbourhood of Block I
Drift, to overawe the enemy, and if need be to enforce
an unconditional submission.
The South African Adrertiser, in which this intel-
ligence is announced, says:
Since the suspension of hostilities some curious information
has been obtained from individual Coffers, respecting the
operations of the war. According to them, the attack on the
Amatola ruined their cause. They believed those fastnesses
impregnable, and they always held this up to Creili and
Mamas, as a reason for their joining-in the war &emit the
English. Mapusa's messenger, who came to solved peace
from Sir Andnes Stockenstrom, at Shiloh, said, in the pre-
tence of several people—" Stock's (Stockenstrom's)attaek on