The Express.
London, England, 1865-04-17 00:00:00

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Doneksalt and Min IL 011var.—And AN AIME APOLOGY.

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MOVICTIMULIti. Mr. feebler iwad Maadar lachlar, Mr. Widda-
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LONDON, MONDAY, APRIL 17.

THE money market continues to show increasing
ease. Although ou Thursday there was • tempo-
rary augmentation in the demand for discounts,
owing to the approach of the holidays and the
consequent necessity of providing for the engage-
meats maturing on four several days, it had no
effect whatever upon the general rate of interest.
The supply of money, compared with the amount
of bills offering, remains unusually abundant, and
bids fair to increase now that the public dividends
have been paid. Already it is a matter of con-
jecture which week, this or the mixt, the Bark
rate will be lowered ' • that • speedy reduc-
tion is certain is disputed by no one.
It will not be • very satisfactory circumstance
to record, aims, as on the lest occasion, it proceeds
from diminished activity in trade. Nor is it per-
fectly clear that the lowering of the rate to 3i
per cent., followed in all probability by a further
decline to 3, is likely to give that impetus to com-
merce which is so sadly required after the pro-

traded crisis of 1864.
The fact is that there is an entire want of general
confidence. This is essentially exemplified by the
state of the produce markets. There can be no
adequate reason for sugar, rice, etc., standing et a
lower value than • year back ; nor does the success-
ful progress of the Northern armies warrant a dif-
ference of some 50 per cent. in cotton. For the former
articles there is, as there always must be, a steady
and remunerative demand ; nor are we menaced
with any sudden glut in the supply from some
new and unexpected source. As regards cotton,
the is case somewhat different. The open-
ing up of the Southern States must inevitably
bring some quantity of cotton into the market, and
the only question that arises is what will be the
amount. Taking the most favourable estimate, it
cannot be of that magnitude to depreciate
the value here by one-half. There can be
no doubt, on the other hand, that the stock
must be comparatively very small, both from the
destruction caused by the war, and from the
necessity of cultivating instead other and more
indispensable products. Hence there appears
no adequate ground for the extreme depres-
sion now prevailing. If there bad been no ex-
ceptional causes of difficulty in 1864, it is probable
that the produce markets would have remained
tolerably steady, while in cotton there would
have been only a moderate and easily borne
fall. Unfortunately, the excessive speculation
that took place in the latter article resulted
in • natural revulsion, and a certain un-
easiness at once began to be generally
felt. The successive rise in the rate of discount
turned this uneasiness into positive alarm. It was
becoming daily more and more difficult for traders
to obtain accommodation, not from the actual de-

ficiency in the supply of capital, but from the
disinclination to lend. Houses struggling to
maintain their position were compelled to part with
their stocks of produce and cotton at ruinous
sacrifices, since as each supply was offered in • fall-
ing market, buyers were less ready to come for-
ward. Failures necessarily took place, and, of
course, increased the prevalent disquietude. By
many it was anticipated that • commercial
panic like 1847 and 185 7 was at hand.
The weekly accounts of the Bank of
England were scrutinised with far more than
ordinary care, and the continued decline in the re-
serve was noted with no little apprehension. Long
and anxious months followed, when no man knew
bow far be could trust his neighbour. Money was
at 9 per cent., and it was predicted might possibly
go very much higher. A certain reaction then
followed. The accumulation of their resources,
forced upon merchants by times of difficulty,
gradually increased the supply of capital, and the
rate of disoonnt began to fall. But the shock given
to confidence by the events of last autumn
was too severe to be soon recovered from. It was
well known that other failures would almost inevit,
ably occur, and that further supplies of produce
would be thrown on the market, either to prevent
stoppages, or perhaps on account of them. Hence
there has been no corresponding recovery in this
department of trade such as might have been
looked for with the reduction of the rate of dis-
count. -

It is to be doubted whether from this particular
point of view it would not have been better if there
had been a general collapse last year, instead of the
protractedhalf-crisis which was actually experienced.
One advantage in the former case would have been
that a mercantile failure would have lost much of
its stigma. In ordinary times it is almost fatal to •
merchant's credit to stop payment, and he can
hardly ever hope to entirely get over its
effect. A firm will therefore take every
measure in their power to escape such a
calamity, sell at an enormous loss, and involve
themselves perhaps deeper and deeper, to the
actual prejudice of their ultimate crediting.
In a panic it is different. No one is blamed for
succumbing to the difficulties of a period so com-
pletely exceptionaL Of the failures that took
place in 1857, perhaps one-fourth or one-third
were justly attributed to this gauge. A house