The Express.
London, England, 1847-08-30 00:00:00

but for repressive action otherwise, have seriously
encroached upon the reserve. Those deposits were
drawn upon to a rather uncommon amount in the
space done week, the cause of which it is not easy
to assign, although it is not improbable that demands
for railway expenditure may have contributed to it
somewhat largely. In the circumstances, and in view
of the uncertain future, the banking interests would
be more disposed perhaps to reinforce their deposit
accounts, than to weaken them.
The decrease in the " other" securities, which mainly
represent the dealings of the Bank with commercial
paper, indicates sufficiently the prevailing depression
of business, and the state of commercial discredit.
Bills and loans were left to run out, and were not re-
placed by renewed transactions to the same amount,
and from the funds thus falling in the reserve was
supplied with the surplus of notes which accrued. It
was thus supplied, however, at the expense of that
accommodation which it has been usual to dispense to
industrial interests. The reserve, notes and coin to-
gether, stood at 5,112,6981., and therefore covered the
one-third of the liabilities required upon the banking
rate, with more than a quarter of a million to spare.
The excess was respectable, if not considerable, and it
may be urged as one reason why the Bank should be
rather more liberally disposed to deal with commercial
paper. It is not, however, in the shape of
a relaxation in the rates of discount that such greater
liberality need be manifested, but in the more free
admission of respectable paper to discount. The
limits as to the dates of bills seem unnecessarily
harsh and restricted. The rates of interest exercise
doubtless a certain restraining influence upon opera-
tions in specie and bullion, but it is only necessary to
consult the Bank committee report of 1840 to under-
stand how much that influence is commonly

exaggerated.
The advice. from the United States by the Hibernia
state that money was not quite so easy, and it was
anticipated would be less so. Six per cent. was
readily obtained. State and government stocks were
in decline. The rate of exchange on England ruled
at 106 to I, but undeniable bills only commanded the
latter rate. Meagre. Prime, Ward, and Co., of
New York, say, in their circular, that little
business was done or doing in exchange on England,
but that some considerable amounts were negotiated
on Paris. The New York papers represent that the
quantity of gold and silver specie accumulated in the
banks of that city was " more than ever before,"
although less was then being imported. It is grati-
fying to learn that the " imports of merchandise for
the fall trade were beginning to be unusually heavy,"
and in the week ending the 14th instant had reached
to the satisfactory and somewhat extraordinary
amount of "nearly five millions of dollars" for that
port. As the duties are payable in hard cash, large
sums in specie would be required and pass into the
public treasury. For the week in question the duties
payable would absorb over one million of dollars
in that city alone. For the month of July,
above two millions of dollars were disbursed in
the same port for customs duties. The specie accu-
mulated in New York, and thus passing into the
public treasury, would be dispersed in other parts of
the Union by the government expenditure, which
from the Mexican war was necessarily so heavy, and
so much on the increase, that it was calculated the ten
millions remaining of the loan for 23 millions of
dollars would be wanted and called in within less
than three months, over and above the means sup-
plied by the ordinary revenue. This would create a
demand, and perhaps a pressure, for money, which
must fall principally upon New York. It is pro-
bable that monetary changes may supervene
therefore in the United States, in the sea-
ports more especially, under these circumstances ;
whilst it may be hoped that the imports
from this country will so reduce, if not equalise, trade
balances, that no more specie of any consequence for
adjustment will be called for from hence. The pay-
ment of the half-year's dividend on the Pennsylvania
debt, which was regularly effected on the Ist instant,
with remittances on account of the dividends on other
state debts, will assist in some degree also in re-
placing the relations and exchanges between the two
countries on a more regular footing. As, on the de-
parture of the Hibernia, the intelligence had not
reached New York of the large failures in the corn
trade here, and the heavy amounts of bills dishonoured,
and returned from hence, upon the drawers there,
the state of money affairs as now advised could not
have been affected by these events, although it is evi-
dent from the tenour of the private accounts that
merchants were not al ether without their mis-
givings of unfortunate results, founded doubtless upon
the adverse state of prices.
It remains to be seen in addition, however, how the
course of exchange and money values may come to be
influenced by the system adopted by the American
government for defraying the expenses, and procuring
supplies of specie for that purpose, of the armies
in Mexico. It will perhaps be recollected that,
many months since, it was anticipated under
this head, that eventually, from the cost and difficulty
of transmitting specie direct from the United States,
the government would find it more convenient to
resort to the economical expedient of purchasing the
silver collected from the mines and mints on the spot,
otherwise destined for shipment to England in satis-
faction of trading balances. The risks and charges of
the transport of metals to the coast through a country
infested by roving bands of guerillas, b ..des more
regular contending forces, and of shipment after-
wards, would thus, as it was shown, be avoided,
and, as these matters enter largely into
the calculations and anxieties of the merchant,
he would the more readily be inclined to avail himself
of a mode of remitting his funds which should com-
bine equal patch with greater economy and secu-
rity. The exchange of his dollars and silver bars for
bills on the United States treasury, was an advanta-
geous recourse in point. We sow learn that the
secretary of the American treasury has given orders
to realise specie in Mexico by the course of operations
thus pointed out. The American commissariat in
that country is authorised to purchase metallic
supplies by drafts on the treasury at Washington,
which can be realised by the merchants entitled is
specie at New York or elsewhere, and from thence
either shipped to England, or sterling bills purchased
and remitted instead. By this means the money
markets of the Union will be less subject to be dis-
turbed by larger and sudden drains of specie for dis-
patch to Mexico. Such an arrangement presents
evident advantages and facilities for all transatlantic
parties; and, as the Courier and Enquirer of New
'York observes, " the only marvel is that it, or some
like arrangement, had not been earlier made." How
fax it may interrupt the flow of metallic values to this
country it is not neceawry now to inquire.
A meeting washeld y of the creditors of Messrs.
Lesley Alexander, and Co., at which a balance-sheet
of the affairs of the concern was exhibited. In this
document the liabilities, it is understood, are stated at
rather below 500,0001., of which 80,0001. are covered
by securities. The assets consist of Mr. Lesley Alex-
ander's Irish estate, valued, upon the basis of its being
worth 35 years' purchase at 175,0001., but hardened
to the extent of some 80,0001. It was estimated that
the balance from the landed property, with other
assets, would make up a sum equal to pay about 78.
in the pound upon the liabilities—say about 140,0001.
The account of profit and lois is said to show a total de-
ficiency of about 370,0001.,as the loss by bad debts, and
by grain on difference betwixt purchase, and sale, or
present prices, since the commencement of the present
year. It is rather to be desired, than, perhaps, anti-
cipated, that the landed property should prove to be
so valuable an asset se to realise a sum equal to 35
years' purchase. Is, is a large estimate for land in
Ireland.

Beedell's BAB& Tarr" for 184 7.8 has just Wooed
from the pemb and a moot useful work it is; an in-
dispensable mirk of refugees, indeed, not only M all
ea in freolhe cammurrial or ce
but to memo ass" mesh= of =rarna,i a
tare, and all who bike te maks themeless
with the ardor and toren al entambeuns and mer-
cantile bedews, and the Mode prudisally in which
hod legislation is carried oat la elabil. For the
" Britiak %tiff" is not merely a tabular demonstra-
tion of duties levied, full and complete as that is, not
only for the United Kingdom, but for many of the
most important colonial dependencies as well, but it
contains also abstracts of the laws for landing and
passing goods through the Custom-house, with the
waterside business clearly set forth, and other miscel-
laneous matter convenient for use.

IMAM' MIND&
3 par Ft A. Ink I to VI
Dom.
36 per et anat. th
lady Mandl 11.060. NZ.
7011110
riverat Bradawl New Bowls, 14411 6.1
pad WA le 4 par ._ID I
6 p el Bomar Apra
per Qt. Xesaces 11476.31613336 3pr
MI"
33