The Express.
London, England, 1856-09-16 00:00:00

LONDON, TUESDAY, SEPTEMBER 16.

THE prospects of the Money Market are again
giving rise to earnest discussion. During the last
fortnight, more especially, an uneasy feeling has
arisen in mercantile circles; each weekly sitting of
the Bank Directors has been watched with anxiety ;
and the disturbance in the Stock Exchange Markets
has assumed such proportions u to challenge general
attention. In the Daily New of the 21st of July
notice wee directed to the resumption of extensive
bullion purchases in this market for account of the
Bank of France; and it was mentioned that the con-
tracts then open for the supply of gold to that insti-
tution were believed to amount to the serious total of
some tour million. sterling. As wo anticipated would
be the case, doubts were thrown upon the accuse,
of these statements; and the discussion of the
subject was discouraged by the reiterated assertion
that no operations to anything like the extent
referred to were contemplated. During the eight or
nine weeks that have since elapsed, the imports of
the precious metals represent an aggregate of up-
ward. of 4,300,0001., no portion of which has been
retained bens. Indeed the Bank's stock of bullion is
now 151,9881. less than on the 19th of July. The Bank
of France is still buying eagerly the bulk of each
fresh arrival of gold; and in the fact that the last
return of that institution exhibits • decrease of
469,0001. in the metallic stock, we have sufficient
evidence that this exceptional policy must still be
rigorously persevered in. After making allowance
for the portion of the gold contracts which had been
already fulfilled when we drew attention to the sub-
ject, we find in these facts ample corroboration of the
views expressed two months ago. It is true that the
Bank of France is not the only buyer of gold here. The
Credit Mobilier Society has required large supplies
of the precious metal for the prosecution of its various
speculations, especially of those in foreign states;
and, above all, the extraordinary demand for silver
for the East has caused a heavy efflux of gold to many
parts of the Continent, in payment for the supplies
of the less precious metal drawn from thence. This
Eastern drain of silver, acting in conjunction with
Use anomalous state of financial adze in France, has
introduced complications into the European money
markets sufficient to bale the penetration of !TM
our best informed and most practical men of business.,
The continental exchanges an maintained at a point,
which, under ordinary circumstances, ought alto-1
gether to preclude an efflux of gold thither ; yet ,
our supplies of gold leave us as quickly
se they come in. It in evident that at
the present period our old monetary traditions
mast not be too closely studied. France draws gold
from us simply because she mast have it. The whole
Freud financial fabric hes been daring a long period ,
artificially propped op, and • forcible diversion of the
arrest of gold is one of the chief means through
which, at considerable cost, the Government and the,
Beak of France are endeavouring to support the ex-
isting system until each time as monetary affairs
shall have gradually settled down into a more nature!
state. We will not here re-enter into the question of
the cause which have placed the French money
market in so unsatisfactory a position ea to require
this constant support; neither will we pause to in-
quire what hope there was of a national bankruptcy
in Frame being avoided had the Russian war been
prolonged. It is sufficient to keep oar attention
fixed upon the feet that the French mousy market,
surcharged se it Is with newly created securities, and
with heavy future engagements both at home and
abroad, imperatively requires to be fed by extraordi-
nary metallic supplies. It matters little,whether the
Bank of Franco or the Credit Mobilise Society is the
actin spat in denuding no of oar fresh supplies of
gold—the effect is the suss; i.e., the gold which
would otherwise accumulate here, hastening the
return of the rates of discount to the level natural to
the monad condition of British trade, is draughted
sway to support the Paris money market, and to
made Frusta sapitaltaats to meet the inordinately
heavy ongegeseete into which the unsound policy of
take Government has encouraged them to embark.
la reverting to the Silver question we need not
hue reeapitaleto tie figure which we have pub.
lishod on brew secassions, showing how enormous
have boss of late yew the exports of silver from
Francis, drawn partly from the French Bask, but
giddy from the general circulation of the conptry.
Other sikial returns, exhibiting an enormous impor-
Who of gold late France (against the exportation of
silver), and an immense increase in the coinage of
gold at the French Mint, have also been previously
referred to. Supposing the Eutern demand for silver
to sooting', se appear, most probable, this exchange
of gold spinet silver seems inevitable. The simple
feet is that a thousand franca in bar gold despatched
to France, wiU now purchase considerably more
than • thousand francs is French silver coin.
Gold thus Bows truly into that country, whilst five-
franc silver pieces are withdrawn at the rate of
millions of francs every month. A precisely similar
peones is in program in Holland, Belgium, and other
eentinentel states. In Belgium the diminution in
the silver coinage is so considerable that the Braisels
Mist has been compelled within the last fortnight,
owing to the actual scarcity of the circulating
medium, to resume the coinage of gold pieces,
although the Government had some time ago de:l
monstised gold. The inconvenience threatened in
many quarters has even led to the broaching of a
proposal for holding 'continental Monetary Compete, I
charged specially to inquire into the means for ob-
viating the evil consequences of the constant efibl
of silver.

Whilst incidentally glancing at the returns of the I
Bank of France, it may be useful to correct a mistake'
into which our contemporary the Times habitually '
falls. The item which ia designated in the official
balancetbest "Premium on purchases of gold and
silver" Y watched with considerable interest, as
denoting the sum thrown away by the adminis-
intim in the prosecution of its artificial bill.
lion operations, or, in other words, u indicating
the comparative severity of the efforts im-
posed upon the institution by the necessities
of its position. In the TIM! of Saturday last the
expenditure under this head is set down at 60,000 i
during the last month ; and the writer, after
statidg that the amount in the preceding month
was 48,0004, describes the present expenditure as
extraordinary, and infers that the "efforts to supply
the drain have been greater than ever." Now the
fact is, that, since the system of paying a premium for
gold was adopted by the Bank, the item In question
has included each mouth the entire amount paid since
the commencement of the half-year. For example,
in the return for the month ending the 10.6 January
last there was no entry for "premiums;" on the 14th

Pete-nary the amonat was 42,6771.; on the 13th'
March, 62,4061.; on the 10th April, 76,3391.; in
May, 93,8181.; and on the 12th June, 112,7171.
s►owing a constant increase as the expenditure of
etch successive month was added to the total. This
six months' accumulation of 112,7171. was then liqui-
dated out of the half-year's profits of the Bank, ands
fresh half-yearly account was opened under the manse
brad of premiums on bullion. On the 10th July the sum
was 13,3071.; oo the 14th August, 46,8391.; and on the
11th inst., 69,8621. The sum spent during the last
month having been 14,0131. only, against 32,6321. in
the preceding mouth, it foUows that the Bank's
purchases of bullion in England and elsewhere have
considerably slackened of late, probably owing to the
comparatively diminished amount of the fresh
arrivals from Australia and elsewhere. These facts
assist in explaining the decrease of 469,3001. in the
bullion, shown in the last return. We have entered
into dotal.. oecause the decrease in question is of
fiord a sufficiently adverse feature, and because un-
necessary anxiety may be excited should the public
be left under an erroneous impression that the decline
in the Bank's metallic resources is in spite of un-
precedented efforts for their repkniehment.
In the preceding remarks we have endeavoured to
point out impartially a number of causes which tend
to enhance the rates of discount. Other inflosoose
are also in operation with asimilar tendency. Trade
is active ; the requirements of the Stock Exchange are
considerable; one million will be absorbed by Govern-
ment on Thursday next in the shape of a final instal-
ment on the loan of five millions ; and last, but not
least, the discredit cast upon banking institutions by
the failure of the Royal British Bank has induced
many bankers to provide themselves temporarily
with extraordinary resources, with a view to be Pre-
pared against every eventuality. Moreover,
at a period of the quarter when the cir-
culation is usually subjected to contraction
through means of the payments on account of the
national revenue, the public have become posseered
with an idea that a speedy advance in the Bank rates
of discount is probable, and as a measure of precau-
tion are eagerly bidding against each other for ac-
commodation, a circumstance which has of itself
sufficed on former occasions to at least academie the
advance apprehended. We see the immediate result
in the rapid increase of the "other securities" held
by the Bank. Should this movement cootinue
decided, there is reason to apprehend that the value
of money will ere long rise to 5 per cent. But
even supposing this to be so, we really see no
valid reason for alarm. Very recently much more
onerous rates of discount were found practically
insufficdent to check the steady progress of our
commons, despite the restraining influence exercised
by an exhausting war. The fear of financial con-
vulsions assisted then to impose caution upon lenders,
but now no such apprehension is entertained in any
quarter, the general trade of the country being re-
markably sound, and speculative tendencies being
uniformly subjected to salutary restraint. Under
these circumstances, we are at a loss to conceive how
the prospect of an increase of one-half per cent, in
the value of money can inflict any real dinners's-
meat upon legitimate bosinem. The alteration in
the aspect of the money market has been in gradual
progress for some time past, and nearly all well-
informed persons concur in the opinion that any fur-
ther movement that may take place will be of 'steady
character. Commerce suffers chiefly from sudden
and violent transitions in the value of money, but of
these there is no present prospect whatever.

sbt CoUtl.

BALMORAL, Birr.l4.

The Queen drove oat yesterday, atteeded by the
Mazehionaas of Ely, sad sabasquestly walked is the woods
of Balmoral.

La Royal ham weal out deer•atnikiag upon Loeb•
wawa.

Th. Primes Royal rode oat, attended by the Ho■. Mary
Seymour.
Th. Dachess of Kent, Ike Primes Amalie of Holmlobe
Sohilliesfant, Lady Aq Brew, Cokeel Lord Jams
Murray, Mr. ud Lady Apes Doff, Mr. and Mn. Brooke.
sad 84 Janes Clerk, had the !wooer of dining with her
Majesty yesterday.

Vieeosat Psiessntoa arrived la tows yesterday from St.
Leotard's.

Lord Palmate lefc tows oa Saaday 'tight for floollaaL
Dospatshee were received yesterday at the C.,losial-ollee
from the Gamier of the Cape of Good Hope, the Go-
yeraon of the West Isdia Islands, sad the Osmium of
as North AMrima Provision.

General Tottlebeo (so the Russian journal. spell
bee saw) Ito jam been ester tabled by the iahabitanta of
Rip.

Catlin's MOsYlvil..—On Monday next, the 22nd
instant (Sunday being St. Matthew's day), the Lied Mayor,
alderman, and sheriffs, with the goveruon of the several
riyalhoepitals,will attend divine saviors, Christ's Church,
Nswgste-street, where a Berson will be preached by the
Rev. Charles Elwarf Saris, fellow of Pembroke College,
Cambridge, %fur which they will repaint. the great bail la
Christ's Hospital, where four orations on the Meats of the
royal hospitals will be &slimed by the four senior 'sheiks,
wording to mind eustm—in Latin by Wm. Shrubsale
Poster, in English by Ernest Montage, in Greek by Mark
Shattuck, and is Fronds by Thomas Cuter Pallett. Five
poem will also be recited by others of the easier seholan—
vis., ► translation into La•im Aleics from the " Bride of
Abydos," by Wm. Wake Smart; a translation into Greek
lambics from" Henry VIII.," by Wes. Hoary St. Amend
Warn; a translation from the " Moravian Naas' Hyena,"
by &mitt Wild Churchill ; an original RaglYh poem ea
hely," by Inset Montage; and Latin lieurasters on
"Chinamen@ Titlarks," bolas the Rickards' prise scampi-
salmi not yet adjudged.

&WHlN:rail IN THE CArcAscs.—The Ilt.Poters-
burg journals are ellei with sc:ounts of the destructing of
Sebessakha, a mall town in the gorges of the Casement, by
earthquake, oa the llth of July. The morning bad bees
very bet, and gusts of wiling wind fro. time to time agi-
tate!, without refreshing, the atmosphere. The sun, 'hors
of his rays, koked like a ball of red•bot iron is the midst of
as incaademest sky. ♦ general oppression weighed on
RIM and beast ; nevertheless, no on. seemed to expect the
imionding blow, when about dm in the afternoon a sadden
low dull mond was heard, scot &stork was felt lasting half a
minute. The shock, brief as was Its duration, was sof.
Adeptly violent to throw to the ground 300 berme and more
time 100 alive. Happily rely one perm was killed, sad
only Bee were wounded.

PATRONAGE OP THE NEW BIIIIIOP OP
The pair magi of this see, although not so Wirt ao that
' which holler to theme of Longo*, login my oansiderabs,
co will be seen from the following statement :—Tbe Bishop
of Durban pressen to the three archdeseoarirs, to one of
that of Dube., is attached, by act of posliasust,
one of the enmities in the cathedral. The bishop presents
also to certain other csnoaries, and to no fewer thus slaty-
ale e livings, ell of thus situ to in the tonntles of North-
! mob slated aad Dubs.. Of then, eight an worth WM
esosedinn I,ooole year, sad, la feet, oae of these (Ikaalsope
D44114a), is one of the non we/gable rostories In
existence, being set down at 4,6481 a yesr. The to/gory of
Bishopwsarasoath is worth 1,8301. ; Et 41•11011 reetory,
1,311/. ; Erstwhile rectory, 1,0491 ; lisaghtoa le Mime
rectory, wits. !Whites curacy, 1,279/. ; flowthcogoe.gpring
try,
1,600 i. ; godat4eld rsetery, .1,134)21. ; Wmtbora
1.1131. 8o much for the livilsgs Talmd at non
than 1,000!. The right rev. prelate will also have the gift
of no fewer this 13 livings *coeditor 6004 a pap 111 Vila*,
—• 1., Auckland, St. Andrew, 6871. ; 13t. Thema., P. C.,
B sliopwraraostk. 6001.; West Bolden rower', 6531 ;
Elwiek rec'bry, 6421.; (Maimed rectory, 636/ ;
twistle vicarage, 6931, Long•Newtos ration, 8041 ; Bytom
rectory, 9561; Washington rectory. 7211.; Whickhun
rectory, 6631.; Winston rectory, 6,67/.; Wolalsgban rec-
tory, 79i1.; Windham vicarage, 6121. Titre are 23 other
livings, worth between 2001. end 6001. ; and the ri =Wader
are worth 1001. and upwards, with the ezeeptios of the ,
perpetual musty of Th-ckeringtee, wide! is set down a:'
481 Tho total valuer( the patronage albs sew Bishop of
Darden will be nearly 40,0001 a you.