The Express.
London, England, 1847-11-16 00:00:00

' and third, the difficulty in negotiating, as also:the unwilling-
neat to negotiate exchange on Europe, and mon particu-
larly on England.
Latterly, however, the as.,. anxious sellers having re-
lieved themselves, the market is a little better ; at least pur-
chases as no longer be effected at the lowest rates of last
week.
The accounts from the south, what with tine weather, ab-
sence of injurious frost, and increased tviticsetes of the crop,
might justify the expectation of 2,250,000 or 2,300,000 bales.
But we feel no confidence in the amount of 2,200,000 being
reached, and shall wait for more precire information before
we make that estimate. Our readers will remember that so
long as there was a fair chance of the crop reaching 2,300,000
bales or more, we warned them that the chance existed—
end very unpalatable our warning was to many of them. If,
then, we looked towards 2,300,000 while many holders and
operators could not or would not look beyond 1,800,000, we
claim the privilege of forming our owe opuriene, and from
what has already oocurred, we think our opinions are entitled
to some weight.
Exchange in Europe may be quoted on England at
from 91 dole. to le. for 60-day bills of well known city
houses. On France, 5 dots. 25e. to 6 dole. 22e.
There has been an export of silver from this port to
France, within the last fortnight, of about' half a nullivn of
dollars, as follows: Per Philadelphia, 49,723 dole. silver;
lowa, 2.31,917 dole.; Missouri, 05,600 dela.; Ham, 118,377
dole.

There win be an export by the Cambria of gold variously
estimated at from 200,000 dols. to 400,000 dole. It will not
be short of the lowest sum, but will, so far as we can obtain
information, here at this writing, not reach the larger sum.
These shipments are the result less of the rate at which
bills of exchange are selling, than of the want of confidence
in any bills : for even when sellers here are undoubted, such
is the distrust of English houses, brought about by the re-
cant failures in that country, and hardly less by the indiscreet
and, as we deem them, ',justifiable surmises transmitted
from London by men who should know better, about ex-
pected failures, and crashes that were to shake the commer-
cial credit of the whole country, that remitters who wont
to be sure of their funds being available in England, ship
gold, though it cost them from 1 to 1 j per cent. more than
good bills.
If the export of gold should continue to any considerable
extent—which, however, we do not look for—it would. in
combination with the drain constantly in operation of the
sub-treasury law, cause our banks to hold up in their
discounts.

As • matter of fact, the quarterly return which will be
nude by the banks of this city on the Ist proximo will show
a diminution of specie on hand since lit of August (the date
of the last return) of between three and four millions of dol-
lars, leaving them now with something less than 7.000,000 in
their vaults. Much the largest portion of these millions have
been withdrawn from the banks by the operation of the
sub-treasury law, which requires the payment of all dues to
the government in coin ; and of this coin a good deal has
been sent to Mexico. If to this drain should be added, by
reason of any rise in exchange, or growing distrust of bills, a
drain to Europe—a pressure for money, of which otherwise,
or from ether causes, there is no danger—must ensue here.
But of such• drain, we repeat, we have little expectation,
if the Caledonia, which will be due in a few days, shall bring
leas discouraging accounts from England, and especially if
she shall disprove the forebodings of evil of the London letter
writers, to whom we have alluded.
. .

We look upon it so certain that England will need supplies
of breadstuff: from this country lathe spring, notwithstanding
her good harvest—and if so, the tendency of coin will be to
and not from us.

The New York canals this year will yield over three and
a half million of dollars in tolls; the revenue from the Penn-
sylvania public works will also be larger than heretofore,
but unhappily the destruction occasioned some weeks ago,
by the overflow of various strums consequent upon long con-
tinued rains, has interrupted the use of these works, at this
the most active part of the year--and hence the amount of
receipts will be diminished, while a large extra outlay for
repairs will be required.
In all the other states the public works are prosperous
and productive, and such is the condition of the whole
country.
A New York paper says : " We understand that a
new line of steam-ships is about being establised be-
tween New York and Charleston, by Messrs. Sands,
Davis, and Co. The line is to be composed of two
first-class steamere,l of from 1,200 to 1,300 tons
barthenleach."

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