The Express.
London, England, 1847-08-13 00:00:00

MONEY MARKET.

THURSDAY BURIN'S.
The Bank board made no movement to-day in re-
spect of an alteration in the minimum rate of discount,
which bad rather been looked for in some quarters.
In the stock market the transactions have been less
important than for some days, and prices were not
supported so well towards the close of business. The
opening quotations of Consols did not vary front those
last marked yesterday, but shortly afterwards they
were k better, at 871 for the account, and 87?, for
-
money. They subsequently drooped to, and left a
at, 871 to for money, and 871 to for account.
Reduced Threes, 871 to 1. Three-and-a-Quarter per
Cents, 891 to 1. Long Annuities, 9 1-16 to k. Ex-
chequer Bills, par to 4s. premium. India Bonds, 2s.
discount to Is. premium. Bank Stock, 193 to 7.
There was rather more activity in the foreign mar-
ket this afternoon, with some differences in prices con-
sequent. Danish were done at 871, but can scarcely
be quoted more then 85 to 7, equal to 1 per cent.
advance. Buenos Ayres were higher at 38 to'
40. Dutch Two-and-a-Half per Cents. 58 to 1; the
Fours, 89 to I. Mexican, 17i to 181. New Grenada,
191 to 20. Spanish Fig es, 201 to 11 ; the Threes, 30
to 31. I'ortuguese, 28 to 30.

The accounts from Manchester come in ample con-
firmation of the state of commercial embarrassment
which must inevitably follow in seasons of any pres-
sure from the monetary system, as now established,
and administered by law, striking examples of which
were adduced under this head in the Express of
Monday last. " During the week ending to-day,"
i says the Manchester Courier of Wednesday, " three
mills which were on full time have stopped (working)
entirely ; • • • three mills which were also on
fall time have now reduced their hours of labour."
In result, some two or three thousand hands are
thrown out of full employment, or mulcted in short,
hours of work. This, upon the surfaaN
would seem a strange and unaccountable change of
affairs, since for succeesive weeks improving markets
have formed the staple subject of congratulation with
the Manchester papers. No doubt a sage currency
contemporary would cut the Gordian knot, and clear
up the perplexity summarily, by his fiat that " the
slightest demand for our manufactures causes a rise in
their price, which at once checks foreigners from
baying." What may be the writer's notion of a rise
of prices that should produce such an effect does not
appear. Bat in the case of the chief staple of Man-
chester manufacture we do not remember to have
seen, or heard of, a larger advance than about
three-half-pence per piece of printing cloth
running twenty-eight yards in length, say at the rate
of less than a quarter of a farthing per yard. The
fiftatdosm" who could be deterred "from buying"
sedi a Lilliputian enhancement of price must have
been peewees of remarkably shaken and sensitive
nerves, it must be confessed. If we might be per-
mitted to hazard an opinion adverse to such
.grave
authority, it would be to the effect that it is not
buyers who are wanting, but sellers. No lack of
orders is pretended; on the contrary there appears
to be rather a plethora of them in most in-
stanoes, but there is no, or little, disposition
to execute them. The cause is sufficiently ob-
vious. The manufacturer who should part with

his wares, which have cost him cash out of pocket for
raw material and wages, can obtain his return only
in bills ; good and indisputable bills it is true, and
which three years ago or less would have been
readily melted at 2 or 2,1 per cent., when bankers and
bill brokers, flush of money, because the money mar-
ket flush of credit, canvassed for bills and under-
bid each other in terms, just as eagerly as now they
tarn a cold shoulder on a customer suspected of com-
ing for a discount, prepared to pay the penalty even
of 7 per cent, or more. It would be a fit theme for
study, and surely not difficult for one versed in
the first elements of arithmetic, to calculate
the difference betwixt a rise of less than a quarter of
a farthing per yard of cottons on the one hand, and the
7 per cent. discount for bills received in payment en
the other, which must be submitted to if business is
to be carried on, and report the profit and loss balance
which may result to the manufacturer. Such a cal-
culation would really become • public instructor, and
serve the interests of " morality."
The present state of the Manchester market is a
pregnant instance of the supreme wisdom of the cur-
rency school which dictates, as the duty of the Bank,
to meddle with, andarbitrarily to reduce, prices in order
to promote exports and discourage imports. The first
step to this worthy end of ruining industry is to in-
crease the cost of production by raising the rates of
money, by contracting credit and accommodation, and
forcing exorbitant terms upon all embarked in indus-
trial occupations. And this is facetiously called
" leaving the exports to take care of themselves,"
whilst shutting the door or closing the ports against
their transit! And the Bank of England meanwhile,
which is made the dupe and instrument of the cur-
rency vagaries which are at the root of all industrial
embarrassment and confiscation, shuts itself out from
the sole means of replenishing her coffers with metal-
lic values in the discomegment of export trade, whilst
still remaining with upwards of nine millions of hard
money in hand, or some two or three millions mere
than what has been considered for many years a suf-
ficient metallic basis to answer calls and liabilities.
Before the last Bank Charter Act, founded on the
new theory, a money pressure—and pressures in a
great commercial country must periodically arrive—
was experienced about every six or seven years ; a
panic came once in a dozen years. Since the act of
1844 we have bad both pressure and panic within less
than three years.
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