The Express.
London, England, 1853-11-28 00:00:00

TO I:O;:ItESPONDE2ITS.

A Almond 6:itiors of .• :Apra.," coLuumartft th• ev•aioa*.
L. pabLatml .very Tuesday sad Inds, UM.
poet.

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moat be at me Us•, la, Uoaverte-atriet, by Two a'...eak as the
day a! putedattaa.

lIIGH WATER AT LONDON BRIDGE.
Tons ths—Vorniog, Ilh. Nim nth/mom Co. 00.
To-st Jan..* —llArousg. Oh. IS. Aternow, (L. 41410.

LO.VDOI, MONDAY, NOVE.VBER 28.

AT present, notwithstanding several drawbacks,
our trade flourishes very remarkably. So much work
is now to be done on the Thames that hands cannot
he obtained to do it ; so maoY ships crowd the port
of Lond,ln the the dock accommodation is wholly

Tent ; lighterage u well as Lands are searce;
and freights, showing a great want of shipping, are
unusuall• high both in England attl the United
States. Bit it is supposed and said that our present
pro verity 14 not likely to last. thertrading is
hinted ut.—a revulsion to be followed by stagnation,
by ships lying idle and mills abut up, by heaps of

gold crushing the Bank, and money so worthless that

no trader will borrow. All tbcse ills are predicted,

and men are told to lire more in dread than hope of
the future. The great question, therefore, which now

solicits the prompt consideration of all those who un.
dortake to discuss such questions as our future trade,
the probable rate of iriterest, the scarcity or plenty of
capital, the future activity and reward of enterprise,
is—" what are the probabilities of future production ?"
The elements for forming a rational opinion on
this very important matter arc ail to be found in the

present circumstances, which indicate future prod•rc-

Lon. At the same time, as it is obvious that our
condition is closely connected with the condition of
Australia, California. other parts of the United
:Bette, Turkey, Russia. China, &c.., we must include
in oar estimate the present and probable future of
other countries. The single fact that in the last four
years more than twice as much gold as ever was
poesessed et one time by the Bank of England has
been added to the stock of the world, and been in
the main imported iuto England, to be transmitted
elsewhere, is sufficient to show how erroneous it
would now be to confine our attention to the circum-
stances of England exclusively. We might as well
continue, like some persons, to consider the borrowed
—and in le Lition to the general wealth almost
beggarly—amount of money in the Bank, as the sole
regulator of the commerce of the world.
The circumstances which now are unfavourable to
the future prospects of trade, are the war in the
East, between Russia and Turkey, the revolution in
China, the failure in a great part of Europe of the
last harvest, the suspension by Strikes and Lock-outs
of industry in our cotton manufacturing districts,
and perhaps,—though this is not yet certain,—a
deficient crop of cotton in the United States. All
these circumstances imply a diminution in actual or
expected wealth, lessened quantities of goods to be
exchanged, curtailed trade, and checked prosperity.
We know, however, that the failure of the har-
vest, and consequent high price of food, is stimulating
the utility of agriculturists throughout Europe and
America. Although the diminished quantities pro-
duced this year will undoubtedly lead to a
diminution of welfare and of exchange, it
promises to be very temporary, not to last
longer than the next harvest, and then to be
followed by largely increased production and more
traffic than ever. The same remarks may be extended
to the cotton crop; if it be really deficient the ad-
vance in price will be sure to stimulate greater pro-
duction, and the lessened trade in consequence of the
lessened crop will be only of short duration. It seems
impossible that the Strikes and the Lock-outs in the
north should long continue—they are so ruinous to
both parties. And though the Strikes have diminished
production somewhat in proportion to the diminished
quantity of food to be exchanged for clothing, and
may have relieved the producers from temporary em-
barrassment, they cannot hare had much influence on
the ultimate demand for cotton, and schen work is
renewed the time will ins great measure have to bo
made up. The war in one part of the East and the
revolution in the other have not hithert o much impeded
production and exchange; the future effects we do not
pretend to predict, but they are the chief existing
circumstances which will impede production and
future trade. We may set off against them the pro-
found peace prevailing elsewhere, the desire to pre-
serve it, and the almost unexampled exertions and
increasing skill of productive industry. The im-
pediments to be found in existing circumstances to
future production, seem unimportant in comparison
to the existing stimulus.
The two great sources of present prosperity and
of the rapid extension of trade are the gold dis-
coveries and the abolition of commercial restrictions,
and both of these, instead of drying up or dimin-
ishing, are widening every day. The last news we
have met with from San Francisco, contained in '
the Alta Caly4ma, dated October 16. says: "All
accounts from the country concur in stating
that the miners are now meeting with a
degree of success beyond that of any former period.°
A similar fact is true of Australia, the last accounts
from which show a continuance of the great produc-
tion of gold, and an increasing attention to the pro-
duction of wool, hides, tallow, and other commodities.
If individuals no longer make such extraordinary
sums as at first—though even of great individual
swam there are not wanting many recent exam•
pies—a very great and increasing number of persons
is steadily engaged in procuring gold, and the proba-
bilities are that for some time the quantities disco-
vered will be rather increased than diminished. In
accordance with this circumstance, increasing ship-
ments are making to Australia by some of the best
houses of the City, freights are rising, and there is a
greater probability of the trade thither increasing
than diminishing. One great source of our lately
enlarged prosperity, the great addition of the pre-
cious metals, is at least undiminished, if it be not
increasing.

The other source—the increased activity, and the raiiwey is to branch off from the Trent Valley Line
increased production of industry—consequent on the at Nuneaton to Hinckley and Leicester ; and a
removal of restriction, is every day enlarging. There 'group of lines are to traverse the moorlands of York-
is a genera: impatience under restriction ; and we shire, connecting some which already exist, and open-
have recently had to record 'tetra' examples of their ing up several of the most secluded districts of
forced suspension in one place, and their abolition in i that great county. There are no doubt many
another. The French Government is following the people in the recesses of the West and North
example of our Government, and other Governments Ridings who have never seen the sea. They will
will probably proceed in the same career. Our trade .be going to Whitby now, or to Hartlepool. They
in coal and iron, and in wine, or some articles to will rise in the world with the opening of new mar-
pay for increased exports of iron and coal, will be kets, and there will be an influx of new commodities
undoubtedly increased in consecacnce of •he new Red new ideas into villages which seemed likely to
regulations of the French EweEr.on. Our revenue become fossilised among their hills. Part of the new
is fetrishing, and will admit of some further reduc• communication to be opened is to be with Darlieg-
tions on duties, and further removal of restrictions, in ton ; and when the Yorkshiremen have got to Dar-
the ensuing session. Our scandalous wine duties, lington, they are to be enabled, by a new line, to step
now made by the reduction of duties on coal and iron on to Barnard Castle, where many a scene of beauty
in France more than Ever indefensible, may be re- will be within reach. More people will have seen
duced; and the one shi:ling duty on corn and the Raby Castle, and the old forest lands of the west
timber duties, found to be insufferable in the present of Durham after another generation, than in any
condition of trade may be abolished. There can be former century. Then, again, Barnard Castle and
no doubt that our Legis:ature %yid 10 the next session Bishop Auckland are to be joined by a line, and con-
remove sonic more of the restrictions it still unwisely fleeted with a great number of busy places, col-
:meows on industry, and especially on commercial lieries, great towns, ports. and avenues to Scotland.
Industry. I St. CUTHBERT would stare if he could know
It is generally supposed that in the United Stange-, of the conspiracy to break up the repose