The Express.
London, England, 1848-10-16 00:00:00

of that tottering concern, do not seem to be
ia the way_ of easy _
.x seditious fulfilment. All,
et neatly all. the =Habig adjuncts to our enter-
PIN mid isigholity Whisk we import from the north
admit of Swop an mask lower in price than they
Irmo this time emblem& This is the ease with
bellow, ark dumber, and wool, and cattle. Ac to cattle,
the hisslawss dour own homesteads has almost sue-
=that infinite and amazing influx of Holstein
mil Prussian sheep, the miter of which three
yems ameesensiblydisturbed the peace of the gentle-
men 11.08111. The fact is now sufficiently plain,even
to the eimaish, that the expense, toil, and heated
d sisaveybag ships slow-paced bullock from
the banks of the Vistula, or from the centre of Silesia,
h be itself a differential duty of no mean
WorToe same law of low prices extends
st how woe the commodities which we pro-
MN hem the sham portion of North America and
hen the soothers half of Europe. The silk of Lem-
bo* has mgerieuced even • greater depreciation
tam taboos of Virginia; and the oils of Italy are
ad Aim ikeirable description of property than the
bigheads ot Climpesoby : and as if to deal out a rigid
impartiality to the furthest corners and the moat
familiar places of the mu th —to show no favour
between Teuton and Tartar, or between • Kentucky
meatter and • Minden ryot—the facts and the degree
et decline are as applicable to the tea which comes
trim Canton and the saltpetre which comes from
Madras as to any of the other commodities included
Is war outline.
This is the general aspect of the case. But it
would be • mode of reasoning but poorly suited to
the subject, to be content with anything short of
specific parallels and anthill. tied compwisons. This
can be easily done. The following figures represent
the prices of the several articles enumerated in the
third week of September, 1847, and the correspond-
ing period of the present year. It would have been
as easy to have pieced m juxtaposition the day on
whisk we write and the same day of twelve months
bask, but it would not have been a fair comparison,
bums at this time of October, 1847, as many of its
host distinctly remember, the entire trade of the
country was on the high-road to ruin and confusion.
Herr, then, are the figures:
7. UHL
can= west 4.1.1 t 044 Std. ...... lit to /144.
Mae
Fla W. to W.
Limit ..... to W.
UAW is. to es. Is. to to.
4.1 i. to 501. 1.1. to rte.
ser Ns. to 4e. sa. to 445.
Wool. Iltemis --... Its. to Its. Is to Is.
gotiate.l,.—.. lb. to Its. to Ha
...... to lOat. 7d. to
to W.
=wk. P. •
Tbses Metrostive extracts from the prices current
of the two rare asset fully justify our description,
and they
_maids m is a great measure to solve a my a-
1107_ which is awls rather too much of.
Here it is said, " You have, month by mouth, an
enormously extended importation of commoditier, and
your export of manufactures is some four or five mil-
li/en below the mark of lest year. How is this to
teed ? We are taking more and we are selling less—
or, as the political economists my, the imports exceed
the exports, and there must be a deepen= action
epos the bank to pay the balance in gold !"
Very tree. We are undoubtedly taking more, and
we are undoubtedly sending leas away as to quantity,
but bow stands the question of vales ? is it the tact
that the four sad a half million cwts. of cotton which
we have bought this year from America have cost
us more than the three million cwts. which we bought
m 1847 ? We very much dispute it. The quantity
ay have in.—mat forty per cent., but the price has
gone down fifty per cent. We consume a pound and
a half of cotton where we consumed a pound, but
we only spend sixpence instead of sevenpence half-
penny, and the same observationapplies with scarcely
an exception to the whole circle of our raw materials.
And it must be so; for it would have been not a
marvel, but • downright miracle, if we had gore on
for nine months with an increase in the value of the
imports as prodigious as the increase in their hulk,
and with a falling off in the value of the exports to
the extent of four or five millions sterling without
having found ourselves before now in the midst of
an adverse exchange, and again upon the gridiron of
the Bank Bill.
But not only has the declension of price count,

acted the migreientation of quantity, bid there has
been the presence of another element of correction
very rarely taken into account. If a Frenchman or
an unlucky resident in Vienna or Berlin, who cares
more for his money than for the revolution, sends
100,000/. to his London correspondent for investment
in Consols, it is precisely the same thine as if a flack-',
heat= clothier sends 100,0001. worth of woollens to 1
Havre or: Hamburg. The influx of foreign (capital
produces the game effect as the efflux of domestic 1,
produce. Now, it is notorious that there has bus
and that there is such an influx of
capital. It wee this very circumstance which
March last deranged the calculations of the jobbers,
who had all become beam and suddenly convadei
them into bulls —we employ the zoological semis.
clature of Bartholomew-lane. And there is no reams
to believe that the present posture of German politic
will arrest a course of events which threatens toempty 1
the wealth of the centre of Europe into the cities of
Holland, the Muds of America, and the trade 4
England.
The relimels therefore of the extraordinary lay
pekes at Furst prevailing is net very d s
us. Awe ha Semi a return of orinary eam Ott
la eppnellh both. It cannotd be saidab that there* has
e been sa seallneshe of superabundance, for of near et
the eseemseles which are cheapest has there teas
*ay cat seine lemesse of arrivals, compared with
seems pees. liat while the arrivals have not hem
unesasmsabie, the consumption of every part of
*Ms. except our own islands, has been sadly below
ildes mark.
Here are the details. Of foreign and colonial pee-
l
I duos arriving here in bond, we have exported (Ina. 1 1
I ti 8•14.0 : 1147. 11114.
E oda. 811,775 ...
ow ne. moms ... rig
awls. Male ... 1
raw lbs. 155.47$ ... WM
Me. MOW ... ;WAN
JIN AWN 41.407
Aiwa. S
saps WOO
An smogs supply, and Imo tbs.; an average re-
shipment. assisted only by a ham eessimpia et in-
different activity, has of warm regmested the re-
sides ea band; and as it is the mikes* hen& which
has the coat, cc very nearly the meek to de with giv-
ing the tone to prices, we have masked the end et all
that can be said in explanation et nhesseasna, no
doubt here and there ineenesalwat, but en the ele
d the greatest advantage to the eemmeres et the
tIV. Foe what would have been the lens by this
7we bed bass kept as bare of raw materials,
ma se deditate et estree, as we were a twelvemonth
eVwe illy the whilst man amongst us to declare.
• mast net qsk these retaros without r4ening
Ite the effect of a semis et war upon the navigation at 1
Abe disturbed conisteles.
math is
inwards. for 'one
ISM. rst,. i„,
~...., a:
Moir
Odor Germs OWN lie
Wes lieu is
Anil dm Wowing figures represent the entries from
14 Is& to 6th Sept. in each year :
114$. MO. MK
Dom& 143 7/1
1,1121 IMO
Prue&
Oita Moms Mier— 1,055 lON
It.l stair MI
In each of these instances we trace in 1847 the
important influence of oar trammed importation of
corn, and of the suspension of the laws of navigation ;
and in the present year we see the almost complete
paralysis whirl% has fallen upon the mercantile marine,
and, as a consequence, upon
it mercantile prosperity
of Germany and the states of Italy.