The Express.
London, England, 1867-04-08 00:00:00

HIGH WATER AT LONDON BHIDOL

Two DAT —wrning, 4h. 13a.. __Attaraooo. 41L 344
10-Moll.lloW—Muruing, 4K fAta Altersooa, 611. 110.

LONDON, MONDAY, APRIL 8.

SELDOM has a Budget been produced possessing
absolutely no points of interest to the commercial
classes, and very few to financiers. The sub-
stance of Mr. DISRAELCH is, that one duty
is to be partially reduced and a certain sum
appropriated towards the extinction in eighteen
years of just one thirty-second part of our ex-
isting National Debt. Nothing more. The CHAN-
CELLOR of the EXCHEQUER is sanguine enough to
believe that this prospective payment of 74d. in
the pound of the public obligations will strengthen
his hands should adverse circumstances compel
the Government to invite financial assistance.
That a contingency of this sort is unfortunately
by no means remote his own speech sufficed to
indicate. It is doubtful, however, whether
the present attempt to reduce the National Debt
will enable the Government to borrow upon in-
finitesimally better terms than if it had not been
undertaken at all. One incongruity in Mr.
Disaszu's statement is certain to attract atten-
tion. After commenting upon the threatening state
of Europe, and expressing hopes which sound like
notes of preparation, he speaks of the benefit that
will accrue to the country from having shown that
"in the days of our prosperity we made an
" honourable and honest attempt to reduce the
" amount of the national debt." The justice of
this policy is incontrovertible, and, in fact, the
principle involved has received the concurrence of
every leading financier in or out of the House.
Why, however, should its enunciation appear in
close proximity with very intelligible hints that
the Government may not improbably be obliged
to come into the market in the course of the
year ? It resembles, what certainly it is not in-
tended to be, a clap-trap attempt to bolster up
our national credit, a proceeding equally unwise
and unnecessary.

When we consider the uncertain position of
public affairs, it is perhaps advantageous that the
Budget should be of that simple, or even provi-
sional character that any subsequent modifications
will cause neither loss nor disappointment to com-
merce. Fiscal changes are never more out of
place than when political changes are impending.
It is better for the time to remain in the old
grooves than to adopt ary alteration which,
under ordinary circumstances, would be admit-
tedly beneficial. Fortunately for this country our
commercial policy has been placed on so sound a
basis, mainly through the exertions of Mr.
Gtanwrose, that little remains to be done, ex-
cept on matters of minor details, which may
easily be postponed to a more fitting occasion.
No grievance or defect presses for imme-
diate decision. Certainly, we have no lack of
financial difficulties requiring serious consideration,
but they are purely domestic, and in no way
concern our relations with foreign coun-
tries. The most prominent of these is the
railway debenture question. Mr. CRAWFORD, last
week, attempted a practical solution of the exist-
ing deadlock, but his motion came to nothing.
Mr. CRAWFORD'S proposition was that of affording
tangible aid from the Government to the embar-
rassed railways in a form which could, under
hardly any possibility, involve a loss to the
revenue, but was even certain to produce a
mutually beneficial gain. It had, however, the
great defect of seeming to compel Parliament to
take some measures to cure the evils produced by
their own ill-regulated and often unjust legisla-
tion. The Government may be right in standing
at ease as regards the public budget ; but they
commit a grave fault in passively regarding the
serious financial difficulties of the greatest joint-
stock interest of the nation—too timid to act, too
bewildered to devise any remedial course of action.
The effect of the existing uncertainty is perhaps
more conspicuous in the position of financial affairs
abroad than here. Trade is stagnant in England,
but on the Continent the case is worse. There is
hardly any employment for capital, large sums
being offered at mere nominal rates, and as a ne-
cessary consequence, specie is rapidly accumula-
ting in the various national banks, particularly
at the Bank of France. Considering the enormous
amounts of money thus lying idle, it is strange
that foreign governments should not adopt their
old policy of issuing fresh loans. The hesitation
may be due to the dislike to take a step that
would be at once construed into an avowal of fear.
Prussia, however, has no such scruples, and has
just announced a subscription for about five
millions sterling, candidly avowing that it is re-
quired for the financial necessities of the military
administration, in replacing the arms, ammu-
nition, &c., " used in the campaign of last year."
The example of borrowing is certain to be soon