The Express.
London, England, 1858-09-13 00:00:00

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LONDON, MONDAY, 81P1 13.

SPORTING 124TELLIOKNCR.

A SPECIAL EDMON of the " EXPRESS,"
esetaining the results at the day'. Races, la pub-
lished ovary evening during the Sporting Sesion, it
au o'elock.

Wrier Si' we to do with our massy ? The poetics
is really becoming a @seism one, far our unemployed
fends are increasing with a meet embarrassiag
degree of rapidity. The crisis of last autumn in-
flicted, as a matter of course, great discouragement
epee commercial enterprise. Many people who had
capital engaged is trading channels hastened to
withdraw it. Oar commercial policy underwent a
trodden change : instead of multiplying coneigementa
of commodities to every quarter of the globe, we he.
mediately folded our hands, arid quietly awaited the
returns due to us for the unprecedented quan-
tities of goods already forwarded. The in-
evitable melt has followed: remittances bans
poured in from every market as the free of the
earth. We sow deal more with ready mosey, or at
short stabil the system of wilimhed credit is, for
the time at hest, quite out of favour with as. Owing
partly to the gradaal liquidation of the debts doe to
es from our foreign and colonial customers, and
partly to the fact that our diminished trade absorbs
less capital, an almost unparalleled accumulation of
money is now witnessed. Let us compare the last
returns of the Bank of England and Bank of Frans'
with those fer the corresponding period of last
year, when the commercial crisis had not
set in. The stock of coin and bullion in
the Bank of England is now 18,039,4631.,
against 11,491,3131. last year--an increase of
6,348,1621. ; the " other " securities are 13,382,6921.,
against 18,351,9901.—a decrease of nearly three mil-
lions; and the reserve of notes and coin in the banking
department is 12,500,9061., against 6,064,5701.—an
increase of no hen than 6,436,3361. The alteration in
the poeitioa of the Bank of France is still more strik-
ingly significant of the general diminution of trade.
The stock of coin and bullion in that establishment
is the largest ever known, being 23,750,0001.,
egainst 9,919,1001. at the corresponding period
of last year, showing an increase of 13f
millions sterling; and the "bills discounted"
are only 14,784,0001, against 23,315,0001.—a de-
crew of no less than 8,331,0001. There is also this
difference. At this time last year the Beek of
France were spending large sums in the shape of
premium on the purchase of bullion, with
a view to oounteract the effects of the incessant
efflux of the precious metals : now, no artificial
means of attraction is need ; bullion flows in rapidly,
in accordance with natural laws ; and no sign of a
check to the movement is yet observable. It is fully
expected, too, that the metallic stock of
the Bank of England, which already exceeds
eighteen millions sterling, will be swelled,
within two or three weeks, to nineteen millions
and persons not of a sanguine temperament antiol.
pate that the extraordinary own of twenty millions
will be attained within a surprisingly brief perk*
simply because, owing to the high level of the
exchanges, nearly the whole of the gold imported is
retained here. Should the French Bank, as is anti-
cipated, redoes their rate of discount, the exchange
will probably experience a farther favourable
movement.

Now, although there is a steady. sound, and satis-
&dory bi ale are going forward, both internally and
externally, and although our trading prospects, both
in India and China, have decidedly improved during
the lest few months, no one acquainted with the
movement of mercantile and monetary affairs during
the Out thirty years believes that the enormous
funds which are lying idle both here and abroad oars
possibly be absorbed in commercial permits. Years
may elapse before trade resumes Its recent activity.
Even the failures, which still seem at into:vale,
tend to check its recovery. Meanwhile, owing
to the great disproportion of lenders to
borrowers, the value of mosey has fallen to
so low a point that the paltry allowance of
2 per cent. per annum is with difficulty obtained
for deposits from the various great monied establish-
ments which occupy the position of intermediaries
between the two cla see. There are already
numerous signs that the monied public are
tired of this low rate of return ; and, in all
probability, their discontent will go on increas-
ing until it drives them into investment. lust
in proportioo, however, to the desire of investors
for good securities is the unwillingness of holders to
ensiles. Why, indeed, Amid the latter, unless in
astral want of mosey, voluntarily pat themselves
into the lees advastageons position of the former ?
The inevitabie remelt of this is that nearly all clueesof
good eassities have risen, are still rising, and—apart
from anbremen contingencies, such as politial dis-
quiet—will probably mutilate to rise. In the natural
coarse sr things, the proems goes on until the die-
masolase holder of money becomes less inclined to
take existing securities at the high prices asked, and
more eager be new investments. He even becomes
willing to pat a portion of his means into speculative
ventures. Only • few months have elapsed sines '
the pante ; and we have already taken up Indian
loans to the extent of eight millions sterling,
a Brazilian loan of a million and • half,
aid • Turkish loan of three millions,
besides awdertalsing to construct a large
guaranteed Breellian Railway, and handing over
several millions of money to the Government of
India in the shape of capital for guaranteed Indian
railway.. Still, however, the supply of securities is
for inadequate to the demand ; and the pile of
capital wanting eligible employment is mounting up
more rapidly than ever. The few millions which :