The Express.
London, England, 1859-12-12 00:00:00

LONDON. NOND4r, DEC 12.

We have satisfaction in recording the steady
though very gradual growth of confidence in the
commercial and financial world. The soundness of
our mercantile position is universally admitted.
Some of the consignments to Australia may threaten
loss, but this is quite an exception to the general
ch►racter of our foreign and colonial trade, which,
though of very large amount, appears to becon-
ducted upon prudent principles. In no branch of
home industry is there any perilous speculation.
Our manufacturing power is actively and remu-
neratively engaged. The consumption of foreign
and colonial produce is large, but not larger
than the means or the nation justify. The state
of the money market holds out every en-
couragement to legitimate enterprise. Nothing is
lacking but political tranquillity—a resemable
degree of assurance that transactions entered into
upon legitimate commercial grounds shall not be sud-
denly deranged. An impression is being slowly
and cautiously adopted that political disquietude
will gradually subside, and that the era of
irritation is passing away. At a time, how-
ever, when the affairs of Italy—the great bone of
contention of the present year—are still in a very
disjointed state, and when the diplomatic dodoes are
upon the very eve of meeting in consultation upon
the interesting patient, there is no disposition on the
part of commercial people to rush forward too fast.
The consciousness of how much hinges upon an indivi-
dual will—upon an individual caprice—is astrong in-
cept ire to caution. The fate of Europe does not exactly
he in one man', hand, but its tranquillity does. The
vitiation is no longer that of former times, when the
foreign policy of France—now regarded as Lite ag-
gressive power of Europe, rice Russia, superseded—
was to a certain extent moulded by popular opinion,
expressed, though imperfectly, by some semblance
of a legislative body. Tris time ten years ago we
were watching the debates in the French National
Assembly; and what was that body, &spite the
miaow, sameiatioas eonnee•ed with the name, de-
bating ' Firstly, the propriety of reducing the
standing army of Femme. Secondly, the propriety of
censuring the PRINCE PIISIDINT'S continued armed
occupation. of Hoene. Even in those troubled
day. we could at least see each cloud alias;
and if, from being so bigger than a man's
hand, it grew until it menacingly overspread
the entire horism, the freedom with which its
beanegs were Twatilated in the French press sad
Tribune, as well as in those of England, contribstad
vastly to passel, the commercia' community. Nt►
use was liable to be taken compietely misname, sus•
less be were blind and deaf to the signs of the dams. •
Latterly, all this has been altered. Our mum essts
have ems their fairest calculations overthrows, sag
have been rendered doublyeiaspicious. That Frames'
miler. more than we from this state of uncertainty
and doubt is unquestionable; and, whilst sincerely
Mgretting that she is not making more rapid programa
in material prosperity, it is impossible foe us to
avoid recognising a certain retributive jostle:*
is the fact. She cannot keep neighbouring
Datiolle is a stare of constant anxiety and
burdensome watehfu nem, and be prosperous herself.
The retails jolt issued by the Bank of France indi-
cates no revival of trade; sad the reports from the
various seats of industry still consist principally of
complaints. A large amount of business is, of course,
always going toward, but confidence is waniing and
enterprise repressed. Trade is slower in its motions
than the Boone, which has already responded buoy-
antly to the numerous measuring signals given "by
authority" during the last few weeks. Within s
month, the French funds have risen no less than 2
per cent., and all the principal railway shares 11. to
2/. each. The Tillie of the national investments,
in the aggregate, ranks many millions higher.
'I no, though only a beginning, conveys a
miler instructive lemon, because it proclaims Wise
the journalist and the so-called represented',
of the people dare not proclaim—" The sole imps-
dints nt to the commerce and prosperity of France
is the irritating foreign policy of the Government."
The reports recrietd from our manufacturing dis-
tricts during the last fortnight continue to be of the
eimerfal character noticed fur some time past. There
is little speculation, slid no feverish demand for