The Express.
London, England, 1867-09-30 00:00:00

Vie engtOO•

TO CORRESPONDENTS.
Avertiremeate intended for " The aroma," London Evening
:7:aunt
unt be at the Mot, 10, Bouvariouttiok by Two
k on the day of publication.

DRITET LANZ.
Tuts Evirmo, FAUST. Mr. Phelps, Maori Edmund
Phelps, Harcourt. Warner, Webb, Temple, Rc. , Mesdames
Herman Venn, Vandenboe, Re.—And THE MILLER AND HIS
M.K.N. Mears. Ryder and E. Phelps ; Miss Edith StuarL

HAYMARKET.
Tam Ertnitnn, ROMEO AND JULIET. Meters. Othltmenrlale.
Bowe, Rogers. Kendal, Clark Compton, de. ; Mee lames
Scott Sid dons. Chippendale, de..--TO PARIS AND BACK
POI AS Mr. Buckatoue —And SHOCKING SVKKTS.

POOR s.
Tim Immo. POOR PILLICODDY. Mama Dominick
Murray & Graham : Min Polly Manila& —ARRAN NA POI; I/E.
Mr. ct• Mrs. Boucicaul& Messrs. Vining, D. Murray. M'lmmi, Ac.;
Min Hughes—And NO. ONE, ROUND THE CORNER.

LYCEUM.
Ten Emma, THE MISTREAS OF THE MILL.—THE
LADY OF LYONS. Mr. Pechter, Means. Jordan. Addison,
Ca!harm, Mellon. Dalton. Staart, and Prawn ; thaisa
lie-
worthP and Carlotta Incl.:req, Mrs. Manton.

STRAND
Truinartio. ORR DOM VATIC:4.. Messrs. Parana, Thorne,
sad James; Mesdames Johnstone t Wastberthy —THE LATEST
ZDITION OF KENILWORTH. Messrs. James & Tborn• : Mes-
dames Ada Swalaborough, Holt, &e.—Aad DEAF As A 1.06 T.

BIUTANICIA.
Tyr!. "MIMS, TEE MAID or MEXICO.—THE TWO ORE-
.:MAIM—The American Minstrels and Japanese Tommy the
wondrous Gymnasts, MM. Coutellier and Elllca—And ALONE
124 THE PLEATEB LAIR Mr. Reynolds; Miss Oovonry.

HIGH WA7NIL AT LONDON BRIDOL
no DAY —Mornlair. lb. Dm.... -Afternoon, Th. Sire.
To-Koasow—Moratni. a Stia..-..Afternooa, 411. MA.

LONDON, MONDAK, SEPTEMBER 30.

THE last quarter of the year opens with little
promise of being better than the three which
close to-day. Everywhere complaints are rife
of the sluggishness of trade, of the diffi-
culty of maintaining only so, much business
as will prevent the breaking up of existing
establishments, and of tho impossibility of re-
awakening even a moderate feeling of confidence.
Outwardly commercial affairs may seem tolerably
prosperous. The Board of Trade returns of our
exports in the first eight months of 1867 show
but a small falling off compared with 1866, and
an actual increase of more than 18 per cent. over
1865. The public revenue is also well maintained.
Evidence of this description is usually deemed
conclusive. It is nevertheless the fact that for
many years past trading profits have rarely been
lower than they are now. Many even of the
highest mercantile firma, of first-class standing and
long established repute, are, as it were, living
from hand to mouth. They just maintain their
connection, and nothing further. Houses in the
second rank suffer in proportion considerably more.
The rate of discount at the Bank is only 2 per cent.,
and money is so abundant in the open market
that transactions have taken place at only 11, or
it is said even less, but still it is no easy matter
for the small trader to get the accommodation that
is freely afforded in ordinary times. Again, the
accounts from the manufacturing districts are
generally discouraging. Mills working short time
and a decreasing demand for goods constitute, as
for many previous months, the general features.
Hence, if our foreign exports are maintained on
nearly their previous scale, the interchange of
commodities between home producers and pur-
chasers is decidedly slow. In a great measure the
may be traced to the serious loss of income which
has been brought upon thousands of middle-class
families by the great joint-stock failures of the
past year. Retrenchment has not merely become
advisable, but in too many instances compulsory.
It is impossible for one portion of the community
to suffer losses without affecting thereby the wel-
fare of the nation at large. New commercial pur-
suits, the employment of surplus caeitel in fresh
industrial enterprises, both at home and &brood,
would effectually serve to rep'ace the void
caused by the disasters of Overend, Gurney,
and Co., and other similar companies. If I
the famlies already ruincd could not recover their
forme- posit-on, at least others would become
prosperous eroagh to take their place. At pre-1
sent, however, this is not to be. Capitalists,'
wl ether millionaires or the possessors of a few
hundred pounds, show a firm disposition, not al to-
ge+lier unaccountable under the circumstances, to
keep their money lying idle in the banks. It is
safe there, and that forms the paramount cons'-
deration. No inducement will prevail upon them
to utilize their capital for their own benefit, even
where there is hardly the remotest chance of lees.

When once the public give themselves up unre-
servedly to a feeling of this kird, it is hardly
worth while to reason against Argument is
practically thrown away. It would be as easy to
stop a run upon a b..nk, or to counteract a specu-
lative mania by simple persuasion, as to convince
people of the folly of excessive mistrust. Besides,
the course of events :v not favourable. The im-
pending liquidation of the French Credit Mooilier
must necessarily have produced some effect here,
even if it had come at a different time and under
different circumstances. Unfortunate', it has
happened precisely at the moment when some I
alight symptoms of a return to confidence were
manifested. It was generally believed that at
length we had come to the end of the
disastrous financial disclosures which have
been the special characteristic of 1866,
and that the commercial atmosphere being
now cleared, nothing further could or need be ap-
prehended. The turning point had apparently
arrived when consternation would be substi-uted
by trust, but the practical fall of the Credit Mo-
biller threw everything back. The commercial
relations between England and France since the
conclusion of Mr. COBDEN'S Treaty are of such
importance that a calamity of this kind affects us
in a material, if only secondary degree. In any
case the collapse of one of the largest, if not the
largest, financial institution o! the Continent,
with a capital of 4,800,0001., or considerably
more than half that of the Bank of France, must
necessarily have been a matter of grave conse-
quence. Thus, at least, is has been judged.
Again the old question recurs, so of en asked
during now nearly two years where sod in nbom
can we put trust I In well-in:ormed titles is is
true that there have been misgiving.) with re-
spect to the position of the great compary for
some time bacL, but well-informed persons are
only a small minority, and, as a rule, scrupulously
reticent. The public knew little beyond perhaps
hearing casually some adverse rumour of the same
kind as might have been afloat some eight or ten