The Express.
London, England, 1867-11-25 00:00:00

RAYMAIIXICT.

toe Bruno. THeiiiiiiiTirOLlD. mt. Compton.—
BROTHER SAM. Mtwara nothern, Hut:ketone, Compton, John-
Ann, Re.: Mecham Chippendale. Roliertion, Lewin, d•c.—And
31Y WIVEd 11OTHER. Maim Chippendale and Howe.

PRINCIMM

Ten WINITHI, A LTITCY. EL/ ILTATION.—AIter which TEE
COLLEEN DAWN. Messrs. Bow:lnsult, D. Burrs, E. Atkins, 0.
Neville, J. O. Shore. R. Mellon, etc.: Mn. BasiolCault, it Misses
Barnett and Elsworthy. —And NO. ONE ROUND THE CDENEE.

LYCEUM,

Tina Ramona, PERFICTION. VW Maud Shelley.—And
ROMEO AND JULIET. Maws. W. Lacy and Ryder ; Min
Veatvall, Mrs. Manton, and M 1 Mllly Palmer.

mum
TIMID STEWING, NOTHING TO NURSE. Mr. Thorne and MIA
Na•ton.—K IND TO A VAULT. Mears. Pintail, Belf,rd. and
Junes IlegGaiosS Johostose, Gwynn, sad ilughea.—And
WILLIAM TELL WITH ♦ VENGLANCE.

HOLBORN.
Tm,, Evuntan, FOR LOVE. Meson H. J. Montague, Price,
Garden, Westland, and H. Widdlooatb: Mesdames Stephens,
Ilearsde. C. 'Viands's, &c.—And HART TURNEJL; OR, THE
WICIOCS WILLIN. M 1 Josephs.

Thu BRITANNIA.
EVENING I:LN'S DEATII-TRAT. Norm
nt** Leslie., tr., : THE
Kra A. LanGe —Mr. Mark Floyd: Mr. and Mn. Ka-
Langan and Mr. J. MUlleent—ZlP VAN WINKLE. Mr. Rowe.
—And MARY BLANK Mr. 1. Mutton aad Mliaeourtalbay.

HIGH WALTZ AT LONDON DEIDOI.
Tim Der —Morning. lb. Ma.— —Altarsoon, lb. 313 is.
TO-NORtow—Nornlam, lb. itin......Afbersoca, lb. 170.

LONDON, MONDAY, NOVEMBER 25.

WHILE grave political events are occurring both
here and abroad, it would be impossible to expect
any improvement in the financial position. On all
sides we hear of restricted commerce, deficits, and
tentative proposals for new loans. The Emperor
NAPOLEON abstained in his speech from ment'on-
ing the project for raising some seven hundred
million francs for industrial purposes ; but it is
believed that the plan is deferred, not abandoned.
The present moment is in fact most inopportune
for an operation of this sort. France is suffer;ng
from a deficient harvest--in itself a sufficiently
serious matter—and next the small capitalists who
have experienced heavy losses by the Mexican loans
and the collapse of the Credit Mobilier, are begin-
ning to doubt the success of Imperial finance.
A suspension of dividends and a heavy fall in prices
cannot be reasoned or explained away even by the
most plausible minister that ever framed
a

budget. Doubtless the 28,000,0001.
could be raised, but not with the t,clot that at-
tended the loans for the Crimean and Dalian wars.
This would be of no great consequence were it not
that a comparative failure in financial policy would
be a disagreeable complement to the recent mis-
takes in politics. Hence it is thought better to
wait for a more favourable opportunity. As re-
gards other countries, their position is in a sense
so far better that they cannot borrow, how-
ever much they may desire to do so. No
capitalist, native or foreign, would dream for
a moment of taking the fresh issues of stock
which Russia, Austria, Italy, Spain, Turkey,
or Greece would be only too glad to offer.
In one or two of these countries at least an honest
attempt has been made to economise expenditure,
but breechloaders, rifled artillery, and general pre-
parations for war, quickly swallow up any small
savings that may be effected. Prussia, indeed,
might be able to borrow if she wished, but the
burdens on the people are already heavy, though
less so in money payments than in the more vital
pressure of the blood-tax or conscription.
In the western hemisphere also matters are not
proceeding as smoothly as might be wished. It is
no new thing to see the credit of the United
States constantly attacked in a portion of our own
press ; that has been done at longer or shorter in-
tervals since the commencement of the late war.
Unfortunately, however, some Americans, if not
of high, yet of prominent position, have advocated
a plan for paying off the funded debt which (with-
out entering into details) involves at least partial
confiscation. Although there is not the remotest
fear that this project will be entertained for a
moment by the vast majority of the• nation, the
mere fact of its being publicly avowed is quite
enough to scare the prudent and almost invariably
timid bondholder. He will admit that there is no
cause of alarm, and five minutes afterwards sell
his stock for what it will fetch. These unwitting
efforts to depreciate the national credit—since that
is their effect, no matter how well intentioned the
motive by which they are put forth—cannot fail to
do temporary harm. Going further south, we find
Brazil, with whom, next to the United States, wo
have the closest commercial relations in the West,
still engaged in a war that appears interminable,
and has already entailed immense financial sacri-
fices, and in all probability will entail very much
more.

But while pointing out the difficulties of other
nations, it must not be forgotten that we hrve a
fair share of our own. In the first place stands
the Abys9inian war. It is admitted that the ex-
pense will be some two or three millions sterling,
and, judging from precedent, when the accounts
are made up it will probably turn out to be twice
as great. Fortunately we shall have no trouble
in finding the money. The question will simply
be whether it should be raised by a loan or by
increased taxation. There is something to be
said on both sides. Regarding the matter as one of bu-
siness, it might be argued thatas money is cheap and
abundant now, the sum required could be borrowed
by the sale of Consols at—say 93, and that the
amount could be advantageously repurchased at a
lower price when capital became more in demand,
and the value of securities had consequently
fallen. The great objection to this plan is, that
the implied obligation to redeem is seldom or never
carried into effect. Terminable annuities for
short period' would be better, but as these securi-
ties command only a limited market the process
is too costly. With the exception of insurance
companies, and not all of those, few care to buy a
stock which, with all its advantages, possesses the