The Express.
London, England, 1867-08-12 00:00:00

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TO COBRESPONTOLITS.
6dvelmenanta Infonaut too " The Boma," London Evening
dagmust be at Ow Moe, 10, Boovodoottook by Two
i OD the day of pablicalion.

gAYMARKST.

THH Emma, THE Jai CHASE.
Howe, Rogers, Kendal, Clarke, Weathershy, de.!bireendalesdiunei
Sedgwielt, Chippendale Burke &e.—TO PAIN AND 'RACE
FOR RB.—And THE RIFLE, AND HOW TO USE IT.

ranicasvm

THIS EVENING, THE DAYAFIE7R THE WIDDINCL—THE
MAN 0' AI RLI E. James Harebell, Mr. Herman Peals; Messrs.
E. Pries Forrunter, Gresham. Maclean, and Elerten ; Mimes E.
Stuart, Nell, Moore, Ac.—And AN UNPROTECTED FEMALE.

Isis Evamad, REVERSES. Messrs Emery, Parsons, Rob•
eon, and Seanborough: Mesdames Ads Swanborough and John-
stone.—And TUTS LATEST EDITION OF IRA DLAVOLO.
Messrs. Thorns It James ; Mesdames Holt, Newton, Qs.

DIUTANNIA.

Tlifl EVINTIN. MY POLL AND YY PARTNER JOE—The
Brothers Hanlon: Mr. C. Woodman; Mr. J. Plumpton ;
Little UMW ; Jessie Nam: the Champion Skaters.—AM
JACK O. LANTERN. Mr. Reynolds end Mir S. Miles.

HIGH WATEZ AT LONDOE BUDGE
MO DAY —Monde& Oh. 05.... —Aitorsoon, O. 17m
To-Hozhow—Mornlnig. Oh. 4:Wk..— ..Atkesooa. Ih. ha.

LONDON, MONDAY, AUGUST 12.

THE extraordinary ease which has for some
time prevailed in the money market shows no
symptom of ceasing. The bullion at the Bank
continues to increase, and by the last return
amounted to 23,255,564/. In Paris the lemur
mutation is still larger, the total held last week
being 36,119,0001. The accounts to be nadeip
on Wednesday next will probably showe
two Banks of England and France possess be-
tween them the enormous sum of about sixty
millions in actual specie. Nor is the amount
likely to stop there. The long-looked-for revival
of trade and enterprise appears as distant as ever.
For several weeks the rate in the general discount
market has never been higher than I per cent.,
and more often as low as 1 or 1,7,. But even
these almost nominal terms have failed to give
any stimulus to business. The public seem utterly
incapable, at least for the time, of getting
over their long-enduring distrust. An in-
direct proof of this is shown by the
complete failure of the Russian Loan, although
under any circumstances there were strong
reasons why the operation in question would
not succeed. It is absolutely hopeless to
attempt to place a joint-stock company. The old
hypothesis that cheap money is invariably at-
tended by speculation is for once at fault. An
experienced "promoter" would be obliged to admit
that has prospects are no better now with money
at 1 per cent. than this time last year, when the
price was 10. It is to be hoped that in the au-
tumn commerce will recover from the present dul-
neas, but it is difficult to see in what direction.
The comparatively deficient harvests in the South
of Europe will naturally diminish the purchasing
power of those countries, while our own plenty
will, to a great extent, lessen the external demand
for British manufactures. Exporters of corn to
England have usually laid out a considerable por-
tion of the value of their cargoes in our goods. If,
however, we do not require to buy fromthem, they
will equally lack the means or the inclination to
buy from us. If we were dealing with highly civilized
countries the case would be different, but at pre-
sent, excluding the United States, the chief sup-
plies that will be sent to France, Spain; and
perhaps Italy, will be derived from the Danubian
Principalities, Southern Russia, and other Eastern
States. A Roumanian corn-grower who sells his
grain at Marseilles or Genoa is almost certain to
lay out a considerable portion of the proceeds in
France or Italy, as the case may be. As regards
the former country this is the more certain, since a
considerable trade, much greater than is generally
known, exists between Paris and Bucharest, chiefly
in articles of luxury. The Boyards will be espe-
cially inclined to increase their imports this yelr,
since after several bad seasons they are at last
enabled by an exceptionally good harvest to in-
dulge their taste for the worst extravagances of
Western civilization.

In the meantime the flow of gold from America
to England proceeds upon a steady, if not aug-
menting, scale. Fresh arrivals are reported almost
every day, and the Atlantic Telegraph brings
constant news that further sums are coming
forward. As the foreign exchanges remain
firm, the greater part of this influx may
be expected to go into the Bank of England and
to add to the already redundant means at the dis-
posal of that establishment. Even the require-
ments of coin for the harvest fail to diminish the
stock of bullion. It is a singular circumstance
that in the past week the increase shown in the
latter item was actually somewhat more than the
foreign gold announced to have been sent in. It
is to be feared that the explanation will be found
in the inactivity of our internal trade. There is
the same kind of demand for sovereigns when
manufacturers are prosperous as prevails at this
exceptional period of the year for agricultural
purposes. Apparently the one influence is now
neutralised by the other. At a time when more
coin is wanted by the farmer the manufacturer re-
quires less. But, as it is well understood, the
specie which is temporarily put into circulation
for the harvest during the autumn within a short
interval returns to the Bank. Hence, presuming
that the shipments from America con-
tinue, and that trade remains upon its present
footing, we may look in the course of the
next month for an accumulation of bullion far be-
yond even the unprecedentedly high sum now held.
It is frequently argued that it is as dangerous for a
bank to have too much money as too little. Under
certain conditions this is undoubtedly true, but
the maxim does not apply in this instance. Where
the practice is followed of allowing interest on
balances there is always a temptation to incur a
certain amount of risk rather than have money
lying idle. The Bank of England, however, is
safe on this score. No matter how large the ba-
lances in its possession, they can be kept in hand
with no greater detriment than that of foregoing,
perhaps, a hazardous and uncertain profit. The
Rank has, in fact, the advantage of not being
obliged to use its customers' money as fast as it