The Express.
London, England, 1856-12-17 00:00:00

LONDON, WEDNESDAY,

Tne prospects of the Morley Market us decidedly
brightening. The position of the Bank of England
le daily becoming stronger; and the commercial
demand for money, though active, is merely that
usually observed at the close of the year. The
impression is gaining ground amongst dealers in
mosey, not merely that the highest point hes bean
reached, bet that the existing rates cannot be
maintained leech loafer. An ineritableresalt of this
change in public °pinkie is an isereseed desire on the
part of capitalists, small and great, to employ their
money forthwith, lest they should lose the chasm
of the market. Thus lug dated commercial paper,
which only a few weeks ago could not be dim.
counted, unless on very onerous terms, now
commands in many quarters a pretense* over
bills of shorter date. The evident tendency of
this state of things is a farther decline in the value of
money. So long u distrust prevail., coupled with
uncertainty as to how high the rates of discount
may rise, many moneyed people refuse to lend at all,
except under such conditions as ensure them the power
of immediately withdrawing their feeds. They cal-
culate, shrewdly enough, that they will secure a
highly advantageous position in the market by keep-
hog their capital at command, at a time when the
demands of borrowers are urgent and general.
There are many who make a practice, when
their judgment tells them that a period of
monetary stringency is at hand, of turning into cash
every description of joint stock and commercial
security held by them, and awaiting the course of
events. This wary policy doubtless tends to aggra-
vate the promote so long as it lasts ; but directly
symptoms of a reaction become apparent, the down-
ward movement of the rates is greatly accelerated
by the eagerness to lend shown by parties In this
position. This seems to be the prominent feature of
the market at the present moment, and we shall be
surprised if it does not quickly lead to its natural
result—a further decline in the rates of interest.

An examination of the position of the Bank of Rag-
land will folly confirm the more cheerful view now I
prevalent. Comparing the latest return with that
lot the week ending the Ist of November, when the
Bank terms were 6 yr cent. for 60 days, and 7 per
cent. for 95 days bills, a sensible improvement is pre-
sented. The aggregate of deposits—Treasury and
mother"—exhibits an increase of 541,4721.; whilst
the total securities held in the banking de-
partment—Gavernrcent and "ether"--show the im-
portant decline of 1,760.7051. It is a favourable sign
that 1,663,7311. of this latter sum is In the "other"
securities, the total of which is now reduced to
17,389,7161., against 19,063,4481. on the let Nov.
The falling off in this item becomes the more most.
raging when we recall to mind the advanced period
of the financial quarter, and also the fast that the
Bank has resumed advances upon Government stork
daring the shutting of the transfer books. Adding
together the two sums above enumerated, viz.,
541,4724 increase in deposits, and 1,760,7051.
de-
ereese in securities, we have a total of 2,302,1771.,
which prima
.1 arse may be regarded as indicating a
positive increase in the Bank's means. ltsfeniag to the
reserve of unemployed notes, we find an addition
nearly equal to this sum. viz., 2,207,7154 the reserve
standing now at the satisfactory figure of 6,161,3801.
against 2.943,665/. on the Ist ult. The increase in the
min and bullion is also important, amounting to
889,8711. It is symptomatic of the directors' con&
dame in the gradual aubsidence of the relent pressen
that the last return, extending to the 6'h inst., per
mats a feature which has not been witnessed for many
weeks. viz., an increase of 186,0001. is the Govern•
meat securities. It is natural to infer that this sum
represents Government stock pledged by the Bank in
the Stock Exchange at the commencement of the late
monetary derangement, and now withdrawn. Had
the Bank left this stock in the market, it would
have been compelled at the Stook Exchange
monthly settlement of the 4th instant to pay
some a or 7 per cent. per annum interest
for the acoommodation ; and as the directors could sot
employ at higher rates the money raised upon the
stock, its withdrawal from the market wee a natural
eaosequence. Future returns will probably exhibit
farther additions under the head of Government ma-
AG's, as the position of the institution becomes
drawer, and its available means increase. In several
well-informed quarters we even hear the sespicion
expressed that the Bank has recently purchased stock
is the open market. We are unwilling to impute
blame unleu upon very positive evidence, and will

therefore totems motives for die preseat to hinting
that the public would view with deep disappeoba-
tioa any endue tampering with the stook markets.
The Bank could not be permitted to mei its infonsation
to came changes in the funds for its own profit. Were
a system of this kind to be connived at, we might
soon be subjected to the scandal of seeing the Bank
buying or gelling in the market, to the loss of less
favoured parties, and backing up itsoperatioseby

alterations in the rates of discount. We must refuse
to believe t►at the directors wilt attempt to employ
in so questionable a manner funds which would be
much more legitimately devoted to supplying the
wants of commerce.

Whilst the Bank of England has than materially
strengthened its position, the Bank of France has
also made progress in the same satisfactory direction.
The increase, shown in the last return, of 1,388,0001.
in the coin and billies, accompanied by a decline of
nearly half a million sterling in the floating circula-
tion, proves that the immediate difficulties of the
bullion drain have been to a considerable extent
surmounted, and warrants the hops of a sounder
state of the money market. But, above all, eon&
dams must De inspired by the wholesome rigour
with which the Bank has dealt with the Bourse.
On the 12th of June last the aggregate of
advances on Restos and railway securities
was no less than 6,970,80 W. There has sine,
been a continual reduction, and the total is now only
2,367,1001. In thus adopting, regardless of the appli-
cations of the Bourse, the advice tendered to it by all
impartial observers, the Bask of France has shown
more independence of action than most parties had
looked for. The restrictive process has now been
carried so far as to produce the expected favourable
results, and the time seems to have arrived when

some relaxation may be looked for. In so far es the
Bourn is concerned, the directors will do well to
keep the reins tight; but French trade requires
assistance, and most persons would rejoice were
BMWS/ in this mass to be immediately adopted.
The Bank of France seems to be waiting for the
Bank of England to move first ; and indeed we see
no valid reason why the extraordinarily high rate of
61 per cent. should be longer maintained here. In
this wealthy country, the best supplied with capital
in the world, seven and even six per amt. is an
unnaturally high value for money to bear; and expe-
rience proves that a very exceptional state pf things
II is required to maintain such extreme terms.
The more re-securing aspect of monetary
affairs in Fresco, despite the violent flosteations of
the Bourse. which arise rather frost the monster
operations of individael speculators, than from any
legitimate scollop ; the more favourable movement of
the Chinese exchanges, which has somewhat checked
the Bow of lam to that qurter; and the recent fall
in the price of silver in London, form satisfactory
features. Doubtless large quantities of silver will
continue to be remitted by each mail to the Bast. and,
coupled with other influence., will tend to diffuse oar
fresh supplies of gold over Europe, and to prevent
money from becoming cheap. But, we repeat, the
existing high rates cannot be much longer main-
tained, and a reduction may now be looked for from
week to week.

SOUTHAMPTON ELECTION.

r, TUESDAY.

All attempt to heel the diviaisee =Old tha
liberal party ha Beathaapton bare felled, sad bath medals
have deals's* for war. It is wet sow deobtad that Bit
Edward Butler, a eouservatim, aad Mama Wagtails sad
itadreer, liberals, will go to the pH, and that the *oaten
will be oae of the fiereast ever known. The &dimes of Mr.
Richard At drein, the radical esschmaker, and mayor, was
issiesd this day. After stating his views, Yr. Asdrews
rap, to dm elector : .. If they mot with you approval I am
your man. I ham not aught this males, but Wag is it
by the kindness of so large a amber of friends who have
sot deserted the goad old imam for whisk we have so oft'n
struggled together, I pledge you Nay word that segotlaUeo
is now at an end, and I ass resolved to poll is the last man."

COLLISION IN TSB MERSEY.

LIVERPOOL, TIZSDLY

The anew steamer Canadian, in going into the
Birksahead Ch. M../ Dock this aiternooa, eau* into rani-
Mos with the railway Moamar Nun, striking ea her sten
dscboa►d side, severely damaging her. She had the ass-
uagers per railway on board. They were at ones leaded,
fartnitetely without lajury, and traasferred to mistier
steamer, mad the Nu was hauled into the gra►ing dock.

A highly influential meeting held at Dahlia yes-
terday. the High Sheriff in the stud; resolved saaalmosely
to petition parlossaet to rides* the woes, to 6d. in the
posed after April nest.

THE NEW NATIONAL OALLEET.WHITINALL,
Dec. 13.—The Quota has been pleased to direst letters
patent to be pealed ander the Greet Seal, swastitatleg and
appoint's* the Right Hoe. Lord Brow/ham ; the Very
Rev. Hoary Hut Wimp D.D.; Erhard Fowl, .
Nielsen' faraday, Foq., D. 11.1; Carles Robert Cadterell,
Rm.; end George Riehmond, /Lg., to be her Il 1040
Commissioners to determine the site of the New National
Gallery, and to report as the desirablesesa of combising
with it the Ti.. Art end Mot rologioal Collection* of the
British Mmes. is mordant, with the reensameadatioa
of the Select Coismittee on the National Gallery la 1863.
Gower.

FOREIGN- ORWL OCT. 31.—Tbe Queen has bee.
1, peeped to epeeist George Beamento Mathew,
las.iliesse ter Majesty's coned at Philadelphia, to be her
Majesty's emenl general for the Rouen pore in the Bleck
fka.—Dee. 16 —The Queen lee bees plowed to sportive
of Mr. Willism Doweled Brum as viceasonmel at Ede.
burgh and Lath for the Oriental Bopublie a the Uruguay.
—Gautre.
BOARD OF TRADE, WHITEHALL, DEC. 15.—The
Might Hen. the Lords of the Committee of Privy Council
he Trade and Plantations have revived, through the
Bearelary of State for Foreign Affairs' • copy of a deeps oh
hem her Majesty's email at Rio de Jemmy, trammiuleg
mg of • Brazilian imperial hone, regulates, the carrying
trek between she pore on the sea ease of the empire and
the port of Albequastque, sad 'deleting torsi's Sept. per.
depots is it under certain wheels, Involving the &groat
by the exporter of a eau eqaivelent to the assent er the
upon duties on the cargo, which will be (whited if within
ma year the cliseborgis of the goods should set Im proved
Vanameetrestleate from the fecal station of Alberaarque.—
.
Us VACANT OFFICE OF COMMON BERJEANT.—
Irmilresy afternoes a meeting of gestlemen emaseed with
Ms bar me Coen of Common Council was held at the
Leedom C..ffee.ttome, for the pumas of take( steps to
moss the emcees of Mr. Bodkin to she office of Common
&resat. renamed mast by the appointees" of Mr. Rae-
ses Gamey to tee Illesemieeehip of the City of London.
Le gemmed hem Me V. Kelly, Mr F. Theism Mr.
B. Jame, Q C , sad aim% highly eslogistio of Mr. Bodkin,
and expressive of their desire IN tie snots; and a resolu-
tion homed been pried that ma active mamas should at
ease be esassesseed es Ilis behalf, the meth! separated.
Nsw POSTAL AZIANGEMINTS.—By the sew
panel sesatatiee with Frans*, the provisions at which will
roe fete operatios !roes the Ist of January seat, • redac-
tion has less tinted in the meant of the easels rats paid
le Frame he the mime ogee of that Forties of the India
Neil whisk le via Mersollee. L eosmgelms of
this orris...eat, • reduced charge will in teem be levied
span ail bakes azelisnged between the United Kingdom
and ladle vie Maneillis, Raked the Una' rate fora letter
so leader:-9d. if not exceeding I ax.; Is. if neeedisg es.
sadist ssosediog os.; Is. 9d. ditto; oz. ditto
Otte s. ditto I ox. ; 3e. 34. ditto 1 en. dine 17 Ca.; 3.. 6d.
ditto 17 on. ditto ILos The charges epos lettere oonveyed
directly hawses Frame sad leek, via Egypt, are sin
Mussed rake the esavestiee, and It has been agreed that
epos eB soh hikes the entire British cos pinups shall be
collected I insane ea behalf et the English Peet elks.
Under title ensegmeat the Bed flea rate of le. the Wl-
came, to Village* Man have hitherto been subjected I.
India, will ite Mayo he Shareable, end no 'huge far see
cosmoses will Lantern be levied by the le&E Pan-
ellise sitter es the dlemseelt el lotion aid printed papers to
Freese, van the delleary of letters sad primed papers hem
Fraaas.-7Alane iodises Mal.
THE

is Clivica CAss.— Sir Ma
Dodoes has at leapth assesseed elleisay to the mimeo
of the Mart of Arches that he will deliver his
j ad/meet is the snit of Westaetaa v. Lidd sill=ills •
on Saturday ant, the 20t1 loot.. at 'levee PdMttt pseshody.
The public asp not be aware that the 01111/11111 Mhos Is
dread 1. DJetan Campos, sad ill pesos duke. of
kostiag Wpm; will be Waisted.