The Express.
London, England, 1866-01-12 00:00:00

FRIDAY EVENING, JANUARY 12, 1866.

. OUR CONTEMPORARIES.
(TEM3 DAY.)

Till ANZRICAN MAD/
The Times returns to the discussion of the charso-
ter and extant of the recent trade with the United States.
Attributing to interested motives and political prejudices the t
reception which its recent caution has encountered in some
quarters, it adds th►t its analysis was made on the Board of r
Trade returns, and until their accuracy is disproved by some
authority of equal weight it mud abide by:thent. In October
and November last year there was an increase of 4,000,0001.
in the value of our export' to the Union ; and the falling off
is values Imported gives us a balance of 10,272,000/. against
the United States as compared with the trade of 1861.
Nameless authorities assert that this is met by the in-
creased value in the cotton imported. But the Board of
Trade returns give an increase only in the value of
cotton for October of 931,0004, and the gums for
November (not yet officially reported), may be computed at
about 1,500,0001., still leaving a balance of 8,003,000/.1
against the Union. As to the cotton imported in Decem-
ber, nobody knows what He value is, but if we take the
excess over December, 1861, at two millions instead of a
million and a half, as in November, we are probably rating
it at its full value ; and as we must, on the other hand,
take into account the anus of export to the Union
in the earns month, which we have seen reason to
value at two millions, the balance against the Union
remains the same, eight millions as before. No
ace pretends that the whole of this trade balance
remains due from the merchants of New York to
the shippers of our midland and north-western counties
A great part must still be insoribni on the credit and debit
irides of their respective ledgers, but much may to so-
counted for by investments male here in the government
and railway securities of the Union. We have no wish
to undervalue Five-Twenties and railway debentures, but
the effect on the money market of the 'Dorado( in.
debtedness of the Union to persons here is unaffected by
the form the indebtedness takes. If we are to provide
within a few months eight millions for debtors in the
States, a tow more millions for Brazil, a couple of millions
or so for the Argentine republic, soma millions for Peru,
and by-and-bye Chili, an indefinite number for Turkey, for
Italy, for Austria, for Egypt, and for every other go►ern-
" •

meat—autocratic or republican—in the world ; if is
addition to this, the new facilities for embarking money is
business induos every man who saves to become a partner
in some raanufactruing or trading company—why, it is not
surprising that the rate of discount ahonld reach 8 par
Beat., or that Consols should fall to 87. And these are
the ultimata facts which justify and demand caution on
the part of every trader.

While Russi►n politicians lament the interference ft
Rawls in crashing the Magyars ant helping to overran mar

German intend" and empire, we liberal of the west,
observes the Daily !ems, have but to desire the coaleocing
and intermingling of both nos on terms of equality. For
the independence of EaSern Europe, as well es for the future
freedom of Germany, the German and Solsvonisa portions
of the Austrian empire should still remain in conjunction.
The Times congratulates the country upon the many rea-
lm= which exist to justify the belief that, through the gal-
lant efforts of Commodore Wilmot and the offioen and
men of the African squadron, the slave trade on the African
coast is at this moment practically extinct. Only one con-
siderable shipment of slaves took place from the west coast
of Africa during the whole of last year, and even this cargo
wee ultimately captured off the °nest of Cuba. One or two
smaller shipments may, perhaps, have been effected, but at
meet of the stations the trade was absolutely stopped. By
unflinching resolution, lavish outlay, and patient suffering,
have we brought the work to this pas. If the consent of
the promoters and protectors of the trade to abandon it has
been honestly given the slave squadron, like the alive
trade, will become a thing of the part. It is upon the sin-
cerity of Spain that we mart rely for the fruits of our
labour.

The Herald regards the Anglo-Austrian Treaty of Com-
merce as a ridiculous fiasco, describing it as merely • con-
tract, by which England buys from Austria, at • hangs
s•crifioe of re►ecne,,conovsions which she might have ob-
tained, if she would have waited • shut time, for nothing,
and the full benefit of which, if benefit there be in them,
will be at once gi►en gratis to our competitors in the
Austrian markets.

The Star has been given to understand that the govern-
ment proposal for the introduction of a Reform Bill is to be
met by Lord Elcho, supported by such few liberals as be
can find, and the tones, by • direct negative. Mr. Disraeli,
it is believed, is not prepared—es yet—to go the length of
countenancing or directing such • movement. But there
are people who suspect that he holds off chiefly because he
is inclined to see what real strength such an
enterprise could muster before he undertakes to
give it the benefit of his leadership, or even big sanction.
The only danger which could possibly arise to the ministry
out of such • combination would spring from the adoption
of a half-hearted policy which tailed to rally the true
liberalism of the country to its support.
The Herald protests against the increasing iteration of
foul language in our public thoroughfares—an evil which it
believes to be, especially in London, on the lemma If
the lees of society have progressed in any one way more
than another it is in the way of coining and using atrocious
phrases. And if this pernicious habit is so rife in the
streets what must it be in the homes and customary
resorts of its degraded professors
The Telegraph fears that when the present tide of specu-
lation recedes it will leave many wrecks on the Ise shore of
insolvency. Already in the share lists there are plenty of
investments whose stock is quoted at • handsome premium,
and yet, as the holden know to their own con, they cannot
find purchasers. Fifty-pound shares on which but 101.
have been paid tip can only be negotiated at a discount, say
of 15 per cent. In other words, if the owner desires simply
to retreat from his false position, he must give, besides the
premium at which he probably purchased, another 51. as an
inducement for any one to assume his liabilities, and there
are not a few instenees in which the shares of companies
are utterly unsaleable at any sacrifice.

LATEST INTELLIGENCE.