The Express.
London, England, 1860-05-14 00:00:00

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LONDON, MONDAY, MAY 14.

TIM money market has become easier, and the
past week has been marked by a reduction in
the rate of discount of the Bank of England
from 5 to 4i per cent. Concerning the
prospects of the market, some difference of opi-
nion is observable, but the prevailing iuipression
appears to be that, although the immediate ten-
dency is satisfactory, any important fall in
rates is not probable. Amongst the favour
able features is the circumstance that, although
the United States have already shipped to Great
Britain this sewn no leas than 2,182,557
bales of cotton, being 723,619 bales more than at
the corresponding date in the previous season, the
exchange at New York is now improving to
a point which will probably cause some mode-
rate amounts of gold to come over. It may also
be pointed out that any check which may
be given to our export trade, whether arising from
the unsettled date of politics on the Continent, or
from the caution inspired by the advices from
Australia and operate in favour of the
money market, for, whilst the immediate consign-
ments will be kept within moderate bounds, re-
mittances will become due from abroad on account
of many of the large shipments effected last year.
Nevertheless, it is impossible to overlook the fact
that much hesitation exists in monetary circles,
and that there is not the usual degree of
confidence in the future course of the awned.
Very sadden and violent fluctuations have taken
place in the value of money during the last twelve
months, and the recollection inspires caution.
The most recent of these movements has contri-
buted to place in a more striking light
the susceptibility of the market to sudden and
severe action. The weekly returns of the Bank
of England for some time pest have presented
abnormal features. At this moment, when
the "other securities" in the Bank stand at
20,739,0251., the general condition and real re-
quirements of trade are much the same as they
were on the 4th ult., when the total under this
head had run soddenly up to 24,964,764/. Many
people think that the extent to which the Bank
had then locked up their means in discounting mer-
cantile bills was out of proportion to their resources,
and that no other hank in the kingdom could have
ventured upon commitments to a proportionate,
extent, simply because no other bank has the
Btate at its back, so to speak, as the Bank of
England have. Yet the Bank of England were
compelled to go on discounting freely, and must
have extended their transactions still more largely,
had the pressure—which was caused by mercantile
fears, not by mercantile neceesitier —lasted ; for •
cessation, or even rigid restriction of discounts by
them would have enforced similar precautions on
every other monied establishment in the kingdom.
Belf-preservation would have b en the guiding prin-
ciple of those banks ; aocommodai.on would no
longer have been obtainable ; and she results, for
the time, would have been most diesstrons.
Fortunately the fabric of our trade, internal and
external, was in a condition to bear the strain
without the slightest deflection. There was an
entire absence of causes calculated to de-
velop a pressure into a panic. Accordingly,
when the effect of the vague apprehensions of the
commercial public had carried the private securi-
ties in the Bank up to the extraordinary sum of
twenty-five millioay the needless pressure was
stayed. That it was needless is proved by the
circumstance that the trade.of the country, which
is as large as it was six weeks ago, is carried on
quite na smoothly as before, although now assisted
by the Bank to a lees extent by four or five

The disturbance is plainly marked, too, in
another inip..rtant item of the Bank accounts. The
" other " or private deposita, which stood at the
comparatively moderate sum of 12,932,9201. on
the 21st of March, when the Bank rate of discount
was 4 percent, had risen to no len than 15,480,8641.
by the 21st of April, when the Bank rate was 5 per
cent The public rushed to the Bank for discount
accommodation almost, as it would seem, for the
mere pleasure of handing the money back into the
Bank's custody as private deposits. We know,
of course, that the public were not actuated by
any mere idle motive in thus driving up the rate
of discount and in adding largely, from their own
pockets, to the profita of the proprietors of
Bank stuck. They saw that the mar-
ket was suddenly acquiring a very disturbed
appearance ; they knew not at what point the
agitation would stop ; and they were therefore
desirous of supplying themselves even beyond
their immediate wants in order to be prepared for
all contingencies. The advanced prices which
wen• demanded bytbe Bank of England and by the
other money dealers mercantile men were content
pay f.,r the security which they indivi-
dually obtained. The alarm the fifteen

titiany untamed. The alarm over, tl
• ;