The Express.
London, England, 1866-01-29 00:00:00

TO 0013.123PONDRNT9.

idevellawnenta intendeddfor iiieii:PCeal" London Evening
rrmust be at the Moe. 10, Bouyerie-street. by TWO
it on the day of publication.

HAZNASErr.

THIS svunta, Bunlicit Mem% Sothern, Bock-
done, and Compton ; %Hams Ndlly Moore. Snowdon, dm.
OILTHEIIS IN THIS HAYMARKET. Mews Romeo a D. timber ;
Wawa Keeley, Howard a Wright—MY HUSBA VD'S GHOST.

PaIIfCBSEI'S.

TIDO Ivaints, QUILT LODGINGS.—Atier whirls IT IS
II DYAD TOO LAM TO =ND. Messrs. Vining, G. Melville,
T. Mod, D. Murray, b. Whom; P. Villiers. I. G. libore, G. Mar-
ay. sad L OstbsarS Mims L. Nome and X. lodgers.

LYCEUM.

Tete iVINTWI. THE 10*FritIOUS STRANGER Mr. H.
Widdicomb.—THE MASTER OF RAVENSWOOD. Mews.
Fecittse. Jord 0. Verb. Emery. Widdicomb, Fitzpatrick. Era;m
Mesdames Terme, Haws/thy, Levees, C. Isclereq.

BRITANNLI.

Tats EV1111)10, OLD DADDY LONGLEGS AND SIR REGENT
CIRCUS : OR, THE GOLDEN APPLES.—Y. and Ildme. Matsoo-
- BovanL-81tower of Golden Bala. —Joluiny Day.—
HITTER COLD; OR, THE SECRET OF THE HOLLY BOUGH.

Ilea WATI AT LONDON-111111101.
/VTO DAT Doming, Ob. 50m..... AA noon. lb. dat.
toagoasow Horsing, lb. nal.— ..Athinzoos, lh. ana.

LONDON. MONDAY. JANUARY 29.

AT the moment the influences operating upon
the money market are of a somewhat chequered
character, and it would appear that such further
light as may be afforded by the events of the next
few days must be awaited before any definite
opinion can be formed as to when a relaxation
of the present extraordinary charge at the Bank
of England will take place. On the one
band, the returns, both of the Bank of England
and the Bank of France, are improving ; the Bank
of Frankfort has just reduced its rate of dis-
count to 5 per cent., being the same as the charge
at the Bank of France, and 3 per cent, below that
current here. Up to the present moment there
has been no renewal of the demand for gold for
export. The Lombard-street and other discounters
are taking bills readily at per cent, less than the
Bank of England, thereby precluding for the time
any large influx of businasa to that establishment ;
and, finally, a favourable feature is involved in
the continued heaviness of the cotton market at
Liverpool. On the other side, it may be noted that
the 8 per cent. rate at the Bank has not yet brought
about that rapid and marked improvement in the
bullion and reserve which the advocates of the Act
of 1844 have been accustomed to prophesy for it ;
the continental exchanges are not in a really
satisfactory position ; and amongst the events of the
week now closing is to be recorded an adverse
movement of the Indian exchanges, causing an in-
creased demand for silver at the close of the week
for remittance to the East. Should this Eastern
demand continue or increase, there is a prospect
that the continental exchanges may be unfavourably
influenced, as it will become necessary to obtain on
the Continent increased quantities of silver, to be
paid for in gold. But, while the considerations
immediately affecting the money market are thus
almost equally poised, there is another feature
about which there can be no mistake, and
the power of which may be easily under-
rated. Whatever may have been the desire
of the speculative portion of the public
during the last year or two to embark in fresh
financial commitments, there in no inclination
whatever for them now, and all outgoings are being
rigidly out down. Were it only the speculator that
suffers there would be less cause for regret, but, un-
fortunately, it is beyond doubt that the continued
high value of money, combined with the feeling of
distrust and uncertainty which prevails with regard
to the future, is exercising a very prejudicial in-
fluence upon the legitimate trade of the country.
While the partisans of the law of 1844 can scarcely
dissemble their disappointment at the slowness with
which the last two turns of the Bank " screw" have
operated in aid of the bullion and reserve, the
traders of this kingdom, who, regardless of all
speculative invitations, are desirous merely of con-
ducting their business in the old and regular
manner, are made painfully to feel that those ordi-
nary facilities without which it can scarcely be
earried on, are being ruthlessly cut away from them.
Trade was expanding—apparently in legitimate and
remunerative directions—but is now declining, in
order that the seeming poverty produced in the till of
the Bank of England by a financial crotchet may be
relieved. The money which the trader was using
profitably is being sternly called back, to lie idle in
the coffers of the Bank. It is a wonderful proof of
the inherent vitality of commerce that it can retain
any elasticity under the cruel liberties which are
ceaselessly being taken with it under our existing
currency system. With the utmost regularity we
travel from expansion to contraction, and from
contraction to expansion again. The Bank of
England is now refusing to accommodate commerce
below 8 per cent., and will, if necessary, fix its
rate at 9 per cent., or some still more actively pro-
hibitave point, doiug all this with the sole object of
getting back money into its till—in other words,
of transferring a portion of the currency of the
country—insufficient though the total volume
of that currency is from an active to an
inactive state. By and bye, when, under the
teachings of a law unsuited to our requirements,
it has accomplished this object, and has forced trade
to disgorge what it was thriving upon, and what is
indispensable to its well-being, the Bank of England
will become as restless under its accumulation of
idle money as it is now anxious to get it. Then it
will lower its terms—as has happened twenty times
before—till it succeeds in gavanising into fresh life
the Self same spirit of speculation which it is now
striving to strangle. An Bor 9 per cent, rate will
then be followed by 5 or 4 per cent , perhaps lees
stilt The changes are often rapid enough. Fifteen
months ago—viz., in November, 1864—the Bank's
minimum was 8 per cent., as now ; but though
then, as now, there were plenty of prophe-
cies that the value of money would never
decline again to even a moderate level, by the 15th
of the following June—being an interval of only
seven months—the Bank was trying to get rid of its
hoard at three per cent. It would really seem that
those persons arrive at the truest appreciation of