The Express.
London, England, 1866-01-09 00:00:00

THE EXPRESS, TUESDAY EVENING, JANUARY 9, 1866.

United States dates only from three or four months
back. Although it is true that we are now shipping
goods thither upon a larger scale than was ever'
before known, the Board of Trade Returns stater
the exports of all the enumerated articles to that
country for eleven months of 1865 at not more thalii
16,300,0001. against 14,500,000/. for the same
period of the previous year. Upon our Ame-
rican export trade of the eleven months there
was, therefore, an increase in 1865 of
lees than 2,000,0001., and this cannot be deemed
excessive, when it is remembered that the Northern
American markets had been greatly relieved of
many articles, while the markets of the South
were utterly bare. The magnitude of the exports
during the last three months naturally arises from
the great slackness which prevailed in this depart-
ment of business during the first eight months of
1865. And when we examine into the capability
of the United States to send us an equivalent for
the large amount of goods which we are now con-
signing to them, conclusions equally opposed to
alarmist theories are presented. In the first place,
we have already received from America this
year about 4,000.0001. of specie, and this would
at once reduce the debt of America to this country
on the trade of the eleven months of 1865 from its
gross amount of 16,300,0001., as shown above, to
12,300,0001. Next, must be taken into account the
large amount of American government and other
securities which have been forwarded to this coun-
try and the continent, and by which the balance
against America must of course be proportionately
reduced. Next, we have to allow for the general
experts of commodities from America ; and, finally,
so far from our imports from America being small,
as his been asserted, the fact is, as the reports
from Liverpool will prove, that they are extraor-
dinarily large. Conclusive assurance upon this
point is afforded in the fact, vouched for in the
most recent advices, that the shipments of the
long pent up cotton from the American ports have
suddenly increased to about 30,000 bales, or say
one and a quarter million sterling, per week. It
needs little calculation to show that if America
can maintain anything like this rate of exporting
activity, she will have no difficulty in discharging
all her foreign obligations. These particulars are
the more important, because, in the straitened con-
dition to which our money market has been brought
under the operation of the Bank Act of 1844, there
are quite enough elements of gloom and uncertainty,
without our tormenting ourselves with fancied
evils. America wants our goods, and our profit con-
sists in supplying her with them ; America also wants
to send her cotton and other commodities to market,
and it is our earnest wish to receive them. The
only points upon which we require to have satisfac-
tory testimony are (1) the absence of excess in the
general volume of the trade, and (2) the ability of
America to pay her debts. Now, inasmuch as the
facts and considerations above cited go far to furnish
a satisfactory answer upon both these points, the
mercantile community may, we think, fairly dissent
from the apprehensions which have lately been
expressed with regard to the state of mercantile
credit, as between this country and America. If
that country pays us in specie and in commodities,
as she appears to be doing, there is, of course, no
question of credit at all. That the revival of our
American trade, experienced during the last three
or four month; has tended to raise the value of money
here, cannot be doubted, the more especially as,
apart altogether from the foreign shipping business,
the impulse given to our home manufacturing in-
dustry has caused a pressure upon the Bank of
England for internal purposes, and it is a notorious
fact that whenever this occurs the Bank has no
resource save to check trade by raising the rate of
discount. It adopts in this case precisely the same
means that would be taken were it a question of
trying to arrest a foreign drain of gold. It has
been plain throughout that the difficult condition
of the money market has arisen leas from any undue
commitments, either commercial or financial, than
from that feeling of chronic distrust which is perpe-
tuated bythe stringent operation of the Bank Act.
Wholesome caution is one thing, and vague and un-
reasoning apprehension another. At a moment when
the anomaly is witnessed of the beat mercantile bills
being charged 71 or 8 per cent. discount, while
money is vainly offered in large amounts on loan
on government securities at 3 or 4 per cent., it
seems desirable that the mercantile public should
endeavour to trace the causes of this strange state
of things, and ask themselves whether the existing
distrust of mercantile credit is warranted by facts.

The Star finds all Mr. Gladstone's arguments to be
sound, and his counsel well-timed. So judicious a letter
from so discriminating a pen ought to do much, from its
very tone and method, to still exaggerated fears, and to
put out of court extreme and empirical measures. The
ravages of the cattle disease have excited discussion and
alarm which the more terrible, though less inscrutable
maladies constantly proving upon our poor ought long ago
to have occasioned ; and it is impossible not to wish that
oar greatest and wisest men could deal as sutheritatively
and conclusively with the pests that devour humanity as
Mr. Gladstone has with the plagne that decimates our
herds.

OUR CONTEMPORARIES.
(THIS DAY.)

apply the most powerful opiate possible to his diligence and cidents in the career of Mr. Garrison, showing bow by
Industry, and this, Mr. Gladstone might have added, is degrees his doctrine won its way nntil his conscience has at'
pesuliarly the case with the cattle plague, which length converted that of his nation. His crowning glory is
sin either he propagated or imppreued. just as in recognising the fart that when slavery was at an end,
People Art to isolate or not to isolate their abolition societies should come to an end also. When his
-herds. The one great hope we have now is that natioe and his time lad come up with him and the right,
the graders are so thomaughly frightened that, if be fell into their ranks, and thought no more of any per-
the government would only summon upooorege to act upon soul distinction that belonged to him.
the public wish, the disease might certainly be put an end
to bye uniform stoppage of the movement of cattle. It is
to be wished Mr. Gladstone had contented himself with
the part of this subject that legitimately belongs to his
office, and had not gone on to cell for voluntary aseariation,
for remission of rent, and for mbscriptions—all of which,
ooming from the official guardian of the Exchequer, has
too much the appearance of inviting private persons to do a
duty which those who represent the gate seem to have an
uneasy oonsoionsnesa devolves, after all, most properly on
themselves.

gbe Court.

OSBORNE. JAL S.

Her Majesty, Princess Helena, Princess Louise,
and Prince Arthur attended Divine service at Osborne
yesterday, which was performed by the Bev. G. Prather*.
Princess Beatrice attended the service at Whippingbam
Church.