The Express.
London, England, 1860-04-16 00:00:00

nee, but in the shipping depertment inert
movement is reported. At Rochdale, the o
on hand are not large, and the transactions
been chiefly for immediate wants, but
ployment is general. At Bradford, thi
• steady trade, principally for home

'gumption. At Huddersfield prices of manufac-
turers continue firm, with even an upward ten-
dency, although it is reported that the stimulus
given in some quarters by the volunteer corps
movement is subsiding. At Halifax, manufac-
turers generally continue busy. The industry of
Leicester and Nottingham feels the effect of the
unseasonable weather : stocks of most kinds of
goods, however, are light. At Hinckley and
Loughborough a fair amount of business is going
forward. At Belfast and Dundee, trade is re- I
ported firm. The quarterly meetings of iron-
masters, held last week at Wolverhampton and
Birmingham, were influenced by the state of the
money market, and by the rise in the Bank rate
of discount to 5 per cent. Consumers showed a
disposition to withhold contracts, under the idea that
prices will give way. The leading firms are re-
ported to have sufficient orders in hand to keep
their works going, but as the seoond-class makers
are not so well off, some concession in price is
thought probable.
Since last week, when we once more called
attention to the disorganisation of the internal
machinery of the money market, to the concen-
tration of the mercantile demand at the Bank, to
the consequent strain upon the Bank's resources,
and rise in their rate—the 'subject has been
pressed upon the notice of the public with a force
which quite justifies the prominence given to it
in these columns. The remarkable character of
the tension in the money market is shown in the
fact that, although the private securities in the
Bank have just run off to the extent of
1,430,3761., through the repayment of the,
quarterly advances, the total still held is no
leas than 23,534,3881., against 16,938,4001. at
the corresponding date in 1869; 16,408,4941. in
1858; and 18,984,6401. in 1857, when trade and
speculation were extremely active, and when the
public, though charged per cent., were very
large applicants at that establishment. Why is
the pressure upon the Bank so heavy ? Simply
because, through their refusal to have any business
relations with the other dealers in money, the
latter have been induced, in self-defence, at a
time when our monetary prospects are unsettled,
to restrict their own transactions. It is not merely
the operations of the discount-houses that are thus
contracted, every large depositary of money is
more or leas affected. Bankers, finding the
market uncertain, are determined to be prepared
for every eventuality, and, with this view, act
pretty much as the discount firms do—that
is to say, they accumulate large reserves and
hold them, limiting accommodation to their regular
customers, and eschewing long bills and long en-
gagements of all kinds. Then, again, a host of
other holders of money act upon their time
honoured principle of refusing to lend freely as
long as the rates retain an upward tendency. Why
should they invest their fends in mercantile ac-
ceptances at 5 per cent., as long as there is a
prospect of their obtaining 6or 7, or more,? It is not
too much to say, therefore, that the whole money.
power of the country is directly operated upon by
the considerations now under notice. We hold it
to be completely proved that the policy of the
Bank of England towards the other money
dealers has contributed greatly to the rise in
the value of money. It is curious to
remark how the causes of the movement, though,
patent to any unbiassed observer, have been
groped for in strange quarters. The suggestion
has been thrown out that our Eastern commerce
may not be quite what it appears, although it
seems difficult to trace the oonnexion between any
unsound movement in that direction and what is
called the " abnormal increase of the home circu-
lation." The public have been told that they
cannot possibly require any more accommodation,
seeing that they have already strangely exceeded
the amount of currency which haa hitherto sufficed
for their utmost requirements. This doctrine has
naturally afforded small comfort to the merchant
who, after having been for years in the habit of
carrying his bills sometimes to the Bank,
sometimes to a discount-house, finds him-
self now looked upon coldly by both, and re-
duced to straits which reconcile him to even a
heavy mulct in this time of pressure. Whilst
public writers are vaguely insisting that the "ab-
normal increase of the home circulation" denotes
the existence of something rotten somewhere, and
are complacently looking for the detection of the
evil through the application of what they call " a
banking pressure," the public, whose conscience
acquits them of the charge of excess, and who
point to the absence of any foreign drain of bullion
in proof, are beginning to wince under the screw.
They are beginning to suspect that these high
rates of discount are the consequence, not of their
offences, but of the disagreement of the rival mo-
netary powers. And if no remedy uto be applied
until money lenders become tired of charging high
terms, the prospect grows rather serious.

Paradoxical as the assertion may appear,
although the money market in all quarters is very
" tight," and the rates high, there is plenty of
money in hand, provided it could be got at. All
the banks, private and joint-stock, as well as the
large discount establishment, are abundantly pro.
vided. These are the quarters in which we most
look for the man of currency, the disappearance of
which has caused so much needless uneasiness.

But to have money is one thing, and to lend is
another. Writers who, in their search after
missing currency, stumble upon and hold up
to public wonder the " curious idea " that
" the recent pressure in the money market
"is in some way to be traced to the
" action of the Bank in refusing accommodation to
" the discount-houses," have probably not stopped
to reject that even in the tightest times the supply
of currency is as large as in the easiest. It is
simply a question of confidence. When confidence
prevails, some twenty or two-and-twenty millions
of Bank of England notes are sufficient for all pur-
poses. When distrust or uncertainty are disse-
minated, the same or even a larger amount of
currency may be in existence, but does not cir-
culate freely ; and this constitutes the difference
between an ordinary and • disturbed state of the
money market. The Bank of England are the
keepers of the national balance as well as of .the
balances of other bankers, and of a large section
of the public. They have likewise a great and
deserved prestige. Consequently, their action in
this matter is sufficiently weighty to produce all
the effects pointed out.

The discount-horses profess great moderation
of tone in the pending dispute. They fully recog-
nise the right of the Bank to protect themselves,
and to have a proper control over their own re-
sources. They express themselves perfectly willing
and even anxious to come to a business-like ar-
rangement with the national establishment. They
say, " Place us on the footing of your ordinary
" customers. Do not refuse to take from us bills
" of a character which you are prepared to take

THE EXPRESS, MONDAY E

" from other mercantile houses. Place, if you
" like, a limit upon tip monist of accommodation
may aaletaf yowl. Limit also, if on
" pleasn SO or 40 days thi duration of di Was
" you diaconal for us. Take from us no
" bill* .of the acandneos of which you are not
" perfectly satisfied. In order that the arrange-
" meat may not be ono-sided, we will agree, if
" you consider it requisite to your position in
" bankers, to have always a *liniment amount
" under discount with you, no matter if the rate
"of discount elsewhere is lower. We are likewise
" willing to lodge a considerable minimum draw-
" ing balance permanently in your hands. Finally,
" we are prepared to discuss with you, in a dio-
" passionate spirit, any proposition, as between
" one money lender and another, that you may
" think reasonable."

Suggestions of this character have hitherto met
with no countenance whatever at the Bank of
England. Meanwhile the money market has
tightened ; trade suffers ; and an angry spirit seems
likely to rise up between the disputant.. The
discount-houses have within the last few days
materially reduced the resources of the Bank, by
withdrawing the large balances which they had
lodged there. Were it apparent that this action
is dictated by a desire on their part to aggravate
the evils of the situation, as their enemies mart,
the public would not be slow to censure them
severely. We learn, however, that they have
at once lent a large amount in the Stock Ex-
change on Government securities, of course
with the full knowledge that the money so
lent will flow back speedily into the Bank of
England through other bankers. The amount of
the loans thus effected in the Stock Exchange
would, it is said, have been still larger, but that
the limited market in that establishment; is now
glutted with money. The principal aim of the
discount firms appears to have been to prevent
their antagonist from having the use of their
money gratis. In the interest of the public, the
sooner all this rivalry ceases the better.

at Court.

WINDSOR CASTLE, Aram 14.

To-day being the birthday of Priaoiss Beatrioe,
the Duchess of Kent and Priam' Laidngen paid an early
mit to her Majesty.
The Queen and Prince Consort walked in the grounds of
the castle this morning. M. de la Bive had an audience
of her Majesty in the aftermath, to which he was intro-
duced by Lord John Buseell, bee Majesty's Principal Secre-
tary of Mete for Foreign Affabs.

The But of °tither; sad the Hon. M. Sackyille West
were Lord sad Groom in Waiting.

The Hon. AL gerbille West has ~needed Rear-Admiral
the Hon. Sir Henry Koppel as Groom in Waiting to the
Queen.
SUNDAY, Ann 15.

The Queen and Prince Consort, Princess Alice, Prince
Alfred, Princess Helena, Princess Louise, Prince Arthur,
Prince Leopold, and Prime= Leiningen, the ladies and gen-
tlemen of the court, and the domestic household, attendcd
divine service this morning in the private chapel. The Hoc.
and Very Rev. the Dean of Windsor officiated.
We are authorised to date that in con-equence of the
death of the late Prince of Hohenlohe Langenbourg, bro-
ther-in-law to the Queen, the onurt will go into mourning
on Thursday next for a fortnight.
We are also authorised to state that the following chenges
will be ends in the dates of the court arrangements
which have been lately announced :
The Queen's Levee will take place on Tuesday, the 24th
inst, indeed of Saturday, the hat init.
The Din -room will be held as already announced on
Saturday, het
inst. Court mourning will be worn on
Ebro aessifiss.

The Obikl's Ball will be postponed from Tuesday, the
Ist of May, toFriday, the 11th of May ; the Concert
from Pri&y, the 4th at buy, to Wednesday, the %h of May;
sad the State Bell from Wednesday, the 9th of May, to
Wednesday, the 16th of Mayl

Ifr. Ripley, President of the Bradford Chamber of Cont-
i/WM ; Kr. Crossley (Halifax), Mr. Holdswortit (Hali-
fax), Mr. Ken (Bradford), and Mr. Wickham, M.P. for
Bradford, had an interview with the Board of Trade on
Saturday. Mr. Cobden was present at the interview.
The Chancellor of the Exchequer left town on Saturday
evening for Edinburgh.
Despatches were sent from the Colonial-office, on Satur-
day, to the Governors of Canada and the Bahamas.

The Queen has been pleased to appoint the
Re►. William Goode, rector of St. Margaret, Lothbury, to
the Deanery of Ripon, in the room of the Rev. Thomas
Gamier, now Dean of Lincoln.
His Royal Highness the Prince of Wales arrived
at Magdeburg on Thurerlay morning at half-pest four by
the express train from Cologne (which place he had pawed
through on leaving Brussels), and was driven to the
Government Rouse in the town. The Primers Frederic
William bad previously arrived there fnim Berlin. The
Prince of Wales remained with her royal highness until
eleven.o'clock, and then left Magdeburg for Balls, on his
way to Coburg, where he intended to visit the ducal Court.
The primer returned to Berlin in the afternoon. The
Prince Frederic William greeted the Prince of Wale, at the
station at Magdeburg on his arrival there in the morning,
and soon afterwards returned to Potsdam, where his
presence was required at an inspection of troops. The
prince joined his royal consort at the station at Potsdam,
le her return to Berlin.

Hie Excellency the Prussian Minister and the
Countess de Bernstorff have returned to Prussia House
from visitingillady Marian Alford, at Ashridge Park. His
excellency and the *suntan leave town today on • visit
to the Duke and Duchess of Beaufort, at Badminton.

Hie Excellency the Earl of Carlisle arrived at
Stafford Houma, on Friday night, from Dublin, to stay •
few days with the Duke wad Duchess of Sutherland.
The Lord Chancellor has arrived at Stratheden
House, Knightsbridge, from his seat in Roxburghshire.

The Duke and iNehese of Wellington will return
to Apaley Bowie, en Wednesday, from Stratlifielclaeye,
where they have been passing the holidays.

The Duke and Duchess of Marlborough arrived
in St. James'e-equere, on Saturday evening, from Blenheim
Palace, near Woodstock, for the season.

The Duke and Ducheam of Argyll, aocompanied
by the Marquia of Lorn and their youthful family, arrived
at their villa at Campdeu-hill, Kensington, oa Saturday,
from passing the holidays at Weymouth.

The Earl and Countess of Malmeabury have
arrived in Whitehall Gardens, from Heron Court, their seat
in Hants.

The Earl and Conutese of Durham are expected
to arrive in town on Wednesday, from their seat he the
north, for the season.

Lady Caroline Tuwnley's soirees &nannies will
take place on Tuesday, the 24th tad., and Monday, the 30th
inst.—the latter instead of May the Ist.

The Hon. Richard Cavendish will give his first
ball at his mansion in Cheabam-place, on Wednesday, the
Sled proximo. _ _

Mr. J. 8. Lumley, now Secretary toher Majesty's
mierion at St. Petersburg, is appointed secretary to the British
embssay at Conatantinople, in the room of Mr. Alison, ap-
pointed to succeed Sir Henry Rawlins= as minister at the
Persian court. Mr. E. S. Erskine, now Secretary of Lega-
tion at Stockholm, is appointed Secretary of Legation to
the mission at St. Petersburg. Mr. Edwin Corbett, who
was secretary to the late mission at Inonines, is appointed
Secretary of Legation atStockholm.

M. Veuillot writes to the Paris papers to com-
plain that his "adventure" has been misrepresented. A
part only, and not the whole, of his papers have been
restored, the rest being kept to be used against him,
if thought fit, at some future time. He has spent a whole
week in endeavouring to get back his papers, or other-
wise to have an opportunity to defend himself against
a regular prosecution, but bas been told that he
shall have no promise either way. He thinks it
worth while to state that no search was made in his
house, but that his portfolio was taken away from him at
the railway station. For the rest, N. Vettinet repeats that
among his papers taken were sealed letters to the Nuncio,
and his use of the term "adventure" implies the troth of
the whole story about his travelling companion, the spy.