The Express.
London, England, 1867-10-21 00:00:00

LYCRUM.

Tim Eyrow°, THE fliSluai OF THE MILL.—THE
LADY OF LYONS. Mr. Pechter, Means. Jordan, Mathews,
CalhaeM, Mellon. Chlton. Stuart, and Fnue.es ; Miura Els-
worthy and Carlotta Leclerc% Mrs. Marston.

1/111AlfD.

Tins EVVIINO, OUR DOMESTIC:. Messrs. Paraelle. Thorne,
and James: Mesdames Johnston,: and Weathersby.—After which
WILLIAM TELL WITH A VENOICANcE. Mews. James and
Thorne ; Mir Ada Swanborough, de.—And DEAF' AS A POST.

HOLBORN.

Tuts Retsina, DANDiILION 8 DODOES.—And FOR LOVE
Messrs 11. J. Montagne, Moe. Garden, Westland, and R. WI&
Mound): Meedarnes stephene, Reurade, Jenny WlMunro, and C.
attundera —To conclude with A. 8.8. Mr. J. W. Ray.

sarrx

DM Realm°. BREAK iff NOT BEND. sir, S. Lane
American Minstrels Jimmie Tommy: and ntump Orator
West and M 1 E. West, lifer Dellneatorn—With EXLEY DA
SIAGRAVIL Mho Y. H

NIGH WATLIL AT LONDON DRUMM
?I DAY —Naming. Th. 34.....—Aftanmon, 8d 14m.
T48(011881I—Nornal8. Va. afts......Altemoom. a. Um.

LONDON, MONDAY, OCTOBER 21.

Ir seems that the experience of previous years
is destined to be again reversed. In former times
it was considered to be an absolute certainty
that a deficient harvest and a consequent drain
of gold from the Bank to pay for foreign corn
would cause an immediate and rapid rise in the
rates of discount. The thing had been proved
over and over again. The present period, how-
ever, is an exception to the general rule. During
the last few days bullion has been taken from
the Bank at an average amount of about a hun-
dred thousand pounds a day; yet the money
market remains much as it was before. Some
fractional increase may be experienced in the
charge for accommodation, but it is evident that
this does not aria from any actual diminution in
the supply of capital offered. More probably
it is caused by the natural desire of discounters to
take advantage of any particular circumstance
which appears to tell in their favour. This is of no
great consequence. Trade generally can suffer to
only an infinitesimal degree when merchants have
to pay this week a sixteenth or an eighth more
than they did some days ago. It would have been
far different if a rise had taken place of 1 or 2 per
cent., nut so much in the increase of itself as from
the distrust and the holding back common in times
of anticipated Ilnancial pressure. As it is, the
present occasion is perhaps the first a hen a steady
withdrawal of gold for abroad has exercised a
barely appreciable influence. It is true that we
are receiving large supplies from Australia, but
at beat they are only expected to meet the foreign
demand fur a time. There seems little doubt that
further sums will be taken from the Bank, not only
on this account, but also to meet the requiremen.a
for the Abyssinian expedition. Generally speak-
ing, no greater shock could be inflicted on trade
than a continuous diminution in our stock of go'd,
or, what is equally injurious, the prospect of it.
Fortunately in one respect, but unfortunately in
another, commerce is at present in such a depressed
state that it can receive scarcely any hurt from
considerations of this nature.

An abundance of capital has alwaysbeen reckoned
as the greatest source of a nation's prosperity.
This axiom is certainly true, if we take our own
country as an example. But it has never been
sufficiently explained that it is one thing to have
capital in use, and another to leave it lying idle.
France twenty years back is a case in point.
One of the richest nations in the world, she
depended upon others to carry out those
enterprises that have eventually served to
add enormously to her general wealth. In the
lapse of time the hidden stores which fear or
ignorance had kept back were brought into play,
with what result none who have studied commer-
cial enterprise on the Continent can fail to see.
No greater change has taken place in the character
of a people than that from 1847 to 1867. It is
explained in few words—the result of the creation
of confidence. Money was at all times plentiful
enough, but few wed to trust his neighbour,
and the consequence was that resources which,
properly employed, would have enriched the com-
munity, were as valueless as if they were non-
existent. A similar position of affairs is now ap-
parent here. The banks are overburdened wi"i
deposits, and unable to use them with the least
advantage; the public not merely refuse to invest,
but in some cases are realising the securities they
already hold, and every one seems desirous of ac-
cumulating his resources as quickly as possible, to
meet a contingency of which none have any defi-
nite idea.

It is this accumulation of money in the banks
that has rendered the recent drain of gold
comparatively innocuous. Added to which the re-
serve at the Bank is still over thirteen and a
quarter millions, so that an ample margin remains
to meet any extraneous demand. Besides, the
total of coin and bullion is nearly equal to the
actual amount of the note circulation. It is
therefore most improbable that any pressure
for money could arise on this side for at
least some time to come. A few more hundred
thousand pounds in gold might easily go away
without producing any general alarm. Luckily
the withdrawals cannot be at the rata of a million