The Express.
London, England, 1866-12-17 00:00:00

Ig!Mm!

JOHN BBOGDFN.

0111GINAL GOLD CHAIN MANUFACTORY,
16, ILENRISrf A-STREET, COV/2114ARDEN

JOHN BROGDEN'S IS-carat GOLD CHAINS.

-OLIN BROODS/CS GOW GUARD CHAOS.

"011 N BROGDEN'S GOLD ALBERT CHAINS.

'OLIN BROODEN'S GOLD BROOCH CHAINS.

--.L-----------
BEESON'S WATCHES.
68 ind 80. Ludgate-MU: 88. Old 1618d4t8•68.

-
BROWN and POISON'S CORN FLOUR
for CHIIDSVCS
To obtain extra profit
_toy the sale other kinds are acanstinsas
offered instead of liltOWN and POLSOYS.
John Brown," "John Poison," is signed by the makers OD
esoli packet.

RTTS'S CHEAP DES for 1867 are
pubUshed in over 50 different brine, and are especially
suit 'd to the wants of inecbaniot, shopke,pere, and servants—
C:,241 ,trues gratis of all bookseller&

long time ago we considered ourselves to hold an
undisputed supremacy. The apnoea that our
ironworkers are everweighted by the results of
strikes may be supplemented by the circumstance
that the employers are also hampered by the cost
of obtaining the necessary capital for maintain-
big their factories in work. It is perfectly
trim that a manufacturer must hesitate in
taking an extensive contract by the fear that
his workmen will leave him at a moment's notice ;
but the converse likewise appears, that supposing
this contingency to be out of the question, he may
at any moment, by the rise of the rate of discount,
with which perhaps he has nothing to do, see his
profit disappear altogether. It is clear that during
the last few months a French mauufacturer has
had a considerable advantage in his favour by
being able to borrow upon reasonable terms in-
stead of paying 10 per cent., if indeed the English
master were able to borrow at all. We may also
add that when money is exceptionally dear, and
credit is consequently diminished, it becomes a
question what industrial operations, intrinsically
good, can be carried on advantageously. At the
present moment a largo number of operatives in
the East of London are left without work. Trade
is slack, and there is no demand fur new merchant
ships. The fact is, that credit has been so
severely shaken by the late panic that fresh en-
terprises are for a time at an end. This
is, in all probability, a partial consequence
of the Bank rate of discount being for three
months at 10 per cent. There is no such stagna-
tion abroad, or, at all events, whatever there is
proceeds from political rather than commercial
causes. It is to be hoped that, supposing the peti
tion of the Manchester Chamber
see of Commer
an
ce
should be granted—and we hardly why it c
be refused—a thorough investigation of the
effect of our currency laws in checking trade and
production should be the main point considered.
It is no new thing to point out how the
Bank directors are controlled, consciously or un-
consciously, by the present unfortunate Act. During
the present year their mistakes have been many
and grievous. Still, there has always been this
excuse to be made, although perhaps of little
value, that they considered themselves bound
by the strict letter of the law, notwith-
standing they had liberty in the general
interest to go beyond it. At present we
fear that they are also making a mistake. The
reserve and the bullion continue to augment, and
the former item has in fact become larger than
known for years. The discount business is
slack, and there is no prospect of increase, except,
perhaps, during the last few days of the year.
Putting other circumstances aside, it would seem
desirable that the rate of discount should be
lowered to 3i per cent. As a general matter of
business it seems contrary to good policy to make
this reduction, but the Bank has exceptional ad-
vantages, and in return has exceptional duties to
erform.

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