The Express.
London, England, 1866-10-29 00:00:00

PRINCIMS'S.

TWPJ El'iNiso, THE TRIPLE AIIIANCE —After which THE
HUGUENii i CAPTAIN. HOW'S. J. G. shore et G. Honey; Misses
Mason, Aur;usts Thomson, and Hrs.

HAYMARKET.

THIS EVtINHOI, THE ON ERLANU BOITTE. Measrs. C. Ma-
thews. iinc:,..tone, Chippendale, ttc Nlesdames C. Mathews,
Chippend:,l., Wright, &c. —A Ballet Uir.•rtiaaement. the Ritiati
E CRITIC—And MY HUSBAND'S CHIOS f.

LICKUM.
4rwo, RallTl-8 AND CESAR. MiS9 Itenrade.—And
T 111: LONE; ,TRIKIe.. Moors. D. Indicleault, Eu,err, tt iddicoinh,
Cowper. A : Mrs. D. Iniucicault —Concluding with TWEEDLE-
TON'zi TM I COAT. Mr. 11. Widiliconib. —Commence at 7.

ATRANII.

Tlll4 • IRO, WAITING FOR TIIR I-NDERGROUND —IN
THE W It, o'.•I IRIA.—IIERFRFfhI'III"T!.: OR, A GOOD CAST
FOR A E.—And BOOTS AT lIE SWAN.

ROLBORN:

......
VG; Evi stxo, at 7, LARKIN's WYE LETTERA Mr. Bel-
more and 'Um C. Saunders.—And FLYING st'FIL Memare
Neville. 11. islore, Blake, Voltaire, &e. Mesdames F. Josephs,
C. Sander. Beside Foote, Vitiate, LAIIIIOI. Raytuond, &c.

BRIT VSNIA.
Tlll. F., I IMO, TIIE OLD till:Rill" TREE. Mrs. Lane.—Miss
R. Mogi,: Master George Per:, Mr N.ogden, " Kind old
Daddy ;''r al Deulln.—Alid E 1) RD THE /SLACK PRINCE.

MOH WATER AT LONDON BRIDGF.
Tim DA•: —lfonitnif, sh. 2.1111 Afternoon. :.h. Ann.
To-Mo):):.•w—>foruing, Lh. 2:2n ,tfteruuork 60. bLm.

LONDON, MONDAY, OCTOBER 29.

IIi:To Y never exactly repeats itself, and
financial ,:tstory is no exception to the rule. In
all speciilrtive manias and in all crises there are
certain points of resemblance, but as equally
marked differences. People are now wonder-
ing how it is that the same change does
not tale place in the stock markets that was
observed nine years ago. They think that since
securities have been unduly depreciated during a
panic, the panic once over, prices ought to rise to
their feraier level. L has been so before, and,
therefore, experience urges that it should recur
again. ', he reason for the disappointment of
these exi octations simply lies in the fact that the
crisis of 1866 originated from events entirely un-
like th.•s. producing the great convulsions of 1847
and 185'7. Nineteen years ago the country had
just passed through a speculative mania, fol-
lowed by a breakdown almost equalling in
magnitude that which succeeded the South
Sea bubble. Still, as the money wasted
was spent at home, and comparatively little
went ab'oad, we might have escaped a crisis
but for the potato rot and failure of the harvest.
The nseietary pressure, however, caused by the
export .1 gold to pay for corn was sufficient to bring
down a number of bad houses, together with a
few good ones. It is, nevertheless, remarkable
that the failures were mainly confined to firms in
the East radian trade, together with a sprinkling
of corn factors and the like. In 1857 the crisis
was purely commercial, and the natural result
of unsound trading. For years a number of firms
had been carrying on a losing business, and ship-
ping goods at a loss, simply for the means of pro-
curing discount, and thus of avoiding the inevit-
able consequence of a dead stop. No one seems
to have suspected what was going on, and thus
month after month we were congratulated upon

our increasing trade, instead of receiving the
proper warnings. We may observe, by the way,
the singular contrast, as regards the esti-
mate formed of passing events, between
this period and that of the reopening of our com-
merce with America. In the one case no warning was
given when it was really wanted, and in the second
a warning was given which has proved totally un-
necessary. The summer of 1857, however, was
characterised by large shipments of silver to India;