The Express.
London, England, 1866-12-10 00:00:00

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TO CORIti..,r.:NTIZNI`g.
Advertisements intended for .• i:sir,ss," London Evening
Pow, must be at the 011ee, id, bourerie-street, by Two
efeioeh ou the day of publiextl.n.

unu RV LANE.
ITIOTIIO, THE lit NcliltA• • Mr. T. Swinbourne. W.
Maidgcanery and 0. Weld,. Hoy .hl.l,'S 11001 Faillelt ot Hermann
Varrin.—And KATHELINE AND 11.:Thl:C1110. Mr. T. Bain-
liwane, Mr. J. Robins, and Miss Isnbel Adams.

—-•-- -
HAYMAIII.I7'.
/wee Brum°, A GAME SII2I.ATION. Mewl Laws s. C.
Ilisikeirs.Chippandale, Itogcrs,,c.; I.saam.s kiLwilliam,
ie. —ANTON% AND CLEOPAVIA. MatileWi, Comp-
tes. 4c. ; llesdtuves Muthcw3 .1;, 11111. --:+110C11 ING EVENTS.

?RIK CFSS,..
IEIII EVINTRO, BARSABY b.;E. Meagre. 8 Canaan.
N. Wafers, J. G. Shore. ge. Mr 3. J.Lu Wood, Woos A
Mrs.ugusta
Tleasemou and Katherine Rodgers. 4.irs. 11. Vining, sziA C.
man.—Preteded Ly Tilt: ()I' JUL MILL.
-

TEM svlsr.qo, BRUTUS AN U 1R Ming lienrade.—And
• LONG STRIKE. Mews. Lmer). 11 kudn.cuib, C‘.wper, Fitz-
gatrielL Reynot is, and Moreland : ,!!.s lienratle.—Cuucluding
• TWEEDLE CON'S TAIL CU..T.—Comwebte bt 7.
- -

STRA YD.
Tits 'trusty*, NE101.11i0l; Hews Pantile, Belford,
sad Murray : Moull.mes 5waub,r,,.:,...3..;..t.u5t0ue, and flushes.
KILN ILWuKT It Ilcssr.,. Jaw. e. ."1. entonSW ; Meg atilltS
kersaborouga & Bayul&m.—And 6001,> AT TILE AN.

110 Lpor.N.
Tars EvamtnO, at 7, FAIIILY J Yr Sefton Parry and
Wm C. Saunders—And PLYING ',Celt Mears.
fora,
Bel-
son, Make, Vollalre, &c.; Nlesdanit., F JosepLi. C. Launders,
Swim Foote, Adder., Lennox, Itaytu.nd, &L.

BRITANNIA
TH79 EVF.NING, LAUREATES BE IDA I.: OR, MORE TITAN
I[) THE EYE. Mrs. Lane.—Mr. •• Dancunr Mad" Bryan ;
Ltburnum Dutrw sr, the In ;I ,•, tr..:,4Ik.r.—RELINDA SEA-
GRAVE ; OR, THE BETRAYER A:•D .Ia VICTIM.

111611 WATER. AT 110:D ON BE.IDOIL
TRIO DLY --Itorningt, 111. can Afternoon, 4b. 2114.
TO-DiOxi:oW—l4ornLig, 4h. ltsm xittr.uon, 4k Solh.

LONDON, MONDAY, DZOEMBER 10.

THE general position of the money market shows
little sign of improvement. The rate of discount
has, it is true, been now for some time fractionally
below 4 per cent., and there appears no chance
that it will rise higher for some time to come.
The unemployed funds of the Bank of England
age steadily increasing, and are not to be kept
down even by continued purchases of Government
dock. In Paris matters are no better. After a
brief interval bullion again begins to accumulate
in the Bank of France, and discounts to fall off.
Only one explanation can be given for these un-
satisfactory symptoms—trade is evidently lan-
guishing. Iu England the shock to credit from
the crisis is quite sufficient to account for this re-
sult. Every now and then also something occurs
to show that our commerce is by no means so
flourishing as it ought to be : at the present time
mill-workers in whole districts are put upon three
days time, and an entire population of artisans is
thrown out of employment in the East of London.
Political difficulties as well as financial may like-
wise have some adverse effect on our industry,
though much less than in France. In that country
purely commercial crises have been unknown in
modern times. The reason given for this fact in
high quom4orn in the smaller extent of French trade
compared with ours, as if this explanation wore
not dispioved by the experience of a dozen
other countries. In 1857, for instance, Sweden,
and still inure Hamburg, were subjected to crises
which, in proportion, were far more severe than
the one felt here. The cause fur the present stag-
nation in French trade ought probably to be sought
in the suddenness of recent changes in the map of
Europe, and the consequent fear that a general
war is inevitable, and only postponed. At any rate,
whatever the ultimate reasons, the fact remains
the same. In the two greatest commercial coun-
tries of Europe business is, more or less, at a
standstill, and a vague uneasiness seems to prevail

that the worst has n. t yet come.
In the present constitution of modern com-
merce, especially in England, it is impossible to
exaggerate the serious consequences of a collapse
of credit. In one important particular we are
realising this truth now. The end of the year is
rapidly approaching, and with it the date for the
payment or renewal of a large amount—reckoned
by millions—of railway debentures. The possible
difficulty in effecting these operations appears to
have taken firm hold of the public mind, although
after all the question perhaps resolves itself pretty
nearly into one of price. The great companies
will have to pay 5 per cent. instead of 4, the
smaller 6 per cent. instead of 5. Some
additional trouble will be incurred, and probably
some additional commission be spent. These ex-
ceptional charges will necessarily tell upon the
dividends of the ordinary stocks by reducing the
net profit available, and hence the prices of these
securities are constantly drooping. The great
fear is that the public, or a large portion of the
public, may refuse to renew upon any terms.
This is not a mere probability. It is no uncommon
thing to hear a holder of railway debentures
declare flint he will take his money and wait for
a while before reinvesting. It is not so much
that he distrusts the security supposing it to be
valid, but that the particular bond offerel may
not have the character it purports to bear. If a
loan should be made on mortgage to a private
individual, considerable expense is doubtless in-
curred in investigating the title, but at any rate
the lender is safe. No such machinery exists with
regard to railway companies. It has even been
doubted in some quarters whether a debenture
is a mortgage at all, and not rather merely a
promise to pay, ranking no better, but perhaps
worse, than Lloyd's bonds. It is therefore to be
feared that the smaller companies will have great
difficulty in obtaining the requisite assistance. The
inconvenience will probably be only temporary,
mince the next session of Parliament can hardly
pans without adopting a measure that will free
the public mind from uneasiness on this point.
But Parliament will not meet for a couple of
leuths, and the end of the year is only three
weeks distant.

It is in general fair to assume that capitalists
sod the public generally are averse to keep their
mosey lying idle, and hence it is inferred that if
ems class of investments should be neglected it is
sere to be substituted by another. The success

d the Russian loan and of the recent issues of
ookssial debentures appear to be cases in point.
With regard to the former, however, it should be
borne in mind that Russia is, among possible bor-
rowers, perhaps the only country in the world
that has the slightest chance of raising money
upon our market; and even in the present
instance Holland was appealed to as well as Lou-
ise. France raises the sums she requires at