The Express.
London, England, 1861-09-23 00:00:00

TO OUR READER&

SPORTING LNTELLIOENCE.

A "At? .4htimi of the Exprra, is published every
error. ; .luring the racing neasou, containing the
results of the day's races.

Tor past week has been marked by an extra-
ordinary degree of excitement in the Liverpool
covon market. As the prospect of a dearth of the
material of our greatest uuurufacture comes nearer,
speculators grow more eager, and the derange•
meet of trade becomes more decided. Thu week's
sales have been enormous, and on Saturday they
rose too the almost unprecedented extent of about
40,10 hales. The fresh and serious rise of gof
a puny per lb. in the current qualities within a
week proves how much keener the anxiety of the
trade is becoming. India's opportunity is evi-
dently drawing nigh. It has been a feature of the
week that Indian cotton has attracted almost as
much attention as American. The sales of Surat
have tarn of an amount quite without precedent.
The difference between the extent of the present
stock of cotton and that held at the corresponding
period of last year, is becoming more considerable,
the computed quantity on Friday being 817,330
bales, against 954,820 in 1860. It is instructive
to remark how powerfully speculation is now
working to bring about a rise in the price. The
quantity taken on speculation this year had in-
creased on Friday to 670,800 bales, against only
262,140 last year. It is scarcely necessary to re-
mark that, under present circumstances, to buy
cotton, not for rase, but in order to hold it for
higher prices, is an operation as purely speculative
as any that can be imagined. Fortunes are being
even now realized ; many more seem likely to be
made ; but the alternative, in the event of the
American war coming suddenly to an end, and
the American crop of cotton being set free, would
probably be wholesale and utter ruin amongst the
cotton speculators. The good news would produce
such a panic on 'Change at Liverpool as has
scarcely ever been witnessed. But the prospect
of this event being at present very poor indeed,
speculators are pushing their opera Lions
with unparalleled boldness. The sudden fall in
the rate of interest to a low point contributes to
strengthen their position, since it enables them to
hold the commodity with facility on borrowed
money. The cotton speculator seems just now,
indeed, to have the game in his own hands. At
the same time, the position which he has taken
up has a remedial tendency, for the rise in price
is giving an immense stimulus to cotton pro-
duction in India, and in many other suitable loca-
lities throughout the world, whilst it causes the
existing supply in every market to be attracted
here to our relief. It is rather curious to observe
the compensating action, as it may be termed, of
trade—to see the cotton speculators reaping a
rich harvest, whilst the manufacturers' profits and
the operatives' wages are falling off—and to reflect,
on the other hand, that an event which
would produce a general feeling of relief through-
out this kingdom, would be attended with no
small amount of local ruin. We expect that, from
this time forward, increasingly frequent references
will be found in the public journals to the suspen-
sion of industry in the cotton districts. Short
time is now being extensively resorted to, and it
is not pleasant to hear of thousands of operatives
being condemned to enforced idleness on the Mon-
day, Tuesday, and Wednesday in every week. In
some localities mills are being closed altogether.
The effect of this upon wages, upon the circula-
tion of money, and upon the consumption of com-
modities, cannot fail to be severely felt ; aria ilial.
is reason to apprehend that the cirANcebboa of the
EL;;;Secintell entiCipations regarding the revenue
May to Lime extent remain unfulfilled. The con-
sumption of revenue-yielding articles in those
northern hives of industry has always been
immense, for the mass of the population there
ordinarily live up to the full extent of their means,
and have rarely much to fall back upon when
trade becomes bad. The decrease in the goods
traffic on nearly all the northern railwayc shows
clearly enough that the whole industrial machine
is working at a reduced speed. There is less of
the raw material to be carried to the spot where it
is to be used ; less of the manufactured article to
be transported from that spot to the scene of con-
sumption or to the port of shipment ; and less
coal to be conveyed to the thousands of furnaces
with whose tall chimnies whole provisoes are
thickly- studded. It seems to follow certainly that
the goods traffic of the railways must fall off as
trade becomes dull. The satisfactory manner
in which railway trafc generally has hitherto been
sustained, as shown in the weekly returns, which
are now watched with increased interest, is pro-
bably due chiefly to the revenue derived from the
Dunn:room seekers of pleasure or recreation at this
seasou of the year, the weather throughout the
summer and autumn having been remarkably
beautiful, and the dulness of business not having
yet impaired the ability of people to enjoy them-
selves.

Tho past week has been distinguished by a
fresh reduction in the rate of discount at the
Bank. The great fall in tho value of money is
not a subject for unmixed congratulation. Under
present circumstances it is a sign that trade is
languishing, and that in legitimate commercial
channels employment is no longer to be found for
the capital afloat. The amount of mercantile bills
in existence having considerably diminished, the
supply of money becomes relatively superabundant.
The alteration is equivalent to • decrease in the
rate of profit in course of realization by the
nation at large. The capitalist gets a smaller
profit because the gains of the trading community
with whom he deals have decreased so
far that they can no longer afford to
pay the old price. Had trade remained as
profitable as it was a twelvemonth ego, these

would of course have been no falling off in its
value. We none of us curtail our transactions as
long as they pay well. Thu mere fact, therefore,
of a decrease in the amount of trade argues a de-
crease in its profitableness. It is not a little re-
markable that the American convulsion, after for
some time pressing very heavily upon us, by causing
the Americans to draw away every balance they
could lay their hands upon, now contributes directly
to a glut of money here. In the first place, our
trade with America is paralyzed, causing a large
mass of money to bo thrown out of employment ;
and, in the next place, we are now keeping at
home the vast sum which, under ordinary circum-
stances, America receives from ns for cotton. It
is very probable that, were the North and the
South to come to an agreement to-morrow, the
immediate effect would be a great fall in the Ame-
rican exchanges, and a renewed drain of gold
from this country. We believe that the
connexion between the suspension of trade
with America and the plethora of money in this
country is far closer than is generally imagined.
It may really bo said that, just as America is
sitting upon her cotton, England is sitting upon
millions of bullion, waiting for the signal to ex-
change it for an article from the working-up of
which she extracts every year many millions of
profit. Less cotton, leas trade, leas profit, more
idle money—these are the salient features at the
present moment.

The glut in the money market is promoted by
the fact that, whilst commercial transactions, pro-
perly so called, have diminished in number and
volume, there has as yet been no revival of enter-
prise or speculation in fito,,,c;al quarters. Moneyed
people are remarkably dull and querulously in-
clined at present Perhaps they suffer as much as
any class, aims, there is less money-business going
forward, and the reduced amount of business is
done at • lower rate of profit. Speculation is dor-
mant. Many of the leaders of the financial world are
I away, as usual at this season of the year. It is thus
impossible to combine great names satisfactorily for
large operations. Consequently, although money
is so cheap that it is thought likely ero long to
hanker after employment, there is little disposition
at present to embark in joint stock enterprises or
public loans. The return of the army of influen-
tial absentees must be waited for, and then, should
, the political world remain quiet, and money easy,
it is inferred that November, December and Ja•
unary, may perhaps be distinguished by • good deal
of financial and speculative movement Meanwhile,
as an indispensable preliminary to any new awn-
rities being rendered sufficiently tempting to be
readily absorbed, existing securities of a solid
character are moving gradually up to a higher I,
range of prices, all, save apparently the stocks of
the English railways, to the exceptional position
of which we have already alluded. It is clear
enough that the public will not be dazzled by any
new investments un'ess they outshine the old. In
considering this question of investments a good
deal of interest attaches to the action of the de-
positors in the joint stock banks. Only six or
seven weeks ago II per cent. interest was
being allowed on the 41',000,0(101. (lets
such proportion as represents current balances
lodged in the metropolitan establishments): nom,
the allowance is cut down to one-half, or two-and-
a-hal: per cent. This makes • serious difference.
When depositors, whilst retaining the privilege of
meaning their money at plea►ure, could obtain
from the banks a rate of interest as high as that
offered by any safe class of public securities, they
did not trouble the gentlemen of the Stock
Exchange ; but now that tie position of affairs
has alto -ed so greatly, it is natural to infer that
good securities, yielding • satisfactory return, will
be sought after more eagerly. Indeed, the course
of the stock markets has latterly afforded evidence
that the fact is so. Just as a high rate of interest
attracts an increased amount of deposits to
the joint stock banks, • reduced allowance may
be expected—we do not say to diminish them,
for there are now comparatively few channels
for their employment if withdrawn--butoertainly
to displace •considerable sum, which will gradually
percolate through the Stock Exchange.

Cite Court.

BALMORAL, Samosa 20.

The Queen, accompanied by Princes& liclena
and Prince.. Louise, and attended by lady Augusta Bruce,
west out riding yesterday afternoon.

The hiooritjousort and Prince Louis of Hesse went out
deer stalking.
Prince Alfred left the castle yesterdiy morning at ten
o'clock, attended by Major Cowell, for Liverpool, whence
his Royal Highoeu will embark on Saturday on board the
Niagara, far the purpose of joining his ship, the St. George,
at Halifax.

Them was so addition to her Majesty's dinner party.

Viscount 1104 Viscountess Palmerston arrived at Cam
bridge-Louse, Piccadilly. on Saturday, from Wilmer Castle.

THZ QUM( AT MAZ Lonna—On Thursday
week her Majesty the Queen, the Prison' Alba, the Pria-
m, Holmes, and the Prime Louis of Hesse, called on the
Counter of Fife at Mar Lodge, accompanied by Lady
Churchill and General the Hon. Cherie. Grey. The royal
party, after a walk with Lady Fife in the grouoda, returned
and drank tea. They stayed aa hour, and left about half-
past IS o'clock.—Baajaaireierrnof.

- MARRIAGE IN luau 1/171.--(THIS DAY.)—This
(Yeadsy) morning. the marriage of Visooant alum sad
Nies Seymour, daughtar of Lady Augusta Seymour, sad
deter of the Counter of Spasm, took place at St. James's
amuck Piseadilly.

We (Abortion; Herald) understand that the Prince
d Wales, new es the Continent, is expected at Balmoral on
Wednesday or Thursday next.
On Thurnday the Count and Countess de Flahault
left Drummed GM* whore they hero been residing
during the week, for 'rajallan.
The Duke and Duchess of Sutherland arrived at
Folkestone from Boulogne on Saintslay, by the South
Eastern Railway Company's steam-boat Prince Ernest.
Their mums proceeded to London by the tidal train.
_ _

The Duke of St. Albans sod Lurtl George Been-
clerk leave left Baetwood Park for Yiecouut Falkland's seat
in Yorkshire. His grace and party killed WO head of dame
daring their Hay at Beetwood.

The Counties of Jersey left England on Friday
for the Contieeek via Folkestone and Boulogne.
Baron and Baroness Charles de limthschild and
fanny have left Thomas's Hotel, Berkeley equate, for
Paris.

Lady Knatchbull and Mina Knatchbull have
left Farmace's Hotel for Menham le Hatch, over Ashford.

Lady Anthony de ItothAehilil and the Miss;
Rothschild have left Thoroas's Hotel, Berkeleyaquare, for

Lord Ravensworth, the lion. Mrs. Villiers, the
Hon. Gilbert Ileatheote, ld.P., Lord Elphinstooe, and Cap-
tain Frederick Elphinstone, are at present raiiding at
Drummed Outle, the neat of the Right Hon. Lord and
Lady Willoughby d'Ereeby.

His Excellency the Earl of Carlisle left Hills-
borough on Friday, after enjoying ►he hospitalities of the
Most Noble the Marquis of Dowushire for several days, gad
returned to the Viceregal Lode, Dublin. On the night
previous to his ezeellearts departure from Hillsborough, a
niegotecest via gives he his honour. All the aste of
the county was premed, sad abet he arrived at Lisburn, to
take train for Dublin, he wee received by a select civic.
Mr. If.clward Hornet, Secretary of Legation at
Brussels, has been appointed Secretary of bar Majesty 'm
Mission at Lisbon.

Mr. H. P. J. Burrow will succeed Mr. Harries
as Secretary et Lotion as *amok