The Express.
London, England, 1861-08-19 00:00:00

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LONDON, MONDAY, AUGErffr 19.

TO OUR RUDER&

SPORTLVG MTILLIOENCL

A We edition of the Hamm is published every
evening during the racing sialion, containing the
results of the day's races.

Tan decided improvement in the condition of
the money market and the moderately encouraging
prospects of the harvest, are occasioning a revival
of confidence amongst the commercial classes. Yet
it is the belief of the beat informed persoos that
the yield of the grain crops will be below an ave-
rage, particularly as regards wheat. Should Ude
view prove correct, it follows that the imports of
grain for the next twelve months will be upon a
larger scale than is customary. The acknow-
ledged deficiency of the harvest in France, which
is already attracting large quantities of grain thi-
ther, forma also an element on the unfavourable
aide. On the other hand, the crops both in the
United States and Canada are well spoken of ;
and the people of the former country will find in
the war and in its accompanying wide and strain,
an unusual stimulus to realise their immense sur-
plus of produce as fast as possible. For the sake
of ready money, they will be glad! to sell it
to us at reduced prices. This consideration
is important, as tending to diminish the
cost of the considerable supplies of grain and flour
which we seem likely to require. Viewing the
general condition of affairs even from the most
cautious ground, it seems to be abundantly clear
that the trade and finance of this country are
about to experience some relief. During the last
ten months they have been suffering from the
depression and exhaustion which have naturally
followed one of the worst harvests on record—
probably the very worst, if regard be had only to
the quality of the crops stored. This has un-
questionably been the cause of trade being throws
down from its previous satisfactory point, and of
the serious decrease in the profits of the commu-
nity even in those branches of business which suf-
fered the least as regards mere amount. This
latter feature is peculiarly characteristic of a time
of general pressure. Most people have done less
business, and those who have no cause to complain
in that respect have become sensible of a great de-
crease in the ratio of profit. A time of short crops is
one of enforced economy and retrenchment. Less
money is spent on luxuries and superfluities, be-
cause so much more than usual is required to pro-
vide mere necessaries. But the encouraging point
for us to consider is that we have left the harvest
of 1860 behind us, and have now to concern our-
selves with that of 1861. The former meant
atraitatied means, declining trade, reduced profits,
and a mix, seven, and eight per cent rate of die-
count. A harvest of moderate extent, such as
that now promised, is quite incompatible with so
adverse a combination. We can bear to import
MOM than the average, without subjecting our-
selves to anything like the strain lately experienced.
The lean year is past and gone 1 and the farther
we leave it behind the nearer dove approach relief.
There are still quite enough difficulties to excite
toution. Trade will not revive hastily ; it never
does when its dulness has arisen from exhaustion,
whether that exhaustion be caused by war or
by scarcity. Then the American war is
a serious drawback, checking commerce in its
most profitable and most cherished channels. The
impending crisis in the cotton trade is of itself
came of the gravest national solicitude. Care and
prudent* will, therefore, be the watchwords of
the mercantile community, and there is no pro-
spect of enterprise running riot. Nevertheless,
there is room, under existing circumstances, for a
feeling of sober congratulation after all we have
gone through ; and the fall in the value of money
comes opportunely to moose a hesitating public
that they have really overcome the worst,
turned a corner, and entered a path which, though
not smooth, presents a forward vista of light and
hope. It is a long lane that has no ending.
Scarcity conditsted the worst of our difficulties,
and from its effects we have now at least partially
recovered. The war in America may possibly set
be of very long duration. Were any inseams*
indications to arise in that quarter, it would be'
universally felt that the principal tames of the
blight long reeling upon trade have been swept
away.

Meanwhile we would point out that the inter-
=pike to trade with America is attended with
scene oompenestion in the relief which it glees to
the money market. Trade being dull, fewer belle
are drawn ; and capitalists sad hohlses of money,
no longer able to get six, seven, and eight per
cent., are going shoot begging for good securities
wherein to employ it. It is their competition
with each other, more than any actual socumula.
bon of gold in the Bank, that has caused the rate
of interest to fall within three weeks from six to
the comparatively moderate point of 4i per cent.
It MIMS to us that sufficient attention is not
dirested to the important financial effects likely to
Sow trona the present condition of the cotton
Wade. Cotton is the staple of our manufacturing
indoetry. It forms the largest interest in the
kingdom, after the landed interest. As a regular
arrangement, we import more cotton every year
then we imported of corn even in an exceptional
year like the last. The value of the cotton im-
ported into this emintry from all quarters in the
year 1860 was no lam the. 35,756,8891., of
which 30,069,31 W. wee from the United States
alone. Now, let um senasee, for the sake of argu-
ment, that the present unhappy war will deprive
us of only one-half of Ger usual supplies from
America. This implies that 16,000,0001. of money
which, under ordinary circumstances, leaves Eng-
land, will this yoar remain here. What will be
the effect of this change upon the bullion current
and upon our money market f Even allowing for
a great falling off in the consumption of our