The Express.
London, England, 1857-07-18 00:00:00

and tho laf C.

though we were amend by ministers in parliaut. nt
that they bad not differed more then gentlamen shoula.
Whoeo counsel prevailed—that of the civil governor,
or that of the military Commastler Y What securities have
been taken that there shall be no ohs:meting or enfeebling
differences of counsel between t'm Governor-General and the
new Commander whom be has just ail...cited in &Algal?
What position does the East laths Coutputy occupy in these
councila? How far will it reams a voice to moist, or to for-
bid? Them ere questions which concern the future as much
as the present ; and in separating at so critical a period,
Parliament might well expect to have a distinct esplanution.

REDUCTIOX IN TUE RAVE RATE OP

DISCO [-VT.

(From the Ecomemi+l)

There is nothing in the published state of the bank
amounts, which would appeu to justify the reduction which
kas been uwdo by thu bank in tho rate of diwount, and
looking to rho neknovnodged madame and ability with which
the affairs of the bank have Lea couduvted for a long
time past, it is fair to roppose that during the
week the bullion has comiderahly increwcd, while
the demand fur accommodation Las Menem leer urgent.
. _ .

--
The accounta publiabcd t hie day made op to the abuse of hat
week, as compared with thoseol till preceding week, alma-nen
increase of bullion to the amount only et 75,000!., while the
reserve of 110iCA chows a der reuse of 421,56:4. It is true that
the amount advanced upon privute aceurities shown &decrease
in tho week of no leas than 2,660,0001., caused by the repay-
ment of short loans maid in anticipation of the payment cf
the dividends. It is, therefore, a fair inference that the con-
dition of the bank woo considerably improved during tho
present week —and this again furnishes another proof of the
advantage which the public would deriea from an earlier
publication of the accounts.
After the experience of last year, it would however be
somewhat premature to conclude that the reduction which
the present state of the market appears to justify, will be
permanent. At the corresponding period in 1850 to that
when we aro now writinv,, tho bullion in the Baal was
12,331.030/. and the mauve of notes 6,321,6001., while
the rate of discount wee 4} per cent. Thu continued
drain of silver to tho East, and the consequent drain of
gold from this country to the continent in exchange for
silver throughout the autann, led in the month of October
to a reduction of the amain' of bullion to 9,638,0061., and
to a rise in the rate of discount to 6 and 7 per cent. In the
present year that drain has continued, and in a greatly
aggravated form; and the most important question
at this moment, is whether it will continuo for
the reatafsalte of the year. If it does, there is
no rum why a similar result should not happen
as was experienced In ISM. The other great causes for an
Increased demand fee capital appear equally strong now as
than. Speculation may be temporarily chocked in France,
but the trade of this country requiring a constantly increa-
sing capital seems to be progressing eo feet eu it dill a year
ago, What, then, is the probable courai of events in India