The Sun.
London, England, 1854-03-31 00:00:00

PE SUN, LONDON, FRIDAY EVENING, MARCH 31, 185.

ADELPHI THEATRE.

THE MONTY-MARKET.

A very excellent farce of pure English elements, entitled
the _Moustache Movement was brought out here last night,
and met with a degree of success which it eminently de-
served. The name of the piece indicates the materials of
which it is composed. It is a peculiarly hirsute produc-
tion, the moustache being the pivot upon which the whole
of the fun turns. The first object seen is a butcher at
the garden gate stroking his moustache ; the maid,
when she takes in the family supply of meat, compli-
ments him on his labial decoration; he feels much
gratified, but vows that he will cultivate it as
long as it is genteel, but he fears that it is being
adopted by the tripe-seller, and vows that if it descend
to the cat's meat-man, that he will absolutely shave. Then
comes the baker with a similar ornament, but he con-
siders it good for his health—that is his excuse. We have
then Mr. Cornelius O'Pake, who arrives in search of Cap-
tain Attamont Kidd, for having run off with Eliza
Swasser, his cousin ' he attacks the waiter in mistake,
because, like the rest of the world in general, and Captain
Kidd in particular, he indulges in a moustache. Anthony
Soskins, a lawyer's clerk Plr. Keeley), appears with a
moustache of a most military character. Mr. Cornelius
O'Pake returns, and takes him much to his annoyance, for
the waiter. Captain Kidd does the same thing for the
same reason. Louisa Fitz-Johnson, a milliner (Mrs.
Keeley) is betrothed to Anthony Soskins, of whose
moustache she is passionately fond, but owing
to some cleverly managed mistakes, and to their
rhapsodies being as descriptive of the moustaches of the
captain as of the clerk, they both believe themselves to be
in love with the same individual. At length the mystery is
cleared up, and the greatest secret of all is told—a severe
trial to the constancy of Louisa Fitz-Johnson. The mous-
taches of her lover, Anthony Sykes, are false ; according to
established custom—particularly towards the end of a per-
formance—true love triumphs, and a double wedding is the
result. The banns may be supposed to be put up, find the
curtain comes down—but before it does so, Mrs. Keeley, as
Louisa Fitz-Jot ;on, speaks a cleverly written parody on
the epilogue to "As you like it," in which Rosalind dis-
courses on beards. The acting was admirable throughout.
Mrs. Keeley, although sustaining the character of the piece
as broad farce, was at times really fine. Her performance
was a skilful combination of earnestness, truthful feeling,
and the ludicrous. Mr. Keeley, as Anthony Soskins, was,
as he ever is, excellent. The performers did their best for
the success of the piece, not forgetting the scene-painter,
who gave us a very excellent view of a country road.

(Prom the Times City Article.)

The first excitement of a declaration of war having
passed, the money-market may be expected, in the ab-
sence of any sudden intelligence, to subside gradually
from the agitation of the last ten days. The capricious-
ness of its movements has rarely been more exemplified,
since three weeks ago a rapid rise was reported, whiles
the British fleet was sailing from Spithead, and the mere-
formal notification of the event of which that armament
was the precursor, and which had been regarded as in-
evitable for the past three months, has been followed by
a fall such as is rarely exceeded at the most critical
periods. Either the confidence recently entertained,
or the panic to which it has given place, must con-
sequently appear absurd. Such circumstances are
discreditable to a commercial community, and it
will be well for the public to consider whether they
are to be repeated. The general causes that must
operate on the money-market can always be foreseen
with sufficient accuracy to prevent disturbances of this
kind, if people will pause to recognise them. Of course,
on the receipt of extraordinary news violent fluctuations
must be looked for, but during the heaviest period of the
fall just witnessed there was a remarkable dearth of in-
telligence, and the daily decline of one or two per cent.
went on without any one having pretended to attribute
it to any new revelation. A contagious impression that
the existing rates seemed considerably above the usual
fancies entertained of " war prices" was all that could
be detected, and among those who have been rushing to
sell probably not ono has asked himself how it is that
this discovery has only just been made, or what are the
precise effects that a certain annual expenditure for hos-
tilities must be expected -to have either on the general.
state of the discount market or the current value of the
funds.

The sooner these points are mastered the better. The
primary question is, whether the annual expenses of the
war are likely to exceed the annual gains of the country
from the course of trade, and thus to necessitate ship-
ments of bullion to the amount of the deficiency, and a
consequent contraction of the circulation. If this result
is experienced the funds must necessarily fall, but in the
opposite case, no matter what may be the temporary dis-
asters sustained, nothing can prevent a rise ; and the idea
that 80, 90, or even 100 is not the price which individuals
had previously conjectured as that which would prevail
during a European contest will have no influence in pre-
venting it from being maintained. Hitherto the princi-
pal, if not the only explanation offered for the existing
depression, has been that the public have begun selling,
and consequently that it will be severe and permanent ;
those who give this reason having entirely omitted
to show what the public are subsequently to do with
their money. If it had been remembered that this money
must find its way back to the market, either in the shape
of banking deposits or some other form, and thus pro-
duce a feeling of great ease, which would soon manifest
its effect on the Stock Exchange, they would at once
have seen the groundlessness of the attempt to raise
alarm on that score, and would have been brought back
to the one predominant consideration, namely, whether
there is any cause to anticipate a steady diminution of
our stock of gold.

Whatever may be the opinion warranted on that point,
it is by keeping it always in view that the instances of
vague fear exhibited in October last, and repeated in the
present month, can alone be averted ; and although the
materials for arriving at a conclusion respecting it are
not positive, they are enough to lead to a considerable
degree of certainty. Supposing, for instance, the war to
become not only serious, but chronic, and to involve an
additional cost even of 10,000,0001. per annum, the
problem to be determined is, how far the drain for that
expenditure will be mitigated, and whether, after allow-
ing for everything, the balance will be beyond the sur-
plus usually at our disposal for foreign outlay ? The
only way to ascertain this probable surplus is to estimate
the yearly investments we have been accustomed to
make, not merely in foreign loans and public under-
takings, but also in great works at home not imme-
diately of a remunerative character. Advances for foreign
purposes of course take so much capital direct from the
country, and extensive home undertakings Operate in a
similar manner, by causing the population to be employed
in the manufacture of other than exportable articles, while
they are consuming imported food and raw material
for clothing. Now, there is reason to believe that on
an average of several years the annual totals sent
direct to foreign countries in the shape of loans, &c.,
cannot have been less than 15 or 20 millions, to say no-
thing of the series of quiet investments in American secu-
rities, which, in a very short space, have reached an
aggregate of probably 40,0001. on European account,
England doubtless being by far the greatest holder. At
the same time, our own public works have been extended
on a scale never before known, and the increase of our
shipping, even during the last year, has been nearly
400,000 tons. Under these circumstances, the ques-
tion whether 10, 20, or 30 millions can be spared for a
war loses much of its terror. During the struggle
no foreign loans of any magnitude are likely to be
taken, and even such small ones as may be introduced
can only originate in the fact of the money-market
being the easiest that can be found. All outlays
for industrial works in foreign countries will be
suspended, and at home only schemes of immediate
necessity will be undertaken. Meanwhile our trade
will go on, and Australia and California will still pour
forth their supplies. Hence our yearly surplus of profit
must still accrue to us, especially under the prevailing
economy always induced by troublous times, and, with
every extraneous channel of investment cut off, a perio-
dical creation of 10,000,000/. Consols, if it should be foUnd
desirable, in place of increased taxation, would not only
be absorbed without difficulty, but would actually be
welcomed. Even the money thus raised, moreover,
would not be immediately felt as a dead loss to the
country, since it would be partly laid out on home la-
bour for military stores, although, of course, this labour
might be more profitably expended in the creation of
articles for commercial interchange. It must also
be borne in mind that when we speak of 10,000,0001.
per annum it is a very large amount even for a severe
war. The public never think of a European conflict
without taking their data from the period when the na-
tional debt was increased nearly 400,000,0001. in 15
years, and when, owing to the reckless suspension of
specie payments, the Minister found himself able to
squander the strength of the nation in unlimited subsi-
dies, in creating stock upon ruinous terms, and in con-
ducting every public establishment upon a system of pro-
digality such as the world had never seen. Because Eng-
land, under these circumstances, with one-halt her pre-
sent trade and capital, and with a combination against her
that threatened a death struggle, saw her 3 per cent. secu-
rities ranging commonly between 55 and 70, it seems now
to be assumed that an approach to these prices may once
again be within the limits of probability. It should
also be borne in mind that the idea of an European
war, involving, under proper management, an ex-
penditure ruinous to this country, presupposes, at
all events, some proportionate outlay on the part of
our enemies. Assuming that outlay to be practicable, a
large portion of it would come, in the course of trade,
into our own pockets ; but the belief that the Emperor
of Russia or any of the German powers could, either
by force or credit, raise any permanent supplies of
great magnitude is inherently preposterous. Taking,
therefore, a review of our entire position, there is
apparently nothing to excite financial panic. That it is
proper at the commencement of war to abstain from any
estimate of the dimensions it may ultimately reach will be
admitted by every one • but, assuming that it may be
protracted for years, and that it may spread, through
accident or treachery, in all directions, mid involve
many bitter and unlooked-for disasters, there is
still no ground to suppose that, with common pru-
dence on the part of our merchants and an enlight-
ened determination of the Government to densunce all
tampering with the currency, any periods of convulsion
or discredit are to be apprehended. Perhaps, indeed, it
is far from impossible that the range of Consols through
some of the most arduous of trials will be such as to
excite congratulation and surprise.