The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1857-10-26

FINANCIAL PRosPEcTs.-The Bank of England has
lalseu 'he rate of interest to six per centum,
Shn the opinion OF many, whose judgment and
experience are large, is, that money has reach
ed the minimum point during the present year
ihis Is an almost unprecedented event after a har.
sest ol uneS,smpiei prosperity, not ouIy in this
country bat.throughout th3 civilized globe Never
theess there are signs distinctly NAL e,i on the COM
Inerclal horizon which leave little or no dol1bt
ABOUT the TACT We have indicated On the continent
and more especially in the German markets the
't'ue ia money Is In excess os own, attributa-
bic, according to some, to an excess of railway
speculation and the absorption of large masses of
capital IN very questionable undertakings At
Berlin, for example, the rate of discount is six.
ahIa-hall per cent; at Hamburg seven per cent:
at FRANKFORT six per ceut; and Mt Amsterdam five
per CENT "hich Is an unusually high quotation for
the last named place. The Bank of France cannot
but feel this Influence ana in fact has already feIt
u, as may be seen i'll the difficulty which it has
ionhd IN Keeping up its stock of hnllion-the inc
F,tabe consequence of the DISRUPTION of the eoui-
llbrnm elsewhere a.
While this is the condition Of things on the con-
tincht our own position is rendered, additionally
critical by the aspect OF aairs in India and bv the
comm reial tornag which is Now 81 cqpfpg orar
the united states. In the last named ccun fry Tho
low htate oil the exchanges is such that ipsrr,3 f
sending ns gold AS heretofore we nav nroI,o,s
heFo te reverse the operation, and in this posi,on
OF matters the payment of debts Cus fro,, Ameri
cen merchants will be postponed To as remote n
time as possible. Add to these discour,nin,, "a.
lures another which agitated the money ,norkot
on THIS side OF the Atantic-a loan for India and
We have all TIE elements of commercial embarrans-
ucnt IN operation at one and the same time
Already the Bank OF England has agreed To AL
vance the East India Company million of money
upon the security of its bonds but this is notori
ously insufficient, except for immediate wants
while there exists a moral certainty that the East
India Company will have TO appeal to tho British
Government for assistance. The Indian authorI
ties are anxious to delay this appeal until the last
moment, in order to avoid, if possible, that chanre
in the system of Indian administration which
might be required for the concession of the boon
but the causes referred to are all conspiring to in
crease the rate of discount and thus hamper the
the legitimate operations of trade.
An opinion prevails that another source of tenn
porary embarrassment will be found in the reaai-
ness with which English merchants will employ
their capital in the American markets at the pre-
sent tempting rates This course, it is alleged, will
check the imports of British goods and stimulate
the shipment OF American produce-a natural c. IL
sequence, supposing the temptation TO DO exttn.
siveIy INDUCED in The low state OF the exchange
between this country and the United States VIII
probably continue as long as the American secufi-
ties are absorbed by British capital at the depre
eiated prices. 1t is evident that money must COM
mand high value on the western shores Of Il Q
Atlantic for considerable time yet The Bank OF
England, under the circumstances we have indi-
Gated, Is beginning to feel the drain, and the
'serew" will be used in the emergency the fee.-
ngs ana interests OF the Bank parler may dictate.
-Lirey7,oot Times, Oct 10.