What is the device this cable belongs to?
In some cases, equipment that is considered "Double Insulated" may not require an earth wire. This is also dependent on the local electricity authority. The lack of an earth wire can also be the result of lax electrical standards in the country of origin of the equipment.
If this were a valve amplifier, I'd be worried. If a tube ever decides to have a catastrophic failure, it is possible for very high voltages to short to the frame/chassis, and that is likely connected at some point to the shield of your guitar cable. Earthing gives it a low resistance path to ground so as to save you from electrocution.
This thread is interesting (sorry to jump in so late). The OP suggests that earthing may reduce hiss - I'd suggest that if earthing reduces hiss, there was probably a very worrisome problem in your signal chain to start with and shunting it to earth is not as good as eliminating the source of that hiss. Earthing equipment is for your safety, not noise reduction.
Also be aware, in some cases, earthing could ADD a ground loop to your setup and then you'd have another problem to isolate. A common, but very bad idea, is to lift the Earth on your power supply. Now, I've done this to temporarily test for the source of the ground loop, but please never run your equipment that way. Get an audio isolation transformer and fix it in the audio path. These can cost a fortune but if you have a soldering iron, you can order the transformers from Jensen and build your own. (Jensen JT-11P is about US$70 and works perfectly well on guitar audio chains).