The Express. — London, England, 1866-05-21 00:00:00

JOHN BROGDEN'S 18-carat GOLD CHAINS. JOHN BROODRN'S GOLD GUARD CHAINS. JOHN BROGDEN'S GOLD ALBERT CHAINS. JOHN BROGDEN'S GOLD BROOCH CHAINS. muRTLa, TURTLE, TURTLE. awe Thick and Invalid TURTLE SOUPS aware ready. ET. Jelu.s.s-itALL. asoarrr B EET . an PICCAD I LLY. WM. DONRLD, Plo4ol'. TO WEST-END DINERS.—The WELLING TON, St. James's-street, Piccadilly. Ladles' Saloon Dinustroom on the first floor. The subscription rooms are now open. Terms, twelve months. Jl Ha ed. : alx months, £1 ls Apply to D. Cameron, 48, Bt. James'estreet. T !CONDON must have a SUPPER and MUSIC .M. 4 ROOM for Gentlemen.—ltemerober, we waft for you at EVANW." after the Covent Garden Opera and the Theatres Zhe iv rortg44. TO CORRESPONDENTS. Advertisements intended fm "The Express." London Evening must be at the Office, 10, Bouverie-street„ by Two : a rch on the day of publication. JOHN BROODEN. kRIGINAL GOLD CHAIN MANUFACTORY , 16, H.K.NRIIITTAATERET, COVRNT4•IIDIN. HAYMARKILT. 'PHI! EFntnea, TIIEIIALINCE OF COMFORT. Masan Howe. Rogers, Braid, Ac.; Mat Ada Cavendish—THE FAVORITE OF FORTUNE Manna Buckatone, Chippendale, and Both=; Yea Chippendale, Ac.—And THE WOLF AND THE LAMB. PRINCISM THIS Erwin°. A LUCK fITIT7Aiter which HENRY VIM Cardinal Wohwy. Mr. Charles Kean Queen Katherine, Mrs. Charles Kean.—Concluding with QUIET LODGING& BRITANNIA Ten PviamiO,RlCH AND POOR: OR, TIM YOUR SEASONS. —The Hungarian Dancers, from the Oxford and Alhambra.—To conclude with THE CORPORAL'S DAI'OIITRR. Mews. Rey nolds, Cranford, & lligwoud „ KlNClaradt. Cease &Kra & Lane. HIGH-WATER AT LONDON BRIDGE. Tuts DAY;iormi'ng, Th. lm --- Afternoon, 711. 30m. TO-110140W—Horning, Bh. lm Afternoon, Bh. 30m. LONDON, MONDAY, MAY 21. THE recent crisis has effectually opened the eyes even of the most obstinate defenders of our pre sent currency regulations, to the defects of their favourite system. On no occasion has greater unanimity been shown than in the general ap proval of the course taken by the Government. The commendation is well deserved, for their wise and resolute policy has emphatically saved the nation. If, on that memorable Friday night, the CHANCELLOR of the EXCHEQUER had said nothing beyond the few remarks he pronounced early in the evening, England would have experienced a crisis incomparably inure severe than any that has occurred within living memory. One simple mea sure stamped out the evil, almost in its birth. The instinct of the commercial world is rarely wrong. Traders and capitalists judge for them selves, and are far too much interested in the practical conduct of affairs to be captivated by mere theoretical perfection. For many years they had seen the prejudicial working of our law, and had contrasted it with that prevailing in France, and the assimilation of the two, practically effected by the Government letter, was, therefore, received with a feeling of inteuse relief. The weight that prt:A.sed upon commerce, to the de struction of all individual credit, was removed, and business began once more to resume its ordinary CORM. No idea can be more fallacious than that of attributing to the general action of the Bank Act the advantage derived from its abrogation. It is argued that under the present regulations a kind of reserve fund of credit is accumulated which in case of need can be put to effectual use. The hypothesis is not very intelligible, but what is meant appears to be that, unless some sort of restraint were imposed in ordinary times, the Bank would be found in periods of difficulty to be hampered by an over-extension credit, and the holding of a T11:153 .f inconvertible securities which would so far imperil its position that it could give no material amistance to trade generally. It seems for some unknown reason to be assumed that any modification of the Act would at once be seized upon by the Directors of the Bank as a capital opportunity for investing their funds in the worst paper that can he offered. It is right, however, that the fact should be known, that the manage ment of the Bank is conductedonprecisely the same principles as that of any other conunercial institu tion. As a rule the Directors show, indeed, more than ordinary strictness. A bad debt, or an in convertible security, is fully as much avoided by the Bank of England as by any other banking or monetary establishment in the kingdom. The fault is committed of an excess of caution, rather than that of imprudence. In the pre sent state of affairs the Directors have, on unfor tunately good grounds, exposed themselves to the imputation of considering too much the necessity of adequately protecting the Bank, at the cost of depriving commerce of the relief which the action of the Government expressly permits them to afford. Can anything, in fact, be more contrary to the judicious upholding of credit than the refusal to grant loans on Consols, or the enforcing of con ditions which amount to a virtual prohibition, which, in some cases at least, has certainly hap pened ? It is an unfortunate consequence of the law of 1844, that in a contingency of unparalleled pressure, an adherence to a system manifestly un fit for the altered circumstances of the day should practically tend to make the best security in the world inconvertible. Bankers are accustomed to hold large reserves in Government funds, from the conviction that, if necessary, these investments could instantaneously be turned into cash. During a crisis, however, even Consols cannot be sold for money, as was proved last Friday week, although for the account, that is, a month hence, they might be disposed of without material difficulty. It is the duty of the Bank to meet a contingency of this sort, and to prevent a dead-lock, which may arise simply from the impracticability of realising securities of the intrinsic value of which there can be no question. By an ill-timed hesi tation the Directors have exposed themselves to the reproach, we are ready to believe undeserved, of yielding to a blind reverence for a practically repealed regulation without counting the cost to the community at large. What is worse, hints are freely thrown out that their apparent anxiety to avoid overstepping the limits of the Act is due to the desire of making the largest possible gain out of the present crisis. The profit that may be realised out of the increased issue of notes goes to the Government, not to the Bank. Hence, pro tected by the unlimited reserve sanctioned by the letter of the CHANCELLOR of the EXCHEQUER, the Directors of the Bank can with safety and advan tage to their shareholders lend out the whole of their own funds at usurious rates. It may be admitted that these assertions are in all likelihood unwarranted, but still no cause should have been given for their being made at all. To adopt the fairest and most reasonable conclusion, there appears no doubt that the management of the Bank is conducted, and especially on this occa sion, with too treat rather than too little regard to prudence. Contingencies am; kowevere. easily arise when even caution a b•larrio too far. The panic that has just taken place has been with great justice described as one of credit, in contradistinction to one proceeding from over expenditure of capital or export of bullion ; and this is exactly one of the cases with which the Act of 1844 is utterly unable to deal. The ques tion of the convertibility of the Bank note has never for a moment been in doubt. In this re spect, however, the present crisis does not differ from any of the last forty years. But in one point the operation of the Act has been most pre judicial, by the alarm which the possibility of the full carrying out of its provisions has never failed to engender. For two years commerce has suf fered from the knowledge that the supply of cur rency has been inadequate to the demand caused by increasing trade. The limit has been main tained at a point which twenty years ago may have answered very well, but is clearly inapplicable to another period when our commerce has advanced to threefold its former proportions. For a long time past the reserve of the Bank has been both actually and relatively decreasing, and it is to the reserve that traders constantly direct their atten tion. The expansion of our American commerce on the termination of the war first produced a feeling of uneasiness, not because any unsoundness was indicated, but because it became apparent to the mercantile world that sufficient means were not at their command to carry on the ordinary buainessof the country from day to day. The war intelli gence from the Continent contributed to heighten this feeling, and already credit was severely shaken when the great failure of OVERRND, Geacxv, and Co. destroyed it altogether. Money could be got only at the Bank, and there the supply was only too limited by the restrictions of the charter. The usual rush took place to an enormous and unpre cedented extent. Every one over-provided himself, in the fear that the time was rapidly approaching when money could not be got on any terms. H it had been known that the issue of the Bank was practically unlimited the rush would not have taken place at all. As the dispensing power has now become a re cognised fact, it would be well that it should be put upon a regular and definite basis. Some high autForities have proposed that due legislative au thority should be reposed in the Government to relax the Act according to their discretion. Perhaps a better plan would be to sanction an ex tended issue of notes whenever the rate of discount reaches a certain point, say eight or even ten per cent. There is little fear that this I indulgence would be abused, since no one cares to borrow money on such extreme terms, unless Fe really wants it. At the same time the fact that money could be obtained would effectually stay any panic of credit. The Bank (.1 France are un fettered at all, and certainly, to judge by expe rience, the French system works well. In Paris speculation is carried to a height unknown in London, and their Credit lgobilier and other finan cial institutions have malertaken operations before which those of our own companies appear insigni ficant. Yet at this moment the Bank of France rate of discount is 4 per cent., compared with our 10, and the bullion and circulation are respec tively 20,500,0001. and 35,300,000/. against 12,323,805/. and 26,121,000/. at the Bank of ' England. if the convertibility of the note is to be called in question, it is evident that the free system of France affords now a better security than the pro.,ected system of England. Again, gold is being drawn from this side notwithstanding ' i the enormous difference in the rate of discount, and for the present is likely to continuo. The French hankers usually hold a considerable amount i of English paper, and the present proportion is believed to lie aout double that of ordinary 'times. These amounts are being called in, owing Ito the want of confidence caused by the disruption of credit. Now, as the operation of the Bank Act has been the chief, or, at all events, one of the chief reasons for the panic, its effect has actually been to stimulate the export of gold, i instead of drawing it here, according to theory, from abroad. Putting these facts together, a more practical refutation of the arguments in ; I favour of the system of 1844 could hardly be I desired. OUR CONTEMPORARIES. (THIS DAY.) -ifTHtt .4ONDAy E vigipiß T , MAY .21, 1866. • WINDSOR CASTLE, IL The Queen Walked in the grounds yesterday afternoon, and drove this morning, accompanied by the Prim:ass Helena. Princess Louise and Primes Beatrice also walked and drove. Her Majesty held a council to-day at 1 o'clock, at which were present Earl Gninville, Lord Stanley of Alderley, and the Right Hon. T. Milner Gibson. Mr. Helps was clerk of the council. The Earl of Caithness and Colonel the Hon. A. Liddell were the lord and groom in waiting. Earl Granville had an audience of the Queen. Lord Charles Fitzroy has succeeded Lord Alfred Paget as equerry in waiting. Mr. Joseph Wyon has been honoured by Princess Helena with sittings for a medal. Mr. Robert Dowling has had the honour of submitting to her Majesty portraits of the Prince and Princes■ of Wales, painted by him for the Tasmanian Government. Met 20. Wm evert. The Queen drove out yesterday afternoon, attended by the Dowager Duchess of Athole and the Honourable Flora Macdonald. Princess Helena, attended by Miss Bowater, went out driving, and Princess Louise and Princess Beatrice also drove out in a carriage and four. The Queen, Princess Helena, Prince Leopold, and the Ladies and Gentlemen in Waiting, attended divine service this morning in the private chapel. The Hon. and Very Rev, the Dean of Windsor officiated, and administered the sacrament of the Holy Communion. The French Ambassador and the Earl and Countess of Clarendon arrived at the Castle yesterday, and had the honour of dining with the Queen and the Royal Family. Miss Bowater also arrived at the Castle. The Hon. Mary Lascelles left the Castle yesterday. The Prince and Princess of Wales rode ont on horseback on Saturday afternoon. The Prince of Wales presided at the annual dinner of the 10th Hussars at Willis's Rooms in the evening. The Prince and Princess of Wales, with the Hon. Mrs. A. Hardinge and Major Teesdale in waiting, attended Divine service at the Chapel Royal, St. James's, yesterday morning. The Communion Service was read by the Rev, the Sub dean and the Rev. J. V. Povah. Anthem, " Come Holy Ghost" (Attwood), sung by Master Coward, Messrs. Francis, Montem Smith, and Bradbury. _ - Mr. Goss presided at the organ. The sermon was preached by the Rev. Dr. Jell, sub almoner, from Acts, 2nd chap., 3rd and 4th verses. At the Council held by the Queen at Windsor Castle on Saturday her Majesty's consent was given to the marriage of the Princess Mary of Cambridge to the Prince of Teck. Despatches were received on Saturday at the Colonial office from the Governors of Gibraltar, Malta, Ceylosk, Hong Kong, Labuan, and the Australian colonies. De spatches were sent to the Governors of Gibraltar, Malta, Ceylon, Hong Kong, Labuan, the Mauritius, the Austra lian colonies, New Zealand, and Canada. Earl Russell left town on Friday evening for Pembroke Lodge, Richmond. The Right Hon. Sir G. Grey left town on Saturday for Fallodon. The Right Hon. the Chancellor of the Exchequer left town on Saturday on a visit to Sir Walter James, at Bets hanger, Kent. We are authorised to state that her Majesty's court announced to take place on the 19th June next will be held on Wednesday, the 6th of June. The levee, which was to have been held by his Royal Highness the Prince of Wales on her Ma jesty's behalf on the 6th of June, will take place on Tuesday, the 19th of June. The Prince of Wales, as Colonel of the 10th Hussars (the Prince of Wales's Own Royal Regiment), presided at the annual dinner, which took place on Satur day evening at Willis's-rooms, King-street, St. James's. His royal highness, accompanied by Prince Teck, and at tended by General Knollys and Major Teesdale, C. 8., arrived punctually at 8 o'clock. Covers were laid for 40. The accession of Prince Alfred to the peerage, by the title of Duke of Edinburgh, will (the ,Suildny Ca :eU understands), take place on her Majesty's birthday. Among the lesser titles to be borne by his royal highness I will be that of Earl of Ulster. Prince Alfred, during his visit on the 23rd of June next, in addition to delivering the prizes on board the Conway and formally opening of the new northern entrances at the Birkenhead Docks, has consented to lay the foundation-stone of the new Children's Intirimuy in Myrtle-street. The Right Hon. the Chancellor of the Exchequer left town on Satyr(lay on a visit to Sir Walter Jaines, M Betteshanger, Kent. _ _ The Right Hon. Benjamin Disraeli and Mrs. Disraeli have left town for Hughenden Manor. Earl Russell left town on Friday evening for Pembroke-lodge, Richmond. The Earl and Countess of Mahnesbury have been placed in mourning by the death of Miss Dashwood, which occurred on Saturday last ; the deceased lady was sister of Jane, second Countess of Malmesbuiy, the mother of the present earl. _ . . . . The Earl and Countess of Derby have left their residence in St. James's-square to pass the holidays with Colonel the Hon. Wellington P. and Lady Emma Talbot at their residence in the neighbourhood of Harrow. The Duke of Marlborough has gone to the Isle of Wight for a short yachting excursion. The duchess and Lady Churchill have gone to Blenheim Palace, near Woodstock. Lord Wodehouse is (says the Sunday Gazette) to be raised to the dignity of an earl, by the title of Earl of Kimberley, the name of his lordship's seat in Norfolk. The week after Ascot a grand complimentary dinner is to be given to Admiral Roue, where Earl Gran ville will preside, and the Prince of Wales is likely to honour the occasion with his presence. On Saturday the Archbishop of York went through a fair day's work at Sheffield. His grace con secrated a church, laid the foundation stone of another church, and subsequeuty distributed the prizes and certi_ cates to the students who had successfully passed the Cambridge local examination. Mr. T. Hughes, M.P., addressed a co-operative meeting in Manchester on Saturday night. The hon. gentleman was attended by many influential persons who have taken a warm interest in the co-operative movement.. The opera for to-night at her Majesty's is the fir,y,(fsotA ; to-morrow-night Lurk di Lain mornwor ; on Thursday and Saturday Dinorah (first time—Mdlle. Ilma di Murska as Dinorah). Meanwhile Mozart's Serajli," is in preparation. _ _ _ • . No less than five operas are announced for the current week at Covent Garden—to-night La Sonsnombu (first time—Mdlle. Patti, Amina) ; to-morrow, L'Africaine ; on Thursday, the Huguenot, (first time) ; on Friday, Don Giovanni (first time) ; and on Saturday, the Barbieri. On the 30th inst. Mr. Gavan Duffy, ex-Premier of Australia, wither he returns at the end of the summer, after a twelvemonth's visit to Europe, will deliver a lec ture before the Society of Arts, on the " Resources of Australia." On Saturday Mr. R. B. Farnall, C. 8., the Poor law Board's Commissioner for the Inspection of London Workhouses, assisted by Dr. Smith, held an official in. quiry at the East London Union Workhouse at Homerton, respecting the treatment of a pauper inmate, named Emma Neal, aged 20. The Priore of Rocca Masaima, who was 12 days in the brigands' hands, is now in Rome, and gives inter esting accounts of his adventure. It is important to find from his narrative that the brigands who took him, nine in number, were nearly all disbanded Bourbonic soldiers, commanded by an ex-sergeant, who still retained that appellation among his comrades. These worthies com plained that they had been very ill-treated, having been first encouraged to take to brigandage, and then aban doned to their fate in the mountains, with equal probe. bility of getting shot on the Italian or Pontifical side of the frontier. They said they had nothing left to do now I but to continue their present career, surrender being impracticable, " especially in my case," added the ser geant, with a sinister smile, " for I should have to answer for 20 acts of homicide at the very fewest." LATEST INTELLIGENCE. ' Tin ADVANCING -P ARMES AND WAR WUWA/CATIONS. It is stated that Austria has refused the propo sition of a congress on the basis proposed• The concentration of the armies is meanwhile proceed ing rapidly. Three army corps, amounting to 90,000 men, are said to be posted on the Saxon frontier. From 90,000 to 100,000 Pomeranians, or East Prussians, have been ordered to advance to the southern districts of Brandenburgh snd Silesia. The military schools in Prowls are closed and the pupils drafted into the army. Volunteers are invited to enrol themselves in the regular army. The Prus sian army at the present moment is computed to amount to 500,000 men. Austria, on her side, continues her preparations. The whole garrison of Vienna has left for Bohemia. Twenty-eight mili tary trains leave Vienna daily for Prague and Olmutz. (General Benedek has under his command 36 regiments of cavalry. Although 80,000 recruits were enlisted a few weeks ago a further conscrip tion is to be made next month. According to the Sentinel& Bresciana, Austria has 200,000 soldiers in Venetia, who are posted as follows :—ln Mantua, Borgoforte, and Ostiglia, 10,000; in and about Verona, 30,000 ; in Padua, 10,000 ; in Rovigo, 40,000 ; in Legnano, 6,000 ; in the Tyrol, 30,000 ; and in Trieste and Gorizia the remainder. Large quantities of straw, wood, wine, and corn have been purchased. On the 13th, 4,000 men were sent from the line of the Adige to occupy Montebaldo, it having been reported that Garibaldi was near with a body of volunteers. The Italian journals report that men from all parts of the country are enrolling themselves in the volunteer corps. The number enrolled by the democratic committee of Milan alone up to the 15th amounted to 3,415. On the 16th 270 young men, all Venetians, crossed the Po near Borgoforte, and presented themselves for enrolment amongst the volunteers at the Italian station of Foggia. They at once raised the national standard, amidst visas for the " King," " Gari baldi," " Italy," and the " Army." The Nation contains the following address from General Durand() on taking the command of the military department of Naples : Officers, sub-officers, and soldiers of the military depart ment of Naples— His Royal Highness Prince Umberto having been called to the poet of honour and of danger, which has been always the station of the royal family of Savoy, I am come by the King's desire to take the command of this military depart ment. The fates of Italy point to a new epoch of great moment in her history, for perhaps the hour of the third and final war of independence is not remote. I know that you all regret being at a distance from the probable seat of war, but be assured that your mission will be an honour able one, as well as a useful one, to Italy. We must main tain tranquillity in these beautiful region% defend them from internal snares and external aggression, and remain the rearguard and reserve of the great national army which is appointed to operate in Upper Italy. We shall joyfully fulfil this double duty, sure that we shall have deserved well of the country and strengthened by the support of the population, who, let those interested be maimed of it, are no longer the same population they were in the ac cursed times of Caroline of Austria. In any case where our duty calla there shall we find honour and glory. Naples, May 13. Giacosu De RAN DO. The ..VaLione of Friday concludes an article in favour of Count Bismarck's policy as follows : As to the minor states of Germany who desire to take sides and to talk big, its evident they are running blindly to their own ruin. The times are not favourable to litCe states. Never was the Scriptural phrase, Dominus rum fortebus, truer than at present, and not a few of the Ger. man princelings will find this out to their test. The ,tionnt,ty Zritung—the 14utiday Times of Vienna—employs the following language in regard to Prussia : To annihilate Prussia is the only mode of saving this empire from ruin and dismemberment. It is only when Prussia is crushed that Austria can ensure that pre ponderance in (ermany which is absolutely indispensable to her existence. Forward ! theu, brave soldiers; for ward to Derlin A despatch from Berlin of May 17, says : The King is rewired, in spite of the remonstrances of the Royal Family and his Ministers, to take a part in the campaign which is about to commence. The royal tent has been exposed to public view for some days. (REUTER'S TELEGRAMS.) THE PROPOSED CONGRESS. FLORENCE, MAT 21. Italy and Prussia, in reply to the preliminary overtures, have expressed their willingness to take part in a congress. Austria has not yet given her answer. Signor Scialoja, Minister of Finance, has now definitively withdrawn his resignation. HUNGARY. PESTH, MAY 21. An official denial has been given to the rumour of a fresh conscription being intended in Hungary. The town of Pesth has voted another address of confidence to M. Deak. Similar addresses have been presented t ) him from other towns of Hungary. METROPOLITAN HORSE SFIOW.-(THIS DAY.) EXTRAORDINARY PROCEEDINGS. This morning was the first shilling day, or open ing of the show to the general public. The excitement of the pony and trotting races against time, lee., as well as the jumping of the hunters, is reserved for the holiday folk, who will no doubt arrive in sufficient numbers to till the Hall during the afternoon. Shortly after the show opened a circumstance occurred which was of such a serious character as to cause, in the first instance, fears to be entertained that there was a probability of the show being brought to a sudden termination. It has already been announced that General Count Fleury, Master of the Horse to the Emperor of the French, is on a visit to this country, amongst other matters to effect the purchase of some of the finest stock which can be obtained for the Emperor, the Empress, and the Prince Imperial. It appears that yesterday the count and his suite attended for the purpose of having . it private inspec tion of the animals. The grooms helomptig to the owners having all been ordered out of the building, those attached to the establishment were directed to take the horses out of their stalls, and they were paraded in the ring for the inspection of the Count and his friends. This circumstance coming to the can of the principal owners a deputation was formed to wait upon the directors who were on the rota for this day, Mr. Howard and Mr. Seeds, and protest against such a proceeding. These gentlemen thought it better to convene at once a special board, and the deputation having laid their complaints before them, the directors resolved on the publication of an apology expressing deep regret at what had taken place, and censuring those who were responsible for it, and pro mising that in future no horse shall at any time be re moved from his stable for exhibition in the absence of his attendant, nor on a Sunday under any pretence whatever, illness excepted. The judging commenced for those saddle horses which were in the incompleted classes on Saturday, and corn• menced with class 16s. Stallions for getting hacks.— This was a beautiful class, and the first prise was awarded to No. 279, Mr. Lieter's "Black Performer," by Black Harkaway, fourteen hands three inches high. The second prize to 276, Captain Barlow's " Confidence," 14 hands 3 inches high ; and the 3rd prise to 291, Mr. W. H. Gaunt's " Golden President," 14 hands 2 inches high. Class v. was for carriage horses not under 15 hands 3 inches, in which wavered of the great job masters com peted. The prize of 251. was awarded to 290, Mesas. Wimbush and Co., of Oxford-street, for their splendid pair of bays. The next judging was for trotting horses—class 7, and whilst some of them were dashing round the arena in a light trap it upset, and threw its rider. The horse dashed on, dragging the vehicle, which was on its side, at its heels, until it came in contact with the partition of the arena, when it was secured. The driver was not hurt. The first prize, 251. was awarded to 296, Mr. John Edwards's Stephen F. Knapp, chesnut, 15 hands and half-inch high ; and the second to 297, Mr. Charles M. Baker's Magnet, 15 hands one inch and a half high. This concluded the awards. . . . Shortly after 1 o'clock the public came pouring in by hundreds, and no doubt many thousand/ will be present during the afternoon. THE RTATE OF EtROPE. If sympathy be worth having there is probably no country in the world, tho Times observes, which hu enjoyed more of it than Italy during the last seven years. After awakening from the sleep of ages her career lay straight before her, the first object being to consolidate the different provinces of which she is composed, and her second one, of far inferior importance, to aggregate to herself Rome and Venice. The fir.d. thing was to make her own citizens prosperous and to content them with the present government by giving it the advantage over its pre decessors of superior cheapness. Prussia has done this, and the people have remained quiet, although their constitu tion has beenostentatiously violated. But Italy has pursued a different course, and during seven invaluable years has aimed alone at completing her military and naval organisa tion. Her financial difficulties have grown in proportion until at last it has become almost impossible for her to keep the peace. The Tiines denies that Italy has any claim as a question of justice to Venetia if treaties are of any avail, and the expediencyof hercourse is on a parwith its justice. Italy is coming forward to repay the sympathyof Europe by violating a peace of fifty years for purposes in which Europe at large has no ooneern,but which are solely connected with her own ambition. U Italy remain quiet, it is still possible that Austria and Prussia, influenced by the earliest remon strances which have been addressed to them from so many quarters, and estimating at their just weight the inexpres sible calamities of war, may still refer their differences to arbitration. But a single cannon shot fired on the Mincio makes this impossible, and leaves these two great states no choice but to plunge into a struggle of which no one can see the event. Something, however, may be predicted. As no country has suffered so much by war in the past as Italy, so no country is likely to suffer so much in the future. A defeat in the present state of Italian feeling and Italian finance would probably cause the dissolution of the Italian Kingdom. The Pate wholly distrusts the power of a congress to settle such matters as are at present in dispute, and the respective governments of Austria, Prussia, and Italy act as if they regarded pacific solutions as beyond the pale of possibility. In cases of misunderstanding, as in the recent quarrel between Great Britain and Brazil, or where satis faction is demanded for some fancied injury or affront, as • in the present war between Spain and Chili, a conference, or the submission of the point at issue to the decision of • an arbitrator, furnishes a ready means of reconciling differences without an appeal to arms. But where a power, relying on its strength, proposes to itself the eon • I quest of another's territory, it is not easy to understand in what way a conference can be successful, unless, as the result of its deliberations, the aggressive power obtains that which it is prepared, if necessary, to secure by main , force. The TdegrapA remarks that in Germany itself, where the real character of the dispute is, of course, better under steed th►n it is abroad, the importance of the succession of the Duchies is quite disregarded in comparison with the far wider insue of federal reform. To Saxony and Hanover, far more than to Pelaleswig-Holstein, the attention of the fatherland is turned. The most obvious plan would proba bly be a partition of Germany between Austria and Prus sia ; but then such a partition would be opposed to that passion for unity which influences the Teutonic race in Ale gobiwi t t4=l." end* the ,as it-dies the lialiam It is WO cuit, therefore,i to imagitO• any slon,af the Ger- Ai* difficult+ shall o 'contain It the seeds Mare ' *- The Star represents Venetia as being the kagitone of the difficulty. Withdraw that, and the accumulation of danger collapses. Italy only draws the sword for Venetia, and, free of Italy's interposition, Austria, would be in a certain sense mistress of the situation. Why should the Emperor of Austria refuse to treat for the cession of Venetia ? Why should he think the honour of his dynasty bound up with the maintenance of his power over that on ,fortunate province ? THE RECIPROCITY TREATY. The Daily News is utterly at a loss to know on what Mr. Watkin founds the charge of indifference and neg lect which he has brought against the government. As long as the treaty remained in force they valued it as the in strument of a commerce mutually advantageous to Canada and the United States, and as satisfactorily disposing of questions which in its absence might become sources of difficulty. When notice was given of its termination they showed a genuine and practical concern for the preserva tion of the benefits it bad secured, and they are still en gaged in endeavouring to overcome the obstacles which have hitherto prevented their success. Contrary to Mr. Watkin's statement, the Daily News affirms that every advance having the renewal or replacement of the treaty for its object, and every concession, whether to policy or feeling, has come from England. The termination of the treaty expresses the dissatisfaction of the American people with our treatment of the Alabama question, much more than any views of commercial policy ; and our negotiators have fully reached the limit beyond which it is not wise or dignified to pus even for the sake of augmented trade. By sending a powerful squadron to the fisheries, Mr. Johnson gives the American fishermen the assurance of ample protection, and at the same time affords a guarantee that whatever questions may arise shall be dealt with by the two governments ; and it is satisfactory to have the assurance of our ministers that the disposition by which the American government is actuated has been and remains friendly to this country. Setting aside as altogether unfounded the complaints brought against our government by Mr. Watkin, the Times proceeds to ascribe the termination of the treaty to the existence in America of protectionist opinions, to the wish to compel Canada to sue for admission into the American Union, and to a desire to show the resentment of America at our unpalatable neutrality. The presence of an American squadron on the fishing grounds is not to be regarded as an act of hostile policy. On the contrary nothing can be more conducive to peace than the removal of the whole question from the hands of persons naturally prejudiced and excited to the management of experienced and responsible officers. Fishermen and colonists might fall out easily enough, but British and American com manders may be expected to entertain and preserve a due sense of their obligations and position. To the Telegraph the prospect in this question is the re verse of cheerful. We must be content to bide our time, to watch the course of events, and to avail ourselves of the first opportunity that may be presented by a change in the political condition of the United States. Such a change is an indispensable preliminary to success, and we cannot hasten it by any popular pressure or diplomatic im portunity. Wise statesmanship will employ itself in at tempting to palliate the evils that cannot be reached by direct remedies, rather limn in seeking for results which, however desirable, are for the present manifestly unattain able. MigCELLANEOVS TOPICS. The Times, in publishing a correspondence between Sir C. Darling and Mr. Fellows, a member of the Legislative Council of Victoria, takes occasion to return to the sub ject of the dead lock in that colony. The parliamentary controversies of Charles the Second's reign, it remarks, are now revived in Australia, but the spirit of compromise which has prevented a serious collision between the Lords and Commons has yet to be developed in colonial society. Constitutional government is not so easy as it looks ; the smooth and noiseless movements of its machinery are the result of long use and repeated adjustments. Such • misunderstanding as now paralyses legislative action at Melbourne would have been overcome here at the outset, and must he overcome there, if at all, by friendly confer ences between the two chambers and the conciliatory in fluence of public opinion. The Daily News trusts that the leaders of the conserva tive party will employ the interval of leisure afforded by the recess in reconsidering their position in regard to the government measures of reform. They express their willingness for a compromise. But they ignore the fact that the measures now before the House of COllllllOllll are a compromise, and that their rejection will r emit each party to the position of antagonism which it occupied before without much prospect of further accommodation. The bills are more open to criticism in what they concede to conservatism than in what they withhold from it. The tory party, should their tactics bring them into power, will never be able to carry measures so favourable to themselves, since the necessity of conciliating liberal support will compel them to hid high for it. The Herald censures Mr. Gladstone for what it terms the slovenly, unsystematic, and awkward manner in which he conducts the business of the House of Commons, the result of which is that the house will meet after the holidays with an accumulation of business on its hands. If the government reform bills are pressed, they cannot fail to occupy a month or six weeks entirely to themselves. The financial plans of the government have not yet been discussed. There is not only the general question which Mr. Hubbard proposes to raise to be determined, but Mr. Gladstone's scheme for the reduction of the debt cannot be allowed to piss without considerable discussion. Then we have the Church Hates Abolition Bill, now dr facto a government measure, the Irish Tenant-right Bill, the mea sure for altering the system of Irish education, the Bank ruptcy Bill, and a host of other measures. STUDIES OF ITALIAN ART.—MT. Ha(IWOTI Wheel wright gave the private view of his very interesting serie s of water-colour paintings, some of which are the size of the original frescoes and pictures of the Roman, Floren tine, and Siennese schools, on Saturday, at No. 2A, New Burlington-street. The following were amongst the company who visited the exhibition :--Lord William Paulet, Mr. F. W. Burton, Mrs. Higford Burr, Mr. Anthony Trollope, Lady Carington, Mr. Samuel Roily, Mr. and Lady Anne Lloyd, Colonel J. J. Graham . Sir Kingston James, Countess Dowager of Morton and L.uly Agnes Douglas, Hon. Mr. Arthur Dillon, Mr. Uwins, Mr. Wornum, Mr. Hamilton ('rake, Mr. J. R. Spencer Stanhope, the Dean of St. Paul's and Mrs. }Liman, Lady Howard de Walden, Mr. Oscar Browning, Lord Lindsay, and Lady Lindsay. DEATH OF FATHER PRorr.—Our Paris COlTO spontlent, writing on Saturday night, says :—" It is with I the deepest personal regret that I fulfil the duty of an nouncing, as news of the day, the death of the Rev. Frank Mahony (Father Front), which sail event occurred last night at his residence, Rue des Moulins. He had been long ailing, but until about a month ago continued to act as Paris correspondent of the Globe, a post which he had filled for many years. It is not for denizens of Paris to tell England, Scotland, and Ireland who Father Front was. His biography must be already written." A memorial window to Mr. and Mrs. Keble is to i be placed in St. Paul's Church, Bournemouth. The sub ject of the illustrations on the window will be taken from the 7'r Drum. The Salisbury Journal states that oyster culture is about to be pursued at Poole, in Donetahire. Some French gentlemen are in that town superintending the formation of oyster beds on the French plan. The spots chosen for the beds are off Itranksea island, at the back of Stone Island, and another much nearer Poole. A guard boat will be constantly employed for the protection of the beds after they are laid down. The traffic on the Netley Abbey Railway in Hampshire increases almost daily. It has secured the whole of the traffic of the gigantic military hospital s ituated on the banks of Southampton Water. Thousand; of persons will visit the Abbey daring the summer by means of the railway, which paws through a beautiful country adorned with two celebrated ecclesiastical rains. The railway crosses the famous salmon riverltchen, close to the site of the ancient Roman town of Clausentum. On the nights of the great oratorios, which periodically take place at the Hartley institution in Southampton, a special train runs on the Netley Abbey Railway for the con venience of the employes at the hospital and the inhabi tante of the neighbouring villages. LAW INTELLIGENCE. (THIS DAY.) COURT OF BANKRUPTCY. (Before Mr. Registrar Brougham.) IN RI JAJIZB 111181 . 111.—PAILU8E OP ♦ noltorsa pp OOMPAWIKA The bankrupt was described u • merchant, 29, Tresdneedleet, of Pancras-lane i sad ef Essex. This was a sitting in proof of d e bt s ' c h wei of assignees. A preliminary statement 01 prepared by Messrs. Hart Brothers &DWI r ill * gate liabihty of 61,3021. The Agri and Mastan ky n i t ere creditors for 13,6001., holding as security a on the stook of the Hill Pottery Company, Brarsisy n ott liquidation), of which the bankrupt was a director. Th Joint Stock Discount Company are creditors for R om a o f 20,0001., holding as security sundry Skim National Bank, whose debt is 15,0001., hold •••• debentures and shares of the General &WU O w , vocation Company (Limited), valued at the same monk The London-bridge Land Company, Southwark, 0/ the bankrupt was a director, are creditors for HA% calls. The European Bank, afainst their debt of 6,01i se bold a second charge on the Hill Pottery stock. Armo r were now chosen. THE POLICE COURTS. (THIS DAY.) MANSION-HOUSE. KITENBP7E LIIBMLEMIXTIL Charles Barnett, described as of No. 1, Bond-comt,l4 brook, agent, was brought up in the custody of det** l offioer Joseph Huggett, and charged before Mr. la ma Abbias with embezzling, on the 12th May, 1865, tiee eum of 10/. lls. 3d., and on the 14th July, 1865, will% te e k * sling a further sum of 601. Os. Id., being moneys*** by him as servant to Elizabeth Emily Biddle, of 51, Py tore-street, Birmingham, and of No. 11, Que elifti, Cheapside. • Mr. Beard appeared for the prosecution sad Mt. tague Williams attended as counsel for the prieoner. The evidence disclosed that the prosecutriz, M a th death of her husband, had continued to carry on the t e d, ness of & book-clasp manufacturer, and the primer led ' been in her service as town-agent, and in 1661 he id into default in his accounts to the mount upwards of iOO/.., but this was condoned y taking his promissory notes to that &moue le well as a bill of sale. The prisoner, he* * became &bankrupt, and all the prosecutrix reelimilak e the bill of sale was about 1001. After this the * ea continued in the employ, and it had been discovered iho he had received and appropriated the twolumsof Wolk* and 521. Os. ld. mentioned in the charge-sheet fro& sin Watkins, of Earl-street, Camberwell, a customer of fi srm. After some formal evidence, the prisoner wu reel* until a future day. BOW-STREET. CHARGES OT THEFT AGAINST A _GES7IdRAIL Edward Xatailton ATiney, the son of Major Finseves stood remanded on the charge of having stolen sew spoon from the Albion Hotel, Russell-street, Oast. garden, ands walking-cane from the shop of Mr. Woad the Strand,was this day committed fortnal at themes, The prisoner's father and the family solicitor, Mr. Suzan, were accepted as bail. It seems with regard to tnein articles found on the prisoner, that the ahophaw concerned refused to take any proceedings. MARLBOROUGH-STREET. THE CHARGE AGAINST A WATCHMAKER OF sir..tuat CtSTOMERS' WATCHES. The. Cole, a watchmaker, charged with stealing sale and chain, entrusted to him fur repair by a man, named John Searle, was again brought before Mr. ha whist, he having been remanded last week, in corms= of Inspector Bowles stating that there would be send other charges preferred against him. On the prisoner being placed at the bar. Inspector Bowles said that every difficulty kiting thrown in the way of the police going on with the ekup, the father of the prisoner having been tampering with witnesses, and several of the pawnbrokers were not attendance. Mr. Tyrwhitt said the pawnbrokers had better be ankl what they were about,' the more especially so as dun sae a feeling against them at the present time. An assistant from Mr. Dolyree's, in Gilliertetnet, Oxford-street, produced the watch and chain owned Searle. Mr. Tyrwhitt said he would remand the prisoaer itsa time to time till the witnesses and the p twnbroken dal attend. At the saute time he thought Mr. Bonn is& acted very properly in attending to the case. The prisoner said he pledged the prosecutor's wit:hal I chain, but several of the duplicates found on him rein! to his own property. The father of the prisoner denied that he hsdbaa tampering with the witnesses. Inspector Bowles said he had proof of it in court, if worship would hear it. Mr. Tyrwhitt declined to do so. W aST:111 SST ER. PLUNDERING THE LONDHN„ CHATHAM, AND DOVU RAILWAY C.IMPANN. Wi Beadier, a labourer, was placed at tholes charged with being concerned with another in plaids* the London, Chatham, and Dover Railway Company. William Hicks, 10.5 B, said that on Friday morlung saw the prisoner and another labourer leaving the wets of the railway company at Victoria-station. Both appeared to have very heavy loads upon their shoulders in maw, and as prisoner shifted his load wanes* distinctly heard iks sound of iron. Witness took the other man into away and he was remanded, it being found that he had a psi quantity of the railway iron in his possession, &adept subsequently searching a marine atom deakes the neighbourhood of Elroly-wmare, a large quintal of similar metal, removed for railway imps. ments, was found. It was obvious that great plunder* the railway was going on, and prisoner, who was tea SO go into the marine store with his load, wan. take MIO custody on Saturday night. He offered no answer to the charge and was remodel. HIGIIO.ITE. ROBBERY AT LORD DUFFERIN'S, HAMPSTEAD. Charts Bradley, a bricklayer r, was charged with AM* eight rabbits at Dufferin'a Haimateaddime, lM property of ard Dnfferin. The prisoner had been at work at the Lodge. oda Saturday night, at nearly 12 o'clock, was last si the Kentish-town-hill, by John Brawn, polices" No. 212 Y, who asked him what he had in his basket. BO told him some rabbits, which he had woo at a raffle; lb/ were alive at the time and lie killed them. The policesal told him he must go to the station, and on his way hedi tempted to escape, and be then took loin into custedy. ltf the station he admitted that he had stolen the rabbits fret Lord Dufferin's mansion, where lie had been at work. Mr. Poley, steward to Lord Dufferin, identified tY rabbits as the property of his lordship. Tile prisoner led been at work at the lodge. The rabbits were Jiro 7 o'clock on Saturday evening in a vault under the WI. house. Mr. Bodkin, the magistrate, asked Mr. Poley whetag the prisoner was at work near the rabbits! Mr. Poley said he had no right to go near them. The Bench told the prisoner he should be remands,. and the police would make inquiries about him. The prisoner asked whether hail would be taken. The Bench refused to accept bail. Mr. Bodkin and Colonel Jeikes commended the pal., man, Brawn, for the manner in which he had acted m TPI matter. The prisoner was accordingly remanded. A YOUNG WOMAN SHOT.-SNOCKING AFIAIi The people of Furness were thrown into gest el' citementon Saturday aftensoon,by the report that goal woman had been shot at Hindpool. near Barrow. Fs* what has transpired, it seems that the party who lusisoll shot is a young woman, 17 years of age , awned BOW Pittaway, and that she lived with her parents at hs Lyon-street, HindpooL The person who perPetest ead. deed is a married man named John Trow, who us odes of Staffordshire. The parties sr.! conning, and Trow, l ie has been in the habit of visiting at the house of is ceased's parent', called there on Saturday !coring ... iP form his aunt that his wife had arrived from Stafford.,'" young woman was washing her htmls in the back titalk being about to go an errand forher mother, who wasserebi a customer in a small shop attached to the house, erl' idi they keep. Trow went through the shop, and ss its going picked up a gun belonging to a lodger named I'o rington. In a moment afterwards the gun exploded, contents of it blowing out one of the young womane and striking the side of her face as well. She died laws diately. Dr. Sinclair was sent for, but his services t of no avail. It is said that Farrington had b een out d; his gun on Saturday morning, and the supposition he had returned with it loaded, and left it eo in the A* Whether Trow knew that the gun was loaded se st cannot be said. After the said affair Troy was be headed by the police and taken to the lock-up. We (Lrierpool Albion) have much pleasure m ar . nouncing that Sir George Grey has sanctione d the app s meat of Mr. C. J. Preston, of the northern erect , I I stipendiary magiekate for Birkenhead. The Liverpool Albion regrets to learn that tb Liverpool Academy has virtually ceased to exist, sod as a result, there will be no exhibition of works d lO under its auspices this year. The comities of Down, Antrim, and Aroi# have been proclaimed by Privy Council under cattle pbal l regulations. No further cases are reported in th e 6°144 Down, and rumours of the appearance of the tliscree 0 10 where are unfounded. were in makers oat this Wow Jima omit ih• his fend,' or of wis her „ a d &turd& ; po sted for Fee llacial The volan Coat in thaw W bear , ma y other a ti s k mill — Os unaet Omit to n oir at 89„ m obariala •, whic an d which ° bled autho is columns, casaing the d water ca wo a aubj , & forded by aad the cro gait° up to back, 3a," we DOM', and tesordivary OccupcmY's Groat Baal rk had ta l was beli Everything, •nd party, The follovii Highnes , C Paws " ladies In your ml my missi n&Uve h ▪ great who have pry Me W grandeur c ,( your oo the mouse in your wo dune). M that here, diligence , the peasan by virtuo ging-Foo, their grafi u all alon Able) a sti end our o Nearer h attendance &Vent of English f Mr. M that ooul 000 uMei detailed I In re Mr. paid u obtained that tsec The C place in and the • AC Arm Cm The C AC due to Mr. M The C open to enPlo The t o venge the cite oat ; an under lowing deeply sent lereat o iuyeatio In rer I Mr. nom nom that n letup% and t the A C • made HAL. apt to debtor ,dtr. obeery• siaZi;"