The Express. — London, England, 1866-12-24 00:00:00

F I • 1 1 'lll 1. , 1 11 , II ' , 1 ' , . I i i \•' i 1 \ 4 . 1 \ • 1 . , ' ' ' ! 1 i '., 1 1 , It. '. l \ • 2 TORN BROGDEN'S GOLD CHA INS by may' weight, at realisable value, and the workmanship M wholesale manufacturers' prices. The gold in the chains gua ranteed, and repurchased at the price challfed .' Here's the note, How much your CALM weig hs to the utmost carat, The fineness of the gold, and charge toe fashion touessrum Manniictory, IL Ileurietia-stmet. Covent.garden, W.e., London I if El 0 it'S 58 wd 0. 10100 -011 : - - WA TCHICB. I; 26, Oki Boad-stivet. ___ -- BROWN and POISON'S CORN FLOUR for CHILDBLICS To obtain extra molt by the sole other Wadi ue.mometimes offered indeed of BROWN and V * "John Brown," "John Poison, le *old LI the =hem ca each packet gite eaxpreoo• TO CORIMPONDVITS. Advertisements Intended for " The Unrest," London Evening raper. must be at the Office, 10, Bouveritratrcet, by Two o'clock on the day of Publication. HAYMARKET. Tnis EVENING, THE HEIR AT LAW. Messrs. Buckstone, Turn Revers, no. Mesdames Chip- C°111S". "iPPend4N3 l AO'4IIAW AND pendale. Hill, Moore, to —GIUMSHAW, B • BRADMAW.—And II FIRST CHAMPAGNE. Mr. Compton. ---------- STEAND WZMINSTAT sviornso, NEIGHBOITBS.—After which will be produced • Grand' Burlesque, GUY YAWKEd.—And BOOTS AT Tllll SWAN. HOLBORN. THIS Invimo, at 7, MY URN NRIT. Mr. Belmoreeville M, Del isses Foote and Lennox.—And FTLYING SCUD. Mews. N more, Blake, Yellen*, ; Mesdames T. Josephs, C. Saandsrs, Bemis /note. inching, Lennox, Raymond, Re. HIGH RATH& AT ON BRIDGE DAY —Morning, Sh. LO — Afternoon, Sh. 50n. WS TO-HOZlOW—Horning. oh. Iftn Afternoon. oh. 41m. LONDON, MONDAY, DECEMBER 24. Tax Committee of the Stock Exchange have latterly been unfortunate in some of their decisions. For six or seven months they declined to adopt a simple precaution used advantageously for the time in the largest of our provincial cities, against the iniquitous attempts to ruin the joint stock banks during the crisis. It is true that the refusal was carried by only a narrow majority, still the wonder is how more than a fractional number of members shouldthink fit to vote for it. The Committee of the Stock Exchange are a publicbody, and profess to act in the interest not merely of their own consti tuents, but also in that of the public at large. In this respect they are analogous to the Directors of the Bank of England. No one supposes for a moment that the exceptional privileges granted to the Bank, its close relation to the Government, and the certainty that it would and does come forward to its aid in times of difficulty, are afforded for the exclusive advantage of the pro prietors of Bank stock. Something is due to the nation, and the obligation is in variably acknowledged. The Committee of the Stock Exchange stand in a somewhat different position. They may urge that they are but the representatives of a private, if large, body of traders in securities, and that they have nothing to do with the interest of the public at all. We do not envy them an argument of this sort. It is tanta mount to an abandonment of their chief claim to public confidence, with what result it would not take long to discover. People are not apt to pay much reverence to the decisions of a body which avowedly acts upon motives of this sort. With declining respect will come departing influence, and the power of the Committee of the Stock Exchange will, unless they legislate upon a less one-sided basis, gradually become a thing of the past. The public were profoundly moved by the refusal of the Committee last spring to place any restric tion on the speculative operations which caused the fall of three banks, and for a time imperilled several others. The whole thing seemed so unreasonable that only out motive could be ascribed for it, and that the worst--consideration of private profit. We admit at once that the conclusion is untrue, but how were the public to come to any other? Those who know the high personal character of many of the members of the Committee would at once reject the idea that their decisions were in fluenced by their own particular bargains. The outside public, however, are prone in their ignorance to place the worst construction upon actions for which they cannot discern good motives. It cannot be disputed that they have done so now, and it will take a long time before the confidence unreservedly given up to a recent period, but latterly materially shaken, is re stored. A mistake so serious in its nature, and involving evils that might have been felt in half the households of England, is not easily got over. Tho error has doubtless long since been seen and regretted. The only question was how to recover the lost ground. It is clear that this could be done in but one way—a studious impartiality on the part of the Committee in making their deci sions, and a manifest desire to protect the general interest, especially when it should be in conflict with their own. Hitherto they have not been very successful. The Committee have certainly managed no;:. to embroil themselves any more with the public, but they have contrived to cause great dissatisfaction among a large section of their own constitutents. A large class are not aware that the Stock Ex change consists of two classes—the dealers or jobbers, and the brokers. It would be tedious to recapitulate the separate functions of these two bodies, which indeed can be seen in any manual on the funds. For the present purpose it may be sufficient to mention that the former are the middlemen, who buy on the one hand from a broker whose client wishes to sell, and sell on the other to a broker whose client wishes to buy. It is clear, of course, that on examining the relative functions of the dealer and broker there is a certain responsibility on each side in case of default. The Committee, however, by a technical regulation, have saddled the brokers with the entire obligation, and left the dealers compara tively free. The injustice of this step has created much indignation, which is likely to be more strongly evinced when a case should rise for the new law to be put in force. That loud complaints will take place is certain ; that they will be accompanied or followed by more serious action is by no means improbable. The chronic dissatisfaction that has for some time pre vailed may thus easily become of serious im portance. According to the course of business on the Stock Exchange, several advantages are gained by the , intervention of the dealers. First, it tends to equalise prices, and, to some extent, to prevent violent fluctuations. In Paris, where the con trary system prevails, it is not uncommon for the Rentes to fluctuate a half per cent. in an hour. Iu London, the changes in our own funds would be limited to an eighth. Again, too, there is the greater certainty of effecting the operation. Some jobbers in Con sols have occasionally as much as two, three, or perhaps four hundred thousand pounds of stock) registered in their names, or are ready to pur chase to that amount. Sometimes it becomes a point to aell a large quantity of stock for money instead of the account, and thus to be paid for almost on the spot. A jobber buys it and waits for the opportunity of reselling. A broker, acting THE E' to ,ar alone, would probably be unable l uck Wylie without the delay of at list Thus far the good. On the other side may be reckoned the heavy charge (techni cally the " turn of the market ") that must be paid to 11,0 dealers on all transactions. Again, a combination of jobbers may utterly defeat a broker's attempt to get a fair value for his client's securities. This accusation will be understood by the fact that the great majority of our stocks and shares, whether public funds, railways, banking or other companies, are in general practically unsale able except on the Stock Exchange. If the dealers choose to refuse more than a certain price, there is really no help for the seller lif he will not accept it but to take his securities home again. If he should try to sell by private contract he will invariably find the terms regulated by the quotations on the Stock Ex change. It is, however, only fair to add that instances of these combinations are rare, and in most cases easily defeated. It is only in times of panic and monetary pressure that they have much chance of success. The public in the end step in to redress the balance. Still, taking the whole bearings of the question into consideration, there appears a growing belief that it would be generally more advantageous that brokers should deal directly between themselves without the intervention of the jobber. If such a movement were to take sufficient action, the consequence would be the entire break up of the Stock Exchange as it at pr esent exists, and its re constitution on a totally different basis. A partial move has been made in this direc tion already. Not long ago a company was in troduced for the purpose of selling securities by public auction without the intervention of the Stock Exchange at all. Up to the present period the London Stock and Share Company has had a fair if moderate success, and ita operations fare rather on the increase than the decrease. Hitherto it has chiefly afforded an opportunity for ' di s posing of securities which could not be sold on the Stock Exchange, but it is easy to see that its functions might be indefinitely extended. Sup pose that this or some similar institution were to 'receive the support of the leading brokers. The rest would soon follow, and the dealers would be left without business. The public, it may be fairly inferred, would bo a considerable gainer by this change of practice, as the brokers' commission on transactions in public securities is small each year in the aggregate, com pared with the larger profits made by the dealers, who have practically no responsibility to the out side world. Moreover, the broker's position is one of necessity to legalise contracts as in other departments of business, and his commission is open to control ; whereas the jobber's impost is wholly unchecked and simply dependent on his own cleverness in dealing, or the amount of com petition of his fellow jobbers within the Stock Exchange. We believe the jobber institution to be peculiarly English. On the Paris Bourse, where the business transacted is of vastly greater magnitude than here, the class is unknown, and the brokers deal directly with the public. The point is of the greater importance since in the constitu tion of the Committee of the Stock Exchange the influence of the dealers is believed to preponde rate. Hence the strong feeling that has been caused by their recent decision. Consciously or unconsciously they seem to be legislating in favour of their own class, and thus to inflict injustice upon the real supporters of this powerful MISCELLANEOUS TOPICS. Apropos of Christmas charities, the Timts gives its readers an abstract of special appeals received by it in a single night. These include the Field-lane Institution the Ragged-school and Church, George-yard, Whitechapel ; and Ragged-schools at Wild-street, near Covont-gardtn, blaida-hill, and the New - c ut. There are also appeals from the Refuges for homeless and destitute children in Great Queen-street, Holborn, and for aid in erecting new schools in the parish of St. Philip, ClerkenwelL Several appli cants confine themselves to a modest request for funds for a Christmas dinner. The folly or fanaticism of the Southern States may force congress, the Daily News thinks, to the policy of treating them as out of the pale of constitutional rights. Public opinion, abundantly satisfied with the generous attempt to win Southern co-operation, is now fast turning to Mr. Stevens and the radicals, and even the New York Herald is urging their policy on congress. A triumphant majority, resolved on ending the present condition of suspense, will sustain congress in whatever course Southern obstinacy may render needful to restore order at the South and confidence at the North, and to embody in the constitution all the advantages which the suffer ing and sacrifice of the war purchased so dearly for the nation. Fitt Court. OSBORNE, Disc. 22. The Queen, accompanied by Princess Christian and Princess Louise, drove out yesterday. The other members of the royal family w alked and drove. Prince Christian, attended by Sir John Cowell, Captain von Schroetter, and Mr. Saki, went to Southampton this morning. Dec. The Queen, accompanied by Princess Christian, walked in the grounds yesterday afternoon. Princess Louise, Prince Leopold, and Princess Beatrice, walked out also. Prince Arthlir, attended by Major Elphinstone, arrived in the evening from Greenwich-park. Prince Christian, attended by Sir John Cowell, went to Southampton yesterday and visited the Ordnance Survey establishment there. His royal highness was received by Sir Henry James and the officers of the various depart ments, by whom he was conducted through the establish. went. Captain von Schroetter and Mr. Sahl hail the honour of accompanying his royal highness. The Bev. George Prothero performed the service this morning at Osborne before the Queen, Prince and Princess Christian, Princess Louise, Prince Ai .hur, Prince Leopold, and Princess Beatrice. The Ladies and Gentlemen in Waiting were also present mono] OUR CONTEMPORARIES. (THIS DAY.) - A Committee of the Lords of her Majesty's Most Honour able Privy Council sat on Friday at Whitehall, on the sub jects of quarantine and the cattle plagne. The Lords pie. sent were the Lord President and the Right lion. Sir Thomas Fremantle. Despatches were received on Saturday at the Colonial office from the governors of British Columbia and Van couver's Island. Despatches were sent to the governors of the North American Provinces and Bermuda. The Duke of Buckingham left Chandos House on Satur day for Stowe. Sir Stafford Nerthcote, Bart., M.P., left town on Satur day for I'ynes, Exeter. THE GRAND TWRBAR Al' AGRA. Those great feudatories who, on the 12th of last month, paid their formal respects to Sir .1. Lawrence, though forming a concourse larger than any Mogul Em peror could probably have commanded, yet represented, observes the Times, only a small portion of the empire of India, for the great provinces of Bengal and the l'unjab, with the whole of the south, lay beyond the scope of the festival. The dynastic pretensions of them chiefs, near 100 in number, show a distinct and violent contrast. Of the four great branches of the Mahratta stem, three of whom are alive, if not flourishing, whereas it is remarkable to observe the absolute or virtual extinction of all the other powers with whom we contended for empire, and whose titles distinguish the great chapters of Indian history. One-half of the chiefs represent families who may have reigned in India when it was invaded by Alexander the Great ; the other half are the successors of mili tary adventures or downright robbers who fought their way to power less than a hundred years ago. There is no one prince among them who could call himself independent, but there are many who could be useful in departments of administration too remote for us to reach with ease, and who can mitigate, by concealing, the in evitable odium of foreign rule. Happily, too, these chieftains are improving in their own ways ; and their progress may be quickened by the rage advice which Sir John Lawrenoe addressed to them. More than one of these princes could, if he pleased, open up to commerce and traffic a country scarcely less obscure than Cashmere, and to such ways did Sir John Lawrence, in his concilia tory and judicious address, endeavour to lead them. The Duke of Buckingham left Chandos House on Saturday for Stowe. The Marquis and Marchioness of Salisbury will receive a large party at Hatfield House, Hertel, during the festive season. The Earl and Countess of Clarendon and Lady Emily Villiers have arrived in Paris, on their return from Italy, and are staying at the Hotel Mirabcau. Lord Stanley, M.P., will return to tosta to-day from a short visit to the Earl and Countess of Carnarvon at Highclere Castle, near Newbury. Sir Robert Peel, Bart., has returned to Drayton Manor, near Tamworth, from visiting Lord Clon brock, at Clonbrock Park, Ireland. Sir Stafford Northcote, Bart., M.P., left town on Saturday for Pynes, Exeter. Mr. Alexander Smith, the poet, is stated to be dangerously Earl Grosvenor, M.P., has consented to take the chair at the anniversary dinner of the Great Northern Hospital, Caledonian-road, N., to be held in the spring. The committee intend trediny the number of beds, and are liable for 7,000/. to complete the purchase and furnishing of the new hospital. Additional wards will be opened as soon as funds warrant the committee in doing so, The mess quarters of the Royal Artillery at Woolwich were on Saturday re-opened for future use, after being closed during the past six weeks for the purpose of being renovated throughout. Field Marshal Commanding in-Chief the Duke of Cambridge, as colonel, and the officers of the regiment of Royal Artillery, gave a special banquet on Saturday, on the occasion, at which covers were laid for 130 persons. An American lady stopping by a lake on the top of the Sierra Nevada Mountains, writes :—" It (the lake) is filled with mountain trout, from which we have just made a most sumptucur dinner. We will remain until morning, when we drive 18 miles to the railroad, and will be in San Francisco to-morrow. Just to think of a beautiful lake, and a railroad 7,000 feet up in the air, and 10,000 Chinamen working like bees right in sight on the side of the mountain, digging a bed for the railroad, and hundreds of horses and mules going by , packed with all sorts of things for their supply, even to houses (for no waggon can go where they are), and you can then faintly imagine our position here. We have had the most de lightful trip from Salt bike that can possibly be con' ceived of —nothing but one uninterrupted scene of pleasure and novelty." There was an anti-Fenian demonstration at Cole raine on Thursday, which, according to the report of the Northern Whig, was decidedly Orange in its character. It was a soiree held in the Town-ball. The building was crowded. The majority of the men wore Orange sashes. The walls of the building were completely oovered with orange flags and dates of anniversaries. The Newtown limavady flute band performed appropriate music. The members marched down the streets playing comparatively harmless airs, but immediately upon getting inside the hall such airs as the " Boyne Water," " Kick the Pope," and " The Protestant Boys" floated in shrill notes out to the streets. With regard to the complaint of the holders of Italian bonds that they are required to send their bonds and coupons to Paris to receive dividends, it is understood that arrangements are expected to be made at the Italian Consulate-General in London to obviate this inconvenience, such having been the intention on the last occasion. (REUTER'S TELEGRAMS.) FRANCE. ITALY. The Times reminds ns that the Pope in Ifin would com plete the 25 years period which none of St. Peter's sue cessors ever attained, and which, according to supersti• tion, none can exceed. His worst enemies would hardly grudge him the full benefit of his appointed span of years, and it is just as well perhaps that this Roman business should be settled during the reign of one who shows so great a determination to maintain St. Peter's chair on his non posvonas rock. The harder the temporal power dies the more thoroughly will it die. We must not allow the few days of calm expectation which have already passed to deceive us as to the real position of affairs in the Papal States. Unless the Romans are willing to accept the Pope as a ruler of their own accord, they will not allow so paltry a force as he can muster to palm him upon them. Nothing, the Times is convinced, can be more critical than the real position of affairs. Only let Signor Tonello turn his back on the Vatican and then we shall be able to see how long it takes the papal subjects to count the papal soldiers. To those who have attributed the absence of the name of Prussia from the late speech of the King of Italy to political unfriendliness, the Daily News replies that no specific reference to the alliance between the two countries could have been otherwise than ill-timed, misplaced, and impolitic : ill-timed when friendly relations between Italy and Austria had just been established ; misplaced in the modest paragraphs in which the operations of the war are so distantly noticed ; impolitic at the moment of the faithful execution of the convention of September by the French. Italian statesmen have many defects to answer for, but a certain instinctive sense of the dieenda and the tacenda seldom deserts them. The actual relations be. tween Prussia and Italy the Daily News believes to be as cordial as mutual sympathies and mutual interests can i make them. 'RED, MONDAY EVENING, DECEMBER 24, 1866. ALlileaded of the fy. We receice therefore LATEST INTELLIGENCE. t also t credal*, Mespod ahr, _____—.--- • . ..--.---_ nth inst. She has experienced bad weather. All filler ofg=rnbly. it is still ettrerel NI _. . COCHIN CHINA. the Time to certify, as it does, to Mr. Lo as • witness. But the pretence put forward on Saturday PRUSSIAN CHIXBER. credibility SPEECH OF COU NT BISMARCK IN THE 1 1 , (By Overliutd Telegraph from Galle.) HONG HONG, Die. I. that Mr. Lowe's challenge has never been taken up is too French expedi ties on It is currently reported that the transparent, even for the usual cheerful audacity of our Bismarck in the Prussian Chamber of Deputies The following is the speech delivered by Count friend in Printing.house-square. By men who read the the 20th instant : 1 Times, and the Times only, the assertion may be believed; The fleet has re turned to Shanghai. The E neon system of 1815 meant a defensive system of 45 men. but beyond that charmed circa* it ties have very little ' aff o rded 'ty to Prussia, but at tion has been beaten off at Kung bare with the loss against France. Itsemi effect. the same time Assuming that the tory go vernment are pledged by the of the policy follo wed since 1850 by A towards restricted her action ; it fell inksequenc very nature of their political formation never to bring in a real reform bill, the Star would uk them whether they think it honest, by striving to retain a power which they has been such that Prussia seemed to have need of sup- Prussia and the Crimean war. The subsequent situation port againat France, and Austria and the secondary cannot wield for good, to run the risk of provoking an states then speculated on the disposition of Prussia irrepressible discontent, and a really formidable popular to make conceesions. But in reality Prussia had no need agitation' There never, perhaps, was a time when it was of being supported against France,l and there were no of greater importance that the smouldering fire of political na tural causes of hostility betwee n those t wo c ountries; th e Emperor dissatisfaction should have no fresh fuel flun g u p on it. for, unlike former French governments, No one can venture to say what the consequences may not Napoleon desires in his wisdom to remain in harmony with be if an anti-reform government should long interpose its Prussia. Their interests are the same, France, like existence and st orm non poetesses between the people and Prussia, being desirous of promoting in common the what they believe their rig hts. de v e lo p ment of civilisation. An independent Prussia The Times invites the attention of masters and men to could alone enter into such relations with Francs. This is a what ia being done at the Belgian seal and iron fields. truth which could not be admitted to the same extent by all Unless, it says, the gentlemen who are now wielding our the Emperor's subjects. But we have official relations only with the Fre nch g overnment. In order to walk trades' unions with such terrible effect can get hold o f the people on the foreign coalfie ld, which stretches across side by side in this way of progress the interests of the Belgium into Prussia on on e aide, and France on the other, two nations require kind and reciprocal forbearance. they will only strangle our own iron trade to the immense Now what in general, and withou t stopping at the benefit of the foreigner. The Belgian yield of iron is chance clash of passing events, the interests of France stated to be already as much as one-fourth of ours per with regard to Germahy 7 Divesting ourselves of all head cf the whole population, and to be doubling in 15 German prejudices, let us consider them from a purely years, while ours is at a standstill. French point of view, which is the only mode of judging justly of the interests of others. France could not desire that there should be formed in Germany a pre p o nderating German power united under the head of Austria—an empire of 75 millions, an Austria extending to the Rhine and against which a France even extending itself to the Rhine would not form a sufficient counterpoise. For a France desirous of living in harmony with Germany it is an advantage that Austria shoeld not form a portion of that Germany ; for the interests of France are found to be in collision at several poinria. ts, w hetherin Italy or in the East, with the interests o f Aust On the other hand, points of contact of a nature to produce hostile conflicts are far less numerous between France and a Germany separated from Austria. Moreover, is not the interest of France to have a neighbour with which it can live in peace, and against which 35 or 38 millions of Frenchmen are perfectly capable of making head in a de fensive war ? I think that in a just appreciation of her interests France could not allow Prussia any more than Austria to disappear as a power. Furthermore, the policy of France is based on the principle of nationalities, and for this reason she showed herself in 1864 loahostile to the pretensions of Germany toSchleswig-Hol stein than any other power. Prussia has always declared that she would not consent to compromise her line of defence, but that she might take into account the rea sonable and proved wishes of the population. I have always been of opinion that a population which strongly desired to be neither Prussian nor German, but to belong to a neighbouring state, could not aug ment our strength. Such was the state of things when France was induced by the events in the month of July of this year to emphasise her desires by an unusual pressure. I have no need of drawing a pic ture of the situation ; it is sufficiently well-known, and nobody could wish to ask Prussia to burden herself at the same time with two great European wars, or to compro mise, at the moment when she was engaged in one of those wars, and when she was not yet assured of the result, her relations with the other great powers. In these circumstances France was called in by Austria as a mediator in the difference ; she bad, there fore, a legitimate ground for insisting on her opinion. Nobody can blame France for having taken into account the exigencies of her own policy ; I think it is still too soon for the public to judge whether she has urged her opinion with moderation, and I must beg of you to leave to the government the appreciation of this incident. It was a question for us whether we should accept or reject the whole of what Austria, through the intervention of France, offered us. Our decision had to be guided by the general situation of Europe. We could confidently reckon upon Italy, whose unalterable fidelity to treaties I cannot sufficiently praise—a fidelity which affords the best hope for the future. Put for all this, it would not have been wise to stretch the bow to the breaking point and to risk all that we have acquired for some secondary concessions. I therefore advised his Majesty to accept the clause in the treaty of Prague as it has been drawn up, in order not to place the whole in jeo pardy. This clause in its actual form allows a certain lati tude, but the government can in no case refuse to fulfil the engagements which it has contracted, and in accept. ing the bill as it has bees drawn by the commission, it must protest against any intention of withdrawing from its inter national obligations, in consequence of a decision of this chamber. We musttake care that no doubt should exist as to the freedom of the vote to be given by the inhabitants of North Schleswig. I du not know whether this discussion will be prolonged, or whether it is to be wound up with a motion. In the first case . I beg of members not to take advantage of this discussion in order to snake attacks more or less hostile, but to turn their regards ex clusively abroad, and not to forget the necessity of remain. ing with our ranks closed and our eyes fixed externally in order to protect our interests. PARIS, Dec. 24. Djemil Pasha, the new Turkish ambassador to the French court, yesterday presented his creden tials to the Emperor, who replied in a gracious speech. His Majesty subsequently received Mr. Bigelow, the late American minister, at his court, and General Dix, his successor. The latter expressed the sincere wish of the United States that the good understanding now prevailing between the two countries should become permanent. The Emperor thanked General Dix, and replied : " The historical reminiscences to which you allude are a sure guarantee that no misunderstanding will disturb the friendly relations between France and the United States. A loyal and sincere understand ing will be of great advantage to the industry and commerce of both countries, which daily astonish the world by marvels, and will ensure progress and civilisation. Your presence in Paris can but con tribute to this happy result by upholding the good relations to which I attach the highest value." The Moniteur of this morning says in its bul --------- pending re-org.anization of the army is well ed. eulated to male the taxpayer anxious. In oat breath the minister says, " It is difficult to esti. ma te what the cost will be ;" and in the next, " There is every reason to hope we shall have sufficient resources at command when the rectified budget at 1868 comes to be settled." These declarations th e Libecti stigmatises u contradictory. How, it st Fould does not know what the expenses of th e augmented army will be, can he undertake to lay that a hypothetical surplus at some future tin e can be relied upon to meet them I The experience of past " rectified " budgets—those of 1866, 1866, a nd 1867—forbids much reliance en present promises. The surplus of the estimates has hitherto always vanished for some more or keg plausible reason. If the deputies are so ill-advised as to vote the law on the army before they know what the cost is to be, they will prepare for them. selves and the country very great deception. The Opinion Nationale speaks with quite as much severity as the two journal above cited. It says; M. Fould has no plan in reserve, either to prevent cis, Golfs or to repair them if the ordinary resources of th e budget should be insufficient, as he seems to apprebibt Thus in the full tide of prosperity, after seven yews et uninterrupted peace, with a constantly increasing terms.. and on the eve of an exhibition from which the wade expects wonders, he congratulates himself. Yes ; lie pa. gratulates himself on being able to do without new tam and new loans. There is no trace of any financial phi whatever in his statement, sad we have, after the mold diligent search, found in it no evidence of the ability at a statesman. The Tenips says it was formerly customary te e finance ministers to give facts and figures in sup. port of the assertions of their financial reports, but that M. Fould has introduced the system of publishing regularly at !.he . end of every year v ague and general description of the state of the finances, without affording any materials for the public to check his representations. His recA in fact, a sort of preface to the coming before that budget is settled. The affair of a conspiracy which led to the sued of 42 persons at the Caf4 de la Renaissance is ex piring in very thin smoke. The judge of lion has has discharged half of the prisoners, and decided that there was no conspiracy at all. ale charge, which, not having a French criminal lawyer at my elbow, I really cannot translate—of association et reunion illieite—is eliminated in regard to all the parties arrested. The 22 remain ing in custody are to be tried solely on the charge of belonging to a secret society, an accusation to which any set of men who meet together without leave of the police are always liable. It was quite a mistake to say, as the journals did originally, that the defendants to this prosecution, which I am sure will turn out frivolous, were all students. The names are now published, and it appears that two of them are advocates, and several artizans and tradesmen. The New Free Press of Vienna has the following: We have received the subjoined intelligence from pea Crux. The Emperor Maximilian, it is said, has realm! not to replace his sovereignty in the hands of the Mai, but to convoke a national congress to decide whether Mexico is to be an empire or a republic. In cue the assembly should determine upon the latter, the Empalme would resign his powers to a legally elected president, sad would return to Europe, embarking on bowl the steam Elizabeth for Madeira ; he would not come to Ind* because the physicians have advised that he should bars no interview at present with his wife. It is his 'Mantas to fix his residence fora time in Sicily. The above paragraph, if its news be true, can scarcely be co - considered otherwise than a confir mation of the extraordinary statement that the Emperor of Austria suspects his brother's designs, and has banished him from Austrian territory. The Petrie is at the trouble of contradicting report circulated by a journal that orders had been transmitted to Toulon to fit out an ironclad division for the Gulf of Mexico. Must certainly no such demonstration is on the cards. Count Eugene de MacMahon, the last surviving brother of the Duke of Magenta, is dead. At the Boursethe Bente was very firm, and closed with a rise of 12. for cash, and 1 . 7 4 1 for account, at 69.3211 and 69.30 ; Mobilier only maintained the insignificant recovery from its late repeated falls c' 1.25 ; Credit Foncier fell 2.50, and Italian 35c. POLITICAL TOPICS. The Herald hears with much regret that the London trades' unions have formally adopted the sinister suggestion of Mr. Bright, and have resolved to place their organisa tion at the disposal of the revolutionary reformers. This step proclaims a war a l'outranec, in which they fight for themselves against everybody else. There is no nso in dis guising the fact. If this reckless and criminal policy is as widely adopted as we fear will be the cue, one of Mr. i Bright's darling projects will be in a fair way of realisation, for the war of classes will be fairly afoot. The Telegraph says it is quite natural for Mr. Lowe to stand up for a body where bis speeches are so well re ceived; he is the first favourite, the spoiled pet, the THE CAPE OF GOOD HOPE. The Union Company's steamer Norseman, Cap tain Loads, R. A.R. , arrived at Plymouth yesterdr evening, from the Cape on the 19th, St. Helena the 28th, and Ascension on the 2nd, with 84i pas sengers, G packages of specie, and a large colonial cargo. She experienced light trades throughout. The mails were landed and forwarded by the same night's mail sewn trains. ,ton Norseman leaves during tha night for Southamp At the Cape the continued very favourable; crops of all kinds, which were being harvested, had proved abundant. From most parts of the country there are en couraging accounts of future prospects. Farmer were beginning to get out of their late difficult With a few such good seasons as at present, revival of former prosperity seemed cer t in. ()rug to this, there had been more animation in t bus im iness during the past month than for a rom being long e-- v ious. But business was yet f or remunerative, and no marked improvement, expected En til after the new year, when agricul turists had disposed of their crops. Dr. Coleus° had assumed the offensive, and threatened to excommunicate the dean and supporters. He also intende d ejecting the di from the ecclesiastical buildings, grounding movement on their having met and elected private room at Pietennaritzberg, the William Butler, vicar of \Vantage, diocese of 01. England, as their future bisho p . A meeting Dr. Colenso's supporters had since been held . in cathedral, when they protested against this tion, and forwarded a petition complaining same to the Queen. The Union Company's steamship crushed the cradle on a patent slip, and cor yet be got off. The Saxon had touched on a sunken Dniker's island and required repairs. The not marked on any chart. The Celt arrived out on the 14th November. The Diamond Coinpany's steamship Kaffroll inc I arrived out at St. Helena on the 27th Nov- It is reported that Admiral Farragut . year visit the Meditetranean, in the steam screw the line Franklin, of 3,684 tons, the largest wooden naval vessel aeons. The wooden steamship Celestial Empire, Dort to the Great Republic, of the new line bet' Francisco and China, was launched at New Y , cember 8. She is 4,000 tons burden, 376(t. long, breadth of beam, and is divided into four oompartmenta. Two other vessels for this Niphon and the America, making four in all, building. The line receives a n o subsidy g overnment, and is owned by the Pacific Mail Company of New York. From January 1 to November 30, Ift66, humigrants arrived at New York from various ports. This is 20,000 more than arrived during of 1865. In accordance with an agreement bet members of the Old Ruud, the archives of the Diet are intrusted to Prussian keeping, on free access to them by every Gernisn State. of the Diet will be incorporated with the Frani library, but the maps and plans belonging to likewise open to the inspection of any of the i antique furniture, pictures, and historical adorning the late Federal Palace at Frankfort presented to the Germanic Museum established of antiquarians at Nuremberg. It is not yet how the guns and other armaments of the for fortresses shall be apportioned. GREAT SLAUORTER OF KANGAROOS.- Reptorter says:—" The most extensive slaugh na ... roos which has ever been re corded in vict last Monday on the station of Mr. Whitehead ramut. About 120 gentlemen and a few ladies at 10 a.m., and commenced to drive the tano * a large enclosed space prepared beforehand. course of the day over 3,000 were killed." EXPRESS FROM PARIS• (nom ova OWN CORRESPONDINT.) PARIS. SUNDAY Evicinro. Prince Napoleon gave a dinner at the Palaic Royal yesterday, described as a " grand " one, although the guests were few—not more than ten or a dozen. Among them were the Chevalier Nigro and M. Emile de Girardin. The Patrie contradicts the statement of a Toulon journal that Admiral Didelot has been recalled from his command in the Gulf of Mexico. It fol lows, therefore, that the Duke de Montebello's son —the lieutenant who threw up his commission—is held by government to be entitled to no redress for the blow which he says he received from his captain. It is true that some ironclad ships are going out to meet the transports returning from Mexico, but only as an escort on the way home ; these vessels will probably not go further than Martinique. I warned you two days ago to expect little from M. Tonello's mission to Rome. I see now that the France (the journal of compromise and con ciliation par excellence) quotes without contradic tion or comment the statement of the ()pinion of Turin, that the Papal court seems little disposed to come to any arrangement and that there is small chance of M. Tonello's mission being successful. The only fiche de consolation is that Pius IX. has , assured several people who presume to urge him to be moderate, that he does not intend to leave Rome. A first-rate caricaturist has lately made his ap pearance in Paris who signs " Gill," in a weekly facetious publication, till lately little known, called La Lune. Portraits of various celebrities come out every week—Emile de Girardin, Alex. Dumas, Louis Veuillot—which while laughter-provo ing, are as lto© as the coloured portraits of the new photographer Chambay, with this dif ference in favour of the buyer that they cost only 2 sous, whereas M. Chambay's charge is 100 fr. It is true that Chambay will pourtray the features of the premier venu willing to pay the rather high fee, whereas the Lune could not be bribed by 100 fr. to gratify private vanity. The Lune asks leave of all the eminent persons it desires to caricature, and publishes a fac-simile of their autograph under the picture. It seems, though I did not know it till lately, that there is some law in France which makes it perilous to publish a caricature of a pri vate and a fortiori of a public individual. A lawyer tells me that the code is not express on the subject, but that it is very easy for a court of law to hold that a caricature attacks the " consideration " of a citizen, and holds him up to " hatred and con tempt." The Lunc likes to be on the safe side, and always asks permission before giving the charge—that is the French term for caricature of anybody. M. de Girardin consented on the cha racteristic ground that he should be false to all his antecedents if he thwarted the liberty of the press in any way whatever. M. Dumas said that ho had always found caricatures the only good likenesses of him, and therefore was very willing to let the Lune try its hand. I forget at this mome nt the ground of M. Louis Vouillot's consent. Gill's caricature of this week is that of M. Lachaud, who says, " I authorise you, since you desire it, to make what ever use you please of my physiognomy." The celebrated advocate, who is rather flattered than otherwise by the caricature, because the cast in his eye is attenuated, is depicted with tears distilling from his eyes, far more solid than those iron tears that rained down Pluto's cheeks, for they look like church bell clappers. He is imagined to be weep ing over the sad fate of a thief or a murderer, a model of whom, in the shape of a villainous-locking fellow in a round frock, he is holding in his hand as if to exhibit to the jury. In the back ground is a row of widows and orphans, supposed to owe it to M. Lachaud's eloquence that they have come by their own. A priest named Pernaud was sentenced by the Correctional Tribunal of the Ain, on Dec. '2l, to six months' imprisonment and 500 fr. fine for speak ing against the Emperor while travelling in a stage coach, in regard to his Majesty's conduct towards the Pope. Monseigneur Gousset, the Cardinal Archbishop of Rheims, died yesterday of a rapid inflammation of the lungs, which lasted only one day. He was born in 1892, and was Archbishop of Rheims ever since 1840. He was one of the greatest writers on dogmatic theology in France ; his works and those of the Jesuit Perrone of Rome are at this moment the text book of the ultramontane clergy. The deceased cardinal, the son of a small farmer, was born at the little village of Montigny-les-Cherlieux, in the Haute Saone. PARIS, SATURDAY EVENING. I have never believed that in the state of open per sonal war which exists between the Emperor and the Pope, it was possible that the Empress could be allowed to go to Rome, and only yesterday I took leave to doubt the assertion of Senator La Guer ronniere's journal La France (which, however, ought to be well informed on such a subject), that her Majesty would certainly leave Paris for Rome on December 26. To-day the question is set at rest ; the great voice of ' Boniface " proclaims in the o» u ditutionmet that " her Majesty's excursion is adjourned ; " and the Patric more bluntly, but also more truthfully, says :—" The Empress is not going to Rome." I send. a few specimens of the opinions of the French press on M. Fould's financial statement, which, consisting as it does of desultory observa tions upon no less than four budgets, shows the fallaciousness of former promises, and therefore shakes confidence in those now made, and evi dently gives no just idea of the present or pro spective financial condition of the country. The Gazette de France says : When one reads the financial statement which the Finance Minister publishes every year in the Moniteur, one cannot help being struck with the extraordinary trouble OVERLAND MAILS which the government seems to have in balancing the CALCUTTA AND CHINA MAILS. receipts and expenditure of the state. The public, seeing MALTA, Dxc. 23. these herculean efforts, cannot understand bow, in a coup try like France, which it has been taught for the last ; The Ripon left at 6 a.m. and the Pera a t 1 a.m. . seventeen years to regard as in a state of constantly to-day. increasing prosperity, the task of making both eada The former may be expected at Marseilles about meet can be so extremely difficult. Prussia has found the evening of the 25th inst., and the latter at means to keep up • flourishing treasury while completely Southamptonon the Ist of January. re-organising her army ; England reduces taxes upon con- OUTWARD BOMBAY MAIL. gumption ; the United States pay off an immense instal ; The Tanjore, from Southampton on the 12th ment of their national debt every year, and yet France is I inst., arrived to-day at 4 a.m., and left at 10 a.m. for n Al ,e e c xan eyl d o ri n a; from 'Marseilles on the 20th inst., • arrived at 9 p.m. yesterday, and left this morning for Alexandria. BOMBAY (HEAVY) MAIL obliged to scrape and pare sou by son to see how her n s e te w r l thinkLi o t a grea i t i t . riumph t revenue can be estimated to meet her expenditure ; and tedFinrce o without to betbabtle loan could not have been avoided but for the return of our i troops from Rome and Mexico. And even now the equi. 1 librium is so nice and delicate, that the slightest military GIBRALTAR, Dec. 22. ; movement of France would disturb it. The Foonah leaves at 10 a.m. for Southampton, ' The Liberti says the vagueness of N. Fould's where she may be expected about the morning of allusion to the expenses consequent on the im- letl;.—" The American press contains very in complete extracts of the diplomatic correspondence laid before Congress at Washington. It also con tains a despatch of Mr. Seward to Mr. Bigelow, dated November 23, which has not been commu nicated to the French government." OPENING OF THE GREEK ASSEMBLY. ATHENS, DEC. 22. The National Assembly was opened this morn ing. No speech from the throne was delivered. The steamers from Candle, Marseilles, and Trieste have been delayed by bad weather. A i/Di/OUGHT ° Ong' af Bate PubscriP tic"n at Owl • 1 1 1: 111 u soft ,„a brief') ispembled• The B 4 w . Dr. BI• f r et r esolution , el • 1 : :4;f : I T.: 1 1: 1 ; 1" CO g 1 416 t a fun neighbourhood for fano , o r the d • - Lord NOOGIVTON i nOST haporl llnt together. He Bawas took piece s h o uld have thougn t s ing beec tr t ne alit'udg wi v er y " U . t hi ng almost natl.. able feeling even • but at the pith ti m ain sro mas t belong to t a ll were familiar knew something life of wilier , d. when the won atten tion was no Den ied with so in c haracter of the .. it was not though like security to one of her ni a hnoirt simultan sir Humphrey produced which r ity. That was to as loug as it was part of the work .. to secure this . m in, and when th an accident, mig this tremendous • tion of the disp s uch es might . of Providence kably had hap his pick inadve thus producing able aperture, dons ealarnity. that the miners accumulation . som e chamber The effect of o • totil i n i ;ea : l• ,r ) s il y ut ipsf ohppropria ig : taine t dman ° t tterw l 4 l:l na: 3 :m h zi www e ew l ° o teo eri e r7 calanii i s he ootad va f urewn.n i fo,u r oo rea w po o rff vka tem.wa i isil... '. ... t co radon of extent of tb the great d u p on Partin ' peculinr. eff admiration a hear.) The • present . • a with which come forwa a and bravely the proprie • is poorest, pr. seemed t . those who men wh . • a depraved n men who t ea opinion, ye a nak with procure m - wanted. that he • eg Mr. Dm. that the c ed and that n at probable • he reason for of which w. the Oaks scene of men wo down whi ral Mien .• haps mo sp amount 0 day little vii and in t a on one sing' Pm' near and anal ber, was to ut. who had name skill pro n women g the o. broth weun orphans rods, The ex • dant. had sp en• ing row in • ilbee. mere (Hear, that for t, the gether >ring mining minis tension there w le pre- which It intense at was and it Ora- ad had cum° their c ad hit time, . clergy supply ttg . his WITIOUI ed m s put prospe e did no Oxford/ MOO ting °I TO India afraid ria else. the sider a th. COM the .• dins had preen Ald not they dom . rock 01 than rock i t mla that lber , be c Kahan ) put am planber. T . mit '• will unit A new 11 3 0 inee • ; Await s " ire, a o n ' eon etween gas Leo iork oar* day, • and eateT•. 4 . o hTe a line, its It all, are now on ly from ilia it Steams* Co 16,219, 0 • Eureca's A.. rag the elic it t !.ticeen the late re se 7 f - conditit: The ion", , Ln kfart rum" . ) it o ust I. f • 'tato. Tie ai tujogitio c pit )rs ate it et FOOL Ii . Orine r _The GrE l64 liter of b'4' ,ia took pro ciar,A dies sw-a'roir h+Pr:" In t° tie, and.