The Express. — London, England, 1859-02-01 00:00:00

'ARMOMUMII-NEW MODJ io~aa.ia., CU expre..• TO COIIII.IISPONDINTS. ktertiessesta Simled kw "Us is==li Resting Pew, wit toe et S h is. by Two acws is ike day of SOTAL INSLYIII °MILL CUT RN? 9111.11311 t. TIII BATAS :et.T1.P..." Ls". i te" , •Wika• MAjbm en....fredni awl Orr Fmk ellor —%.14 SID irllso 110011. Maw IPairm Lims.o. *aim Tim tva•na. TSB 111.17 BODY, deon...ped Oblypse• &Lk My% 4.3arlt.md Parma: Ms Beriebb. ROL I. nirrablU. ria:Dl o VirlApikarl ilplnt of lie WirMsa, *raw A. C. Leder% NM Mir Ode; 1.. Lulu% KW F. Writ.i. re rinnerr. Too Sconso, ?UI muenairr or YU lOC. Yr. owl Yrs. C. las pasionlmo of /112111141 OP TUE CAPTLII: or. SIGs 7lme Masao 177707 Kra liars =. et= e. Adono -Co worms 7. tumor. Ws Ivens., TIM SACII/1011. Yam Imam at =yen • *Amp lisds#l ,oo lllmJals 111.0sares.- 0111011 br TaoT. Ms. Kai% s. Rolm Wrfab-••*4 MI TOT ROM. Its Lout ..-Osmasess 1111 INaffive.PlLllll7ll PILIA 11TAX VOIL A N D UM 01/11111 OF SPITft gr, TIN V41•611a el Naval Task. M. Jae Lois,. 14%. d. 0111•14. 11 . 111 e.rdaiseggiaa,-8M VIZ 1114111A21 1n011. Yr. SION WATIR AT LONDON NIAIDON. Ai= 4 ... a„ kit s : ::= .... H. .a. LONDON, 171341 DAT. PM. 1. AT a time when Beesia, Austria, Sardinia, and other States are look lag wistfully to our market for those pecuniary facilities without which military despotisms cannot be kept up, oppressed nationalities cannot be kept down, and designs against the peace of Europe cannot be carried into execution, the heavy depreciation of the projects lately introduced suggests reflections which, if attended to, may cir cumscribe the area of loos in future. How happens it that the Brazilian, Chilian, and Turkish Loam, ea well sa Bahia Railway shares, have fallen to • dis count more or less considerable, and the shares of the Red Sea and India Telegraph Company, guaranteed 41 per cent. per annum by the British Government, to par The Brazilian Loan was so eagerly sought after that the aggregate subscriptions represented eight or nine millions sterling, instead of the mil lion and a half asked. Considered in relation to the price long maintained by the Chili= Three per Cents., a Chilian Four-antha-Half per Cent. Loan at 92 is cheap. The Old Turkish Six per Cent. Loan, secured upon the tribute of Egypt, commands about 91 per rents ergo, the new Turkish Six per Cent. Loan, likewise secured upon special revenues, ought to be very tempting at the Seue-price of 85 per cent., and absolutely " dirt-cheap" at the present market price —vie , about 79 per cent., more especially considering that a month hence 3 per cent. dividend will be doe. As regards the fourth case cited—that of the Bahia Railway pro fect--sarely it is an anomaly time, whilst the Reezilian Four-and-a-Half per Cost. Loess seen mend from 94 to 96 per cent., and the Brazilian Five per Cents. 3 per cent. premium, • Brazilian get ranter, of Serra pet Cent. stands at • dement. The circumstaooe that for • portion—viz., 2 per cent.— of the Seven per Cent. Guaranteed, the Bahia Rail way Company look to the Provincial Government of Bahia, scareely helps to explain the anomaly pointed out ; for the Provincial credit is locally esti mated as high as the ImperiaL Moreover, in the came of the Pernambuco Railway Company, which occupies the same position in many respects as the Bahia, the Imperial Minister of Finance has practically simplified the matter by paying the whole 7 per cent., taking spun himself the recuticatinn of accounts with the Provincial autherities ; and it is theere reasonably assumed that • idealise plan will be adopted with respect to the Bahia Railway Com pany. We have instanced • fifth case of depression —that of the lied Sea and India Telegraph pro ject—the shares is which were eagerly run after at the allotment, but the premium on which has gra- dually dwindled to tern. The British These per Cents. are held to be sow worth nearly N per amt. i the Turkish Guaranteed Fear per Ceuta—the vales of which is determined solely by the British guarantee of 4 per cent—ate maintained at 3 or 4 per cent. premium, after allow ing foe the dividend accrued yet the Red Sim Tele graph, with • British Four aad.u•lialf per Cent. g meantime, is barely kept from sinking to a discount. Perhaps the uncertainty and risk attending tele graphic enterprises may be suggested, by way of explanation. Ent no According to the statements put forward by the Company, their position practi cally resolves itself they—The British Government guarantees to the Company 4j per cent. upon a certain amount of capital : responsible contractors have bound themselves to the Company to de liver the telegraphic line in complete work ing order for • sum within that capital, and to take upon themselves all the risks attending the first establishment of the enterprise. It is, therefore, scarcely an exaggeration to say that we have here a British 4I per cent. guarantee going a-tiegiing at par. Ia seek instance we have con fined ourselves to • consideration of the Government 'striates, leaving surplus profits from the Railway we Telegraph entirely oat of the question. Now fur the explanation, which is indeed so clear that he who rues may read. A large portion of the capital of each of these projects was allotted to speculators, instead of to bona fide and solid holders. We imply no rettectiou epee the gentlemen who con ducted the bean's cemented with the several allot ments. They had merely to distribute the capital as fairly as they could amongst the numerous applicants. each of whom, having lodged the stipulated deposit,had an equal claim to consideration. ltightly viewed, the class of speculative subscribers includes all those who wrote for a larger amount of stock than they intended to hold permanently. The man who asks to be allowed to take a certain share in a new undertaking, and is prepared to embark permanently • proportionate amount of capital, is alone entitled to be considered a bona fide investor. He who applies merely with • view to netting a premium, or who writes for a larger amount than he means to pay upon, trusting that the market will give him a better price than par for the surplus, is a speculator. Of the latter class, some of course are greater speculators than others, but the difference is merely is degree. The result has been something after this wise: the public at large, who did not care to participate in or were excluded from the allotment, have evinced little inclination to rush into the market as buyers at a premium, and the speculators have been chilled and disappointed by their apathy. As a rule, the more frenzied the rush for an allotment, the weaker and more speculative the subscriber,. Many were barely poseemed of sufficient mean or credit to meet the Ant instalment on their stock. In this case, the obligation of selling was im media*, and imperative. Hence the sudden fall which usually follows—sometimes pre cedes—the issue of allotment " letters." Others held on desperately for • few weeks, until the pres sure of accruing calls and instalments forced the stock from their band•—• process involving regret that they had not sold before. Aod thus, in most Wittiness, a steady supply of stock was flung upon an already over supplied and therefore drooping saarket. Even when the weakest of the speculative allottees had been weeded out, the sales continued, for account of persons who had obtained more stock than they meant to hold for invnetment, or of the stronger speculators, who were prepared, if nuts mry, to meet several successive " calls," but were at length induced to realise oat el sheer dia rist at so unaatiafactory and disappointing a state of affairs. The approach of the period for each instalment has determined fresh sales. Even when the whole of the capital shall have been paid up, an immediate recovery is not a necessary came quenoe, for the absorption of the excessive supply of stock may require time. What is the moral of all this? Simply that the sober public need be in no haste to rush after any new stock, however tempting. Of late, in nine cases out of ten, the ultimate advantage remains with those cautious persons who hold entirely aloof from the queue of speculative ap plicants, and are content to wait until the specu lator disgorges. They have now the option of em barking quietly such amount of money u they may think proper, under much more settled conditions, and at an important advantage, either in point of market price or of accrued interest. Let the wary investor eschew the speculative entrainment; for he will gain by waiting. Possibly he may even pick up at a greatly reduced price some of the stock pressed upon the market by the original negotiators, who, in some cues, seem not to scruple to get out of • scrape upon the back* of those who have supported them. "Promoters of public companies" may well claim a distinct classification in the " Directory," if regard be had to their number, complete organisa tion, acquaintance with high circles, and rising im portance in the commercial and financial world. Their influence, however, is not a particularly benign one; and when we regard the vast exten sion which the spirit of gambling, as proved by the mania for allotments, has acquired of late years amongst all classes of the community, even amongst those which would appear to be moat eumpt, the practical discouragement to "jobbing" involved in the instances of disappointment above cited, forms a , pertial set-off against the losses sustaiasd. THE EXPRESS, TUESDAY EVENING, FEBRUARY 1, 1859. Zht Court. WINDSOR, JAW. 31. Her Majesty received the following telegram this morning From Sir Jamas Clark to as Poses, Windsor t' Bailin, 10.26 a.m. _ _ . " The Princess and young Prism it. as well ii can be." - _ The Quota, with PrbicaesAlice sad Prince Arthur, walkad sad drove in the Horns-park this reacting, and visited the Dacha's of Kent at Fromm. The Prince Consort went out shooting. Her Majesty will hold a Privy Council to-monrow (Wed aseday) at Backingliana Palace. Derpatches from the Lord High Commfainterr of the Tools& Islamie sad from Um Goveraor of Cased► were re ceived yesterday ►t ths Colonial-office. It appears that the Prime= Frederick William was preen* the eveetair before her sccouchement at the repreeastetiou of Zohnsfres, Vissosis at. opera. The West is demand at Wag met robust sad .41 media Oa fletiaday a depalselea et Mho we. received at the podia. It Is impacted that the meg prime will receive the same et Frederick. Thu Prieto of Wales, who is travelling under the same at " Bens Bestrew," pried *rough Bolen, Soothers Tyrol, on the 20th alt., sod through Verona at 10 tido& t the merskag et the 24th. Altbosgb hie royal Woe= *awe to travel inesgetto, kenneled end refereed the *en of the Archduke Chalon Louis, the Governor el the Tyrol, when he wet losrpratic. A letter from Gonatentiaoplo of the 21ot ult. Metre Oat lady Below Ina theoontimsed ha Monday re swim ler lb. prowat, on aroount of the pvaperedoos whack en Wag ma. at the hotel of the British Embery foe the leasilation el Prince Alfred, and for Unfit* erhkh are to be slam la Ye bearar. His Ezeallaaey the Swedish and Norwegian Meister sad dm Ceram Plasma estertabed at &seer, last maim at Orr realimass Is Grammer-plats, hie Heed limey dr MAO" Inds dr Netherlands, Mr Deanna of Ind she lest end Coaster of Derby end Lay Ina Stesley, Coast Ilessiesbergh, Coast BIGOIIeT. Nast Sires- Iseei, Berea Heolsehlid,Ceptaia Falba, Mr. Cowell Stepney, sad Mies Wears. Min Excellency the Prussian Minister sal the Causes. Bermarff were preeestad being present by as levitation tram her Majesty et Windsor Cud& Viscount and Viacountisa Palmerton have arrived at Cambridge-home, Piccadilly, from Drcadlande, Haan, kr the mason. The Earl and Countess of Clarendon and Lady Canary arrived in town yeetertlay, from the Gram seer Watford. _ The Duke of Hamilton is expected at his man *ice, is Atilegtea-eteese, to , day, from reel; where the Dvnen an in - illy in nsping. The Earl Granislie, as leader of the opposition in Os Howe of Laths, will give • perlierealsr7 dew le • lamp drab of bie ponds! Mewls of the upper bur, loisor rint swan. sit W house la Bruton-street. Lord lireeshaaa left his chateau at Ceases at the &NI d the pet week, toe Park, re rouge to le:aeee, Is. the posikraatsory arks. The noble and Iseraed lord to ex pected et hie reeldenai to Grafton-street to-morrow, or the hallowtair day. The Earl of Yarborough has during the last few days beet entreetng treat wrists Indisposltim. The noble earl wee wurb better youtorday. . - The Duke of NevreasUe left (lumber Park, yester day, as a 'telt to bor litajaity at Whams Cottle. The Marquis of Waterford has airived at Claridge's floral, from Cornish:lrv*, Ireland. _ . Lad tad Lady Cremorne are at punt at Daltrey, Rockeorry, Ireland. The noble lord and lady will not ratan to town wall the latter and of February. Lord and Lady Nw have arrived at their rod &aft la Borlemon-.gears, from Ireland, for the mum Lord Ward has left Dudley Howe, Park-lane, for Tarim. Major-Gen. Sir Edward Lagard, E.C.8., who dia thigniabe4 hinted( to Italia, la to emceed Sir Hoary Storks at the War-ofaco. Sir John Young kft Corfu on Tuesday last for Italy. His emellency and Lady Young embarked in the lonian government steamer with the usual 'military ealittes and honours, the state barge in which they proceeded to the Weimer being, on this occaaion, maenad by cdicere from the pothook. A vast concourse of people sastrobled to wined, the departure of s Lord High Commissioner " who, fe 031111• junction with Lady Yolusg," writes a cotreepondent, "bee dose more b promote kind feelings between the 'octane sad the English than any ef his prrdeceesors, and who, during a period of nearly four years, has disported the splendid hos pitalities of the palace, without regard to political considers doe, in a manner that will not easily be forgotten In the.. Wanda." The royal family of Piedmont is at present COM pined of King Victor Emmanuel IL, widower of Adelakle, Arereheber. of Austrie, with dm children; the Princess CI 6ISs born the lad March, 1143; the Prism of Piedmont, 14th Mara, 1844 ; the Dada of Aosta, 30th May, 1845 ; the Deka of liontferrer, IDA July, 1856 ; end the Prisms Maria Pia, 16th October, 1817. A brother of the King, who died lour years ego, left • widow, daughter of King Louie of Seseny, end • aten and daughter. bath children. The Savoy Carignan breseb, detached from the other In 1778, is repreeented by Prison Eugene, born is 1816, and his stater, wife of Count of Syracuse, brother of the Ca" of Naples. The old line is also represented by the twin daughters of King Victor Emmanuel 1., Maria Thereon, Dachas Dowager of Panne, and Maria Anne, en-Empress of Atet4l•. Tlie grandmother of the Klee, Maria Christina of Ease Conflated, widow in 1800 of Kies Charke Ent meausl, wee remarried to the Prince of Dontleart, now Ewing. Queen Maria Christina arrived at Rome on the =ad at Jaaamy. LATEST INTELLIGENCE. AUNTALL (IT SLUT= 1912NNA, TIIMIDAT. Th. expertatkm of horses towards th; frontiers of Lombardy, Tyrol, and the tine enn (borders of the Adriatic), has boon prohibited. SERVIA. BELGRADE, MONDAY. The Skuptschina has decreed the dismissal of the Slinisters and of the Senate. THE BRITISH GOVERNMENT AND THE COURT OF TURIN. The Bersea Hone of Hamburg of January 26, stated that a diplomatic note, sent to the court of Turin by the English cabinet, was "extremely severe," and pressed Sardinia to abandon her " pro- voking attitude" towards Austria. It appears from an article in the Opinione, which passes for the organ of Count Cavorir, that a note on the subject has really been sent front London, but according to the Opinione it was not so " severe" as represented. That journal admits that the attitude of the cabinet of London is not favourable to the cause of Piedmont in Italy; but it thinks that the English policy with regard, not only to Sardinia, but the whole Italian peninsula,' is as yet in a state of incubation. England, it says, cannot show herself decidedly hos tile to Piedmont without contradicting all the esta blished principles of her policy. Piedmont is the only free state in Italy—the only one which has goo ceeded in establishing a rewime of regular progress and civilisation—the only one which has loyally ac cepted an English alliance. Whatever differences of opinion there may be between the two courts, hostility between the two countries is scarcely to be conceived, and the Opittione sees in Lord Menus bury's note itself a proof of this position. The English Minister is very mindful of the excellent relations between the two States, and the cour teous and moderate form of his note attests that he feels constrained by his position to give a bias to his Italian policy which his despatches express, perhaps, but imperfectly. He no doubt desires to avoid war, but is not the lees fully convinced that the Italian question must be solved, and that if the solution cannot be arrived at pacifically there must be war. The Opinion* pro ceeds to argue that war is not to be prevented by any congress, but that it is in the power of England to prevent the conflagration from becoming general• The war, in its principle and in its object, will be, if not thwarted by England, purely national, and consequently circumscribed within the four corners of the Peninsula. The Opinions proceeds: It Is certain that Piedmont does provoke, though her government doss not. The "statute" provokes, the tribune re vokes, the tricoloured flag provokes. Has not Lombardy, who sees a free state on the other side of the Thum, a right to ay, " Cannot this flag protest wale* f Cannot air iatereete be advocated is that parilemenary tribune? Coma we also be governed by that statute F" All this has ban said kw the last ten yeas. What is Piedmont to do P Ie she to abolish the statute and suppress liberty in order to tranquilles Austria end enable ben to keep her Italian posearions 1' The dislike of Austria to Piedmont is not spinet this or that ithigata, but against her liberal instituting. If at this aoment Austria betrays more irritation than until, It is only Imatine Cosa Carotu's ministry has conquered a strong pailiks la Europe in spite of her. The independence of Italy Is sot to-day a question for damasks :itis a problem wldelk awaits its solution. EXPRESS FROM PARIS. (►LOY ors Owl COMM/ 011DIVta PARIS, MONDLT EVENINO. Unless the Emperor is preparing an immense sur prise for the world by his speech on the day after to-morrow, we are certainly on the eve of war. This impression is more widely diffused to-day than I bays yet seen it. The journals speak of war in a matter-of-course tone which is most alarming. The . _ Constitsaiumura article in reply to the Dail; News, boasting of the immense forces which France could at once bring into the field, is looked upon u a menace, and perhaps contributed more than anything eLie to the rest fall at the Bourse. The Rents fell 35c. for cash and 50c. for account, closing at 68fr. 33c. and 68fr. 20c. Mobilicr fell 7fr. 50c. The railways were from sfr, to 7fr. lower. A report, which seems to have made some sensa tion, of Austria having sent a military fore. to Foligno, in Umbria, within three days' march of Rome, is contradicted upon good authority. No such movement is even in contemplation. The Pops hu not called for any augmentation of the Austrian garrison in the ROOlll.ll states; and the occupation of Foligno would be of no advantage as a war position. The Emperor has paid a visit of condolence, in person, to Madame de Hatzfeldt. • The Emperor went to RainbowHet this morning on a sporting excursion. The tuild;esa of the mason is most extraordinary. Many ►hrubs in the Pattie Royal and other shel tered gardens in and about Paris are covered with green buds. If we do not have a frost soon we shall have a premature spring before St. Valentine's day. THE WAR FORCE GF FRANCE. Onlignanis Messenger, referring to the answer of the Celatifetionstel to the article of the Daily Metro, in which the strength of the wary that France could at once march into Italy in the event of war, was veined at 130,000 s., eays :—is The Conwitulionnel, it will be observed, aserets that an active kree of 600,000 men will be ender arms to Fromm on the let of June, without any slteration having been effected in the ordinary rules of the military system. It is frisson: contemporary considers that 100,000 men would mace to maintain tranquility in all France, and to act also se depot►; it likewise comprises In Its calculations 50,000 volunteers, and it dose not provide for even one army of observation, which would in common prudence be oromeary. After placing the ferreous of the fortified plow of France on a proper footing, and adopt lag the precautionary measures required for the defence of order at home, and for the surveillance of the Gerona frontier., we believe that the army which France could launch into Italy would not greedy exceed the figure named by our London contem porary. Were the Conalitutionnel to refer to the war footing of the French army, we should deduce • vary different can elusion; in the meanwhile we really cannot see what the cause of peace, that id of European prosperity, has to gain by this rowneratiou of military mammas, which cannot fail Co provoke, by its inoonipietances, general discussion in the Eu ropean prem. It is by such article; thet war becomes fami liar to the mind of the public." The Gazette de France does not admire the complacency with which the Constithtionnel menthala the national forces. It remark.:—" We have a, often deplored the Inconveniences and dangers of as armed peace that we will not again retain to the subject. Neverthelees, at the view of the 509,000 roes who repreeset, we are told, oar *6 ntive form in ordinary time*, we came refrain from mese a glance at the pest. In 1801 our army coneisted of 257,952 men; in 1806, of 561,403 else; ht 1812, of 879,416 men, of which 3.52,517 were allies; In 1614, of 872,766 roes; in 1820, of 189,991 saes; in 1825. of 224,596 men ; in 1830, of 248,837 men ; la 1635, of 309.373 men ; In 1848, of 330,753 wee. At preenat there are 488,000 wee. We ahoold be the last to reamed I a redsetion of a agave which is believed necessary for tbe national defeat*. Yet we may tepees a regret that Europe eboald be is a poetic* to orometate the messes in Franco of as arced force of 488,000, that 1., according to the Cored. tattoto•rf, (1 so effective strength whit:tatters little frau • 1 ear kite,,• THE lONIAN ISLANDS. TRIESTE, MONDAY, Sur. $1 Advioes of yesterday from dorfa state that the address of the Deputies in reply to Mr. Gladstone's speech at the opening of the lonian Parliament a:- premed a decided desire for union with Greece. The Empress of Austria, and her sister, the Duchess of Calabria, have arrived here. ITALY. PIEDMONT. (PION OUN OWN ammurompEro NICE, JAN. 23. The eagerness with which the Sardinian govern ment is preparing for the war, which seems inevit able to all who are acquainted with the aspirations of the court and parliament, has been revealed in a striking manner. Sardinia was appointed by the s.cuect treaty of Paris guardian of the petty princi pality of Monaco, and ever since 11313 she has main tained in that principality a garrison composed of infantry and artallea7. The protests of the Prince, who, after 1848 (when Menton and Raquebrunne shook off his anthorify,.chietly, through the intrigues of the Sardinian superior officers), begged to be re lieved from all protection, were rejected by the Turin government, which cherished the right of maintain ing a garrison as one of the most probable paths to tho high-road of territorial absorption. That Sar dinia should covet the possession of the little sove reign state of Monaco is most pardonable. Would England tolerate without feelings of annoyance the existence of an independent principality of the Isle of Tbanet on its Kentish coast ? Sardinia has occupied the town and forts of Monaco without interruption for some forty years, and nothing led to the supposition that any political event or crisis would induce the cabinet of Turin to withdraw the small force which represented there its protectorite and its political hopes. On Tuesday last, however, a steam vessel, which proved to be the Sardinian despatch boat Malfatano, entered the port of Monaco, to the intense surprise of the natives. A few learned politicians declared that it was a Russian steamer laden with gold for the purchase of the prinsipality, an event so repeatedly announced by the Paris press. The proprietors of the gambling tables were convulsed with joy, by the idea that a body of fanatical gamblers had chartered a vessel in Nice and had vowed to break the bank or fall like men. If these were disappointed, what were the sensations of the comfortable garri son ' which thus at a moment's warning was ordered to prepare kits, and embark on a treacherous ele ment. Not a word of the intended project had been communicated to the Prince , nor even to the Sardinian military authorities. Prince Charles IIL was at first offended at what he considered a slight, but being a sovereign of some common sense, and of decidedly small offensive means, he bowed to fate and perhaps formed in his imagination some brilliant little scheme by which he might, in the universal confusion which appears at band, recover possession of Menton and Roque bruise'. The soldiers and officers, of course, grum bled at being hurried off at so short a notice, but off they went. The Sardinian steamer then made way for the port of Menton, where a slight disturbance had occurred a fortnight before, on account of the attempt made by the municipal council to im pee a tax on wine. The people gained the day, but fears stole over the hearts of the victors when a war vessel laden with troops thus steamed abruptly towards their native town. These fears were, however, entirely removed by an order given for the Sardinian garrison of Mouton to pack up and proceed on board the suspected steamer. When these troops had been safely embarked, the Malta tano steamed rapidly for Genoa. The garrison of the principality of Monaco is now confined to half-a dozen artillerymen and three staff officers. The importance of coming events is often betrayed by incidents apparently insignificant. I maintain that Prince Mentchikors worn-out paletot and round hat threw a greater light on the fixed in bunions of the Czar than all the pompous inter , changes a evierances and demand. ',lnch followed. When the Sardinian government withdraws, against its manifest interest, a few score soldiers from points which it holds as dear ea Austria does Ancona or Piacenza, there must be some grave motives in the background. The above troops, who are ordered to Novi, will not add much to the numerical strength of the Piedmontese army ; but at least their departure proves that every musket in the Sardinian kingdom is being thrown towards the probable scene of war. The organisation of the staff of the active army is nearly oomplete, and comprises the following com mands. The head of the staff will be General Della Rocca, an able officer, with good training. He is said to have introduced himself, in the last Lombard campaign, into the Austrian fortresses of Mantua and Verona, and to have escaped safely with cor rect plans of the said strongholds. His subaltern will be General Giustiniani, as 'mad Chef d'Etat Major. The frontier's corps will be placed in the hands of General Fanti. la the event of a general rise to arms of the Milanese, and of subjects of other Italian states more or lass submitted to the influence of Ausiris, the organisation of the popular corps would be entrusted to General Cialdini, a Modenese by birth. It is unlikely that any idea has been en tertained of empowering General Garibaldi to raise and command a free corps. The connexion with Fiance would alone have forbidden the Turin cabinet from putting forward the name of a man who drove back the French eagles in their first assault on Rome. The first army corps will be commanded by General La Marmora, the second, comprising the Savoy brigade, by General de Sooner. The supreme command will be nominally exercised by King Victor Emmanuel himself. The Allgemeiste Zeilung of Jan. 27 contains a letter from its Turin correspondent, which must be read with dos allowance for its Austrian bias. We give extracts from the letter : It has now hero escertaiesd that the marriage betting the Prism Napoleoa and Printer Clotilda wee negotiated with the Romeo, Napoleon at Pleanbares by Count Cavour, when the Later went them last year; and the chief condition of the agreement was that, In case of a rupture between Piedmont and Austria, Prance should support the loaner with all its available resources. But „ from that moment a misunderstanding sprang up between Nee.leon and the Count, for whilst France only intended to support Piedmont in case this king dom bad a just cause of war against Austria, the Sardinian minister harboured the ides of conjuring up war, no matter by what appliances. Hence the constant correspondence be tweenNamdeonand theSes dials' cabinet, in which the former desired to see the marriage hastened, whilst, on the con trary, the latter endeavoured to force the Emperor into prompter action and espousal of the Italian question. During these pros and cons, the first day of the new year came on, and with it those words which the Emperor addressed to the Baron von Hubner. The Sardinian cabinet regarded them as • formal devil cation of war, and hastened on its side to have the marriage celebrated without further daily. Here upon the Emperor decided upon seeding his cousin to Tuns. The Sardinian cabinet, thioking it had attached the Em peror definitively to its interests, spoke out in the spesoh from the throne in the challenging way recorded, for the per pods of exciting a general revolt against Austria. But the unfavourable impression this speech produced, not only in Piedmont, but also in France, induced the Emperor to swerve a little from Its previous intention, and as l'einos Napoleon had already started on his journey, he sent two telegraphic messages in cypher to Turin, so as to warn the prince, then just on the point of w rit/tog at Nice, before he should reach Turin. The consequence of this was a slight cooling down between the two cabinet., and for some days the marriage project was very problematical. But things had already gone too far to permit a continuance of this ambiguous poetpoettios ; ' , wend very lengthy interviews took place between the French sinbamedor and Count Cavour, at which the latter is said to have intimated to the French ambassador that, if the Emperor Napoleon had no other reason for his hesitation beyond having no legitimate cause for war, he (the count) promised to find one speedily. The clauses in the marriage contract are nearly as follows : —The Princess receives a marriage portion of 5(10,000 lire and 100,000 lire in jewels. France, on her part, promisee to the imperial pair an appanage of 200,000 franca a year, besides 100,000 franca to the Princess es pin money Commis, the rumours of war, I have nothing new to nownivakeht of importance, =tied It be the appointment of different general., who in case of hostilities will assume com mand. The King will reserve the onmsnand-in-chef, but General L. Maroc t he the Minister of War, will assume the Advil leadembip of the army, with the tide of commander of the general stall. The Generals &note and Durendo will probably be pl.ced over two army corps. The Generale Fiat{ Cishlial, )191szd, Catgut, and Janet will an Bashi twelve &visional commando. Several Important promotions hays remstly beau made, among which those of Colonel Giustlaissi, the King's side-de-map, sad Colossi Alberti to the leak d general, on particularly to be noticed. The movemest of the troops towards Alessandria sad the Po has anis cosmassced, attar haring been stationary for some alls• THE CHANNEL FLEET. The following letter appears in the Daily News: Sin,—There have been of late so many interest. ing articles on the State of the Navy in your pa r, and it is a question of such importance to the sa fety of the country, and one in which all classes of Englishmen have taken so deep an interest, that I cannot resist sending you what I think may strike yon as practical views on the subject, and some that have not been touched on by your previous writers. It appears very clear that the strength of the English fleet in screw line-of-battle ships, fit to take their place in action, is very little superior to that of the French. Estimate., therefore, must be granted for the purpose of proceeding rapidly with the ships now building and laying down others, so as to put the country in a position not only to command the I Channel, but to protect our numerous colonial from a sudden dash, which the introduction of steam will now facilitate ; and we must not lose sight of the probability of a combination between France and Russia, which would throw the odds fearfully against England. But there is an important draw back which those who argue on the vast superiority of this country in wealth and capability over other nations hare not considered—namely, that there are only a certain number of slips on which large ships can be built in the royal . yards, and that seasoned timber of the proper size and growth is indispen sable. lam perfectly aware that there are many able officers whose , opinions are well worthy of attention, who are fully persuaded that large ships are • useless and expensive encumbrance; but as long as other nations continue to build them we must do likewise, if we wish to maintain our superiority afloat; and whatever we bring forward in the shape of heavy armed frigates, iron-sided ships, gunboats, or even vaiueauz beliers, must be only as aids to the main line of battle; or u experiments to be carried out at any expense, with a hope that even in these novelties in naval warfare we may maintain our superiority. Bat the most important fact in this interesting subject does not lie so much in the number or force of our ships—lor, who that has read of the glories of the English navy, as set forth in the deeds of Nelson and St. Vincent, with their companions, does not feel that it was no such advantages which gave them the victory over their numerous enemies?—but the prac tised skill of the officers and men, and the corre sponding deficiency in such particulars of their op ponents. The English ships were always at sea, and their crews in constant combat with the ele ments for years together, until nothing could happen to which they had not become inured; whilst, on the other band, the enemies' ships were shut up in ports. This is the secret of our successes during the war of the revolution. The case has now nearly become reversed. The French government ever since 1843 have devoted talent, time, energy, and money, to the raising of a most formidable navy, not only . in the number and construction of ships, but in training both officers and men in every part of their duty. Look at their system for the enrolment of their naval population ; and bow many of them are forced to have served in the national navy; but it is principally in the practice and experience which they have given to their admirals and captains, that they have gained so much on England. A French officer, boxyrf malgre, is kept constantly employed; their admiral' are selected from the most efficient captains; while by yearly squadrons of evolution experience is gained, and opportunity given of selection for promotion. On the other hand, many of the most promising o ffi cers of the British navy, after 20 years constant sea ser vice previous to obtaining post rank, have never interest sufficient to obtain a ship, and so become lost to the service. Very little, indeed, can the most fortunate of naval officers show of time passed in command of ships, or of experience gained in fleets. The admirals are gone whose services can date back to the great war, and what opportunities have the successive governments given to train up others to fill their place ? With the exception of an occasional squadron in the Mediterranean of half a dozen line of-battle ships collected together during the summer, and squadrons of evolution or experiment no sooner collected than dispersed—actually nothing; and last year when our neighbours might have brought 20 sail of the line to the opening of Cherbourg, we were enabled to collect three newly commissioned ships which, with the Royal Albert, just returned from the Mediterranean, and the Brunswick from the West Indies, represented the force of England in the Channel ; and in a similar state we at present remain. Nothing but ignorance can attempt to undervalue the importance of accustoming captains to act in fleets, for whether under sail or in steam, practice alone can give the nerve and eye that can keep ships in olose order, or teach commanders to perform the commonest evolutions during fine weather and in daylight. That the French have attained to a wonderful proficiency in this respect there cannot be a doubt, for there were far too many witnesses when they were co-operating with the English ships, during the late war, for the fact to be even questioned. England must follow the example of France, and by a permanent fleet in the Channel give her officers the experience which can only be obtained by prac tice. There is no doubt that such a service is most unpopular withseamen. There is too mach emula tion among the captains and officers of any indi vidual ship to allow her to be beaten in evolutions of any sort for them not to endeavour to work up to the standard, and this occasions extra exercise; but all such zeal would be tempered by the orders and example of a judicious chief. The ships should cruise in warmer latitudes than the Channel during winter; for constant exposure to cold and wet without a sufficiently exciting cause (such as war affords), can hardly be the choice of any clews of men ; and even in the summer, the home ports should be avoided as much as possible, as tending in every way to demoralize the men. Seamen themselves com plain of the expense they are subjected to in these home squadrons. If such is the case an equivalent should be given in some shape, and everything done to render the service popular that is compatible with good discipline; for the necessity of such a fleet is imperative. All naval men are now waiting anxiously for the report of the manning committee, and much is ex pected from them, although the gallant President has informed us that nothing remains for England in the event of a war but to resort to the press gang. This is simply impossible, as neither the seamen nor their countrymen would countenance it. But Lord Hardwicke's speech directs attention to the great difficulty of the question, which is, how you are on a declaration of war to lay hands upon 20,000 or 30,000 additional seamen. There will not be, indeed seldom has been, any serious difficulty in finding men to meet a regular demand made year by year for manning the required number of ships voted in the Estimates; the supply in a short time accommodating itself accordingly—favourite classes of ships, stations, and captains always obtaining the preference. But to meet an emergency you must fall back on the merchant service ; and whether re course is had to ballot, bounty, or embargo, your navy will be filled by people who, whatever their qualities as seamen (and many possess the highest), are still new to the duties of a mar,of-war ; and with this fact before our eyes, those who are so loud in their demands for a standing navy would do well to consider that by stopping the ebb of men-of-war's men into the merchant service you entirely preclude all chance of picking up many hundreds of seamen at your hour of need, who have been trained to guns and to every exercise which constitutes a man-of war's man. Indeed the most experienced opinions lean towards the Royal Navy being a nursery for the merchant service, rather than the contrary. Much has been written on the defenceless state of Englant, and hundreds of remedies proposed— block-ships, gun boats, forts on accessible points, &c. There can be no doubt that in the present week state of our Channel fleet there is much cause for apprehenbion, and that to meet a sudden coup de main, armed hulks ready to be towed out of harbour and moored in positions that would coat mend the channels to our principal arsenals, every gun-boat being afloat with the guns on board, and engines in working order, would be the readiest means of available defence. clot and powder should be stored on the coast, ready at any p o i n t where an enemy could land, whilst a coast road should be made for the passage of the heaviest ertil. lery. Such an emergency might never arise, but do not let it be lost eight of that even the appearance of a foreign fleet in the Channel superior to our own would occasion a shock which would equally lower our prestige and our funds. I migh t enter into the question whether sailing ships are yet entirely to be banished from our fleets, bat will only say that we certainly cannot afford t o send our ships to sea without masts, as has been proposed, whilst we may have to follow an enemy across the Atlantic or to the East Indies, when to husband fuel would be of the utmost importance.-- I am, Bc., A NAVAL OFFICER. THE NAVY ESTIMATES.—We have already stated that there would be a considerable increase in the Navy Esti mates for the yea 1849-60, and we have now to state that, although it had beta generally believed there would be no increase in the number of liftmen voted for, we have good foundation for stating that there will be an increase of 3,000 nam. 1 Mrs. Smote, of Crimean celebrity, visited several of the military and naval heroes doing duty at Sheerness on Frid►y and Saturday last. She received a hearty and kind welcome from the garrison officers whose quartets she made her home during her stay. She purposes in a few days paying a visit to the officers of the navy, many of whom now in port partook of her creature comforts while in the Crimea. Prevkas to her arrival at Sheerness she visited Chatham Barracks and Melville Hospital, at which place she was received with the beet feelings by the officers and men. Many of the heroes of the Crimea surrounded her, and cheered her most enthuaiaathally. _ Last evening his fellow-members of the Union Club, Jlancheshw, entertained Mr. J. A. Turner, M.P., at dinner, which wee given in the Club-rooms ' Moseley arrest. About 40 gentlemen set down, under the presidency of Mr. Oliver Heywood ; the vice-chairs being occupied by Messrs. W. Cuadra Brooks and Malcolm Room. Among the gentlemen present, besides the guest of the evening, ware Mr. R. N. Philips, M.P. ; Mr. Deigns!), M.P.; Messes. Heron, Wrigley (Bury), Fereday Smith, W. R. Wood, Harter, T. Cooke, &c. It is said that the article published in the Cuesti tuhennel on Sunday, cm the military form of France, and in reply to the Daily Newt was sent to that paper direct from the Tuileries, without th e seam formality of paining either through the War-ofike or Foreign Affairs. It appears that, according to the rules of the Roman catholic church, to enable the marriage of Prince Napoleon and the Princess Clotilde to be celebrated on a Son day a dispensation from Rome waa neceasary. The Pope not only granted it at once, but aocompanied it with his con gratulations to the illustrious couple. A Paris letter in the Nord says :—"Dinners con tinue to ha given at the Tuileries, and at the instance of their lbjestise dancing takes place every evening. The wives and daughters of the high functionaries of the state are Invited, but ills rather a drawback that the youthful element is wanting amongst the mum. The few who are there have coneequently to do extra duty." A telegram from Marseilles states that the active division, commanded by General Reused, has been recalled from Algeria, and is to be added immediately to the army of Lyon& M. Montelambert has had two silver statmettes made, representing Demosthenes and Cicero, Intending to present than to the two counsel who conducted his defence in the late trial. From a discussion in the Spanish Cortes, it seems that the Spanish government complied with the request of the King of Naples, that MM. Panto, Agostinlr Settembrini, and the other exiles, should not be allowed to land at Cadiz, and that they ware accordingly transferred from a Neapolitan vessel to a merchant ship which conveyed them to America. The Dibats remarks that the conduct of the Neapolitan authorities is inexplicable, for once upon American territory, there is nothing to prevent the tint. innate men from rwembarking sad coming to Newland or to Prance, - ----- The Opinionc of Turin mentions the arrival at Milan on the night of the 26th ult., of 200 penons arrested by the Austrian authorities at Lubiana. The lame journal estimates the number of pinions now under arrest in the Lombardo-Vtnetian territory at more than 2,000. An affair connected with the succession to a large fortune by claimants of the name of Reinhardt, which was some time ego referred to in the Erpn 4, is told to have latterly much increased in intmest, and the great sum in I question, according to the opinions which have been given by eminent conned both in London and in Strsabourg, will, it believed, fall to be divided among thirteen families, all of whom reside in the Tyrol. This new turn in the matter ia supposed to have been chiedy owing to the personal exertions of a poor peasant, who discovered he had an Interest in it, and who, in his successful search for evidenoe, hes travelled over Italy, Germany, Belgium, and France, making also two journeys to London. The Offic;al Vesiee Otnette of the 26th ult. announces that, in consequence of orders to that elect, the University of Pedant; to be immediately re-opened. Students wishing to be re-admitted must apply for permission to the provincial delegation of Padua. . . The following extraordinary war demonstration in stated by the Opinions to have occurred at Milan on January 17 :—Yesterday the pupils of the St. Alexander Lyoeum re fused to attend the German lecture. The professor made them a speech in which he said it was quite time that fu....ish . . denronatra r dons of the sort should beat:motioned. Winding up a fervent discourse, he exclaimed with energy, Let all good lads remain with me, and ell the bad may go." To his utter astonishment the entire class took him at his word, and rushed off as fast u their legs could carry them. " Vesuvius," says a Naples letter of Tuesday lag, "eontiauee to devastate the lauds and threaten the sur rounding village!. It has now been in eruption foe several months, and has tut through, at four points, the route lead. log to the Ob.ervatory. The lava still teems from the foot of the cone, and with a slowness which nineties the curious, but with a parsietency which frightens the tyrant." An of of the Emperor of Morocco lately arrived in the mountains of the Riff, and summoned the rebel chief Beniaidel to deliver up Lieutenant Alvarez and other Spanish wiener,. The chief of the tribe formally refused to obey the Emperor until the Spaniards bad delivered up the cannot, which they had taken from him. It now remains to be seem whether the Emperor of Morocco will be strong enough to enforce obedience. A Constantinople letter, of the 19th January, in the Gazette do Midi, says ;—" Very stormy whether bas lately prevailed in the Black Sea and in the Archipelago, and several manakin among shipping have taken place. The Eugenio, a Neapolitan vowel, bee been wrecked near Cana. The captain and crew were saved with greet difficulty, but the vessel and oargo ere totally lost. Three other Teasels— two Eaglish, the General Havelock and the Elixabath Anne, and a Norsegian, the Nork•Not-Vtige, went ashore near Odessa. The Dnieper, belonging to the Humans Steam Navigation Company, which went ashore in the Dardanelles on her way from England to Constantinople, has been totally wrecked. The money on board was saved, but the cargo lost." - - THE LATE MR. HARVEY COMBE.—On Saturday the sums of mosey bequeathed by the late Mr. Harvey Combs to the workmen and other persons employed at the brewery, Castle-street, Long-acre, were pail by the extort tors, at the brewhoesee. The bequests to the clerks varied from 601. to 1001.; messengers, porter., and watchmen, front 201. to 401.; coopers, draymen, and other subordinates, who have been tat years in the service of the firm, received 101. and those whose servitude wee two years end above, but under ten years, received It. for every year. After the pay ment bad been made burinese was suspended for the re mainder of the day, in order to give the fortunate legatees an opportunity of investing or making purchseee with their beeriate. 't*RFUIT OF THE MURDERER OF MR. ELY.—The Climate' Chronicle of Saturday eays:—" intelligence has reached Clonmel that the constabulary of the police-statiens between De:rad and Cappoquin have just bees engaged in a hot pu rsu it, through the broken country near Clash mare, after Delany, who has just turned up in that district. The fugitive, It appears, Is armed to the teeth and we fftrei to state that his extraordinary actitily enabled him this once to outrun hie pursuers. He evcoped into the woods of Ballintaylor, but so exciting was the chase, that, in his postage through that thick plantation, be kit behind him his shoes. As the police are now so rim, upon his trail, his arrest may soon be looted for." CRYSTAL PALACE..-- ONE SEM-LINO DAlf.. MONDAY, JAN. on payment, 794; ditto, by ~a ad" 361; total, 1.168.