The Express. — London, England, 1867-02-25 00:00:00

P JOHN BROODEN. ORIGINAL GOLD CHAIN MANUFACTORY, 16, lIENRI Err STREET, COVENT-GARDEN. JOHN BROGDEN'S 18-carat GOLD CHAINS. JOHN BROGDEN'S GOLD GUARD CHAINS. JOILN BROGDEN'S GOLD ALBERT CHAINS. JOHN BROG DEN'S GOLD BROOCH CHAINS. B ENSONS 6 : .4OO u hin: 1,701 A CHE S. L B ROWN and POLSON'S CORN FLOUR for CHILDREN'S DIET. To obtain ertra profit by the ale other kinds ors sometimes intend instead of BROWN and POLSON'S. "John Brown," "John Poison," is signed by time =ken on each packet. Eke erpreoo. DRIItV LAMA. iota Ewing°, TIIF MEIWIIANT OF VENICE. Mr. Phelps, Messrs. E Ehelp.. IL,rrett, Md , and ItarAby ; Mesdames 11. Vezln, G.Ber. A II te.lspelh.—And NUMBER NIP: OR, HAILE QUIN AND THE UNONIE A ENG OF TIIE GIANT MOUNTAIN. yAV!f ARKET. Tnis ENID,'No, A LRSSDN YOR LIFE. Mean. anthem, Rogers, Clark, comptiiii, : Mra Chippendale, )lines 11111, Wright, itc.—Loßli DI•NtiItEARV MARRIED AND Lx)NE FOR. Mr. Solhcru.—Aud JENNY LIND Al LAST. alias Burke. riqxcamiri Tins Muria, II IS LigflV:o7. 's hifters. Verner & Fenton; Mrs. B. White and Miss Wentworth.—And sll ALUM TRIGS BHA Vt. Messrs ViniQF , Shore, Verner, Y. Villiers, Forrester, Mellon, and Cathcart ; Misses Montagu, Edmonds, and Rodgers. L 1 MUM. Tan EVIVITIM, THE ri 7 iii - 1 7 11r13. Mr. Wlddlcoinb.—And ROUGE ET Ni )1 It. Mews. Yachter, Emery, .I..nlan. Moreland, Fitzpatrick. D Join, Reynolds, Lomas, Andrews, Price, de.: Mrs. L. Murray, and Misses Hamada, °rattail, and C. Lacking. STRAND. Ting Erittmla, MARRIED DAUGHTERS AND YOLING EVE DANDi.—Last Nights of (WV YAWlCK.i.—end ♦ SUIT OY HOLBORN. TRH Inedimi, MY TURN NEXT. Mr. Delmore; Missed Foote and Letoioa—And FLYING SCUD. Mears. NeyMe, Del more. Make, Voltaire. Re. Mesdames F. Josephs, C. Saunders, Bessie Foote. Miles, Lemma, Raymond, de. - - BRITANNIA. Tutu EvENDin, THE LAST LINK OF LOVE.—To conclude ulth THE PRINCESS Or THE PEARL ISLAND ; JR, THE THREE KINGDOMS OF PEARL, GOLD. AND SILVER. Lane 6; Shia Jacobs.—Geens .f Melody ; Vint-rate Pantointmista. RION WATER AT LONDON BRIDOIL Tin DAT —Morning, a. ftm......Afternoon, Sb. me. To.liolutow—Morning, 6b. 48m......Afternoon, 71A. Dot LONDON, MONDAY, FEBRUARY 25. THE distrust which has so long prevailed among the investing public shows little signs of allevia• tion. By some strange fatality each step towards recovery is checked by some unexpected circum stance which—sometimes with reason, sometimes without—causes a renewal of suspicion. The latest instance has been exemplified in the case of the new Chilian loan. It will be remembered that this operation involved the issue of stock to the nominal amount of 2,000,0001., but the actual cash to be raised was little more than 1,600,0001. The terms granted were favourable, and the investment appeared so desirable that the subscriptions were eight times more than the sum required. Tho scrip commanded a fair pre mium, when it suddenly became known that the Chilian Government had some time ago sanctioned the conversion of about a million of local stock into bonds, payable in sterling in London. The transaction was simple, and could not possibly prejudice the value of the security recently accepted by the English public. Yet alarm was instantly taken ; the scrip fell from a premium to a discount ; and although there seems not the slightest ground for a charge of breach of faith, the public have some lurking idea that one has been meditated. All this might have been easily obviated if the Chilian Government had thought of specially com municating this particular operation to the con tractors. It was a mere oversight; but oversights become of great importance in these days. There is no question that if the fact had been published of a million additional stock being about io be converted from an internal to an external debt, it would have made no appreciable difference in the number of the applications for the 2,000,0001. loan. There was, unhappily, an air of conceal ment about the measure which certainly was never intended. So sensitive is the public temper at this period, that it was at once taken for granted that some sort of deceit had been contemplated. No conclusion could be more unjust, Chili having been among the most scrupulous of Governments in maintaining good faith towards the foreign creditor. Nevertheless, such is the impression, and it bids fair to affect all new foreign loans alike. Certainly the project immediately following the Chilian operation seems to have been damaged by a slight error of judg ment, which could have no possible connection with it. The Danubian Principalities are rising in European importance ; their commercial posi tion is equally advancing as one of the chief corn exporting countries in the world, and their public debt is very small—little more that 900,0001. abroad. The Government, even in times of severe financial pressure, have steadily carried out their engagements. There does not, therefore, appear one element to be wanting to place the national credit on the strongest basis. They asks mode rate loan—about 1,300,0001. stock nominally, or 870,0001. in actual cash—amply secured by the State domains and the customs duties—in the latter case subject to a comparatively small first charge for the loan already existing. This proposal was at first well received, and subscriptions were sent in for the whole amount in London alone, without including whatever may have been applied for abroad. Almost simultaneously with the closing of the list public attention happened to be pro minently drawn to the conversion of the million internal stock of Chili. The result was that some persons are said to have immediately withdrawn their applications, while it is certain that many others on receipt of their allotments at once sold at any price. The example of unreasonable appre hension thus shown in the affairs of the Chilian and Danubian loans can scarcely be surpassed. From these indications it appears not very pro- bable that the other foreign Governments who propose to appeal to our market will command much success. It has been already pointed out that most of them do not enjoy the highest credit. If Chilian scrip declines to a discount, it is almost hopeless to ex pect that the new issues of Spain, Portugal, or Greece will be maintained at a premium. Foreign loans have evidently fallen into disrepute, although it would be unsafe to assume that the demand for these securities may not again revive. There is no question in the world in which the public show greater caprice than that of invest ments. Prima facie it would seem certain that the matter is one of mere pounds, shillings, and pence, of business and calculation. Although, practically, this view is often correct, it is nearly as often wrong. The public frequently take a fancy to • stock and eagerly compete for it, while they will not look at one much lower in price, but of equal, if not superior intrinsic value. It is, con sequently, not impossible that, however unfavour- THE EXPRESS, MONDAY EVENING, FEBRUARY 25, 1867. able may be the present prospects of foreign bor rowers in our markets, the tide may suddenly turn. At one time the permanent success of the Russian Loan, and the temporary encouragement with which the Chili= operation had been received, were thought to have shown a marked change in the public views. Within the last week, how ever, opinion has again veered round to a general want of faith. One by one we find the means of employing money growing fewer. Our Australian colonies appear to .afford the chief outlet, but they can hardly take any sums of real importance. A loan of a few hundred thousand pounds merely repre sents the national savings of comparatively few days. The Indian guaranteed railways every now and then announce an issue of new stock, but they have committed the fault of repeating their appeals too frequently; and thus, although the public ulti mately subscribe to them, there is no chance of such a rise in price as would stimulate regularly increasing investments in the East. English rail way enterprise is at a standstill. New public companies are carefully shunned. Purchases of Consols do not of course involve an absorption of capital, but simply its transference from the hands of one person to another. Tho discount market is oversupplied with money, and trade does not appear likely for some time to come to be more than moderately prosperous. The question thus continually arises what, is to be done with the accumulations of capital that in a rich country like England steadily go on from day to day ? A common opinion prevails that the result of tho present state of financial affairs will be the outbreak of a fresh speculative mania. The pro babilities, however, are in favour of its being deferred for one year at least, if not longer. Indeed, it is difficult to perceive what direction it can possibly take, at least for the moment. The memory of the losses in 1866 has temporarily cured the public of too hastily embarking in new and untried schemes. Prudence is now curled to the extreme of universal distrust. The lesson, however, is not likely to last long, at leash, if it does, previous experience will be singularly belied. The inevitable reaction is cer tain to recur. Money will continue to be saved for an indefinite period, until at last the holders will begin to consider how it may be profitably em ployed. Should one particularchannel of investment be selected—and in thesequestionsthepublicalmost invariably act in unison—there is a mania ready made. It was so in 1825. The close of the old European war, and the subsequent difficulties from bad harvests and the restoration of the currency, caused an universal feeling of prudence. Money was accumulated until at last an outlet was sought. In this case foreign mines and loans became the mania. Precisely the name effects were reproduced 'in 1845. Again the nation had a quantity of sur plus capital to dispose of, and everybody turned to railway investments. Some years laier, when the effects of the speculation of 1845, and of the crisis of 1847, had been repaired, the gold dis coveries in California caused a certain amount of excitement in gold mining companies. Since that period investments for capital have been found in loans for the Russian war, Indian rail way stocks, direct loans to the Indian government rendered necessary by the mutiny, and to foreign nations ; and, lastly, in the new companies estab lished, chiefly in 1864 and 1865. Some new phase of finance is probably at hand ; and it may be hoped that it will be one leading to really pro ductive expenditure, promising both individual and public benefit. that such court should not be the House of Lords; and that there should not be more than one appeal. The por sibility of retaining for hay very long period the appellate jurisdiction of the House of Lords was destroyed by Lord Derby, when he succeeded in defeating the attempt to re vive the practice of granting life peerages, without, as Sir itoundell Palmer truly says, any warrant in law or history. Our intermediate courts of appeal, so far from being useful, are positively injurious, since they conclude nothing finally, and their structure is peculiarly defective. The Exche quer Chamber is so framed that the appellate tribunal is very often entitled to less weight than tho court from which the appeal lies ; and the Lords Justices, sitting an they generally do without the Lord Chancellor, are liable to differ in opinion, and so to render the appeal abortive, leaving the diasatisfiedsuitor the alternative of submitting to what he considers a wrong and incurring the expense and delay of an appeal to the House of Lords, a tribunal whose jurisdiction far transcends its authority. The Daily Ntaos tells Sr R. Palmer that he will come under the same judgment as other nominal law reformers if he is content to discuss without making a real effort to advance. It is now open to him to bring in a bill, to force it with all his energy through the house, and to let the public see the reason why if his reforms are 'rejected. The jurisdiction of the Lords of the Privy Council Sir It. Palmer would transfer to a new court, to be composed of ex-Lord Chancellors, who would thus render some service for the pensions to which their having held office, for however short a time, entitles them—and of other eminent judges who might be induced by a slightly larger pension to retire from their courts while still in the full vigour of their faculties. The court thus created would not only supersede the House of Lords and the Privy Council, but the interme diate stages of appeal which now exist. The excellence of the suggestion, the Daily Nears thinks, will commend itself to all ; but that a house which, as it now exists, is distinguished by nothing so much as the anxiety to do nothing in any matter, will practically entertaiu Sir It. Palmer's suggestion, the Daily News cannot profess to be sanguine. • THE GOVERNMENT AND REFORM. THE EARL OF DERBY'S RECEPTION. (THIS DAY.) It will readily be understood that Pall-mall and its neighbourhood, and in • somewhat lesser degree the Royal Palace of Westminster and its neighbourhood, have been in • state of considerable excitement this morning. In the neighbourhood of the House of Commons there h►ve been the usual number of patient people who, having received tickets of admission to the gallery, are content to wait during the whole of the day in St. Stephen's Chamber until the doors are opened at 4 o'clock. The Chancellor of the Exchequer had a lengthened in terview this morning with the Earl of Derby, at his resi dence in St. James's square. Mr. Walpole, Lord J. Manners, and other members of the government, also had interviews with his lordship. Shortly after 12 o'clock the Earl of Derby left St. James's square for his official resi dence in Downing-street. _ Although the great ministerial gathering in Downing atrect was fixed for 2 o'clock, members of the House of Commons began to arrive long before that hoar. Prior to the meeting the Earl of Derby had interviews with most of his colleagues in the cabinet, and with many of the leading supporters in both houses of parliament. The reception-room of the First Lord of the Treasury in Downing-street was crowded. OUR CONTEMPORARIES. (THIS DAY.) ME. DISRAELI'S STATEMENT. The Times promises the Chancellor of the Ex chequer to-night a charitable and even an indulgent au dience. No one of any importance in the House of Com mons has criticised the resolutions be has laid upon the table ; the scattered attempts to excite agitation in the country have signally failed. At the same time there is no doubt as to what is the judgment of parliament and the country upon the resolutions. They must be amended, and boldly amended, or withdrawn. Before he asks the house to accept his first resolution he must state the exact extent of the enfranchisement he proposes, and this the Times hopes will be of no grudging character. The Times then proceeds to urge the abandonment of the principle of a plurality, and to recommend that of allowing a voter to accumulate the votes at his disposal upon one candidate, or to distribute them at pleasure. This, it thinks, will render it impossible to bribe with effect in any place returning two or more members. Tie Daily persassures Mr. Disraeli that if he really mesas business, he may reckon on the en-operation of the oppositon as confidently as upon that of his own followers. But if he should attempt this evening further evasion, or offer proposals which do not advance the object of reform, the duty of the opposition will be clear. Variety of suffrage may be accepted, but equality of suffrage must be insisted on. Mr. Disraeli must keep in mind that a bill which is not tolerably eatisfactory to the liberal party, and ►t least endurable bythatactivepartion of it from which thedemand for reform chiefly springs, will not really settle the question. There is enmity reason to expect, but it is still possible to hope, that be will be wisely bold. If the truest liberalism is sometimes conservative, the truce! conservatism at a moment like the present will be found in the largest libe rality. The Herald and Standard confine themselves to a gene. ral defence of the policy which the government have pursued. The Poet fervently trusts Mr. Disraeli will see that not only is the country obnoxiously agitated, bet that the longer a st►te of indecision on this now vital question is allowed to reign, the more certainty is the popular mind taking a tendency towards extremes. If Mr. Dirraeli is to do the work, he must not be too dainty. TRZ OPINING OP TRZ GERMAN PARLIAMENT. That it is to a great German empire and not to an en larged German monarchy, King William, or at least, him prime minister, Bismarck, aspires, the Times pees tinctly in every line of the royal address. The King makes no mystery of his ultimate hopes and expectations. He aims at the eventual control of the national relations be tween the North German Confederacy and the four minor states lying to the south of the Maine. The article, of the treaty of Vienna are no hindrance to a future connection between all the lands and peoples of the great Fatherland ; the only condition is that such a reunion should spring from the spontaneous wish of both parties. ♦ reconstitution of the general Bund is equally necessary to all its former members. The restoration of the Customs' League, the re-establishment of commercial union, and the protection of the common territory must needs rest on some intimate political combination. Let only the basis of the North German Confederacy be laid, and it will then he easy to come to such treaties with the South as may present the whole country se a compact state to foreign nations. It is easy to perceive that Count Bismarck continues faith ful to that policy of " candour " which constitutes its most consummate adroitness. His aim is to unite Ger many. To this object he makes everything subservient. He is tied to no plan ; a slave to no system ; burdened with no scruple or principle. He has taken good care, in the meanwhile, to secure a North•Geroman Parliament in perfect conformity with his wishes. As a permanent arrangement the Bismarck regime would be intolerable ; but what he is now erecting is not the definitive German edifice. The North German Confederacy is not what pro- fessore would call the Fatherland; but it is nearer to the realisation of the "dream of centuries" than anything it had hitherto been found practicable to attain. orR JUDICIAL 14T8T111. The Times cordially agrees with Sir R. Palmer in his argument that there should be only one court of appeal ; ir ht Court. WINDSOR CASTLE, FEB. V. The Queen, accompanied by Princess Christian, walked and drove in the grounds this morning. Princess Louise, attended by the Hon. Flora Macdonald, went out walking ; and Princess Beatrice rode in the Home-park. Prince Leopold took a carriage drive, attended by Mr. Legg. Lady Susan Melville arrived at the Castle yesterday. Fn. 24. The Queen, accompanied by Princess Louise, drove out yesterday afternoon, attended by the Duchess of nos burghe. Prince Leopold drove in the grounds, attended by Mr. Legg. The Queen, Prince and Princess Christian, Princess Louise, Prince Leopold, and Prince= Beatrice, and the Ladies and Gentlemen in Waiting, attended Divine terries this morning in the private chapel. The Rev. J. Rowse% Honorary Chaplain to her Majesty, preached the sermon. The Earl of Derby arrived at the Castle yesterday, and bad the honour of dining with the Queen and the Royal Family. MARLIFIOROUGH-HOUSE, FRB. 24, 5.30 p.m. Her Royal Highness the Princess of Wales has had some refreshing sleep during the day. The febrile disturbance due to the acute rheumatism has in a great measure sub. sided, though there is still much persistent local pain. The infant Princess is well. (Signed) Annus FAR2F., M.D. W. JII4NZII, M.D. E. H. Sigyrento,lLD. The Prince of Wales presided on Saturday at a meeting of the royal commission for the Paris Exhibition, held at the South Kensington Museum. The Prince of Wales attended divine service at the Chapel Royal, St. James's, yesterday morning. The Communion service was read by the Rev. T. Mel. more and the Rev. Dr. Temple. Anthem, " If we believe that Jesus diedand rose again," Boyce. Mr. Cooper presided at the organ. The sermon was preached by the Rev. Dr. Temple, from 2 Corinthians iii. 7. A Cabinet Council was held on Saturday, at the official residence of the First Lord of the Trea sury, in Downing-street. The ministers pre sent were the Earl of Derby, the Lord Chan cellor, the Duke of Buckingham, the Right Hon. Spencer H. Walpole, Lord Stanley, the Earl of Carnarvon, General Peel, Viscount Cranborne, the Chancellor of the Exchequer, Sir John Pakington, Sir S. Northcote, Lord John Manners, the Right Hon. Gathorne Hardy, and Lord Naas. Despatches were received on Saturday at the Colonial dace from the Governor of Canada. Despatches were sent to the Governors of the settlements on the West Coast of Africa, and Canada. THE PRINCESS OF WALES.-(THIS DAY.) The following bulletin has been issued this morning : MARLBOROUGH HOUSE, Fan. 25, 11.30 A.w. Her Royal Highness the Princess of Wales slept for some hours during the night, and is generally improved. The infant princess is well. (Signed) ARTIER FAIRE, M.D. W. Jrrwan, M.D. Z. H. flinvenino, M.D. THE Quartz's Cocas.—We are authorised to state that the lists for the Queen's corn ta to be held on the 7th March and the 2nd of April, and also for the court to be held in June, are now filled. No further names can therefore bo received for these courts at the Lord Chamberlain's office. THE PRINCE AND PRINCESS Or WALER.—Wo believe that the Prince and Princess of Wales will occa sionally reside at the White Lodge, Richmond-park, which has been placed at their disposal. The prince and princess will run down to Richmond, and pass the Sunday in that pleasant retreat.— Windsor and Eton AllOl% His Royal Highness Prince Arthur honoured the Lyceum Theatre with his propene. on Saturday evening. WOOLWICH, FEB. 24. His Royal Mighneu Prince Arthur, who at the commencement of the present term entered upon his studies as a cadet at the Royal Military Academy, Woolwich, has been provided with a separate suite of apartments at the institution, which have been fitted up in a very superior manner. His Royal Highness last week attended, with the company of gentlemen cadets, at the funeral of Dr. Little, the senior medical officer of the Royal Military Academy. His Royal Highness the Duke of Cambridge received a large circle at dinner on Saturday, at Gloucester house, Piccadilly. The guests included the Marquis of Clanricartle, the Earl of Carnarvon, the Earl De Grey, the Earl of Cork, the Earl of Lucan, Viscount Canterbury, Viscount Monek, Lord Redesdale, Lord Stanley of Alderley, Lord Eloho, Lord Methuen, the Lord Chief Justice, the Right Hon. General Cecil Forester, the Right Hon. General Peel, Lieutenant-General the Hon. J. Yorke Scarlett, Major-General the Hon. J. Lindsay, the Right Hon. Henry T. L. Corry, Major the Hon. A. H. Anson, Sir Henry Des Voeux, Lieutenant-General Sir E. Lugard, Colonel Paulet Somerset, Mr. Thos. Baring, and Mr. Gregory. His Royal Highness the ;Duke of Cambridge, as Field Marshall Commanding-in-Chief, held . a levee at the Horse Guards, on Saturday afternoon, which wsa attended by upwards of 180 officers. The Earl and Countess of Derby entertained the French ambassado-, the Duke and Duchess of Marlborough. the Earl and Countess of Dartrey, the Earl and Countess Grey, the Earl and Countess of Longford, Lord and Lady John Manners, Lord Stanley, Lord and Lady Cairns, &c., at dinner on Saturday evening at the family residence in St. James's-square. Later in the evening the countess bad a reception, which was numerously attended by the members of the corps dipionatique and of both houses of parliament. The Duke and Duchess of Richmond will enter tain a distinguished company at Goodwood House, Sussex, during the whole of the week, in celebration of the coining of age of the Earl of March. At the Royal Institution, on Friday, the birth day of Washington, Mr. M. D. Conway delivered a lecture " On New England." V. Extrema . See. , . B. T. W. l ito --....—_, W. 18.1 to —I 1 112 F. , D. 1 0 -- —..— -- -- Nairn Aberdeen 20.74 43 N.W. N.W. oI Leith 10.96 44 W. 1 W.N. W. i be 0.01 Ardrussan 30.024 0. W.N.W. N.W. I°a 10.05 Greencastle 30.1144 W. W.N.W. I ro '0.04 Valeatle 30.2150 B.W. 1 N.N.W. Atm 0.01 Cape Clear 30.20 48 W.S.W. N.W. mb 0.11 Liverpool 30.9) 46 W. I 1 N.W. oo 0.02 Holyhead Penzance.— 30.36 60 Z. W.N.W. M 0.06 Brest 20.3050 W.N.W. B.W. t, 1 !orient 30.36 MI W. &W. o 1 ltochetort 11047 40• Z. I I N. bo . Plymouth 30.36 48' Z. , &W. cm 0.02 Weymouth 80.3542 W.N.W. I W.B.W. 1e I Portsmouth 10.20 42 W.N.W. i 1 W. no i London 93.26 401 W. IW. rbe , Yarmouth 110.14 42 W.N.W. : N.M. 1 o —, 2 Sesrborough 70.04 45 N.W. W.N.W. • co 3 Shields 30.02 4.6 W.N.W. 1 W.Y.W. e 1 3 Helder — LATEST INTEUIGENCS. (REUTER'S TELEGRAMS.) AUSTRALIA. MELBOURNE, JAN. 26. The Victoria parliament assembled on the 11 th inst. The ahipmenta of gold during the month amount to 124,500 oz. for England, and 42,000 oz. fur Gallo and India. EXPRESS FROM PARIS. (1/1011 OM OWIII CORRESPONDENT.) PARIS, SUNDAY EVINING. • According to the France, the Emperor has com pletely cut up the press bill proposed by MM. 1 1 Rouher and Co., and struck out most of the ob noxious clauses. The caution money, instead of 1 being raised to 80,000 fr., is to remain at its present figure, 50,000 fr. Non-political journals aro not to be subjected to any stamp, and the stamp duty on political papers is to remain at the pre sent rate. The Paris political papers will nut like this amendment, which, it is suggested, has been adopted in deference to the remonstrances of the provincial journals. The enormous fines which have created so much alarm aro to be re duced in the same proportion as the caution money. The tribunals are only to have power to suspend or suppress newspapers in very rare and exceptional cases, and for grave offences coming under the bead of crimes and not of misdemeanours. Finally, the idea of depriving a member of the Corps Legis latif of his privilege in case he should be the subject of apressprosecution, isabandoned. If these changes be correctly reported, one can only suppose that the Emperor's object in allowing Rouhor and Co. to propose the abominable laws which have raised a tempest of public indignation, was to throw odium upon tools that he means to cast aside, and to curry popularity for himself as the " most liberal man" in his government. A telegraphic wire has lately been established between the Corps Legialatif and the Emperor's study in the Tuileries, by means of which his Majesty receives reports of the debates while they are going on. _ _ _ The Temps construes the note in the Moniteur stating that the Emperor has satisfied himself, after repeated visits, that the Exhibition may be opened on the day fixed (the ominous Ist of April) as im plying that painful doubts have hitherto been en tertained on the subject. I hear it yet whispered that the opening of April 1 will only be a sort of ondoiement, and that the solemn and official inau guration will not take place till much later in the season, when the Prince of Wales comes. If so the literal fulfilment of the promise made to the public that the doors should be thrown open on All Fools Day will not signify much, because for that matter the building is open to all comers now. There can be no doubt that the Exhibition will be in a very incomplete state on April 1. The judge of instruction charged to inquire into the case of the duel fought on Jan. 2, between M. Paul de Quaagnac and M. Henri de Rochefort, has put M. P. de Cassagnac on his trial for cutting and wounding M. de Rochefort, and included in I the indictment the seconds of both parties as accomplices. Logic would require that M. H. de Rochefort should be indicted for attempting to cut and wound or even to kill M. P. de Cas mow, and having failed to accomplish his object only by "circumstances independent of his will." But logic and law are different things ; and it appears that the duellist who misses his man is not indictable, whereas he who is unfortunate enough to hit his adversary may be prosecuted. This, although the moral nature of the act of the two is, to all common sense, precisely the same. The trial is to come on before the Tribunal of Cor rectional Police on March 1. The son of M. Duruy, the Minister of Public Instruction, is also to be tried for a duel with a naval officer in which the latter was wounded. The quarrel began in a lady's chamber, and the arms first used were those " dogs "—not habitually dogs of war—which are the useful and ornamental adjuncts of a French chimney-piece and called dents. The more chivalrous weapon, the sword, was subsequently resorted to, and it was with a sword that the hope of the house of the excellent Minister of Public Instruction pierced his opponent's hide. There is a talk of subscriptions for erecting a statue of Paul Louis Courrier in Touraine. WEATHER REPORT. .-(THIS DAY.) MOWDAY, Ptaatuai IT IS, • LK. REMARKS. On Saturday night and on Sunday there ware very strong westerly winds on the coasts of Scotland and on the north-east coast of England. The winds this morning on our coasts are chiefly westerly, light to moderate. Barometers fell rapidly in the north on Saturday ; since Urn they have risen, but are still unsteady there. Ba in to a sntaU amount has fallen very gene rally on our northern and western coasts. The veteran Maestro Pacini was at the Apollo Theatre, Rome, the other night, listening to the perform ance of his own opera SappAo. He was recognised in his box by some of the members of the theatrical deputation, • kind of court of surveillance instituted by the govern ment, who have • stage box for their official residence in each theatre, and invited to the presence of the deputa tion, where the place of honour in the box was assigned him, greatly to the delight of the public, limited as was the number of the spectators. Between the act• the Maestro Pacini appeared on the stage and thanked the Romans for their kind reception. An Atlantic cable telegram dated Saturday says : —" The Judiciary Committee decides not to report in favour of the impeachment of President Johnson. Pro fessor Agaseis has declined the poet of Commissioner to Paris. Professor Gibbs is named for the post. The steamers Hibernia and Tripoli have arrived out." The Right Hon. the Speaker gave his second parliamentary full d-ess dinner on the evening of Saturday Lod to the following noblemen and gentlemen :—Right Hon. W. E. Gladstone, Right Hon. Lord Otho Fitz gerald, Viscount Enfield, Lord John Hay, Right Hon. C. P. Villiers, Right Hon. William Cowper, Right Hon. Sir George Grey, Bert., Right Hon. Milner Gibson, Right Hon. Edward Cardwell, Right Hon. T. E. Headlam, Right Hon. Chichester Fortescue, Right Hon. Henry A. Bruce, Right Hon. George J. Goachen, Right Hon. Henry Brand, Sir Roundell Palmer, Sir Robert Collier, Mr. Lawson, Mr. Knatchbull•Hugessen, Mr. Adam, Mr. Chil ders, Mr. Layard, Mr. W. E. Forster, Mr. Stansfeld, Mr. Bonham-Carter, Mr. Shaw Lefevre, Mr. &monde, Rev. Charles Merivale, D.D., chaplain, and Mr. Alfred Denison, private secretary. A meeting of her Majesty's Commissioners for the Paris Exhibition was held on Saturday in the Sheep shanks Gallery of the South Kensington Museum at 11.30a.m. His Royal Highness the Prince of Wales pre sided. and there wag a large attendance. SALE AND PURCHASE OP BANKING SHARES. The following is a copy of a bill brought into the House of Commons by Mr. Leeman, Mr. Waldegrave- Leslie, and Mr. Goldney to amend the law in respect of the sale and purchase of shares in joint stock banking companies : " Whereto it is expedient to make provision for the prevention of contracts for the sale and purchase of shares and stock in joint stock banking companies of which the sellers are not possessed or over which they have no owl trot. May it therefore please your Majesty that it may be enacted ; and be it enacted by the Queen's most ex. cellent Majesty, by and with the advice and consent of the lords spiritual and temporal, and commons, in this present parliament assembled, and by the authority of the same : " I. That all contracts, agreements, and tokens of sale and purchase which shall, from and after the day of 1867, be made or entered into for the sale or transfer, or purporting to be for the sale or transfer, of any share or shares, or of any stock or other interest, in any joint-stock banking company in England or Wales issuing shares or stock transferable by any deed or written in strument, shall be null and void to all intents and pur poses whatsoever, unless such oontract, t, or other token shall be in writing, and shall setforth and de signate such shares, stock, or interest by the respective numbers by which thesame are distinguished at the making of such contract, agreement, or token on the register or books of such banking company as aforesaid, or where there is no such register of shares or stock by distinguish ing numbers, then unless such contract, agreement, or other token shall set forth the person or persons in whose name or names such shares, stock, or interest shall at the time of making such contract stand as the registered pro- prietor thereof in the books of such banking company ; and every person, whether principal, broker, or agent who shall wilfully insert in any such contract, agreement, or other token any false entry of such numbers, or any name or names other than that of the person or persons in whom name such shares, stock, or interest shall stand as afore said, or who shall, either by parol or in writing, sell or undertake to deliver any shares, stock, or interest as afore said, without giving in writing to the purchaser at the time of such sale or undertaking the designating number of such shares on the register of the company, or in ease of their being no designation by number, then without giving in writing the name of the person or persons in whose name or names such shares, stock, or interest shall 'tend registered at the time of such sale or undertaking, shall be guilty of a misdemeanour, and be punished accordingly." ANOTHER STEAMSHIP COLLISION. THE DESIGNS FOR THE NEW LAW COURTS. In a former notice of the eleven designs exhi. bited we endeavoured to give only a general de scription of the kind of building proposed by each of the competing architects ; a more deliberate consideration of these complex desi,gns enables us now to enter more completely into their respective merits, and to balance these one against the other in arriving at something like a definite apprecia tion of those which possess in the highest degree the combination of the practical and useful with the ornamental and appropriate. In doing this we have to regret that some designs which impress us with their high merit as architectural works are unfortunately at the same time strikingly insp. propriate. With this feeling we regard such works as Mr. Burgas' grand feudal chateau of French 13th century work • Mr. Abraham's orieutal looking Gothic stru cture, with its excess of domes and spires ; or Mr. Brandon's, in which the towers and spires are in excess, and the principal feature of the interior is so distinctly ecclesiastica.L On the other hand, there are designs in which the architect appears to have curbed his ambition almost too much, and while giving us a building with no salient feature, narrowly escapes general tameness and even meanness in some parts. No doubt a sober, well-regulated harmony is a fine quality, and contributes much to the grandeur of a building; but there is a great risk in the repetition of precisely similar parts along a wide facade, as in Mr. Garling's design, or in the number of gable ends filling the Strand front of Mr. Seddon's building, which in other respects is so much to be admired. Mr. Gilbert Scotts design, in our opi. non e errs in not having any general relation of its parts—that is to say, as regards the exterior, which is cut up into three distinct masses, thus missing altogether the effect of a grand facade in the Strand, and in a site which is evidently destined to be one of the meet magnificent in the vast metro polis of the future. And here it should be remens. bered, in judging of the eligibility of these designswe have to call up in imagination the part this ins. mense pile will have to fill in the scene with the church of St. Clement swept away, and old Temple. bar faced about towards the wide streets leading to the grand esplanade along the river. To put a commonplace, eminently useful building here would be ridiculously out of keeping with all that is to surround it. There is no necessity for raising those gigantic record towers, which, according to some of the designs, are to serve the triple pur pose also of water-cisterns, chimneys, and venti lating shafts ; and that the domes, too, are another architectural feature that could very well be dis pensed with is seen by the design proposed by so complete a master as Mr. Gilbert Scott, which has only one moderate sized centre dome, and record towers no higher than the ordinary church towers around. Mr. Garling also dispenses with these lofty towers. At the same time a building of such magnitude, and for an high a purpose, must have some grand characteristic fea tures, although it by no means follows that these are to be sought in the so far barbarous fashion of the ancient Assyrians and the mediaeval nations, in towers that reach the sky. A tower had its direct purpose in old times as a look-out and signal-place as well as a defence and refuge, but it has no significance for a hall of justice; although it is admissible enough within proper limits, it be comes absurd when extravagantly introduce& Neither is it necessary that towers should be built as the only or best means of preserving and keep ing precious documents, as equal, and perhaps greater, safety could be obtained by several other means, otherwise our British Museum and new Record-office are worthless. That these towers are very difficult features to deal with architecturally, we see in several of the best designs where they are decidedly not beautiful, and not conducive to the excellence of the whole work. Thus, in Mr. Waterhouse's design they are carried to great excess, and the two principal towers, 350 feet high, being truncated, are most unpleasantly sug gestive of very tall chimneys. The idea of using a fine tower for the purpose of conveying away smoke and the impurities of animal combustion, detracts much from the purposes and intention of a tower proper. Apart from those too lofty towers, the design of Mr. Waterhouse presents an elevation towards the Strand remarkable for good effect, imposing and dignified, and perhaps the best considered in re ference to the future changes to be made in this part of the metropolis. Mr. Seddon's building suffers, like some others referred to. by the neces sity the architect has felt, in obedience to the official instructions, of working a huge record tower into his bu ilding. This he places at the centre of the western end, and forms it in three great semi circular projecting lobes, as it were, continued to the top. A tower at the opposite end is made useful for extra water supply and for smoke and ventilation, while other two towers are occupied the one with the kitchen the other as a clock tower. Of Mr. Seddon's fine central hall we shall have to speak when referring to the inte riors of the different designs. The cat of these towers Is a matter that may well come in for the consideration of Mr. Bentinck. Mr. Waterhouse puts the construction of his at Is. 9d. per cubic foot, from 6d. to Is. being the average of most public buildings ; and his estimate for them alone is 149,8321. Mr. Seddon takes his towers at 163,4021. Mr. Burge' mentions only the additional cost of his main tower, from the roof to the top, as 110,0001. ; while Mr. Lockwood, who proposes four record towers, a chancellor's tower, and an Albert tower, estimates the whole tower structure at an average of Is. 7d. per cubic foot, and a total of no less than 245,4071. Now if we compare this large coat with the estimate for a building in which the architect has been more modest in his use of the tower, as in Mr. Garling's design, where the cost of towers is only 75,1971., we shall see how costly a feature in the exterior a lofty tower is. While referring to the cost of these towers, it may be as well to say that Mr. Gilbert Scott's estimate for his building, is moderate compared with the towering architects. He states the whole work to be practicable at Is. per cubic foot, or 1,253,6261. Mr. Garling's building would cost 990,061!., while Mr. Seddon names 2,046,6441., and the other architects sums varying from a million and a quarter to one and a half.* Referring to the estimates, it will be observed that some of the most practical builders avoid the very lofty towers. Mr. Barry provides for the safe keeping of documents by a dome and strong rooms below it ; Mr. Scott, Mr. Abraham, and Mr. Garling employ towers of very moderate height, au) low indeed compared with the other designs as scarcely to be worth mention in this comparison. It is evident that towers, if advisable for water tanks, chimneys, ven tilation, and safes, need not be so extremely lofty, for example, as in Mr. Waterhouse's design ; it is also clear that the expedient is a costly one for attaining certain desiderata, and the money would be far better spent in adding the last touches of art to a building substantially good and appro priate. SINKING OF THE MIRANDA STRAYER. Another fearful steamship collision, resulting in the loss of the Miranda, iron screw steamer, is reported to have occurred in the Swig, a few miles below the Nora The Thames steamer has returned to the river with the shipwrecked crew, and from their statement it appears that the Miranda, which was • fine powerful vessel belonging to Hull, left the St. Katherine Dock in the course of Thursday afternoon for the North in order to take in a cargo for the Mediterranean. About 11 o'clock at night she had reached the vicinity of the Gunfleet, when she hove to for the purpose of putting her London pilot on board a steamer bound to the river. She was waiting for the return of the boat which had taken the pilot off, when the Thames, iron screw steamer, bound to Grangemouth from London, came in fearful collision with the Miranda, cutting her down considerably on the starboard side. It was immediately discoved that the water was rushing into her, and that she would not keep afloat long. The crew of the Miranda, after some difficulty, succeeded in getting on board the Thames, which also sustained considerable damage in her stern, and in a abort time the Miranda foundered in deep water. It ap. pears that the Thames left the river about two hours after the Miranda, and it is stated that when the vessels camo together the Miranda was backing in order to pick up the boat, there being a strong Aced tide running which retarded the progress of the boat to the ship. The Miranda's lights would not be visible to the Thames. The weather, how ever, was line and clear. The Thames fortunately was kept free of water, and returned up the river to Carron wharf, where the crew of the Miranda were landed. The loss of the Miranda must involve a considerable Lam. The death of the veteran organist and composer, Sir George Smart, took place on Saturday, at the advanced age of 89. His health had been in a declining state for some time, and his demise was, therefore, not unexpected. His name has been honourably connected with the musical history of the country for many years. Sir George was knighted in 1811, at Dublin, by the Duke of Richmond, then Lord-Lieutenant of Ireland. At the meeting of her Majesty's commissioners of the Paris Exhibition on Saturday, several proposals were discussed and discarded. Among others certain boat races on the Seine, in which women of all nations were to com pete, and though last not least the Great Prize for Self- Glorification, to gain which every man or body of men were encouraged to give themselves out as the moat perfect com bination of moral and material success in the Universe. Mr. John Phillip, R.A., is seriously ill. Mr. Phillip was sitting in the studio of his friend Mr. Frith, R.A., on Tuesday morning last, apparently in excellent spirits, when he was struck with paralysis. With great difticulty he was removed to his own house, where he lies, under the we of Dr. Jaunt. and Mr. Henry Thompson, in a very witical state. The special correspondent of the Curk Herald still remains in gaol at Killarney. The estimated number of valentines despatched from or delivered in London this year was close upon two millions, yielding an amount of postage considerably above 10,000/. A series of sums, amounting in all to 56,7881. se. 6d., will have to be voted in order to make good excesses on certain grants for the civil service for the year ending March 31, 1866. The proceedings for the repression of the Fenian agitation have led to an unexpected expendi ture of 7,7221. The postage of public departments has exceeded by 8,5221. the sum estimated, It appears from a parliamentary return issued to_ day that the payments fur travelling and personal expenses of witnesses summoned by select committees of the House of Commons in 1864, amounted to 1,0161. 15s. 4d.; in 1865 the amount was 1,0841. sa. 10d., and last year 1,8261. 175. 4d. A list has been printed for the use of parliament, giving in alphabetical order the boroughs of England and Wales previous to the Reform Bill of 1832, and st►ting the nature of the suffrage existing in each borough. The return was moved for by Mr. Sandford. This morning was bustled a parliamentary paper containing the revised code of regulations incorporating the minute of June 11, 1866, with a schedule of all articles cancelled or modified, ►nd of all new articles, by the Com mittee of Privy Council on Education. The estimate for Greenwich Hospital and school for 1A67-8 amounts to the stun of 12:4,6351., being 3,2651. more than last year. Among the parliamentary papers issued to-day is a return from each of the municipal corporations in the unit e d Kingdom, showing the claims that are required and allowed in each respectively u entitling the applicant to receive the freedom of the city or town, and to be placed on the parliamentary electoral roll u a freeman yaks, &c. • AMOUNTS O► THZ VAIUOUM PSTIVATI64. Scott C1,233,626 Abraham 1,Z84,166 ...... Domes and towers. Waterhouse 1,419,842 Street Lock wood ... 1,23i.:9C5 Surges 1,564,389 Brandon Barry clock tower. Deane Garling Seddon 2,046,644 A Nsw MEMORIAL BRARA AT CARIARROORC— A mural brass has recently been placed in the parish church of Cariebrooke bearing the fol lowing inscription : " In memory of Colonel Sir Faithful Fortescue, hut., soft of John Forteseue, Esquire, of Ruction.' Fißeich, Devon, by Susannah, daughter of John Chichester, of Raleigh. Ho was a distinguished Royalist officer, and fought in several battles of the great civil war. At the Restoration he became a gentleman of the privy cbmiaber of Charles 11. Having left London to avoid the contagion of the plague, be retired to this island. He soon afterwards, being then o.Ladreat age, died at the manor of Bowoombe, in this , and was buried within these precincts, 29th May, D — C — LX X VI. This tablet is placed here by his eldest male representative, Thomas (Fortescue) Lord Clermont, 1866."—Haab Advertiser. I