The Express. — London, England, 1861-11-25 00:00:00

OI). FVITII AND MN RE EXTRACT of CALVES' FEET, roe Inva lids and Culinaryl oe. 4IR, la. A , and I pa, Lets, I.) 01 chemists, grams, Re VALTURY Lt, LI rri.r. I , IR LANDdS I , Ittient-eS , W . SECOND -RAND PIANOFORTES. CILAMIM. BEALL WIPW lave a lane artrtm•int ne wood-bon.' Ptats.4.44k I.; the tormt est...ni 2 maw,. at greatly reduced prgcm-111. C.4tult.trera. Zftt Orprtlfi. le 001LJUSPON DIST& evertlauebeele LIeOW Lnn -ver:eg f . ..per, meet be at tha oike, lionvorle-er..eL bs I. • allsoek es the day of UAI'tIIIIEKT. inn i:viarnes. THE - ort ‘m LRlt•\\ 4IN Authers, hick.t.ne . Mrs C. 1114.0.1irer. - JAC 4 Itt, URN b'CiPM CANTON. I u. La.lervi• —Ask L Y UUSIIANL/3 0114161.—CussomoraS J. VKI 44'4 k . rivivi,JE‘NNEITCY WIWI/INa —Ault OTUILLO. hear. Y.ehter. Cydw , J.Mask palter. sb nu , nia Laglicart 116tes C. laden. 1. !L I.eckreq, sad I.bworthy. NT. JAMIOCR. Tun Er.verso, A 4L Mr. O. Vining and 1111, Kate Terry.—THE POOR NionLCar% N. Mr. A. W WYO. All.l RILL SIR C1'81:. Mend& 11:111.1.4M. Co.kervll, Y. Matthr•.. firs Maithrwa—CoarnardeeatTi. I:ItIr4N . SIA. foes Evizcinn. THE 41 7 i.e3. mks F: Claytqn Sal llorke)•—M. illutr. Wine. , tryikau.—Ur. J. Plusepton. THE WILPM",I noN. Airs. A. lane. - Cuninvelier 14 61. IUeIWATIR AT WXDOW WOOL - 11118 Oat CL Abonarsa M. Ile. TO-31•1110W.41knieles, 1.61 c LONDON, MONDAY, NOV. 26. Acs rxrouri. as the public have become to the frauds and ruinous mismanagement ..f public com panies, the perusal of the report made by the aceountante on the affairs of the " Bank of De "posit''—the real name of which, as it now appears, is, "The National Assurance and Investment Ammo " citifies "—will be followed by an universal burst .4 indignation and a demand for the signal punish ment of those implicated in the scandalous misap propriations disclosed. Notwithstanding an intricacy and involution well devised to conceal fraud, the facts are very simple. The bank, on its promise of paying 5 per cent. interest, has received deposits to the amount of .102,5971. 15s. 7i1., and it has closed with assets of 65,0801. 13s. 4d. Although bound by the provision% of its deed to pay interest wily out of profits, it has never had any profits out of which to pay the 5 per cent. it promised. In every year the total amount paid to depositors for interest has so largely exceeded the interest received from borrowers, that in the ten years 1831-1061 the sum paid out of capital for interest to the former reached the largo sum of 110,3471. 13s. 10d. Here, then, there has clearly been such a misappropriation of funds by the directors, or by the managing director, as IVA it is sincerely to be hoped, bring the guilty laity or parties within the jurisdiction of the criminal LW of the country ; and in such a one as this, where there is no one to act promptly ill behalf of pubic justice, it is the bounden duty of the Executive Government to see if punish uient may not quickly follow the exposure of such a fraud. The payment of 60,3471. 13s. 10d., large as that sum is, for interest out of capital, lasses, of worse, a much larger dshcioncy of loss to be ascer tained. Unfortunately, it is readily accounted for by the following items: Preliminary expel...a 1:20,175 1 0 1:1;,.....- , .4 nauarnme.t 14.613 19 10 1...- ..r. Ausuity meows% :10,772 3 5 4411.4 1....~11 1 . 12.•‘1.1..t00d deacifsacy So that, in ton years, while the losses from mis management were 148,6441. 18s. 101., the ex-, ponies of what is called management were 174,790/. Is. 6d. It will surprise no one that in this decade, the managing director, who was thus actively empllyed in ruining the depositors, re mired for commission in lieu of salary and for fees as a director, 10,1281. 11s. Id.; not to mention that, in addition, his cash account with the company shows a balance against him of 1,2351. 11s. 7d.; mat:Ling tojether the very handsome sum of 11,3231. 2a. HI as his share, so far as has yet been discovered. The sue, as disclosed by the Aoconntanta' re port, is one which never admitted of the smallest self-deception or delusion. Mr. Prue Moaat soN and his associates never could have been under the mistake that they were earning out of any profits sufficient to discharge the interest they undertook to pay depositors; for year after year they half-yearly took—unlawfully of course— large smut from capital to enable them to fulfil their promises. They knew very well that all their invest ments were bad and unprofitable ; they seem, in deed, to have had an utter abhorrence of any in vestment that was moderately good ; they must' have been well aware that us making advances to the fortunate M. JULIAN Remiss° on his boot and shoe patent, and to a succession of insolvent life insurance companies; in subscribing to shares in societies which no man who valued his own character would have touched with a pair of tongs and in lending the Company's money to each other ; in entering into banking affairs at Leghorn, and annuity business in Paris, they were trespassing beyond the limits assigned to them by the legal constitution of their enterprise. They knew that in spending in ten years the immense sums they did in salaries, print ing, travelling expanses, directors' fees, commission to agents, ke., they wore wasting and dissipating funds entrusted for other purposes to them. Thu case is not ore of delusion, but of knowledge and deliberation ; it is not one of mistake or error, it is one of persistent and consistent inalversa ton. And if there be justice in England, the crime ought to be signally, severely—we will aid, promptly, punished. It is not one for the Curt of Chancery, or the Court of Bankruptcy, where at most three shillings in the pound, on 3 ,- .4,0381. 3s. Id. may, sooner or later, lie ob tained ; it is for the Ciudad Criminal Court, where all implicated ought, if it be possible, to be forth with arraigned. .%ITENTION Ms beta egad on former occasions i 3 this column to the important financial effects wl.i.h were prodnced by tho bad harvest of 1860. Apart from the beery foreign outlay which its deficiency occasioned, the twelve months which elapsed b•tween the ingstherixig of the crops of 1860 and those of the present year was marked 1•y • servo, hoop pressure upon the banking inte rest. The sir:cultural classes were straitened by causes too obvious to be further referred to, whilst I.lanufactirers and importers suffered from the check to cumuleption and from the slowness with which goods were sold. These circumstances naturally led to a heavy demand for money upon the hanks. Manufacturers and importers required help to holil their goods, and farmers to keep their heads water in an exceptional season. Agri oiltnrists, aho usually had large balances at their bankers, oln.w them out, and even in many cases hecasse ts.miwers, whilst the dittinitties of the poi.ter ela, of farmers eal..Nl them to lean upon the country banker % to an ei.tent not witnessed pu sold la NAN( THE EXPRESS, MONDAY EVENING, NOVEMBER 25, 1861. for many years. Bankers in the cmiatry, accord ingly, drew away the liberal balances which they ordinarily leave at the disposal of their London correspondents, or which they otherwise employ in the metropolis. As the provn* increased they went further, and instead of lending money in London they borrowed to a considerable amount in the metropolitan market, which was thus quickly made to sympathise with the unfavourable position of the staple interests of the country. It IVIM to the foreign outlay for food, combined with this pressure upon bankers, particularly in the provinces, that the extraordinarily high value of money which prevailed during the first seven months of the present year was almost entirely due. We rejoice to perceive by the financial accounts from most parts of the country that the effect of these unpropitious circumstances is at last com pletely passing away. The rate of discount began to break down early in August, directly the public mind had received the confident assurance of the satisfactory state of the crops ; but it required from mouths to relieve the country banks 1 1 some the pressure to which they had been subjected. Whilst the harvest was being got in, the demands upon them were heavier than before. But a decided change has taken place during the last two months. The agricultural interest has been again placed in funds. The grain crops wore stored in such excellent condition that they were immediately available for market. A very impor- ' taut effect was likewise produced by the immense purchases of grain which were made in this country for France, and partly on account of the French Government. Foreign gold was sown broadcast over whole districts. At a season when, if the harvest is at all good, prices in the corn markets ordinarily fall, they rose, under the force of the French demand. At a time, moreover, when there is not usually a free sale for the new sea-' ' eon's produce, unless at a sacrifice, the markets suddenly showed an almost unlimited capa city of isheorptieu. Without stopping to inquire here into the question of the probability of the country being required hereafter to replace, by means of imports from abroad, the immense quantity of food which it has parted with out of a not too abundant stock, it will suffice to remark that farmers quickly began to raise their balances at their bankers to the accustomed point. The country bankers, in their turn, paid off the loans they had obtained, and poured their sur plus into the London market, causing the rate of discount to descend to its present exceptional point, and aggravating the glut in Lombard-street. A little while ago metropolitan bankers were some what pushed to accommodate their coun try correspondents with money; their dif ficulty now is to accommodate them by taking in the large sums they offer. In many instances it has become impossible to do so, and the country beaker is driven to look to the Stock Exchange for securities wherein to employ his funds. Movements of this kind are full of instruction, marking, as they do, the close relations which mutually exist between the mercantile, agricultural, and financial interests of the kingdom, and the force with which the welfare or distress of one re acts upon the others. It is scarcely possible to overrate the important* of the improvement now in progress in the general condition of the country. The eutini home trade of the kingdom must sooner or later feel the benefit. When the agricultural community are poor or under a cloud, every country shopkeeper suffers, whether he deal iu ironmongery, drapery, silks, lace, hosiery, provi nous, or aught else ; and when the retail trade slackens, the wholesale trade immediately re sponds ; the manufacturer misses his accustomed orders, and looms and workpeople stand idle together. Money is now circulating more freely in the provinces, and commodities which had been dispensed with at a time of difficulty are once more entering into consumption. The purchase of the long-promised new silk dress for the farmer's wife us but the type of the thawing of a pent-up expenditure, the want of which has been felt in the gigantic warehouses in Cheapsido and round St. Paula, as well as throughout the manu facturing districts. The reviving prosperity of the farming clams, and the stimulus which it has given to the home trade generally, are the more gratifying when we consider the ex ceptional distress which is overtaking the cotton manufacturing interest through the high price and scarcity of the raw material. It is some sands°. tion to find that the depression observable in this important branch does not extend, in anything like an equal degree, to other departments of industry, notwithstanding the trials to which the home trade has latterly been subjected. During the last few weeks large investments have been made in government and other securi ties by some of the London joint-stock banks, and it is chiefly through these operations that the par tial recovery in the prices of the funds has or curred. It may be said, perhaps, that as long as they invest in safe securities, the course pursued 1 by the banks is not open to objection. They are naturally desirous of employing in remunera tive securities their surplus funds and interest bearing deposits. But the system has its incon venient side. It is not safe for banks to be virtually speculating in public; securities. The balance sheets put forward by one or two of them—parti cularly the well-accredited establishment known as the London Joint Stock Bank—have shown occa sionally some heavy loose attributed to " depre " elation of securities." This has proceeded to such an extent that it has become requisite to draw upon the reserve fund in order to keep up the dividend. Bankers labour under this difficulty, that a period when money is thrown out of trade and lies idle on their hands, and when the rate of discount is consequently low, is usually a period when the prices of public securities range high. It frequently happens therefore that bankers invest in such securities at prices which do not allow an adequate margin for the " chapter of " accidents," particularly when it is borne in mind that they will probably be desirous of withdrawing their money from these investments just at the time when trade becomes more active, when the rate of interest rises again, and when prices in the Stuck Exchange decline. Where a banker has control of money ou which he allows no interest, he is not under the necessity of entering the stock market which is imposed on ono who has interest bearing deposits to employ. The latter is pre ' eminently the case of the London joint-stock banks. We have always regarded it as ono of the weak points in the practice of these highly esteemed establishments that they allow too high a rate for deposits. It may be said, perhaps, that the rate now offered by them is not high, being only 2 per cent. But 2 per cent is high in relation to the present rate of discount, which is only 2/ on the best commercial bills. The mar giu between the price paid by the banks for de posits and that at which they can employ them is now, and is almost always, insufficient. The con sequence is that, as upon that narrow margin depends the tc7liinulation of the suns required for the sometimes overstrained dividends which the shareholders have been accustomed to ex pect, the banks cannot afford to keep their funds lying idle. They err, in fact, in two re spects ; firstly in paying such high dividends, and in making the accumulation of large reserved funds a secondary consideration ; and secondly, in giving a rate for money which makes it too costly for thorn to hold it even for a short time unemployed. It would seem very easy for the banks and other financial establish ments to come to a common agreement to modify the rate allowed for deposit; which is now fixed by tacit consent at 1 per cent. below the Bank of England minimum rate of discount. When the directors of the Bank of England make up their minds (as they will do, sooner or later) to discontinue fixing the rate of discount at their weekly court, the Joint Stock Banks will have to agree to accept some other standard. They might just as well do so at once, and in a manner which, by establishing • more moderate rate of interest on deposits in relation to the current rate of discount, and by diminishing the present competition for deposits, shall give them freer scope for independent action, enable them more deliberately to scrutinise the securities offered to them, and remove the necessity now felt by them of putting their customers' money in in vestments subject occasionally to heavy fluctua tions. We are convinced that the modification of the arrangements of the joint-stock banks in these points would promote, in the long run, both their own interests and those of the public. There has been quite a pause in the specula tion in the Liverpool cotton market during the put week. l'rices are " irregular," which means that the market, feeling that it is in a state of extreme tension, hesitates. Prices are, in fact, rather lower, and the sales have been limited, par ticularly during the last two or three days. Holders in some instances have betrayed • desire to sell, but produce, like every other article, ex cept, perhaps, Consols, is at all times more easily bought than sold ; and at the present exorbitant prices of cotton, sales of magnitude could not be effected, unless at a great reduction. It is worthy of remark that the stock of all kinds of cotton at Liverpool is now computed to be rather larger than at the corresponding period of last year, being 684,000 bales, against 576,440 iu 1860. The difference in price between the two periods may be gathered from the fact that " middling Orleans" is now quoted 11Sd. per lb. ; at this time last year it was a fraction less than 7d. LATEST INTELLLUENCE. it is evident that both vowels suffered the penalty of their rashness in endeavouring to infringe the blockade. The French war vessel Peony made one of the first division of the imperial fleet despatched to the North American waters immediately after the breaking out of the rebellion in the United States. Major-General Halleck, who lately arrived from California, has been appointed to the command of the Military Department of the West, in place of General Fremont, and General Buell, of Ohio, an efficient army officer, has been put in charge of Kentucky in place of General Sherman, resigned. Those two men are in tho prime of life—about 40 years of age—and their an tecedents warrant the expectation that there will he no more mistakes in the western section. A despatch, dated yesterday, from Gallipoli', Ohio, states the town of Guyandotti, on the Virginian bank of the Ohio river, was attacked on Sunday night by 600 rebels, and that out of 150 Union troops stationed there, 100 were killed or taken prisoners. It was said that the rebels, both male and female, fired on our troops from the houses. Later news, however, states that only eight of our men were killed, but that a large number were taken prisoners or wounded. It ►ppars that the rebel portion of the inhabi tants were aware of the intended attack, and had prepared a supper for the rebel cavalry on their arrival. Colonel Zeigler, with the Fifth Virginia Regiment, arrived soon after the rebels left and set fire to the town, the greater pert of which has been reduced to ashes. Amounts by mail confirm the defeat of General Williams' men by General Nelson's Federal forces at Pikestown, the capital of Pike county, Ken tucky. The battle lasted the Bth and 9th. The victory was complete. Generals Williams and Howes are among the prisoners. The secessionists lost 400 killed and 1,000 prisoners. The President's Message to Congress was in course of preparation. The World's Washington despatch says that General M'Clellan has re-organised the spy department, and that he now receives reliable information of the enemy's strength and move ments. The same journal states that the President will not pardon Captain Gordon, the slaver. The special correspondent of the New York Herald, at Washington, says : The government has issued p►rmits to parties in Rhode Inland to trade with loyalists along our southern coast. Vessels are now fitting out for that purpose, loaded with supplies of various kinds, among which is salt, clothing, and other articles of prime necessity, which, it is expected, will be at once exchanged for cotton. This is a new feature in government policy and war, and may lead to important results- SenatorSimmon a of Rhode Island,it is said, has been the prin cipal mover in this matter. It may be, however, that these vessels, and others now fitting out will also follow the ex pedition, and as soon as an opening is made by the expedi tion, and a permanent footing obtained in South Carolina or Georgia, cargoes of cotton will be at once shipped to Liverpool and other points. This is very important, and has the full sanction of the government. The New York Times makes the following remarks on the above scheme : The license of the government to northern shippers to trade in salt and shoes, &c., with loyal citizens of the Southern States, spoken of by a morning paper, is likely to teat the honesty of the parties so engaged. Suppose, when the vessels get into southern waters, a rebel citizen offers a better price for the cargo than the loyalist, what will hap pen? This query will probably dispose of the whole ques tion whether such licenses are to be issued or not. A Philadelphia despatch states that the steamer Bermuda ran the blockade of Savannah on the night of the 2nd of November. She was loaded with 2,000 bales of cotton for Liverpool. Advices from the frigate Niagara to the 24th of October say nothing about the alleged capture of the privateer Sumter. It is stated that the Custom-house in Norfolk, Virginia, was burnt on the 10th, with a large amount of stores. The British schooner Addeo, which brought a cargo of naval stores out of Wilminiton, North Carolina, and put into Newport, Rhode laLsnd, in stress, had been condemned, together with her cargo. San Francisco advice' by telegraph are to the 11th of November. The market is dull. Pig iron was scarce. The steamer Sonora, from Panama, left ou 11th instant, with 970,000 dollars in treasure. THZ NASHVILLE. It is understood that, as a result of the delibera tions of the Cabinet Council on Friday, orders have been given nut to permit the Nashville to be re fitted as a man of war in Southauiptou Ducks. In accordance with a request received from Cap tain Nelson, who had previously gone to London, the whole of the crew of the Harvey Birch were sent up to London yesterday by the 12.30 train, Captain Britton, the American consul, having made all the necessary arrangements. Cbt Court. WINDSOR CASTLE, Nov. 23. The Princess Alien, the Princess of Leinin4en, asd the Prince of Leioingen dined with her Majesty yester day. The Belgian Minister had the honour of being invited. The Queen, accompanied by Princess Alice. rode out as horseback this morning, attended by the Hoo. Emily Cath cart, Major-General Seymour, Lord Torrington, and Colase! Biddulph. Ths Prince Consort went out shooting with the Prince of Leiningen. In attendance were Colonel the Hon. A. Hard- Lieutenant-Ceneral the Hon. C. Grey, and Colonel the Hon. A. Princes, Helena and Princess Louise rode on horseback. The royal dinner party in the evening included the Prin cess Alice, the Priam end Princoes of Leiningen, Lady Caroline Barrington, end the following *imams who arrived In the afternoon : the Duke and Duchess of Somer set, the Right Ron. W. Cowper, and Major• General Trollops, C.D. _ Nov. 24. Divjoe service was performed tide morning in the private chspA by the Hon. and Very itev. the I)een of Windsor, at which were iweeent the Queen and Prince Consort, the Pliocene Alice, Prince Arthur, Princess Helene, Prioress Louise, and the Prince and Prioress of Leiniugen, the ladies and gentlemen of the court, the domestic household, and the visitors staying at the Castle. The Right Hoe. Sir George Grey left London on Saturiay foe his seat, Fallodoa, Northtunberland. Mr. James A. Youl had an interview on &tunlay with the Duke of Newcastle, at the ColoaiaLoSice. Sir Edmund Head had also an interview with his Grace oa Saturday. Her Majesty'. Commissioners for the Intenuttional Ex hibition of 12062 bad • meeting, at their offices iu the Strand, oa Seturdsy. Despatches were received on Saturday at the Colonial- Alm from the Lord High Commissioner of the lonian Islands. Despatches were sent to the Governor., of the Settlements ou the Wait Coast of Africa, Cauwla, and the Bahamas. His Royal Highness the Prince of Wales is expected to honour the Duke and Duchess of Manchester with a vi►it on Wednesday next at Himbulton Castle, Hunts. On Thursday the prince goes out with the hounds. A distinguished circle will have the honour to meet his royal highness at the mails during his sojourn, His Excellency the Austrian Analiaasador has arrived at Chendos Hones from Vienna. The Duke and Duchess of Somerset left town on Saturday co a visit to bet Majesty at Windsor (Jastle. The Duchene of Hamilton and family left town on Saturday for Paris. his grace will remain io Scotlaud till after Christmas. The Countess Dowager of Sandwich leaves town to•morrow for HinoLiobroke Home, Ifuntingdooghire. The Lent Bishop of St. David's ha. 3 returned to Maarigy's Hotel from Paris. Sir Alezauder awl Lady Arabella Banuerman hare left town to joie the einsle aueashled at Hatfield House, Herta Sir Benjamin Brodie, president of the Royal Society, has arrived ►t 37, Portland-place, for the winter, from Broome Park, Surrey. The Hon. William and Mrs. Ashley come to town to-day from visiting Lord and Lady Cranworth at Holwood Park, Lent. Lady Herbert and several members of her family Sr. at present at Paris, on their way to Nice, where, we (Solidnary Journal) understand, her Ladyship intenile re maining during the winter. Viii;ount and Viscountess Palnieraton entertained his Excellency the Austrian Ambassador and the Countess d'Apponyi, and the Caimans Marie Paumgarten, his Excel lency Baron de Cetto, the Marchioness of Ely, the Count Brendeuburg, the Right Hon. Sir Charles and Lady Mary Wood, Lord Stanley of Alderley, Sir John sad lady Mil bank*, the Hon. Evelyn Ashley, Visoonntese Joeslyn and Hoe. Miss Jocelyn, Lord Edward St. Maur, Mr. Calcraft., and a select party at dinner on flatunlay evening, at their residence in Piccadilly. Lady Palmerston, later in the evening, received a numerous circle, oomprising most of the members of the diplomatic corps, and the majority of society in town. A number of the most intelligent and experienced non-reommissioned °dimes and men have been selected from the ?loyal Eagleson at Chatham to bo despatched to Oallicia, where they will be employed in surveviox opera tions in connexion with the Danubian boandary commission. The nou.commuaiooed odium who goes out ineliarge of the survey iag expedition is Sergeant Hales, who is thoroughly onnversaut with the nature of the duties which will devolve oo him and the force under his orders. Advices from fit. Petersburg mention the failure of Yews. From*, Gregory, and Co., iron and noichioe 'gents, with liabilities supposed to be rather large. Their principal debts on Ibis side are said to be covered, and the loss will therefore fall principally in Russia. The dil,ster is reported to hare been brought about by transactions in tallow, and not by any difficulties is the regular business of the firm. AMERICA. ARRIVAL OF THE EUROPA. GREAT SUCCESS OF THE FEDERAL EXPEDITION. LIVERPOOL, SUNDAY. The Royal Mail steamship Europa, Captain Anderson, which left Boston on the 13th and Halifax on the morning Of the 15th, reached the Mersey at noon to-day. A Montreal telegram of the 12th instant an nounces the arrival at Quebec of the brig Deshler, Captain Mann, from Liverpool, having on board seventeen of the crew and one passenger picked up with the missing boat from the North Briton. All the passengers and crew are therefore accounted for. The Philadelphia Inquirer has the following from Fortress Monroe, derived from rebel sources : la anticipation of the arrival of the great expedition the rebels have been engaged in erecting butteries upon a point at Hilton-bead, near Beaufort, nod opposite the neck of land. The principal fortifications on Hilton Head was de nominated Fort Walker, and situated on low land and partially concealed by trees and underbush. Adjoin ing it were other batteries of smaller sire, but so connected as to prove a formidable bar to the entran:e of vessels. Fort Beaufort was of oonsiderable importance, having been mounted with heavy guns. The garrisons are supposed to have been South Carolina regiments, assisted by additional regiments which were sent from Richmond. The batteries at Bay Point, opposite Hilton Head, were squally as formidable. Inside of Port Royal entrance and behind the batteries lay the Best of Commodore Tatted', which .consisted of small vessels, carrying a few heavy guns, but principally light ones. Tugs constituted a great portion of the fleet. Many of these remained outside the mouth of the en. trance until the arrival of our fleet, when they formed in miniature line of battle is the position already stated, be hind the guns of their own forts, and across the entrance. On the morning of Thursday last the United States fleet, consisting of 42 vessels, headed by the flag ship, approached the mouth of Port Royal entrance. This was at half-past 9 o'clock. Several of the transports remained off the coast. The approach of the fleet created a great stir in the rebel batteries. Upon arriving at a suitable position, the guns of the fleet opened a continuous lire upon Forte Walker and Bosuns gird, as well as those upon Bay Point. Under cover of this fire an effort was made to run the gauntlet of the batteries with very trifling injuries. At least fifteen of them sue• *sided in passing up the entrance, beyond the reach of the land batteries. As the Union fleet sailed upi the mosquito fleet of Oom• modoreTatnall opened fire, bat seeing the impossibility of making any resistance, soon dispersed, and some were forced to ran on shore, while others were driven almost out of sight. Commodore TatnalL went on shore with his men to assist in working the batteries and use them against the vessels of the Union fleet, which were endeavouring to follow the ad vance Union force. The passage of the fleet through the channel was not ac complished until the firing bad continued from half-pest nine o'clock in the morning to nearly 5 o'clock in the evening. During the fight one of the Union gunboats is believed to have been burned, and three steamers disabled. It is acknowledged by the enemy that they had twenty men killed in Fort Walker; but is impossible to state what their loss was at the other batteries, although doubtless peat, as our fire is mentioned as having Leen very effective, the guns being well aimed and of heavy calibre. No sooner did our vessels go past the batteries at Port Royal entrance, and slide into what is termed Broad River, than they made for the mouths of the inlet leading to Beaufort, Savannah, and Charleston. Those they imme diately blockaded, although not in time to prevent the escape of some small rebel vessels. Not, one of the Federal vessels was sunk, and the only one believed to have been destroyed by the fire was the gunboat referred to above. The burning of this is described as being • gmnl spec tacle, the guns going off as the flames reached them, and throwing the shell far into the woods on shore. The crew ass said to have passed through • murderous fire to another vowel, but they escaped with very little, if say, loss. - . . . . . The Federal vessels acted under special instructions in at once blockading the inlets which lead to most im portant points and which afforded loopholes of escape to the enemy. While ► portion of the fleet, however, entered ape this duty, four ships made at once for Beaufort, and at 1 o'clock, on Thursday, these vessels were in sight of the tows. A despatch, dated Beaufort, Nov. T, to the Charleston Meru ry. says that at the time designated the UlllOO forces wore preparing to effect a landing, evidently with the de sign of throwing up entrenchments and attacking the town. We have no mean of knowing the exact has of the Union furore, but the rebels confess that their own firing was very bad, and their artillerymen badly in want of peso• taco. They declare, moreover, that the guns in the forts were not properly mounted. When Commodore Tatnall went to assist the men in the fort, he found that many of their cani.on were actually dis mounted by their own rebound. To this fault the rebel journals attribute their defeat, and badly call upon the Confederate government to find out where thy blame rests. The New York Herald gives the following sum mary of the position of affairs up to the morning of the 12th inst : From various sources the news of the capture of Beau fort by our great naval expedition is continued, although no official news of the event ham yet reached the government by the special despatch boat. From Hatteras Fortress, Monroe, Norfolk, end even from the distant western point of Memphis, Tennessee, the intelligence reaches us that the lauding of our troops and the capture of the bat teries and town of Beaufort have been successfully accomplished. While the arrival of some boat from the squadron was anxiously expected at Washington, her non-arrival was accounted for by the fact that General Sherman would probably not forward any offici►l report to the government until the whole object of the expedition had beau accomplished. However, it may be that a boat would arrive at any moment with the desired intelligence. Several exaggerated reports have been circulated from Fortress Monroe, among them that two fishing smacks, which bad taken shelter under the guns of the Cumberland, reported that they had been &hies in the James River, supplying fish to the rebels, and that when they left the report was current that Charleston bad been attacked by the anion force., and that on Friday last the peninsula between the James sod York rivers had been wholly alien. doned, and the rebel troops occupying that poet had been sent south. It may be that wine portion of the troops were withdrawn, but we do doubt, that this penis es* forming as it does the rued to Richmond, has been abandoned by the rebels. With regard to the attack on Charleston, it is highly improbable that General Sher man would leave his base of operations at Port It.iyal Island exposed to attack by such a movement, as he has sot sufficient force to accomplish the capture of Charleston, and preserve the safe occupation of his present positiou at Beaufort. Nor is it ►t all likely that an at tack on Charleston, or any other large city, was contemplated by the expedition, considering that their landing point is some sixty or seventy miles, by land, from Charleston. It is far more probable that the intention of lauding at Beaufort was to establish a secure rendezvous for our fleet, and comfortable winter quarters for the men until further plans of action are matured. The success of our fleet, however, in lauding and obtaining possession of Port Royal Island and the town of Beaufort is established beyond doubt, and this is a mast satisfactory result at the outset of the expedition. The wreck of the transport Union, one of the squadron, at Bogue Inlet, as before repotted, is confirmed. Her crew were taken by the rebels to Fort Macon and Raleigh, North Carolina. The steamer S. R. Spaulding, which arrived at Fortress Monroe from Hatteras, reports that on Wednesday the French frigate Centehibria, 2,500 toes burthen, went ashore, near Beaufort, is the gale. The commander and crew got safe ashore, and the vessel was afterwards blown up by a detachment sent from shore by the cons maadiag officer. The lees of the French man-of-war Prosy, at Ocracoke Creek, is also reported, and there seems to be some slight conflict in the information, as to whether it was she or the Cantelabna which was blown up, but LATEST BY TELEGRAPH TO HALIFAX. NEW YORK, Nov. 14. Advices received by the Federal government an nounce that the fleet commenced the bombardment et Port Royal on the 7th inst. After a fight which lasted four hours the Confederates aban doned the forts and retreated precipitately. The Federal' captured two forts, forty-three guns, military equipments, and valuable papers. On the Bth inst. the Federal army, numbering 15,000 men, landed and established themselves at Beaufort, South Carolina, which, with;the neigh bouring plantations, was totally destroyed by the whites. Large numbers of negroes came into the Federal camp. Beaufort is to be held as the seat of future operations. Eight Federals and 100 Confederates aro re ported to have boon killed during the bombard ment. Four Federal vessels were lost or missing during the late severe gale. It is reported that a Federal collector will be immediately appointed at Beaufort, and that the place will at once be opened to commerce. COMMERCIAL INTELLIGENCE. NEW YORK (via Halifax), Nov. 14. Exchange—Bankers' Bills, 1081. Stocks irre. gular : New York Central, 80i ; Illinois, 641 ; Erie, 34. Cotton quiet : Middling Upland jo. higher. Breaelstuffs firm. Provisions quiet. THE GOVERNOR OF PENNSYLVANIA AND THE PROPOSED FORTIFICATIONS. The following is a copy of a communication re ceived at the State Department from Governor Curtin, in reply to Secretary Seward's circular : Pennsylvania Executive Chamber, Harrisburg, Nov. 2, 1860. Hon. W. H. Seward, Secretary of State, Washington, D.C. Sir,—l received a few days since an caved• pe, apparently from the Department of State at Washington, enclosing a slip from a newspaper purporting to be a copy of a letter from you to the Governor of New York. This mode of com municating advice to the government of the United Stake to the State authorities is so unusual that I am perhaps not quite justified in sunning, as I do, that the communica tion is authentic. I am glad to learn that the pros. pect of a disturbance of our amicable relations with foreign countries is now less serious than it bar been at any period during the course of the insurrection. The duty of taking precautions against such disturbance appropriate to the government of the United States, and as, when the prospect was more serious, it was not thought fit to invite to the subject the attention of Congress, which had authority of making suitable prevision, I do not uoderstand how Kite fact that it is now lees serious can afford a reason for calling on individual states which have no such authority. What Congress has done or omitted you of course must know, but it seems strange that general appropriations for military purposes should render lawful the expense of fortifying Washington, Cincinnatti, St. Lassie, and other places, and yet that the government should falter under an apprehension of want of authority when the question is of fortifying seaboard and lake ports. Thu regular session of the legislature of Pennsylvania. as you may be aware, will not commence until more than a month after the next meeting of Congress. When you assure me that the prospect of disturb ance is now less mums than it has been at any period since the insurrection began, I feel that your letter would not justify me in calling a special session, and without isition by the legia later* I have less authority to act than the executive of the United States, since the subject itself is within the scope of the general government, and is not within th►t of a state government. State governments bave recently (in con formity with the spirit of the constitutional provisions in ' regard to the militia) acted as agent' of the general government, and in raising volunteers for the general de. fence, and in clothing, arming, equipping, and supplying them ; but even in this matter, not, it is believed, beyond their people and territory. Some of the points important for the maritime defence of Pennsylvania are situated in other states. It could not, of course, be expected that the authorities of this common. wealth should go into New Jersey or Delaware w erect fortifications. If they are to be erected by the concur rent action of the several states immediately concerned, an agreement among them would be necessary to determine what should Le done and what proportion of the expense of doing it should be Lorne by each. No such agreement could be lawfully made without the action of the several state legislatures. and the constitution expressly prohibits its being made at all without the assent of the Congress. To defray the expenses of the proposed fortifications the states must, of course, resort to loans. The effect produced by the competition of a principal with his own agents, has already been illustrated by the embarrassments attend ing that system in the raising of volunteers, and in the procuring of clothing and other supplies for them. To throw several of the states on the money market, in direct competition with the large leans necessary to he made by the general government, especially under the discouraging influence which the publication of your letter may have on public credit, is au experi ment which must lead to embarrassments simi:ar in kind, but probably even more injurious. It is not doubted that provision for reimbursement should Le made by law, for Congress at its last session promptly passed an act provid ing for the reimbursement of expenses incurred by the state is raising volunteers for defenos of the United States. For that defence Pennsylvania has, in proportion to her population, furnished a larger and more effective force, and at a greatly lees expense, than any other state, and her people are now freely contributing their money to the loans of the United States. Under the above-mentioned act of Congress the govern. meet of the United States, through its proper department. agrees to pay at once to the several states 40 per cent. of their expenditures, as stated by their respective authorities, but this payment has thus far been withheld from Penn sylvania, for the reasons, as given, that she is so wealthy • state, and has expended so little money in proportion to the large material aid which she has furnished, that she can welt till a more convenient sea. son—in other words, that the economy of her government and the liberality of her people afford grounds for refusing to her the prompt though partial reimbursement which is made t other states, and which she would seem to have deser►ed not leas, but rather more than they. In regard to the final settlement of these accounts, I observe that a communication has already been re ceived (backed by a certificate of • person hold ing a high official position at Washington), setting forth the necessity that the agent for settling them should possess au intimate knowledge of all the laws and precedence applicable to such cases to be found in the past history of the government, and adding that this knowledge and proper consultation with the accounting officers will be necessary to enable him to advise as to the beet mode of making up and proving the accounts, many of which must otherwise be rejected by the accounting officers. Theao circumstances lead me to express the hope that the next provision by Congress for the reimbursement of the states may be so arranged that some faith may be reposed in accounting departments of the several states, and that (at least in cases where the amount claimed is so small in comparison with the services rendered, and with what they would hate cost the Unite,! States directly, as to I exclude the possibility of extravagance or prodigality) the actual expenditures made by the dates may be refund. d to them without the necessity of resettling and re vouching the accounts under such formidable conditions. On the whole, I suggest that the best mode of attaining the end you propose would be for the general government itself to immediately undertake the fulfilment of its own duties in this regard, in which it will prove, if necessary the prompt, earnest, and zealous aid of the government and people of this commonwealth. If, how ever, this course should not be *notated to, then I have but Waxy that Pennsylvania, in any way that maybe required, will give her last man and her last dollar to quell do mestic treason or drive back foreign invasion, and will leave to a more quiet season the discussion and deci. non of the various questions that may arise from steps that have been taken during the existing crisis. In case, therefore, the general government should per. shit in the plan which you suggest, I beg that the President will, as you propose, forthwith send proper agents of that government to Harrisburg, to confer with me on the position and character of the necessary fortifications, so that no delay may occur in adopting proper measures for their construction. Very respecthdly, your obedient servant, A. G. CURTIN. The following telegram has been received at Mr. Renter's ofßoe from the Peninaular and Oriental Steam Navigation Company, Nov. 25. CALCUTTA AND CHINA MAILS. The Maaeilia, with the above mails, reached Malts at midnight on the 22nd, and continued her voyage to Marseilles at 4 the next morning. The Indus, with the hoavy portion of the mail, left Malta fur Southampton at 6 p.m. ou the 23rd instant. OUTWARD BOMBAY MAIL The Valetta, from Marseilles on the 20th, left Malta for Alexandria, at 11 p.m., on the 22nd lust. Tux Naw Faosam. Carroty PORT.—Beaufurt, at which 15,000 troops of the Federal expedition disem barked on the Bth inst., after the bombardment and capture of Port Royal, is one of the chief towns of South Carolina. This State, having been the leader in the rebellion, LAB felt the first severe blow which has been struck by the government of the Unitel States in this war. The low sandy islauds along the coast, now commanded by the Federal forces, furnish the very beet descriptions of cotton any where produced. The inland district, behind Beau fort, is full of slaves, who form three-fourths of the population. The harbour of Port Royal is, after Charleston, the best in South Carolina, and is acetsaiLle to large ships. FLNSBURY Eaxi-noN.—An influential meeting was held on Saturday evening, at which it was unanimously resolved to support a requisition, already numerously signed, to J. Remington Mills We Lave it on good authority that Mr. Mills is likely to accept the invitation. M. Cousin, the celebrated French philosopher, who is in a very bad state el health, by just left PUY for Cannes. Fur the seat left vacant in the French Academy by the death of 31. Scribe, the following are mentioned as candidates :—M3I. Fleury, Octave Fannie., 31azath, Girlie, and Jules Simon. _ _ The Rev. R. E. Sanderson, M.A., Las boa nominated by Mr. Woodard, the Provost, to the post a Head Master of Lancing School, Swm. The Roman catholic clergy of the deanery of Belliorobe, in the county of Mayo-12 in number—lord adopted a series of resolutions on the apprehended destita• tioa in the West, and a memorial founded thereon to the Lord-Lieutenant, begging the interposition of the go% ero• meat. They assert that the staple food of the people ie that district has totally failed this year, " ootwithstambez what a high official excursionist has stated to the o.u. teary." According to them, "the miserable remnant of the potato crop which has survived consists, genenaly speaking, of small unripe tubers, which are unwholeson3e , and unfit for human food." M. Koasuvu.—According to the Trieste 17,r..tt , M. Kossuth is seriously ill ; it is said that he exhibits alarm consurnptive symptoms. Tag BISHOPRIC OF HONOLULU.—TIM Anbbislep of Canterbury intends to apply to Earl Respell for the Qoool.l'll license to consecrate the Rev. T. N. Staley, to the bishopric of Honolulu, and there is reason to hric , " that it will be granted. The bishop designate has attended meetings Lately at Maidstone, Innibeth, and other places. On the sth inst. there were 70,5311 forret: o , a dour, 1,252,3;17 bushel, of wheat, and 1,395,334 budlels of corn at Chicago. The storage capacity at that city for wheat and corn is equal to 5,475,000 bushels. Lariat the present year 1,259,973 barrels of dour and 423 96.419 bushels of grain had been received at Chicago. nee' enormous receipts have been owing to the blockade of the Kisaiseippi river. The salt crop in Turk's Island lied been tio• obeyed. The frequent *quails end high wind had dissolved all the salt in the pans. At the lest &deices there Ira' about 470,000 bushels on hand. PT I i I Marl Pent Matt eon sad t; i• au, said, be do