The Express.
London, England, 1863-02-02 00:00:00

WATIMAT LONDON DIJDOL.

TWO Da i=l.lolliiii.7ktigiZT.T.ls;;TesT—in. 40a
Xv-amazow—Marldnr. se. Os.....Afister" 24. lagle

LONDON, MONDAY, FEBRUARY 2.

Tar advance in the Bank of England rate of
discount to 5 per cent., to the probability of which
reference was made in these columns on Monday
last, has taken place, yet in every quarter there is
an entire absence of perturbation. The commer-
cial public remain as calm under a 5 per cent, rate
as they were four months ago, when the charge at
the Bank was but 2 per cans. This calmness is a
very satisfactory feature, and is occasioned mainly
by the universal confidence which is felt in the
general soundness of our financial position. But
it is also due in part to a kind of incre-
dulity which lingers in the public mind.
People see that the value of money has risen
suddenly from 2 to 5 per cent., but they
scarcely see any adequate reason for so sharp
a change. Such reason is not to be found in the
course of our internal trade, which remains in
much the same condition as for some time past;
neither has there been any sudden access of spe-
culation in a foreign direction, nor a large increase
of imports, requiring to be paid for. Had an
adverse change occurred in any of these points it
would be easy to understand that the value of
money must be permanently raised ; but in the
absence of disturbing elements of adequate force
the public appear disposed to doubt the perma-
nence of the advanced rates now attained. In so
far as the present stringency has arisen from the
remittances on account of foreign loans and foreign
companies, we can see the end of our
commitments, and we know that the total
cannot, at the very utmost, cause more than a
little temporary inconvenience. In so far as it
remits from the habitual improvidence of the
Bank of France, and from the necessity conse-
quently imposed upon that establishment of laying
other markets under contribution for its relief, it
is also easy to perceive the limit to the drain, since
that limit must be the discharge of all debts due
to France by England. If the process of drawing
gold from England be carried beyond that point
all the further remittances become a short loan,
for which we must charge terms proportionate to
the inconvenience inflicted upon us. It
would be interesting to ascertain—did the
full materials for elucidating the inquiry
exist—to what extent the gold operations of the
Bank of France in the London market have been
facilitated, or otherwise, by the increased inter-
changes between the two countries which have
been caused by the commercial treaty. The
promptitude with which on the 15th January,
within an hour after the receipt of news that the
rate of discount at the Bank of England had been
raised from 3to 4 per cent, the French Bank
moved from 4 to 5, appears to indicate that the
council of the latter establishment have expe-
rienced an unusual degree of difficulty in, so to
speak, getting bold of our gold. Could the need-
ful supply have been procured without raising
the rate of discount, but merely by putting
in operation machinery which they have used
before, we may be sure they would have preferred
the latter course, as being much more congenial to
the hand-to-mouth system which prevails through-
out the extravagant finance of the Second Empire.
The Bank of England has now taken a further
strong step of a protective character, and the
French Bank hesitates to follow. For this heal-
tation there are, probably, two main reasons;
first, the French Government and the Council
of the Bank fear to arouse the apprehensions and
susceptibilities of the commercial and industrial 1
classes, who have a good deal to contend with at
present ; and secondly, an improvement of mode-
rate extent has within the last few days become
observable in the position of the Bank of France,
and this will naturally induce the council to wait,
in the hope that it can be coaxed into continuing.
Experience has shown that these recurring crises
in French finance are of only temporary duration.
Their effect upon our money market must be still
more ephemeral, seeing that this country is, as
we believe, not indebted to France in excess of
the average amount. Let the French Bank once
tide over the crisis of its difficulty and the pressure
upon us will at once subside. It will then become
questionable whether our trade is sufficiently
active to keep the rate of discount up to its pre-
sent point.

The public are too well versed in the financial
facts of the day to let themselves be plunged into
despondency by the gloomy predictions which are
occasionally heard in some quarters. A contem-
porary who on the 16th December pronounced
that "the symptoms are in favour of a quiet die-
" count market between now and the January
" dividends, and of an increase of ease after that
"date," and who declared on the lit January that
" the new year commences with all the markets in

" a quiet state, and without a single symptom of
" prospective disturbance," has lost his be-
lance since the advent* in the value of
money; has discovered that commercial affairs
are unsound, and charges the public with nothing
less than " mr.dness" in "surrendering themselves
" to the company-mongers." The public, on their
part, thcragh pretty confident as to their healthful
condition, have noted their own pulse, and taken
ever). other means they know of to detect symp-
toms of fever, but have not succeeded in finding
any. They prefer, therefore, to retain • belief that
affairs are in much the same condition as they
were a month or two ago, and that events in
the interval have not been sufficient to change what
was sound into something very rotten. Unlike
last year, which was marked by the
inixoduction of so many foreign loans,
including a Russian application for the trifling
sum of 15,000,0001. (a request which, probably
on account of its modesty, was backed by all the
support an eminent contemporary could give it),
the present year has, thus far, not been fruitful in
foreign schemes. Now, it is only such projects as
cause the exportation of capital that can seriously
affect our money market. When • home scheme
is brought forward, whether it be a bank, or an
insurance company, or a mining company, or
aught else, one of two things happens : either
(which occurs in a large number of instances) it
does not obtain subscriptions from the public, in
which case it simply dies ; or it is received with
favour and is promptly established, in which case
there is merely a transfer of the amount of the first
capital from some hands to others. Thus, Mews.
GLYN and Co., or Messrs. Roman and Co., or
the London and County Bank, or some other
bankers, are made to hold more money, and other
bankers hold • little less money ; yet the amount,
whatever it be, is not consumed or locked up, but
is available for temporary disposal, though perhaps
not quite so freely as it was before. Foreign pro-
jects must be watched carefully in the present cir-
cumstances of the money market, because they
mean an exportation of capital at a moment when
the supply of capital on offer is less abundant ;
but home projects, even if, to use a contemporary's
metaphor, they come in the form of a " Bank of
" Balls-pond," can affect neither the exchanges
nor the Bankbullion—the movements in which have
solely occasioned the rise in the valve of money.
If public writers, instead of emptying the vials of
their sarcasm upon so visionary an object as •1
" Bank of Balls-pond," would use their influence
to expose living substantial instances of joint-stock
irregularities, the community would be protected
much more effectually. But the one course is
easy and safe, while the other is difficult, and may
entail occasionally much individual responsibility.
We have been surprised to find in a mercantile
circular which has recently fallen into our hands,
a somewhat strange argument against the
soundness of the condition of trade. It is
stated that orders are being sent out too
freely for foreign commodities, and as the prices
now current here for most kinds of produce are
alleged to be lower than they are in the ports of
the exporting countries, it is inferred—and not
unreasonably—that considerable losses will accrue.
But why these losses should bring in view, as the
writer appears to suggest, • repetition of the dis-
asters of 1857, we cannot imagine. Such mode-
rate losses as may be sustained will constitute the
most effective check possible to any tendency to
excessive importations. The low prices offered
here for produce are suggestive to the public
rather of confidence than distrust. The com-
mercial crises of 1847 and 1857 were preceded, I
and in part caused, by the establishment in this
country, under speculative impulse, of relatively
higher prices for many descriptions of produce
than those obtainable elsewhere, the effect being
that imports increased, the exchanges de-
clined, and gold left the country. The
process of cure, watched by the advocates
of the Act of 1844 with a grim satisfaction, which
was only alloyed by the breaking down of that
Act, consisted in throwing down the prices of pro-
duce, under the successive turns of the screw,
until prices were higher abroad than here, where-
upon produce went out of the country, instead of
gold. Unhappily, this see-saw process was not
completed until thousands of persons had been
ruined. But, applying these lessons for guidance
at the present time, we confess we are at a loss to
imagine how low prices of produce—indicative, as
they are, of an inactive state of speculation—can
be regarded as a proof of commercial unsoundness.

PRIVY COUNCIL—It it expected that her Majesty
will hold a privy council at Osborne on Wednesday, the
4th inst., for giving the Queen', sanction to the royal speech
on opening the session of parliament, and also for appointing
the sheriff' for the Englieb and Welsh counties for the
present year.7o6"erter.

Lord Palmerston will give a grand dinner at
Cambeidgehoass, Piccedilly, on Wednesday next, the 4th
Mat% to elute party of members of the House of COM-
moss, sappartara al hi lordship's administration. The
compsay will aceaprias the mover and seconder of the
address is the lower haws

Earl Granville, u ministerial leader in the
Upper House, will give • parliamentary dinner oa Wad-
aesday mat, the 4th Met., at his residence in Bretoa-street,
Berkeley-equare„ to • party of between thirty sad forty
peers, ineledieg the mover end seconder of the address la
the House of Lords.

The address in answer to the speech from the
throve is the House of Lords will be moved by Earl Dudley,
end emended by the Earl of Ortheal.

We understand the Hon. George Waldegrave,
late secretary to the Right Hon. the Speaker of the Howe
of Commons, bee been appointed private secretary to the
Right Hon. Sir George Grey, Secretary of State for the
Home Department, is the place of Mr. Loch, C. 8., who is
selected u the Goreroor of the Isle of Mae.

We are sorry to announce the death of Mrs.
Harcourt, daughter of Lady Theresa Lewis, dater of Mr.
Villiers Lister, and niece of the Earl of elareation. Mrs.
Harcourt, who was the wile of Mr. Wm. G. Granville
Harcourt, died in childbirth on Saturday evening. In coin-
sequeoce of the premature death of the lamented lady the
Earl Ruasell's diplomatic dinner wee put oft

Mr. George Campbell, of the Bengal Civil
Service, has been appointed a Judge of the High Court at
Calcutta.

The mild weather has enabled the promoters of
the proposed Soldiers' Mission-hall at Aldershott to get
well forward with the preliminary works. The Sari of
Shaftesbury is to lay the foundation stone, with the usual
ceremonies, on Wednesday, the 11th inst., acid the con-
tractor's men are already busily engaged in preparing the
foundation. A luncheon is to take place after the ceremony
in the Assembly-rooms, and in the evening a public meeting
is to be held, at which the objects of the new institution
and its claims upon public support will be explained.

On. Friday evening Mr. Dickens read paasages
at Paris from his "Christmas Carol," with as great if not
more emcees than his " Little Dombey." On each of the
three occasions the roam, the largest, it is said. in the
I Embassy, was fell ; and the result, no doubt, profitable to
the excellent object far which Mr. Dickens has given the
gratuitous &idol his incomparable talent both as • writer
and a reader. Among the audience each eight were
French and Americans as well as English, and the admira-
tion d all three was ezpreesed with the same earneetnem.
One wish, too. they all seemed to join in, and this was
that, as Mr. Dickens has rendered so great • service to the
British Charitable Fund and to the Lane:whirs operatives,
he would give another series of readings on his own
account, and where his auditory would be still more
111U0Sr0411.

Ebe Court.

-4.--
081301117 F., BE. 1.
. _ .

The Queen, Princess Helens, end Prince Leopold
attended Divine lorries at Osborne this morning, which
was performed by the Rey. G. Prather°.
The Prince of Wales, Prince and Princess Louis of Hesse,
and Princess Louise attended the morning eerriee at Whip-
pingham Church. _ _

A Cabinet Council was held on Saturday at the
official residence of the First Lord of the Treasury,
in Downing-street. The ministers present were
Viscount Palmerston, the Lord Chancellor, Earl
Granville, the Duke of Argyll, Earl Russell, the
Duke of Newcastle, Sir Charles Wood, the Chan-
cellor of the Exchequer, the Duke of Somerset, the
Right Hon. T. Milner Gibson, the Right Hon.
Edward Cardwell, Lord Stanley of Alderley, and
the Right Hon.C. P. Villiers.

Despatches were received on Saturday at the Colonial-
Eike from the Governors of the West India Wands.
Despatches were sent to the Governor of Canada, the Lord
High Commissioner of the lonian Islands, and to the

Governors of the West India Islands, British Columbia,
and Bermuda.

Her Majesty's paddle-yacht Victoria and
Albert, in making an official trial of her machinery on
Saturday, embarked from Osborne their Royal Highnesses
the Prince of Wales and Prince Louis of Hesse. After
this the yacht's course was continued down the West
Channel to Yarmouth Roads, when her head was
brought round again for Osborne, where the Royal Priam
disembarked, and the Victoria and Albert returned to her
moorings in Portsmouth harbour. Her machinery worked
unexceptionably throughout the trial. The weather was
exceedingly boisterous. The yacht will fill np with coal to-
day, sod will leave Portsmouth in the end of the present
month to convey to England her Royal Highness the
Princes, Alexandra of Denmark.

At a meeting of the Gresham Committee on Fri-
day, Lieutenant-Colonel Palmer proposed that the area of
the Royal Exchange should be placed at the disposal of the
merchants, bankers, and traders of the city of London for
one day during the ensuing spring or summer, for the pur-
pose of au entertainment to his Royal Highness the Prince of
Wales and his bride, the Princess Alexandra, with a
aka ner d to fourcheffe. In a similar manner her Majesty
the Queen and his late Royal Highness the Prince Consort
were entertained by the Gresham Committee upon the or-
casioo of the opening of that building ; and such an enter-
tainment wee proposed to have been offered to his Majesty
the Emperor of the:French last summer, had he been able to
oome to this country for the purpose of visiting the Inter-
n►tional Exhibition.

The Danish landholders, among other costly gifts
to the Prisons Alexandra on occasion of her marriage, will
present her with a marble statue by Jerichau, the subject
being our first parents before the Fall. Eve, suddenly
sprung into being, is gazing wistfully on Adam, who sits on
the earth, ►nd on whose left arm she is reposing. The
Danmark states that se a state wedding gift the princess is
to receive 100,000 Danish dollars, of which about 21,000
will be asked at the hands of Holstein, while the rest will be
paid by the Danish realm.

We read in the Danmark of Copenhagen :—" The
German court Fainter Leached, who was despatched to
this city to take the portrait of her Royal Highness the
Princess Alexandra, has now completed his work. She has
been taken both en face and en projil. They will probaby
be exhibited here for a few days, before they are sent to
the place of their destination.*

A grand children's festival was given at Berlin
on the 27th alt. by the Crown Prince and Crown Princess,
to celebrate the fourth birthday of Prince William, their
royal high3esses' eldest son. Their Majesties dined with
the Crown Prince and Crown Prioress on the occasion, and
remained to witness the entertainment which followed.

His Royal Highness Prince Arthur, Colonel du
Plat, and suite, honoured the performances of the Adelphi
Theatre with their presence on Saturday evening.
Their Royal Highnesses the Duchess of Cam-
bridge and Princem Mary honoured the Olympic Theatre
with their presence on Saturday evening.

His Excellency the Italian Minister has returned
to the residence of the Legation in Grosvenor•street from
the Continent.

The Earl and Countess of Cork are expected in
town to-morrow from Manton Boom, Somorsotabirw

The Earl and Countess Vane are expected in
town in a few days. His lordship has taken a residence in
Upper Grosvenor street for the season.

Lord and Duly Egerton of Tatton come to town
to-day from their mot, Tattoo Park, Cheshire.
Lord Aahburton continues at Paris, too unwell
to proceed to the south of France or to bear the fatigue of
being removed home. Although ;maidend better, his
lordship remains in very indifferent health.

The Right Hon. Sir George Cornewall Lewis,
who has been suffering from indispositkm for some days
perk is now, we learn, much better.

- The Right Hon. the Speaker and Lady Charlotte
Denison will eerie at the right hon. gentleman's *facial
madam at the New Palm*, Westminster, this evening,
from their seat in Nottinghamshire.

ENGLISH, SCOTTISH. AND AUSTRALIAN
CHARTERED BANI.-(TBIS DAY.)

The nineteenth ordinary general meeting of the
proprietors was held, at noon, at the back, 73, Cornhill,
Mr. EL P. KVINARD in she choir.

The following report and halanos-sheet were read : .
"The statement of amounts which the directors have on
this occasion to present to the proprietors shows a favour-
able result ; the balance of profit on the transactions of the
past half-year being 23,2511. le. 81. It is satisfactory to be
able to state that no losses of importance have occurred
within that period, and that the provision referred to
in the last report to cover an estimated depreciation in
the value of collateral securities, is considered ample.
The directors have come to an arrangement whereby the
office of colonial inspector will be discontinued, and a con-
siderable saving effected in the expenses of management;
sad they avail themselves of this opportunity to express
their high sense of Yr. Jackson's upright and honourable
character, and of the seal with which he has guarded the
interests of the bank during his tenure of office. The
directors recommend the follow* distribution of the sum
of 23,2611. ls. Bd., viz. :—To the payment of a dividend at
the rate of six per cent. per annum, free of income tax, on
500,0001., the paid-up capital of the bank, 15,0001. ; towards
the reduction of bank premises and furniture accounts,
1,0001.; and that the balance at debit of preliminary ax.
pewee be written off, 3,0801. Ba. Id.; leaving 4,1801. 15s. Td.
to be added to the reserve fund, which will then amount to
15,4131.. Os.

: Paid-cap capital, 500.6601. • Deposita,
700,3721. (h. 7d.; bills payable and other liabilities, 1A9061.
4a. Bd.; circulation, 72,915 f.; reserved fund. 11.5121.135. 5d.;
amount carried to profit endless account, 34,7711. 154.11 d.;
total, 1.448,1991. 14a. 7d. Amite: Bills receivable (in-
cluding the estimated value of those overdue), loam on MR-
rity, cash at hankers, dm, 1,160,773/. 64. 6d. • specie and
bunks, 222,9041. 16a. Bd. ; bank premises and furniture,
61,4411. Is. 4d. ; preliminary expenses, 3,0801. 6s. Id. ;
total, 1,448,1991. 14s. 7d.
'Peat and loss account. —To current expenses in Mel-
Sydney, and sub-branches, 8,5381. 15s. 10d. ; ditto
ii on. including director' remuneration and income
tax, 2.9711. 184. M. ; together, 11,5101. Us. 3d. ; to
balance, 23,2611. la. M.. total, 34,771/. 15s. 11d. By
amount brought does, 34,7711. 15s. Ild."
The CHAIRNAX, in moving the adoption of the report acid
accounts, observed that the board had no explanations to
make, and nothing unpleasant to conceal. The shares were
now better estimated than they had been by the public
and were now for the first time at a premium. (Hear,
hear.) This was a great eocouragement to the directors,
showing that the verdict of the public was in their favour.
It was now proposed to extinguish entirely the item of pre-
liminary espenses—a work which at the previous rate of
extinction would have required three years.
The motion having boon seconded,
A SHAREHOLDER wished to know why the deposits did
not increase in an equal proportion with those of some other
banks in Australia; also whether the large asset for the
bank premises was • profitable one; and whether the
discootionance of the services of the inspector had been
well considered!

nil CHAIRMAN in reply, said the depoeita had increased to
the extent of 100,0001., adding that the increase Lad hitherto
been restricted by the change of managers—a drawback which
he hoped would now cease. An regarded the beak premiere
he did not think there had been any extraraHaares
and part at the premises had been let off. The dig-
contintiled of the inspectorship was simply an
economical arrangement, and had not been determined upon
without great deliberation. The arrangements made would,
he believed. prove satisfactory. The late manager. Mr.
Young, would render assistance, and the audit of the ac-
counts in Australia would be carefully conducted.
The report having been adopted, a dividend at the rate of
6 per amt. per annum declared, and the retiring directors
re-elected, the meeting terminated with the usual vote of
thanks to the chairman and his oollemines.

ROYAL Fair HOSPITAL, GRAY'S-INN-ROAD.—The
slumber at patents relieved st this berpitsl daring the week
mew lea. 31 was 3,363, of whisk 1,048 were new COMM