The Express.
London, England, 1863-10-19 00:00:00

THE EXPRESS, MONDAY EVENING, OCTOBE4 19, 1863.

much silver and little gold from us,
1 while banks avoid absorbing gold as they
avoid loss and ruin. When foreign banks or new
enterprises abroad are assigned as the cause of
the scarcity, it is forgotten that the very fact tube
accounted for is a diminution of the amount held
by the Bank while the imports exceed the ex-
ports. It is evident that the drain is an internal
one ; or at least that, if any portion of the gold
has been taken abroad, it has been so in •
way which escapes observation. It is idle to
dogmatize where so much is uncertain. We
can only repeat the opinion of persons who,
from their position and opportunities, have the
means and are also in the habit of observing
the ebbe and tides of the currency. Some of the
most eminent of our bankers believe that the true
explanation of the diminution of gold at the Bark
is that which was given three weeks ago, and
which has been rejected in some quarters as too
simple. Transfers of capital are for the most
part effected in this country by bills and cheques,
but income and expenditure, and especially
the income and expenditure of the doss which
lives by wages, are received and disbursed
in the metallic currency. 'Whatever in-
creases them, therefore, increases the circulation
of gold and silver. It is well established that,
owing to the abundant harvest, payments of
wages in the agricultural districts of England have
been greater than in any previous season ; and it
is believed that the coin thus carried into circula-
tion will be yet some weeks in returning to its
central source. The considerable dispersion of
sovereigns by autumn tourists will only have due
influence allowed to it by those who have reflected
on the vast development of pleasure travelling dut:ng
the last few years. The amount of this has beer;
like the harvest, unprecedented. The coin thus
distributed at home must soon come back, but
that carried abroad will take a longer time, and its
amount must be large. English sovereigns are now
as well known at foreign hotels and railway stations
as napoleon., and are carried abroad in large num-
bers as companions of the circular note. A more
effective cause of the absorption of gold, however, is
to be found in the increasing requiretnenta of reviving
trade and industry. The incomes of the largo..
class in the community are augmented, more wages
are paid, and more commodities have to be circu-
lated. The healthy character of this trade
forms the most satisfactory feature of our
present situation. We have known long periods
during which the Board of Trade Returns
seemed to tell of nothing but prosperity, of enormous
exports, and importations to correspond ; while
the fact was, we were selling to the foreigner at a
loss, and consuming his commodities without stint,
at the ultimate expense of our own capital. No
one, however, now doubts of the soundness of our
increasing trade. In view of this solid fact we may
look with diminished concern on the movements of
bullion, while, in accordance with natural laws,
it adjusts itself, like other merchandise, to the re-
quirements of the circulation or the market.
_ _ _

In the Stock and Share market tic% week
foreign securities have chiefly r =mended atten-
tion. Anober heavy foreign settlement has been
got over, to the wonderment of most observers,
without any further proclaimed disaster than the
losses of small speculators in Greek stocks on the
cioeng of their accounts. Very high rates of
continuation have spin t oen paid. It would be well
lf we could repot. any considerable abatement of the
gambling which has so long been going on in this
and other non-dividend paying Me :ka, but it is
evident we shall yet see it bring more speculators
to sorrow. How far it is wlm of our new joint-
'belt banks to support speculation in these
stocks by loans, and then on the occur-
rence of discredit or financial pressure sud-
denly demand repayment, is a subject which,
judging from what is now tak'ng place, will one
day have to be seriously discussed. Severe com-
petition for business is one of the natmni conse-
quences of the creation of new banks, and, on
the whole, it works well for the public. There
can be no doubt that to it, more than to anything
else, we owe the extension to new aliases of
society of the practice of keeping • banker, and
el the convenience and economy of capital which
it involves. The practice referred to, however, as
one calculated to lead to seilous evil, not only
to unskilful or unlucky speculators, but to
shareholders themselves. Securities which mecum
nothing, sad the value of which stands orgy in
hopes and conjectures, will never be accepted es
the basis of loans by any bark-manager 'otent as
doing justice to his constituents.
The supply of new projec:a continues, and more,
it is understood, are in preparation. As long as
the facile disposition of the public encourages these
entsepriess, they will certainly be forthcoming.
It is set too early to remind them who may be
templed by the high premiums obtained in some
instances, that it is possible that the merits of
new schemes may have to be examined be-
fore long, under circumstances compelling a
severer scrutiny than is now bestowed on
them. Of course, if their shareholders have
satisfied themselves that they are sound, and have
only e nbarked disposable capital in then-, they
will be able to look with composure on the vicissi-
tudes of the market rho-A who may be contem-
plating temporary investments for profit will no
doubt consider it prudent to look not only at the
state of the English market, and the extent
to which English capital is engaged to new under-
takings, but will take France into the account.
The value of money in different countries is
equalised by the diffusion of general securities
which are dealt in elks on oar Stock Exchange
and on foreign bourses, and a pressure felt in
Paris is transferred hither by the simple operation
of sales of shares sent to London for that pur-
pose. As far, therefore, as the capital of this
country and the value of money are concerned, it
makes little difference whether new rndertakinp
are brought out hue or in France.

TZWIZSBITRY ELICTION.—No steps keys yet been
taken to being oe this electioa. Mr. Lygoe not Levies yet
formally vacated the seat by the acceptance of the Chiltern
Hundreds. The *iodine, therefore, will sot take place
until after the Walt Wceentenhiro election. Mr. Yorke is
the only casdielate, sad, from present appearances, will be
WirriIINTATION OF WHIT WOHCINTIZZNIZI.•—
WOZCZSTIZ, fixruseax.—Tndsy the figisaker's writ ler the
election of a member for Unmeant division, in the reem of
Viscount Flaky (Dow Peri Bessoleamp), was previsional by
the sheriff, and Monday. the 26th tenant, was enscoeeed
as the day of somilatico—the greed Mani of the rear
coarse being the place of meeting. There is °sly one c
We is the Weld—viz., the Hoe. F. Lysol. brother In Wm
late member, MR ie any apposition expeciad.
Tus Quiewies GUANO AND THZ AOCIDENT TO eta
MAJZNTT.—Three of her Majesty's Mee, who were oat
with Fowles es Wednesday. end ems upwind at the
Qesseis eserkeis not awning., to them cm their way home,
berm to eseiselare the mum of the delay, wham ass of It.
party rode beck, agoompasied by smother, to gad out the
reason. Not meeting the conies% they went em to the
oyes, when the Qum., whose pony the gills hod, adored
the other two Is be brought up. sad her Majesty old It.
bovinehese seated is the lathy roes home to
reac= to Mile • carriage which had been met
forward to Wise them home. Next mania& on the snivel
of the gills who bad acted so well, en order was glum Ida
that bar Majesty wasted to see him. Ow einem* the order,
his asteenhmset may be sennieed when the Queen we.
seined king with a qiendid ',stab, is hikes of her appreein.
ton of hie assidelty.—Alerelene Pra Post.
Her Majesty's skip Britannia, which has been
statement for some time at Weymouth, has been pray,
meetly removed to Dartmouth.

fat COUrt.

BALMORta4 Orr. 16.

The Queen, accompanied by Prince livid Princess
Louie of Huse and Prinossa Loofas, drove yesterday to
Loch Buli3.
Prince and Princess Louis of Besse, attended by Baroness
Slhanek and Captain Westerweller, dinedlwith the Crown
Prinoe sod Princess of Plum* at Abergeldie.

Despatches were Neat on Saturday from the Cotoni
to the Governors of the North American Provisoes.

THE PRINCE OF WALES.—It is expected that his
Royal Highness the Prince of Wales will remain in Norfolk
about six weeks. The PrinoewEl probably go up to London
for the celebration of his birthday, aad a visit to the Earl
of Leicester, at Holkbam, is rtso talked of. The telegraph
has been completed to Sandringham-hall, and a clerk has
beau sent down from the central office of the Electric and
International Company to tece charge of the inah emeota at
the hall. The Prince has now direct and private commu-
nication with Buckingham Palace, and through that palate
with Osborne and Balmorat

Their Royal Highnesses the Duchess of Cam-
bridge and the Princess Mary are expected to arrive at the
Cottage, Kew, today, from Perla.

His Excellency Count de Neseelrode has left
Maurigy's Hotel for St. litersburg.
Lord Brougham has returned to Brougham•. Hall
from attending the Social Science Cower at Edinburgh.
The noble and learned lord, after a short rest at his country
mat, will room to London on hie way to Manes, where, as
usual, he intends to pass the winter months.

The Dublin Evening Mail understands that Sir
William Somas:lle is to be raisci to the Irish peerage, to
AU the micaucy which is now liveable. The title the t.ght
hon. baronet is said to have chosen is Cola ills.

Hia Excellency the Lord Lieutenant and suite
left Kingstown on Friday evening by the mail steamer
Ulster, en route to England, where the noble earl purposes
remaining a few weeks, at the family mat, Cmtle Howerd.

The Hon. W. Eliot (son of the Earl of St. Germans),
who has been Secretary of L.gatioa iu Brasil, is about to
proceed to Washington as Secretary to her Majesty'. Mission
at the United States, In the room of the Hon. W. Stuart,
who is about to be absent on leave, for the benefit of his
health.

Mr. Humphrey Evatt has been appointel Colo-
Mal So.voyor for the colony of Nara Loom. . .

Dr. liutzsy Thomson hu been appointed in the
Educatiooal Department Professor of Experimantel Science
at Thorruon College, &ekes.

LATEST INTELLIGENCE.

A CSTRIA AND THE lONIAN ISLANDS.
A man surrounded with combustibles (observes
the Mats of to-day) is constantly on his guard.
This is the case of Austria ; not only is she
affected by the events in Poland ; she is distrustful
of Italy, of the Nationalverein, of the Serbs, the
Bosnians, the Turks, and even of the Greeks.
Although the latter have so much work before
them, in reconstituting their finances, re-establish-
ing discipline in the army, founding a dynasty, and
attempting to save what remains of civil and poli-
tical liberty after twelve months' uncertainty and
confusion, —the Austrian journals are writing
against the complete annexation of the lonian
Islands to the Greek kingdom, as involving a
danger to Austria. If the fortifications of Corfu
pass into the hands of the Greeks, aa those of
Ancona have done into the bands of the Italians,
there is great danger, says the Oat Deutsche Post, for
the Austrian empire. What would become of
Trieste and Ragusa, if ever Corfu and Ancona
joined hands t Consequently, the Vienna journal
demands that the citadel of Corfn be demolished.
What wo want to know (says the Oat Deutsche Post) is
whether, as was said at the commencement, England
remain in possession of the fort4lcd works, the docks and
arsenals of Corfu, or whether those objects will be pre-
sented to King George. No power is more interested in
this part of the question than the power which is celled to
protect the coast of the Adriatic, from the mouths of
the Po to those of the Name* and which
cannot conceal from itself the fact that Corfu
is the strateg:e key of this interior sea. Eng-
land his created for herself a double position in the east
since the expulsion of King Otbo, by procuriog a new king
for the Greeks, sod by generoosly abandoning to them the
lonian Wanda. By yielding to some extent to the national
movement of the Greeks, England may say that she has
only transferred her Lord Commissioner of Corfu to Athena,
and that she has henceforward two strings to her bow in all
that relates to the eastern question. She can, as hitherto,
moderate from the height of the Necropolis of Athens the
national desires sad tendencies of the Greco-Slaves. She
can also, from this position, put herself at the head of
that propaganda, oppose it to Rossi., and make use
of the Greeks themselves to close against Russia the road
to Cocstantinopie, when the domination of the Crescent
can so longer be absolutely maintained. The situation is
very different for Austria, to whom this change of dosni.
nation only bespeaks new dangers. The most recent events
will tell us how easily it may happen that the Italians and
Greeks join hands. Will Count de Hoehberg make
use of the rights motored upon him by treaties in order
to render the situation a little more advantageous for
Austria?

The lonian Islands were not an English pommies, but
Austria, England, Rusts, and Prussia proclaimed them a
" free and independent state," end the Treaty of Paris of
Nov. 6,1816, placed them In the immediate and excludes
protection of the King of Great Britain, his heirs, and
sucomeors. The importance of this act to the Mediterranean
states mu recognised in mach a manner th►t, besides the
eight Mgoatures of the peace of Paris. Naples and the Ottoman
Porte were also asked to subscribe to it. It is, then,
beyond doubt, that each of those powers his the light to
impose its conditions before confirming the accessioo of these
Wands to Greece.

U England bee decided nothing thus far with respect to
the fortifications of Corfu, except that eke will leave her
ganiams there till the spring, and Austria and Turkey raise
is doe time an opposition to the delivery of the fortified
weeks of Corfu, England will with diffieulty refuse to keep
them as a sort of Gibraltar, or to mom the diadaratios of
the complete neutrality of the isle by means of a sentence
of the European Amperes, like that which hrs been m-
iaowed in the VW at the B'•.ck S X There
is even an ammaramse that Englund is only
awaiting a sentence of that eatr-e, Victuals she wor'd not
hermit bear the odium of it towards the Greeks. Be
I that as it may, Shia cession of the lonian Isl►nds is for
Austria an event which will lessen its meow of defence, and
Mamie the bunko of them to a lamentable extent. Ancona
in the hands of Piedmont, Corfu io possession of the Greek
states—these are two facts which place the military defence
of our coast in a situation infinitely more perilous than it
was in before the Italian war. Let us listen to what Eng-
land, our "natural ally," will say when Coaat de Rec.hberg
shall explain the dangers of the situation, and wi'st she
will say to Piedmont, her other "natural ally," when it
shall plead with eagerness for the cession of the foi .3Hr:-
tams of Coda in the name of the principle of nationalities.

(111UTZell TZLIORAML)
FRANCE.

• PARLS, Ocr. 19.

M. Ronber has been appointed Minister of
State, and M. Rouland President of the Council of
State.

A decree hu been issued fulng three at the
number of the vice-presidents of the Council of
State.

The vice-presidents will exercise, in regard to
the Senate and Corps Legislatif, the powers deter-
mined by Article 51 of the Constitution.
MM. Forcade-Laroquette and Chain d'Estange
have been appointed vice-presidents of the Council
of State, and M. Vuitry, governor of the bank,
honorary vice-president.

EXPRESS FROM PARIS.

SECOND ASCENT WITH THE GIANT
BALLOON.

(FRO)( OCR OWN COI

PARIS, SUNDAY Evsarnro.

K Nader made his second ascent in the Giant
balloon at five this afternoon. Owing to the pub-
licity given to his former voyage the number of
visitors to the Champs de Mars was very much
greater than on this day fortnight, and the heights
of Trocadero were created with people as thick as
swarms of bees. The arrangements were better
than before. While the mere entrance to the
Champs de Mars was reduced from Ur. to 50c.,
there was an ample area immediately around the
balloon well furnished with seats, and those who
were willing to pay sfr. for the acoommodation saw
the proceedings with perfect comfort. M. Nader
made various ingenious arrangements to confute
several criticisms made upon his former &went.
By way of affording a conclusive answer to the
objection that the Giant was after all not so vary
large, he inflated by the aide of it an ordinary
balloon, such as generally makes an ascent at
Parisian fetes, and this looked scarcely bigger than
a tennis ball in comparison with its gigantic neigh-
bour. Then, to prove that the Giant was strong
enough to raise in the air a much greater number
than thirteen, he crammed into the car about
thirty soldiers, who mounted to the extent of the
rope's length, and then were pulled down again.
During the progress of inflation • number of fire
balloons were let off, which burst very successfully
over Paris, and served to arouse the attention
of the comparatively few people who were
not already aware of what was going on. The
weather was much the same as on the
last occasion—grey and cloudy, but there
was more wind. Ido not know exactly how many
people accompanied K Nader on this occasion ;
he said in a letter to the papers that be no longer
cared about the particular figure of thirteen, and
gave it to be understood that he meant to have
even a larger party. Ido not know either whether
a really long voyage is seriously contemplated, but,
at all events, there were no legs of mutton and
lobsters ostentatiously displayed this time. There
may, however, be a good provision inside. I had
an opportunity of inspecting the car yesterday, and
found in it a kitchen and a larder and • great deal
of glass and crockery. There is also very snug
lying, not indeed for all the party at once, but
turn and turn about. The two balloons, the big
and the little one, made their ascent simultaneously,
and went off in • north-westerly direction, the
little one being much the highest. We must wait
for news of their adventures till to-morrow
morning.