The Express.
London, England, 1862-07-26 00:00:00

!MAO.

COMMERCIAL AND MARKETS.

LIVERPOOL COTTON MARKET.
(THIS DAY.)
(nom OUR OWN CORRISPONDRWL)
(BT BRITISH AHD IRISH SIAGNETIC TRLIORAPIL)
Market keeps steady, and the sales will Do doubt foot up
from four to Ave thousand bales.

TALLOW MADJULT—(THIS DAT).
The market is steady at the following prior :—Town
tallowy quoted 485., nett cash ; Petersburg Y.O. on the
spot, 49a. 3d. to 495. 6d. ; July, 49e. 3d. ; August to
September, 50a ; October to December, 50a. 6d. to 50s. 9d.

/AVM AVIXAOIII.—Town tallow, 50e. 9d.; fat by
ditto, 21. 7d.; yellow Russian, 51s. Od. ; melted stuff, 38a. ;
rough ditto, 21i. Bd. ; tallow peeves, 16e. ; good dregs, 7a.

SMITHFIELD HAY MARKET.—(THIS DAY.
Messrs. Harvey and Huston report trade slow, prioes
without alteratioa. Prime meadow hay, 80s. to 905.;
superior ditto, 965. to 105 a.; inferior ditto, 40a. to 50s.
new, ditto, 503. to 84s. ; rowan, 36e. to 70s. ; clover, old,
96a to 120 s. ; esoood out, 90s. to 118 s. ; straw, 365. to44a.

MONEY MARKET.-(THIS DAY.)

Two °Two'.

Great buoyancy has prevailed this morning in the
stock markets, particularly in the English funds,
which have experienced a fresh rise off per cent.
As we write, the market is still strong. The chief
excitement, however, is again in foreign stocks.
English railway stocks are generally better than
yesterday, though in some instances f per cent. be-
low the best prices of the morning. The weather
is splendid.

The scrip of the New Portuguese Loan has
risen to to 31 prem.
_ _ _

At Paris this-morning, according to Mr. Reuter's
telegram, the Three per Cent. Relates opened at
68fr. 00c., and thence receded to 68fr. 55c., being k
per cent. higher than yesterday afternoon. The
Bourse is described as " very firm."
Consols have advanced steadily, and are now
quoted 94 to for money, and 94/, "sellers,"
for the 7th of August. The official business
report is as follows :-Three per Cent. Consols,
for money, 931, 94/, 934 ; ditto, for account (7th
August), 934, L 94/ ; Three per Cents.
Reduced, 934, 944, 4 ; New Three per Cents.,
94, 934, 944 ; Thirty Years' Annuities (April 5),
1885, 154 ; Bank Stock, 238 ; India Stock, 228,
2274 ; ditto Five per Cent. Stock, 1084, I, 4 ; ditto
for account, 1084, 4 ; the Five per Cent. " enfaced"
rupee paper, 1044, 104 ; ditto Five-and-a-Half
per Cents., 1104, 1 ; ditto Four per Cent. Deben -
tures, August, 1864 or 1866, 1004 ; India Bonds,
30s. prem ; Exchequer Bills, 21s. 195., 225., prem.
A very large amount of business has been done in
foreign stocks. Egyptian scrip, after being marked
121 prem. and 11/, is now quoted 114 to 1.24, with
an unsettled market. The new Turkish Loan (scrip)
ie quoted 34 to 34 prem. ex div.; ditto, paid-up,
714 to 1, ex div. ; the Bonds of 1858, 741 to 754 ;
those of 18$, 86 to 87 ; and Russian scrip, 4 to 4
prem. Portuguese, Venezuela, and many other
foreign stocks, are likewise better. Transactions are
recorded as follows :-Brazilian Four-and-a-Half
per Cents., 1852, 1858, 1860, 92 ; Buenos Ayres
Six per Cents. for account (31st July),
92 ex div. ; Dutch Four per Cent. Cer-
tificates, 1011 ; Equador One per Cent. New
ConsoL Bonds, 18 ; Egyptian Seven per Cent.,
scrip, 12, 121, 114 prem. ; ditto paid-up, 94/, 934 ;
Granada Active Bonds, 10 ; Italian Five
per Cents., 714, 71, ex div. (exchange
25fr.) ; ditto Five per Cent. Maremmana
Railway Loan, 734, 74, ex div. ; ditto scrip, 14
prem. ; Mexican, for account, 284, 4 ; Moorish
Five per Cents., 974, 4 ; New Granada Two
per Cents., 251 ; Portuguese Three per Cents.,
for account, 471, 47, 474 ; Russian Four-
and-a-Half per Ceuta., 91, ex div. ; ditto
Five per Cents. scrip, 1862, L 4, prem. ;
ditto paid-up, 934, 3 ; Sardinian Five per
Cents., for account, 864, 844 ; Spanish
Three per Cents., for account, 55,
541 ; the Committee's Certificates, 91, 4, 4 ;
Turkish Six per Cents., 1864, 86 ; ditto
for account, 87, 86/, 4, 86 ; ditto 1858,
741, 754, 744 ; ditto 1001. Bonds, 78,
77 ; ditto Six per Cent., 1862, scrip, 3, 34,
4, 4 pram., ex div. ; ditto paid-up, 714, 71, 4,4,
ex div. ; Venezuela Three per Cents., for ac-
count, 254.

HALF-PAST Two.

Consols show increased buoyancy, and have again
risen I per cent. since 2 o'clock, being now quoted
94 to i, both for money and the 7th of August.

There is still little or no revival in the demand
for money at the Bank of England, notwithstand-
ing the reduction in the charge. The applications
yesterday were upon a very moderate scale. In
other quarters the rate for good bills was only 11
to 1.1 per cent.
The scrip of the new Portuguese Loan was again
in great demand yesterday, and had risen at the
close to 31 to 31 prem.
About 176,0001. in gold was taken to the Bank yes-
terday. 11 e 460,0001. by the City of Baltimore,
from New York, has yet to be dealt with ; a por-
tion is expected to be sent abroad.
The mail steamer Elora will take to-morrow,
74,1001. in silver and 2,0001. in gold for Bombay.
Notwithstanding the fall in the value of money
here, the foreign exchanges yesterday afternoon were
somewhat firmer. The rates were as follows :

Amsterdam, 3 months, ILI7I to 181 ; ditto, 3 days,
ILISI to 16 ; Rotterdam, 3 moeths, 111 W ; Ant-
werp, 3 months, 25.421 to 71; Hamburg, ma. beam, three
montha, 13.71 to 8 ; Paris, 3 days, 25.20 to 21 • ditto,
3 mouths, 25.421 to 5; Prankfort-on-Maine,-Maine, 3 'month;
1191 to 1; Petersham (per rouble), 3 months, 34 to 1;
Vienna, off. 80., 3 months, 12.85 to 95 ; Trieste, Ile. 80.,
3 months, 12.85 to 95 ; Madrid, 3 mouths, 49 to 1; Cadiz,
3 months, 491 to 1 ; Leghorn, 3 mouths, 25.50 to 5„-
Genoa, 3 months, 25.50 to 5 ; Mil" 3 months, 25.50
to 5 ; Naples, 3 months, 391 to 40 ; Palermo, 3 months,
1191 to 1; Messina, 3 mouths, 1191 to 1; Lishom 90 days,
521 to 1 ; Oporto, 90 days, 521 to 53.
At Paris money is very easy, at 3 per cent, and
at Hamburg, at n. At Vienna the rate of discount
is 5 per cent. ; Turin, 41 ; Amsterdam, 4 ; Frank-
fort, ; and Berlin and Brussels, 3 per cent.
A respectable undertaking of considerable mag-
nitude, and aiming at important objects, was an-
nounced this afternoon under the title of the
" Thames and Humber Iron Ship-building Com-
pany (Limited)." The capital is 500,0001., in shares
of 261. each, with power of increase to 1,000,000/.
The direction is influential and practical, and it is
stated that a large amount of private support has
already been secured. The company intends to
build iron sailing and steam ships both for the naval
and mercantile marine. The Humber is selected as
the site of operations, principally on account of the
economy obtained by its ready communication
with the great iron and coal fields.
Another new undertaking is the Northern Rail-
way of Buenos Ayres. The old concession from
the government of that state for a railway to San
Fernando has been cancelled, and a new one
granted, the original concessionaires abandoning all
control over the undertaking. The railway is to
be constructed in three sections, with the guarantee
I operating on each, but it is a peculiar feature that,
after the expiration of the term of the guarantee,
the line will remain the property of the com-
pany in pergouity, the government having no
power of compulsory purchase. The capital
now sought is 150,0001., in guaranteed 7 per
cent. preference shares, enjoying all the first
advantages of the undertaking. The other privi-
leges accorded by the enlightened government of
Buenos Ayres are of an unusually liberal character.
Seven per cent. interest will be allowed during con-
struction. The names attached to the prospectus
are highly respectable.
We are requested to state that Mr. Charles B.
Lennard, director of the Cork and Youghal Rail-
way, and Mr. James Oliver Mason, of Birming-
ham, have joined the direction of the General Roll-
ing_Stock Company.
The Gale- tie specie statement for the week ending
Wednesday last gives the following totals, viz. :
Imports of gold' 582,1531. ; exports of gold,
346,8801. ; imports of silver, 28,7761.; exports of
silver, 201,4101.

A Rim GLant.—The following may be depended
upon ea a rain-glass : I have need it for mouths. 'Jet a
mown pickle-bottle, such u is sold at every Italian ware-
house ; fill it with any kind of water, to within two or three
inches a the tOP ; plunge the neck, of an empty Floreoce
oil-flask into the pickle-bottle. Before leis the water
will rue two or three Melte lg • -•the inverted.o 110 CS 4.
•
•04.. 41..-•
u or tour hours. If the wesitio?
is settled for fair, the water will remain not more
then half an inch high, for days, in the neck of the flask. It
saver fails to foretell rain • sad to-day, July 15, rose so
high u the via of the pickle bottle, in the neck of the flask.
It nay naafi in or out of dons, in sun or shade, and the
water as nese eliayrin soloog as it can begun through.
Mies is WIJPOSM throogliloog standing. The oil-flack must
be dammed 'before the seek is plunged in the water. Soda
and warm water will clear it of oil. —Titonts Zoiciza.
Rae Cottage, Kennington-cross.—At/Le/mum.

4

IMPERIAL PARLIAMENT.

HOUSE OF LORDB.-FRIDAY, JULY 25.

The Loan CHANcluoa took his rata the woolsack ivt
5 o'clock.

FORTIFICATIONS (PROVISION FOR EXPENSES)

•
Earl DE GREY, in moving the mooed reading of this bill,
explained that its object was to carry out so much of the
plans founded on the report of the commission of 1859 as
parliament had already sanctioned. It appeared to him
that parliament, on the recommendation of scientific officers
of high attainments, having given its sanction to works
which had been commenced and were in progress of con-
struction, it would not lie wise for them to stop in mid-
career unless it could be established that circumstances had
takes place within the last two years proving that
the plans adopted in 1860 were altogether inadequate
for their purpose, or on the other hand that
the dangers which were then thought poseible, and which
it was the object to provide against, were no longer to be
apprehended.
The Earl of ELLENBOROUGH contrasted the means
of defence possessed by the countey with those of Franee.
lie conten that the latter power was in a far better
parities than we occupied. He did not object to the
bill, but complained that when a scheme of fortifications
had been decided ou it ought to have been adhered to
is its integrity, instead of being subdivided and ex-,
tended over a series of years. France had an army of
400,00C1 men, and • national guard of 265,000, and in
three weeks she could have an additional force c,l 200,000 if
so minded for the laminae of England. The only fame we
had to meet France was 43,000 regular troops and 200,000
irregulars, who could sot be supposed to meet • disciplined
boat on equal terms. He complained of the position in
which the country was placed in reference to ironeased
ships, and submitted that it was the duty of the govern-
ment to see that, instead of being inferior in that arm of
defence, we should be superior not only to France but to
every other maritime power.
The Duke of SOMERSET said that his noble friend who
bad just at down had compared the expenditure of former
times with that of the present day, but if that subject was
gone into it could be shown that economy in times gone by
was effected by reducing the army and army. The difference
between the navy we possessed in the year 1830 and that
we now possess should be borne in mind in considering this
subject. It was evident that the great changes that bad
taken place had led to greatly increased expense. The cost
of a vessel was now at least four or five times as much as it
was thee. The noble earl had alluded to the oost of the
navy to this country as compared with foreign countries,
and it was quite true that our Bevy coat mote in proportion
than that of France. lie had looked into the last returos
received from France, and he ascertained that the cost for
wages of a 90-gun French ship was 19,0001., whereas in
England the cost amounted to :53,0001., and nobody could
say that our sailors were overpaid. There was at this
moment • motion in the House of Commons to increase the
pay of the officers. Economy could not be obtained by
reducing the pay or by diminishing the number of our vessels
of war. (Hear, hear.)
The Duke of CAMBRIDGE mid be was sorry to prolong
the discussion, but he felt it to be his duty to say a few
words in reference to the military breach of the question ;
the political portion he would leave to noble lords at either
side of the house. He entirely agreed with the noble earl
as to the smallness of the force at home. There was no
doubt that that force was really very insignificant. At the
same time he could not blame her Majesty's government for
that state of things, for it was well known that there was a
great and natural indisposition on their part to add to the
expenses of the country. He could enure their lordships
that it was utterly impossible to have a large force, or even
a moderately large force, unless the country was prepared to
pay an increased sum for it. (Hear, hear.) No doubt eco-
nomy should be practised in every department, and with
respect to the smallest as well as the largest items, but
still he was bound to say that it was impos-
sible to reduce the expenditure for the service
without impairing the efficiency of the force. Of late years
they had had additional expenditure, not demanded by the
army, but called for by the country—such, for instance, as
sanitary improvements. He did not regret this. On the
contrary, be rejoiced at those great and necessary improve-
ments ; hut still they added considerably to the expendi-
ture. When be first entered the army there was no military
train, hospitals. or commissariat ; but the possession of
these in later times enabled them to send out an army
in a much more efficient and perfect date than
they could ever theretofore have done. The
noble earl bad spoken of the expenses of the
offioes. With reference to that subject he had to
mention that a large proportion of the clerks were
constantly employed in preparing returns ordered by the
House of Commons, involving in many instances an actor-
mous amoutt of detail. It was stated by the noble earl
that the infantry and artillery in the country was very much
below the number which he should like to see, and it was
quite true that that numberwastoosrnall, if considered only
on grounds of humanity. He (the Duke of Cambridge) had
always endeavoured so toarrange that regiments should spend
one-third of their time at home and two-thirds abroad,and he
did not)think that either house of parliament would con-
eider that an extravagant regulation. (Hear, hear.) In
consequence, however, of the infantry being very mach
below the proper number, it was impossible to carry out
that arrangement, and in consequence the troops had to re-
main abroad longer than was desirable. If on that ground
alone, he thought our force was too small. (Hear, hear.)
Considering the greatly increased facility which now existed
for the removal of troops, and the number of troops,
should an invasion ever be attempted, that we have to meet
it, he must say that the subject now before their lordships
deserved the greatest and most serious attention. (Hear.)
The reason be so strongly advocated, as he did.
the construction of forts was, that be had always thought
that if we should be attacked it would be moat suddenly
and most expeditiously, as well as most unadvisedly. (Hear,
hear.) If we had a very large force he would say, "
Do
not shut up your efficient troops in forts, but take the field
—meet the enemy there; we have got as good as they,
and there wi:l be no difficulty ;" but as our main force was
nothing more than irregulars, with but • small number of •
regular army, he was in favour of the forte which were
proposed, in order that the troops should be efficiently
supported. However well disposed the irregulars
might be—however devoted to their sovereign and
their country, and desirous to do their duty—
it would be unfair to them to take them into
the field unless they had the means of supporting them by
forts. It was upon this ground chiefly he said that we must
have forts. As regarded the forte at Spithead, the govern-
ment had decided to postpone their construction, and be
certainly regretted this, because he saw no sufficient
grounds for changing the opinion he had before expressed,
that these forte were essential and must ultimately be built,
and he believed that it was not economy to stop them, but
on the contrary would lead to increased expenditure.
The Earl of MALMESHURY said that he rejoiced that
her Majesty's government had brought in this bill, although
be regretted that it had been docked considerably of what
it originally consisted. He rejoiced at it for two reasons :
first, because it gave a certain degree of security to the
country ; and secondly, because it would have been
diemeffitable to parliament if they bad abandoned the
course which they had approved of two years ago. He re-
gretted that some persons who two years ego were impressed
with the necessity of erecting these defences bad changed
their opinion. and if that change of opinion bad been more
general, parliament would have discredited itself, and the
country would be regarded as a nation that did not know
its own mind, end that was subject to periodical fits of panic
and sordid economy. There was • class of persons who saw
no danger of invasion whatever; who said that the Emperor
of the French bad sat on the throne for ten years, and
that he bad not made any attack upon them. He
had not the most distant suspicion that it ever
entered into the mind of the Emperor of the French to in-
vade this country. But persons argued that because this
had not been the case it never would be the case ; they
seemed also to think teat the Emperor of the French was
immortal. Therm defences were not erected against the
Emperor of the French. But he ruled over a people who
were fickle in purpose and warlike in character, and they
must be prepared against a nation having such dispositions. '
Past history showed that the greet Napoleon strongly enter-
tained the idea of invading this country, and if any doubt
existed on that point, it most be removed by the letter
which appeared in the tenth volume of the Napoleon Cor-
respondence, put published in Paris. In that letter Napo-
leon, writing to Marshal Berthier, urged him strongly to ,
put on board everything required for the invasion, to neglect
nothing, even the minutest things ; that it was his intention '
to attack Dover Castle, Chatham, and Portsmouth, three of
our most important points. The next objection was that .
they had better trust to their navy alone. That objection
was answered by the letter referred to. The present Em-
peror
of the French was a sagacious and skilful prince.
He was well acquainted with mechanics, and was the
originator of the armour-plated ships, which changed the
whole system of naval tactics. Re had under him the beet
military engineers and generals probably in Europe. Yet
with all these &demitasse, he had fortified his own coast,
and strengthened many of the island fortresses, and at
immeoce expense fortified Lille, as he saw with his own
sateo toergid
men tToo.tmbee
the 5.000
teraTitals°wou?drebnelmie,
guns of the fortresses. be answered. that at the end of one
month a man might learn to fire a gun with
refitment accuracy from behind stone walla, and allowing 10
men to each gun, 50,000 gunners could be formed
in one month. With respect to the relative superiority of
ships and forts be believed it stood precisely as it did in
former times, and that the superiority remained with the
forts. Sir M. Pete, one of the class of objectors to whom
he alluded, published • pamphlet in which he argued that
ships were superior to forts, because the ships were in mo-
tion mid distracted the aim from the forts. But he forgot
that the ships being in motion the aim from them could not
be so accurate as the fire from the forts. Sir Modest Pato,
if be fire], whilst running at • hare sitting, would be
far lees likely to hit it than if he fired, whilst stand-
ing at the hare rousing. (" Hear, hear," and laughter.)
History, experience. and science were the only things on
which to ground their policy in this matter, and the neon-
eity of the measure bad been established by the two former.
Be was a friend to economy, but it was a prostitution of the
wont economy to put it in competition with the honour, and
it might be the existence of the country. (Hear.)
Vicount MELVILLE said that when the forts were
erected the government would only have done half
their work in providing for the defence of
the country, because unless they could get men
to occupy them they would be of little or no use.