The Express.
London, England, 1864-10-14 00:00:00

COMMERCIAL INTELLIGENCE.

Grey shirtings, dull. Nothing doing in mile
twist or cotton. Exchange on London : Six
months' rust-Claes Credits, 25. 1 15-16 d. ; go-
vernment securities—Five per Cents., 103 k ; ditto,
Five-and-a-Half per Cents., 110 k. Freight ,to
Liverpool for cotton, 150 s.

CALCUITA,Rm.27.

Grey ehirtings, no business. Mule twist, dull.
Exchange on London, 2s. 10. ; government secu-
rities—Five per Cents., 1024 ; ditto, Five-and-a-
Half per Cents., 1074. Discount raised 1 per cent.
Freights to London for seeds, 775. 6d.

CALCUTTA, CHINA, AND AUSTRALIAN

mims.

The following telegram has been received at Mr.
Reuter's office from the Peninsular and Oriental
Steam Navigation Company

MALTA, Ocr. 12.
The Poonah and Delhi, with the above mails,
leave here at 5 p.m. to-day.
The former may be expected at Marseilles on the
15th, and the latter at Southampton on the 21st
inst.

ITALY.

(ROY OUR OWN CORR'MAORNT.)
TURIN, Om. 11.

The Italian government is not losing its time.
Colonel Castellazzi has already been sent to
Florence with a staff of military and civil en-
gineers with the mission of choosing the build-
ings which can be used fur the offices of the dif-
ferent ministries and other public services. The
royal commissioners have already visited the pa-
laces which belong to the crown, and some of the
most spacious convents, and seem to have expressed
their opinion that in the Convent of San Firenze
the Chamber of Deputies can comfortably carry
out its parliamentary duties, for to build the ball
where members are to meet it is only necessary to
cover the spacious yard of the building. The ball
of the Court of Appeal will do for the Senators.
The Foreign-office will be established in the palace
of the Signoria, and the other ministries in the
Casino Buontstenti, in Riccardi's palace, in the
royal villa of Poggio Imperiale, and in the Mili-
tary College, to which the convent of Santa Maria
Maddalena will be added. You must not, how-
ever, suppose that the transfer even of the
most important offices will be accomplished within
the period of six months. It is calculated that at
least two years are required to effect this important
change. What the continental people call the
cabinets of the ministries will only be removed from
Turin at present. The archives, the offices of 11
the different branches of the military and civil ad-
ministrations will follow. Turin, therefore, will
not feel the shock of the transfer so suddenly as it
bad been supposed. In the meanwhile the good
Florentines, who are merchants to the backbone,
are busily cleaning the attics of their houses and
palaces to turn them into lodgings for the new
comers—lodgings which they intend to let at
fabulous prices. A friend of mine told me this
morning that two days before the news of the
, transfer of the capital had been spread a Tarinese
banker bad entered into a contract with a Floreu-
Itine gentleman for buying a house. The owner had
asked 5,0001. sterlicg, and the banker bad offered
4,000/. Whilst they were negotiating, the great
news reached Florence, and the banker,
who wished to have the house, was obliged
to pay 12,0001. for it. A small room which let for
10 francs per month has now gone up to 60 francs
at once. You may imagine the alarm of the poor
officials who must follow the ministers to Flo-
' rence, and who have to keep body and soul together
on the meagre pittance of 601. per annum.
This shock must naturally ako be felt by our
English capitalists who have engaged themselves in
the building speculations of Turin. The Inter-
national Credit and the Anglo-Italian Banks, I
have been told, will be the first sufferers ; although
I have no doubt that, in the arrangements the
Italian government will make with the town coun-
cil for the compensation of the heavy losses of
Turin, the building speculators will be amply in-,
demnified.

BRUSII-MMEING FIBRLS. —There is a demand just
DOW among brushmakere for some strong supple fibre which
may supplement the present supply of piers* or blue,
received from Brazil. Two strong fibres, the produce of
different palms, have bean for some time received from the
porta of Pars and Bahia. Of late less are h►+ been given
to the selection and preparation of them fibres in South
America, and they are much mined with waste and
useless fibre. The piamaba fibre, and the m-
oaned Mexican grass, the produce of the leaves of
Agave, have quite revolutionised the brush trade by
cheapening the cost and replaziog bristles. Owing to the
improvements io Rum* arising from attention tobacco and
ham caring, bristles are less dont and plentiful than they
used to be from the wild hop. The midribs of the leaves
of many of Um palms, a stronger and stouter substance
than ►he kittoci and ejse fibres of Ceylon and the East, are
what ie wanted, and probably some wiry pares like the
esparto might be szpernnsigaliatat upon waif advistairk—
Asserisaa paper.

THE CHANCELLOR OF THE EXCHEQUER

AT LIVERPOCIL.

LPTZEPCIOL, Tio DAY.

- •
The presentation of addreleee to the Chancellor
of the Exchequer oc the part of several yobbo bodies took
pleas today M half-past 12 &sleek, is fit. George's Hell,
which woe diesely crowded is army cart by a highly m-
g:eatable and enthweirtio sadism*. The Meyer, Mr.
Mosley, preidied, and among these preset ea the platform
were the High Sheriff, flit J.K.Sbuttlewerlia, Mr. Hondall.
M.P. ; Mr. Gramm, IL P. ; Mr. Robertson Gladstone,
Yrs. W. M. Gladstone, ho.
Mr. ()mania= chairmen of the Liverpool Chamber of
Commerce, to pretesting the Wren of that body, add they
ware anxious, with the met of the ottinese, to do ell honour
to their distingeished visitor, and to welcome to Liverpool
the greatest of her ions. (Hear, hear.) They had, thee♦
bye, resolved m bosom themeelyes, and armies their admi-
ration of the conqueror of finaimiel difikelties, the liberator
of eommerce, and the enlightened fried of the working
&sees by eking him one of t►eir honorary mambas.
Mr. J. IL i/TPUT next read a very long address from
the Financial AlSOCiatiet, the greater part of which was
resolved with marked impatience by the audience, exposed
by messloael hisses and cries of "Time."
An address was aim preseeted on behalf of the Liverpool
Thidesmen's Grind, congratul►ting the Chancellor of the
Exchequer as his ministerial career, end Wanking him for
hie exertions in financial reform.

The Caaeousxon of the EXCILIQUI3, who was received
with mush eethusissm, ell the andieaos rising to their feet,
commenced by referring to the immense extension of Liver-
pool since his earliest recollections of it. At the root of all
the addresses he had received lay ',desire for continued and
progressive improvement, and it was by such institutions
that public opinion was formed and m►tured. After allud-
ing to a criticism upon one feature of his last budget by the
Finanoial Association, Yr. Gladstone proceeded to refer to
the supply of cotton and to the present condition of Ufa
money market. On the latter subject he said he would
venture to use the language of congratulation ;
"for," he continued, "in my opinion, when we com-
pare the manner in which the existing tightness and deer-
nem of money has been met by the commercial community
on this occasion with the manner in which it was met on
other 0001140175 —if we compare the absence of complaint and
the absence of agitation, which is now so remarkable, with
what we have witnessed at other times, we see, I think, in
the future of our course, the assurance that; the commercial
miod of England, so to speak, is advancing farther end
farther is its education, that the perception of sound prin-
ciples is growing wider and more clear, and, above all, that
the great law of self-dependence—so!opposite to dependence
on the acts of authority—is more and more becoming the
rule of conduct of the British merchaot. Our whole mone-
tary history for the last forty yews has been one course of
progressively widening and extending esperieoce. The act
of 1844 was a great feet in that monetary history; it was
followed, as you well know, and have reason perhaps to
recollect, by two suspensions, by the occurrence of two
periods when no ministry was ready to be responsible for
maintaining the act in operation. The last of those suspen-
sions was followed by a parliamentary inquiry, and the ex-
perience obtained from day to day during the crisis of 1857,
formed in the main the substance and basis of the delibera-
tions of the committee of 1858. Since that time no legisla-
ti►e change has occurred, but an administrative change has
occurred under the very able and enlightened government.
The Bank of England has taken a modified and altered view
of its functions, and has, as you well know, attempted to
secure by prompt and early action, by a close conformity to
what appeared to be the economical law of the question, that
security and stability for the monetary law which the
previous system of administration bad not been able to

effect. Under these circumstance* I hope it is uunecerary
for me to aware you that her Majesty's government, that
department of it which is charged with this special respon-
sibility, are not less alive than they ought to be to
the deep interest of the circumstances which may occur
from day to day. They sre followed with the dorsi at.
tention, and then they see every cause to repose their con-
fidence in those by whom the great central institution at the
head of our monetary transactions is now managed and ad-
ministered. There is, however, one lesson to which the
peculiar circumstances of the time specially point—it is the
lesson that for the successful and rfe prosecntioo of com-
mercial enterprise British prudence most be combined with
British energy and spirit." Mr. Gladstone then proceeded
to dwell upon the greet changes introduced into our com-
mercial system as the effect of the adoption of freedom of
trade. Far greater stability had been given to commercial
operations, and when our example was followed by other
legislators • further enormous impulse would be given to
trade. It was to the example of France that be confidently
trusted as being morally certain to draw after it the final
accession of every civilised people. la the address of the
Financial Association he detected, he thought, • latent
principle on which he confessed be looked with a certain
degree of suspicion. Mr. Gladstone continued—Mr. Jeffreys
want, to promote public economy by making the pay-
ment of large taxes insupportable. Direct taxation, I
admit, U we were to proceed upon abstract principles, is •
sound principle; but, gentlemen, have some compassion
upon those whose necessity, whose fret duty it
is to provide for the maintenance of public credits
to provide for defocus of the country, to
provide in every department for the full dB-
crony of the public service. (Cheers.) I wish
I could teach every political philosopher and every
financial reformer bow to extend some indul-
gence to those who would ascend along with them if
they could into the seventh heaven of specalation—
(laughter)—but who have weights and clogs tied to their
feet which tried them down to earth, and render it tern-
ary for them to infuse large dilation, large participation
of secondary matter into that system of abstract mires by
which if they could they would be very glad to be guided.
That is an important reservation from me. Allow me to
say that I trust that at no time will any government be '
induced for the sake of seeking favour and I
am quite sure that in seeking favour they
would fail to find it—let no government be induced under
the notion of abstract, extensive, sudden, sweeping reforms,
to endanger the vital principle of public credit, or to risk
throwing the finances of the country into confusion.
(Cheers.) But subject to these limitations, I for one trust
that progress will be the law of our legislature, in that aa
well as in every other particular, and io that part not ler
than in another. I am very glad to think that among the
sources to which we now look for the progressive extension
of fiscal reform, we may, I must, without too confidently
reckoning on the future, calculate on a steady increase in
the revenue of the country. (Cheers.) Indeed this is no
matter of secondary importance. There was • time, and
that time is within the recollection of almost the whole of
ne—there was • time when the revenue of this country was
nearly stationary. In a period marked by many and
most beneficial changes in every respect, the important
period between 1e.30 and 1840—a period which was almost
barren in measures of commercial and fiscal improvement—
toe increase of the revenue was almost imperceptible. But
now it is gratifying to record from year to year, quite inde-
peodently of the progress of the imposition of new taxation,
• considerable increase in the public receipts, as the result
of the increased activity of capital and industry which has
been imparted to the various industrial classes of this
country. There is a source upon which, indeed, we cannot
reckon with confidence from year to year, bemuse
circumstances may Interfere to break the continuity
of progress, but upon which, in looking over •
series of years, I think we may reckon with
considerable confidence, and which therefore leads to the
belief that we have as yet by no means arrived at the term
of fiscal and financial improvement. But there is one con.
sideratioo on which, in concluding these remarks, I will
briefly touch. It is fraught with so many topios of reflec-
tion, it brings into view so much of the future, it extends
itself over so many depths of the deepest human interest,
that to even touch upon it almost appal' the mind. We all
remember that before the repeal of the corn laws we were
told that we should get into estate of dependsoce on foreign
aupplim (Hear, hear.) Let us do literal justice, at least,
to the prophets from whom these menaces proceeded. We
have fallen into a state of dependence upon forego
supply. (Hair, hoar.) Prima facie, therefore, the
prophecy is justified ; but yet wheat we state
what that prophecy really monk hewer the