The Express.
London, England, 1862-07-28 00:00:00

HUNGARY.

" We learn from Vienna," says the Nord, "that
the Austrian government has made a last effort to
effect a reconciliation with Hungary. M. peak has

been consulted on the prograinnie which should
serve as the basis of a compromise, and lead to the
meeting of the Hungarian Diet. That gentleman,
as his only reply, reminded the government of the
sense of his report to the last Diet, which is in
itself a pvagramms, and even that of the majority
of the country. He recommended the govern-
ment to put an end to a provisional state of
things ; to re-establish the representative assemb-
lies of the Comitats in their constitutional rights,
and to attempt an accord with the Diet—new or
old—which ought to be convoked without delay.
We do not know whether this attempt will have
the success which the court of Vienna appears to
_hope for ; but under any circumstances the ques-
tion will be again taken up at the point at which it
stood at the moment of the dissolution of the last
Diet. Every one can understand that the Austrian
government is anxious to resume legal possession
of Hungary. which it now governs as a conquered
country, the situation of affairs in the East making
it an imperioua duty to do so. What, however, is
very difficult to comprehend is, that after the ex-
perience of the past, the government can still blind
itself as to the result of any attempt which has
not for its basis and primary condition the restora-
tion of the Hungarian constitution ad integrum."

FEMALE MIDDLE-CLASS EMIGRATION.

Colonel Moody writes from New Westminster,
British Columbia. to Miss Bye :—" In reply to the
questions received hens Min ----, I am sorry to say
the opening for educated women here is at present very
slender. Household work is what is demanded. Our
wives, the ladies of the colony, from the highest to the
humblest, have to labour in the kitchen, the nursery, and
the washhome. Thanks to the exertions of the clergy and
their wives, teaching is provided for to the extent of the
means of most people. I believe only two families in both
the colonies have governesses to assist in the education of
their children, and I do not think at present, if other ladies
came out with that view, that they would find employment.
In two or three years lame it will be different. its dress-
makers too, possibly • few might find employment.
I think they would, but they must be skilled in
sewing machines, or they would never be able to com-
pete with other labour of that nature. You mention
getting up • fine linen !' That article is postponed
to mindere dip. Flannel shirt, and downright hard
mobile( of miscellaneous article* is the present era.
Washerwomen are the nuggets in our domestic economy.
You would be justified in inducing any number to emigrate,
and good sines for young children also. • Maids of all
work' would be received with open arms, and cherished
to their helots' content ; a continuous stream might be
started with perfect safety. Marriage after marriage would
keep up the vacancies much fader than half • doses of the
most active societies at home could possibly keep filled up.
"Some other friends enclosed • slip from the Tine', I
think, mentioning that you contemplated extending your
philanthropic labours to the above class, and we wrote
begging them to interest you in forwarding two to us—
namely, a nurse and a washerwoman. If I remember right, we
mentiooed the wages of the first would be 501. perineum, and
the sconed4ol., with promise to increase the rate if they were
found worthy. Of course, no one in England could guaran-
tee their worthiness—l mean no society Gould • therefore,
it was necessary to guard ourselves. But a really deserving
person need have no doubt of her wages rising lap to her full
value, because if we were reluctant (I assume such a case
merely for the sake of argument) there are numbers who
would gladly meet her demands up to 60/. or 70/. per
annum. Yam gide, those soonetomed to miscellaneous
work about • farm, would be more valuable generally thin
town girls ; but both would be welcome in the colony.
" A line from Panama northwards, commencing, of course,
on • moderate wale, and aided by a government subsidy for
carrying the mails, was talkedof mice, but seems to have
died away. Could not the Guarastes Society be induced to
extend their operations ; and, by establishing an agency
here, feel justified in advancing funds towards the passage,
or guaranteeing repayment from the emigrants? In a very
short while the colony would be in • position to remit money
in aid of emigration. It is the via inertia which has to be
overcome. Our gold in Cariboo and elsewhere in the
colony has, to use the phrase of the day, become a ' flied
het,' and, indeed, last summer the pounds weight of gold
taken is almost incredible, even to ns who are on the spot.
It would ewe' this note to undue dimensions if I were to
tell a hundredth part of the well-authenticated fact
" But farming up the country to supply the mines was
better even than the mines themselves, as an avenge remu-
neration, and this rummer it will he even more profitable.
Conceive such • state of things as this :—At • farm on the
route to the mines, where they combined • sort of inn busi-
ness u well, it was considered a bad day's work by the pro-
prietor if he did not net 1001. when he totalled up each
night. This is • positive fact. Hay, barley, potatoes, ye-
blee of all aorta to the packers, and food to the travel-
Inc• miners n route.
' I must beg you to excuse such a hasty scrawl, as I am
writing against time at this moment
" I must put you in communication with Mrs. Moody for
further details meet necessary for emigrants to know, such
II pries* of food, hr., as well as what they should bring.
Above all, beg them to turn a deaf ear to all the blandish-
ments sought to be poured into their ears at Ban Francisco
sad einewbere is their road, as well as to the tenon which
woad be conjured to deter them from going further. Let
them remsenben- it is perfectly may. and not at all
sly.,to amusestheir daps to San Francisco, and to let=
say, 'We will go an and lodge for ourselves.' No &slink
statist San Francisco without baying sbundeat cause
".en" to egret •
Pens% nee to say you bare our earnest Levees ter
God's hest blessinged eeyour benevolent exertions.
Miss Bye de
"Ass a kind of
_feminine postscript,
allow me to add that easy of my ,eaudsod girls, the
100 whostart on the 12th of August, are very holly off for
under linen, and that I shall be greatly obliged by ladies
Bending toe Old clothes.'

CITY 07 LONDOW HOSPITAL 701 DISMISS" 01P TISK
OMIIII7, Viefesu-nia.—Tb• number of intim* relieved
at We imititatias during last week was 1,100, of which 169
Wirt awer OWL

ILIENRY BRETT and CO.,
• ix Dist Man sad Wise Merchants.
HOLBORN= sad 110, RIOH.ORNIWISZIT, WATILLOO-
M

sli7lll AND ODA
PURE XXTRAOT of ()ALVES' FEET,
Par Invalids and Canaan Use.
bid in and as. puke* by all ehmalsta draws. dr.
MANITTAMOILY, POIIILAND4IV., Repsensi.. W.

SlO ON D- HA ND PIANOFORTES.
MAIM. Biala, arid WOOD bare a brie emorkeest
el eseoed-hand Pleacdortes, by the and meowed try et
greatly reduced prima-101. leglit&WeWL

FU N, EVERY WEEK, ONE PENNY.

he erpretsiS.

TO CORRISPONDRNT3.
dvertleemente Intended for " Tbe ifspress" London Evening
Paper, musts be at the Ohm, 10, Bouverlestreet, by Two
o clock on the day of publication.

sArif*Cn•

TRW Ermnio, THriLALANCE OF COMFORT.-OUR
AMERICAN oA3USIN. Mama *Mom BooMetope : Ws. Yong&
Mir °Enc.—LA CONTFABANDISTA. Peres Nen& wad Sailor
Morapa.—And DEAF All ♦ POST. Mr. Compton.

PIINCHMIL
Tins $7121114), THE EINDEZVOUS.—RING HENRY THE
EIGHTH. Merin Ctwika gm; Jordan, Potter. Raymond,
J. F. Cathcart. Emmett, Garden, and Meadows : Mn, Charles
Kean and Mines Chapman.—And THRICE MAIMED.

sr. JAYIWIL
THW EVEW3I9. THE C 4PTAIN OP THI WATCH. Mr.
George Vining and Min Turner.-10ETT WINKS. Mr. Gawp
Vining and Miss Carotins Omepos.—INDYMION. Mesdames
Herbert, L Rana, sad C. 84. Cesse.—And UNDER THE EOM.

SMARM lA.
Tale lleininse, THZ BUTZ DWARF. Mews. J. Reynolds,
Drummond. Bignood ; Yn i Yersold.—lleglng by Mr. Sydney
Mr. Ploroplon, and *ln. George.—THl HARVRST 8.Y.81V
—And A THOUSAND NAYOLNON& —Commence Is 01.

Abnira.
Tilts Evicsnto, MAIMPA.—After which SCENES IN THE
CIRCLE. Maeoiii.—To conclude with a comic BALLET
In which the Mimes Octants' will appear —Commence at 7.

RION WATINZ AT LOXIIOS DRUDGE.
Tut, DAT —Months, 1111 0R.... Att4room4 3h. ITm,
To•NoiAow—McamtAi4 M. Wm.— Aftersoon, 33. :NMI.

LONDON, MONDAY, JULY 28.

SATURDAY witnessed one of the most extraordinary
ceremonies which bas taken place in London for
many years. We may even go farther than this,
and question whether such a ceremony ever took
place in London before. After nearly two centuries
and a half a statue has been raised to Sir HUGH
MYDDELTON. For two hundred and forty-nine years
the London public have been largely drinking New
River water ; and for two hundred and thirty-one
years they seem to have been undecided bow far ita
originator ought to be honoured. There has been
no hot haste in the matter—no indecent desire ma-
nifested to burry England's earliest known engineer
into the immortality of stone. Ample time has
been given for the discussion of all points bearing
on his character ; his enemies, if he had any, can-
not complain of his premature elevation to the rank
of a hero, for many of them died even before (Lava
Caoirwrix was heard of.

The clean new statue of an Elizabethan worthy—
of a man who was young and active when the
Spanish Armada was destroyed, standing fresh and
shining at the corner of Islington-green, has some-
thing about it unreal, theatrical, and spectacular.
The unfamiliar costume carved in stone, so sug-
gestive of Sir WALTER RALEIGH, Lord Busassoa, or
the Earl of Kam, looks more like the whim of a
masquerade than a piece of archaeological accuracy.
A little of that much-abused London smoke which
has coated our fat kings and attitudinising' states-
men in various parts of the metropolis with a
sombre air of antiquity, would have given the
statue of Sir HUGH a little leas glossy a look, and
one more in keeping with the period it represents.
Leaving, however, all questions of art and exe
cution to be settled by the proper critics, there is
something appropriate in placing such a statue over
a drinking fountain. Far better than any number
of muscular allegorical figures, with bag-pipe
pitchers, or spouting cherubim, or gushing lions,
is a representation of the first man who did any-
thing towards supplying London houses with water.
He may have been, to some extent, a company-pro-
jector—he may have had much in him of the rest-
less adventurer's spirit—be may have intended to
benefit himself while serving his fellow-men, like
nearly all great trading reformers—but what he did
he did thoroughly and well, finishing one project
before he began another. What he had to contend
with from stubborn levels, obstinate landed
proprietors, and the slender engineering skill
of his time, is shown in the winding
character of his stream, and recorded iu
countless histories and biographies from old STOWE'S
Chronicles down to Mr. Snuffs's admirable " Lives
of the Engineers." A man who has raised his own
monument in a stream which has been loved for
many simple ages, and which will not be forgotten
even in these days of travelling excitement, would
hardly seem to require a stone statue. If that
length of the New River which flows through part
of Islington. and Clerkenwell had remained open
to the eye, the statue on lalington-greeu might
probably have been dispensed with ; but, alter
two hundred and fifty years of fresh air and sun-
shine, it has been bottled up like a sewer, and now
shows nothing but a filled-up ditch, enclosed with
a long line of black railings. The dreamy literary
man—if such a being now exists—who strolls
through Colebrook-row, to see the houses where
SAMUEL ROGERS was born, where COLLEY COBRA
died, and where CHARLES LAMB lived, will look in
vain for what was once a happy fishing ground
before those houses, under the dead cats and oyster
shells which the parish is not offended at. While
the local vestry, reported to be the most sluggish
parochial body in Loudon, is starring at the Agri-
cultural Hall in the grand inauguration entertain-
ment, Sir HUGH MYDDELTON'S once sparkling river
is becoming the dust-bin of a populous neighbour.
hood. The covering in of the stream has been done
under the compulsory powers of a recent water bill,
but as the New River Company have liberally
offered to give up the ground to the different
parishes, there is no reason why it should not be
planted, or thrown into the public highway. In
the case of lalington a conditional grant has been
got from the Metropolitan Board of Works towards
the expense of the improvement, but still nothing is
done. Parliament having robbed the neighbourhood
of its river, the vestry still robe it of its highway.

lx recently discussing the question of the effects
to be expected from a great glut of money, we
have been but little in advance of events. During
the last few days the vast accumulation of unem-
ployed capital has forced itself strongly upon public
notice ; the rates of interest and discount have
broken down ; the Bank of England itself has re-
duced its charge to 2 per cent.—a point unex-
ampled during a space of ten years ; other bankers
are glad to take the best short bills at li,and even
17 per cent. ; for short loans on the best of all
securities—those of the British Government—the
miserable rate of 1 per cent. per annum seems to
be the most that can be got ; and 1 per oent is
likewise all that the joint•stock banks and discount
establishments of London allow on the fifty
millions and upwards of deposits lodged with
them. For the first time in ten years, it may be

truly affirmed that money has scarcely any com-
mercial value on solid securities in that great mart
of finance surrounding the Stook Exchange and
the Royal Exchange ; certainly it carries no re-
munerative return to the capitalist. It is a re-
markable feature, too, that there is no present
prospect of anything but an aggravation of the
existing plethora. Gold continues to pour into the
country with marvellous rapidity ; and though the
reduction in the value of money here to a point
below that current abroad has been attended with
the usual effect upon the exchanges, causing some
amount of capital to be transferred to the Con-
tinent for employment there at more remune-
rative rates, and leading to the re-exportation of
a portion of the gold imported, the already huge
store of the precious metal in the Bank of Eng-
land is still being added to, and fresh masses of
currency are still being manufactured, to compete
with the superabundant amount already inexistence.
The question is now, will the surplus be worked
off 4 Now, in the first place, we may start with
the assumption that any operations which may be
entered into with merely an internal or home ap-
plication will not contribute to draw down the
stock of gold in the Bank of England. Any in-
ternal movements of trade can have only a limited
effect ; and it is the same with movements in public
securities of home origin or home possession.
We have no scope in this island for any public
works of extraordinary magnitude. if we
could get up a new railway mania, and enter into
contracts to invest three or four hundred millions
sterling in earthworks and masonry, we might,
it is true, disturb the money market, by impairing
confidence, and thereby causing holders of money
to hesitate, or to ask higher terms, by way of
insurance against eventualities. But nothing of
this sort is likely to happen, our railway network
being now a long way advanced towards com-
pletion. Then, as regards existing home securities,
there is an equal improbability of any monetary
disturbance being occasioned. Let us suppose
that, as mercantile securities are no longer
to be had in a quantity proportionate
to the mass of money in hand, there is a rush fur
public securities—for the English funds, and for
the various existing kinds of shares, stocks, and
bonds. As long as this means merely a transfer
of money from A to B, both resident in this
country, the money market may be quite indiffe-
rent to the transaction. Thus, A has stock stand-
ing in his name, but only a limited balance at his
bankers, while B has a Wanes at his bankers far
in excess of his wants, and chooses to invest a por-
tion of it. By offering an increase of price, B in-
duces A toexchange places with him, so that A holds
the money and B takes the stock. But as neither
party takes the money away or sits upon it, the
effect upon the general mass of money available
for banking and commercial purposes is absolutely
nil. Thousands of such transactions may take
place every day, and great buoyancy may prevail
in public securities, according to the urgency of
the demand for investment, yet the money market
may not be influenced in the least, beyond the
passing hour, and not an ounce of bullion may
leave the now plethoric " old Lady of Thread-
lc rmdL.■trant_^

Until, therefore, we export money, there is no
way out of our present embarrassment of riches.
As soon as we fairly begin to export gold—that is
to say, not merely to ship off the gold that comes
in, but also to trench heavily upon the stock in
the Bank of England—there will be a prospect of
capitalists getting a bettor return for their money,
but not until then. Now, capital may be ex-
ported for various objects. In the first place, we
may send it out for employment in the foreign
money markets, because they offer a better price
for it. This we are already doing, but it would
appear that, having regard to the limits imposed
by considerations of credit and of mercantile pru-
dence, such a system of loans and advances can-
not be carried to an extent likely to relieve
our plethora in any material degree. This ie the
more evident from the fact that Continental trade
is as languid as our own, and that the influx of
only a moderate amount of English capital into
those markets would be likely to throw down the
rates there, and so spoil the operation.
Secondly, we may export money in payment for
foreign produce and such like commodities. But
of this there seems to be an unusually small pro-
spect at present. There is no disposition here to
import foreign produce for the sake of holding it
on borrowed money, storing it up, and re-selling
it at an advance. The thrift which existing
circumstances impose upon a large mass of the
consumers of foreign produce in this country must
effectually discourage any speculation of the kind.
As to cotton, we would import it gladly enough if
we could, and pour out our money like water in
payment, but the commodity, unfortunately, is
not to be had at any price. The other chief
article of foreign production—corn—would absorb
a vast deal of our surplus, were we to have a bad
harvest, but any fear on this head is effectually
precluded at present by the splendid weather.
Putting foreign commodities on one aide, then,
we arrive at the conclusion that our surplus funds
are not likely to be drawn upon until they go into
foreign securities. Present indications strengthen
a belief that we must look in this direction for the
small cloud which is hereafter to overshadow the
money market. The English public unquestionably
betray a growing appetite for foreign securities.
Whether such securities form a sound and suitable
medium of investment for our capital, is a question
not to be answered in an off-hand manner. Foreign
investments are certainly exposed to risk in a far
larger degree than English ; and prudent holders
ought annually to set apart such proportion of the
increase of income yielded by them as shall suffice
for the accumulation of an insurance fund against
accidents and depreciation. In other words, they
ought to capitalise a portion of their dividends.
Conducted upon these prudent principles, foreign
investments are not to be too hastily condemned.
Confiscation and repudiation are extreme con-
tingencies which investors will probably decline to
take into serious consideration, being of opinion
that a moderate exercise of judgment will be suffi-
cleat to avoid them. But to condemn
foreign securities in the grass would really
be futile, for they suit the taste of a numerous
I class of capitalists, who fish up large profits out of
troubled waters. We think we can foresee an
extensive introduction of foreign securities of vari-
ous kinds, particularly foreign loans. No doubt
great profits will for a time be made out of them,
and by a numerous class of persons, too ; but it
may be useful to warn the public to exercise dis-
crimination. In fine weather yeu may paddle
about near the shore even in a half leaky boat, but
you must be careful to note the first mutterings
of the coming storm, and take refuge in time.

Tua PROROGATION OF PI

r.—Tbe minis-

terial fish dinner, previous to the aloes of the enwiee, is
fixed for Wednesday next, 30th July, at the Trafalpr,
Greenwich. The prorogation of parliament is expected to
take place on Tuesilay, the lith of August. The House of
Commons will adjourn on Wednesday next for three or four
days, to allow the Lords to pass the remaining bills through
their several stages, and will only meet once afterwards to
wander the Lords' emendmenta.-04crrer.