The Express.
London, England, 1864-02-03 00:00:00

THE EXPRESS, WEDNESDAY EVENING, FEBRUARY 3, 1864.

There are shades of difference, very natu-
rally, in the British Cabinet. Some of its
members are so completely prepossessed with
the necessity of peace to the financial
and commercial interests of this country that
they are unwilling to do anything at all calculated
to disturb it; others, however, whose thoughts and
care are more concentrated on our foreign relations,
and who feel the necessity of preserving the honour
and dignity of the country as a necessary con-
dition and foundation of a secure peace, cannot
consent to slur over such acts as flagrant breaches
of recent treaties, and wars directly leading to
the violent severance and dissolution of ancient
States. By whatever expedient these differences
of opinion have been conciliated, we believe that
the Queen of ENGLAND will hold a language
worthy of the country upon the opening of
Parliament.

EXPRESS FROM PARIS.

(noir 001 Owl

PARIS. TOZSDAT Emma.

The Emperor's speech, as reported by the Moni-
teur, did not contain the remarkable phrase which
the Temps and other journals of yesterday even-
ing—including even the Pays (Journal de l'Empire)
—put into his mouth ; i e., " Quaut aux affaires
extirieures, is politique du gouvernement imperial
est touts tracee; c'est une politique de reserve, de
pail, et de conciliation." The Emperor did not say
that or anything like it. He did not speak of
foreign policy at all. It is a curious illustration of
the working of institutions in which harsh laws
against "false news " occupy a prominent place,
that it should be possible for journals which may
be harassed by almost any functionary,
for any statement which he may choose
to consider inaccurate, should venture to
impute to the sovereign himself words
which he never pronounced, and even to print them
in italics. Such lamentable mistakes might be
prevented by the simple and obvious expedient of
furnishing the evening papers with a true copy of
the speech. As the speech was made at 1 o'clock,
and the evening papers are not published till be-
tween 4 and 5, nothing would have been more easy.
Why was it not done 1 The wretched answer is
that the monopoly of such documents helps the
circulation of the Mettifeur. Nevertheless it is
thought desirable, while withholding the text, to
enable the evening papers to give some hints of
the contents of an imperial speech, just to whet the
appetite of readers and make them rush upon the
Moniteur when it comes out. In this way it happens
that &certain official bureau which, as events have
often proved, is not exempt from error, furnishes
the journals with a little raw material which they
are at liberty to manipulate within certain limits,
as if it was the result of private and exclusive in-
formation. There is little doubt that the signifi-
cant phrase—which happens not to have been
spoken—was in the mind of the government, and
that it was let out by mistake. A policy of peace
"with reserve "—meaning a determination to cut
in to any game of war that may turn up, and that
with objects at present undisclosed, would be quite
in harmony with all the indications that we have
as to the designs of the ruler of France.
As to the speech itself, it seems to me that the
liberal party may read it with a certain degree of
negative satisfaction. The imperial vexation at
the serious demonstrations in favour of liberty is
less crudely manifested than in the speech to the
Cardinal Bonnechoee. It is fair to assume that
the reactionary counsels which have assailed the
imperial ear are wisely rejected. Of course it is not
to be expected that any sovereign, much less such a
sovereign as Napoleon 111., will confess from the
throne that be has been in the wrong. But it is to be
noted that his Majesty speaks of "ameliorations "
as to be looked for, though with patience, in time
coming. True, he sticks by his own initiative ; but
when he admits the right of the chamber to "en-
lighten" and "control" him, be implicitly allows
that the deputies have an initiative too. It would
be contradiction to say that they have a mission to
"enlighten," if it were meant to say that they can-
not condemn what they think wrong or propose
what they think right.
The momentous news that the war io Denmark
has actually begun does not cause the sensation
here which might be expected. People bug them-
selves with the idea that England is so hampered
by peace notions and love of trade that she will
after all do nothing, and that Denmark will be
crushed at once. In this I believe they are mis-
taken. I have never before in my life written in
favour of war. But now I think England must, if
she would maintain her rank in the world, support
Denmark against the lawless aggression of Ger-
many.

Mobilier has fallen 21fr., and the railways are
again from sfr. to lOfr. lower. Rente is little
affected.

The following is the latest news about the Arch-
duke Maximilian and his Mexican adventure :
The deputation commissioned to lay before the Archduke
Maximilian the ratification, by 19 states oat of M, of the
vote of the Assembly of Notables of Mexico are expected at
St. Neat's, ly the packet Vera Cruz, on Feb. 15. The
deputation will immediately proceed to Miramar. The
archduke will leave his residence towards the end of
February or the beginning of March ; he will then pay
successive visits to the King of the Belgians, the Emperor
of the French, and the Queen of England ; arid afterwards
he will embark for Mexico, where be may be expected to
arrive early in April. The archduke has already selected
the officers of his staff. It is very positively stated that
his principal aide.cle-eamp will ba General Well, a veteran
of the Mexican army, who is universally esteemed.
1

This is a paragraph emanating from a source in-
spired by the Almonte committee in Europe. The
archduke does, I believe, intend to go out, but I
observe that the time for his departure is constantly
deferred, and new preliminaries are continually
turning up. Of one moat indispensable prelimi-
nary, however—the raising the wind to get funds
to start with—we hear nothing.

WEATHER REPORT.-(THIS DAY.)

WZDNISDAY, FIBRCART 3, 8 A.Y.

LONDON AND PROVINCIAL MARINE IN-
SURANCE COMPANY.-( THIS DAY.)

The ordinary general meeting of shareholders
was held at noon at the London Tavern ; Mr. J. NUGENT
Dasmit,la the chair.

The following repeat was taken as read :
" These accounts, for the year ending Dec. 31, 1863,
show, after payment of losses and claims upon previous
mom* as well as upon that of the last year,
together with all expenses and charges, and the
half-year's interest to the shareholders, a balance to the
credit of income and expenditure of 70,0931. 4e. Bd.
The shareholders were informed at the last general meeting,
that the first year of the company's business (namely, the
1860 and 1861 account) has resulted in a loss ; it may, how-
ever, be satisfactory to them to know that this lose occurred
on the first few months of the company's operations in
1860, that it has been paid out of income, and that the
account of that year is now closed. The business of the
successive years promises a favourable return. As it is esti-
mated that the balance in hand is sufficient not only to reinsure
every outstanding liability of the compsoy butt* leave consi-
derable profit, the directors will recommend to the meeting
the payment of a dividend for the half year at the rate of
10 per cent. per annum upon the capital of the company, and
they propose to place any surplus that may remain, after
the settlemeat of claims arising upon oatataeding liabilities,
to the credit of a reserve fund. They will also recommend that
the balance of the preliminaryexpensee beat once written off.
Notwithstanding the increased facilities for effecting Marine
Insurance, afforded by the introduction of several new com-
paniss, the business of this company shows a steady in-
crease. While MI liollll to obtain as much as possible, it
has always been the desire of the company to maintain
the character of its business, rather than enter into
tions entailing an increased amount of risk. The reertif!oi
the last year's operations confirms the polity of this
course ; for while 70 per cent. of the year's liabilities have
ran off, the claims for that period do not amount to 27 per
cent. of the net premiums.
" Statement of income and expenditure, Let January to
31st December, 1863 :—Dr.: To net premiums on Izmir-
asciis and balance from last account, 161,3701. 2+ 3d. ; to
interest on investments and transfer fess, 4,1821. 16s. 11d. ;
total, 165,3521. 19+ 2d. Or.: By claims paid, Wag all
amounts of claims ascertained and settled to this date,
79,3241. 16e. 9d. ; by interest as paid-up capital to 31st
December, 1862, 2,6 W. 16s. 6d. • by ditto to 30th June.
1863, 2,1241, 13s. ; together, 4,7801. 9a. 6d. • by directors'
and auditors' remuneration and office selarie's and charges,
7,5141. 7a. 4d. ; by law charges, 3911. 6+ 2d. by rent, ad-
vertising, podium, aim all incidental charges, 2,4451.
2t Id. ; by income tax, 4711. Os. 2d. • by lease of premmes,
102 f. 12s. 6d. ; total, 95,4391.13 d. ; by balance
tobalsoce sheet, 70,0631. 4s. B.d. ; total, 165,5521.. 19e. 2d.

"Balance sheet, 31st DeetembU, 186:J.—Liabilities—Dr. :
To paid-up capital, 71,0001.; sundry creditors, 1,2701. 18s.
4d. ; balance of income and expenditure, u per statement,
70,0931. 4s. Bd. ; total, 142,3641. 3s. Assts—Cr.: By
sundry investments and each at bankers', 112,7811. 19a. Bd. ;
outataridieg accounts due by debtors, 24,4471. 19e. 7d. ;
office foreiture (value), 3754; preliminary expenses. 3.6751.;
lease of premises, 1,084/. 3s. 9d.; total, 142, 3641. 3a."
The CHAIRMAN said that at the last meeting the condi-
tion of their account. had been explained up to that period,
and although in the first year of the company's vs-rations
they met with lenses they showed that their affairs were
then progre sing satisfactorily, and that they had good
grounds for being hopeful as to the future. He was happy
now to be enabled to say that there hopes had not been dis-
appointed. The character of their business was exceed-
iogly good, and bad brought to them parties of the highest
respectability in the City, amongst them some of the largest
shippers of the port of London, so that they were not likely to
be injurious)) affected by that oppositioo which marine insu-
rance as wall as all other trading companies were at present
experienciog. The amount for which the company had
become liable in the course of the year was upwards of
10,000,0001.—en amount which, though small when com-
pared with the busmen of some of the largest insurance
companies, wasseUl considerable, He did not mean that
they had had 10,0C3,C301. of liabilities in the books at any
one time, bet that during the year they had effected insur-
ances to that attest. Of this sum, 70 per cent. had been
ran off during the year, reducing it to 2.811,0031., • consider.
able portico of which had been run off since, leaving them
with • balance of more than 70,0001. to meet any losses that
might aria upon what remained. The amount actually
peid off was 26 per cent., and a trifle over, so that they could
have afforded to sell their underwriting accoant, and still
have left in their hands a very large balance. In • com-
pany such as theirs, working with • small capital, this, he
submitted., was, as the result of three years' operation., a
very satisfactory result, and not only justified, but rendered
it imperative on the directors to offer the shareholders
a return in the shape of dividend at the rate of 10 per cent.
per annum for the half-year. A considerable proportion of
the 10 per cent. was represented by interest on capital at
5 per cent. and only • very small portion of the 70,0001.
would go to make up the other 5 per cent. In °occlusion be
moved that the report and accounts be received and
adopted.
Mr. CHAPHAW seconded the motion, which was carried
unanimously.
On the motion of the chairmao, the dividend at the rate
of 10 per out. per annum payable on and after the 9th Feb.,
free of income tax was resolved upon.
The CHAIRMAN then moved that the balance *Ostend*
for preliminary expenses be paid off, which Wag agreed to.
The election of Kr. Campbell, who had been appointed by
the board to a esat in the direction in the room of Yr. Whit-
well, retired, was coufirmed.
Sir H. Leeks, ILP., and Yemen Daniell. Cotterell, and
Margetaon, the directors retiring by rotation, were re-
elected. Mesers. Cloves and Dawson were reelected audi-
tors, and the proceedings terminated with the usual coin.
pliment to the chairman and directors.