The Express.
London, England, 1863-10-05 00:00:00

A SMART SPECULATION.

The Paris correspondent of the Economist
writes :—" A great commotion has been excited in the
financial world by • singular affair. At the time Savoy
formed parte( the domiuions of King Victor Emanuel, there
existed a Beak of Savoy with • capital of only 4,000,000 f.
(160,0001.), but powered of the important minty's of
Miming notes, of establishing branches, of Monomial,' its
capital at will, and of being of iedefinite duration. In the
treaty sesexteg the province to France, so smotel stipula-
tion wee made with regard to this bank, and amordingly it
mine within the clause by which France guaranteed to all
companies and establishments in that provisos the maim..
once of the rights and privileges they nod enjoyed. After
• while the di sectors of the Bank of Savoy fancied that they
had no chance of maintaining their ground against the
Bank of Femme, and they aoeurdingly proposed to sell purely
and simply their bonuses, sod their privilege to that estab-
lishment. Negotiations took place and extended over an un-
reasonably long time ; but at last they were broken off,
because the Bank of Femme would not commit to give the
price demanded by the Beak of Savoy— a pries at first fixed
at 2,000 f. per share, but subsequently reduced to 1,500 f., •
premium of only 5001., the share having ceigleally coat
I.ooof. On the rupture of these negutiatiom, the directors
of the bask went to N. Emile Venire, and that gnat
financier saw at once that the Bank of Femme had committed
• gross blender as regarded its own interests, ►od that the
Back of Savoy might be turned to amount in • manner
which it had not the sagacity to foresee. Eh entered into
• provisiosal agreement for 'mechanics the privilege of the
bank, and within the last few days that agreement has
become definitive. The Batik of Savoy, therefore. is his.
When his purchase had become • fail arrompli, the great
fact that the Bank of Savoy can issue notes presaated
with 'willies sternome, to the directors of the Bank of
France. This latter bank, as your readers are aware, bait
hitherto bad the exclusive privilege of issuing notes ; and
it has certainly good reason to be troubled at seeing that
great privilege invaded by a financier of such high authority
and vest resources ea N. Emile Pereira. The financial
circles hove bees as much moved as the beak, though for
difiere•t mamas. One portion thereof wanders that N.
Emile Fergie*, in acquirisig the Bank of Savoy, has displayed
ficanoial genius of the highest order, sod they hope and
pray that be will not let its privilege remain idle, but will
exercise it to the extreme limits of prudence, so as to keep in
check what they consider the exorbitant monopoly of the
Book of France. The other portion. on the contrary, re-
gard with real alarm a 'mole iodividual invested with the
power of Memos notes ; end tieey draw lamentable pictures
of the commotion that would be occasioned in the commer-
cial world if he s►ould abuse that power. As to economists
who are emitted to speak is this matter, they rejoice at
what N. Emile Pereire has done ; and they do so because
they are in favour of liberty of bucking—isclodiog in that
phrase the power of creating notes—and they mink that
whoa there shall be two banks in France authorised to
issue notes instead of ono, a great step will have bees taken
towards making basking free.
" It is on der the intestine of N. Emile Pereira forthwith
to raise the capital of the Bank of Savoy to 40,000,0001.
(1,600,0001.). sod he will probabl► not atop there. But •
mastitis of the ahafeholders of the bank is to be held oe the
and it is expected that be will take advantage of it to
explain hie views. Whatever he resolves on. there is no
question that the paniniog into Iris halide of this Bank of
Savoy, wit► its power of issuing notes and fixing ha capital
at what it pleases, is a financial event of extreme gravitj,
and that event will certainly for a loos time Mecum keep
the financial world in agitation."

ADDRISB TO BISHOP COLENSO. —A rather singular
address has boon forwarded from Durban, to Bishop Colmar,
sigma by saversl of the laity in that borough. The framers
bare cautiesely and wisely retrained from uttering any opi-
nion with reference to the bishop's writings, contenting
themselves with mooning his lordship's right not osly to
think, but also to speak and write just as be chooses. no
matter what oaths he has made or articles he has signed to
the cootrary. This, if not said in so many words. is the
only inference to be arrived at from the address. The cos.
elflike of the oddities is a sufficient sample :—" We feel
assured that the spirit of 'acuity which you have provoked
will not expire, but evestnally develop sad %main itbs
paths of future geastatioss."—Capeof Good Hope Repister•
DESPATCH Or THE CALCUTTA AND CHINA MA1124.
—The Peninsular sad Oriental Company's steamship Pere.
Captain Jamieson, sailed from Sodtbamptos yesterday, with
the made for Gibraltar, the Mediterranean, Egypt, Aden,
Co7loo, India, and China, together with lirr tint and 40
mond class Feminists. The Pere took out on freight 7.15
boxes sends, vales 114,7431. 16s. 6d., for the following
ports, via. :—Madrea--Gold thread and watches, 1,0771. Cal-
cutta—Sovereigns, 1,6454 ; gold thread watches, Jtc.,
1,1571. Pensag—l*llitre, 935/. Hong Hosg—Dollars,
0,2421. seed pestle, 1001. ; gold thread, watches, sad Jewel-
lery, 2,1901. 16e. 64. Fes-chow —bonus, 9501. ; watches.
bas., 1661. Shsaglise—Silver coin, 4.1;14/. ; watches, 2001.
Airmadria—Smenigas, 67,0001. The I'era oho took out a
full sago of general merchandise. •
CHYSTAL PALACE. —H ALP-A-CROWN DAT.
flartiatizr, OcT. 3.—Admissions 00 payment, 1,064 ; ditto
in sorsa WON; 2,170 ; total, 3,234.