The Express.
London, England, 1864-05-06 00:00:00

LONDON, FRIDAY, MAY 6.

Juan as the old mail coaches adapted themselves,
on the first of May, to summer weather and sum-
mer arrangements for roads and travellers, so the
railway companies are expected to adapt their May
time-bills to the summer and autumnal traffic. A
merry month the present ought to prove to railway
managers, seeing that it opens with Chester races,
always a great attraction, that the Whitsuntide
holidays fall in the middle of the month, and that
the last week of it is the Derby week. For these
events nearly all the great railway companies are
making preparations, advertising excursion trains,
fast trains, and special trains, as occasion may re-
quire.

In addition, however, to these temporary arrange-
ments, several of the companies have made ar-
rangements for the summer mouths, which afford
the public prospect of enhanced railway faci-
lities. It is observable that the system of
"through booking" is becoming very general,
an accommodation for which the public are
indebted to the improved feeling now prevailing
between the companies. The London and North
Western Railway Company not only books through
from all its principal stations to almost every part
of Scotland and Ireland, but it has made arrange-
ments to convey passengers through between the
east of England and the west—i. e., from such
places as Lincoln, Nottingham, and Derby, to
Hereford, Abergavenny, and Newport (Monmouth-
shire), and it also arranges to carry passengers from
places on the London and North Western and
Great Western lines, such as Birmingham, Wolver-
hampton, Chester, Liverpool, Shrewsbury, Rugby,
.tc. ; to and from Cambridge, Peterborough, Wis.
beach, Newmarket, Ipswich, Yarmouth, Norwich,
and other places on the system of the Great
Eastern Railway. Arrangements are also made by
the same company for an interchange of the traffic
and through communication with the Lancashire
and Yorkshire Railway, so that passengers may
book through from stations on the London and
North Western to Blackburn. Clitheroe, Bolton,
Bury, Bradford, and other places which previously
could not be reached without the inconvenience of
changing trains and some trouble as to tickets. In
the same way facilities are afforded for reaching
the north-east coast from the north-west coast, by
interchange of traffic with the South Durham, and
Stockton and Darlington Railways, and also for
reaching Scarborough and Whitby by way of Leeds
and York. In the neighbourhood of London the
North Western is also developing the resources of
the North London line, affording residents in the
suburbs through which it passes great facilities for
getting round to the stations south of the Thames,
and also making through rates, and trains to and from
Harrow, Watford, and St. Alban's, to the City, for
the convenience of suburban residents. There is an
important service between Manchester and Liver-
pool and Scotland, and the express trains between
London and Manchester are also expedited.
The Great Western is also adopting a system of
through booking, rid Reading, with the South
Eastern and South Western Railways, so that tra-
vellers from Birmingham, Oxford, Leamington, and
the West Midland districts may travel through—
say, to Southampton, Portsmouth, Hastings, Folke-
stone, or Dover, without passing through London.
Starting from Birmingham at noon, Southampton
is reached at 5.20, Portsmouth at 6 p.m.,
Hastings and Folkestone at 6.30, and Dover at
6.50 by this route. These arrangements are no
doubt advantageous to the travelling public, and it
L to be considered that they are made at the risk
of some sacrifice to the companies, which are, of
course, interested in carrying passengers over the
largest extent of mileage on their respective lines,
and therefore in passing them through Loudon
rather than exchanging the traffic elsewhere. The
Great Western, we are also pleased to see, is be-
ginning to show Rome interest in third-class traffic,
which it has hitherto accommodated very insuffi-
ciently. It also advertises a series of excursion
trains during the Whitsuntide holidays, and has
resumed a direct traffic between Windsor and Far-
ringdon-street, though by no means in a manner
likely to be deemed sufficient. However, any ad-
vance in this direction on the part of the Great
Western must be considered a concession, as it has
until lately appeared to disdain anything but first-
class traffic.

The Midland Co m pany,which appears to apply itself
specially to suit tbe commercial interests of the coun-
try, has recently made some noticeable alterations
with a view to facilitate the carriage of commercial
travellers' luggage. It is also endeavouring very
earnestly to promote and cultivate ita third-class
traffic, which must be of the highest importance
looking at the populous districts through which
this line passes. The fares on the Midland system
are now adjusted at very moderate rates. All mail
and express train fares bare been discontinued, and
ordinary fares only are charged by all trains.

The Great Northern train service exhibits perhaps
fewer alterations than that of any other line ; but
passing through Doncaster, and communicating
with York, Nottingham, and other places where
sport Li relished, this company is making special
arrangements for a large trifle to London during
Epsom week. It has also laid on a new express
Monday morning train from Lincoln and interme-
diate places to London, apparently to suit agricul-
turists wishing to attend the Mark-lane market.
The Great Northern, very wisely, continues to

I
make increasing use of the pfestiusti
station.

The Great Eastern is increasing the number of
its trains and developing cheap traffic. It is also
endeavourin4 to promote the interests of%he water-
ing plaCes Whfoli it. reaches on the east coast by
fast trains, and weekly return tickets to Yarmouth,
Lowestoft, ildristirnton, Aldborough, and Walton-
on-the-Naze. " Cheap trips "to these places at
Whitsuntide are promised. The packet service
between Harwich and the Continent is still con-
fined to goods and cattle ; but there is some
prospect of its being opened for passengers during
the season.

The South Eastern has this month brought all
its trains to Charing-cross, and it is to be hoped
that there will be an improvement in the traffic of
their line iu consequence. The fares from Charing-
cross, upon the Greenwich and other short lines,
have been found too high, and we are glad to see
that some reduction has been made in them. A
third class fare of 2d. has been established between
Charing•oroas and London-bridge, and the rates to
Croydon, Beckenham, &c., have also been reduced.
Together with the terminus, the customs depart-
ment for the examination of the luggage of pas-
sengers arriving from the Continent has been re-
moved to Charing-cross ; and the management is
apparently striving very earnestly to develop that
continental traffic for which the new station affords
such important facilities.
The London, Chatham, and Dover Company
appears to postpone any alterations in its traffic
arrangements until its line is opened to Blackfriars ;
and there are at present no alterations on the
Brighton or South Western of sufficient impor-
tance to require notice.

Tice directors of tho Bank of England have taken
another important step in their policy of restriction,
having raised the minimum rate of discount from 8
to 9 per cent. This makes a total rise of 2 per cent.
within four days, a movement from 7 to 8 having
been adopted as recently as Monday last The
stringency previously existing in the money market
having already caused a decided improvement in
the foreign exchanges and in the bullion
current, and the principal continental banks
having as yet taken no action calculated
to counteract the attempts of the Bank of England
to lay those markets under contribution, the com-
mercial public have been taken somewhat by sur-
prise by yesterday's movement. As usual, there was
little disposition to criticise the policy of the Bank
directors, but much anxiety was evinced to learn
the nature of the changes in the weekly Bank
return, which it was presumed would throw light
upon their motives. The figures will be found in
the usual place at the end of our City article. The
alteration in the coin and bullion certainly does not
explain the new restriction just enforced, the total
being still as much as 12,454,2441., and present-
ing a decrease since last week to the trifling extent
of 113,5321. In raising the rate of discount to its
present extraordinary point, the directors must
have been influenced chiefly by the further decline
in the reserve : the total under this heal (notes and
coin) is now 5,619,9941., being 641,5471. less than
last week, and the decrease has arisen mainly
through the addition of 1,058,7921. to the private
securities, a further decrease of 341,1331. in the
private deposits having been more than neutralised
by the influx of the revenue. Upon the question
as to whether the general position of the Bank
accounts justifies the further rise in the rate made
yesterday, there will of course be two opinions.
I Meanwhile it is important to remark that, should
the event prove that the Bank directors have
proceeded too far or too rapidly, the severity
of their action will yet remedy the evil
the sooner ; and in this way the duration
of the prevalence of the present high terms
will be shortened. A fresh impulse will cer-
tainly be given to the improvement already in
progress in the foreign exchanges ; and, although
it seems hardly likely that the banks on the Con-
tinent can neglect to adopt some steps in answer to
those taken here—the rate of discount at the Bank
of France, for example, being only 6 per cent.
against 9 per cent at the Bank of England—the
probability is that they will not be able to prevent
a rather rapid accumulation of gold in our Bank.
The reassuring features are likewise presented that
the commercial community view the present violent
movement in the money market with perfect calm-
ness, in the belief that there is no rottenness in
trade to be searched out by the ordeal As regards
this point, it is very satisfactory to learn that the
number of bills returned at the mercantile settle-
ment of the 4th of the month (Wednesday) was
smaller than has been known for some time past
A 9 per cent rate of discount at the Bank has
not been known since the sth Nov., 1857, when the
coin and bullion were 8,497,7801., being 3,956,464/,
less than the amount held now, and the reserve of
notes and coin was 2,944,0001., being 2,675,9941.
less than now. At the period referred to it will be
remembered the pressure on the Bank's resources
went on increasing, until, in spite of a rise (on the
10th Nov.) in the rate of discount to 10 per cent—
the highest point on record—the government
found it necessary, on the 12th, to relax the
Bank Act