The Express.
London, England, 1852-09-23 00:00:00

low rate
terest
itilhaditcatithegy afel;',eryand continuedd lot for ;after
years,dicating • high rata of interest; bat with this
one exception, twat• and interest bumf tied a ,
oontianal tendency down Wards. By modern Imitate
on politisat economy this tendency is nesumed, to be'
a general lmrl yet being mossioaally 'beaked by im-
provement. is
,ageicidtarn and other arta At pra•
sent thaThree per Caleta are about but there is
an expectation that they will go her; and for
some time men have talked of a redue nof the rate
of interest. For assurance companies—which depend'
on remiving a good rate of interest on the money
entrusted to their management to enable them to
pay hereafter the capital sum for which they now
receive premiums—what may be the rate of interest
in future is • most important consideratioo.
That rate is always mainly determined by the dif-
ference between the cost of production and the value
of the commodity produced. Of all commodities the
principal cost to the capitalist resolves itself ulti-
mately into wages, and accordingly it is laid down
in some modern treatises of political economy that
as wages (real wages) rise profits falL At present
wages are rising-7e believe they are likely to be
still higher—there is a felt necessity for an improve-
ment in the condition of labourers; their large share
of the annual produce will be a deduction from
profits; we do not see any permanent came for •
future increase in the rate of profit; and accordingly
it appears more probable that interest will keep low,
and perhaps fall lower than at present, than that
it will rise.

A great part of the increase in the capital of
some old assurance offices, has scorned from their
having purchased into the funds when the Three per
Cents. were below GO, and when they made 6 per
cent. on the premiums, that were regulated on the
;supposition that 3 per cent., with a margin for
lames, was average interest. The whole course of
society, is now so much more regular than formerly,
that offices now, or recently formed, will have no
such advantage, and those who have formed them in
the expectation of obtaining it, will deceive them-
selves and their customers. Those who invest in them
may bequeath, instead of a provision, only disap-
pointment to their families. All the great inst►tutions
of society are necessarily based on man's wants and
affections. Assurance companies are founded on ono of
the best attributes of our nature, but it supplies great
temptations to avarice and fraud. Weare much afraid,'
therefore, that some of the schemes now set on foot
will ignorantly or wilfully deceive the provident, and
cheat the future of the provision intended for its
welfare. There is a great danger looming at present
in the path of society, and it is only to be avoided
by the provident classes increasing their care and not
allowing themselves to be deceived.

FRANCE.

PARIS, WEDNESDAY EVININO.

The latest despatch TTlfiii hu reached the Jiinistiy
of the Interior, relative to the President's journey, is
u follows :

Grenoble, Sept. 21, 7 p.m.
The Prince has just entered Grenoble amid the roar of
the artillery of the citadel and the acclamations of the
whole population messed upon the Lyons road, on the
esplanade and quays. Tbo most energetic cries of " Vire
l'Empereur!" have made themselves heard from the first
moment when the Prince could be seen till he entered his
apartments. His Highness has been received at the gate of
France by the Mayor of Genoble, also deputy and coun-
cillor-general, who presented to him the keys of the city.
The Court of Appeal, the clergy, the oouncil-general, the
mayors of the environs, functionaries of every grade, sur-
rounded the head of the state, and gave him • triumphal
reception as far as the prefecture. !mums' enthusiasm
reigns in the whole town, all the publice edifices and pri-
vate houses are illuminated. All breathes the joy with
which the presence of the Emperor's nephew is/sputa the
patriotic rshabitaets of Dasphiny.
The following telegraphic despatch has been re-
ceived from Strasbourg, relative to the inundations:
Strasbourg, Sept. 22, 11 a.m.
The whole plain comprised between the Rhine and the
strategic road is one immense lake. In each village a cer-
tain number of houses have been swept away; but the
inhabitants have been saved and sheltered. The most
dangerous point is Rhinan, where the Rhino has formed a
breach of 160 metres, by which a very river precipitates
itself into our plains. We work at the dyke, but the trans-
port of materials is very difficult. I (the prefect) have
organised in each chef had de canton • service of distribution
of succour. comprising each • group of submerged villages.
The waters arc subsiding everywhere.
The decree raising the duty on Belgian coal and
iron is regarded by the Steck us the counueutxtucnt
of the war of tariffs with which Belgium was me-
naced by the memorable article of Grainier de Cas-
!begone. It has been lately stated by a Belgian
journal that the French government threatened to
impose an additional duty of 10 per cent. upon all
Belgian produce, unless Belgium would accept all
the modifications in the tariff of 1843 proposed by
France. These modifications are understood to ex-
tend not only to silks and wines, but to cottons,
woollen tissues, printed wools, ribbons, fancy articles,
cl&hs and sea salt.
- - - - - -

Thi; decree was prepared and signed before the
Prince-President lett Park, for it bears date Sept.
14th. But the publication was delayed until the
completion of the Belgian cabinet enabled a decisive
answer to the French prowls to be given.
The sensation occasioned in Belgium by the decree
must be very great. The Indeperukseee of Brussels
Says
OUT readers will understand that we do not at this mo-
ment eater into any discussion on this fact; but we think
that we are able to state that eategotical explanations will
very shortly be given to the public, and that they will prove
in Use most peremptory way that nothing has been done on
the part of Belgium which can give any motive for, or even
justify In any degree whatsoever, the act of the French go-
vernment. We conies, for to-day, our observations to this
point.

The rresse urges strongly the reduction of the
present still enormous army. I have already alluded
to the report in well-informed circles preailing on
this subject. At the same time it should not be lost
sight of that the creation of a powerful navy of
screw steamers has been indicated by the Petrie as
tho Noses intinse of the President, who holds that
the destinies of France are to be decided at sea.
What that means needs no CEdipns to unriddle. It
seems in fact by no means improbable that the re-
duction I mentioned yesterday u contemplated in
the army will be undertaken with the view of pro-
viding France with a more efficient navy.
At the Bourse the Four-and-a-Half per Cents. fell
35, closing at 104.2.5; the Three per Cents, fell 30,
and closed at 77.80. The railway market was very
heavy. Rouen fell 18.76 ; Havre, 10; Orleans,ll.23.
TUZADAY Evssixo.
The President's speech at Lyons has been pla-
carded on the walls of Paris. It is generally
.under-
stood by the admiring multitude as expressing the
consent of the President to yield to their wish to
invest him with the imperial dignity. Meantime,
it should bo noted that Louis Napoleon in his speech
attaches to this dignity the epithet of almighty
(loute-puisrant,), no doubt in order that ho may
claim u early as possible the fullest exemption of
all-control.
I am informed from a source deserving attentoin
that the design of diminishing the army by 00,0005
men is seriously spoken of by persons high in office,
and familiar with the President's professed policy.
Nevertheless, I give this re portin regar4 to the
probable accomplishment of the slid reduction, with
all reserve.

Considerable sensation has been occasioned this
afternoon by intelligence from Jersey that the Eng-
lish government has determined to adopt extrao-
nary measures with regard to the refugees there.
The lieutenant governor has sent a circular to the con-
stabl es desiring them to prepare returns of all foreigners
resident in the island, stating their names, residences,
professions, and social condition, whether they are
married or single,whether with or without passports,
and whether or not attached to the family of English
subjects. The returns are also to distinguish such of
the foreigners as may be refugees, and to state wilt-
ther they live in furnished or unfurnished lodginr.
This circular has been very unfavourably received by the
refugees in Jersey, who fear it may be the prelude
to compliance with the requisitions of the French
government against them.
At the ball at Reanne an expression worth noting
fell from General Castellanc. Being asked who was
the lady dancing with M. de Persigny, he said " That
is Madame PAWL'', the wife of the Procureur of the
Republic—who, a few days hence, will be the Pro-
cureur Imperial."
The app ouch of the Presidential train to Lyons
was announced by a salute of 101 guns, tired at the
same time from all the forts. This formidable de-
tonation seemed to shako the whole city, and the
lours on the various buildings were visibly agi-
tated. An immense population was assembled the