The Express.
London, England, 1862-10-20 00:00:00

ghe erpreoo.

TO 001tIMPONDIN1S.
dvertisemeota Intended for The Ihrees" London Evening
Payer. must be at the dim 1Q Boavertewtreet. by Two
o clock on the day of pa.,.

IXIVENT GARDEN.

THIS EVWIIG, THY FOll/11 lANIiIRL Mete. Pampa.
Mra. Aynaley Cook, and Was &tun Pyne Mews. W. H.
Weiam. H coni. H Munk, and W. Harrison.—Conductor,
Yr, Alfrod Mellon.—Commence a& 8.

HAYYMUCAL

Tim Eriarnra, A DAIJOIfTER TO MARRY. Miss E. Romer.
....OUR AMERICAN COUSIN. Mmes. Nothero. Ruckstone
E. Pitzlrilliam —DUCK BUNTING. Mrs. Wllklrui.—And JAMS
RETURN PROM CANTOS. Tile Leclereqs.

PRI .ICIATM.

TMla Warman, DILI6ATS GROUND. Mr. George Thing
and Miss M. Oliver.—LOVE. Moira. H. Marston, Venn,
Shore, Cathcart; Mn. S. White and Miss °matinee Aylmer.
—And PIO.7IECLION. Mimeos M. Oliver and Murray.

BRITANNIA.
Tel Itvzintd. CAST ON TIM MERCY OF THZ WORLD.
Mn. S. Lino—Pinging byMesnrs. L.ndall. Plampton, and NW
H. Coveney.—Wr. C. Burton and MdDe. C. Stephan. - And
A BLANCHZUSIL Manes lara St. Cane and M. Lacey.

HIGH WATER AT LONDON BRIDGE.
Tyro DAT Morn'ALM. 45m.....A1t0rn00a. Ob. Om.
To-moRIOW-31ornbm, Oh. 10m.....Alimmoon. Ob. 30m.

LONDON, MONDAY, OCTOBER 20.

Weighing everything, however, we cannot see
that India or any other cotton-growing country is
likely to trench heavily upon our stock of the
precious metals for some time to come. Events
are tending that way, but have not yet gained full
force.

Reverting to the trade balance of say fifteen
millions sterling stated above as standing appa-
rently in our favour, on • comparison with last
year, and arising almost exclusively through a dimi-
nution in our foreign expenditure, the question
may be asked—lf the balance is so largely on our
ide, surely, the comparatively limited supplies of
cotton which are at last struggling into Liverpool
ought not to produce much effect? We fear, in-
deed, the quantity will not speedily become large
enough to produce any great effect ; but, in con-
sidering the question of the trade balance, ac-
count must be taken of our importations of certain
articles which, though requiring to be paid for
equally with cotton, corn, or tallow, com-
pletely elude the investigation of our offi-
cial statisticians. We refer to the intro-
duction of foreign securities—stocks, bonds, and
shares—of which, according to some authorities,
the English public hold at this moment some fif-
teen millions sterling more than they did at this
time last year. If the estimate be accurate, it
tallies rather remarkably with the amount of the
trade balance already mentioned, and would tend
to show that the account, as between this country
and abroad, is pretty nearly adjusted, with the
difference that the saving in imports of cotton
is absolute and immediate, while time
is probably allowed for the complete liquidation of
the instalments on foreign loans. There might
thus be some ground at first sight for the inference
that, sinking the operations of individuals and
massing the aggregate result, Great Britain has
this year invested in foreign securities the fourteen
or fifteen millions sterling which she has saved in
her outlay in cotton and other useful commodities.
But it is satisfactory to find that this conclusion is
invalidated by the consideration of another im-
portant element in the question—one which does not
seem to have received due prominence in re-
cent discussions. In talking of the securities
that have been imported people are too apt to
forget those that have been sold and sent away,
whereas it is only the balance, or difference be-
tween these two sums, that can really have any
permanent effect on the international settlement.
Now, though it cannot be denied that we may
have imported, as the computation is, fully fifteen
millions of foreign securities—Turkish, Egyptian,
Moorish, Peruvian, Venezuelan, and others—during
the period under notice, and that the nation may
therefore, by • figure of speech, be said to have
turned its cotton savings (savings which may here-
after be wanted again for their old purpose) into
stocks and shares, we are convinced it almost
admits of demonstration that the amount of
American securities which bas passed from the
hands of English holders to the other aide of the
Atlantic during the same period is not less than
10,000,0001. or 12,000,0001. This forms •
very important set-off. Only by our large
realisations of American securities can be explained
the fact that America, though she has largely
diminished her consumption of European goods,
has been obliged to send us, in eight months of
this year, 6,261,8481. in specie, against scarcely
any at all (54,0531.) last year. We have, there-
fore, not been so imprudently lavish in our invest-
ments in foreign securities as many people ima-
gine, for practically, to a considerable extent, the
process has merely been an exchange of some
foreign securities for others.
On the whole, the result of these inquiries is of a
somewhat negative character, each of the move-
manta referred to being attended with • good deal
in the way of compensation on the opposite side.
The broad inference is that the money market is
not likely to be disturbed to any extent worthy of
the serious attention of men of business, although
it is very possible that the occasional incidence of
the instalments on foreign loans, combined with
the unquestionably increasing payments for Indian
and other foreign cotton, may trench further on the
bullion in the Bank, and perhaps cause the rate of
discount to range somewhat above its present leveL
Two per cent. is neither a safe nor a permanent
rate for money in this country, and the sooner the
Bank retraces its steps—if only to the extent of a
half or one per cent.—the more confidence may
we feel in the restoration of • conservative action
in the money market. The calm precedes the
storm. When money is at two per cent. the seed
is usually sown which springs up in due course in
psaic. It is therefore almost a matter for con-
gratulation if anything occurs to abridge the
period wherein the community are peculiarly ex-
posed to fall under temptation.

THKRE is once more a prospect of some slight
change hi the money market. More than alight it
can scarcely be, if reliance is to be placed on the
statistics of the imports and exports of the king-
dom. The real value of these statements consists
in the light they throw upon the condition of the
trade balance between this country and the rest of
the world, and the only testimony at present to be
drawn from them is that the balance is in our
favour—that is to say, the foreigner is still in debt,
and is gradually discharging it. A few facts and
figures, tending to render this dear, may be ac-
ceptable. The last Board of Trade returns show
that, as regards the exports of home
produce and manufactures, the present
year is, thus far, almost exactly on
a par with last year, while our exports of
articles of foreign and colonial origin, which,
though equally our property, may be regarded as
merely passing through this country, have
exceeded those of last year by upwards of a mil-
lion and a quarter sterling. So far as these
figures go, therefore, the general balance would
appear to be to this small extent in our favour, as
compared with last year's experience. But the
exports apply to only one side of the argument ;
we must look to the imports as well ; and here
stands out the important fact that we have this
year imported 14,000,0001. less of foreign commo-
dities than we did in the same period of 1861. The
stoppage of the American cotton trade is sufficient
of itself to account for this immense falling off in
the imports. It is a phenomenon which will here-
after have a powerful effect in raising the value of
money, but will not begin to act until the supply
of cotton increases. At present we are receiving
the returns for the large consignments of cotton
manufactures which were made on credit to every
part of the world, while we are keeping at home
the funds which are ordinarily sent abroad for the
purpose of replenishing our stock of the raw mate-
rial. As long es this state of affairs lasts money
must accumulate here, unless a counteracting in-
fluence is exerted by other considerations of equal
force. Keeping our cotton money at home evi-
dently moans a large accumulation of idle capital
and a very low rate of interest. Yet it is not to
be forgotten that every month we shall have a
smaller balance to receive from abroad on account
of past consignments of goods, while the efforts at
cotton growing which are now fairly in progress in
every part of the globe cannot fail, sooner or later,
to result in at least • partial compensation for
the withholding of the American crop. And we must
remember that whenever the foreign producer
shall be in a position to look up from his toil, and
point to his piles of baled cotton, money will flow
out of this country in • ratio proportionate to
the lowness of our stocks. We have gone on
consuming these almost to the uttermost limit,
and the lower they become the more we shall
have to buy when the new sources of supply are
opened. If this view is correct, it should follow
that the period of greatest abundance in the
money market should be that when the stock of
cotton here is the lowest, and the facts of the
moment furnish rather a striking corroboration.
There has been hardly any cotton at Liverpool, and
gold has accumulated in the Bank of England until
the amount of eighteen millions and a half has been
reached, and until the glut of money has been felt
very severely by those whose business is to find
channels for employing it. But during the last
few weeks a sensible recovery has been observable
in the stock of cotton, owing to some considerable
arrivals, chiefly from India; and, almost imme-
diately thereupon, the barriers which the high level
of the exchanges interposed to the outflow of gold
have been broken down. The effect is seen in the
reduction in the bullion in the Bank of England
from eighteen and a half millions to little over six-
teen millions, and in the more cheerful aspect of
money lenders and discounters, who seem to think
that the period of their greatest difficulty is over.
None know better than they how to use the game
as soon as they get it—if ever so little—into their
hands, for they hare a powerful aid in the vague
apprehensions of the commercial public, or, it
would perhaps be more correct to say, in that
dis-
position to prudence and caution which leads so
many persons to over-supply themselves with

FRENCH MINISTERIAL APPOINTME
THE EMPEROR AND M. THOUVENEL.

The ifoniteer of yesterday announces the fol-
lowing appointment :
M. de Latour d'Anvergne, as French Ambassador
to Rome, in place of the Marquis de Lavalette,
whose resignation has been accepted. •
As Ministers Plenipotentiary, have been ap-
pointed : M. Talleyrand Perigord to Prussia, M.
Sartiges to Italy, M. Bandin to the Netherlands,
and M. Fournier to Sweden.

It is announced that Prince Napoleon and the
Princess Clotbikie are to proceed from Lisbon to London to
visit the Exhibition previous to the closing of the building.

money directly indications of Bitisco MG oh-
101ES
ey
aervable. —.--_
But although it seems probaMs /4,st our %Woks' DRUMM% Cam, 18.
of cotton have seen their lowest, asks is—Aiskr- The Queen, with the Princess Helena, Princess
tunately for Lancashire—no prospect of any Louisa, Prince Leopold. and Plum. %nada% left the
speedy resumption of the supply on its old scale, pg...., Coburg et three o'clock yesterday, and travelling
and no prospect therefore that the money market through the night arrived at the pekoe at Luken at nine
wilt yet be overtaken by the payments for cotton. I o'clooh this morning.
India is doing something, and is accordingly taking ! The Duchess of Coburg and Gotha accompanied the
some specie, although in the natural order of Queen to the station at Coburg, and there took leave of her
'
things she ought rather to send specie to us, in IMa
In attendance upon her Majesty and the Royal Family
liquidation of the intereat on her debt held in , wen /4„,iy cimehm, Lady Augusta Braes, Ljeut..Gee„Tet
England, and of the large home expenses of the Hoe. C. Grey, Lieut.-Colonel du Plat, Dr. Jenner, and
her Government. She would require still more , Mr. Roland.
specie from us than she is now taking , Prince Arthur, attended by Major Elphinstone, left
were railway and other public works being carried Coburg on Wednesday evening, upon a visit to the Prins
and Princess Louis of Heise, at Darmstadt, and rejoined
on there on the large scale witnessed some short
time back. The relaxation which has taken place 1 the Queen at Cologne.
in this respect operates as a partial relief to the
home money market.

lirbe qrourt.

Despatches were received on Saturday at the Colonial-
office from the governors of the Mauritius, Malta, and Gib-
raltar. Despatches were sent to the governors of Ceylon,
Hong Kong, Labuan, New Zealand, the Australian colonies,
and North American provinces, and to the Lgrd High Com-
missioner of the lonian Islands.

The Duke and Duchess of Buccleuch are receiv-
ing a sneeemion of visitors at Drnuilanrig Castle.
The Duke and Duchess of Roxburghe and Lady
Charlotte Her leave town to-morrow for their seat, Floors
Castle., Roiburghahire.
The Countess de Flahault and Ma.dlle. Elphin-
done de Flahault arrived at Albert-gate House on Saturday
from visiting the Duke and Duchess of Buocleuch at Drum.
liar's Castle, Dumfriesshire.
The Marquis of Tweeddale and Lady Jane Hay.
have left Thomas's Hotel, Berkeley-square, for Sandgate.
The Earl of Winchilaea, Captain and Mrs.
Stewart, and Heron Fagel have left the St. George's Hotel.
The Earl of Wicklow has left town for Brighton.
The Earl and Countess of Hardwicke and Lady
Agneta Yorke have left Sydney Lodge, Southampton, for
Wimpole Hall, Cambridgeshire.
The Earl of Glasgow, Lord Huntingfield, Lord
Methuen, and the Earl of Chesterfield have arrived at the
St. George's Hotel.
Frances Countess of Albemarle and Colonel the
Hon. Peregrine Cost are expected in town in • few days
from Paris.
Viscount and Viscountess Curzon arrived at
Curzon House on Saturday from Penn House, Bucks.
Lord and Lady Willoughby de Eresby have
arrived at their mansion in Piccadilly from visiting Lord
and Lady Aveland at Normanton Park, Rutlendsbire.
Lord and Lady Churston have arrived in town
from • tour oa the Continent.
Lord and Lady Aveland have been entertaining a
succession of visitors at their seat, Normanton Park, Rut-
landshire, during the past week.
Lady Milford and the Hon. Mr. Eyre have left
town for Brighton.
Lady Marian Alford has left Paris for Orleans.
Sir Charles Knightley, Bart., accompanied by
his daughter, the Hoo. Mn.s Gage, haaj left town for Faws-
ley Park, Northamptonshire.
Sir Henry Hoare, Lady Hoare, and Miss Hoare
have arrived at Thomas's Hotel, Berkeley.esuare, from
Stourbead, near Bath.
The marriage of Lord Robert Montagu, M.P.,
to Miss Elizabeth Catherine Wade took plasm on Saturday
last at Christ Church, Paddington.
The Right Rev. the Lord Bishop of Oxford is at
present on • visit to Scotland, and will officiate at the con-
secration of an episcopal church at Berwick-on-Tweed on
Thursday next.
The Queen has been pleased to appoint Henry
Drummond Wolff. Eeq., C.M.G., Chief Secretary to the
Lord High Commissioner of the lonian Islands, to be a
member of the Second Class, or Knight Commander of the
Order of St. Michael and St. George, and to authorise him,
by dispensation, to assume the rank and precedence of that
dignity without the preliminary ceremony of investiture.
The extra sittings of the first division of the
Edinburgh Court of Session commence on Monday, the 3rd
November, when the Yelverton case will be taken up, it
being placed first on the roll.
A very considerable sum has been gathered al-
ready in Dublin "to bay shillelaghs for the London-Irish,"
as some interpret the matter ; and the columns of the
ultra papers are filled with "leaded" letters, in which the
writers, in sending their donations, glory in the bravery
and religions seal of the rioters.
The Royal College of Surgeons in Ireland have
just received • marble bust of the late Prince Consort from
the studio of the eminent sculptor, Mr. Theed. The like-
ness is an exact counterpart of the List bust of his royal
highness now io the possession of her Majesty, and by the
same artist, her Majesty having permitted the college to
obtain a copy of it.
There is an agricultural society at Chertaey and
• conservative club at Castle Hedingbam. Each had a
dinner on Friday evening, and at each dinner members of
parliament were present. Mr. Lindsay, Mr. Cresson, M.P.,
I and Mr. Briscoe, M.P., were at Cherteey ; and h►lf-a-
dozen conservative county members were at Castle Radios-
ham headed by Major Bereeford and Mr. Du Cane, M.P.
Mr. Lindsay. at Chertey, devoted moat of a speech he
made to expressing his sympathy with the Southern states
of America, and his opinion that our government ought at
once to recognise the Confederates as a nation. Major
Beresford and Mr. Du Cane, at Castle Hedingham, also
sympathised with the South, but they declined to say that
the English government ought to interfere. Mr. Du Cane,
in addition to this, spoke joyfully of the prospects of the
conservative party, and was particularly severe upon Mr.
Gladstone.
It is said that Mr. Bolton, of Birmingham, who
was killed in the late railway accident near Edinburgh, had
a railway insurance policy entreat for 1,0001. He had also
made proposals to an Edinburgh office for • policy of 700/. ;
had remained • train behind to undergo the medical examina-
tion, and had deposited with • friend money to pay the
premium on the policy being signed and tendered. It is
said that the firm (Hammond, Turner, and Co.) by whom
Mr. Bolton was employed are to raise an action of damages
against the railway company, and • suit will also be insti-
tuted by his widow. This will only be one amid a great
host of claims arising from the excessive fatality and amount
of personal injury done by the accident. The fall in the
company's 1001. stock in three days represented an extinc-
tion of capital of above 100,0001. The stock has, however,
slightly recovered.
Sir John Bowring arrived in Paris this morning
from the Hague, where be has concluded a treaty of amity
and commerce, on terms of complete reciprocity, between
the Dutch government and that of the Hawaiian Islands.
We understand that Sir John is also accredited to the
Emperor of the French by King Kamehameka IV.—
Galignani. . _ _

The Side says that the Prince de la Tour d'Au-
retype-Lel:magma* the new representative of France at
Dame, is the nephew of the late Cardinal Archbishop of
Arras, and brother of the Archbishop of Bourges. He
held the legations of Ducal Barony, Florence, Parma, and
Turin, and lastly that of Berlin. He is personally known
to the Pope, to whom at the time of his exile at Gaeta be
was several times despatched on missions by the Minister
for Foreign Affairs.
A painful sensation has been produced amongst
the habitual British residents in Rome by the accidental

The .3foniteur also publishes the following letter death of Mr. Shepherd, juo., son of the gerane of ass
from the Emperor to IL Thouvenel : 1 Anglo-Roman Gas Company, last week, on the occasion of
"My dear K Thouvenel,—ln the very interest the opening of the central railway station in that city.
Private letters state that Mr. Shepherd fell from a bridge
of the policy of conciliation that you have loyally or platform, and sustained injuries which produced his
subeerved, I have judged it necessary to replace death, after a lingering agony of three days.
you in the Ministry of Foreign Affairs ; but, in Four of the five devisee of the French Institute
deciding to part with a man who has given me so have as the present moment vacancies to 811 op. The
many proofs of his devotedness, I feel bound to tell Academy of Fine Arta is alone complete. In the French
him that my esteem and confidence in him Are in Academy the chairs left vacant by M. Blot and Duke Pas-
noquier are to be occupied. At the Academy of Sciences.
wise impaired. lam persuaded that in any M.M. de sm.., sod do Gooporio have to be replaced ;
position you may occupy I shall be able to count in the Academy of Inscriptions, MM. Jomard and Ch.
upon your intelligence and attachment, and I Maugin ; and in the Academy of Moral and Political Sol.
pray you, on your part, to believe in my sincere ecees, MM. Damiroo and Banda. At the French Academy
friendship. the receptions of M. Octave Fenillet and the Duke de
(Signed) ..mmumc,„.” , Broglie bare also to take place.
Wsersererurss Scnoot.—The Andrea of Terence
(with slight changes) will be acted in the dormitory of St.
Peter's College on the evenings of Thursday, December 11 ;
Tuesday, Donohoe 16; and Thursday, December 18—the
last two days with prologue and epilogue.