The Express.
London, England, 1863-01-26 00:00:00

THZ EXPRESS, MONDAY EVEleitet, ;. JANUARY 26::-

has been caused rather by a policy of precaution
than by actual pressing necessity, we shall expect
to see the terms in the general market sink decidedly
below those of the Bank directly the impression
begins to prevail that the crisis, if we may call it
so, is over, and that Vat turning point is reached.
Everybody knows well enough that there is plenty
of gold in the Bahr for all practical purposes, and
that any doubt as to the convertibility of the note
I under existing circumstances is absurd ; yet in
view of the fact that so large • proportion of
the Bank's nc,te issues is unrepresented by bullion,
it is fully recognised that a draught upon the stock
of gold to an extent really immaterial in
itself mrist be attended with an increase in the
terms of that establishment. Bankers and capi-
talists, acting upon the maxim of " making hay
while the sun shines," will, therefore, follow the
Bank of England with alacrity in its upward
course, until the turn is reached and the bullion
drain stayed. That point, indicating the top of
the market, once touched, money will probably
be brought forward with unusual eagerness for
employment ; long dated paper will be especially
sought after ; the rates in Lombard-street will
crumble away ; and the Bank of England will
be left alone in her glory. It will not have escaped
attention that ever since the present rise in the
value of money set in, the demand at the Bank
discount-office has been less than is usually ex-
perienced on such occasions. Some pressure has
heed' witnessed on the daeding the weekly
court-day on which the advance has been decided
upon, but only then. This circumstance tends to
strengthen the view that the cause of the present
advance in the rates of discount consists in • less
degree than usual in a commercial demand for
money, and in a larger degree than usual in
a demand for gold for exportation. Stop the ex-
ports of the precious metal, therefore, and the
trade demand for money will be quite insufficient
to enable bankers to enforce the higher terms now
threatened, or even, perhaps, those current at this
moment. There is probably nothing in the aspect
of the internal trade of the country to warrant a
5 per cent. rate of discount.
The questions of real importance, then, are—
when will the export of gold be really checked,
and at what point will the rise in the Bank rate
cause the current to turn? The theory of the
Bank Act is that, as the Bank loses gold, it must
go on raising its rate of discount, until our terms
shall exceed those of other countries ; the inference
being that other countries, instead of drawing gold
from us, will then be glad to send capital to us,
for employment at the relatively higher price
which we offer for it. In practice, as many a
rained man can vouch, this theory has
been found cruel enough, because, if we owe the
foreigner money, and if the foreigner is in the
throes of a financial panic himself, he will clutch
tightly all he has, and at the same time go on
drawing all he can from us. By these means, on
former occasions, we have drifted into a panic our-
selves, although we have sacrificed many of our
most precious commodities—our stocks of produce,
our manufactures, our ships, everything—offering
them in the market for almost any price they
would fetch, in the hope that we might tempt the
foreigner to buy, and thus attract some of
his capital to our relief. Happily, there is no oc-
casion for any such violent measures now, and this
for sufficient reasons ; there is pressure neither at
home nor abroad; there has been no excessive
speculation ; and, what is most important of all to
ourselves, we do not owe any large sums to the
foreigner. jt would appear, on the contrary, that
the foreigner—at least this may be said of France
—is relieving himself at our expense, and leaning
on us even more heavily than he is strictly
entitled to do. To a certain extent, France
is making us the scape goat for her
financial sins. In the ordinary course of trade she
is evidently not yet entitled to claim the large
amounts of bullion which, somewhat to our incon-
venience, she is taking from us. The Bank of
France manages to attract gold by, in a sense, dis-
counting the debts due by England to France.
We have seen her adopt the same expedient be-
fore, and it has answered her purpose for the
time, and laid us under temporary contribution
for her relief. But it stands to common sense
that if we pay our debts before they arrive
at maturity—and this is the real effect
lot the arrangements which are now being carried
out by the French Bank—we shell have so much
I the less to pay hereafter. We cannot be made to
discharge a debt twice over. When the turn in
the money market comes, the force of this will be
felt all the more.
As we view the case, the drain of bullion arises
partly from the pressure temporarily put on us in
this manner by France ; secondly, but in • much
leis degree, from the liabilities in connexion with
foreign loans and foreign and colonial banks ; and
thirdly, from the business we are now engaged
in, of seeking out cotton in new fields or new
countries—countries which, in the absence of ex-
change arrangements adequate to the sudden ex-
pansion, demand bullion in payment All the
new cotton fields are now absorbing our gold, vier
America, superseded. The cotton trade with
Ameri,•a went on with marvellous smoothness, be-
cause it rolled along • well-used groove most
effectually lubricated by excellent exchange ar-
rangements. It is quite another thing when
we come to deal on a sudden with new
countries, where such facilities for ad-
justing international balances have yet to
be created, and where, meanwhile, settlements
must be made in the precious metals. We can
bat wait and see to what point these various demands
will reduce oar stock of bullion ; and we can afford
to wait w ith the more equanimity for two reasons—
firstly, because there is no symptom that need ex-
cite distrust of the general soundness of the trade
and Spence of the country ; and, secondly, because
the present rise in the value of money will tend to
dissipate the fears of rampant speculation which a
continuance of the Bank rate at 2 per cent. would,
if former experience counts for anything, hays
naturally engendered.

VOTES OF RAILWAY SERVANTS AT ELECTIONS. -••
The Leedom Chatham, and Dover Company have just takes
estop which might well be followed by such compaoim
throughout the country ',morally. A eiretdar, of which
the following is a copy, bu bleu addressed to the various
superintendents, and posted in a cmospiemous pert of all their
stations :—" I sat bulimia by the directors to communi-
cate to you, and through you to all the peewee employed in
your department, the following resolution permed at the
board on the 19th December, mid to request that you will
have it read to and make it understood by every person
in the comysny's service uoder your superintendence
• Resolved, That with respect to question of public
, politic., or coutested elections, the board holds itself entirely
neutral, sod repudiator any interference with the action of
its servants on these subjects.' Be good enough to have
this circular exhibited in the offices, rooms, and workehops
which are devoted to the use of the company's servant' and
workpsople."
AememooN OF krroaNaTs.—The Master of the
Rolls has appointed Saturday, the 31st of January, at the
Rollo-yardamm at 4 o'clock in the afternoon, for
swearing in solicitors. Every person desirous of being
sworn in on the above day must leave kis common kw d•
mimic, or his certificate of prsctice for the current year at
the seoretary's office, Rolle•yard, Chancery-lane, on or
before Friday, the 30th of January. The papers of those
gentlemen who cannot be admitted at 00010200 law until
the lest day of term will be received at the escretery's
office op to 12 o'clock on that day, after which no papers
cm/ be received.

be Court.
• MORNS, Jan. 24.
The Queen, with Princess Louis and Princess
Helena, drove out yesterday. Counter Faucher had the
honour of accompanying her Majesty.
Colonel the Hon. A. Hardinge attended on horseback.
The Duke of Cambridge returned to London.

SUNDAY.

The Queen, Princess Helene, Princess Louise, end Prin.oe
Leopold attended Divine service et Osborne this morning.
The Rev. G. Protharo officiated.
The ladies and gentlemen in waiting end the honsebold
were also prompt.
Priam Louis of Hesse returned to Osborne :from Sand-
ringham yesterday.

PriDCO Louis of Sous, attended by Captain von Wester.
wailer, arrived at Buckingham Palace on Saturday morning,
from a visit to the Prince of Wales at Sandringham Hall,
Norfolk. His Royal Highness left town at a quarter before
one o'clock for Osborne, Isle of Wight.
Despatches were received on Saturday at the Colonial•
office from the Lord High Commissioner of the lonian

Islands. Despatches were sent to the Governors of the
North American Provisoes and Bermuda.

LATEST IIitSLIAGENCI7

aßrzcz.
Wa (Morning ?bit) understand that the Duke
of Cob urg is no longer one of the candidates for
the crown of Greece. We believe, however, Cat
within a few days a prince of high lineage, and of
the Protestant faith, will be suggested to the
Greeks as a fitting person to fill their vacant
throne.

ORDACAN ASYLUM-JUBILEE
MEETIMIL-(2111.9 DAY.)

ias•
.
' he •50th and jubilee annual meeting of the
and subscribe. a- ads institution wee held this
t the London Tavern, Mr. JAMES WEL in the
. There was also an election of 30 children to the
asylum from a list of 155 candidates.
Mr. Roonts read a long and elaborate report detailing
the operations and progre s of the society, from its
commencement in 118 The total number of children
who have received the benefits of this charity have been
2,792, at ILO expense of 362,276!., thUlVellige cost for each
child, during the whole period of BD years, having been
231. 17s. 2d. At the present time, including the 30
children to be elected on the present occasion, there were
437 orphans under the care of the committee. The com-
mittee are happy to report that the call upon the benevo-
lence of the country for the Lancashire distress has not
acted detrimentally to their funds, for during the pest year
there has been an increase in almost every item of receipt
and a decresse in the expenditure. The life subssniptioos
are about 4501., and the annual subscriptions 1501.
in advance of those of the previous years • all the
liabilities of the year have been met, 1,0001, added to the
reserved fund, and a balance of 7411. left is band. The
legacies during the present year have been—from Mr. L.
Lucas, 30/. • Mr. C. Rogers, 2501. ; Rev. E. Brown, 2001. ;
Mime M. BOwlee, 1001. sod Miss 8. Bowles, 100/. ; also one
. from the late Dr. Reed, of 3001., for the purpose of pro-
viding lectures for the children on the natural sciences.
The health of the children was good, and but one death had
taken place during the year. The committee announce
their intention so celebrate the year of jubilee by admitting
100 children during the ensuing year, in 50 at next June
election, and 50 at the January election following. To meet
the additional expenses, several friends have already pro-
mised donations of 100 guineas each, and the ex-scholars,
both boys and girls, have subscribed amongst them the sum
of 5001. The Duke of Cambridge has consented to preside
at the jubilee festival, in April next, end the Merchant
Taylor's Company have granted the free use of their hall
for the occasion. The report concludes with reference to
the flattering testimonials in favour of the conduct of the
pupils who have been placed out in situations, and • strong
appeal in aid of the jubilee celebrations and elections. The
financial statement showed the gross receipts for the year
to be 12,0441. 9s. id. and the expenditure, 10,3031. lb. 3d.,
leaving 1,000/. to be invested, and 7411. Ba. 10d. balance.
The amount of invested stock is now 70,2591. 6s. 11d.
On the motion of Mr. B. TEUTON, seconded by Mr. Carta.,
the report was adopted.
The committee of management, auditors, sad other
officers, having been thanked for past services, were re-
elected.
The Cesar then declared the poll opened.

The Hampshire Banking Company, whose head
quarters are in Southampton, are now called the Hampshire
and Southern Counties Banking Company. They purpose
opening • branch in Brighton.
The works ou the Isle of Portland Railway have
commenced.
It is stated that the Charing-cross Railway Com-
pany have completed the purchase of the Unity buildings in
Cannoo•street, for the purposes of the city terminus of the
Charing-cross Railway ; also that the central offices of the
South-Fzurtern Railway will be removed to Cannon-street
(where they will occupy the Unity buildings) early in
February next, to enable the present South-Eastern offices
to be removed, to make way for the new live to Charing-
crone, which is expected to be ready for traffic io the course
of the ensuing summer.
FORTHCOMING INTZRNaTIONAL DOG SHOW.—The
directors of the Agricultural Hall Company have, at the
solicitation of a large number of nobility and gentry, and
incited by the success, of the show of lest year, under-
taken to conduct and carry out • great metropolitan and
international exhibition of dogs, to take place in the Agri-
cultural Hall, at Islington, during the Derby week. It is
intended that all the monies received for entries shall
be expended in prizes, besides those from other sources,
which may be either received by the prizeholders in plate
or cash.
FIRE IN Taa CITY.—On Saturday night, about
eight o'clock. • firs which at one time threatened to destroy
the distillery of Maws. Anderson and Co., broke out on
the premises of Mr. IL Stroud, cabinetmaker, 81, Fetter-
lane. It was first discovered in the workshops in the rear,
and, in consequence of the inflammable nature of the stock,
rapidly spread, and soon bunt through the roof. A number
of the brigade engines, including the land steam engine
from Watling-street, were speedily on the spot, but it was
nine o'clock before the firemen succeeded in getting the
mastery mid saving the distillery. The {remise of Mr.
Snood were nearly burned out, and the roofs of the back
pert of the adjacent dwelling houses destroyed.
FATAL ACCIDENT IN THY CALEDONIAN-ROAD.—
On Saturday morning, shortly after 11 o'clock, • terrific
calamity occurred in the Caledonian-rest by which one life
' has been sacrificed, and many individuals jeopardised. An
icehouse or depository is in the course of construction in
1 the Caledoniau-road,by Mews. Carlo Gatti, the English and
foreign ice merchants, carrying on their business in the
Wharf-road. The works in progress were of • most exten-
sive character, a shaft of 42 feet depth having been sunk,
and an upper structure of 12 feet carried out from the base-
ment. The structure bad been raised above the level, and
the completion of the work was the covering in or putting
the roof on the completed edifice. Engaged on that
work were the unfortunate men who have been sufferers.
Whilst at their work at the hour mentioned, it seems that
two iron girders, on which the roof was to rest, gave war,
and the men were precipitated down the shaft. The unfor-
tunate man whose life was sacrificed was named George
Parker, a labourer, 22 years of age. On his admission to
the Royal Free Hospital, he was found to be suffering from
a fracture of the skull, and consequent compression of
the brain, and breathed his last in two hours after hie
admission to the hospital. The other sufferers are Charles
Dunford, aged 34 years, whose injuries were ascertained
to be a fracture of the thigh-bone, contusions of the spine,
end hips, and general collapse of the system ; William
Neighbour, aged ZI, who is suffering from contusions of the
head and spine, • severs sprain of the right ancle, and ge-
neral shock to the system ; John Harrold, 24 years of age,
who was reported by the surgeon to be suffering from con-
cussion of the brain, a severe scalp wound, a fracture of the
right collar bone, and a compound fracture of the forefinger
of the right hand. It is satisfactory to say that, under the
careful attention of the medical officers of this hospital, the
patients are progreariog satisfactorily. Two other pumas
suffered such slight injuries that they were enabled to re-
turn to their homes.
THE LATE DEATH Or A YOUNG LADY BY FOIL
—Dr. Lankeater held an inquest on Saturday at 42, Upper
Harley-street, Marylebone-road, the late residence of Mies
Janet Agnes Burchell, aged 26, daughter of Mr. James
Burchell, parliamentary agent for the Metropolitan Rail-
way, and niece to Mr. Burcliell, one of the under-sheriffs of
Middlesex. The paragraph which has appeared relating to
this melancholy accident was somewhat Inaccurate. In the
first place the ignition of Miss Burchell's clothes was
not caused by the use of crinoline ; and secondly, there
was no party whatever at the house on Thursday even-
ing, as described, but simply the family evening circle.
On Thursday evening, shortly before ten o'clock, the de-
ceased had gone up to her bedroom, with the intention of
retiring to rest, and not being well, was preparing for bed.
She removed the guard from the front of the grate for the
purpose of poking the fire, and whilst doing so • lighted
coal flew out and ignited her thin muslin evening dress.
Thereupon she rushed out of the room screaming, and her
cries attracted the attention of some of the servants, who
ran up and met her on the landing with her clothes
in flames. One of the females had the presence of
mind to envelope the deceased in • rug, by which
the flames were extioguisbed ; but it was subse-
quently discovered that some of her underclothing
wu smouldering, though, in, consequence of her ex-
hausted and insensible condition, she was rumble to give
any intimation to that effect. Dr. Canard, who was
celled in, stated that he found the deceased in a comatose
state on his arrival, from the shock to the system. She
was very dreadfully burned in various parts of the body,
but he considered the immediate cause of death was closing
of the larynx by suffocation, from the smoke and heated
atmosphere by which she was surrounded. The jury re-
turned a verdict in accordance with the medical testimon
adding that, in their opinion, the ignition of the deceased's
clothing was the result of accident.
ACCIDENT WITH LORD GALWAY'S HOUNDS.
We regret to say that a somewhat serious accident happened
with Lord Galway's bounds on Thursday, to the Hon.
George Edmund Miloes Monckton, the son and
heir of Viscount Galway, the esteemed master
of the bounds. The meet was at Remington Bridge,
and the field was unusually large. A fox was soon
found in Remington Wood, and after two or this
rings round the cover, reynard broke away In the
direction of Potteric Car. It was at this mot where the
accident to which we have alluded omurre& The Car is
intersected with • number of wide drains, and in order to
cross one of these the Hon. Mr. Monekton bad dismounted,
and having criesed the drain himself was attempting to get
the horse over after him. For this purpose he had his whip
in the bridle, and unfortunately in jumprog over the horee
hit the young gentleman in the side with his iore-knee,
knocking him done, and again striking him with his hind legs
somewhat severe blow on the temple. Mr. Monckton was
insensible from the blow, but one or two gentlemen of the
bunt, who were at the drain at the time, rendered imme-
diate assistance, and, • trap being procured from Bessacar,
• son of one of the Ileslacar tenants drove him home to
Serlby,where we have every reason to hope the young gentle-
man is going on favourably. Lord Galway, we believe, war
leading with the hounds, and was sot aware of the accident
which had happened to his son until some time afterwards.
—Nottingham Daily Guardian.
Au exciting scene took place at Ilfracombe during
the late gale. A ship was caned against the chief pro-
menade, the Capstan-hill, is the sight of a large number of
inteseely interested spectators, sod was dashed to pieces.
Fortunately the crew were saved, though in a very ex-
hausted stew
About a quarter to one o'clock on Wednesday
%let, a portion of the cliff immortalised by the name of
• Shakeepere" slipped almost noiselessly into the sea.
The portiou of the cliff that has thus disappeared was afar
the front of the double tunnel, iscieg the viaduct el the
South listen Railway.