The Express.
London, England, 1864-08-01 00:00:00

NIGH WEITZ Ei LONDON LUDO&

THIS DAY ::-.l7aeid;iDT.l3l-.777tteir«..71e. 30a.
TOIIOIIROW Naming, lb. 55c0... .Alienows. 4a. 13..

LONDON, MONDAY, AUGUST 1.

THE hope of an easier money market has once
more proved fallacious. The feeling of disappoint-
ment seems in many quarters to be rather acute,
for, in view of the diminished exports of bullion in
payment for cotton, of the great moderation which
we have latterly observed as regards commitmenta
to foreign loans, and of the check to business inci-
dental to the advance of the season, it had come to
be generally expected that, whatever may be the
course of the money market during the closing
months of the year, August and September would
at least peas over easily and quietly. Those who
argued in this way did not bestow sufficient atten-
tion upon the unmistakeable evidences, presented
by the Bank of England returns, of a steady drain
upon the resources of that establishment. Since
the 16th of June, when the last previous change
in the Bank rate—viz., a decline from 7 to 6 per
cent.—occurred, the course of the weekly accounts
has been as follows ;

COIN AND BULLION
Wednesday, June 15 X14,304.20:7
99 22
29
$9 July 6
„ 13 14701,112
„ 20 13,171,361
„ 99 27

stelriVE or NOT= AND COLN.
Wsdnseday, June 15
ft .9 22
, 29
Pt 'fitly 6
„ 13 6,778,727
IP 20
27
It is apparent from • glance at these figures that
the fall in the Bank rate to 6 per cent, formed an
important turning point in the course of the money
market. In face of the decline of 1,307,5201. '
the bullion, and of 2,815,2151. in the reserve,
which has taken place during the last six weeks,
It will not be urged for a moment that the direc-
tors of the Bank of England, if they intend to
adhere to the principles laid down by the Act of
1844, could have refrained from raising their
charge. On the contrary, on the face of the Bank
figures—not to look any farther—there seems
almost warranty for a rise in the minimum to 8
per cent. ; and rumour affirms that the minority in
favour of the adoption of that measure in the Bank
parlour on Thursday last was a large one. Thepublic,
whose interests are best consulted by an absence
of those sudden and violent movements in the
money market of which they have already had more
than their share this year, will of course regard
with approbation the conservative yet moderate
course pursued by the Bank, while the executive
of that establishment, no longer restricted to the
obsolete practice of acting only on one fixed clay
of the week, is content with the knowledge of its
power to apply afresh corrective to the drain as soon
as it gives sign of resuminginconvenientproportions.
At the present moment, it must be admitted,
the question of a rise to 8 per cent. is trembling
in the balance, and a very alight pressure of cir-
cumstances either way will at once determine it.
The last " turn of the screw " had the antici-
pated effect of imparting more steadiness to the
exchanges with the Continent, but was not suffi-
cient to cause any important rise ; and from this
it may be inferred that a fresh "turn"—other
things remaining equal—would have that effect;
that is to say, would bring in contributions of
capital to our relief from the Continent, and
thereby render us the better able to meet the
immediate demand by which we are being •
little overtaken for Spain and the new cotton
countries.

While, however, it is stall doubtful whether, in
face of our diminishing stock of bullion, the in-
coming supplies will be equal to the foreign de-
mand upon us—and, failing this, a fresh rise in
the Bank rate would be certain—there is no doubt
that, quite apart from the bullion move•
went, the question of the maintenance
of the Bank rate at 7 per cent., or its ad-
vance to eight, depends largely upon the good plea-
sure or discretion of the commercial and moneyed
public. Not long since, it became clear that the
price of money would rise ; accordingly, bankers and
capitalists held their funds back for higher terms,
while the borrowing public pressed forward with a
proportionate degree of eagerness. The conse-
quent advance in the Bank rate from 6 to 7 per
cent. has only partially checked the pressure—a
result which cannot excite surprise, seeing that,
as most discounters ask now 7 to 7! per cent. on
the• best bills, the Bank of Eneland is still the
cheapest place at which the public can supply
themselves. If holders of money continue, as
they are now doing, to keep it back, and the pub-
lic continue to borrow in excess of their actual
requirements, both parties actuated by a common
impression th►t the rate of money is going to
8 per cent., their joint action will certainly have
that very effect ; the Bank will not be able to bear
the continued pressure, and the minimum will at
once be raised. The present is just one of

Mg B 3
those momenta when, ifthe phnap ie, the
public themselves " ilkor make a " I
in the Bank rate. In faai we believe. 'tint It is
just now in the power of any large capitalist in
the City of London to put the Bank rate up to
8 per cent, at any hour be may please by the
presentation of one or two large parcels of bills,
unwilling though the directors evidently are to
press upon the commercial interest more heavily
than necessity requires.

Cbt court.

OSBORNE, JOLT 30.

The Prince and Princess of Wales, and the
infant Prism Albert Victor, attended by the Hon. Mn.
Stator and Captain G. Grey, arrived yesterday on a visit
to the Queen.
The Prints and Princes, the young Prince, and suite
are occupying Osborne-colts.%
The Dean of Weetminster and Lady Augusta Stanley
have arrived at Osborne, and had the honour of dining with
her Majesty sod the royal family.
JULY 31.
The Right Hon. C. P. Villiers arrived at Osborne yester-
day, and bad an audienos of the Queen.
The Queen and the Princes' Louis of HMO drove out in
the afternoon, attended by Major-General Seymour.

A Cabinet Council was held on Saturday at the
official residence of the First Lord of the Treasury,
in Downing-street. The ministers present were
Viscount Palmerston, the Lord Chancellor, Earl
Granville, Sir George Grey, Earl Russell, the
Right Hon. Edward Cardwell, Earl de Grey,
Sir Charles Wood, the Chancellor of the Exche-
quer, the Duke of Somerset, and the Right Hon.
T. Milner Gibson.

Despatches were out on Saturday from the Colonial-
office to the Governors of Canada sad the Bahama&

The Duke and Duchess of Argyll and family have
left their villa at Csiniiden Hell, /Leamington, for 'Jimmy
Castle, Argyleshire, for the autumn.
. .

The quis of Aileabury has returned to town
from visiting the Duke and Duchess of Richmond, at Good-
wood Howe, during the ram meeting.
The Earl and Countess of Clarendon and Lady
Emily Lillian have arrived at Wisabedea from Paris. It
is understood that the noble earl and countess ooetensplete
a sojourn of about a month in Germany.

The Earl of Dudley baa left Dudley House, Park-
lame, for Worcestershire, to do duty with the yeomanry
cavalry.

The Countess Cowper has been entertaining a
suceerion of visitors at Wrest Park, Beds, during the past
fortnight. Among the comp►ny have been the Count
Apponyi, the Duchess of Brenude and Lady Victoria
Scott, the Marquis and Marchioness of Bath, the Marquis
Vittelachi, the Earl of Shrewsbury and Ladies Gertrude
and Adelaide Talbot, the Counter of Shaftesbury and
Ladies Victoria and Constance Ashley, the Earl and
Countess of Dalkon!), the Earl and Countess of Bessborough,
the Countess Spencer and Ludy Sarah Spencer, the Earl of
Clanwillkam. Viscount Mahon, Viscount and Viscountess
Enfield, kc.

The remains of the late Dowager Countess Am-
herst were removed on Wednesday lest from Bournemouth,
and were taken through London far interment in the Sack-
villa family vault at Withyham, Saran, on the following
day. The funeral, which was quite private, wee attended
by the Earl Delawarr, chief mourner, the Earl of Verulam,
Earl Amherst, Vimaunt Hollandale, Hon. IL W. Sash-
imi's-Week Hon. M. fieekville-Wert, Hon. W. E. Sackvilie.
West, Roo. L S. Sackvill►West, Sir A. Beanermea, ko.
The Rev. T. 0. Blankall, vicar of Seal, Kent, officiated.
Viscount and Viacoux.t Caetlerosse leave town
to-day for EtlithSeld Hall, Staffortlehire, on a visit to Lord
and Lady Begot, on their way for their beautiful Mg at
Killarney.

Lord Stanley of Alderley left Dover-street on
Saturday last for Gerniaay. Lady Stanley of Alderley and
Hon. Minas Stanley left on Wednesday for the Continent.

Lord and Lady Poltimore have arrived at
Polemon Hoer, Devoe, from SeotlaDd.

Lord Stanley, M.P., came to town on Friday
from ►isiting the EAT" sad Countess Stanhope at Chsvening
Park, near Sevenasks, and on Saturday left for Hatfield
Howe, Herta, to visit the Marquis and Marchioness of
Salisbury, on his way to join the Earl and Countess of
Derby at Knowsley Park, near Presoot.

Lord and Lady Londesborough have arrived in
town from Crimean Park, near Tadcaster, on their way to
Cowes, Isle of Wight.

Colonel North, M.P., and Baroness North left
their renideoco in Arliaartoo-street on Friday to psis a few
winks at their villa at Patoey.

Mr. A. and Lady Mildred Beresford-Hope and
family left town as Friday, far Betlabory Park, Kant.
His Excellency M. Florres has returned to
Eanrigy's Hoisi, from a tour.

The Right Bon. the Chancellor of the Exchequer
will lean town to-morrow to join Mrs. Gladstone and
family at Howard= Castle, Sir Stephan Ginnie mat in
Fliatshire.

Colonel Taylor, M. P., and Mrs. Taylor left town
on Satan:lay for their mat near Balbrigpa, county Dublin.

. -
Mr. and Mrs. Lowel and family have arrived at
Maurice' Hotel trout the United States.

Bray, a fashionable Irish watering-place at this
season, is (gays the Dublin correspondent of the Times) to
be the mese of a series of revival meetings daring this week,
which will be unite a novelty. There have been revival
meetings in other parte of Ireland, particularly in Belfast,
conducted 'oy persons of different denominations, and erecto-
r's:lied by practices of doubtful propriety. But the Bray
services will be *refined altogether to the church, and they
seem designed to put forth her resources to the utmost,
and to show what can be accomplished in stnct accordance
with the order and sobriety which have always characterised
her ministrations. These special services will be conducted
under the immediate direction of the archbishop, who will
himself take part in them.
WESTMINSTER ABBEY SPECIAL SF.EVlCES.—Yester-
day the special Sunday evening services in the nave of West-
minster Abbey were terminated. They have bees conducted
mainly during the present Year by the Rev. S. Flood Jones,
M.A., minister of St, Matthew's, Spring-gardens, and have
been a great emcees. Among the preachers have been the
Archbishop of York, the Bishop of Logsdon, the Bishop of
Oxford, the Bishop of Ripon, the Dean of Westminster, the
Dean of Chichester, the Re.. Cases Wordsworth, D. D., the
Rev. Dr. Goulburo, incumbent of St. Jobs's, Paddingtoo ;
the Rev. Dr. Temple, master of Rugby School ; the Rey.
Dr. Mobsrlev. master of Wiethester School ; the Rev. Cassia
Stowell. of Manchester; the Rev. T. L. Clauglitoe, LA.,
vicar of Kiddersaineter ; the Rev. T. J. Rowsell, LA.,
rector of St. Margaret, Lothbury ; and the Rev. J. Fraser,
M. A., rector of Upton Nervet. The service last night
drew together an imamate sasemblage, a large number of
those present being workigrople, for whose benefit the
services were mainly dorsi
BISHOP CotaNro.—The Dean of Natal, the
Archdeacon, Dr. Callaway (canon), with several rectors,
, vicars, chaplains, sod churchwardens of the dio,ese of
' Natal, have alibied the following declaration :—" We. the
undersigned clergy and lay members of the Church of Eng-
land, being satisfied that Dr. Coleco, has widely departed
from the faith of the church, and that he has been
righteously deprived of his oßoe by the metropolitan,
hereby declare our fixed resolve that we will no longer
acknowledge him as our biabob"
ST. AIDLN'S COLLEGE, BIRKENHEAD.—The Wes-
leyan papers state that the following is the circular issued
by the Rev. Dr. Baylee. about which there has recently
been some correspoodenos :—" Any Wesleyan minister
wishing to become a clergyman of the church of England
can be admitted to St. Aidan's College without preparatory
examination, and on advantageous term.. The particulars
may he known on application to the principal, St. Aid en's
College, Birkenhead."

ROYAL RORTIcULTURAL GARDENS, SOUTH KE-N-
-SINGTON.—The London season being at an end, theme
gardens are now opened to the general public and visitors
to the metropolis every day in the week at low rates of pay-
ment. The gardens are at present brilliant with Bowers,
and, notwithstanding the drought, have been kept quite
verdant by care and watering. me exhibitions of bouquet
holden, of sculpture, and of horticultural implements are
open, whilst on Moeller, and Saturdays there is a tempt,
tition of volunteer bands.

ROIALOLI:EGE 07 HrnoEolgre.—The following
gentlemen. having usdergone the necessary examinatioaa
for the diploma, were Omitted members of the college at •
meeting of the Court of Examiners on the :10th ult., viz :
Mese». William Foyle., Strand, and Byron Bleeitt,
Algien (studeate of the London Hospital) ; Thoinea GIMP
Palmer Hallett, I.,am Somerset (of University College);
Robert Isisamyth mson. Edinburgh (Westroinatar
Hospital) ; Reuben Zaochsons Miller, Richmond (Middlesex
Hospital); William Rieke Bryant, Plymouth (St, Barth*.
loroew's How:4W) ; Jolla William Deveroux Bun. Black-
well (St. Thomas' Hospital); Charles Peyton Moreton,
Leitrim (Dahlia) ; sad James leadieghero, M.D., M.C.,
M. A. Aboard, Aberdeen. The above is the last meeting of
the Court of Haymum for the present amen.

;; E
LATENT INIELLIGNCE.
tuvrws
AMERICA.

ARRIVAL OF THE PERUVIAN.
In (nemills.)
NEW YORK, Jinx 22, Ens Mo.

- - .
Mr. C. C. Clay and Mr. J. P. Holcomb, semi-
official representatives of the Southern government,
communicated to Mr. Horace Greely that they
were willing to proceed to Washington, for the dis-
cusaion of pesos propositions, although not
accredited by the Confederate government for that
purpose.

President Lincoln replied through Mr. Gresly that
the Federal government would receive and meet
on liberal terms any proposition embracing the
restoration Of peace, the integrity of the union, and
the abandonment of slavery, coming from the
authority controlling the rebel army.
Messrs. Clay and Holcomb emphatically declined
visiting Washington, Mr. Lincoln's answer pre-
cluding negotiations by prescribing conditions of
peace. If peace could only be secured by submis-
sion to terms of conquest, the generation was yet
unborn that would witness the restoration of peace.
It is reported that Sherman has occupied Atlanta.

COJOIERCIAL INTELLIGENCE.

NEW YORK, JULY 22, Evwwo.
Money tight. Gold, 202. Exchange on London,
272. New York Centrals, 132. Illinois, 123 f.
Erie, 1091. 5.20 Bonds, 1031.

NEW YORK, JULY 23, Mozartso.
A battle has been fought before Atlanta, in
which the Confederates were driven into their for-
tifications with a loss of 600 killed and 4,000
wounded and prisoners.

Sherman has cut off all Hood's lines of retreat
with the exception of that by way of Maoon.
General Johnston has been superseded by Hood.
The Etna and Germania, sailing to-day for
Europe, take out 290,000 dole.
Gold, 254.

IPA truth& Point and Gresocestle.)
NEW YORK, JUL: 23, Evuru4s.

The reports of the capture of Atlanta are reite-
rated, but no official confirmation hu been received.

Semi-official accounts of the battle before Atlanta
which was fought on the 21st inst., state that
Sherman defeated Hood, who fell back to the for-
tifications, leaving his killed and wounded on the
field. Sherman took 4,000 prisoners. The Federal
loss amounted to 1,500 men.
A Confederate force, estimated at 5,000 men,
is said to have recrossed the Potomac, 15 miles
above Harper's Ferry.
It is rumoured that a conspiracy has been dis-
covered extending throughout the Mississippi
valley, to form a separate Confederacy in the north-
west. Several prominent aeoessioniste at Saint
Louis who were implicated have been arrested.

NEW YORK, JULY 23, Drum.

Money easier. Gold, 2541. Stocks steady. New
York Centrals, 1321 ; Illinois, 124 i ; Erie, 1091; 5-20
Bonds, 1041. Cotton quiet. Middling Upland,
161 to 162. Wheat declining. Petroleum, crude,
50 to 51 ; refined, 82c.

PROPOSED BASES OF PEACE.
VIENNA, Amon 1.
The following are stated to be the bases of the
proposed peace :
" Lauenburg, Sleswig, and Holstein to be ceded
to the two Great German powers.
" The island of Arro to remain with Denmark ;
Alen, however, and the islands in the North Sea to
go with Sleswig.
" On account of the Danish enclaves in Sleswig
a rectification of the Jutland frontier will take
place."