The Express.
London, England, 1854-01-10 00:00:00

Zite eroveoS•

TO CORRESPONDENTS.
isesed Mattes M •• Tao Ea Kew," taiga/wag tbe
dirt'
"Gaartte," Y 5 publielyed every Imerdel sad Yriday alsti,
ter p.a.
aivirtbrabesti numbed for "The Imprees." Landes &Nees mar.
--uneirorise usm, esaveriaaints. bY Two "look IS do
as el paillpedes.

SION WATII AT LONDON BRIDOK.
Tea Die—Ye mei, Ilk. - Aftersowl M.
Tomearaw—Noralse. Ort. Or Arteries*. OS. fin.

'LONDON, TUESDAY. JANUARY 10.

"Tag foreign Week market is heavy, especially
kr Russian." "There has been a monetary peak in
&NOLO "Viennese finance is in a deplorable
Mete.* "The prises come lower from all the Conti-
nental Bourses, except that of Paris, which has had
a rally" Who can wonder that so run the Money
Market reports at the present moment? Russia is
known to be wretchedly out at elbows for ready
mosey, whflat Austria is notoriously bankrupt. The
only rational ground for surprise in the whole affair
is that people of common forethought should ever
have lent their money to either of the two 11
great despotic Courts, whilst there were industrial
sadeetekiage wanting capital for legitimate uses,
and well able to pay good interest for it.
The funds, with some temporary flnctuations,have
been falling decidedly during the past week. Cem
sob, which closed on Saturday week at 631, Awl
last Saturday at 921. It is, however, within bus'
money becoming abundant in the esseee sf the peer
sent week, owing to the payment of the divklwas,
that the tendency to fall may be stayed, but it sib
not be doubted that the dispute with Russia caning
to a decided rapture would cause a
still greater fall.
The French Threes, which in the last week of
August were at 80, were done on Saturday at 70.60;
and in the course of last week fell nearly 4. All
the railway shares, like the public funds here and is
France, also declined; and a general opinion WON
to prevail that all securities of the desenip•
tan of national funds and railway shares
will go lower. Already there has been one penis
oe the Paris bourse, and it is not improbable
that we may have something like a fright on oar
Stock Exchange. Front a fear of the funds and of
shares declining, parties may some day hasten to sell,
and superinduce the evil they dread. It seems advis-
able, therefbre, row to remind the public that the value
of funded property is less a test of the prosperity
of the people than of the supposed wants and security
of Governments, and that it may fluctuate, as since
1848 •it has fluctuated, very much both here and
abrood, without corresponding fluctuations in the
welfare of the community. Within the hut year
also, though the people have been both here and in
France uniformly prosperous to its closo—very dear
bread having scarcely affected their prosperity—
there were serious fluctuations in the price of public
securities, and panics among stock dealers both there
and beta. There is no reason at all for the trading and
industrious classes to be alarmed, therefore, though
asestritio should fall instead of rising.
.We parted out on the 29th ult. that the price of
'oaar ,iattonal securities was disproportionately high,
'IOWA 'Cobsois at 94, and mossy at b per cent., in
,ladationl4 the prices at the beginning of the year,
when Couple were 1001, and money could be had at
u. a paint. We mentioned, too, that the Government
us- a France bad been using means to bolster up the
" tVf its securities, and that the circumstance
'abet the price of securities here. From the
menu retires just published, it appears 2,623,5691.
Is Eseheqam° Bills were issued in the two quarters
.1 mast es. the sth inst. Now we know thvt these
lave been
.taken by the Bank, or transferred to the
South Sea Company, and have been as certain an
increase to our paper money, u if an equivalent
quantity of Bank notes had found their way into
eireuletion. . The increase of the floating debt has
bit erto oontributed to keep up the price of the fixed
e'....Snenrities, and • fan in the latter might be merely an
u.lllispilon that the market, in relation to the public,
vii SIMMS Overdone.
Is not improbable, too, that the great efforts
.1
nudes certain quarters to decry the soundness of
. oar trade may till now have bad the effect of driving
arrandas quantity of money to seek investment in
public seaside, ; but as that effect cannot possibly
bathed the evidence which all the late trade returns,
aid all the fluctuations in stock markets supply, of
trade icing a safe investment, and public securities
s• 10901140 u one, it is also not improbable that hence-
:Sauced the owners of messy may give a preference
a.. totem,* whisk will cases a further relative decline
i of public securities. Than the wealth made by
• Vase and other branches of industry, which pay all
1.. • the state tales, national securities can have no other
• guarantee, and hence it seems quite certain that as
trade rises to its proper place in the estimation of
the public, the price of national securities may fall,
0 to the advantage, rather than to the disadvantage, of
the great majority of the nation.
r Railway shares, mining companies shares, and
Anger• seenrities, though they in general rise and
fall with national securities, really rest on a totally
different foundation. The dividends on them are
° away' paid by earnings, not by taxes, and it is
liemible that the former may continue to increase,
while *latter, forcibly appropriated to supply some
preeang nationiel emergency—such as has arisen, or
is 'apposed to have arisen, in Spain—may not be
applied' to lite payment of dividends on national
debt& In such a awe all shares which depend on
earnings Would rise in value, while national secu-
rides might fall very much or become worthless.
The different emcee. thinefore,whence are derived the
dividends payable as shares,and the dividends payable
on national debts, may be expected to make a great
difference in this alteration of the prices of the
respeetive securities. Latterly, the produce of taxes,
and. its application. has been tolerably certain in
Fame, as well as in England; but with war the
cattainty would be Ism, and it may well happen that
the mains of railways in France, as well as in
England, may increase, and the value of railway
stock rife, while the necessity of taxation to supply
the porposesof war may diminish the sum applied to
paying the dividends on the debt, and national seen-
rides may fall in value.
At present, the Sinking Fund annually redeems a
certain portion of the debt, and tends to keep up its
prise in the market. In any period of war, there may
be so surplus to apply to any ouch purpose. On the
contrary, mere loses may be made. Than could not
be obtained at a lower rate than the market value of
mosey, nor tee per mat., while the bulk of the
existing flathead sesaritim yields only thus. Whew
ever a necessity for national loans WOW Is don
cannot be two prices for similar Isessitise, shed&
the market for money continue high, the peke of
existing securities will approximate to the level of
the pries at which new loans can be contracted; and
. a fall in all asthma securities may be large, while
in reason al shores depending on earnings ought to
rise considerably in value. Such cosaideratione
04 show the•impropriety of inferring that all share pro-
-7' Reny must fall because war may shake the stability
P. end resources of Governments.
Tie Y toantty despotically ruled like France, the
Government may take the railways into its own
hands, or compel them to do all the work of the
Government for nothing, and French railway shares

Newfoundland offers another opportunity to the
Duke of Newcastle to prove experimentally that he
is animated by those enlightened views of colonial
policy which his friends attribute to him, that bene-
velvet disposition for which every one gives him
medit. Newfoundland, like many other colonies, has
been kept in hot water for years by the syste-
Mafia :counteractiou of a nominee council and an
emotive House of Assembly. Whatever policy
has found favour in the eyes of the As-
sembly has, apparently for that very reason, been
thwarted by the nominees and their ex *do
colleagues. It is hard to say upon what rho
ciple the kind of Legislative Council most affects&
by the Colonial-office has been devised. In New-
foundland the officer in command of the troops
takes his seat ex officio in the council, whatever his
qualifications. We have no prejudice against mili-
tary men—rather the reverse—but to make an officer
• councillor as a matter of course, simply because he
is fit to command a body of troops, or has interest
ewe& at the Horse-guards to get appointed to
command them, without inquiring into his aptitude
for civil administration, is logically absurd and poli-
tically unjust. The Newfoundlanders are demon-
strably right when they maintain that such a sys-
tem as now prey ails in their colony is incompatible
with real responsible government. A deputa-
tion from the House of Assembly came last year
to England to ask for redress of this evil, but re-
turned we believe re infect°. The electors, however,
continue loudly to demand a change, the more that
they find the select conclave of ex officio, and nomi-
nates an impediment in the way of obtaining free
Weiss reciprocity with the United States, and various,
reihrigiadispensable to the welfare of the Way. I
Their petitions are such as even a red-tapist ream"
easily object to: they ask simply to be placed on the
same footing as Canada. It will not be easy to show
that what has proved good for a colony on the river
St. Lawrence would be bad for a colesy
on 'the Oulf of St. Lawrence. The Tad
and decorous red-tapists in the Colonial-office may
point to traditions (some of them we frankly confess
not very old) of election rows in Newfoundland, and
shake their heads a to Lord Treasurer Burleigh in
the Critic. But the Duke of Newcastle has himself
Mead a contested election ere now, and ought to be
able to value such ebullitions at their real value.
Disagreeable they may be to men fond of a quiet
lib, hat they are disagreeables inseparable from par-
abolising, government, the price (in part) we pay
ar *et best safeguard of liberty. Where there are so
many emigrants from the sister island as in Newfound-
land we can easily believe that the noise and clatter
of our elections must occasionally be surpassing, but
looking to the deliberations of the Assembly (as we
have done for a course of years), we are obliged to
confess that, though elections might have sometimes
been more quietly carried on, the selections made
have, in general, been judicious. A nominee and ex-
a& sesecil, with a new governor every five years,
sal isivitably becomes, in • small colony, a family
einpaet ; and that is a much worm evil than an
&Ilion riot now and then. If the government ci
Illowfoundland is to be carried on smoothly and sew
either the Elective Assembly or the Navies*
Clemeil must be altered, and to say nothing d jug-
** and expediency, the temper of the age would
ekes render it impossible that the former should be
thr anseumbing party. So let our Colonial Minister
he wise is thee.

Cbe Court.
WINDSOR, JAN. 9.
The Queen and Prince walked in the grounds
adjoining the castle this morning. His Royal Highness
afterwards rode out on honebaek, atteaded by Col. Bouvari e.
Lord George Lennox has succeeded Lint.-Coloael F.
Seymour in attendance on the Prince.
The Earl of Aberdeen is szpsetad to-day on a visit to
her Majesty.

Mr. George Brand, R.N., her Majesty's sloe-Gourd at
Lomita, had an interview with the Merl of Aberdeen yes-
terday at his (Arial residence in Downing-street.
The Earl of Aberdeen left town yesterday for Windsor
Castle.
Despatches were received at the Colonial-0Mo) yesterday
frost the governors of New Zealand and the West Coast of
Africa. Despatches meat yesterday to the governors
of the Australian colonies.

The Commander-in• Chief is to hold a levee at the
Hone Guard*, at 12 o'clock this day.
The eolonelcy of the 17th Lancers has become
vacant by the death of Major-General Taylor; also,
the oolonelcy of the 16th Foot, and the oolonelcyin-
chief of the 60th Royal Rifles, by the death of Vis-
count Berieford, who also held the government of
Jersey.

Lord Brougham is expected to leave his chateau
at Canoes at the close of the embus week for Paris, es
mote to Landow, to attend parliontest. The noble and
learned lord, who is now in his 7bth year, is is the solo,
meat et good health.

SALE OF A PORTION OF MR. HENNETT•S
ESTATES.
__...--

A etheespaitha lye:—" an sodden Ins held on
the Ikk Wirth at tbe Royal Meth Tagsseseth, by
Math Mara eel aelthemity, the esideseen air
pawed by the insipessuaisr the baal 4*. lath
a" the %theassen The sate
is
of
• deipbeallei path Ms Ouseesbnethe
=tribes with anissess arid u*
szesiC posed. an, at Tapeseth end
die latbs 'meek end lye beast
at Dame* Osetakvelle embament
ethatheted Ibesuibsen tbe tele, erbieb IIIassue
bergs audios% vibe sempsted via pea spkil
10 the loth, me** 1M le nabs pethee. Kt.
Seamen bee lree sub be lie Itherienset el Tear
11 nee* sad las selobbeerbeed, sad le peaty by as
lebeldessis et the diarist, 'Aisle wee etas,' in may ith
same death. the sale, whin it was themosed by ale abth
ammo al
it earef the peiesipal Ithe woad eels loom
oasis efemereety the boalmiek whose Mogan& estespridag
bee frothed fee him ow Meek yeessisiag gnu
lodueaee la the selibbeeebeed of Terlo obe
ready to assist An direeeb bis theme- thin. !be
sale was followed by seetthe es dee la am at ariessi, et
properly situated at Cltftos, ethetheasedithil prises:
the total molt be Wag between 11,0101. end Math It is
peered another sele will take pine may in the spring of
WWI of the larger properthe beiseoea to the beakrepth
estate is the netghbourbood sad elieorbue.'

CAPTAIN HART, the oldest and one of tie mot
experimend commanders in the Royal West Indic MA
I Seam Packet Company, and who was the commedems ef
their fleet, has retired from their service.