The Express.
London, England, 1847-11-02 00:00:00

LATEST INTELLIGENCE.

THIS DAY, Four o' Clock.
As appointed by the proclamation in the supple-
ment to last Friday's Ga:ette' both houses of parlia-
ment are to assemble on Thursday, the 18th inst. It
is expected that the choice of Speaker, and other preli-
minary business, will occupy the next three days, and
that the royal speech, on opening the session, will be
delivered on Tuesday, the 23rd Inst.

The following has just reached us :
PORTAMOUTH, TVESDAT, 11 A.M.--The Terrible, steam-
frigate, Captain Ramsey, arrived at St. Helen's last night,
and came up to Spithesd this moving early, from Lisbon,
which she left on Thursday last, at fifteen minutes pest
fame, p.m., making her voyage in four days four
hum The elections bad not taken place, and
were postponed for some two months. There was no
doubt existing in Lisbon an to the early accession to
power of Costa Cabral. The Queen Dowager left on Wed-
nesday last in the Howe, which was towed out to sea
by the Terrible. The Scourge bad previously left for Ma-
deira, to announce the coming of her Majesty. The typhus
fever had made its appearance in the fleet, several cases
having occurred in the St. Vincent and Caledoaia;
on board the last ship three new cases broke
out on the day the Terrible left ; a marine, named
Bray, had died of it on board the Caledonia, and a midabio-
man was on the point of death in the St. Vincent. Lisbon
itself is very sickly, and diarrhrea very general, both ashore
sad afloat. Two hundred marines have come home in the
Terrible, and Commander Miller and Lieut. Wane, both
promoted from the Caledonia.

The recent measure of "government relaxing the
provisions of the Bank Charter Act of 1844 is thus
noticed in the number of the Banker's Magazine just
issued:

We, and those whe, like us, have opposed the restric-
tive clauses of the Bank Act from the time they were first
linseet before parliament, are so well pleased to see them
utterly set aside by the event which we always stated would
ultimately prove their injurious character, that we are not
disposed to be censorious with reference to the terms im-
posed by the ministry. We overlook the legalised usury
recommended in the government letter. We exonerate Sir
Charles Wood from the sole authorship of that document ;
and we admire the statesmanlike quality he has shown in not
clinging blindly and obstinately to an opinion which events
lure proved tole erroneous. We extend the same praise
to the several directors of the Bank of England who are
known to be most violently in favour of the " currency
principle," and who must feel mortified at its total failure
on the Ent occasion that it has been brought into action.
But those feelings will give place to others of a very dif-
ferent character, if we find that the relaxation of the Bank
Art is intended merely " to keep the word of promise to the
ear, and break it to the hope ;"—if the Bank's terms for ac-
commodation are to be increased in proportion to the
urgency of the country's wants ; and if, like a petty usurer,
tits Bank intends, as we hear some of its directors do in-
laid, to endeavour to raise its minimum rate to 20 per cent.
if necessary, rather than exceed its obsolete " authorised
isue" of 11,000,000!
This is not the course which the country has a right to
look for from the Bank. The directors are no doubt 'bound
to protect themselves from the dangers of a run, and to
preserve a sufficient amount of available assets for their
probable wants ; but we will not believe that the men who
were content with a minimum rate of interest of six per
cut. in 1829, when their stock of bullion was only two mil-
lion, and a half, will exact twelve per cent from the mer-
cantile community when they hold specie to three times that
amount. Of course we do not believe that the Bank can
maintain the rate of interest permanently above its value
in the market; but they may obviously add very much to
the distress and embarrassments of these disastrous times by
a course of policy in opposition to that which should natu-
rally follow the recommendation of government to afford
smistance to the commerce of the country.
We do not believe that the eight per cent. minimum
will be long maintained: it should not be maintained one
moment longer than the exigencies of the times may seem
to warrant it. A usurious rate of interest is so contrary to
the spirit of all our commercial institutions, and so deetruc-
tee in its consequences, that it cannot long be tolerated by
the government with impunity ; and we are sure that we
echo the sentiments of nearly the entire commercial com-
munity when we state that the recommendation of govern-
ment, that the Bank should not charge is,. than eight per
cent. on its advances at this crisis, in order to attempt to
keep in force an exploded theory, is a heavy blow and a
great discouragement to our commercial greatness.
The country banks of issue must prepare immediately on
the assembling of parliament, to insist on having the same
rights accorded to them which have been bestowed on the
Bank of England. They must demand the rirht to issue
without restriction, subject to the payment of their notes in
itokl on presentation. This is the true cheek on an over
Moue ; and with the public mind, now so well instructed
as this point, if the banks act energetically, they will be

PRESENTATION OF THE LORD MAYOR
ELECT TO THE LORD CHANCELLOR.
This morning, Mr. Alderman Hooper, the Lord
Mayor elect, accompanied by Mr. Alderman Challis, the
recorder, the chamberlain, under-aherifis, and secondaries,
proceeded to the private residence of the Lord Chancellor,
for the purpose of receiving her Majesty's approbation of the
election which the livery had made is the person of Mr.
Alderman Hooper as Lord Mayor for the year ensuing.
Upon the civic party being ushered into the presence
of the Lord Chancellor, the recorder, as is customary,
gave a short history of the Lord Mayor elect—of his having
erred the various offices connected with the corporation,
sad that his fellow citizens considered be was eminently
qualified to fill the high office of Lord Mayor, for they were
satisfied he would uphold the dignity and prlyilegeo of that
high office.
The Lord Chancellor, in reply, felt great pleurae in being
enabled to convey her Majesty's approbation on the choice
which the citizens had made, and congratulated Mr. A 'demon
Hooper on his appointment, when the civic party retired.

THE Pcrfato DIDEASE.—Within these ten days
the disease, which had almost disappeared from our veget-
able market, by again manifested itself to an astonishing ex-
tent; and, in consequence, prime us rapidly declining. A
few days ego the avenge FM war about 20s. per boll ; but
me potatoes can be had from 7s. to 13s. In the Highlands,
the disease appears to be rather more severe than elfrewhers,
for the greater quantity affected is said to come from that
quarter. Heavy rains have all along been the precursors of a
change to the worse in the potato.—Pernishere Advertiser.

' Htecteows.—A correspondent of the Gardener's
Chronicle says: In a ride through this county, from Hert-
ford to Hatfield, St. Alban's, Berkhampetead, &c., an
observing traveller cannot fail to notice the amazing quan-
tity of timber, growing not onlgein woods, but round evert
field, and those fields of the smallest description, while high
hedges on both sides of the road obstruct the view of a fine
country, at the same time shading the land from the bench-
cial effects of the sun. No farmer, let his politics be what
they may, will, I think, give the preference to small fields
with hedges from 10 to 12 feet high, harbouring birds and
vermin, which he pays to kill or scare away, with large
timber trees and unsightly poUards of little value, doing
great damage to both corn and grass, or deny the fact
that larger fields, with close clipped hedges, would
ensure a greater amount of corn for himself, and an
increase of rent to the landlord, more than equal to the
value of the timber grown annually round these small
fields, which I should propose to enlarge to 10, 15, or 20
acres. There are few farms which have not a small piece of
land where timber might be grown for the use of the farm,
or if not, foreign timber can now be bought cheaper than is
can be grown in this country. If the estate should be en-
tailed, I would suggest that the value of such timber might
be funded, and the interest added thereto for the neat pro
prietor ; by this means the present landlord would be Bene-
fited by an increase of rent, as well as those who inherit it
hereafter. In an island where the increase of population
amounts to 1,000 per day it is absolutely necessary to use
every means of increasing the produce by the cultivation
of waste lands, the reduction of woods, and an improved
system of agriculture, by removing unnecessary hedges,
hedge-rows, and trees round the fields, &c. The common-
field lands should be exchanged and enclosed, which has
been talked of for the last 25 years. This would do away
with the large balks which now divide them into small
patches. from ball an acre upwards, making it very difficult
for a farmer to cultivate to advantage ; in fact, the land
gained by their removal would be very could-Table, and
enable the tenant to give an increased rent. These improve-
ments would be a great relief to agriculture; but if this coun-
try is to compete with others in the growth of corn, the land-
lords must lend a helping hand, and bear en equal burden ;
for as keg as rates and taxes press unequally, or until poor
rates, church rates, county and other rates are paid out of a
consolidated fund, and tithes provided for in some other
way than the present, sufficient relief will not be given
to allow the farmer tar wimps* enecesthilly with foreign
countries. An equalisation of the land tax, as well as the
Italie on articles of consumption, tea, sugar, wine, &c., with
la legacy and probate duty on real as well as personal pro-
perty, would create a fund amply sufficient for all purposes.
' Then trade and commerce will flourish. We should then
hear no more of cottages being pulled down to get rid of
the poor out of the parish, ejectment', seizures, and oppres-
sions—no more law suits to establish the settlement of the
poor, or hundreds of pound, spent to ascertain which parish
ought to pay the trifling expense of burying some poor
wretch—no more thrusting of poor women out of the parish
while in the pangs of labour, and poverty no longer consid-
ered a crime.

COMMERCIAL ti• MARKETS.

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