The Express.
London, England, 1848-07-21 00:00:00

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1769, 1777, 1796, and 1810, under which the charity bad
been admicistered ;h
alt it was not the testator's intention
to supply the episcop church in Scotland with ministers
educated at Oxford, but andnet Glasgow College, the
place of his own education, advance the cause of learn-
ing and of religion generally in Scotland ; and that even it
the intention had been to serve the episcopal church in
Scotland, that church as now existing differed so essertially
in doctrine and discipline from the Scotch episcopal church
at the date of the testator's will, that his intention could
not be carried into effect.
Mr. L. Wigram entered upon his arguments for the re-
spondents in support of the decree ;_ but at half-past four the
further hearing was adjourned to Monday.
The arguments in the foregoing appeal were interrupted at
twelve o'clock by their lordships proceeding to give judgment
in the cue of
THE MAECitte or 13KKADALBANS 0, MACOHEGOII
st AND
OTHERS —RIOHT or riTANEE.—This appeal again an
interlocutor of the Court of Session Wel argued on n the
were
Ilth
and 13th instant, and the facts and questions it
stated in the reports in this journal on each occasion. The
two main questions were whether, first asmerits to form, the appeal
was competent ; and, secondly, as to the , whether the
ts
responden, owners anal drovers of cattle and sheep, ads a
right to a stance—a place" for resting and feeding thir
cattle on their way from the north and west Highlands to
the tiouth—on the lands of Inverouran land Inverruach, in
the parish of Glenorchy, Argyleshire, of which the appellant
is proprietor ?
The Chancellor, in moving the judgment, first adverted to
the question as to the competency of the appeal ;
and after
referring to the section of the Botch Judicature Act bearing
on that point, he held that there could be no doubt that the
e i
interlocutor w is a proper subject of appeal. ds
then proceeded to the chief question, observing that it was '
contended in the argument for the respoo
the convenientndents that the
stances were indispensably necessary t
travelling of the cattle; and that without them the drove-
roads—of which he would not give any opinion, as there was
l—
nuestion raised as to the right of way in the appea
woouqld be useless. But the stances themselves were claimed
as of right. The respondents, in their pleadings, say cer-
' tain places for resting and refreshing sheep and c
situated
avtrage distances of 10 miles ?Tom each other, &c., and ars
locatable and indispensabte accompaniments to the drovis•
roads ; they have been immemorially used by proprietors,
dealers, &c , especially by the respondeuts and their preredofe-
=ism, &c., and also by the public generally, as
t
righ, and not &smatter of favour or as the result of agreement
with the proprietor and tenant of the land. And the court
in its interlocutor " finds that there are relative aver
the rigbt
ments
fit to be the subject of a jury trial," &c. But
claimed appeared to his lordship to be nothing less than a
right to pasture the cattle at certairidistances in the drove-
roads, or other men's lands, without payment a wit
out consent or agreement. There was no principle whiny
ch
could be referred to es supporting such a right, nor a
declaim ns been produced which justified the assertion of the
claim. If them were any such decision, then it would hare
been necessary to consider whether such could have been
supported in point of principle. There could be no principle
authorising the depasturing of cattle upon another man's
land, in respect of a right of passing over a rind which !To
through that land. tinder these circumstances, the inter-
locutor of the court that the averments were relevant—in
other words, that such a claim might be supported as a legal
claim—appeared to his lordship to be erroneous; and he
moved that that interlocutor should be discharged, and
the mu remitted to the Court of Session
thereto. to take
such course as should be peeper with re
Lord Brougham agreed with the Lord Chancellor on both
I points. It certainly was a new proposition in point ot law
over to
I say that, because he had a right of passage wit h cattle
I a roi.d, therefore :he man through whose estates road
, lay was obliged to furnish him with pasture for histhat cattle.
Lord Campbell said he did not doubt that the appeal was
competent, and on the merits he had a strong opinion in con-
currence with his noble friends. The public might very
well have passage over the road, but not the right of having
their cattle fed in the course of the plunge. In a Case of
this kind in England, if the owner o' fields lying by the side
of the road brought an action of trespass because the cattle
ate the herbage at the sidi a ot the road as they passed along,
the only defence would be that a excuse, because the drover
could not prevent them, but it would be no defence that the
drover had aright to allow them to take it ; still less that the
owner of adjoining &Ids was bound to furnish places where
the cattle might rest and feed on the way. If there was an
abuse of the riAts of property in refusing to maintain these
stances as the respondents seemed to think, the proper
remedy was not by appeal to the courts of law, which could
only administer existing rights, but to the legislature, which
had the authority to create new rights. His lordship had no
doubt that' the decision of the court below was wrong, and
that the interlocutor must be dealt with as proposed by the
Lord Chancellor —The interlocutor was then remitted, and
the cause removed to the Co .rt of Session.

--------------
\dfog ; ase andmal got tiorrook • imis Mtn se.. -
w
t. ay ont illesr Wm goommt may injury we inistanni----
loft the wort in wisposy of Omer frieli, vrior tiamalsonod to
bring an action for false imprisonment.
MARY LBBON BltonnEur or PLATE. -J. Taylor
was charged with having committed a robbery at the resi-
dence of C.,harles Tottie, B, the Swedish consul-general,
52, Montagu. square.—Policensan Spittles said that, on the
previous afternoon, as he was crossing one end of Baker- ,
street, Portman-square, the prisoner passe& him, holding up ',.
at the same time his right hand coat packet, which, to all ',
appearance, contained something weighty. Witness, sus. t.
pecting that ail was not r.ght, watched him into Seymour- t.
mews, when, upon looking round, and perceiving that he ,
was followed, he ran off as fast as he could. lie (witness) I
pursued him, and after a sharp chase captor. d him. I
lie was searched at the station-house. Six silver g
dertert.spoons and a number of plated articles, con-
sisting of table-forks, a candlestick ani extinguisher, '.
, were found upon him. lie had also in his possession a pair
of steel snuffers. His lodging
ey was was examined and a skeleton
k found there.—Wm. Warrington, footman to the
consul general, identified the wh,le of the property as his
master's. The area-gate had been unlocked, and We
articles stri.en from a vipboard in the pantry senile witness
was at tea in a hack Aachen. Two silver spoons and a pair
of sugar-tongs were still missing.—The prisoner was com-
mitted for triaL
-----------
.

MONEY MARKET.
THURSDAY EVENING.
The weekly board of directors of the Bank of Eng-
land separated to-day without making the anticipated
reduction in the minimum rate of discount. The rea-
sons assigned for what would seem to be a policy of
caution carried to excess, under the actual, and indeed
long prevailing, circumstances of the money market,
were the still precarious situation of continental
affairs, with the disturbed state of Ireland,
as causes politically possible of sudden monetary
1
derangement ; but, of more influence still
upon the conclusion of th 9 board was, as z
,
conjectured, the desire to be more fully assured of the
21
st,
prosperous condition of the growing crops, and the
prospects of the coming harvest. The reports from I.
various quarters of tho re-appearance of the potato t;
blight, which seemed to have assumed so much con-
sistency as actuall to have leto a rise iwouhln te prices ~
of wheat yesterdayy in the corn market, d natu- !
rally be taken into account, and may e
b admitted
thto
I justify in some degree the prudential reserve of e
Bank directors, assuming their deliberations to have
been so influenced.
The stock market was the scene of almost as much
agitation and sudden fluctuations as for days past.
The Irish news had a depressing effect in the morn-
ing, and reduced the quotations of Consols to 871 to
for a short time, although few transactions took
place at the lesser rate. These lower quotations
brought into the market some of the dividend money
for purchases both of Consols and Reduced Threes,
upon which prices rallied, and lett off 871 to 1 for
both money and time. Reduced Threes, 87; to 8.
Three-and-a-Quarter per Cents., 881 to -4. Long
Annuities, 9to 1-16. Exchequer Bills, 495. to 535.
premium. India Bonds, 355. to 395. premium. India
Stock, 238 to 40. Bank Stock, 197 to 9.
The expected arrival of the Teviot steampacket
from Vera Cruz, now due within a day or two, which
there was a disposition to speculate upon in some
quarters as like ly to bring some favourable news for
thebondholders,didnot,however,improve the value of
the bonds, although more business was
done
in them. They were last quoted at 17 to i. Brazilian,
69 to 71. Peruvian, 30 to 3. Chilian, 81 to 4.
Venezuela, 14 to 17. Spanish Fives, 11) to 12 ; the
Threes, 21; to 2 ; Passive, 3to 1. Portuguese, 18
51; to
19. Dutch Two-and-a-Half per Cents., 44) to
the Fours, 71 to 2. Russian, 98 to 100. Dar ieb, 68
to 72. Chilian Three per Cent. Deferred, 39 to 41.
Excepting in Mexican the dealings in foreign securi-
ties were extremely limited.
It was noticed several days since under this head,
BE a gratifying circumstance, that some of the states,
or state banking institutions, of the American Union,
which suspended payment several years since
under the pressure of the accumulated disasters
of t !ore times, were now taking active measures
for recommencing their payments We are now
enabled to state that the Hon. Mr. Roman, who has
twice served the distinguished post of governor of the
1 state of Louisiana, is now in Europe (at present.
Holland), charged with the important mission of
arranging for the redemption, principal and the
arrears of interest, of the outstanding bonds of that
state advanced for the establishment of the credit, and
negotiated in Europe for the account and profit, of the
two state institutions known as the Consolidated
Planters Bank, and the Citizens' Bank. Mr.
Roman, one of whose surnames by the way
stands appropriately enough as Bienvenu (welcome),
is the bearer of statements, and propositions, already
submitted last year by the late Mr. A. Gordon of
New Orleans (some years since of the house of Messrs.
Lizardi and Co.), but which his unfortunate illness
and subsequent demise prevented his carrying into
disc', of which the following is a rough outline :
The statement of the planters' bank shows, in respect
of its balance sheet, assets for 1,455,508 dollars.
Liabilities 1,947,076

Estimated deficit
To make this deficit good the stockholders of the
bank are to be assessed in 500,000 dollars, to be paid
up in seventeen years by ((pal instalments. Within
the same term all bank loans to stockholders are to
be repaid by similar annual instalments, with
inte.est at the rate of 7 per cent. The assets
referred to above, consisting of loans, mortgagee,
and other securities, less the appropriation otherwise
as hereafter roted, are to be applied meanwhile in
discharge of the principal of the bond debts of the
bank in equal payments running over a series of years
thus : On each 1,000 dollars bond, 2(10 dollars on the
30th of June, 1851 • and same sum, same date, in
1857, 1860, 1863, and 1866. New coupons of interest
at the rate of 5 per cent. to be attached to the bonds,
payable half-yearly in New Orleans on the 30th of
June and 31st of December each year; the first pay-
ment on the 31st of December this year.
The unpaid coupons of interest over due to be
funded and new bonds with coupons attached to be
given for the amount. One sixth part of the princi-
pal of such bonds to be redeemed on the 30th of Jane
in each year from 1849 to 1854, and, until reimburse-
ment, interest to be paid half-yearly at the rate of
per cent.
A proportion of the assets referred to, amounting to
407,802 dollars, is set aside to pay interest at the rate
of 5 per cent. on the bonds of the state due
since 1843 (the bonds were issued in series), and
on the coupons of interest due in 1848, in conformity
with the law enacted by the state. The disadvantage
of these propositions is evidently the length of period
to which they run.
The propositions of the Citizens Bank are sub-
stantially the same as those of the Planters' Bank, but
are realisable within a shorter term of years. As,
being comprised within a shorter compass, they. may
be here submitted, as abbreviated from the original
document :
Extract from the Minutes of the Board of Managers of
the Citizens' Bank of Louisiana ; Sittings of Dec. 11, 1847,
and April 22, 1848 —ltesolved,—That the following pro.
posals be submitted to the bondh Adm., I. To fund the
arreared interest on the:atate bonds issued in favour of the
Citizen,' Bank of 1,011i5i61211 (those of Feb. 1, 18d,re48, inor-
cluded), and to receive in lieu of the coupons so matu
about maturing, the obligations of the bank, each for such
sum as rimy be agreed upon. Said oblietionl to be payable
at the office of Messrs. Hope and Co., in Amsterdam, or F.
on L‘z ...di and Co , in London, by equal instalments of
one, two, three, four, five, six, and faven years, co ramencing
to run from the lst day uf August, 1848, and to bear 5 per
cent. interest per annum, also payable at the same place and
domicile (capital and interest at the par of 444.44 dub. for each
100/.-1,200 guilders). Said obligations of the Citizens'
Bank of Louisiana to be specially guaranteed by the assets
enumerated in the resolution of April 22, 1848. (The assets'
here enumerated represent the value in the whole of
1,014,194 dole. 66c.) Ali of which assets the board of ma-
nagers
and directors of said bank have, by their resolution
the
of I
April 22,1848, set apart and specially a bondsi d tof the
o
payment of the interest now due upon the
slate issued in favour of this bank. Dividend warrant* are
to be attached to each obligation for the semi-annual pay-
ment or the interest on Feb. 1 and Aug. 1 of each year.
The much largest proportion of these Louisiana
state bonds and over-due coupons is held in Holland.
ENGLISH run Da.
Bank Stock, 198 9 India Bonds, 11,000, 38
3 per Ct. ite.l Aims., 87P i I Ditto, under al,ooo, 33 6
Sper Ct. Cons. Anus., p
63 Esc
for Acct.. giA I
hew 31 per Ct. Anna, saps 7 .4 flg Exch. Bills. ELOOO. 2/4., June.
Long Arm.. exp. Jan. 6, 1660, g 46 8; March. 63 49 53
India Stock,.
7.33 40 Ditto. Snail 241. June. 44
FOREIGN FUNDS.
6 per Ct. Brazilian Bda, Smog, 71 5 per Cl. nib, Acct., July 31.12
3 per Cc Chilton Rends, 40 8 Per Ct. Spanish Passive Bd., 3
3 per Ct. Danish Ha,. 1825 10
3 per Ct. spanhstx Bonds, Acct..
per Ct. Memo., 1046, 417 # July 31, 23
Dn. Acct.. July 31, 17 16# 1 #.l 24.ffr Cr. Dutch Ezell., 12 Gull.,
3 per Ct. Portuguese lionds.4l4 .4 5
5 rovi,l,.ll33iitt Br"' div.
155 m
roper"Ct.fit/ituloit PA;Ttalestel. 72
F.XCHANGES AND STOCKS ABROAD.
Ditto.
JCL, 18.—Betztan Loan, 1540_, .554) 765' Ditto, 1842. 768 ;
Ditto. 1844 88; Ditto, 1836, 61 ; Ditto, 1833, 51; L 131630, of the Ci
on
ty,
1843, 75 ; gariligof Belgium. OM; Ditto, tae of 1841. 93. lisabsoge
London, .63
A!tRRRR P Jet' 19.—Elchange on London, 24.678.
Banns, Js, lILT 17.-73 t.. &hold &h., 74 ban, rls. money. Exchange'
on London. 3 moan*. 644 i hamburg. 1611; PK% 84