The Express.
London, England, 1853-08-20 00:00:00

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LONDON, SATURDAY, AUGUST 20.

Tim Parliamentary Session of 1833 ends this
day, and it becomes the duty of the contem-
porary chronicler to sum up what has been
done in it and what has been left undone.
Sifted from the usual amount of chaff, the yield of

good may upon the whole be taken to amount to a
fair average crop, although it is impossible to forget
that blight has fallen upon many a field of promise,
and that in more quarters than one spontaneous
tares have culpably been suffered to spring up and
ehoko what otherwise might have yielded good fruit.
The clear gains of the session may be said to be
two-fold, namely, the extension of the Tax on Suc-
cessions to landed property, and the passing of the

Charitable Trusts Bill. The latter, tliough-unwar7

rantably mutilated in compliance with the demand
of Cardinal WISEMAN that ho and certain other
Catholic Trustees should enjoy a special and peculiar

exemption from accountability, is ►till a great and
positive good, insuring as it does to all other sects
save tiat which professes fealty to Rome protec-
tion and redress against the peculation of hypocrites
and knave,. As for the extension of the Tax on
Successions to all kinds of property without distinc-

lion, its justice and its value Lace already come to be
acknowledged by all classes and degrees of men,

and the Minister who has had the courage to pro-

pose and carry a measure of social equity so long
delayed, and one which is so certain to
yield yearly increasing resources to the public
Treasury, is unquestionably entitled to the cordial
thanks of the people at large. We cannot place in
the same category, or view with the same unmingied
satisfaction, the re-imposition of the unreformed In-
come Tax, or the mutilated Canada Reserves Bill.

Our opinions on the injustice of the former arc well
known, and we are bound in all frankness to say

they have undergone no change. It may be consis-
tent with the reckless role of semi-official journalism

to thank the Minister for having disregarded all that 1
it had complained of as unjust, and expostulated
against as unwarrantable, up to the very eve of the
Cabinet announcement of its determination not

to yield. But wo venture, notwithstanding
the compliments which are now paid to
Mr. GLADsrosz for having refused to reform the
inequalities and iniquities of the present Income Tax,
to foretel that before many months have passed the
same Minister will be upbraided for his obstinacy,
and called upon to re-consider his unjust decision re-
garding incomes terminable by casualty and derived
from labour. A cause that is founded substantially
and really in justice cannot die. It may be stunned
by insidious blows, or stifled by the fumes of adula-
tion, but its strength will return, its voice will again
be heard, and is the end truth and right will pre-
vail. Year after year every Chancellor of the Ex-
chequer, with the aid of a certain pliant portion of
the press, resisted with contumely and ridicule
the demand for the repeal of the advertisement duty.
Never was so small an instalment of justice more
obstinately denied than during the session this day
concluded. Yet we have seen in that case, as in so
many others, the pertinacity of common sense, and
the importunities for fair play, triumph at last over
the supercilious airs of bureaucracy and the sham
philosophy of economist fanaticism. It is impos-
sible to regard the abolition of the advertisement tax
as a great measure, still less as a ministerial one. It
is an acquisition for which we have to thank the
honourable contumacy of a certain section of the
Rouse of Commons, led with skill and judgment by
the right honourable member for Manchester.
Of the unrealised hopes of the session the most

remarkable perhaps are those connected with popular
education, the reform of the Ecclesiastical Courts and
Jewish Emancipation. On all three points the
advocates of progress in the Ministry have unfortu-
nately suffered themselves to be hustled or hocussed
in some unexplained and unaccountable way. When
Lord Joux Itussent stood before his constituents
sod asked for a renewal of their confidence in
Jemmy last, the reason he assigned for entering
the Coalition Ministry was, that he believed in its
power, and in the sincerity of its intention,
to carry through Parliament not only a great
measure of electoral reform, but many sub-
stantial improvements of other descriptions, and
amongst the latter he was understood to indicate
a large extension of primary instruction, a thorough
purification of the Ecclesiastical Courts, and the
too-long delayed concession of political equality to
the Jews. Nay, more, so pressing and imperative
did the demand for these latter seem that they fur-
nished a palliation—we cannot say we consider that
a sufficient excuse—for the postponement until
1834 of the paramount claim for Parliamentary Re-
form. Well, Reform has been adjourned; and
during the whole of the past session nothing has
been done to check the riot of corruption or to
hide its shame ; popular feeling has been bidden
to hold its breath, and there has not been
la ripple on the democratic wave. And what has
been the consequence ? Simply that not one of these
practical pleas for delay in the great change which
would have insured their adoption has been listened
to by a Parliament got together by dint of wholesale
beroughmengering, bullying, and bribery. The
education scheme propounded by Lord JOHN RUS-
SELL, though obviously pared down to the very
minimum of good previous to its announcement,
never received even the decent attention of a deli-
berate discussion ; while the zealous efforts of the
SOLICITOR-GENERAL to bring forward the project, to
which he was pledged, for the demolition of the pre-
sent Prerogative and Diocesan Courts, and the re-
construction of those jurisdictions on a lay
and liberal model, were somehow or otNer
stifled in the Cabinet, and save in Tuve
generalities never heard of in Parliament. Fi-
nally, the so-often rejected Jews Bill was intro-
duced in a shape so temporising and exceptionable,
as to quench all confidence in the resolution of its
authors to press it vigorously in the House of Lords,
and to sow the seeds of discontent and distrust
amongst those who had once sanguinely believed in
the assurance that Lord .11:1:10)1.1.N could in this
respect accomplish what I ord J. 1: cs-4.1.1. had failed
in achieving. Let us hope that the experience of the
present session will serve to prevent the possibility
of any delusion being again practised on

the many regarding the pretended prudencei
of postponing Electoral Reform. The in-
stances we have noted, and the miserable '
history of the recent India Bill, ought in \
themselves to be sufficient to convince every plain-'
dealing and right-thinking man that to defer the re-
adjustment of the electoral system, until after those
things had been done which such re-adjustment
is the only effectual means of rendering secure,
is simply to apply to legislation the blunder of the
fable where the cart is put before the horse. But,
should such considerations fail of producing that
effect, it is difficult to believe that any man who
valuta the stability of conservative freedom in our
institutions, or the advancement of moral sense and
moral feeling amongst the people, can look back
without disgust and indignation to the conduct which
has been systematically pursued by the present
House of Commons regarding all questions of elec-
toral corruption and intimidation. The carnival of
venality and violence we may hope, however, can
never be again renewed; and the best occupation we
can wish for the leisure hours of our senators, is the
practical consideration of how they may speedily
efface the reproach of collective complicity in the
sins they have during the past session steadily re-
fused to punish or to check.

THE Bank Directors separated on Thursday w ith-
out declaring a further advance in the rate at which
they will lend money to the public. Till Wednesday
a general opinion prevailed that they would declare
an advance, and the opinion was then only altered
because the pressure in the money market had be-
come a little less, and because certain intelligence
had been received that a large quantity of gold was

on the way from Australia. The directors have acted
apparently on these latter circumstances, and the
question which now interests the public is whether
the conduct of the Bank will continue to be influenced
by them, or whether it will hereafter be guided by
other considerations, and raise the rate of in-
terest next week or the week after. Such a ques-
tion will be best answered by examining
the condition of the Bank, and probably it will then
be found that the circumstances which led the public
last week to anticipate a rise in the rate of interest
this week are very likely to ensure it hereafter.
We have already, perhaps, more than once ex-
plained the necessity of making all comparisons of
the Bank returns with corresponding weeks of the
quarter, and we shall avoid all risk of error by com-
paring the Bank returns of last week with the
returns of the corresponding week last year. We
have also before stated that the whole of the Bank
capital being lent to Government, the money which
it has to lend consists in the Rest, a sum saved in
the public and private deposits, and in the money
which it borrows from the public by issuing its
notes. The whole loanable resources of the Bank
may be thus stated in August last year and last
week:

August 7,1852. August 6,1853,
Circulation £24,472,912 £25,039,156
Rest
Public deposit; 3,823,713 2,218,227
Private deposits

Total loanable means.... £45,46701 £43,075,591

All these sums except the Beat, of which the
Bank can dispose absolutely, are held or issued sub-
ject to being called for, and therefore the Bank cannot
safely lend more, even in extreme cases, than two-
thirds of them. Thus we mayassnme that theßank last
August had a capital at its disposal of 30,311,929!.,
and last week of 28,717,0631., or its power to lend
was lessened in August, 1853, by 1,594,8861. It had,
however, advanced of this capital on

Aug. 7,1842. Aug. 6,18.53.
On government securities £13,790,720 13,027,333
On private securities 10,750,631 13,226,701

Total £21,547,334 £26,234,031
Difference £1,700,680

While the loanable capital, therefore, last week, on
account of the great reduction in the Government
and private deposits, was less by 1,594,8661. than in
the corresponding week of August, 18.52, the Bank
had lent 1,706,6801. mote. It is well known that since
the date of these returns—the Bth instant—the Bank
has made further advances, and those who are
acquainted with these facts might very naturally
suppose that the Bank, a little alarmed at the rela-
tive smallness of its deposits, and at the large amount
of its securities, would demand a higher rate of inte-
rest before it made any further advances.
Besides these circumstances the Government Secu-

cities, which aro generally a very marketable com-
modity, and therefore considered to be the safest
banking security which the Bank can at any time
sell to meet demands, are just now at par to 3 dis-
count, while those securities last August were at
71s. to 745. premium. The Bank, therefore, could
not now dispose of Government Securities except at
a loss ; and it must continuo to hold or lose by
selling them. Last August the interest of money
in the market was barely 2 per cent., and
now it is 3j or 31. Then the bullion in
the Bank was 21,473,640/., now ; t is 17,434,5601.,
and decreases every week. Then the Bank had a
Reserve of 12,433,4631., now its Reserve is only
7,911,7601. All these circumstances indicate very

clearly a great demand for money, with a market
irate of interest fully equal to the Bank minimum
este, and only kept down to that as long as its sup-
plies are not exhausted by its continuing to lend at
that rate; and they all warrant the Bank in advanc-
ing its rate of interest. The reasons why it has not
done so are the temporary relaxation of the pressure
in the money market, the knowledge that large sup.
plies of gold are on their way from Australia, and
the probability, occasioned by the recent fine wea-
ther, that lees foreign corn will be required than
was supposed three weeks ago.
The temporary relief arises, we believe, chiefly
from the advances made by the Bank, and from the
latter circumstance, which wo hail with unfeigned
satisfaction. Every fine day adds to the quantity
of corn which will be safely harvested, and, in com-
parison to the results of continued wet weather, is a
real addition to the capital of the community. It is
precisely that commodity which is chiefly wanted,
and tho more our harvests yield the more there will
be in the world. The effects of fine weather and
abundance of food in lessening the temporary pres-
sure for money may be followed by permanent ease
in the money market, should the harvests be tole-
rably good ; but we cannot, with the Bank Directors
and the public at large, attribute similar effects to
the expected arrival of more gold.
The packets from America this week have brought
intelligence of a rise in tho rate of interest in New
York, and also that the gold from California deposited
at the American mints to the end of July is much
in excess of the quantity deposited to the same
time lest year. These two facts, occurring in con-
junction, arc sufficient to make us doubt the theory
that largo importations of gold make money cheap.
Our own country shows a similar conjunction. Since
the beginning of the year, when the rate of interest
,was rather below than above 2 per cent., to the End
or August, there has been imported into England
12,V.10,0001. of gold and 6,452,107/. of silver, toge-
ther 19,372,4071.; and with that great and continu-
oils importation of the precious metals, the interest of
money has rontieuel to rise. What reason, there-
fore, have we to conclude that further importation of
the precious metals will reduce the rate of interest?
The reverse is, we think, to be anticipated, and we
cannot join in the opinion that tho gold which is on
the way from Australia, even if it should all go into

the Bank and remain in the Bank, will tend to lower
the market rate of interest.
The gold does not belong to the Bank, and the
persons who send it thither will want sovereigns or
notes for it. They de not import it to allow it to stand
idle. They will exchange it for some other commo-
ditits. Even supposing it to be imported as pay-
ment for goods already sent out, it wilt not lessen
the demand for other goods, but certainly increase
it. Those who receive it will buy more goods for
export. The import of so much gold is, in fact, the
import of a commodity to be exchanged for other
commodities—merchandise to send abroad, and ships
' to send it in. It is, therefore, an increase in
the demand for all those commodities which arc
already very scarce, which men only borrow money
to buy, and to have which they are willing to give a
higher rate of interest. The importations of gold
• have already operated to increase business, to raise
r prices, and to raise the rate of interest ; and the
future importations will, for a considerable period at
) ileast, operate in the same way.

Those who import that gold will immediately
enter the market as purchasers of other things.
The competition to have them will be increased,
prices will rise, more money will be necessary to buy
the same goods ; and, till the price rises so high as
to check trade and check consumption, more
interest will be demanded for the use of
money. The want is of capital, not of gold,
but of corn, and cloth, and implements; use and
consumption have, on all points, overtaken produc-
I don' and how good clothing and implements are to be
immediately increased by the importation of gold
we cannot conceive. It stimulates trade into activity
by-and-by it will call more commodities into exist-
ence, but till that effect takes place, which it is now
desirable to promote, the importation of gold will
raise the rate of interest. We have previously
warned our readers that interest would rise. It has
risen, and we must now assure them that it will not
fall from more gold arriving from Australia.

PROROGATION
OF PARLIAMENT.

THIS DAY.

This day Parliament was prorogued by Royal

Commission.

The following is her Majesty's Speech :
MY LORDS AND GENTLEMEN,
We are commanded by her Majesty to release you
from your attendance in Parliament, and at the
same time to express her Majesty's cordial approba-
tion of the zeal and assiduity with which, during a

protracted and laborious session, you have applied
yourselves to the consideration of many subjects of
great importance to the public welfare.
Her Majesty has seen with much satisfaction that,
by the remission and reduction of taxes which tended
Ito cramp the operations of trade and industry, you
have given fresh extension to a system of beneficent
legislation, and have largely increased the means of
obtaining the necessaries of life.
The provision which you have made for meeting
the demands of the public service, not only in the
present but also in future years, is of a nature to give
permanent stability to our finances, and thereby to
aid in consolidating the strength and resources of the
empire.
l'he buoyant state of the Revenue, and the steady
progress of our Foreign Trade, are proofs of the
wisdom of the commercial policy now firmly vita-
Wished; while the prosperity which pervades the
great trading and producing classes, happily without
oven a partial exception, affords continued and in-
creasing evidence of the enlarged comforts of the
people.
The measure which you have passed for the future
government of India has been readily sanctioned by
Her Majesty, in the persuasion that it will prove to
have been wisely framed, and that it is well calcu-
lated to promote the improvement and welfare of
Her Majesty's Eastern dominions.
Her Majesty regards with peculiar satisfaction
the provision you have made for the better adminis-
tration of charitable trigs. The obstacles which ex-
isted to the just and beneficial use of property set
apart for the purposes of charity and of education,
have been a serious public evil, to which her Ma-
jesty is persuaded that in your wisdom you have now
applied on efficient remedy.
GENTLEMEN OF TILE HOLTSE OF COMMONS,

We are commanded by Her Majesty to thank you
for the supplies which you have granted for the ser-
vice of the present year, and for the provision which
you have made for the defence of the country both
by sea and land. Her Majesty will apply them with
a due regard to economy, and consistently with that
spirit which has at all times made our national
security the chief object of her care.
MY LORDS AND GENTLEMEN,

Her Majesty commands us to inform you that she
continues to receive from her allies the assurance of
their unabated desire to cultivate tho most friendly
relations with this country.
It is with deep interest and concern that her ma-
jesty has viewed the serious misunderstanding which
has recently arisen between Russia and the Ottoman
Porte.

The Emperor of the French has united with her
Majesty in earnest endeavours to reconcile differences,
the continuance of which might involve Europe in
War.

Acting in concert with her allies, and relying on the
exertions of the Conference now assembled at Vienna,
Her Majesty has good reason to hope that an
honourable arrangement will speedily be accour '
pfished.
Her Majesty rejoices in being able to announce to
you the termination of the war on the frontiers of
the settlement of the Cape of Good Hope, and she
trusts that the establishment of Representative
Government in that colony may lead to the develop-
ment of its resources, and enable it to make efficient
provision for its future defence.
We arc also commanded to congratulate you, that
by the united exertions of the naval and military
forces of her Majesty and of the East India Com-
pany, the war in Burma!), has been brought to an
honourable and successful issue. The objects of the
war having been fully attained, and due submission
made by the Burmese Government, peace has been
proclaimed.
Her Majesty contemplates with grateful satis-
faction and thankfulness to Almighty God, the tran-
quillity which prevails throughout her dominions
together with that peaceful industry and obedience
to the laws, which ensure tLo welfare of all classes
. of her subjects. It is the first desire of her Majesty
• to promote the advance of every social improvement,
, and, with the aid of your wisdom, still further to
extend the prosperity and happiness of her people.

PtrTAGE Moses.—Yesterday a parliamentary
paper was printed from which it appears that 822,3901. (ex-
clusive of tho cost of the French and L'elgian packets, of
any future payment for the transit of the .lustralian mails
through Egypt and of the amount payable to the East
India Company) is the amount per annum of postage money
received by the Post...taco for mails conveyed by steamers
and Milts vessels.
ASA:RANCE Assocralos.—Yesterday a report of
the select committee on assurance associations was prilitetl.
They consider the Joint Stock Companies Act of 1811 very
defsctive, and made various suggestions. The public arc
not sufficiently protected by provisional registration from
deception and minepresentation of assurance or pretended
mourn= companies.

RUSSIA AND TURKEY.

Our Maltese correspondent (who dates his com-
munication the 12th inst.) has forwarded to us the
following extract of a letter from liesika Bay,
dated the 6th inst.:

" We have a gocd dial of a nasty lingering fever
in the fleet. Lord Edward Russell has been very
ill, but is now convalescent. Tiger gone to Lemnos,
for a place of water. Sampson at Alexandria, to
prevent the embarkation of the Egyptian troops for
Stamboul. Niger at the entrance of the Darda-
nelles. The Friedland, French three-decker. was
got off, and is gone to Constantinople to be docked.
The French fleet are very healthy, the largest ships
having from five to seven on the sick list. The Ar-
dent will leave for the fket on the 11th, with tho

mails and provisions."
The only remarkable feature in this intelligence is
the averment that an English vessel has been de.
spatched to Alexandria to prevent the embarkation
of the Egyptian troops. Such an interference with
the concentration of the Turkish forces where they
may soon be needed, would, if true, infer a terrible
responsibility. A statement made by a correspondent
of the --illyeateinc Zeitany, who dates from Alexan-
dria the .Ith inst., may have some bearing on this
point The remainder of the Egyptian flotilla set
sail on the 22nd ult., and nothing has been heard of
it since. No in,nsures are taken to despatch more
troops, whether it is that further orders from Con-
,
stantineple are expected, or that the idea of send-
ing a second detachment has been given up'
The same writer states that the departure of diplo-
matic missions from Cairo to Vienna and Berlin has
excited much surprise, the Egyptian government
having hitherto maintained no such agency at any
foreign court—unless a certain Mr. Larking may be
regarded as its accredited agent in London. He
confirms the news of the reconciliation of Abbas
Dacha with his heir presumptive, Said Paella. The
envoys to Berlin and Vienna, too, have been but re-
cently restored to favour, after having been dis-
graced fur some cause or none. They were both
educated in France, and have raised themselves in
the Egyptian service by their talents alone. Nubar
Bey is the name of the one sent to Vienna; Arakel
Bey is the Berlin envoy.
The Wittier Zeitnny (the official journal of Vienna)
quotes without comment, from the Journal ar Con-
stantinople, that the Shah of Persia, after requesting
from the Turkish ambassador at his court copies of
the correspondence between the Porte and the Rus-
sian government, had declared that the former was in
the right, and that therefore the Russian ambassador
had demanded his passports. Other journals state
that the Shah has offered to send an army to the
assistance of Turkey, but this news requires authen-
tication.

The eyes of the Divan hare been anxiouslr turned
in the direction of the Russian army in the vicinity
of Erzerontn. There is recent intelligence from that
quarter to the effect that the Circassians promise to
find plenty of work for these troops.
The reports from the Turkish territories of sick-
ness and insubordination prevalent among the ltus-
sian troops in the Danubian provinces have been
received with scepticism. The following communi-
cation from Cronstadt, which appears in the ...Wye-
wine Zeitong, will be less liable to Euspicion :
" General Auretz has transmitted to Prince Gorts-
chakoff from Jassy a detailed report of the condition
of the ltussian corps el'ar»t:e in the Danubian pro-
vinces. According to this report the health of the troops
appears to be indifferent: the forced marches and
the rainy weather have wrought detrimentally on
the soldier. Fluxes were universally prevalent.
This evil, however, was diminishing ; and the general
expresses a hope that the number of marcdcurs would
soon diminish. A brisk spirit animates the Russian.
camp. Lively soldiers' songs alternate with hymns,
which contain prayers fer the health of the Czar and
for Russia's triumph over the heathen. The reli-
gious sentiment of the soldiery is kept alive by these
hymns, solemn prayers are offered up five times a
day in the Russian camp, although the Papas sprinkle
the soldiers with holy water and give them their
blessing."
Russia is unaltered since the time when its gene-
ral despatched to its Empress a bulletin thus versi-
fied and commented on by Byron:
Glory to God and the Empress (pnwets
Eternal, such names mingled) Ismail's ours.
The //dependence Be/ye contains news from the
Greek frontier of Turkey. The precious court of
, King Otho are " hedging." The eastern frontier
has been entrusted to the command of Grass, who
is understood to be favourable to the Anglo-French
views; the western to Momouri, a partisan of
• ltussia.