The Express.
London, England, 1865-04-10 00:00:00

.1111EBOAT SERVICE:a—Dunn th• dorms
st the pest rim 11116. the bests et the Neliesnl Mew
Instantlen awed eilleinesee teen dithreat weeks comer cesels.
The lastilatine Isiah* MEMO lie. la the one
peeisl en
to ta addition tie reentlng
=zip rewrite ter saving lee ked peents
and ether near. The ties of the 4Sto .a
wassag APPALL I. the puns for AMISTANCE..
Use Ile meet the osellinned hem demands se the lasettaticas
MA Meas. sitablideeeents.
disstreintions reeniveda Yarn Wins sad limbs
and On. Coatis end Con and all the Leedom sad *sentry
lishees. and by the Bearalary Leyte. Noy, at the
le. Johaellrest, AdelphL
JOHN BROGDEN.

ORIGINAL GOLD CHAIN MANIITACTORY,
COVINT4LIDIN.

JOHN BROODEN'S GOLD CHAIN&

JOHN BROGDRN'ti GOLD GUARD GRAM

_
JOHN BROODEN'S GOLD ALBERT CELLI:NB.

JOHN BROGDINI GOLD BROOCH CHAINS.

you will awl your Wanda at
ITAXS slier the Opera Ws shin sup than.

(he Orpreos.

10 oomaronarne.
elvertiestesto talsoolet toe " The hareem " tasks Noosing
sod o. at the Oa" 10. Sohvoll&drett• b/
ts Moe deg pellieelles
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MATMAILLIT.
IniosS, TIMM WILMS AMR MAILIIIAGIL—IMI
WOMAN IN MAI7VH. Mama &Ahern. backstame, Hove,
Hvvvea. sod COMO= mut, Lovell, ete.—Asd
BAST SHAVING. Mims Lesisy mad F. WOOL

Tm a.asY BialdEollloB AND snassarsnces.
-ARRAN NA POGUL lusits. D. Boerne's*, Jr
Yandrobcd. D. Mawr, D. Mum,. Wm. .11•6 ; gm D.
Hosoksali sad Wm E Cither.—Ami AN AIM' APOLOGY..

MIME
Os Sealer Moaday April 17, sad *dna the week. SIMPSON
AND CO. Manua ilitiTelizead lams: Aim lleworthy aid
Mrs. Boremars—And MOTINTIBANI. Mr. Feektar end
Make Yeatar, Mr.Widdlooreb : Aim Leelereq, Mdlle. Beatrice.

12ITANNLL
Thu EVEI63IO, HIETTILIONIC TABLIAUX. illustrating 'the
graelast plays or Shatapas» and other (Amsted drsosailsa
Omit Concert and other Itaketainmenta Maar& A.
Lloyd, W.
Banda. PMleseCs EDI" Signor Nelllog. KW H. Coroney, stc.

NIGH WAT1:11 AT LONDON-BRIDGL
Nis Dar MAnibs, IL ilis.....AThonmcs, IL 111.
iO4IIOIIIOW Monis& 2%. lAah.....AtlersooL 2L Wm

LONDON, MONDAY, APRIL 10.

Tar old axiom, that the price of Consols ought
to be considered the barometer of the nation's
prosperity, has for some time been losing its
authority, and now appears in a fair way of break-
ing down. The rale, however, simply shares the
fate of many others, which, valuable as they may
be at certain times, are not therefore universally
applicable. There are so many irregular influences
operating upon human affairs, that it is impossible
to make beforehand a positive judgment. In
monetary matters this is especially the case. As
the dealers in foreign exchanges know well, it
never happens that their ordinary transactions are
not influenced by apparently exceptional causes.
Hence it is impossible to lay down an absolute
rule in financial matters which, right in itself, is not
being continually broken in practice.
The impression generally prevails that as
the rate of discount rises or falls the
price of the funds experiences a propor-
tionate change. The arguments are simple and
a priori irrefutable. If money is worth only 3
per cent., it apparently stands to reason that Con-
sols would be eagerly bought as long as they stood
materially below par. If, on the other hand, the
rate of discount roes to, say 6 per cent., public
securities could only command a market price of
about 50, since it would be more advantageous to
employ money in discounts than in locking it up
in a security giving only 3 per cent. at the most.
This is the true mathematical deduction ; but it
does not agree with fact, when no allowance is
made for modifying circumstances. This is easily

• -
shown by a comparison of the prices of Consols
with the rates of discount in the month of April for
several years back :
- - - •

Bank Bate. Price of Console.
1851
1852 2l „
1855 4l „
1856 6 ~ .... 931
1857
1858
1859
1860 4l „
1861
1862 34 29
1863
1864 ...
1855 4 9,

The divergences in the above table can be easily
noted, but it will be more simple to place them
in a comparative form :

Price of Comets.
Doak rats. 25 pas mt..... 100 .... 1852
Ditto ditto .... 955 .... 1859
Ditto ditto .... 945 .... 1862
Ditto 3 per c0at..... 975 .... 1851
Ditto ditto .... 965 .... 1858
Ditto 4 per cent. .... 925 .... 1863
Ditto ditto ... 905 .... 1865
Ditto 41 re wet..... 925 .... 1855
Ditto ditto 945 .... 1860
Ditto 6 per asst. .... 935 .... 1856
Ditto ditto .... 915 .... 1861
Ditto ditto .... 914 .... 1864
Ditto 65 per cent..... 935 .... 1857

It will thus be apparent that, although the rate
of discount forms an important element in the
appreciation of public securities, it is but one of
many. To take the first period in the above list,
there seems no adequate reason, on technical
grounds, why the public fonds should be nearly 6
per cent. lower in 1862 than in 1852. The rate
of discount being the same, and money equally
plentiful, the demand for good investments ought
to have precisely corresponded ; yet it is clear that
they did not, otherwise Consols would have been
as high in 1862 as ten years before.
There can be no doubt that the time has now
passed away when no form of security is more
esteemed than the " sweet simplicity of the Three
" per Cents." The increase of wealth, and con-
sequently augmented expense of living, have natu-
rally induced small proprietors to prefer invest-
ments yielding a better rate of interest than the
government funds afford. This influence has
• been frequently cited to account for the steady
decline in the price of Consols, and is likely to
operate with greater power in ensuing years. Not
very long ago it was a received axiom that when-
ever they went below 90 the small public were
sure to come in as buyers, and this has been par-
tially true in the present year. Yet Consols ex-
perienced a continued depression, and not until
they touched 88} did the expected purchases
actually take place. Even then there appears
reason to believe that the recovery is not attri-
butable to small investments, but rather to the
demand from bankers unable from the scarcity of
good bills to use their large balances in the discount
market. When the panics of 1847 and 1867
took place, it was the realizations by these
capitalists that caused the fall in the
funds, and the remedy was applied by the pur-
chases of small investors. The converse now pre-
Vail& Small holders sell to get better interest
for their money ; bankers buy because otherwise
they can get no interest at aIL