The Express.
London, England, 1865-06-19 00:00:00

lIPBRA and R&OE GLAI3BES, by NICGRETTI
V sad ZAMBIA. 21a sad 411 a. la kande cask wait rack
erysial Lam. or la slaslalm. salaam aad upwards. To ta
re=at their law asiabllakeiwasgZiattgardal.:
: 121. lassat-stres4 sad 161,

JOHN BROODEN.

ORIGINAL GOLD CHAIN MANUFAOTOILY,
18. 111241.LITTL4TAXIM 00VINT-GLULDINL.--

7011 N BROGDINS GOLD OILUNa

744k1/1 BROGDDN'S GOLD GLAB.D GRAINS.

JOHN BROGDZNI3 O OLD ALIOIRT CHAIN&

FORNBROODKNSGOLDBROOOHORM7B.

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IVANB' after the Open. We shag so lain,

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IMITAWNIA.
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LONDON, MONDAY, JUNE 19.

Tin announcement that the Bank rate of dis-
count had again been reduced from 3* to, 3 per
cent. could have surprised no one who had *veal
cursorily examined our monetary position. It is
simply a continuance of the results which have
naturally followed a period of financial pressure.
Although last October the fact might have bens I
overlooked for the time, absorbed as men's minds'
were in the difficulties of the moment, still it in-
variably happens that the greater the strain that is
put upon commerce by a crisis the greater is the
subsequent reaction. This has been proved in
numberless instances, and notably both now and
after the panic of 1857. The same principle,
moreover, acts from day to day under many dif-
ferent forms. Take, for instance, the fluctuations
in the Stock Exchange. For some exceptional reason
a rise occurs in one particular security. A rail-
way company is rumoured to be about to pay a
better dividend than had been expected ; specu-
lators and the public rush in to buy, and the price
is carried up to a point much higher than is justi-
fied by the real circumstances of the case, even
supposing the reports should prove true. When
the actual announcement authoritatively comes
out, to the surprise of uninitiated observers the
consequence is a fall of the stock in the market,
the whole matter having been, in technical terms,
"discounted." The same feeling operates in all
conditions of trade. Where there is an evident un-
easiness and a difficulty in getting money, the great
bulk of the commercial community are borrowers ;
as soon as the tide turns and confidence once more
prevails, then everybody is a lender. Nine per
cent. in October is succeeded in due course by
three per cent. in June. At the same time it
must be admitted that, after a sharp crisis, if
money is cheap, it does not by any means follow that
the change is therefore more easily turned to the
advantage of the purely speculative portion of the
community. Nodonbt they profit to a pertain extent,
but only in a comparatively slight degree. Every evil
brings its compensation, and the one that attends
a crisis is a tendency to caution, which on the
whole may be exaggerated, but is still salutary in
the main.
It seems probable that we have now reached
the full point of reaction from the extreme period
of 9 per cent. A further possible reduction of
the Bank rate to 24 per cent. is hardly contem-
plated, and for the next few weeks at least is cer-
tainly unlikely. In the first place, it must be
considered that at this time of the year the de-
mand upon the discount market, and therefore
upon the Bank, is exceptionally large, owing to
the payments on account of the revenue accruing
at the end of each quarter. Secondly, the
government deposits are largely drawn
upon for salaries, dm., and the bullion and
reserve of the Bank, particularly the former, are
pro tanto weakened. Next to be added is the usual
demand for circulation required for the harvest, and
this year for a general election. Again, too, there
is the prospect of a revival in our Eastern trade.
Whatever may be the ultimate results of the
American civil war, one fact remains certain, that
it has caused an indefinite expansion of our com-
mercial relations with India. For the last
four years the cotton growers and merchants
of Bombay have been realising almost fabulous
wealth. It is not surprising that this
paroxysm of prosperity should have some-
what deranged the ideas both of the native and
European community, and that a speculative
mania was the consequence. A revulsion was of
course certain to follow, and Bombay is suffering
from it now. The depression, however, can at
she worst be only temporary, and the tide Iry be
turned at any moment. For some time to come at
least we shall have to draw our chief supplies of
cotton from I ndia, since along period must necessarily
elapse before affairs can settle down in the United
States to enable the South to regain once more
her old monopoly. Hence our trade with India
is likely to continue on the same extended scale to
which it has latterly been raised, and when the
revival, of which there are some signs, takes plc-e,
the consequently increased demand for capital will
stop any further fall in the discount market.
Another point, too, which is calculated to pre-
vent any further decline, is the steady progress of
joint-stock enterprise. New undertakings for all
sorts of purposes are being constantly introduced,
and the success with which some have been re-
ceived has induced the public to subscribe
more readily than is usually the case.
As in the majority of instances the capital re-
quired is for employment in the United Kingdom,
it involves, as has been already stated, merely a
transference of a sum of money from one hand
to another, leaving the general supply the same.
This process, however, acts for the time as an in-
creased demand upon the circulation, not perhaps
to any very great extent, but sufficiently to be
taken into consideration. Of the withdrawal of
capital for foreign enterprises it is hardly neces-
sary to take notice, since it is comparatively unim-
portant in the aggregate, and divided into
instalments extending over a considerable pe-
riod. A small foreign loan would be of
greater account. Of the latter there are none
now before the public, and the last, the issue of
four millions stock for Turkey, has proved a con-
spicuous failure. Whether it is from the excess of
caution already mentioned, or from well-founded

' distrust caused by the prom
ing governments, investors

1 this which not many yews

sought for.
While the beneficial \
Liability Aot is thus ok.
largest private establishment,
a meow, has just bee.
alma of almost equal advantage to commerce. The
Law of Partnership has hitherto been so con-
strued that no man of any wealth would care to
remain in • firm unless he could devote • consider-
able portion of his time to the supervision of the
Imbues. Supposing a senior partner desired to
retire, he could only do so either by withdrawing
his entire capital, or by leaving it in the business
as • loan at a fixed rate of interest. The first
0311110 presented the disadvantage of perhaps
entirely crippling the operations of the firm ; the
second, of investing money at • disadvantage,
since it was impossible to calculate the interest so
as to produce a profit commensurate with the risk
of loss by failure. As regards the security to the
creditors, this provision of unlimited individual
liability was altogether useless, If a capitalist
left a firm he took care either to take
his money with him, or, if he left it
behind, to have it specially secured. In both
cases he had no further interest, pecuniarily speak-
ing, in the operations of the concern, and of course
had no voice in its management. It thus often
happened that • house lost at once both its
wealthiest member, and the one who from long
experience was best qualified to act on occasions of
difficulty, if not able or willing to take part in the
ordinary routine of business. The new law will
correct this defect. At the same time the evils
which are coniured op by the opponents of the bill
are wholly imaginary, and such as would certainly
not occur to persona practically engaged in com-
merce.

delving isvitaticas to ;timid the on&

THE ATLANTIC TELEGRAPH.

We learn from an article in the Times that on
Wednesday the Amethyst left the telegraph works with
the Lit length of 245 miles of cable on board, and on Satur-
day the operatka of coiling this in was begun. This work
will probably last till the 22nd inst., when the Great
&stern will have in her as nearly RR pomp& 7,000 toss of
Gable, or, including the Iron tanks which contain it tad the
water in which it is sunk, about 9,009 too' in all. In ad-
dition to this she has already 7,030 tons of opal on board,
and 1,500 tons more still to take fn. This additional
weight, however, will not be added till she leaves the Med-
way, which she will do on the morning of the 24th, for the
Nors, when the rest of the coals and special stores will be
pat aboard, end these will bring her mean draught
down to 321 ft. Her total weight, including engine., will
thee he rather over 21,000 tom, a stupendous mast for any
ship to carry, but well within the capacity of the Great
Dieters, of which the measurement tonnage is 24,000. Her
way out from the Nore will be by Bullocks Channel, which
the Admiralty are having carefully buoyed to ovoid all risk
in these rather shallow waters. Before the following spins
tides set in, about the oth or 7th of July, the Great Eastern
will start for Valentia. There she is expected to arrive about
the 9th or 10th, and there she will be met by the two Alps
of war appointed to ooavoy her—the Terrible and the
Sphinx. Both these vessels are being fitted with the best ap-
pantos for deep sea soundings ; with buoys and means
for buoying the end of the cable, if ever It should become
neomeary sad with Bollen's night-light naval signals, with
which the Great Eastern is likewise to be supplied. To
avoid all chinos of accident, the big skip will not approach
the Isiah coast nearer than 20 or 25 mile*, and her stay off
Valenti' will be limited to the time occupied in making •
splice with the musive shore end, which for • length of 25
miles from the moat will be laid previous to her arrival.
This monstrous shore end, which is the heaviest and
strongest piece of cable ever roads, will be despatched in •
tow days, and be laid from the head of • sheltered inlet near
Cahhciveen out to the diatomic* we have stated, where
the end will be buoyed and watched by the ships of war
till the Great Eastern Woolf comes up. Some idea
of the strength and solidity of this great end may be
gamed by the fact that its weight per mils is very little
short of half the weight of an ordinary railway metal. For
the shore end of Newfoundland only three miles are re-
quired, and this short length will be sent in the Great
Eastern. When once the splice Is made from the great
cable ship to the English shore sad—an operation which
will consume about five hours—the work of laying the
cable will instantly oommenee. By that time every mile of
the cable in the three tanks will have been joined up, and at
• stated hour, morning and evening, • series of noels will
be sent through the cable to the land at Valenta, and
thence to London, giving the latitude and longitude of the
great ship, the state of the weather, and the number of
miles paid out. The cable will be first taken out from the
forward task, next from that midships, and lastly from that
astern ; and if all goes well the vessel should nave with
nearly 500 miles of cable in her still unused—an excess
which is most wisely allowed in cans of acoidect. We may
add that since the paying-out apparatus has been in work
its action has been faultless. Messrs. Canning, Clifford, and
Temple have absolute charge of all the details connected
with the submergence. Mr. De Santy is in charge of the
electrical condition of the table for the make's, Mr. Varley
goes to represent the Atlantic Company, gad Professor
Thomsoau scientific adviser and referee. These gentlemen,
however, are only the chiefs of the various large deprrt.
mental staff which will be on board.

WELLINGTON Couscar..—The Prince of Wales
has fixed on the 3rd of July for Spoeoh-day. His royal
highness has intimated his intention of presiding.
His Royal Highness the Prince of Wales will
take the chair at the Cambridge Asylum dinner this even-
ing at Willis'. Boomr. His Royal Highness the Duke of
Cambridge and ► very distinguished company have engaged
to dins.
His Excellency the Austrian Ambassador and the
Countess Apponyi will give • grand dinner on Tuesday, the
4th of Dent month, when We Royal Highness the Duke of
Cambridge will honour the count and counter with his
company. The Counters Apponyi will have en assembly
after dinner to meet the royal duke.
Lady Palmerston had & brilliant assembly at
Cambridge-house, Piccadilly, oo Saturday night, at which
nearly 500 personages of rank and foreigners of distinction
WWII present.
The Countess of Derby will, in addition to her
assembly to-morrow night, have assemblies on Wednesday,
the 28th instant, and on Wednesday the sth of the ensuing
month.
The Bishop of Argyll and Lady Alice Ewing
have arrived in London from Palermo—the bishop in better
health.
On Saturday afternoon Miss Burdett Coutta bad
her fourth party at Holly Lodge, Highg►te. It was very
numerously attended.
It is understood that at its meeting in Man-
chester to-day, the Central Relief Committee will adjourn
sine die, the state of things under which the committee was
appointed having completely passed away.
"So successful has been the meeting at Ascot,"
writes "Argue," " that it is proposed to have one in the
spring next year, to which will be appended another at
Clewer, under the head of 'The Royal Windsor Raced.'
The promoter of the latter is Mr. Frail, who has secured
the highest patronage for it, and is going to build • new
stand, with private boxes and st►lls, and every other recent
improvement ; and in these days, when everybody is racing
mad, the speculation is certain to be • remunerative one."
The Corps of Commissionaires, under the com-
mand of Captain Edward Walter sod of Adjutant Piper,
were assembled for their annual inspection yesterday, the
18th, in the Cambridge enclosure. St. James's-park, at
10.30 a.m. The Right Hon. the Chancellor of the Exche-
quer assisted at the inspection. At 10.45 the corps, with
their band playing at their head, marched to St. Michael's
Chan*, Bnrleigh-street, their natal place of worship, where
the incumbent, the Rev. George Townsend, chaplain to the
corps, gave them an address suitable to the occamion. The
rev. gentleman alluded to the suitableness of th►t cloy for
their inspection, as being the anniversary of the tattle of
Waterloo.
The Minotaur, iron frigate, received the second
of her 12-ton 10'5-inch smoothbore guns, with its carriage
and slide, on Saturday, alongside Portsmouth ,'oeicperd,
and is expected to make her two days' experimental cruise
under Captain Aotley C. Key's directions, outside the Isle
of Wight, in the middle of this week. The object of the
cruise is to test the working of these guns mounted an

ship's broadside, in as much motion, or roll, as can be got
oat et the Minotaur in so limited a ornise and at this
seam, when the Channel in nine days out of ten is ma

smooth u a millpond.
CONSECRATION OF IMMAIRTEL CREECH, &TAUT-
RAN. —On Saturday the ceremony of consecrating the above
slash was performed by the Lord Bishop of Winchester,
in the presents) of a very large congregation. Hie lordship
afterwards preached an eloquent •••0710D, in the worm of
which be pointed oat the greet Recemity for the rend
edifies in that ?eighbonrbood which was so rapidly timers-

EXPRESS MONDAY
Alder, lof
sat*" for • ir';
years, 1110111 Bor Highnoso4kot wor• • al
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firair.‘the 71177 rof whit; item, coma '^fithits tall. Ali
oom many of our trimmed with pink room ; bond to oommoad,
hments into joint-stook oom- babas sad veil ; mamas* pawls sad diamonds ; colas
iBA_ at Victoria and Allied.
just beenPule'd Pasha-
amber a distinguished bad the how of re-
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