The Express.
London, England, 1848-01-24 00:00:00

NO, IY.-FHOM MB. COBDEN TO MR. BENNOCH.

Manchester, Dec. 21, 1847.—Dear Sir,—lf you direct your
good intelligence to the question with more study, I am sure
you will see a fallacy in the ides that the price of gold is fixed
at all in this country. It is merely weighed, assayed, and
stamped as of a certain quantity and fineness, in the ulna way
as has been the custom in all countries and in all ages. The
Bank does not buy and sell gold in the common meaning of
the words, it merely saves the merchant or the other owners
of the metal the trouble of going to the Mint to have it
weighed, assayed, and stamped, and takes lid. per on. for
the operation. Any body can take gold to the Mint and have
it coined into sovereigns ; but that does not alter the value of
the gold. As the Bank of England can also have ita gold coined
at the Mint, it can neither lose nor gain by the operation of
" buying gold," es it is called. You are, I presume,
aware, that in America, France, Russia, and every
other country the metals are coined in the same way, au
ounce being divided into certain coins of invariable quanti-
ties and fineness. YOU say, " suppose 1002 gigantic corpo-
ration, on which parliament had conferred certain exclusive
privileges, were compelled to buy all corn offered to it at
31. 17s. fid. tper quarter, and were obliged to sell it at
31. 17s. lOW., whatever the amount of labour condensed in
its production, would you consider the trade in corn free ?"
This is not the question at issue. The question is, whether
the corn should be subjected to an invariable measure of
quantity,? For this purpose the law has fixed on the impe-
-1 rial bushel, which contains a fixed and invariable quantity.
And in the case of gold it has done no more than fix in coins
the weight and fineness of gold. I will not follow the sut
ject further, for I am sure, if you bring your mind to a re.
consideration of the point, you will understand it perfectly.
—I remain, &C., RICHARD COBDEN.
To bo continued.

REPRLSENTATION OF WEST GLOUCESTERSHIRE.—
It is stated that, in the event of the petition against Mr.
Grantley Berkeley, as representative of the western division
of Gloucestershire, being successful, it is the intention of
the liberal party in that division of the county to put in
nomination as his successor Mr. Macaulay.
ROYAL AGRICULTURAL SOCIETY.—The society,
with reference to its next meeting being in Yorkshire, has
offered three prizes of 601. each for the best reports on the
farming of the three ridings These reports are to detail
the character of the soil of the county ; the peculiarity of the
agricultural maaagement in the riding te which the report
refers; the improvements effected in the farming of these
districts during the present century ; and the improvements
still requires' in the riding generally as to the higher culture
of existing farms, the reclamation of waste lands, and the
condition of the agricultural labourer. We doubt not that
there will be produced some very able reports, and that
one good result from the society's visit to Yorkshire will be
its publication of these valuable documents.—Yorkshire
Gazette.

FIRE.-11VDDERSPIELD, JAN. 22.—Between the
hours of eight and nine o'clock last evening a fire broke out
on the premises of Mr. Robinson, dyer, of this town, and
the mill, in which a great quantity of woollen machinery is
kept running for country work, was completely demolished.
With such fury did the devouring element rage, that in less
than half en hour the roof fell in, and it seemed for a rmr
meat to atop the progress of the flames, but they soon began
to revive with redoubled fury; and, notwithstanding the
great quantity of water thrown upon the fire by four power-
ful engines, it could not be ?,uhdued far two hours. The
prompt attendance and judicious management of the power-
ful fire-engine of Messrs. Armitage, brought forth great
praise to the conductors of that engine.

COMMERCIAL MARKETS.
MONEY MARKET St CITY INTELLIGENCE.

Two o'Clock.—Our funds are still on the advance,
and people are commonly speculating on 90 being
realised within a day or two for Consols. They are
now quoted at 893 to r for money and account. Re-
duced Threes, 893 to 2 . Three-and-a-Quarter per
Cents., 903 to I. Exchequer Bills, 275. to 30s. pm.
Foreign stocks do not participate to anything like
the corresponding extent in the movement of the
funds. Mexican are called 18 to 3. Peruvian, 37 re)
40. Spanish Fives are better, at 20 to ; the 'lnrees
30 to 3. Portuguese, 25 to 6. Russian, 10,, to 110.
Dutch Two-and-a-Half per Cents., 531 to 4 the
I Fours, 85 to 4. Venezuela, 36 to S. Buenos Ayres,
30 to_3. Danish, 83 to 4. . . _ _

It is stated that the Bank broker has been buying
this morning, whilst on the contrary a Hebrew
capitalist house have been selling, probably with a
view to make counter operations at Paris in support
of the loan they have undertaken there.
Half--pact Two.—ln consLquence of the unfavour-
able accounts from India by the overland mail, the
arrival of which has been just notified in second
editions of the morning papers, Console have now de-
dined to 89j sellers.
ENOLISII FUNDS.
_ _

Beak Block, 198 200 --..--iperet.bono. for Ac., 9t 1
3 per Cc Red. Anus., On 1 3, per Cesto. Siot i
I pre Ct. Cons. Anna., 7A! f 1-848equer Bill.. Ur. to 300 v.
ÜBB3J.Y FUNDS.
rot Ct. Awarlan llonde. 84 6 1 per Cent. Grenada Bds., D B*l
per Ct. Bell. /tondo 88 90 Grenada Deferred lid, 3 1
par Cast Mud, 6 per Ct Meztese. 191. 18 1
per Cl. Brannan Bdr ,el e 3 bp& Ct. Perut ma 1d,.. 37 10
iDI Nm 78 8 Portuatat. Coo,. 88., 26 4
6 pry Buenos OEde., SO 2 6 per Ct Heenan Bdo, 106 10
DiOa= Bd 89 90 Ditto BpanlO Bdr., 90 h
Ditto Colweb. Del. 1161. 3 per Ct. Erpenlzh Ms., 30 i
Columbist=69l Bliga If! enanOb Deferred Bd.. 12 13
8 per Ct. ads.. 4 fizonn.b Poadre ltd.. 't 4
21 pa Ct. Dutch Be.. MO 2 pet Ct. Veperuele NW.. 36 8
1 per Ct. Cern Dyke. 86 i Veneziano Deferred Bda., 10 U

TALLOW.—The market is firm, at 47e. 9d. to 48a
The delivery is 4,844 mks against 2,105 in 1847 ; 1.760.
1846 ; 2,372, in 1843 ; 2,009, is 1844. New Tallow is in de-
mand, at 44a. 6d. per cwt.

RAILWAYS.—The market in shares is better,
with the price of Consols. The demand is not great.
Birmingham and Oxford, 4} to 6 pm, Shrewsbury
and Chester Pref., 3 pin. North Storfordahue, rt.