The Express.
London, England, 1862-08-04 00:00:00

REPORT OP THE rowsrizit COMMISSION.

Mom tie 06eareer • I yeetteedse.)
The report of. the Vedettes? Commisaiosers,
which is looked forwird to whit so meek interest by every
volunteer, is in the printer's bard{ sad will be distributed
toxemia's I. the moms et week. The eamitisiseele
liter oak*,
ha ft is rthrasZhkr •Vereste• °
time :—They propose that tie staff et 41111 reagents
shall be continued as at present, and be paid out of the Br
Siegal funds, Next, that every efffeeti re be eotitled te Morn
• U. per annum. That is to my, that the cent officer
in to be allowed that mount to be applied as he shall think '
best, but for the advantage of the corps. If it is applied
for clothing, then the officer commanded e restOtted in his
&eke of four colours, via, blue for artillery and essisems,
sad pees, grey, or scarlet for the tides. The grey to be ia
accordance with the colour selected by the Wareffioa, the
loodolieratemate of meats. harbor • veto es MO eittara
se that they may make the volunteers in counties es nearly
Smiler se possible. The commissioners further mem.
mend that seam of ten shillings per mar be allowed to al
those who have passed through certain stages in steekeley
Facia, and have obtained certificates of efflcieecy. The
reeosueendation is one which we regard as of great •
I importanos, as upon the skill is the 1181 the Mb
the real Seisey of the volunteer force mainly
This premium be exeellenoe of shooting will havedasnla L
beeeicial effect. Odleers of regiments sod murdered! •
arse their lose as to practice with the view
the extra ton &Mises per man. In many small orepo,al=l
the whole of the men be made effective, which is sot aft
possible het sew d emosiplishment, the thirty abillinsi_
era will niece to keep the corps in good workbag
Without thi aid the number of men would graduraTa
off. The ceastaindosers, in addition to ties Apr
Ilitaga.rale i• give a further sum of four ailing, f
or all volunteers living beyond five miles
C hea
m head.quarten, or the usual place of drill. The
sum is gives with the view of assisting volunteers awed
is agricultural puma% who nand afford thisezpouse el
ndieg to the place of rendoveite ;'and is pro for the
of inducing mientrytem to doe t volunteer
nix2o7m., sad to carry the ride Three are, the *sepal
reoomnieudationsof the oommiutiosets, sad we believe they
will meet with general approval. At' present the sum
voted in aid of the vehistaers dose sot moved 40,•001. per
annum. Should the proposed eimeme be carried into effect
the charge
or upoBo, n the country will be inermeed to about
170,000/. 1000/.

NAVAL AND MILITARY.

POBT/3/10(4,11, Armour 1.
Yesterday morning Poe-kdmirel Sir Henry W.
Broom mastered and Inspected the crew of the dllivel,lo9
screw frigate, Captors Henry Caldwell. Q.s. IMP
will some into harbour from Spethead toonocrow, to
mantle and pay off.
WOOLWICH, Ass= S.
THE LAM CASs 01P CATJELI7.—The maalWin.
Bishop, has so far recovered from the effects of - oriel
paniehment Inflicted on him by being scrubbed said
and water at the garrison cell, that he has loft lbe
and is Dow maned at the guard-room, until it is Mar.
Wood windier he ill a 41.0111, from ebe fforil Ave =
Siergeentiujor !rehire, chief of The mffitory Oink
was reduced by order of the Duke of Cesobri4e, for having
caused the illegal ponidament, has been superseded by
garrison Sergeant-major Osborne.

OF NAVAL PRIZE MOWRY.—
NAIRa is gives in Friday night'sCiarette that the distribution
of the towage bounty awarded for the slave barque Laura,
captured es the 9th August, 1859, by bar Majesty's ship
Archer, will sentatence on Wedeseday, the 6th inst., I.
the prise breach of the department of the Accountant-
General of the Navy, Admiralty. Somerms-heues. The
following are the snares dee to an individual in the several
classes :—Flag share, 651. lls. sd. ; captain. 1551. lie. 9d. ;
second class, 391. 10s. 9d. ; third elms, 311. 12s. 9d. ; fourth
elms, 201. 61. 9d. fifth alma 111. 6s. ; sixth elms. IOL 3e.
sa. ; wreath edam; 61. lria ; class, 31.7., 96-
ninth class, V. se. 2d. ; Math alms, 11. Si. 7d.
TRAINING Stunt so' Bole.—The training ship
Worcester opens this day far the receptiou of pupils. Fol-
iating the encessdal example of tam shipowners sad mer-
chants of the Mersey, the same influsetal class at the port
of London have liberally supported the newest meet useful
undertaking. The 'chalet epos with 29boys, sheet. three
times the number which marked the opening of the Coaway
at Liverpool. The Admiralty have placed a naval•mi
ship at the disposal of the committee, sad Mr. Richard
Green, whose example will doubtless be followed by other
shipowners, will award six cadetship in his fillet lathe six
most deserving boys who have been not ;leas this tun Teem
on board the ship. The education embraces ovary metal
branch besides those specially pertaining to practical sea-
manship. Opening under favourable auspices the good •
work still bivalves outlays sad llabilitiea which will so doubt •
be peaerously met by the great shipping iuterest. We an
plowed to perceive that the exertions «f the honorary se.
crate:y=4 Otigittator, Mr. &Wilmot, have bees se Wis. -
facia* ',warded.

Brow .00timmt. --Previous to the breaking up of
the caw for the sepal summer vacation, on Friday la*r
two very hatehiorne testimonials were presented to the Err.
Dr. Ooodford. the newly•elected provost, sad the late
bead muter of Eton, horn the lower master 'sod resistant
mute., and from present Zionism. The testimonial from
the masters consisted 'of a set of very handsome silver
dishes and covers, os which was cograven the following in-
eFiption :—" A.D. 11162. Deno datum at hoc smut=
nro probe do:toque Guido Old Ooodford, 9.T. P., Cone&
Etosensis maestro isfemeatori, num de eels optima
merit= Myths in mhos reredentem comma obsernintia
prosequuntur mimes quitins pnefuit magi/dn." The testi.
Moeda' from present Etonian consisted of an exasedingly
handeome silver epergue, richly chased and ornamented,
together with a silver miser. The presentation was made
is Election-hell, on Thursday evening, In the presence of
the Captain of the Oolleg•ers, Mr. C. J. L. I. Cameron. and
the Captain of the °widens. Mr. S. F. Cleasby, together
with the boys of the sixth form. The presentation was
made by Mr. Cameron, Kit., the captain of the school, who
is a few wards thanked the provost for the anal be had
shown is promoting the welfare of the school, and begged
i his meeptaace of the testimonial u a token of the esteem
and gratitude which was felt by present Elegiacs towards
him fir the animal services he had rendered daring
the aims yeses that he had bean head master at
Eton. Dr. Onedford, In acknowledgiog the testimonial,
remarked that entd a tar dip petwously he had sot the
slightest ides that the lidelikr• intended recognisiug his
endeavours oe behalf of Eton.. Be could truly say that
the nine yeas during which be bed been the heed master
had been the happiest yosn of his life. This had bees
mated both by the oordlel ereporation of the iumestaat-
samters, and by the good feet* which had characterised
the boys of the mho* tied apeelity Mom amen the
Milter hem gybe had. beam' mu immedimiely amdsr him.
The good of Ham_ Oakum. bees the put thjeta *sr whisk
he had hitherto lat‘dred. eat dwell unillsaa te.• shave.
lie begged to thaie themamam hie
_the Imaistais
ttatimosial, thus heindmadd seer camiar
the ioholars of tog MAIM 11. llta. The fame.
kg id the Inseriptiee es theWm al • operate t—'o ,
mated WA* Rm. Q. 0, tiljeadlead. PlavettlhEks,
present Itemises. is token it jai* *ad 14 us
estelem rendered to tie Mad &mg • perlattl
hena.masterehip, VIM • .r.
Norm BRITOIL *LUOR,,T.—A banquet on a
Wsseelea was held et ChM& et whit*
po
, M.T ahallallea if Se. North &Ma ltd..
Oaeoptep. podded. The atlemimme of aharahekteen
of that oompsay.
_the Border Deka, and Border Collating
was very large, aid the stmeeltee delivered were elemasetuated •
by a leas of gtatabiks ea the ortmad nemems whisk his
liderramintlielrattirainc= thrtemattehamtma'aPellii
=or the ad Of the piny, the hi
% al tint
The el the lima et' tail
Allietlrtrylewithrina'play Mimed the
W Ittate,*. and as Week* Oath*, wum eater-
tortßrie=tteeek ht
the
leeCW
affair vas emetnatal la every vita& ,e4=hdeltheaa
' Ihscsatle (Aw
ay WA* is wilk regard be the tutare.--.
mick

-.Aga s.l.uft qUV a. J.,itaau 1

• ,*+

I

am SMITH £ND 00:8_

Vie erpregM

_ishUTAr.!+.l.z

LONDON, MONDAY, AUGUST 4.

weeks.

PURE EXTRACT of CALVES' FEET,
ler Invalids mM Culinary Use.
aid I dd., la, b., and Y. yeasts, by all chemists, grocers, de
zurrurscrouv, LITTLi POIITLAND-81r., Regent-at, W.

HgiN 1X1.:13 BUST T and Co.,
LLErsadradatUks• asellthe lierobannk
HOLBORN-BAYS, and PO,PLACL ItltO/Nr4ITIZIT, WATTALOO-

- 71
QICOOND-RAND PIANOFORTES.
CIIAMAR. MALL aM WOOD haw a large ammtlawit
ad saweibrod Plawalorbw by tbs aM atoned Wm, *8
molly Waned plow loyeatWzost.

F UN, EVERY WEEK, ONE PENNY.

HAYMARKET.
Taw Emma. THE BALANCE OF COMFORT.-0171
LtxIUSI N. Mama scallop, nuckstone . Vann,
31118•011.“.—LA OONTIIABANDIaTA. Pares Nana and Uwe
Moragas.—And DELI Al FO,T. Mr. Campton.

PRIN(TERra.
Tims ammo. THE RENDIZVOUR —KING HENRY THE
EIGHTH. Hamra Marks Kean, Jordan, Potter, Raymond,
J. F. Cathcart, Brenta Garden, and Headows : Mrs. Cte
lean .and Maimssa Charm .—And THRICE HAR.RIRD.

lAMMFB.
Tau Ivadnao. THE C 4MM OF THE WATCH. Mr.
George Vining and Miss Turner. —FORTY WINKS. Mr. George
Vining and Haas amine Carson.—INDYHIOST. Mesdames
Herbert, H. Ranee, and C. St Cars.—And UNDER TUB ROBS.

Tare Moan, TIM BLUE DWARF. Messrs, J. Reynolds,
Drummond, ifierood ; Mn. B. Yarnold. —Singing by Mr. Sydney,
Mr. J. Plumpton, Mr. C. Wood • an, and mr. J. U. Ogden—lo
conclude with LA TiLAVlATA.—Commence et 6j.

ASTLEY'd
nue Eynon°, MAZEPPA.—AIter which WINKS IN THZ
CIRCLE &Idlle. Ni.uottL—To conclude with • comic BALLET
In which the Mimes GUMMI will impair. —Commence sA 7.

HIGH NAT= AT LONDON BIUDON.
THIS Dar —Morning. 711. ssm. Afternoon. Bn. sm.
TO-110110W—Monamm. 81i 40g5..... Afternoon, 96. 25m.

THE public appetite for foreign stocks has mani-
fested itself very strongly during the hat few

While home investmentshave been com-

parstively neglected, those of foreign origin have
been much sought after, and in many instances a
considerable advance has occurred in prices. This
_ ..

movement had already been designated u probable,
considering the extraordinary state of the money
market. At a time when the rate of discount for
the best bills is only 1 to l per cent. per annum,

when only lor 1 per cent. is obtainable for loans
on deposit or " at call" with the banks and dis-
count establishments, and when the supply of all
home railway stocks possessing preferential
rights or guarantees is so limited that
an investment of magnitude can hardly
be effected in them at all, foreign stocks, offering
and actually paying rates of interest varying from
5 to 11 per cent. per annum, naturally possess a

. -
strong attraction. It seems a reasonable arrange-
ment that, as the stagnation of trade and the now
limited extent of the home field for joint-stock
enterprise preclude the possibility of using up here
our large surplus of capital, we should despatch it
abroad to take advantage of the much more re-
munerative prices offered for the use of it by
foreign governments or public associations. When

Turkey bids 10 or 11 per cent., and Portugal 7

per tcent., for what is at present of scarcely any
use at home, the exportation of capital becomes a
natural arrangement which it would be sheer folly
to denounce or attempt to prevent. It is a hackneyed
saying that money, like water, will find its level in
spite of all obstacles. By this it is not meant
that, supposing the value of money to be 2 per
cent. here and 20 per cent. in Turkey, the article
must necessarily flow from this country until
Turkey is likewise supplied at 2 per cent. Our
2 per cent. is a perfectly safe return, involving no
trouble whatever to the capitalist, whereas the 20
per cent. proffered in Turkey may be, and no
doubt is, surrounded by great risks—risks which
affect not merely the interest but the principal,
and the avoidance of which entails great trouble
and ceaseless vigilance. Weighing everything,
moat
persons will probably consider a safe 4 or
5 per cent. at home a better return than a doubtful
12 or 20 per cent. in Turkey, and this is the sort
of calculation which ordinarily preserves us from atoo
keen participation in the frequent and violent vicis-
situdes of foreign money markets. But when money
accumulates here to such an extent that the rate,
instead of standing at an average point, falls to 2
per cent., or less, while the terms abroad remain
as high as ever, or, perhaps, still ascend, the home
capitalist, with his money rusting, is dazzled. De-
mand begets supply, and, under such circumstances,
foreign securities make their appearanoe in large
numbers in the London money market. The
capitalist who wishes to put his money out at the
high rates current abroad need not take any trouble
to ship it off, for there are plenty of accommo-
dating people who, instead of making him take a
trip to the foreign market, will wait upon him, as
it may be said, in his own office or his own par-
lour, and there hand him the voucher conveying
the liability of the foreign borrower. In the olden
times a capitalist might desire his London agent
to instruct a foreign agent to employ his money
abroad at good usance, but now-a-days he has
only to walk into an office or two in the City, and
he may have a choice of scrip or bonds bearing
the attested signature of the agents of half-a-dozen
foreign governments. Great indeed are the
modern facilities for exporting English capital
when it becomes of burthensome amount.
It is curious to remark that a sum-

mar's sun is not a bit more successful in

bringing out butterflies than is a propitious money
market in bringing out foreign loans and other se-
curities.
It might be difficult at first sight to dis-
cern any direct connection, in the nature of cause
and effect, between a fall in the rate of interest
here to two per cent., and a sudden discovery of
" tightness" in the Exchequers of his Imperial
Highness the Sultan of TUIILNY, or his
Highness the Viceroy of Lim, or his Excellency
the venerable General PAU, of Venezuela. Yet
it is an unquestionable fact that though foreign
potentates and rulers manage to carry on from year
to year without troubling us, if we are sufficiently
busied with oar usual avocations to keep our rate
of interest op at the healthy point of four or five
per cent. ; directly our riches increase, or our in-
dustry slackens, so as to throw money down to an
unremunerative point, foreign governments inva-
riably discover that there is something which they
have got to do with our help, and which really
must be done immediately. Perhaps they disin-
terestedly want to assist commerce by reforming
their currency—a phrase which, being interpreted,
occasionally means that they make a practice of
putting the printing press to work and issuing
inconvertible paper money during an those
periods when they cannot borrow in London,
taking their chance of redeeming it at
those recurring periods when Jons Bora. is in
a humour to aocommodate them. Or they have
railways to make—an ostensible Issue of railway
capital being, in the astute chancelleries of some
foreign States, a means of getting • loan in dis-
guise. Or, failing these pretexts, it is found that
there is something else to be done which com-
merce, when appealed to, cannot but own ought