The Express.
London, England, 1862-10-13 00:00:00

axon WATER AT mum BAIDOL

mog DA ioia:.l.ift;il;7o;. bt 10s.
Toatosaow—Moralag, 66. tiss.....Atiasoos. 66. Me.

LONDON, MONDAY, OCTOBER 13.

A FORTNIGHT more, and the business vacation
will be over. The frequenters of the Royal Ex-
change, the Stock Exchange, Lombard-street,
Mincing-lane, and the neighbouring alleys—where,
within the scope of a little more than a couple of
stones' throw, the commerce of the world centres,
and where transactions to the extent of scores of

millions are noiselessly arranged every day—have
latterly caught flying glimpses of one another any-
where save in their accustomed haunts. A fort-
night more, however, particularly if the weather
should become uncomfortable, will bring them all
back from the four winds of heaven. The usual
and natural effect of their return is an increase of

movement in business circles. During the holi-
day time there is an indisposition to pass
beyond the ordinary routine on the part of the
workers who remain in the metropolitan smoke,
and even where some bold spirit rises superior to
the flatness incidental to the season, and aims at
some new enterprise, it is very difficult at such a
time of relaxation to effect those financial and
other combinations which in such cases are fre-
quently found neoesaary. True, during the :holi-
day period, as at other times, the ordinary trade
of the country pursues the even tenor of its way,
but there is certainly a diminution in its volume,
while new enterprise is especially restrained. It
is more particularly, however, in the finan-
cial and speculative departments that the
influence of the vacation makes itself felt,
the principal reason being doubtless that
already alluded to—namely, the difficulty of
uniting powerful men in an effective combination.
Thus a couple of months ago the money market
groaned beneath the weight of the new loans and
other schemes which were flung in a lump upon
it, and the public were absolutely bewildered with
the variety of articles—each warranted superior to

memory of the last panic NLfive r
suffice to render it probable •thiaos pie
impatience at the magnitudtmap store
money, and be tempted to lluiseiripot to •
tent. We entertain not thelejikst
no matter what may be the =hos sr

reirritt
.13
,o o-
dosSit Akt,
diroOtaon of

the new investments they may yearn after, an
abundant supply will soon be forthcoming. For
the manufacture of new securities there are
ready hands, and heads shrewder in nothing Sian
in the intuitive perception with which they detect
the bent of the public inclination, and provide the
monied speculator with the very article he wants
almost before he has had time to open his mouth
to ask for it.
Financial observers have not failed to remark
that ever since the reduction in the Bank of Eng-
land rate of discount to 2 per cent. there has been
a better demand for, and a diminished supply of
money, and the causes of the change are perhaps
deserving of notice. They are not to be
found in any general revival of trade,
for there is no such revival; nor in any recovery,
in the cotton trade, that important department of
business remaining as depressed as ever; nor in
any aptitude for speculation, for there has been a
good demand for money during the last two
months, when speculation has been dormant. The
real cause appears to be a diminution in the
amount of the money placed, subject to allowance
of interest, at the disposal of the joint-stock banks
and discount establishments. Where there has

not been a diminution there has been at least a
disturbance of the deposits. For the reason of
this it is not necessary to look any farther
than to the low rate now allowed for loans and
deposits. The deposits in the joint-stock bank'
consist to a very considerable extent of small sums,
including many owned by retired tradesmen,
officers, widows, and spinsters ; and now that only
1 per cent. interest is given, the return is so
small that many persons are indifferent to receiv-
ing it. Since this low rate was fixed, there has
been a constant withdrawal of small deposits, and
the effect in the aggregate is rather considerable.
No doubt the sums withdrawn do not remain
perfectly idle. If they are taken from
one banking depository, they are probably,
sooner or later, placed in another. They do not,
however, reappear at once, and when they do re-
appear they are not so completely available for
banking uses as they were, as may easily be
imagined from the mere fact of the place of de-
posit having been altered. In those cases where
money bearing one per cent. interest with a joint-
stock bank is withdrawn and immediately invested
in some security yielding a better return, it may
very likely flow at once into some other bank, and
become quickly available again. It is certain,
however, that, principally from the cause
mentioned, there has been a displacement
of many deposits, particularly of those of
small amount, and that a temporarily disturbing
effect has thus been produced, particularly as it
has been in operation at a season when the
bankers in the provincial districts, in Scotland, and
Ireland, have been called upon for a considerable
amount of accommodation by their agricultural

customers. The practice of allowing interest on
deposits has unquestionably contributed greatly to
the accumulation, within a few years, of nearly
fifty millions of money in the London
joint-stock banks alone, and the re-
duction in the rate of allowance to
a merely nominal point goes far just now to
neutralise their power of attraction. It is the
very reverse of the process at work in times when
money is dear, and when the high terms offered
for deposits by these establishments cause small
capitalists to collect together and lodge with them
all the funds they can spare.

lb. amt.

COBURG, Ocr. 6.

The Queen, accompanied by the Prince of
Wake, Princess Helena, and Princess Louise, attended
divine service yesterday at the chapel of the Castle of
°diming.
The service was performed by General-Superintendent
Meyer. The Crown Prince and Crown Princess of Prussia
and the Duchess of Coburg were likewise present.
_ _ _ _

all others—which were thrust under their notice.
But the holiday season sets in, and lo ! there is a
sudden and general pause. Promoters, directors,
and contractors have all scampered away to
refresh themselves for another bout, and
scarcely a single new scheme rustles in
the air. The approach of the period
when Capel-court ordinarily emerges from its
torpor is thus looked forward to with interest by
the posseesors of the two thousand millions ster-
ling of public securities who exist in this country,
and who are accustomed to see the market value
of their property raised or lowered according as
the humour seizes the speculative classes. Not
leas interesting must the approaching renewal of
activity be to the multitude of capitalists, large
and small, who are ever on the watch for oppor-
tunities of profitable employment of the article in
which they deal. And as what affects the money
market affects in some degree the *hole course of
trade, the financial and speculative movements
which are to be expected when enterprising men
once more meet together possess a very wide
interest indeed.

The mortal remains of-the Prinoses Ferdinand of Saxe
Coburg and Gotha were on Saturday night deposited in the
family mausoleum.
The procession moved from the Roman catholic church, in
which the funeral service had been previoualy performed, at
eleven o'clock. At the mausoleum it was met by the Prince
of Wales, attended by Lieutenant-Colonel Keppel, and the
Crown Prince of Prussia, attended by Captain Lucadow.
Lieutenant-General the Hoe. C. Grey, the Hon. Sir C.
Phipps, K.C.8., and Lieutenant. Camel I)u Plat, were
likewise present by command of the Queen.
This morning the Crown Prince and Crown Princess of
Prussia, and the Prince of Wales, left Coburg for Nurem-
berg ; from thence the Prince of Wake will pay a visit to
Prince and Princess Louis of Hine, sad he will afterwards
rejoin the Prince and Princess at Ulm, and then with them
proceed oa s tour in Switzerland and on the coasts of the
Mediterranean.

The suite consisted of Count Briihl, Major Vois Obernitz,
and Lieutenant-General Bnollys, and Lieutenant-Colonel
Koppel, Equerry in Waiting to the Prince of Wales.
At an earlier hour Prince William, Princess Charlotte,
and Prince Albert Henry of Prussia, set out for Berlin,
attended by Countess Hohenthal, Baroness von Dobeneek,
and Captain Lutadow.
Prince Leopold is quite recovered from his late illness.
Her Majesty received yesterday visits from her cousins,
the Princes Augustus and Leopold of Ltiale Coburg and
Gotha.

That the speculative world will have a lively
time seems highly probable. Trade is not likely
to experience any immediate or material expansion,
and it is frequently remarked that when trade is
dull, speculation is brisk. Men must have some-
thing to do, and if there is no adequate occupation
in manufacturing or industrial pursuits—no ade-
quate charm in cotton, corn, tallow, sugar, hides,
or other commodities—they will dabble in foreign
loans, in railways, banks, mines, or insurance com-
panies. The necessity is that something shall be
made to moot. Fashion is very powerful, and
speculators are often like a flock of
sheep. For months or even years together they
will scarcely look at (as the case may be) Indian
securities, Belgian, Lombardo-Venetian, or Bra-
zilian railway shares, or Turkish or other foreign
stocks, but suddenly, without much more solid
reason than a gyration of fashion, some one or
more of these securities has its turn, comes into
market favour, and rises greatly in price. Its
merits are suddenly recognised, and people express
wonder that theyshould ever have been overlooked.
It is satisfactory to remark that there are no
indications of any coming excess, but the antici-
pation of a good deal of speculative movement
within the next few months seems to have a broad
foothold to rest upon. The value of money is
almost unprecedentedly low, and unlikely to rise
materially. The prostration of the cotton mann-

facture ii still causing the retention in this coun-
try of thirty millions sterling of money, which
ordinarily quit it every year for the purchase of

the raw material. Accordingly, there are six-
teen millions sod • half of specie and
bullion in the Bank, notwithstanding soma
recent draughts in connexion with foreign
loans, with the increased importations of
American and other corn, and with payments for
Indian cotton. The mere facts that the Bank rate
of disootutt is only 2 per cent., and that the

THE EXPRESS, MONDAY ECG, OCTOBER

,LATENT INTELLIGENCE.
It U .
The o with regglid to the WIDOW
ant velsrojjhe,l3 Chau-
Thy ;girt of the bar of Denali siestistt
aly in-
creased in importance in consequence 4 this mil vote. As
guardian of the law, it is towards it that all the friends of
the law will turn. No longer is there simply an ordin' •
ley strugglp betwa4m the Chamber of Privilege and the
Elective Chamber ; a defiance has been hurled at the con-
stitution by insurgents. So far the deputies have found
their strength in moderation ; they ought more than ever
to adhere to it, because for the defenders of right, triumph
is in calm.

SICILY.

The official journal of Palermo of the 10th saya :

The measure of general disarmament, rendered necessary
by the deplorable deeds which have just been enacted at
Palermo, has obtained the assent of the population, which
has replied to the orders of the government, by proceeding
in • body to the offioes of the questorship to deposit
there all kinds of arms. The quantity which has been
delivered is so large, and the goodwill entertained by the
citizens in submitting to the orders of the authorities ham
been so manifest, that the lieutenant-general has ordained,
in order that the disarmament may proceed more leisurely,
that the period allowed for the delivery of the arms shall be
prolonged to next Tuesday.

(astrrines =am
INDIA.

(By Tolstesph from &ea.)]
BOMBAY, SEPT. 27.

A public meeting has been held in this city,
under the presidency of the governor, in aid of the
Lancashire Relief Fund ; Ib,oool. was subscribed
on the spot.
An address of confidence in Mr. Laing has been
adopted at a public meeting in Calcutta.
Rain has fallen plentifully in the Deccan, and
there is now no fear of a famine.

According to news received here, Herat has been
invested on all sides by Host Mohamed.

AMERICA.
11111171.8 1711Glildif tissenbr: ,•
per MAK 404 to Istsph Rada: •nd)
• NEW YORK, Oor. 2, Monich.
The excitement on the Stock Exchange yester-
day increased without the influence of either mili-
tary or political news. The market was very az-
, tire, and closed buoyant at an advance of to 2
per cent.

Advises from New Orleans report that a large
number of people have taken the oath of allegiance,
to avoid the penalties of the confiscation act, which
General Butler is rigidly going to enforce.
The operations of the civil law have been re-
sumed in New Orleans. The sheriff had opened
six district court& The country below New Orleans
is much troubled by Confederate marauding parties,
and a provost-marshal has been appointed for both
sides of the river.

Twenty guerillas have surrendered themselves.
The Federal gunboat Iroquois has been sent to
the mouth of Rio Grande.

The British prize steamers Circassian, Memphis,
Bermuda, Stettin, and Columbia, arc being fitted
out as Federal cruisers.

Mr. Simon Draper, of New York, has been ap-
pointed Provost Marshal General of the United
States.

The steamer Victoria, from Sabine Pus, and the

steamer Cuba, from Mobile, have arrived at
Ilavannah with combined cargoes of I,3oo.bales of
cotton.

The Confederate Congress has passed a new con-
scription act, to include all able-bodied men between
the ages of 35 and 45.
Southern reports state that an engagement oc-
curred between the Federal gunboat Santiago de
Cuba and the Confederate steamer 290, in which
the former was riddled with shot and forced to
retreat. The report is, however, not entirely
credited.

The New York Herald asserts that Mr. Eli
Thayer is appointed military governor of Florida,
to carry out the scheme of introducing into the
Southern States a loyal labouring population.
The government will equip from 10,000 to 20,000
six months' volunteers, and station them in the
states to be thus influenced.

Each volunteerwill receive a homestead of public
lands and free transportation for his family to the
principal port of the state where they are located.
It is intended by this means to infuse into the
Southern States an industrious and loyal popula-
tion, in order to protect the Union men.
It is supposed that the manufacturing and pro-
ductive districts of England can be made to contri-
bute to this emigration.
The Federal War Department has determined
upon the exchange of state prisoners with the rebel
government.
Heavy Federal reinforcements are being sent to
Hilton Head and along the shores of the Broad
River. It is supposed this is preparatory to an
attack upon Charleston.
The steamer Vanderbilt is being converted into
a man-of-war, to carry 12 guns of heavy calibre.
She, it is believed, will be the fastest vessel in
the Federal service.

The Confederate Congress have authorised the

issue of 5,000,000 dollars in copper win of deno-
minations of 5, 10, and 25 cents.
A letter from Louisiana is published in the
Providence Journal stating that the Confederate
government intends to emancipate and arm at
least 400,000 negroes, and use them against the
Federal government, with the determination to
rule or ruin.

The Confederate surgeon-general reports that the
number of sick and wounded received in the Rich-
mond hospitals since their organisation is 99,000 ;
of these, 7,000 have died.
Federal Brigadier-General Rodman, wounded in
the battle of Antietam Creek, has since died.

The New York Time thinks that General
M'Clellan's report represents a fearful picture of
life wasted in South Mountain and Antietam bat-
tles ; and thinks the price paid was worth the
capture or annihilation of the rebel army, and
asks what officer, or what difficulties of country,
or what combination of circumstances, is to be
held responsible for this worst of all bargains 1
The Albany Argus states that General M'Clellan
has issued full reports of all the battles in which
he has been engaged, but that they have been sup-
pressed by the War Department.
The Federal Post-office Department has issued a

notice, that any letter mailed with the stamps at
all soiled or defaced will be treated as unpaid.
The New York press generally strongly condemns
the course of the government in thus repudiating
its own stamps. The New York Times says they
have now no intrinsic value. They are not a legal
tender; nobody will redeem them, and they will
not pay the postage. The public might as well
take wooden buttons or pebble stones, for they
would have as much value.
The Mayor of New York vetoed on Sunday the
resolutions of the Board of Aldermen, declaring
that emancipation would be dangerous to the
national welfare. These resolutions were passed
previous to President Lincoln's emancipation pro-
clamation. The mayor, in his veto, strongly approves
of the proclamation, and thinks it must give the
death-blow to the rebellion. He also disapproves
the proposal of the aldermen to create a new com-
mittee formed of the committee on Union national

affairs and a number of delegates from each of the

political committees of the city. The mayor thinks
that a committee thus constituted would assume

a partisan character, acting in sympathy with
the views of that party with which the majority
of its members would be identified, and would
soon become a strongly political rather than a
patriotic committee.
The Governor-General of Canada and the Lieut.-
Governor of Nova Scotia, accompanied by a large
suite, have arrived at Chicago, for the purpose of a
bunting excursion in the western provinces.

NEW YORK, Ocr. 2, Evmmm.
General M'Clellan hah lately visited Washington.
Fighting is expected in the neighbourhood of Wiu-
chester, Virginia.
Heavy firing has been heard in the direction of
Leesburg, but the cause is unknown.
The Monitor has been towed up to Washington.
A large portion of General Buell's army has moved
towards the interior of Kentucky in several columns.
The Federals have evacuated Cumberland Gap,
with artillery and stores. They blocked the Gap
with stones, making it impassable, and marched
towards Ohio to join BuelL
No confirmation of the peace rumours has been
received.
A large paddle-wheel steamer escaped from
Charleston on the 19th ult.
Intelligence from Vera Crux of the 9th Septem-
ber• states that a French garrison has taken
possession of Soledad, and that General &ragout
is dead.

NEW YORE. SEPT. 30. VINING.

Five companies of Feder►ls have attacked Pont-
chatoula, near New Orleans, but were repubbei with
heavy loss.

13,

Annoy jr is raging at Wilmington, North
miolina.' r
~g
The Cenfoinstee, lave burned Augusta, Ken-
. _ _ _

tacky, 40 miles esatiof Ciacinuatti.
The 11,itimare sad Louisville press oppose Presi-
dent LinoodiVeassacipstion proclamation.

The Richmond Disiatch thinks that the war can
only end by the exhaustion of the North or the
extermination of the South.

The republican and democratic parties are malting
vigorous efforts to carry the fall elections.
General. Wadsworth, republican nominee for the
pmt of governor of the State of New York, made a
speech declaring that the republican party intend
to hold the country together at whatever cost of
life, blood, and suffering, and to devastate the
country, if necessary, but not to survive its dis-
memberment.

Mr. Foote, in the Confederate Congress, has de-
clared that proposals for peace could only come
from the South : if they were refused, the evils to
the civilised world resulting from the continuance
of the war would rest upon the heads of the
Northern leaders.

Intelligence from Vera Cruz to the 9th Septem-
ber announces that the steamer Normandie had
arrived safely out.
The steamship City of Baltimore arrived at
New York on the 28th of September. The
steamship Europa was intercepted off Cape
Race on the 29th. The English steamer
Petahoff, with a cargo of 1,300 bales of
cotton, arrived at Halifax on the 29th ; she was
abort of coal. It was supposed the Petahoff had
run the Southern blockade.
THE LATE BATTLES.

The following despatch has been received at the
War Department from General Welellan :
Near Bbarpobarg, Sept. 29, 1862.

General, —I have the honour to report the following as
some of the results of the battles of South Mountain and
Antietam. At South Mountain our loss wan 433 dead,
1,806 wounded, and 76 missing ; total, 2,325.
At Antietam oar loss was 2,010 Lilted, 9,416 wounded,
and 1,043 missing ; total, 12,469.
Total loss in the two battle, 14,794.
The loss of the rebel. in the two battles as near as can be
ascertained from the number of their dead found upon the
field and from other data will not fall far short of the fol-
lowing estimate
Major Davis, assistant inspector general, who superintends
the buried of the dead, reports about 3,000 rebels buried
upon the field of Antietam by our troops. Previous to this,
however, the rebels had buried many of their own deed
upon a distant portion of the bath, field which they occupied
after the battle—probably at least 500.

The loss of the rebels at South Mountain osaoot be mom-
tamped with accuracy, but as our troops continually drove
them from the commencement of the action, sod as a much

greater number of their deed were seen on the field than of
our own men, it is naturally reasonable to suppose that
their loss was greater than ours. Estimating their killed
who were buried by themselves at 500, the total number of
rebels killed in the two battles would be 4,000. According
Ito the rates of our own killed and wounded, this would
make their loss in wounded 18,742.
As newly as ran be determined at this time the number
of prisoners taken by our troops in the battles will, at the
'lowest estimate, amount to 5,000. The full returns will,
no doubt, show a larger number. Of these about 1,200 are
wounded. This gives a rebel lose in lulled, wounded, and
prisoners, of 25,542.
It will be observed that this does not include their
stragglers, the number of whom is said by citizens here to
be large.

It may be safely concluded, therefore, that the rebel
army lost at least 30,000 of their beat troops.
From the time our troops first encountered the enemy in
Maryland until he was driven back into Virginia, we cap-
tured thirteen guns, seven caissons, nine limbers, two field
forges, two caisson bodies, thirty colours, end one signal flag
We have not lost a single gun or a colour.
On the battle field of Antietam 14,000 small arms were
ordlected, besides the large number carried off by citizens,
and those distributed on the ground to recruits and other
unarmed men arriving immediately after the battle. At
South Mountain no collection of small arms was made, but
owing to the hasty pursuit from that point 400 were taken
on the opposite side of the Potomac.
(Signed) Geo. B. lretsuris, Major-Gener►L
Major• General H. W. Haßeek, General-M.4)ldd
of the United States Army.

The Richmond Examiner of the 28th ult. says
that General Bragg, with 10,000 men, is at Glasgow
junction, and that General Roseau has gone to
meet him. The Norfolk Union regards the defeat
of General Bragg's army as certain, and says that
there are 200,000 Federal troops between Nash-
ville and Louisville.

The Boston Doily Advertiser of the Ist October
publishes the following in reference to the evacua-
tion of Cumberland Gap :

New York, Sept. V.

A special despatch from Cincinnati to-night says, intel-
ligence haa just been received from General Morgan, who
hue evacuated Cumberland Gap with his entire faros, and
is now well on his way to the Ohio river. On evacuating
the Gap, General Morgan sprung the mines, closing the
purge through the mountains so completely, as to make
it entirely impossible. All the stores, artillery, and mums-
time of war, were either brought away or destroyed, not
leaving the value of 5 dole. to the enemy.

COMMERCIAL INTELLIGENCE.
NEW YORK, Ocr. 2, Evimucc.

Money abundant. Gold, 221 per cent: premium.
Exchange on London : Banker's bills, 136 to 136.
Stocks advancing. New York Centrals, 1031 ;
Illinois, 791 ; Erie, 51/. Cotton quiet. Middling
Upland, 57c. Flour steady. Wheat and corn dull.
Provisions quiet Coffee and molasses very firm.
Sugar steady.
QUEENSTOWN, Ocr. IL

The Royal Mail steamship Arabia, Captain
Stone, from Boston on the Ist, and Halifax on the
3rd inst., arrived here at 5 p.m. to-day. She brings
91 passengers and 234,000 doll. She landed 94
sacks of mails and nine passengers, and proceeded
at 5.20 p.m. All welL

QUEENSTOWN, Ocr. 12.

The Royal Mail steamship Austamlaaiita arrived
here at 9 a.m. She embarked mails and passengers,
with latest telegrams, and proceeded for New York
at 4 p.m. All well

THE MEDITERRANEAN.

(VlOll OUR OWS

MALTA, OCTOBER.

The samples of lace displayed in the Malta
department of the International Exhibition have caused a
large amount of orders for the article, and the prices in con-
sequence have greatly iocreaaed. With a view to enoourage
this branch of industry among the Maltese, a number of
philanthropic individuals are about establishing a school, to
teach the poor Maltese to make lace, and to insure the best
materials and best patterns, at the lowest remunerating
prices.
If this object is properly carried out by having the best
silk, and the best models for the Maltese to oopy, a peat
improvement will be speedily effected in the quality of the
lace, and if the real working people can obtain mousy for
their work when finished the once; will speedily fall. The
pima paid to the poor people who work, sad who sell to ths
shopkeepers, sad that paid by purchasers to those shop-
keepers, are so differeet as to be almost beyond belief.
Cotton formerly sold at 40 soudi par conics (31. (is. Bd.
for 1751b5) ; it has realised during the summer 150 scudi per
coots (121.105. for 17511. a.) The asomqmesies is, that many
formers, both in Malta sad Gees, have plucked up their
paps nos and set only Gatos plants. The cotton is now
ripe, aid islets; gathered, and very abundant the crop is
this year. It is all sold for exportation, and mareily say
will be maadaatared in Malta. This will threw very
warty poorfanass out of work, sad these will now ado-
rally turn to themandoeture of loos, RS the manufacture
of cotton will cease is Malta while such high prices can be
obtained for the article in • raw Ode abroad.
B.M.S. Foxhound arrived from Cork of the 7th. The
Admiral, is the Marlborough, is expected with the fleet at
Malta about the 20th. Two shooks of earthquake, but very
slight, has been felt ham.