The Express.
London, England, 1848-09-28 00:00:00

THE EXPRESS, THURSDAY EVENING, SEPTEMBER 28, 1848.

CIAAMIWITCH BTARSI.-12 to 1 apt Laamboromilt (1).
10 to 1 apt Dula, 15 to 1 opt Fara, IS to 1 apt Pas* Ws 1
opt Palma
CAMBOADOIOIIIIIIII STARTO.-16 to 1 apt Lanarboroogh.
Daisy.-13 to 1 apt Tadmor, 16 to 1 apt Elthiroa.
RETRIES FOR TRURSDAY.
Quinn's PLATE.—itrlobo, Tufthwater, Swim Boy, and
Cardinal's Skim
Toww PLays.--Glattoe, Contuse, and Swim Boy.
SWARPSTAXIIII.—(RutIand Stabs. Coons.)—Blaokreek,
fby Com out of nap, Fittloaa, Mark Don't lay Nay, Moodkce,
Mask sadism/.
BETTING AT MANCRESTEIL—Towasm.
CRIAMIWITCK STAMA.-12 to 1 apt Lanebborsuli (1),
11 to 1 moot sooiditor, ►I to 1 opt tlorplisa. TO to 1 opt PPallma (t),
TO to 1 apt Dac.4.13,t0 I apt Frap 0.14,, 80, 16 to 1 opt la-
boottreas, Uto 1 opt Polpitme (I), 53 to 1 apt ntoo.
CAMOSIDOsaRta3 STARIM-20 to 1 apt Forrelosare (t),
10 to tart any other.
TRIRARIAL STAMP —ll to 6 apt Eltltiron (t), 3 to 1
apt Tadao' Oh I to 1 opt Nina.

MIDDLIBBI 818810241.—YllerlIDAT.
Before Mr. Sergient Adana.
VARIATION OF ETIDIINCR.—Elisoleth Profiler°, 30, win
indicted for stealing a pima of flannel the property of James
Adams. The evidence against the prisoner was conclusive as
to her gailt. Mr. Payne, who deteoded her, called the atten-
tion of the court to the fret, that the policeman in the ease
had verbd materially in the evidence given by him now
and tbs statement he made before the magistrate. In the
latter, he said that the prisoner told him rho was guilty end
begged for mercy, while ha now not only denied that
such was the fact but said that if he had said so before the
magistrate it was not true.—The learned Judge said be
had noticed the variation.—After the prisoner bad
been found Guilty, Mr. Maude, by direction of
the learned &fiesta, read over the evident* of the
policeman. as given before the magistrate. Is that the wit-
uess stated that the prisoner pleaded distress as an emits* for
the theft.—The policeman, in answer to the court, said that he
the tight he had spoken the truth on both occaeiona—The
learned Judge said that could not be—one was the very re-
veres of the other.—The policeman denied that he bad ever
said what the depositions represented him to have said. Ile
was quite positive he had not said any such thing, and he
had never beard the prisoner make the etatemcnt attributed
'o her in that part of the depositions containing his
evidence.—The It' 1 bird Serieant th • Vies "iv-robs
Me that any matter would be introduced into
the depositions which had riot been stated, although
it often bappeo.ed that evideacie was omitted in the deposi
lions. The policeman repeated his assertion that he had never I
made each a statement —The learned Judge said hash old
take care that the police 131.111's conduct was reported la the
proper quarter. If the depositions were correct, the police-
man omelet to have repeated to-day such an important piece
01 evidence, and if they were nut correct be was very wrungly
acting when be signed the deposition. If he had said to .day
that he bed fontottenw bat it w..s he had stated before the magi,-
trate, it would have bei n different ; but as he asserted , and that
in the most positive manner, that he had never said any such
thing, the matter assumed a rat 'r serious aspect. In either
ease the policeman had been guilty of a dereliction of duty,
and, to allow of some Inquiry being made, he should not sen-
tence the prisoner till a sutureday.

out resource, ee their friends wen in a °meditate% as icapove-
Mud a their own, and could help them no longer. The
wanes, who were In waiting, confirmed this aaucuot.—Mr.
Hammen expresied his regret that he had no power to in.
takes in their behalf, beyond a men repetition of the seat,-
moots he had 'already urged upon Mr. Jackson, that the per
sons instrumental in assisting the expatriation of their natural I
protectors, were bound to relieve the destitution in which ,
they were placed in oonsokusuce,and afford them every means
of effecting a re-union with their husbands at their place of
settlement. He sill; trusted that this would be done, and as
he did not feel justified in allowing any further application
of the funds of the poor box is a cue of this description, he
should direct one of his colas to sepresent their situation to
the overeeer of the parish is which they were located, end
take care that their present exigencies were properly re-
aieved.—The poor women thanked the magistrate, and
retired.
MARTLEBONH.-8011111NO PAWNDROIIII4I.—M. B.
Cox was charged with • robbery at Tomlinson and Co.'s,
pawnbrokers, Upper George-street, Bryanstune-squere.—On
the 16th instant the prisoner pledged at the shop • silver
watch and gold guard for 41., in the name of Mourojoy,
10, Berkeley.etreet ; on the previous evening he came
to the counter and produced the duplicate, saying that he
wished to look at the watch and have • freak ticket made out
for it in his own name. He was told that before he could see
it he most pay the interest, upon which intimation he laid
doe n Is. U., out of which he could have been entitled to
receive 4d. ebony. Tho watch with the chain attached was
brought down by the boy, when it was taken out of its cover
be Mr. Tomlinson, by whom it wu handed to the prisoner
wbo, after looking es It for a minute or two, rim out at the
door with it and made it He was pursued, and, after a
bard chase, captured.—Policeman Beck took the prisoner
into custody in the back parlour of • house in Moore-street,
Edgware-road, into which he had run to avoid detection,
and had hid hirmelt behind the door. On searching the
prisoner's lodging in Hereford-street, Lisson-Breve, name-
musiduplicates were found Mating to watches and jewellery
pledged.—The prisoner was remanded.
SOU THWARK.—DATIINO RUISHEILY.—E. Johnstone,
W. Jones, aid R. !lantern were charged with com-
mitting a daring robbery in Blacklriau.road.—Mr.
Baxby, a contractor, Batted that on the previous
night as he was walking down Blukfriare-road he
ob erred the' three prisoners together, and when they
ups roached him one of them (Jones) ran out before him,
and, suddenly stopping, impeded hie progress. He (com-
plainant) moved un one side, when another of the prisoners,
taking advantage of the isepediment caused by his associate,
lifted up the tads of complainant's coat, and, thrusting one
hand into his pocket, pulled out his pocket-book, containing
various memoranda. He was in the act of making off with
it, when complainant secured two of the prisoners on the
spot, the third having escaped. When the two prisoners
were placed at the bar the third (Hanlon) was recognised
amongst the crowd in the body of the court by the com-
plainant, and he was immediately transferred front thence
slortuci,e his associate s in the drct.—They were committed.

MONEY MARKET.

WEDNEeDAY EV31111)10

The Conseil market has been in the same inactire state
to-day as before in respect of business, with a tendency
of prices downwards however. Console were quoted
in decline at 86 to both for money and account, and
the very few transactions which took place were done
at those rates. Ezell( quer-bills, 30.. to 335. premium.
India Bonds, 29a. to 325. premium.
The impulse given to Mexican and Portuguese
stocks yesterday, front the circumstances then stated,
appears to have been exhausted. The stocks have
been stationary to-day at the advance so created.
Mexican remain et 17 to ; Portuguese at 23 to 4.
`punish Five., 11 to 12; the Threes, 221 to 31;
Passive, 24 to 31. Dutch TwO-and-a-Half per Cents.,
441 to 5; ; the Foam 70i to 1!. Russian, 99 to 101.
Brazilian, 76 to 7. Chitin, 86 to 8, and bought at RN.
It is understood that a second meeting of the
chairmen of the three great railways took place to-
day. They remained in deliberation for a considera-
ble time. The resolutions come to have not transpired,
but it is understood among the friends of the three
gentlemen that the best feeling prevailed, and that
ail of them express4d their deep anxiety to act here-
after in concert in the adoption of those means by
which confidence in railway property may be re-
stored and its market value improved. It was also
agreed, it is said, that fewer trains should be run on
each of the lines than heretrfore.

The Masselsestsr Cburier reports a failure in this
city in the Mane Lester trade, about which some loose
rumours have been latterly current. The house is
understood to have been principally concerned in the
home trade.
Circulars were received in Msnchi star this morning, from
London, announcing the suspension ot the firm of Scutt, Ali-
son, Coward, and Co., merchants, of Friday-street, in that
city. We regret to state, that the firm owes a large ~mount
to a number of concerns in Manchester, principally engaged
in the printing business, amounting altogether to about
30,0001. What the total liabilities of Messrs. Scott,
sad Co., amount to, or the reason of the suspension of the
Area, we have not certainly learned ; but we understand •
meeting of the ered.t es was to be Id to day, at which re-
presentatives from several of the Manchester houses, who
are creditors, would be present. .
We learn from Edinburgh that commercial MIS
are busied with the details of the National Exchange
Company of Glasgow. The balance-sheet, as at 31st
July last, shows a deficit of 53,6401. 12s. ; as at last
Saturday, 48,5851. 17s. 7d. At the previous annual
balancing the company held railway stock as secu-
rities to the extent of 120,0001. ; bat from the falls
in that kind ot stock, and the necessity of keeping up
calls, railway securities prove broken reeds in times
of depression.
There is a desponding tone in the mercantile letters
from France received to-day, which would seem to
foreshadow forthcoming events in that country littie
favourable to the peaceful pursuits of industry. Is
respectable mercantile quarters letters have been re-
ceived to-day from Havre and other parts, counter-
manding all orders previously despatched. The im-
pression was that other revolutionary movements, and
confusion consequent, were imminent and impending.
The Bank of England proprietary have taken the
sober advice tendered to them by the Express, in
preference to the flashy counsels of the Times. They
have preferred • sure 31 per cent. present half-yearly
dividend by a majority ot 15 upon the ballot, with a
security of continuance, to a 4i per cent. in
hand, with a very probable prospect of one-half
the amount only on the next and succeeding half-
yearly dividend days to come. The once, but now
no more, great dictator is at fault, and his man-
dates treated with the indifference they deserse.
This morning, however, without a single fact or
figure, the paper returns to the charge—the argu-
ment, weak and scarcely noticeable, being that tke
Rest or reserve of a bank is quite a useless excrescence
—that banks, in fact, should divide their profits to the
lest farthing or rest upon their capital. The argu-
ment is altogether so feeble,eo discreditable, if not dis-
honest, that it is scarcely worthy of a passing note. It
may be proper for the information of the writer, sup-
posing that he was in ignorance, to state that, as a
common rule of business in mercantile partnerships,
a certain proportion of profits, all agreed expenditure
allowed and defrayed, is always set apart for provi-
sion against future contingencies, such as the occur-
rence of unfavourable years and bad debts ; when for-
taint/ ly not so required the increase is marled to,
is indeed primarily made a portion of, the ca-
pi•al stock. As all joint stock copartneries
are founded on exactly the same principles
of business that govern commerce altoge-
ther, and could no otherwise prosper, it is
clear that the Bank of England, eminent as may be its
position, and guarded by exclusive privileges as it is,
could not be exempt from the same rule. The sole
difference is one of name only. In a private bank, or
other business concern, the surplus profits are carried
at once to capital account. In the Bank of England,
and other joint-stock institutions, the surplus
profits are constituted into an account apart, called
the Rest, or reserve fund, not the less for all that
being a constituent part of the capital. Mr. Commis-
sioner Fonblanque is cited to show that fraudulent
banking bankrußtcies have occurred. The citation
might have been in point if it had been shown that,
in such bankruptcies, there had been a Rest, or reserve
fund, set apart carefully against possible casualties.
In private lankly, as before observed, such is not, need
not be, the case. But in joint-stock banks, with a
large proprietary, unknowing of the course of affair.,
the publicity of • Beet, or reserve fund,
is a matter of importance, as an assurance of the sub-
stantiality
.of the property. In all cases, whether of
private or joint stock undertakings, the primary con-
dition of security should be that the profits shall not
be divided to the last farthing, but that a proportion
shall be carried to the capital or reserve fund. It re-
mains to be shown, and the writer referred to may
undertake the task if he please, that any
private or jointatock bank, acting faithfully upon
the principle of a reserve fund to fall beck
upon, has ever failed, or failed disgrace-
fully. With respect to other observations about the
Bank of England with a great reserve fund growing
too rich, therefore arbitrary and dominet ring, we
have had that sort of twaddle continuously for more
than a wore of year*. The single fact we have to
deal with is the Bank, as a state bank, and repair t-
ie/ state credit. Reduce the Bank to the P
et a common joint-stock institutive, :rrael
is no more to be said. Before that time arrives

there is a settlement to be arranged, and a debt to be
paid, involving a good score of millions, which a go-
vernment may not be very anx:ons to deal with except
on extraordinary compulsion of circumstances and
banking indiscretion. Without any disposition to
treat the lucubration' of a writer with disrespect, it is
only proper to say that the two consecutive articles in
the limes of yesterday and to-day, about the affairs of
the Bank, have been spoken of in the City, when
noticed at all, in terms of contempt for the imbecility
of the arguments and the poverty of the facts. The
Bank proprietary, as shown, have pronounced judg-
ment in the same sense.
On another occasion we may examine more par-
ticularly the state of the Bank's affairs, and of the
Rest. lust,ad of three millions it may b.- doubted
whether the Rest really consists of more than two
millions.

T.NOLIWM PUN PP.
3 per Ct. Colo. Ann,. 66e F 6 Cane* for Account. 862
hulls Bond.. £1,000.30.26 ion. Loeb. HOU, £9.0, 20.. lisrch, 33
Dank dtock, for Account. 103 30; Junc, 26 2 pm.
mos. NU% £1.106. 201., liar& Exch. Halo; ma. 14.1., March.
33 ; June, If 6 pin. 26 6 pm.

/~~ASIOA

PUN I;T

6 per Ct. Bruillito 1340,"74
Ditto, Swan.
6 per Ct. Mute Now ]loaf, 113 Z
and 39.
6 ter Ct. Chilton Dna,* rolj
3 per Ct. dt to ditto.
6 pr et Mellow 17j_17
6 pre Ct Portostwee .
4 pee Ct. ditto. ditto. 34. 33

6 per Ct. Somelan Bde., 1622, ,t st,
094
5 per Ct. Spoolele Boat Mr. from
Nov. 1640, 11,
Ditto. Pools Bootle, 2;
3 par M. PponlM Bomb.. zl 3
per, Ct. Dutth Embarmet IS
ChM. r
14 pm et. Dumb °militates, Ili 1