The Express.
London, England, 1862-11-03 00:00:00

TRH EXPRESS, MONDAY EVENING, NOVEMBER 3, 1862.

the spur of the moment, without the racers being
actually wanted by the borrowers,. bat. :merely
with a view to get from the Bank si2 per cent.
that for which it was perceived a War prim
would shortly be demanded, is shown by
the somewhat remarkable character of the changes
in the lest Bank return. The increase of
1,373,0461. in the private securities, and the ac-
companying increase of 1,257,8821. in the private
deposits, speak with especial force. People ran
to the Bank for money at 2 per cent. with the ex-
press object of forestalling that old-fashioned esta-
blishment in its contemplated step of raising its
charge, the applicants reckoning to make their
profit on the difference between the rate which
they would pay the Bank for money and that at
which they would be able to find employment for
it in the general market directly after the official
minimum had been increased. Meanwhile' these
shrewd applicants either merely transferred
the money obtained from the discount office to
their credit in the other department of the Bank,
or lodged it with their own bankers, whence it
quickly found its way back to the Bank as "other"
or private deposits, the Bank of England being
the custodian of the current balances remaining
over with other bankers at the end of each day.
This explains why the Bank's reserve of notes was
not trenched upon in the least, but actually in-
creased by 70,9001., notwithstanding the magni-
tude of the amount of private securities
which it took in. People were playing
their little game with the Bank, as they
have often done successfully before. They argued
thus :—" Depend upon it, the Old Lady is going
" to move on Thursday ; today money is 2 per
" cent. everywhere ; on Thursday it will be 2i,
"if not 3 ; so we will get as much money

"as we can from her to-day, and let it out again
"at a profit as soon as her rate is altered." In
this way they cut the ground from under the
" Old Lady's" feet, fight her withher own weapon,
and compete with her with her own money. The
explanation is thus afforded of the calm which
always cornea over the money market for two or
three days after the Bank rate has been raised,
and of the deserted appearance of the discount
office at such times. The general market is re-
joicing in the supply of money which it has got
from the Bank prior to the advance in the terms.
Now, why does the Bank have the wind taken
out of its sails in this manner 4 Simply because
the general market is a swift manipulator of
money, and varies its rates every day, or even, if
need be, every hour, while the Bank of England
perseveres in a jog-trot routine, which it thinks
dignified, but which all the world can see is merely
an inconvenient relic of bygone times. Now and
then the Bank has been so flurried through being
rapidly overtaken by an active demand on the
part of those shrewd operators who have divined the
intention of the directors to raise the rate on the
next court day, that its executive have been com-
pelled to take this step without waiting for the
recognised day. On these occasions the rapid
march of modern events hurries the Old Lady out
of her usual dignified step--else she might almost
be carried off her legs.
Surely no further experience is needed to de-
monstrate the inexpediency of the present anti-
quated practice of fixing the Bark's minimum
once a week. Why not vary it from day to day,
as is done by every other dealer in money? The
Bank is but a large tradesman, dealing in a certain
commodity, and is required to keep an eye on the
proceedings of keen competitors, who frequently
get too great an advantage over it, mainly through
its adherence to old and inconvenient forms. If
there once was a time when the pulse of commerce
throbbed so steadily and regularly that it was
sufficient for the committee of financial doctors (as
many persons persist in regarding the directors of
the Bank) to meet, consult, and prescribe once a
week, that time is past, for the patient now lives
far faster than he used to do, and his symptoms
require to be watched much more closely.

at Muni

. —4O-....
OfiGIOHNE. Nov. 1.
Her Majesty, with the Princess Louise and
prince. Beatrice, drove out yesterday. Lady A. Bros
and Colonel the Honourable A. Harding* were in attend-
UM.

Prince Alfredbaa returned to Osborne from her Majesty's
ship St. George. _ _

Viscount Pelmearton arrived yesterday from &midlands,
red had an audience of her Majesty.
The Queen held a council to-day at one o'clock, at which
were present Earl Granville, Viscount Palmerton, and
Lord Stanley of Alderley.
Mr. Helps, the clerk of the council, attended.
Noma= 2.

The Queen yesterday received her Majesty's near eon_
flexion, the Grand Duke of Baden, who arrived from
London on a visit to her Majesty.
His Royal Highness was attended by Lieutenant-General
the Hon. C. Grey, the Baron de Roggentwoh, and Baron de
Gemmingen.

Prince Alfred went to Southampton and accompanied
the Grand Duke to Osborne in the royal yacht Fairy.
Earl Granville had an audience of the Queen yesterday.

Viscount Palmerston left Osborne for liroadlends.

This nsoming divine servioe was performed by the Rev.
G. Prothero, before her Majesty, Prince Alfred, Princess
Helena, Princess Louise, Prince Leopold, and the Grand
Duke.

The ladies and gentlemen in waiting and the household
were alto present.
Prince Alfred attended by Major Cowell has left Osborne
and embarked on board the St. George.
The Hon. Victoria Stuart Worthy has succeeded the
Hon. Battik* Byng aa Maid of Honour, and Lord Charles
Fitz-Roy has succeeded Lieutenant-General the Hon. C.
Grey aa Equerry in Waiting to her Majesty.

Viscount Palmerston lett hit seat, at Broadtails, Hants,
on Friday for Osborne, Isis of Wight.
Earl Granville, Lord Stanley of Aldertey, and Mr. Helps
left Loudon at 9 o'clock on Saturday morning by a special
train on the Loodon and South-Western Railway for the
purpose of attending the Queen's Privy Council at O.
borne.

Despatches were sent on Saturday from the Colonial
office to the Governors of the West India Wanda

SOUTHAMPTON, Nov. 1.

Prince Alfred landed here to-day from Osborne
to accompany the Grand Duke of Baden who embarked
here for Osborne. Prinoe Napoleon and Princess
Clotilde left our docks to-day for Havre. Lord Slurley of
Alderley and Earl Grans ale arrived at the r►lway station
by special train on their way to Osborne to meet Lord Pal-
merston at a cabinet counciL All three ministers landed
here from Osborne this afternoon. Lord Palmerston yester-
day, and Lord Stanley of A lderiey and Earl Granville
today inspected the men packets and docks, attended by
Captain Patey, 8.N., and Lieutenant Tickell, R.N., of the
Naval Mail Department at this port.

Their Imperial Highnesaes Prince Napoleon and
Princess Clothilde emberkrd on board the imperial screw
yacht Jerome Napoleon, at Southampton, yesterday, for
Havre.

The Marquis and Marchioness of Ailesbury have
left town for his lordship's neat, Tottenham Park, Wilts.
The Marquis and Marchioness of Exeter and
family have arrived in town.
The Earl and Countess of Chesterfield have ar-
rived in town from Grafton Lodge, Newmarket.

The Earl of Wilton haa arrived in tos a from
Newmarket, and shortly leaves for Egerton Lodge, Melton
Mowbray, for the hunting mason.

The Earl of Anneeley is laboullng under seriors
inseam at his residence in Norfolk-street. Hie lordship was
somewhat better last even'ng.

The Earl and Countess of Aylesford, Lord
Gsernsey, and the Hon. Colonel Finch have a,.ired at
Claridge's Hotel, from Packington Hall.

Lord and Lady Chelmsford are expected "1 ton
in a few days from the Continent.

The Right Hon. Spencer Walpole has returned
to town from Hughenden Manor, Bucks, where he bas been
on a visit to the Right Hon. B. Disraeli.
Thu Marchioneas of WincheaWr gavo birth to a
son, at 16, Grafton•street. on the 30th alt.

A marriage is arranged to take place between the
Viscount Hereford and the Hon. Mary Morgan, youngest
daughter of Lord and Lady Tredegar.

The marriage of the Ron. Charles Murray, C. 8.,
her Majesty's representative at the court of Dresden, with
Mine Edith Fitzpatrick, daughter of the Right }ion. John
Wilzoo Fitzpatrick, M.P., was solemnised at St George's,
Hanover-square, on Saturday morning, in the presence of a
numerous circle of the friends and relatives of the two
families.

After more than an average amount of munici-
pal wrangling in the Dublin town council, the choice of the
civic representatives fell on Saturday upon the Hon. Mr.
Vereker (conservative), of the Gort family, to fill the civic
chair for the ensuing year. Alderman Reynolds and his
party opposed this election, but many of the Roman catho.
lice supported it ; and it was finally carried by a majority
of two. Alderman James Martin, • Homan catholic, way
one of the candidates, but be did not meet with any cordial
support even amongst his co-religionista.
Among the contributors to the fund for the relief
of the Irish heroes who lately glorified their country in
Hyde Park is Archbishop M'Hale, who m"s the skull-
cracking anti-Garibaldians "faithful and devoted" children
of the church. As none of those heroes have been killed
it is too soon to honour them with statues, but the Nation
is about to transmit their fame to posterity by means of "a
pictorial commemoration," which is to be "a graphic
drawing, executed in the first style of art." The title is to
be "Pat skinning the British Lion, or Hyde Park, 1862."

It appears by the Registrar-Generale return that
the health of our principal manufacturing towns was actu-
ally better last quarter than it was in the summer of 1860.
The year 1860, however, was not merely a year of full work,
but a year with a cold summer. Its temperature was lower
then that of the present year, and the general health of the
people throughout England was proportionately better. It
is in them, particular districts that 1860 is surpassed by
1862, and the conclusion, therefore, is inevitable that, in
addition to the coolness of the weather, some special causes
must have been at work in the towns above alluded to, if
not to improve the public health, at any rate to diminish
the actual mortality. The chief one, doubtless, is to be
found in the domestic improvements which compel= i idle-
ness bas produced.

The South African Steam-ship Company hag been
fairly started at the Cape of Good Hope. He capital is to
be 100,000/., with power to increase it to 2CrJ,C.:3/. in 101.
shares. The object of the company is to adablish a steam-
ship communication between Algoa Bay and England, East
London, Natal, and Mauritius. The exports of wool last
year from Cape Town and Port Elizabeth amounted to
24,823,41b5. The imports were valued at upwards of
1j million sterling. From Port Elizabeth last year the
outward and inward vessels numbered 46/, and the tonnage
was 138,000 tons.

The Ala:lc/tater Guardian states, on what it con-
siders to be most respectable authority, that a wonderful
discovery has recently been made iu electricity as applicable
to the purposes of the electric telegraph :—" Incredible as
it may seem, it is said that experiments have established
the fact that intelligible signals can be exchanged between
dudant stations without the intervention of any artificial
conductor whatsoever, and with equal success whether the
intervening space be wholly or partially land or water."
A remarkable instance of the influence of town
drainage on the public health is shown in a report which has
just been issued by the sanitary committee of the Halifax
corporsuon„ Great sewerage works have been constructed
since 181, and between that period and the presett the
death rate has decreased from 25.30 per I,OJO to 21.48 per
1,100. This is in the town of Halifax itself ; in the union the
mortality has only decreased 1 f per cent.—• fact which shows
more clearly the beneficial operation of the sanitary
provemente in Halifax.
Reports from Shields state that several of the
veered' which had been missing sines the late tremendous
gales have got safely to port, though of at least half-a-
dozen not • word has been heard. Some of the incidents
connected with the laved crews or vessels are heartrend-
ing. The crew of one ship clung for three days to the side
of their vessel, and were at last picked up by ao Italian
brig. The crew of au Austrian vessel were nine hours on
the ship's broadside, exposed to all the fury of the gale,
and were ultimately saved.