The Express.
London, England, 1860-07-09 00:00:00

THE EXPRESS, MONDAY

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aloft& rialdiftep assa—k New 110•441,..W.

Itte erpresiO.

/MIRIAM'.
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Modi Sealk.—And SOTILLD OUT. Mr. M.Widdicomb ,
Mrs C.

SIITANNIA.

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LONDON, MONDAY, JULY 9.

Tam principal topic of discussion in commercisi
circles dung the past week has been the convul-
sion in tke hide and leather trade. It was at first
apprehended, from the breadth of the area over
which the disturbance extended, that the whole of
this important branch of business was in an un-
sound and strained condition. The circumstances
of the case are now, however, more correctly ap-
preciated. Although it is obvious that many per-
sons who had no part in the system of fictitious
credit jest brought to light will be involved
in lose, through their engagements with the
insolvent firma, or through the depredation in
the value of produce which must attend
even like most careful realisation of their assets,
features of a reassuring tendency are not wanting.
The trade will be placed upon a sounder footing ; '
the reduced prices of the raw material will ulti-
mately give a stimulus to several departments of
industry and to consumption ; the discount market
will be relieved of a mass of illegitimately-created
paper; and, as a negative advantage, no large
bodies of workpeople will be thrown out of em-
ployment. In the increased soundness which will
be imparted to the trade generally, there will be a
considerable compensation for the uneasiness
and inconvenience temporarily occasioned. It
must be admitted, however, that these dis-
closures are calculated to moderate our
commercial self-esteem. We flattered our-
selves that the commercial body was sound at every
point, and are now startled to discover how high
a system of fictitious credit may be reared without
leading to detection, or even suspicion. The com-
mercial and monied classes are once more proved
to be both blind and deaf. A mass of paper of
a magnitude sufficient of itself to provoke inquiry
has been kept afloat, and no one seems to have
dreamt that it consisted in great part of renewals,
or that new bills were put into circulation amongst
the banks and money-lenders in order to provide
the amens of meeting the old ones. Many such
lessons have been administered before, and the slow-
ness with which they have been committed to heart
almost precludes the hope that any increased degree
of vigilance will be brought to bear upon the indica.
Lions of unsoundness which may hereafter arise in
any now quarter. To hint a suspicion that mew
thing is wrong in any particular branch of trade is
a most painful and thankless otlice, for the objector
is sure to be overwhelmed with denunciations from
every side. Commercial people invariably act as
if they wished any unsoundness to be smoothed
over up the latest possible moment. Private and
individual warnings may be tolerated with equa-
nimity, because it is optional to act upon them or
not ; but he is a bold man who ventures publicly
to question the solidity of the basis of a depart-
ment of trade. If his information be not accurate,
the triumph over him will be immense ; and if he
prove a true prophet, he is sure to be condemned as
the originator of any confusion that may follow.
A parliamentary return recently published
(and cited in the circular of Meson. Joseph
MUMS and Sots) gives some statistics which place
in a very striking light the wonderful growth of
the trade in that important article—sugar. In the
year 1839 the quantity of unrefined sugar
imported and retained for home consumption in
the United Kingdom was only 49 cwt. In 1849
it had risen to 496,478 cwt., and in 1859 to no
less than 3,612,862 cwt. These figures afford
evidence of a great change in the habits and food
of the population. For these enormous supplies of
an article for which the taste of the people is
increasing so rapidly we are indebted principally
to Cuba and Brazil. Cuba sent us in 1839, 2 cwt.
of sugar; in 1849, 192,676 cwt., and in
1859, 1,626,082 cwt., being etym.] to nearly
the quantity received in that year from all the
rest of the world together. But, although Cuba
is the largest provider of sugar, the increase in the
receipts from Brazil is still more rapid, the quan-
tity having risen from 93,395 cwt. in 1849 to
932,073 cwt. in 1859. Lest year our trade in
sugar with Cuba was eight and a half times as
great as in 1849, whilst our trade with Brazil was
ten times as great as in 1849. This comparison
tends to confirm the belief that, as soon as Brasil
has supplied herself with railway accommodation,
she will be able to distance ell competitors in the
sugar trade.

During the present week attention will be re-
called to the Union Bank frauds. The directors
have just delivered themselves of their report, in
anticipation of the meeting of shareholders on
Wednesday. This document is very similar in
tome it the statements already put forward by
them. There is the same complacent mention of
the " system of checks existing in the bank," not-
withstanding the painful contradict ion involved in the
magnitude and duration of the defalcations; and
there is the none laudation of the management.
Considering the occasion, there seems to be some-
thing too much of this. A moment when the system
of the bank has been proved to be, in more than
one point, extraordinarily remiss, is not the beet
suited to the tone of congratulation which per-
vades all the reports of the Union Bank. The
directors declare that "after the most rigorous
" examination" they "can speak with confide
nce
id so to the entire accuracy of all the accounts,
" and they feel satisfied that the system now in
" operation is sufficient and effectual in all re.
~.pixta." They have, in some department; in.
troduoed new checks, which contribute to "ensure
" the greatest stringency in the administration of
" the office." These declarations would carry the
more weight had not the shareholders heard
something of the same kind at each meeting of the
company for years put. It is obvious, however,

that the directors cannot glee them sore
explicit assurances than those now couveyed.
They tell them that "all the mounts- et esitt
"department of the bank* bare been rigordwily
tested and found corset. The ihareholkirs have
no choice but to accept these assurances, and to
hope that the lesson afforded will not be forgotten.
The responsibility cast upon the manager's depart-
ment by the recent disclosures is, as the directors
own, weighty indeed ; but it would be dealing
moat unjustly with old and tried servants
were the shareholders to overlook the fact that no
complicity with Puturroaa's transactions has been
charged upon any other offioer of the bank. The
system previously prevailing in the establishment
was avowedly lax, but, with one single exception,
its servants are proved to have been faithful to
their trust. They deserve, therefore, the full
confidence of the proprietors, who cannot refrain
from sympathising with the anxiety which for
months past has been cast upon them.
It has been justly observed that joint-stock
establishments appear never to command the pre-
cision of system of private ones, and hence the
numerous instances of fraud in connexion with
public companies' accounts ; yet the present
position of the Union Bank of London
affords an excellent illustration of the soli-
dity of the joint-stock banking system. The
enormous loss which has been incurred entails
simply the sweeping away of a couple of years'
profits, for the net profits of the establishment for
the year ending the 30th ult. are now stated at
124,563/. The strength of the institution is
shown in the fact that the number of its customers
has increased since the late events. It would of
course have been ridiculous to question its perfect
; solvency, and its customers may well argue that
• the trial through which it has passed must tend to
place its system of management upon a more trusb
worthy footing.

- . -
There is room to hope that the setting in of
summer weather will give a stimulus to trade.
In many departments this stimulus is much needed,
and has been looked for long in vain. Tb;s is
especially the case with the hosiery, lace, and
"fancy " manufacturing trades in the midland
districts. At Manchester, the prices of cotton
manufactures are still drooping, the product'on
being in excen of the demand, now that the
accounts from the Indian markets have become so
unfavourable. The working classes in the cotton
districts, however, stand out for advanced wages.
' It is mentioned that twenty-seven firms at Bolton
have just intimated their intention to close their
mills in a fortnight in the event of tho workpeople
persisting in their demands.

Abe Court.

OSBORNE, JULY 7.

The Queen and the Prince Consort with the Prince
at Wales, Print:so Alice, Princess Helena, and the Duke of
Ceboarg drove to Yenta°, yesterday, and retained to
Osborne by the Undereliff and Shanklin.

The Countess of Caledon, the Hon. Caroline Cavendish,
Major-General the Hoe. C. Grey, the Hon. A.
and Bares Hachwaechter were in attendance ontred ropsl
tp
The Han. Mrs. Grey and Major Uphill/tone, R.E., hod
the ham ar al dining with her Majesty.
Jun' R.
Her Majesty drove in an open carriage yesterday after-
now to Carisbrook Castle, accompanied by Princess Alice,
Princess Louise, and Prince Arthur.
The Prince Consort, with the Prince of Wales and the
Duke of fine Coboiarg, rode on horseback ; the Hon. Caro-
line tkivezehah and Colonel the Hon. A Muslims were in
attendance.

Her Majesty's dinner party included the Prince of Wales,
Prioress Alice, the Duke of Sato Cobourg, Prince and
Princess Leiningen, Prince William of Baden, the Hoe.
Mr.. Hordiage, and Sir James Clark.
After dinner Master Henry Ketten had the honour of
performing oo the piessafarte before her Majesty amid the
royal party.
Dr. Adaad has method on a visit, end will emilserk to.
morrow as MO at the Prises al Wales's suite to Canada.

The Qum, dm Prime 13ss;ort, ihePrrisee of Wales,
Primate Aliso, Prime Arthur, Prince's Helena, Princess
Lours, sad the Duke of Saxe Coliourg, attended divine her-
vie* at Osborne the. morning. The lathe. and gentlemen
is waiting were also present. The Rev. George Prothero
cillerated.

A Cabinet Council was held on Saturday at the
official residence of the First Lord of theTressury, in
Downing-street. The Ministers present were Vis-
count Palmerston, the Lord Chancellor, Earl
Granville, the Duke of Argyll, Sir G. C. Lewis,
Lord John Russell, the Duke of Newcastle, the
Right Hon. Sidney Herbert, Sir Charles Wood,
the Chancellor of the Exchequer, the Duke of
Somerset, the Right Hon. T. Milner Gibson, Sir
ttrGrey, the Right Hon. C. P. Villiers, and
ight Hon. E. CardwelL

His Royal Highness the Prince of Wales is ex-
pected to &leave Osborne to-morrow morning at an early
boar in the Victoria and Albert royal yacht, for Devonport,
when her Majesty's ship Hero, Captain Seymour, awaits
the arrival of his Royal Highness to sail for North America.
The Hake at Newcastle, the Earl of St. Germans, sad the
uteseben of the retinue of the Prince, leave town to-day.
It is expected that her Majesty and the Prince Consort will
accompemy the Prince some miles beyond the Needles. The
Prises of Rao will pass the night of to-morrow an board
the Hero, and est sail the succeeding morning.
His Royal Highness the Duke of Saxe-Cobourg,

who arrived at Buckingham Palace led evening from
viniting her Majesty and the Prince Conscet at Osborne,
will take his departure this morning on his return to per.

His Royal Highness the Hereditary Grand Duke
of Mecklenbiurfltrelits, accompanied by the radial
Prince Adolphus, is expected to arrive either this afternoon
or to-morrow at Si. James's Palace from Strelits.

His Excellency the Anthateador of France ar-
rived at Albert-gate Home yesterday morning from Paris.
His Excellency visited the French capital to attend the
funeral of Prime Jerome Bonaparte.
The Duke and Ditcher. of Sutherland left Staf-
ford House, on Saturday, for Chefden, their seat near
Maidenhead. The Marquis and Marchionem of Kildare,
Lad and Lady Blantyre, and a select family circle, have
met there to pass a few days.

Field-Marshal Viscount and Viscountess Corn-
bermere hare left Belgrave-square, for Buxton.

A marriage is arranged to take place between
Lnrd Skelmersdsle and the Lady Alice Valley% second
daughter of the Earl and Cocain of Clarendon.

Colonel Greene Wilkinson (Soots Fusilier Guards)
is about to contract a marriage with the Hoe. Louisa
Catherine Millbury, youngeet daughter of the late Lord
Batersaa, and sister of the present peer.
A marriage is agreed upon between Colonel the
Hoe. C. H. Maynard, only son of Viscount Maynard,
and Mies Blanche Fitzroy, second daughter of Mr. He my
Fitzroy, of Balmy Lawn, Northampton.

The Countess of Derby had a reception on Satur-
day night, at the family mansion in St. James's-square.
Previously to the assembly the noble earl and oounteu
were honoured with the company of her Royal Highness
the Hereditary Grand Duchess of Mocklenburgli-Strelits at
dinner. Theta were present to meet her royal highnees—
the Duke and Duchess of Marlborough, the Marquis of
Bath, the Eari and Countess of Tankerville, the Earl of
Sandwich, Lord sad Lady Forester, Lord John Manners,
Lord Henry Seat, Lord Stanley, Lady Blanche Egerton,
Lady Emma Stanley, Hon. Algernon Egerton, Hon. Sey-
mour Egerton, and Mr. Allen Bathurst.
Viscountess Palmeratou had an assembly on
Saturday evening at Cambridge Home. Previously to the
assembly the noble viscount and viscountess entertained a
select party at dinner.

His Zioellency the Belgian Minister and Madame
Vila Ds Weyer were hosooribl, on Saturday last, with the
company of their Royal Highoemmes the Duke and Duchess
d'Aumale at dinner. The following were invited to meet
their royal highnesses :—The Earl and Coantoes of Cork,
the Count asd Countess de Lialolf, Lord and Lady Stanley
of Alderney, Vivant Hinehinbroks, Lord Gdford, and Me
sad Lady Mies Vernon. Their royal highbrows wen at-
boodsa by M. eatassi‘ awl the enuitess de (Wier.

.LATEBI INTELLIOENCE:II.
Tme MASSACRES iN SYRlA.—farra-i
VENTION OS FRANCS.-.')
The following telegram haa been received at Mr.
Reuter'a office:

PARIS, XONDAY.

By ,the mail steamer which left Marseilles yes-
terday, M. Thouvenel sent instructions to the
Marquis de Lavalette directing him to inform the
Porte that France, from feelings of humanity u
well as in consequence of former oonventions con-
cluded with Turkey, is bound to put a stop to the
horrible massacres of the Christians in Syria. The
Turkish authorities not being capable of protecting
the Sultan's own subjects, France will concert with
the other powers the most efficacious means for
preventing the bloody scenes of which Syria has be-
come the theatre.

JOLT T.

Advisee have been received from the Leba-
non, confirming the complete destruction of Zahleh
and of 160 villages.
It is stated that Damascus was surrounded by
the Drusee, and that a massacre was apprehended.

The following are extracts from a letter written
by an English resident in Damascus to a friend at
Beyrout, dated June 18, 1860 :

The state of affairs here is anything but reassuring. The
asoduct of the Turkish government at linsbeyah and else-
where has been so unworthy and so treecherous that we
moot have any confidence in its protestations, and ought,
perhaps, to expect daily and hourly a frightful massacre of
all the Christians of this city. The moment would be
favourable for such a deed, as the houses and streets of the
Christian quarter are encumbered with multitudes of poor
refugees corns from all the surrounding villages and from the
mountains. The panic is general, and several times a day, on

the most triffing occurrence, shops are shut suddenly, and
people are seen running to and fro. They say the Turkish
authorities, laving oomprornised themselves by their imoduct
in the present war between the Christians and the Drumm, are
anxious to oompromire the city also, so ae to appear to have
been over ruled, and they fear that the Drones, on their return
from Zillah, will be allowed to enter promiscuously into
the city, and to plunder the Christian quarter, with the
help of all the vagabonds among the Moslem,. I hear that
the French consul bas entered into some arrangement with
Abd-el-Keder to protect us with his Mograbines, but such a
help would be very pirecerious. The consuls are gathering
today at Mr. Brant's* to deliberate on the situation. They
may ask from the government the manatee of our lives, or
an escort for all the Franks to go to Beyrout together, but
probably the Pacha will find a very simple way of eluding
the demand by offering a delusory guarantee.
May the English government at last understand their error
ie having for so many years given their support to that band
of foreign brigands which is called the Turkuh government.
Was it not the English who turned Ibrahim Paella cost ol
this country Is it not the English government which has
first lost its own influence in this country, by binding the
hands of its consuls, and preventing their interfering is the
affairs of Christian rayahs, and then trying to get the other
European powers to lose their influence also by following
the same example? It may be hoped, however, that way
Englishman in this country will do his beat to enlighten her
Mejiaty's government on the true state of matters, sod
thus to prevent England from opposing France and Russia,
if these two powers should decide to take some efficient
steps. I feel confident that the British r^.tion will at hut
open its eyes, but not perhaps before receiving ri frightful
know which history will call the Massacre of Damascus.
Our liver, however, may have been usefully sacrificed if
each a tragedy should close the history of the Ottoman

• Mr. Brant is the English corgul at Dammam.

BELGIUM.
SPEECH OF THE KING.

The King of the Belgians paid a visit to Ghent
yesterday, and received an address from the local
authorities. His Majesty made the following
reply :
lam greatly moved by the affectionate sentiments you
have expressed. The spot on which we are assembled
calla to mind ancient and simians recollections. Time
old communes were the seat of commerce, indonry, and
the arts, when • large portion of Eerye was still in dark-
, um. From the most distant times the love of country
and of its independence has been preserved as • sacred fire
is the hearts of their inhabitants. The most precious
blood wee often spent to obtain • free and national exist-
•es- Smear did not crown those noble efforts. It was
teeerved for us to found upon the largest basis that which
Use country so much desired, alai to make it the home of all
that constitutes the happiest political and social existence.
It is thus that we were found by the tempest which in 1848
inantleed Europe, in which alone to our glory we escaped
all dangers, our political existence remaining uninjured.
Whatever may be the trials of the future, 1848 shows us
how we can pus through them with honour and success.
Two generations of my family have been born in your
midet, and have with you • common country. My devotion
for you during the long reign is known, and so long as it
shall please Providence to preserve me I will remain faith-
ful at my poet, and immovable In my paternal affection
for you.

VIENNA. MONDAY.

Count Rechbetg has instructed Prince Metter-
nich to declare to M. Thouvenel, in the name of
the Austrian government, that Austria intends to
maintain that Piedmont can show no title to be
admitted to the Conference.