The Express.
London, England, 1866-05-11 00:00:00

tia on the
.i hand, welting isiie, simple
trample other dolik the arsmashat will
long ate c0me..61 and *neon, rifts/
et 1888 will be of • character very different haft alee
which have enabled them in each succeeding WAIN for so
many yews past to congratulate themselves and the nation
on the easiness of their task and the unbroken course of
our material prosperity.
The Daily News attributes the suspension directly to the
sudden withdrawal of the large deposits which both Lon-
don and *pantry banks have been accustomed to deposit
with Overend, Gurney, and Co. The moment is opportune
for alarm, and the crisis so truly national in its effects as
to demand the serious attention of the government. Twice
it has been imperatively necessary to suspend the act of
1844. A third ordeal has arrived. Let the government
follow the exempla of 1857, watch from day to day the
events pawing before them, and not delay action
until ruin has become general. The (momentous ques-
tion that comes home to every merchant is, whether
through the working of the Bank Act property is to be-
come practically inconvertible! It is to be remembered
that we have had experience of crises when the possibility
of converting a security into money has not in the lead
depended on the quality of that security, when money
could not be got even for Consols. Are money-lenders and
others to be alarmed into hoarding, and all the wealth and
great resources of this country to be rendered, even for •
week or two, next to useless, because capitalists, watching
the decline in the Bank's reserve, and panic-stricken by the
failures et a few banks or companies, hold their hands,
and refuse to lend at all

Whatever be the amount of preeentinconvenienosthereis
some reason to suppose, the Herald says, that there will be
no ultimate lees to the depositors end other creditors. The
proprietary is large and respectable, the shares are
widely distributed, and their owners are scattered over
every portion of the country. The banks were all open
till late last night, ready to afford such assistance
as their customers might • require to enable them to
tide over the crisis, and the applications for such help
were, we understand, lees numerous than might have been
expected. It may he that the leading houses and com-
panies may even yet feel it to be within their duty to afford
timely assistance to an old and long respected competitor ;
or, failing this, the larger creditors may deem it to be their
interest to treat the fallen firm with the same generous
forbearance as was shown in Glasgow, when the Denistouns
were compelled to stop through the failure of their Aus-
tralian connexions.

The Star observes that the business of the company—
bill broking and money-dealing—belonged to the most
speculative department of banking. The whole object of
such a business is to find employment for capital by ac-
cepting paper in exchange, for a longer or shorter period,
in the expectation of getting back the capital with in.
creased interest. If a condition of affairs arises from
the imminence of war, or the scarcity of gold, or both
combined, which makes paper even of a high
class unmarketable, and at the same time &sudden demand
is made upon the company for deposits with which it had
been entrusted for the very purpose of being employed in
the business of bill braking, it is clear stoppage is inevit-
able, unless assistance be given by those into whose bands
the money reserve of the country is. The Star trusts that
neither the public nor financiers will permit themselves to
be unduly alarmed. There will probably be a margin tocover
the claims of the depositors. Should anyrun take place upon
any one or two concerns in the course of the week, it is to
be hoped that there will be no disposition to refuse them
assistance in the foolish belief that a few competitors less
will make more business for those who are left. One
! failure of the magnitude of that which has occurred causes
more loss by the destruction of confidence than any
amount
of diminution of profit to the older establishments
by the successful rivalry of younger houses.

LATEST' LA IWICLI LIGENCE. • 7,,;

MR WAR NEWS.
The latest despatches inform us that the whole
Prussian army is now mobilised. The Prussian
representative at the Frankfort Diet has notified to
that body that Prussia will willingly con-
sent to suspend her armaments if the Con-
federation does the same, but if the Con-
federation will not or cannot disarm, then
Prussia will feel herself compelled to take those
measures which her own security and her position
as a great European power demand. The Italian
journals speak of war as imminent. The
head-quarters of the Italian army are esta-
blished at PiaCellZS. The royal palace
at Modena is prepared for tae reception
of the King. The Lombardia says that the
decree appointing the Prince of Carignano
regent is already prepared, and the Italia men-
tions that the King will leave Florence on the 15th
to take the command of the army. The Alleanza
of Milan reports that there are 40,000 Austrians
in position between Udine and Nabresina ; they
are every moment expecting to be attacked by
volunteers. The Gazetta de Milano says the rail-
way station there is a regular camp. Nothing is to
be seen or heard but troops coining and going and
singing patriotic songs. The Sentinella Breseiana
reports that the Austrian patrols are guarding
the frontier with arms in hand as if they expected
to be attacked from moment to moment. Their
troops are massed at Nabresina, and they are
raising new fortifications on the hill of San-
Lorenzo. A correspondence from Vienna dated
May 8, says that whilst diplomacy is still going on
the whole Auatrianarmy is being placed on a war
footing. It is said to be agreed between Austria
and Saxony that the troops of the latter should
take up a strong position before Dresden and de-
fend it against the Prussians till the Austrians
arrived to their support. _ _

The Florence correspondent of the Debata says :
" The preparations for war continue. On the 6th
a decree mobilising 50 battalions of National
Guards, or 30,000 men, is published. These batta-
lions are taken from Tuscany, Romagna, Umbria,
Naples, and Sicily. They are to be ready by the
20th of May. It is said that Austria will regard
the calling out of the volunteers as a declaration of
war."

The Moeiteur says that the Emperor was the
object of an ovation on the part of the workmen
of the Trocadero when he visited the works re-
cently. It has been remarked that ovations of a
similar kind preceded the war of 1859.

. .
The military force, represented by the various
States of the German Confederation who voted for
the Saxon proposition calling on Prussia to disarm,
consists of 911,150 men ; that of the States who
voted against the proposition of 563,100 soldiers.

DISSOLUTION OF THE PRUSSIAN
CHAMBER OF DEPUTIES.

The Prussian Moniteur contains the following
report from the minister to the King, dated
May 9 :
In consequence of the threatening attitude of several
neighbouring governments towards Prussia, the relations
between the nation and other powers have become strained.
Your Majesty has been forced, after the moat active and
persevering efforts to relax this tension, to take important
measures in the interest of the security of the
country. In these circumstances the undersigned
ministers of state believe that your Majesty will consider
that the time has come when the representatives of the
nation should be assembled round the throne in order that
those measures, which the state of the country may re-
quire, should be adopted, and in order to give
legal expression to the sentiments with which the
Prussian people are animated when the maintenance of the
nation's honour and independence meat stake. Although a
majority of the present Chamber of Deputies would un-
doubtedly, in presence of the dangers which threaten it,
give pledges of its devotion to the country, that
chamber was elected under the influence of other
circumstances than those which should now deter-
mine the choice of the electors. Your Majesty
will appreciate the necessity of knowing and obtaining an
expression from the Prussian people of the feelings which
actuate them in the existing state of things. We respect.
fully submit, therefore, that your Majesty should dissolve
tho present Chamber of Deputies, conformably with Art.sl
of the constitution of Jan. 31,1850, in order that new elec-
tions may immediately take place. We therefore pray
your Majesty to ratify the ordinance for the dissolution
of the Chamber of Deputies.

To the report are attached the names of the
Ministers. The king having complied with its
request, the electors must by Art. 51 be convoked
within 00 days and assemble within 90 days after
the dissolution.

The Debais considers this a politic stop on the
part of the Prussian Government. Herr von Bis-
marck believes that the new Chamber will, under
the war feeling, be more favourable to his policy,
and that the country will see in the appeal to the
electors a concession to liberal principles.

(111:7T11101 TZLIORAIIB.)
THE ITALIAN MINISTRY.
FLORENCE, MAT 11.
A modification of the ministry is about to take
place.
General La Marmora will have a military com-
mand.

The Minister of Finance has presented his
budget for 1867 in the Chamber of Deputies.
The Florence papers regard war as inevitable.

AUSTRIA AND PRUSSIA.
CARLSRUHIC, Mitt ii.

The official Karisrvher Zeitung publishee a letter
announcing that Count Bismarck has declared to
Count E. Karolyi, the Austrian Ambassador at
Berlin, that he would only accept a solution of the
question of the Duchies from a German parliament.

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?SS% 11l RIDAYOICVEMiIIer,- r MAY 11, 1661:
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