The Express.
London, England, 1866-12-24 00:00:00

THE E'

to,ar
alone, would probably be unable luck Wylie
without the delay of at list
Thus far the good. On the other side
may be reckoned the heavy charge (techni-
cally the " turn of the market ") that must be
paid to 11,0 dealers on all transactions. Again,
a combination of jobbers may utterly defeat a
broker's attempt to get a fair value for his client's
securities. This accusation will be understood by
the fact that the great majority of our stocks and
shares, whether public funds, railways, banking or
other companies, are in general practically unsale-
able except on the Stock Exchange. If the
dealers choose to refuse more than a certain price,
there is really no help for the seller
lif he will not accept it but to take his
securities home again. If he should try to sell by
private contract he will invariably find the terms
regulated by the quotations on the Stock Ex-
change. It is, however, only fair to add that
instances of these combinations are rare, and in
most cases easily defeated. It is only in times of
panic and monetary pressure that they have much
chance of success. The public in the end step in
to redress the balance. Still, taking the whole
bearings of the question into consideration,
there appears a growing belief that it
would be generally more advantageous that
brokers should deal directly between themselves
without the intervention of the jobber. If such
a movement were to take sufficient action, the
consequence would be the entire break up of the
Stock Exchange as it at present exists,
and its re-
constitution on a totally different basis.
A partial move has been made in this direc-
tion already. Not long ago a company was in-
troduced for the purpose of selling securities by
public auction without the intervention of the
Stock Exchange at all. Up to the present period
the London Stock and Share Company has had
a fair if moderate success, and ita operations
fare rather on the increase than the decrease.
Hitherto it has chiefly afforded an opportunity for
' disposing of securities which could not be sold on
the Stock Exchange, but it is easy to see that its
functions might be indefinitely extended. Sup-
pose that this or some similar institution were to
'receive the support of the leading brokers. The
rest would soon follow, and the dealers would
be left without business.
The public, it may be fairly inferred, would bo
a considerable gainer by this change of practice, as
the brokers' commission on transactions in public
securities is small each year in the aggregate, com-
pared with the larger profits made by the dealers,
who have practically no responsibility to the out-
side world. Moreover, the broker's position is
one of necessity to legalise contracts as in other
departments of business, and his commission is
open to control ; whereas the jobber's impost is
wholly unchecked and simply dependent on his
own cleverness in dealing, or the amount of com-
petition of his fellow jobbers within the Stock
Exchange. We believe the jobber institution to
be peculiarly English. On the Paris Bourse,
where the business transacted is of vastly greater
magnitude than here, the class is unknown, and
the brokers deal directly with the public. The point
is of the greater importance since in the constitu-
tion of the Committee of the Stock Exchange the
influence of the dealers is believed to preponde-
rate. Hence the strong feeling that has been
caused by their recent decision. Consciously or
unconsciously they seem to be legislating in
favour of their own class, and thus to inflict
injustice upon the real supporters of this powerful

MISCELLANEOUS TOPICS.
Apropos of Christmas charities, the Timts gives its
readers an abstract of special appeals received by it in a
single night. These include the Field-lane Institution
the Ragged-school and Church, George-yard,
Whitechapel ;
and Ragged-schools at Wild-street, near Covont-gardtn,
blaida-hill, and the New-cut. There are also appeals from
the Refuges for homeless and destitute children in Great
Queen-street, Holborn, and for aid in erecting new schools
in the parish of St. Philip, ClerkenwelL Several appli-
cants confine themselves to a modest request for funds for
a Christmas dinner.
The folly or fanaticism of the Southern States may
force congress, the Daily News thinks, to the policy of
treating them as out of the pale of constitutional rights.
Public opinion, abundantly satisfied with the generous
attempt to win Southern co-operation, is now fast turning
to Mr. Stevens and the radicals, and even the New York
Herald is urging their policy on congress. A triumphant
majority, resolved on ending the present condition of
suspense, will sustain congress in whatever course
Southern obstinacy may render needful to restore order
at the South and confidence at the North, and to embody
in the constitution all the advantages which the suffer-
ing and sacrifice of the war purchased so dearly for the
nation.

Fitt Court.

OSBORNE, Disc. 22.

The Queen, accompanied by Princess Christian
and Princess Louise, drove out yesterday.
The other members of the royal family walked and

drove.
Prince Christian, attended by Sir John Cowell, Captain
von Schroetter, and Mr. Saki, went to Southampton this
morning.

Dec.

The Queen, accompanied by Princess Christian, walked
in the grounds yesterday afternoon.
Princess Louise, Prince Leopold, and Princess Beatrice,
walked out also.
Prince Arthlir, attended by Major Elphinstone, arrived
in the evening from Greenwich-park.
Prince Christian, attended by Sir John Cowell, went to
Southampton yesterday and visited the Ordnance Survey
establishment there. His royal highness was received by
Sir Henry James and the officers of the various depart-
ments, by whom he was conducted through the establish.

went.
Captain von Schroetter and Mr. Sahl hail the honour of
accompanying his royal highness.
The Bev. George Prothero performed the service this
morning at Osborne before the Queen, Prince and Princess
Christian, Princess Louise, Prince Ai .hur, Prince Leopold,
and Princess Beatrice.
The Ladies and Gentlemen in Waiting were also present

mono]

OUR CONTEMPORARIES.

(THIS DAY.)

-
A Committee of the Lords of her Majesty's Most Honour-
able Privy Council sat on Friday at Whitehall, on the sub-
jects of quarantine and the cattle plagne. The Lords pie.
sent were the Lord President and the Right lion. Sir
Thomas Fremantle.
Despatches were received on Saturday at the Colonial-
office from the governors of British Columbia and Van-
couver's Island. Despatches were sent to the governors
of the North American Provinces and Bermuda.
The Duke of Buckingham left Chandos House on Satur-
day for Stowe.
Sir Stafford Nerthcote, Bart., M.P., left town on Satur-
day for I'ynes, Exeter.

THE GRAND TWRBAR Al' AGRA.
Those great feudatories who, on the 12th of last
month, paid their formal respects to Sir .1. Lawrence,
though forming a concourse larger than any Mogul Em-
peror could probably have commanded, yet represented,
observes the Times, only a small portion of the empire of
India, for the great provinces of Bengal and the l'unjab,
with the whole of the south, lay beyond the scope of the
festival. The dynastic pretensions of them chiefs, near
100 in number, show a distinct and violent contrast. Of the
four great branches of the Mahratta stem, three of whom
are alive, if not flourishing, whereas it is remarkable to
observe the absolute or virtual extinction of all the other
powers with whom we contended for empire, and whose
titles distinguish the great chapters of Indian history.
One-half of the chiefs represent families who may have
reigned in India when it was invaded by Alexander
the Great ; the other half are the successors of mili-
tary adventures or downright robbers who fought
their way to power less than a hundred years ago.
There is no one prince among them who could call himself
independent, but there are many who could be useful in
departments of administration too remote for us to reach
with ease, and who can mitigate, by concealing, the in-
evitable odium of foreign rule. Happily, too, these
chieftains are improving in their own ways ; and their
progress may be quickened by the rage advice which Sir
John Lawrenoe addressed to them. More than one of
these princes could, if he pleased, open up to commerce
and traffic a country scarcely less obscure than Cashmere,
and to such ways did Sir John Lawrence, in his concilia-
tory and judicious address, endeavour to lead them.

The Duke of Buckingham left Chandos House
on Saturday for Stowe.
The Marquis and Marchioness of Salisbury will
receive a large party at Hatfield House, Hertel, during the

festive season.
The Earl and Countess of Clarendon and Lady
Emily Villiers have arrived in Paris, on their return from
Italy, and are staying at the Hotel Mirabcau.
Lord Stanley, M.P., will return to tosta to-day
from a short visit to the Earl and Countess of Carnarvon
at Highclere Castle, near Newbury.
Sir Robert Peel, Bart., has returned to
Drayton Manor, near Tamworth, from visiting Lord Clon-
brock, at Clonbrock Park, Ireland.
Sir Stafford Northcote, Bart., M.P., left town
on Saturday for Pynes, Exeter.
Mr. Alexander Smith, the poet, is stated to be
dangerously
Earl Grosvenor, M.P., has consented to take
the chair at the anniversary dinner of the Great Northern
Hospital, Caledonian-road, N., to be held in the
spring. The committee intend trediny the number of
beds, and are liable for 7,000/. to complete the purchase
and furnishing of the new hospital. Additional wards
will be opened as soon as funds warrant the committee in
doing so,
The mess quarters of the Royal Artillery at
Woolwich were on Saturday re-opened for future use, after
being closed during the past six weeks for the purpose of
being renovated throughout. Field Marshal Commanding-
in-Chief the Duke of Cambridge, as colonel, and the
officers of the regiment of Royal Artillery, gave a special
banquet on Saturday, on the occasion, at which covers
were laid for 130 persons.
An American lady stopping by a lake on the top
of the Sierra Nevada Mountains, writes :—" It (the lake)
is filled with mountain trout, from which we have just
made a most sumptucur dinner. We will remain until
morning, when we drive 18 miles to the railroad, and will
be in San Francisco to-morrow. Just to think of a
beautiful lake, and a railroad 7,000 feet up in the air, and
10,000 Chinamen working like bees right in sight on the
side of the mountain, digging a bed for the railroad, and
hundreds of horses and mules going by, packed with all
sorts of things for their supply, even to houses (for no
waggon can go where they are), and you can then faintly
imagine our position here. We have had the most de-
lightful trip from Salt bike that can possibly be con'
ceived of —nothing but one uninterrupted scene of pleasure
and novelty."
There was an anti-Fenian demonstration at Cole-
raine on Thursday, which, according to the report of the
Northern Whig, was decidedly Orange in its character. It
was a soiree held in the Town-ball. The building was
crowded. The majority of the men wore Orange sashes.
The walls of the building were completely oovered with
orange flags and dates of anniversaries. The Newtown-
limavady flute band performed appropriate music. The
members marched down the streets playing comparatively
harmless airs, but immediately upon getting inside the
hall such airs as the " Boyne Water," " Kick the Pope,"
and " The Protestant Boys" floated in shrill notes out to
the streets.
With regard to the complaint of the holders of
Italian bonds that they are required to send their bonds
and coupons to Paris to receive dividends, it is understood
that arrangements are expected to be made at the Italian
Consulate-General in London to obviate this inconvenience,
such having been the intention on the last occasion.

(REUTER'S TELEGRAMS.)
FRANCE.

ITALY.

The Times reminds ns that the Pope in Ifin would com-
plete the 25 years period which none of St. Peter's sue-
cessors ever attained, and which, according to supersti•
tion, none can exceed. His worst enemies would hardly
grudge him the full benefit of his appointed span of years,
and it is just as well perhaps that this Roman business
should be settled during the reign of one who shows so
great a determination to maintain St. Peter's chair on his
non posvonas rock. The harder the temporal power dies
the more thoroughly will it die. We must not allow the
few days of calm expectation which have already passed
to deceive us as to the real position of affairs in the Papal
States. Unless the Romans are willing to accept the Pope
as a ruler of their own accord, they will not allow so
paltry a force as he can muster to palm him upon them.
Nothing, the Times is convinced, can be more critical than
the real position of affairs. Only let Signor Tonello turn
his back on the Vatican and then we shall be able to see
how long it takes the papal subjects to count the papal
soldiers.
To those who have attributed the absence of the name
of Prussia from the late speech of the King of Italy to
political unfriendliness, the Daily News replies that no
specific reference to the alliance between the two countries
could have been otherwise than ill-timed, misplaced, and
impolitic : ill-timed when friendly relations between Italy
and Austria had just been established ; misplaced in the
modest paragraphs in which the operations of the war are
so distantly noticed ; impolitic at the moment of the
faithful execution of the convention of September by the
French. Italian statesmen have many defects to answer
for, but a certain instinctive sense of the dieenda and the
tacenda seldom deserts them. The actual relations be.
tween Prussia and Italy the Daily News believes to be
as cordial as mutual sympathies and mutual interests can
i make them.

'RED, MONDAY EVENING, DECEMBER 24, 1866.

ALlileaded of the fy. We receice therefore LATEST INTELLIGENCE.
t also t credal*, Mespod ahr, _____—.--- • . ..--.---_
nth inst. She has experienced bad weather. All
filler ofg=rnbly. it is still ettrerel NI _. . COCHIN CHINA.
the Time to certify, as it does, to Mr. Lo
as • witness. But the pretence put forward on Saturday PRUSSIAN CHIXBER.
credibility SPEECH OF COUNT BISMARCK IN THE 11,
(By Overliutd Telegraph from Galle.)
HONG HONG, Die. I.
that Mr. Lowe's challenge has never been taken up is too
French expedi-
ties on It is currently reported that the
transparent, even for the usual cheerful audacity of our Bismarck in the Prussian Chamber of Deputies The following is the speech delivered by Count
friend in Printing.house-square. By men who read the
the 20th instant :
1 Times, and the Times only, the assertion may be believed; The fleet has returned to Shanghai.
The E neon system of 1815 meant a defensive system of 45 men.
but beyond that charmed circa* it ties
have very little ' afforded 'ty to Prussia, but at tion has been beaten off at Kung bare
with the loss
against France. Itsemi
effect.
the same time
Assuming that the tory government are pledged by the
of the policy followed since 1850 by
A towards
restricted her action ; it fell inksequenc
very nature of their political formation never to bring in
a real reform bill, the Star would uk them whether they
think it honest, by striving to retain a power which they has been such that Prussia seemed to have need of sup-
Prussia and the Crimean war. The subsequent situation
port againat France, and Austria and the secondary
cannot wield for good, to run the risk of provoking an
states then speculated on the disposition of Prussia
irrepressible discontent, and a really formidable popular
to make conceesions. But in reality Prussia had no need
agitation' There never, perhaps, was a time when it was
of being supported against France,l and there were no
of greater importance that the smouldering fire of political
natural causes of hostility between those two countries;
the Emperor
dissatisfaction should have no fresh fuel flung upon it.
for, unlike former French governments,
No one can venture to say what the consequences may not
Napoleon desires in his wisdom to remain in harmony with
be if an anti-reform government should long interpose its
Prussia. Their interests are the same, France, like
existence and storm
non poetesses between the people and
Prussia, being desirous of promoting in common the
what they believe their rights. development of civilisation. An
independent Prussia
The Times invites the attention of masters and men to
could alone enter into such relations with Francs. This is a
what ia being done at the Belgian seal and iron fields.
truth which could not be admitted to the same extent by all
Unless, it says, the gentlemen who are now wielding our
the Emperor's subjects. But we have official relations
only with the French government. In order to walk
trades' unions with such terrible effect can get hold of the
people on the foreign coalfield, which stretches across
side by side in this way of progress the interests of the
Belgium into Prussia on one aide, and France on the other,
two nations require kind and reciprocal forbearance.
they will only strangle our own iron trade to the immense
Now what in general, and without stopping at the
benefit of the foreigner. The Belgian yield of iron is
chance clash of passing events, the interests of France
stated to be already as much as one-fourth of ours per
with regard to Germahy 7 Divesting ourselves of all
head cf the whole population, and to be doubling in 15
German prejudices, let us consider them from a purely
years, while ours is at a standstill. French point of view, which is the only mode of judging
justly of the interests of others. France could not
desire that there should be formed in Germany a
preponderating German power united under the
head of Austria—an empire of 75 millions, an Austria
extending to the Rhine and against which a France even
extending itself to the Rhine would not form a sufficient
counterpoise. For a France desirous of living in harmony
with Germany it is an advantage that Austria shoeld
not form a portion of that Germany ; for the interests of
France are found to be in collision at several poinria.
ts,
whetherin Italy or in the East, with the interests of Aust
On the other hand, points of contact of a nature to produce
hostile conflicts are far less numerous between France
and a Germany separated from Austria. Moreover, is
not the interest of France to have a neighbour with which
it can live in peace, and against which 35 or 38 millions of
Frenchmen are perfectly capable of making head in a de-
fensive war ? I think that in a just appreciation of her
interests France could not allow Prussia any more than
Austria to disappear as a power. Furthermore, the
policy of France is based on the principle of nationalities,
and for this reason she showed herself in 1864
loahostile to the pretensions of Germany toSchleswig-Hol-
stein than any other power. Prussia has always declared
that she would not consent to compromise her line of
defence, but that she might take into account the rea-
sonable and proved wishes of the population. I have
always been of opinion that a population which strongly
desired to be neither Prussian nor German, but to
belong to a neighbouring state, could not aug-
ment our strength. Such was the state of things
when France was induced by the events in the
month of July of this year to emphasise her desires
by an unusual pressure. I have no need of drawing a pic-
ture of the situation ; it is sufficiently well-known, and
nobody could wish to ask Prussia to burden herself at the
same time with two great European wars, or to compro-
mise, at the moment when she was engaged in one of
those wars, and when she was not yet assured
of the result, her relations with the other great
powers. In these circumstances France was called in by
Austria as a mediator in the difference ; she bad, there-
fore, a legitimate ground for insisting on her opinion.
Nobody can blame France for having taken into account
the exigencies of her own policy ; I think it is still
too soon for the public to judge whether she has urged
her opinion with moderation, and I must beg of
you to leave to the government the appreciation of this
incident. It was a question for us whether we should
accept or reject the whole of what Austria, through the
intervention of France, offered us. Our decision had to be
guided by the general situation of Europe. We could
confidently reckon upon Italy, whose unalterable fidelity
to treaties I cannot sufficiently praise—a fidelity which
affords the best hope for the future. Put for
all this, it would not have been wise to stretch the bow to
the breaking point and to risk all that we have acquired
for some secondary concessions. I therefore advised his
Majesty to accept the clause in the treaty of Prague as it
has been drawn up, in order not to place the whole in jeo-
pardy. This clause in its actual form allows a certain lati-
tude, but the government can in no case refuse to fulfil
the engagements which it has contracted, and in accept.
ing the bill as it has bees drawn by the commission, it must
protest against any intention of withdrawing from its inter-
national obligations, in consequence of a decision of this
chamber. We musttake care that no doubt should exist as to
the freedom of the vote to be given by the inhabitants of
North Schleswig. I du not know whether this
discussion will be prolonged, or whether it is to be wound
up with a motion. In the first case. I beg of members
not to take advantage of this discussion in order to snake
attacks more or less hostile, but to turn their regards ex-
clusively abroad, and not to forget the necessity of remain.
ing with our ranks closed and our eyes fixed externally
in order to protect our interests.

PARIS, Dec. 24.

Djemil Pasha, the new Turkish ambassador to
the French court, yesterday presented his creden-
tials to the Emperor, who replied in a gracious
speech.
His Majesty subsequently received Mr. Bigelow,
the late American minister, at his court, and
General Dix, his successor. The latter expressed
the sincere wish of the United States that the
good understanding now prevailing between the
two countries should become permanent. The
Emperor thanked General Dix, and replied :
" The historical reminiscences to which you allude
are a sure guarantee that no misunderstanding will
disturb the friendly relations between France and
the United States. A loyal and sincere understand-
ing will be of great advantage to the industry and
commerce of both countries, which daily astonish
the world by marvels, and will ensure progress and
civilisation. Your presence in Paris can but con-
tribute to this happy result by upholding the good
relations to which I attach the highest value."
The Moniteur of this morning says in its bul-

---------
pending re-org.anization of the army is well ed.
eulated to male the taxpayer anxious. In oat
breath the minister says, " It is difficult to esti.
mate what the cost will be ;" and in the next,
" There is every reason to hope we shall have sufficient
resources at command when the rectified budget at
1868 comes to be settled." These declarations the
Libecti stigmatises u contradictory. How, it st
Fould does not know what the expenses of the
augmented army will be, can he undertake to lay
that a hypothetical surplus at some future tine
can be relied upon to meet them I The experience
of past " rectified " budgets—those of 1866,
1866, and 1867—forbids much reliance en
present promises. The surplus of the estimates
has hitherto always vanished for some more or keg
plausible reason. If the deputies are so ill-advised
as to vote the law on the army before they know
what the cost is to be, they will prepare for them.
selves and the country very great deception.
The Opinion Nationale speaks with quite as much
severity as the two journal above cited. It says;
M. Fould has no plan in reserve, either to prevent cis,
Golfs or to repair them if the ordinary resources of the
budget should be insufficient, as he seems to apprebibt
Thus in the full tide of prosperity, after seven yews et
uninterrupted peace, with a constantly increasing terms..
and on the eve of an exhibition from which the wade
expects wonders, he congratulates himself. Yes ; lie pa.
gratulates himself on being able to do without new tam
and new loans. There is no trace of any financial phi
whatever in his statement, sad we have, after the mold
diligent search, found in it no evidence of the ability at
a statesman.
The Tenips says it was formerly customary tee
finance ministers to give facts and figures in sup.
port of the assertions of their financial reports,
but that M. Fould has introduced the system of
publishing regularly at !.he. end of every year
vague and general description of the state of the
finances, without affording any materials for the
public to check his representations. His recA
in fact, a sort of preface to the coming
before that budget is settled.
The affair of a conspiracy which led to the sued
of 42 persons at the Caf4 de la Renaissance is ex-
piring in very thin smoke. The judge of
lion has has discharged half of the prisoners, and
decided that there was no conspiracy at all. ale
charge, which, not having a French criminal
lawyer at my elbow, I really cannot translate—of
association et reunion illieite—is eliminated in
regard to all the parties arrested. The 22 remain-
ing in custody are to be tried solely on the charge
of belonging to a secret society, an accusation to
which any set of men who meet together without
leave of the police are always liable. It was
quite a mistake to say, as the journals did
originally, that the defendants to this prosecution,
which I am sure will turn out frivolous, were all
students. The names are now published, and it
appears that two of them are advocates, and several
artizans and tradesmen.
The New Free Press of Vienna has the following:
We have received the subjoined intelligence from pea
Crux. The Emperor Maximilian, it is said, has realm!
not to replace his sovereignty in the hands of the Mai,
but to convoke a national congress to decide whether
Mexico is to be an empire or a republic. In cue the
assembly should determine upon the latter, the Empalme
would resign his powers to a legally elected president, sad
would return to Europe, embarking on bowl the steam
Elizabeth for Madeira ; he would not come to Ind*
because the physicians have advised that he should bars
no interview at present with his wife. It is his 'Mantas
to fix his residence fora time in Sicily.
The above paragraph, if its news be true, can
scarcely be co- considered otherwise than a confir-
mation of the extraordinary statement that the
Emperor of Austria suspects his brother's designs,
and has banished him from Austrian territory.
The Petrie is at the trouble of contradicting
report circulated by a journal that orders had been
transmitted to Toulon to fit out an ironclad division
for the Gulf of Mexico. Must certainly no such
demonstration is on the cards.
Count Eugene de MacMahon, the last surviving
brother of the Duke of Magenta, is dead.
At the Boursethe Bente was very firm, and closed
with a rise of 12. for cash, and 1.741 for account, at
69.3211 and 69.30 ; Mobilier only maintained the
insignificant recovery from its late repeated falls c'
1.25 ; Credit Foncier fell 2.50, and Italian 35c.