The Express.
London, England, 1866-04-30 00:00:00

HAYMARKET.

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THIS anima, A AZ/VATIC ATTACHMENT. Marra
Compton and N. Farren Elm AdaCaveadMlL—THE FAVORITE
OF FORTUNE.. Minna Bucketone,Chlppendale, and &than;
Yrs. Chippendale, Mo.—And A DAUGHTER TO MARRY.

PRINCESES.
Trim IMMO, A GHOST IN SPITZ OF HTMEELF.—After
which THE STREETi OF LONDON. Masora Tinlnc T. Maud,
D. Murray, Strom and Villiers ; ]lra IL Mantes, lad MON X
Barnett and K. Rodgers.

LYCEUM.

THIS Zniono, SIMPSON AND CO. Mews. Emery & Hon-
man ; Sim li,earnan.—And TILE MASTER OF RAVENSWOOD.
Medan. Jordan, !formula, Venda, Emery,Widdkomb, FlMpatriely
; Madames Taman, Faun:wady, Lorena, and C. Lorlartn.

BRITANNIA.
Tarmirunro, THE SA I LOWS RSTU RN.—Thalolummalandly
—CLOUD A.ND SUNSHINY. Mr. lama Anderson—To con-
clude with THE DARK KING OF THE BLACK MOUNTAINS.
Was Clara Hi. Owe, lira 8. Lau, and Master B. Sanders.

HIGII-WATER AT LONDON-BRIDGE

Tins DAY —Morning, Yh 41m.
To-Moaaow—Morning, 211. 58m.

.Aft.iiio;lT, 2h. 42m.
...Afternoon, St. Um

LONDON, MONDAY, APRIL 30.

Arlon= week has closed, and the gloom and
apprehension that have for some time past weighed
upon financial matters have become more marked.
On all the continental 13oursea there has been in-
creased distrust, and the prices of even the beet
securities have fallen considerably. The chief
depression has been in Italian stocks, the foreign
Five per Cents. being now quoted below 50,
while the State Domain Loan, issued in sterling
last year at 77i, is only about 63}. To some ex-
tent it would appear that the fall is, in this in-
stance, scarcely unreasonable, since there can
be no doubt that war in Italy entails a
terrible risk which even the boldest would
hesitate to incur. A proof, however, of the
fear which generally prevails is afforded by the
difference in price between the loans payable in
franca and those in sterling—viz., about 15 per
cent. There is an evident foreboding that the
certain accompaniment of the outbreak of war, a
depreciated currency, is imminent. In the chief
towns of Italy bankers are already preparing for
the crisis, and are taking every precaution against
the contingency of a forced issue. At Vienna
matters are no better. The depreciation in
Austrian securities has been almost as rapid as
in Italian, notwithstanding that the interest of the
Government is clearly to remain on the defensive
and to avoid war as long as possible. Although
the financial position of Prussia appears far
stronger than that of either of these countries, it is
practically unavailable. No capitalist will lend
money to the Government unless fortified by the
guarantee of the Chambers, and that, of course,
is for the present out of the question. Among
the other great powers Russia is sure to be a
borrower, if any chance appears that she would
get a loan floated. The confidence, however, that
was once reposed in the securities of that empire
has lately become severely shaken. Investors
have found to their cost that the successful issue
of one loan is only a certain encouragement to the
bringing forth of another, on each successive occa-
sion at a lower and more tempting price. Even
in France itself the absorption of capital has
lately been so continuous that there is reason to
believe it would be difficult to raise any consi-
derable sum without submitting to conditions that
in such a naturally wealthy country would be
held to be unfairly onerous. It has rarely hap-
pened that the financial difficulties of Govern-
ments have been more exemplified than now.
While their material strength is greater than ever,
they become more and more dependent upon the
power of the purse. At the same time they
weaken the success of their appeals to that power
by adopting the precise means that are most
directly antagonistic to their object. Wars and
rumours of wars, excessive armaments, anda lavish
and unproductive outlay, are destroyingconfidence
on the Continent, trammelling commerce, causing
capital to be hoarded, and retarding the natural
progress that under ordinary circumstances cannot
fail to take place in national prosperity.
As regards ourselves,we are in some degree free
from the influences which oppress our neighbours.
It is true that the calamities from which they may
suffer react more or less on us, but at any rate
their incidence is chiefly indirect. Still we can-
not avoid incurring a certain loss. The fall in
prices on the Stock Exchange must have been of
serious consequence to many, and this has been
partly caused by the course of events abroad. A
large number of securities have been sent here for
sale at a time when the markets were especially
depressed, both through political distrust and also
through the late joint-stock failures. A feeling
of alarm is easily generated, and hence shares
and bonds have been sacrificed by timid
proprietors at utterly inadequate prices.
The feeling was doubtless exaggerated, but
it bad its effect for the time, and thus, what with
the fear of war on the one hand and the destruc-
tion of confidence on the other, the stock and
share markets have latterly experienced a disturb-
ance which almost amounts to panic.

Mr. Manners Sutton has been appointed Gover-
nor of Victoria, in the place of Sir Charles Darling recalled.

"~~""~

OUR CONTEMPOR.
(THIS DAY.)

;1~. ~ ~

TR* PLANS OP THE 00,711111111W1T.

The Times understands that the result of the
Cabinet Council on Saturday was a decision to remain in
office. The bill for the redistribution of seats is to be
brought in and read for the first time on Monday next.
The Franchise Bill and the Redistribution Bill will then
be before parliament as parts of one scheme, and though
at this period of the session an attempt to pass both must
seem far from hopeful, the government are willing to be_
here that their Redistribution Bill will meet many of the
objections to which the Franchise Bill taken alone was
exposed, and that with some modifications a
scheme can be arranged which all parties will
accept as a permanent settlement of a troublesome
question. Of this course the Times cordially approves. If
the liberal ministry went out leaving the question of re-
form unsolved, it would become the one subject of party
agitation for many years to come, and the next time the
liberals regained office a reform scheme of much larger
proportions than any with which we have now to deal
would be inevitable. Whatever opinion may be enter.
tamed of such a result, no one can look forward to the
prospect of the prolonged struggle which would precede it
without apprehension. We have had enough of agitation.
Unfounded as the cry of injustice is, and contemptible as
the sentimentalism which has lately become the vogue
may be, they provoke ill-will, and might in time breed evil
parions. It is desirable that reform should be disposed
of, and disposed of at onoe ; it can only be settled by a
liberal ministry, and it can only be satisfactorily settled
by a liberal ministry working in the face of a vigilant and
powerful opposition.
The Doily Were demurs to :the assertion that the small-
ness of the majority for the bill involves its failure at any
further stage. On the contrary, there is good reason to
believe that it will be supported in committee by gentle-
men who did not vote for it last week, and that the ma-
jority in its favour will be still further increased as the
liberal seats now vacant by the decision of election com-
mittees are filled up. From the moment of the production
of the Redistribution of Seats Bill the ground of the opposi-
tion raised by Earl Grosvenor will fall from under him.
Ministers are committed, as a government, to reform, and
by the solemn declaration with which Mr. Gladstone sat
down on Saturday they are committed to the same course
as public men, whether in or out of office. If Earl Gros-
venor and his friends can drive them from office, take the
work out of their hands, and carry it to a successful ac-
ooinplishment, well and good, but they have to do nothing
less than this. If we understand the spirit of ministers, it
is like that of General Grant before Richmond, and they
" sill fight it out on this line if it takes eB summer."

Though there will be some surprise, the Post thinks, at
the decision of the Cabinet neither to resign nor to aban-
don their bill, yet as a party move it is probably the wisest
they could have made. Upon the merits of their scheme
for redistribution, their own fate, and that possibly of
the liberal party for years to come, will depend. In the
opinion of the Post, there ii every probability, amounting
almost to certainty, that the defeat which has for the
present been evaded awaits the ministry at the hands Of
opponents who will be strengthened in every move by
those who dislike the redistribution. It is probable, how-
ever, that they would not accept defeat without an appeal
to the country.
The Herold contends that ministers are bound to aban-
don both the bill and their; offices, and that if Lord
Russell and Mr. Gladstone think that by any jugglery
they can save the Cabinet, they will only be opening
for themselves the prospect of a more disgraceful fall.
If their downfall does not come ostensibly this week it
has been virtually accomplished, and now they have only
one duty left to themselves and to parliament, which is to
die decently, as the only amends they can make to the
party they have treated with contumely, and the House of
Commons which they superciliously misunderstood by im-
puting to it a corrupt and unmanly sub-ervlence.
If the government, the Telegraph thinks, had angrily
flung themselves out of office, they might, perhaps, have
gratified their pique, but they would certainly have stir
prised the nation. It is the duty of ministers to force a
direct issue upon the House of Commons, and this they
will speedily do, and we shall then learn how many masked
their opposition to all reform behind the amendment Of
Lord Grosvenor, and how many, if any, are merely opposed
to the procedure of the government. The division, at all
events, has answered three ends, namely, to demonstrate
the necessity of reform, by showing that the present par-
liament is largely woi -hless for representative purposes ;
to detect and separate from liberals the dishonest squad
of men who have stolen that name for election ILO ; and
still to leave the government master of the situation.

The Star reminds its readers that the division was not
for or against reform, and. that smaller majorities have
helped great schemes is a successful issue. On the 22nd
of March, 1831, the second readier' of the Reform
Bill was carried against a direct motion for its rejec-
tion by 302 to 301—a majority of one. Earl
Grey did not resign—parliament did not dissolve.
It was only when, on the motion for going into
committee, General Gasooigne's amendment, " that the
number of representatives for England and Wales ought
not to be diminished," was carried by a majority of eight,
that the appeal was made to the country which led to the
election of a new parliament and the re-introduction of
the bill, to be rejected in the Lords, and finally carried in
the following year. The great majority of the liberals
who voted for the amendment of Earl Grosvenor are actu.
ally pledged to the policy of an extension of the suffrage.
The Star trusts that if any doubt should arise as to the
course proper to be taken at this or any future stage of the
progress of the reform scheme, the ministers will have the
courage of the situation, and in place of succumbing to the
tories, appeal to the country.