The Express.
London, England, 1866-10-08 00:00:00

TH! EXPRESS, MONDAY EVENING, OCTOBER 8, 1866.

the public exercise what is uselly. •termect
" caution." Discrimination appears to be entirely
unknown. When companies like the Joint Stock
Discount, and Overend, Gurney, and Co., fail, the
effect is not to induce shareholders in other
companies to look into the intrinsic value of their
property, but rather to condemn it without investi-
gation as utterly worthless. The good and the
bad are lumped together in a most reckless fashion.
One discount company stops payment—there is
immediately a run upon all the others. A finan-
cial company contrives to lock up all its capital,
and to incur heavy liabilities on a tem-
porarily unproductive property, and straight-
way it is everywhere announced that finan-
cial companies are a mistake, and that the
best thing to be done is to get out of them as soon
as possible. A joint stock bank is obliged to sus-
pend payment, and joint stock banks in general
are immediately discredited, and, in fact, are for-
tunate if they do not get a third or more of their
balances drawn out in a single day, as during the
late crisis. More recently a railway company is
obliged to defer payment on its debentures, or
practically to become bankrupt, another to put off
its preference holders, and a third to postpone &pitiful
dividend of 1 per cent. The result is that holders
of the boat stocks evince a sudden desire to sell,
and that purchasers are to be found with diffi-
culty. Yet there can be no doubt of the intrinsic
worth of railway property. In spite of every
sort of mismanagement they have this commendii,
Lion in the eyes of the public, that their value is ,
based on improved real estate. Take most of our
leading railways—the London and North Western,
Great Northern, Midland, Lancashire and
Yorkshire, and the like—every one will admit
that their position is unimpeachable, and yet every
one is inclined to sell out because the London,
Chatham, and Dover cannot pay its way.
It is impossible to argue against such illogical
distrust, for the simple cause that, granted the dis-
trust, it is beyond all reach of argument. Men
choose to frighten themselves, and when they are
intent upon the proceeding expostulation is worse
than useless.

The tide will probably soon turn. Capitalists
will get tired of getting next to no interest for
their money, and will begin to regret that they
had not invested it long ago. Forgetful of past
experiences of crisis they will determine to lay up
wisdom for the next, say in 1877, which is
equally sure not to be remembered when the time
comes. The golden maxim with an old City
millionaire who started with nothing, was to buy
when everybody was selling, and to sell when
everybody was buying. His own career
illustrated the success of his policy. Yet, although
the soundness of the plan is invariably conceded,
it is rarely acted upon. If in such times as
these, instead of keeping so many thousand pounds
hoarded at their bankers, the public would after
due consideration invest their spare funds, they
might hope in a short time materially to increase
their capital by judicious selection. But instead of
doing so, they wait until the opportunity is past,
when they vie with one another in forcing up
securities to exaggerated prices. The distrust
which now prevails is as foolish as it is lamentable.
No one will buy for some undefined reason, and
will be very sorry a few months hence that he
missed his chance. A few, a very few, will per-
ceive the advantage of taking a first-class security
that can be got for a low price ; but, then, it
should be borne in mind that the few make for-
tunes, not the many.
Ono point appears very certain, that money is
becoming so abundant that it is a serious
question what is to be done with it. There is no
adequate demand in the discount market to tako
off the supply, and foreign investments are so
hopelessly out of favour that no vent will be
found in that direction. The only resource is,
therefore, home or colonial enterprise. The fact,
however, that our increasing supplies of capital
will be devoted to this purpose is sure to raise the
value of stocks already in existence. There are
many small capitalists who are ready enough to
embark in a completed undertaking, but would
hesitate before one in embryo. Suppose, for
example, that the popular lead was in favour of
railways (not too likely, by the way), these people
would invest in the London and North Western,
Great Northern, and so on, but would have no-
thing to do with a new concern. The same obser-
vation applies to every sort of enterprise. A
word may be useful on the subject of calls, to
avoid or meet which sales are now so frequently
pressed. When a company is introduced, if the
scheme be attractive the capital is readily sub-
scribed, and individuals undertake heavy contin-
gent liabilities in the hope of realising at a profit
before further calls are made. So sudden and
unforeseen by the general public was the re-
cent collapse of joint stock schemes, that
holders find themselves exposed to a drain which
they are unable or unwilling to meet ; and the
consequence is, that at the prices now ruling pur-
chasers can obtain the whole of the paid-up
capital, in consideration of meeting or even risk-
ing an expected call. Those who were ridiculously
reckless last year aro miserably cowed now ; they
are unwilling to pay the few more pounds per
share, it may be, needed to bring their enter-
prise to successful completion, and secure
returns upon the capital they have already
sunk in it. Such opportunities are not to be
neglected by those who are possessed of spare
funds, and have ordinary foresight and prudence
in dealing with them. As to the popular bugbear
of the uncertainty of calls, directors have learned
a rude lesson in the last few months, and the in-
vestor who has sufficient faith in his own judg-
ment to offer to pay up in full upon his bolding
need have but little fear of a refusal of his offer,
and may thus set his mind at rest so far as the
uncertainty of his commitments is concerned.

The following is an extract from a private letter
from Kagosima, in Japan, dated the 31st of July last
" Prince Satsuma invited Captain King to pay him a visit
in a ship of war, and H. 31.5. Princess Royal left Naga-
saki on the 23th and arrived hero on the 27th. Katmai=
is not an open port, and the Princess Royal is the first
British ship of war that has entered it on a friendly
errand. Three years ago a British squadron came here and
knocked down the prince's fortifications about his ears.
Prince Satsuma ranks next to the Tycoon, and has more
retainers than the latter. On the 29th he paid
a short visit to Sir H. Parkes and Admiral
King on board the Princess Royal, and again on the 30th,
when be witnessed some English gun practice. He has
sent on board moat extensive presents of poultry, pip, and
fruit. When any of the men and officers of the Princess
Royal go ashore they are obliged to be protected by a
strong guard of the Prince's troops from the troublesome
onriosity of thousands of the populace who follow the Eng-
lish officers and sailors about the streets. The prism is
exceedingly hospitable and considerate. He has had wine
placed in all the travples so that the English on visiting
them may refresh themselves. The Princess Royal leaves
here on the 2nd August for Yokohama."

At Four-post-hill, near the Blechynden station
on the Southampton and Dorchester Railway, there is now
a horse-ehesnut tree in leaf and bud for the second time
this season, and if the weather continues mild it is likely
shortly to be in bloom. _ _

The Temple Church, which has been closed for
several vreeks past, was reopened yesterday.

OUR CONTEMPORARIES.

(THIS DAY.)

Um Court.

BALIIORAL, OCT. 5.
Princess Christian drove in the afternoon, acc.oin-
plaided by the Duchess dAumale.
Prince Christian went out deer-stalking.

Ocr. 6.

Prince and Princess Christian and Princess Beatrice
drove to Loch Callater.

Ocr. 7.

The Queen, Princess Louise, and Prince Arthur, attended
by the Marchioness of Ely and General the Hon. C. Grey,
returned to Balmoral yesterday evening.
The royal party drove from Dunkeld in the morning to
Loch Ordie, and rode across the hill to Kindrogan, from
whence the Queen drove by Kirkmichael and the Spittle of
Glunahee to Balmoral

The Dowager Ducheas of Athol. and Mir MacGregor
accompanied the Queen to Kindrogan.
Mr. Keir and his son walked across tho hill with the
royal Party.
During the Queen's stay at Dunkeld, which was of a
strictly private nature, her Majesty and the royal family
made various excursions in the neighbourhood.

A Committee of the Lorda of her Majesty's Most
Honourable Privy Council sat on Saturday at the Council
Chamber, Whitehall, on matters relating to the cattle
plague. The lords were were the Right Hon. Spencer, H.
Walpole, and Lord Stanley. Mr. Helps attended the com-
mittee.

A deputation from the Peninsular and Oriental Steam
Navigation Company, emulating of Mr. P. I). Hadow
(deputy-chairman), Bear-Admiral W. H. Hall, C. 8., and
Captain A. Nairne, H.C.S. (directors), Mr. C. W. Howell
(secretary), Mr. H. Bayley (asaistant-manager), Mr. J. R.
Engledue, Mr. T. Sutherland, and Captains H. P. Lovell,
T. Black, B. T. Dnndas, G. Dunn, and A. B. Weston
(commanders), had an interview with the Earl of Car-
narvon at the Colonial-office on Saturday, upon the sub-
ject of the improvement of Galle Harbour and the lighting
of the Great Basses. Major Skinner, Chief Commissioner
of Public Works, Ceylon, attended the interview.
Despatches were sent on Saturday from the Colonial-
office to the Governor of Canada.

It is stated that the Queen will leave Balmoral
in about a fortnight, instead of extending her stay to
2nd November, as was at one time intended.
The Duke and Duchess of Buceleuch are enter-
taining a succession of distinguished visitors atDrunilanrig
Dumfriesshire. _ - .

The Duke of Northumberland and Lady Louisa
Percy will shortly leave Alnwick Castle for town on their
way to Torquay, for the winter.
The Earl and Countess of Mount Edgecumbe
will shortly leave for Cannes, whero they purpose to pus
the winter.

The Earl and Countess Granville have arrived at
Walmer Castle, Kent, from their seat in Staffordshire.
Field-Marshal Viscount Gough arrived on Thurs-
day at hie seat, St. Helen's, Bootcrstown, Dublin, from a
tour of visits in Scotland.

Lord Henry Percy, M.P., returned to town at
the end of last week from a tour in Spain, and has since
gone to pay a series of visits.
. _

It is stated that Lord Cowley has withdrawn
the resignation he had placed in the hands of her Majesty's
Ministers, and that the noble lord will remain at his present
post until after the Exhibition of

We (Herald) are informed that Lord Stanley has
applied to the French authorities for a postponement of the
trial of M. Lamirande until an official statement of the
proceedings under which his extradition from Canada took
place has been received from the Governor-General.
In a few days Mr. Flad will leave for the court
of King Theodore, in Abyssinia, the bearer of a concilia-
tory and dignified letter from the Queen, urging the
release of our countrymen. Colonel Merewether will
follow Mr. Flad, with suitable presents for the Abyssinian
monarch, as far as Massowah, where he will await the result
of Mr. }lad's mission before be proceeds further.

Mr. Maguire, M.P., has (says the Liverpool
Albion) embarked for Americo at the instance of Messrs.
Longman and Co., the publishers, with whom he has con-
tracted for the publication of a history of the Irish in that
country.

A monumental brass, designed by Mr. Butter-
field, is (says the Salisbury Journal) about to be placed in
the chancel of Hutsley Church, to perpetuate the memory
of the author of the " Christian Year." Subscriptions are
flowing in fast, a peculiar feature being that parishioners
only are allowed to contribute.
Mr. Thomas Young, an English gentleman, has
been appointed to the chair of English literature in the
Queen's College, Belfast, vacant by the death of the late
Professor Craik.

At the Social Science Association, last week, Mr.
Templar, of Manchester, gave a number of ludicrous in-
stances of the way in which secular and religious instruc-
tion is combined in some of the National Schools. He has
seen an instance where an attempt was made to make the
Pence Tables the vehicle of religious and moral instruction,
in the following order :
20 pence are Is. Bd.—Love your father and your mother,
. .

30 „ 2s. 6d.—And your sister and your brother ;
40 „ 3s. 4d.—Wash your face, comb your hair,

60 as. 9.d.—Every• day school reiatr.
On Saturday the Earl of Kimberley attended a
meeting held at Norwich, to consider the desirability of
establishing a chamber of agriculture in Norfolk. His
lordship supported the proposal, which was adopted.
More than 1,100 volunteers have taken tickets
to entitle then, to participate in the invitation of the
Belgian authorities, and the final arrangements for dividing
the party into companies will be made to-day.
A letter from Amsterdam says :—" Among the
illustrious visitors now honouring Holland with their com-
pany we must particularly mention the Brothers Daven-
port, who have come in search of dupes and guilders.
Their fame, however, had outstripped them, and though
they exerted themselves to make the Dutch believe their
assertions, they meet with very little patronage. A clever
street juggler has already declared that he knows their
secret and intends to reveal it. Catch a weasel asleep,
and then you may catch a Dutchman sold again' by the
Brothers Davenport."
Two editors of the Tintaniarre, a satirical little
print at Paris, have been giving their confreres of the
broad sheet a broad hint that their duels are ridiculous.
Two of them, Messrs. Rossignol and Maxima agreed to
fight, and went down to the country with swords, seconds,
and the usual paraphennlis ; the men were placed, and
the seconds interfered, drawing up the following queer
declaration :—" The undersigned seconds seeing from the
look of their principals, and the way they flashed their
swords, that they were in earnest, and considering that
the cause of the duel was • mere trifle, decree that it
must not take place."

Two male Albino twins have just been born at
the liaternite Hospital in Paris. One of the principal
characteristics of Albinism is the whiteness of the hair, in
addition to which is remarked the dull white colour of the
skin and a sort of affection of the eyes, which cannot sup-
port the full light of day.
According to the official return, the number of
sheep at the great October fair of Ballinalloe this year was
72,849, of which 60,556 were sold, leaving 12,293 unsold.
The number unsold is much larger than in the two pre-
vious years. The reduction in prices, which is the re-
markable feature of the present fair, averaged at least 10s.
a head as compared with the prices realised last year.
Since the finishing of the harvest work in the
south, emigration from Queenstown to America, which
had been almost suspended for some time, has resumed ita
rapid course. The Cork Examiner says :—" A considerable
portion of the emigration takes place through pre-paid
tickets, the friends of parties in America paying their pas-
sage money there, and during the past month the number
of pre-paid passages has greatly increased. This shows
the great anxiety of the Irish in America to have their
countrymen out there."
TRY QUEEN'S UNIVERSITY IN IRELAND. The
expected meeting of the Senate of the Queen's University
in Ireland took place on Saturday in Dublin, when the
supp!emental charter, admitting the Catholic University
into the system of the Queen's University, was accepted
by a majority. Sir Robert Peel, who was opposed to this
step, was present, and we learn that the debate was
animated.—Sunday Gazette.
HOSPITAL FOR DISEASES OP THE CHEST, VPOPORIA.

rang.—The number of patients relieved at this inetitu-
Hon during hat week was 1,157, of which 258 were new
Peed.

GREAT NORTHERN HOSPITAL, CALEDONLAW-ROAD,
ISLISOTON.—Number of patients for the week ending
Oct. 6, 932, of which 319 were new oases.

I LATES'

GENCE.

ROME.
The following is the article in the Official Journal
of Rome on the convention of the 15th of Sep-
tember, mentioned by telegraph :
It has been mid and repeated in the officious and even in
the official journals that the famous convention of the
15th of September otters a sufficient guarantee to secure to
the Sovereign Pontiff the peaceable possession of the
small part of the state which has been left to him. That
certainly does not agree with what one has read and still
reads in the Italian journals, especially in thoee which are
regarded as the principal organs of the ministry, and
whose aspirations for the possession of Rome are
clearly manifested. These tendencies are confirmed by'
the following words recently uttered by a general who
is still in the service of the government of Florence, and
which have been repeated by these official journals :—" To
tbe§Roman youth who still cannot return to their paternal
roof, I say also Patience !' for I hope it will be able to
re-enter its country delivered from the odious yoke of the
priests." The object and the meaning of these words do
not require commentaries ; one need only remark
on the falseness of the assertion that the young Romans
cannot return to Rome whilst there have already bean seen
to return freely with only the ordinary police precautions,
more than 60 of these deluded youths, without speaking of
those who have returned to the provinces.
-

The Moniteur de 1 Arts& publishes a speech of
General Montebello, aide-de-camp of the Emperor,
to the officers of the Roman Legion. It was aa

follows:
Gentlemen,—l wish also to have the honour of pro-
posing the health of the Pope. In presence of the
army destined to discharge alone the duties
in which we are happy and proud to perform
onr part, in presence of that army which is
completed by the arrival of our comrades from France,
and which we at this moment welcome, I feel that the
ardent wishes which we all cherish for the Holy Father
will not remain barren. Your devotedness, your disci-
pline, the sentiment of duty which renders the most diffi-
cult positions easy, and which is the soul
of every army, all assure us that you will rise
to the height of the noble mission of which we
bequeath to you with regret the entire accomplishment.
As for us. the recollection of the kindness of the Sovereign
Pontiff will remain profoundly engraven in our hearts, and
we shall reckon among the best days of our career those
which have been consecrated to the defence of the holy
cause. After having seized with eagerness the opportunity
which this re-union presents to me to express to you our
deepest sympathies, it only remains for me to propose the
toast which I have undertaken, and give from the bottom
of my heart, " To the health and prosperity of the Pope."

(Rsurza's rumcßims.)
PRUSSIA.

BERLIN. Ocr. 8.

The Royal Prussian Patent taking formal posses-
sion of Frankfort, Nassau, and Electoral Hesse is
drawn up in almost identical terms with that pro-
mulgated in Hanover.
A decree published here to-day orders that the
functions of the Hanoverian and Hessian Ministers
of Justice are to be transferred to the Prussian
Minister of Justice, and that the chief tribunal of
Frankfort is to be replaced by the Supreme Court
of Justice at Berlin.

AMERICA.
ARRIVAL OF THE MORAVIAN.
(Via. Greencastle.)
NEW YORK, Seer. 28, Evleento.

Despatches from Washington emphatically deny
the report that the President had changed his
policy with regard to the adoption by the South of
the constitutional amendment. There is, however,
reason to believe that ho contemplates recom-
mending Congress against the representation of all
states, and then proposing a constitutional amend-
ment which will embrace in a less objectionable
form the essential elements of those now pending.
The committee of the Cleveland Soldiers' and
Sailors' Convention have paid a visit to Presi-
dent Johnson, and presented him with a report of
their proceedings. Generals Gordon and Granger
had mado speeches stating that the convention
desired peace, and that the Union would soonest
be restored in accordance with the true theory of
the Federal government when the measure proposed
met the approval of a loyal people in the north,
south, east, and west. Any proposition not accom-
plishing this end would not secure the object for
which the soldiers and sailors had fought. In replying
to the committee, President Johnson referred them
to his previous career as evidence of what his future
conduct would be, and declared that constitutional
limitations mist be observed if free government is
to exist.

A mass convention of soldiers and sailors favour-
ing the radical policy has assembled at Pittsburgh,
and reported a series of strongly radical resolu-
tions. General Butler addressed tho convention,
demanding that General Lee as well as Mr. Davis
should be hanged, and declaring that the adoption
of the constitutional amendment would not ensure
the admission of the Southern States.
Mr. Davis's trial is again postponed beyond
October.

Mr. Johnson has offered General Dix the poet of
Minister of the United States to France or Naval
Officer of New York. It is believed that he will
accept the former appointment. Mr. Bigelow has
been recalled at his own request.

Mr. H. Emery, of Kansas, has been appointed
United States Minister at the Hague.
According to advice* from Canada, rumours
existed that the Fenian' threatened a movement
along the Vermont frontier. The Canadian military
forces were kept ready to move at a moment's
notice.

MEXICO.

NEW YORK, Bzrr. 28.

Intelligence received here from Vera Cruz, via
Mexico, via San Francisco, dated 19th inst.,
states that the French troops and fleet had aban-
doned Guaymas, and that the town was occupied
by the liberals.
The liberal General Martinez had slaughtered
the garrison of Wrez.
The Austrian General Lanuberg had been killed.
The Imperialists have made no attempt to en-
force the blockade of Matamoros.

The following telegrams have been received by
Reuter's Telegram Company (Limited) from the
Peninsular and Oriental Steam Navigation Com-
pany, Oct. 8 _ .