The Express.
London, England, 1867-08-12 00:00:00

THE EXPRESS, MONDAY EVENIXG,

comes in, and by a ateady refusal to allow interest
on deposits acts up to the .true principles of
banking.

The commercial prospect before ns does not
exhibit any indications of amendment. The last
fifteen months of stagnation in trade appear likely
to be supplemented by at least six months more.
It is worthy of remark that the managers of the
joint stock banks, who are quick to discern the
signs of the times, have latterly been investing
large sums in the public funds. The reason is
obvious. Consols at the present price yield about
3i per oent., while money in the discount market
realises about half that rate. The most valuable
proof afforded is, however, that the persona best
qualified to judge as to the future course of trade
anticipate a continuance of the existing depres-
sion. Bankers invariably prefer to keep their
funds employed as much as possible in the dis-
count of commercial bills, since by the exercise of
ordinary care they can count upon receiving back
their money in full within a specified period. On
the Other hand, although Government securities
are considered as especially appropriate for the
investment of " reserve funds," they are not gene-
rally thought suitable for the use of work-
ing balances. If, therefore, it appears that
stock is being bought on banking account, only
one inference can be drawn. The most
qualified practical financiers anticipate that 2 or
11 per cent. is pretty certain to last some time
longer, and that it is useless for the present to
await an advance. If the latter movement could
be calculated upon—if 3} or 4 per cent. were
likely to be adopted before the close of the year—
the banks would, according to former experience,
have kept their money in hand to take advantage
of the oppoity. As it is, finding they have
more than 61. know what to do with, either now
or in prospect, they purchase Consols as the beat
means of investment open.
There seems nothing to be done but to wait
patiently for the sure reaction from the existing
le*ura. That it will be speedy we cannot ven-
ttA to hope. If financial considerations did not
retard it, there is at least the constant alarm of
an European war. The maxim that confidence is
a plant of slow growth has never been more fully
exemplified than by the events of the past year
and-a-half, and bids fair to be equally proved by
the experience of the immediate future.

OUR CONTEMPORARIES.
(THIS DAY.)

the mart:

OSBORNE, Moon 10.

The Queen, accompanied by Princess Louise and
Prince Arthur, visited the Royal Victoria Hospital at
Netley yesterday afternoon.
Her Majesty crossed over from Osborne pier in the royal
yacht Alberta,Captain the Prince of Leiningen, and was re-
ceived on landing by Major-General Wilbraham, C. 8., and
the officers of the establishment, by whom her Majesty was
conducted through the hospitaL
In passing through many of the wards her Majesty
addressed a few words to the sick, and inquired into their
cases.

Before leaving the establishment tho Queen visited the
quarters of the married men.
Her Majesty returned to Osborne at eight o'clock.

The suite in attendance consisted of the Countess of
Gainsborough, the Hon. Emily Cathcart, Sir Thomas and
the Hon. Lady Biddulph, the Hon. Mortimer Sackville
West, Major-General F. H. Seymour, and Major Elphin-
stone.

Her Majesty walked in the grounds this morning
accompanied by Princess Louise. The other members of the
royal family also went out.

The Dean of Westminster and Mr. Odo Russell arrived
at Osborne yesterday and had the honour of dining with
the Queen and the royal family.

AUGUST 11.

The Queen drove out yesterday afternoon attended by
the Countess of Gainsborough and Lady Augusta Stanley.

The Hon. Mortimer BecketHe West was in attendant
upon horseback.

Princess Louise, Prince Leopold, and Princess Beatrice
also went out.

Her Majesty and Princess Louise and Princess Beatrice
and the ladies and gentlemen in waiting attended divine
service at Whippingham church this morning.
The Rev. George Prothero officiated.
Prince Arthur, attended i by Major Elphinidone, left
Osborne yesterday for Greenwich-park.
The Right Hon. John Wilson Patten, Chancellor of the
Duchy of Lancaster, arrived at Osborne yesterday, and
had the honour of dining with the Queen and the royal
family.

Lieutenant-General the Hon. Charles and Mrs. Grey bad
also the honour of being invited.

Mr. Odo Russell has left Osborne.

The Princess of Wales drove out on Saturday afternoon,
attended by the Hon. Mrs. Harding°.
The Mince of Wales, with Captain Ellis in waiting,
attended Divine service at the Chapel Royal, St. James's,
yesterday morning.
The Communion service was read by the Rev. the Sub-
dean and the Rev. J. C. Haden.

Anthem, "Praise the Lord," Goss. Solo, Mr. Lawler.
Mr. Goss presided at the organ.
The sermon was preached by the Hon. and Rev. Francis
E. C. Byng, from St. Matthew, ch. 21, v. 30.

A Cabinet Council was held on Saturday at the
of residence of the First Lord of the Trea-
sury, in Downing-street. The Ministers pre-
sent were the Earl of Derby, the Lord Chancellor,
the Dukeof Marlborough, the Earl of Mahneebury,
the Right Lion. Gathorne Hardy, Lord Stanley,
the Do Buckingham and Chandoa, Sir John
Pakington, Sir S. Northoote, the Chancellor of the
Exchequer, the Right Hon. H. T. L. Corry, the
Duke of Richmond, Lord J. Manners, Lord Naaa,
and the Right Hon. S. H. Walpole.

Sir Victor Honlton had an interview with the Duke of
Buckingham and Chandoc at the Colonial-office on Sa-
turday.

Despatches were received on Saturday at the Colonial-
office from the Governors of Newfoundland, New Bruns-
wick, Prince Edward Island, and the Bahamas. De-
spatches were sent to the Governors of Gibraltar, Malta,
Ceylon, Hong Kong, Labuan, the Straits Settlements, and
to the Governor-General of Canada.

ARRIVAL OF THE KING OF THE BELGIANS
AT THE ISLE OF WIGHT.-(THIS DAY.)

(aT TELEGRAPH.)

cairn, MONDAY.

The King of the Belgians arrived here this
morning, on a visit to the Queen. His Maje►ty was re-
ceived by Prince Leopold, and proceeded at once to
Osborne.

The Prince of Wales, attended by Captain Ellis,
attended the Princess's Theatre on Saturday evening.

The Prince of Wales will leave Marlborough
House to-day for S►ndringham, in order to personally in-
spect the iruprovementa going on there before his royal
highness leaves for Wiesbaden.
The Prince and Princess of Wales leave for Wies-
baden on Friday or Saturday. They will cross in the
Victoria and Albert to Rotterdam, and thence proceed to
the Rhine.

His Excellency the Marquis of Abercorn, accom-
panied by Lord Claud J. Hamilton, H.P., left Chesterfield
House on Friday evening for Dublin, to resume him official
duties am Lord Lieutenant.

The Earl and Countess; Grey loft their residence
cm Carlton loose-terrace on Saturday for Bellwood Park,
Notts, on a visit to the Duke and Duchess of St. Albans,
on their way to Hord& Hall, Northumberland.
The Earl and Countess of Dudley left Dudley
House, Park-lane, on Friday, for Vichy.

Lady Loudesborough gave birth to a daughter
yesterday. Her ladyship and infant are both doing well.

His Royal Highness Prince Arthur, attended by
Major Elphinskos, landed in the Southampton docks this
afternoon from her Majesty's yacht Alberta, Staff-Com-
mander Welch, en route from Osborne to London.

The Empress and the Prince Imperial will leave
Paris on the 14th to join the Emperor at the camp at
Chalons, which their Majesties will leave on the 17th for
Salzburg. The journey of the Emperor and Empress will
occupy a week, during which time the Prince Imperial will
remain at the camp. On the 26th their Majesties are to
arrive at Lille, and afterwards visit Dunkerque, Roubaix,
and Turcoing. On the Ist of September the imperial
family goes to Biarritz.

The Prince Imperial's education is now going to
enter a new phase. The Emperor having decided that he
should henceforth, as was the case with the sons of Louis
Philippe, follow the lectures that are delivered at the dif-
ferent lyceums in Paris, the lad will have to live in minion
with boys appertaining to every class and rank, and if he
is not obedient or attentive to his lessons, he will be
punished just like any other collegian.

On Thursday evening Madame Rattazzi gave a
dinner at her hotel in the Rue d'Antin, Paris, during
which one of the guests called the entertainment the
" Italian loan dinner." Polities, in fact, seemed by no
means to be excluded on this occasion. The number of
the Onsets was 24, amongst whom were Prinoe Napoleon
and the directors of the Credit Fonder of France.

The accounts from the watering-places of France
this year are pretty nearly uniform in declaring that there
are fewer visitors than usual. Dieppe. Boulogne, rrou-
villa, Biarritz, Havre, all complain. The Parisians have
got to like Homburg, Baden-Baden, Wiesbaden, and Mo-
naco more than the sea-side.

In these hot months a great slaughter is made
at New York of dogs, much to the indignation of feeling
citizens. The city used to pay tOe. (a sum equal to about
is. likl. at this moment) for every dog taken to the
pound, but they found that it led to • sort of trade in
curs. persons bringing them from the country districts
for the sake of the reward, and so the price of • dog's
head was lowered to 250. Even this is a great tempts.
tion to the street boys, or even to men who have nothing
to do, and they go about watching for dogs and seising
any they chance to meet, and carrying them off to tho
pound.

A ease of some interest to minors and their friends
was tried on Friday in the Commission Court, Dublin.
Samuel and Harriet Richards, two persona in a respectable
class of life, were indicted for assaulting Miss Clarellingle-
ton, who, along with her bother, both being wards of
Chancery, had been placed under their guardianship.
Evidence was given that the prosecutrix was repeatedly
welted
by the female traverser and kept at menial
drudgery, dressed " like a Cinderella," as one of the wit-
nesses described. The jury found a verdict of " Guilty,"
and the parties await the sentence of the court

ArGUST n
LATEST •IfiITELLIGENO2I.4It'
•
(LEUTZeti TILEORMIS.)
COUNT BISMARCK.
BERLIN, Amer 12.
Count von Bismarck will preside at the first
meeting of the Federal Council, on Thursday next.
His wounded hand is progressing favourably.

ITALY.

FLORENCE, Al3Olllll 12.

The Senate has adopted the first 17 clauses of the
Church Property Liquidation Bill. The first and
most important clause was passed by a large
majority.

PORTUGAL

LISBON, AUGUST 12.

A decree has been issued appointing a royal
commission to examine the financial state of the
country and devise the best means for its erne-
lioration.

OPORTO, Acucar 12.
Prince Augustin of Saxe-Coburg-Gotha and

Princess Leopoldine of Brazil have arrived here.

BOMBAY MAIL.
SUEZ, Aucusr 12.
The Benarea, from Bombay July 24, anchored at
1 a.m. to-day.
OUTWARD MAIL OF JULY 27—AUGUST 3.
The Oriaaa left for Bombay at 5 a.m. to-day
clean off all cargo.