The Express.
London, England, 1866-05-04 00:00:00

PROSPECTS OP THE MONEY MARKET.

(From the Times' City Article.)
The Bank of England have raised their rate of
discount from 6 per cent., to which it waslowered on the
15th of March, to 7 per cent. The returns published last
evening show that the measure might have been adopted
with advantage a week ago. Such is still the demand for
money in this country that people are eager to obtain
it even on terms twice as high as those at which the
commercial classes of France deem it can be employed
with any profit. Hence it is evident that the
business of the United Kingdom is in a state of
exceptional and unparalleled prosperity, or that
it has been and is still being carried on upon a fictitious
system, which, instead of producing large gains, is rapidly
exhausting our resources. During the first quarter of the
current year our consignments of British produce and
manufactures were 32 per cent. in ezoess of those of the
corresponding three months of 1865; and if these were
profitable, and not upon greatly extended credits, a
stream of money should now be flowing in, whereas, on
the contrary, there has for nearly two months pest been
an uninterrupted drain. The operations of the finance
companies will but partially account for the existing
position. Their credit is now too low to admit of their
having much influence on the discount market They are,
doubtless, nearly all scrambling for money at any price at
which capitalists can be found willing to lend it, but it
is not to be supposed that their applications are now
entertained by the leading banks either of London
or the provinces to an extent that can so seriously
interfere with the supply that should be available
for the legitimate merchant as to create such a
disparity as that of 100 per cent. in the terms
respectively current in London and Paris. The fact,
therefore, is that the demand, such as it is, must be mainly
consequent on an amount of over-trading to the existence
of which the public, dazzled instead of warned by those
flourishing Board of Trade returns which almost always
precede a collapse, have in a great measure shut their eyes.
Relief, consequently, can be looked for only by a sudden
contraction, which, it may be hoped, is already stringently
commenced. How far this can now be effected without seri-
ous disaster, is a question that will doubtless be influenced
by the effect which the news of the reaction here will have
in such centres of our trade as New York and Bom-
bay. At the former city a severe pressure is likely to
be felt, because, in addition to any inconvenience from the
fall in cotton and the shortening of credits, they will
have to provide for a considerable amount of United
States bonds understood lately to have been sent back.
In India it may be hoped the experience of last autumn
will have served to preventthe possibility of any new crash
of great extent Should we be enabled to sur-
mount the immediate crisis, towards which achieve-
ment the best encouragement consists in the unques-
tionable largeness of the gains of preceding years
which our speculators can fall back upon—the
future may be viewed without alarm. Commercially, the
German and Italian wars are not likely to work us any
injury. Indeed, as regards our shipping trade they would
tend at once to restore it from the depression that followed
the termination of the war in America, while the general
demands upon our manufacturers would be little likely to
experience diminution, since it is not while the waste of war
is going on, but in after years, when that waste has to be re-
paired, that the commercialevils of national strife are chiefly
felt If anything could cure our merchants andcapitalists of
needless panic on such subjects, it would be the recollec-
tion of the previous Italian war of 1859 and the four years
of the American struggle. Already Italy has taken the
most potent step in her power to drive her supplies of
specie to this country, and Austria seems to be on the
verge of a similar proceeding. In a little time these in-
fluences will begin to develop themselves, and, as they
will be concurrent with the events now happening in ping-
land to clear the market of all unsound commitments,
there is reason to anticipate that, assuming an average
harvest to be realised, we shall witness before the autumn
a permanent return of the money market to a normal
state, and a steady increase in the value of all solid invest-
menta.

CONVOCATION OF THE PROVINCE OF CANTERBURY.
—Yesterday morning both Houses of Convocation re-as-
sembled at Westminster. The Archbishop of Canterbury
presided in the Upper House. The business consisted
chiefly of a discussion on the subject of Dr. Colenso and
his diocese. The Archbishop of Canterbury said he had
received &letter from Mr. V,. H. Domville, of No. 6, New-
square, Lincoln's-inn, inclosing a petition from the Mayor
of Durban, in the colony of Natal, and other persons in
that town, on the state of the church there. Mr.
Dyke, the registrar by direction of the archbishop,
read the petition, which was an extremely long document.
The petitioners concluded with a rdqul-t that they might
be informed whether Dr. Colenso had exceeded the liberty
allowed by the existing laws of the church of England,
and whether the proceedings of the Bishop of Cape Town
and the clergy compelled to act under him, were not acts
of schism disqualifying them from any longer holding
offices of emolument in the church of England. The
Archbishop of Canterbury said he had received letters
from the Bishop of Cape Town and other persons,
and then stated that the specific questions they
were called upon to answer were :—l. By the Bishop
of Cape Town—Whether the church of England
hold communion with Dr. Colenso and the heretical
church which he is seeking to establish in Natal, or
whether it is in communion with the orthodox bishops who
in Synod declared him to be ipso facto excommunicated?
2. By the Dean of Maritzburg.—Whether the acceptance
of a new bishop on our part, whilst Bishop Colenso still
retains the letters patent of the crown, would in any way
sever us from the mother church of England? a By the
Dean of klaritzburg.--Supposing the reply to the last
question to be that they would not be in any way severed,
what are the proper steps for us to take to obtain a new
bishop ! A long discussion took place, and eventually it
was determined, on the motion of the Bishop of Oxford,
to request the archbishop to appoint a time when their
lordships might more fully examine the question. Their
lordships then adjourned. In the Lower House, under the
presidency of Archdeacon Ilickersteth, the resolutions of
the Upper House on the subject of lay agency, agreed to on
the previous day, were brought under consideration, but no
resolution was come to upon them. The other business

was of no public interest.
CHURCH PASTORAL AID SOCIETY.—Yesterday the
annual meeting of the members and frieads of this society
took place in the St. James's-hall ; the Earl of Shaftes-
bury in the chair. A report was read, whicb stated 'hat
the total receipts for the year ending March 31,1;1116, were
12,240/. 18s. Bd., showing a decrease as compared with
those of the previous year amounting to 4,23 W. Os. 3d.
The expenditure for the mime period amounted to 46,214/.
2.1., being 2,815/. tie. Gd. more than last year, and
3,973/. 9s. 6.1. beyond the receipts of this year. The present
rate of expenditure is 49,2401., being 7,0001. in excess of
this year's income. On the Bishop of London's fund 405!.
had been received for special grants in London, making the
total receipts since the society's formation 949,402/. 2s. 9d.
During the past year 33 grants became vacant, and 24
new grants only were made ; eighteen to new districts,
whose aggregate population is nearly 136,000 ; and six to
parishes already receiving aid. There are, therefore, nine
grants less than last year. The number of grants in each
class, at present, are for 470 clergymen and 165 lay assis-
tants, making a total of 635. Th
tion se
are m
7 ,70ade tosouls, 500
incumbents, whose average popula is 0
income 2401. per annum ; 193 are without parsonage houses.
To sustain these grants an income of 55,295/. is re-
quired. The society provides 672 additional public
services on the Lord's-day, 425 on the week-day,
704 schoolroom and cottage lectures, and 638 bible-
classes. Its grants have let to the erection, opening, or
keeping open of 260 churches or chapels ; and in districts
at present receiving aid, 236 zooms are licensed for the
celebration of divine service. Additional and more syste-
matic pastoral visitation is also provided for a population
amounting to nearly four millions. Within the metropo-
litan circle there are 55 grants for curates and 22 for lay-
agents, benefiting a population of 592,051, at a cost to the
society of 6,770/. In addition to these, 8 grants for curates
and 2 for lay-agents are at present in operation through
aid received from the Bishop of London's fund. The
total number of grants since the formation of the society
amounts to 158.5 ; whilst the population benefited is
estimated at 7,122,958. On the motion of the Bishop of
I'eterborough the report was adopted, and resolutions
were passed having for their object the promotion of the
best interests of the association.
ST. DAVID'S COLL/1011, LABITETER.—The Rev.
Donald Spence, B.A. Christ Church College, Cambridge,
Professor of English Literature and Modern Languages in
this college, has just obtained for the second time a first-
class in Theological Honours at Cambridge, together with
the Scholefleld University Prize for Hellenistic Greek.
Mr. Spence was Carus University Prizeman in 1862.
RAILWAY AND OTTERS. RILLS IN PARLIAMENT.—
Ysiterdai in the House of Commons conunittees some
progress was made in Group 1, in which several suburban
lines are concerned. In Group 10, the case of the
Manchester, Sheffield, and Lincolnshire Railway (cen-
tral station and lines) was adjourned for the opinion
of the referees. The Lancashire Union Railways
Bill, being unopposed, was referred to the general
committee. In Group 15, the Great Yarmouth Haven,
Port, and Rivers Bill was proceeded with and ad-
journed. In the cases of the Peterborough, Wisbeach,
and Sutton Railway and the Great Eastern Railway
(additional powers), the bills were unopposed. The ap-
ces were taken in the cue of the Louth and Lincoln
=sty. In Group 16, the Bute Docks (Cardiff) Bill was
further proceeded with.