The Express.
London, England, 1858-03-23 00:00:00

THE

decision, have been not altogether uninfluenced
by personal motives. This idea we cannot enter-
tain for a IWallent Tits impartial and admirable
conduct of the Directors during the trying crisis of
last autumn ought of itself to secure to them per-
fect immunity from insinuations of this nature.
Moreover, had personal pique been the motive, the
regulation now enforced would not have been
delayed until a period of perfect ease in the money
market. That the Bank are actuated by a desire to
increase their own business and importance is much
more probable. Hitherto the Discount House*
have had, virtually, the immense resources of
the Bank of England at their back; for, in
time of prewar', they could always rely upon
obtaining accommodation to any amount upon
the approved securities which they were enabled to
I offer. By cutting off these facilities, and intimating
to the Lombard-street Houses that they must hence-

forth rely solely upon their own means, the Bank
may reasonably expect to increase both the extent
and value of their own business. It is very possible
that merchants who were content to deal with and
rely solely upon Messrs. OVEREND, GURNEY, and
Co., as long as they knew that the resources of that
Houss were practically inexhaustible, will now deem
it only prudent to have • discount account at the
Bank of England, whose position is thus
rendered more elevated than ever. On the
other hand, persons who see in the alteration
at the Bank a fatal blow to the prestige of the
firm referred to, labour under a great mistake. That
House enjoys the highest credit, and a most numerous
and valuable clientelle, the growth of a long series of
years. In addition to the wealthy partner whose
names are before the world, these are others in the
background ; and the aggregate capital at their
command is so large that there is no reason why
they should not, if they think proper, continue to
purchase government stock until they have amassed
a very large reserve. If pressed for money, their
policy will be, either to sell, or, more probably, to
borrow money upon stock. The difference will
be, that this reserve will be relatively li-
mited ; as long as they could fall back
upon the Bank of England it was practically unli-
mited. And herein consists one of the advantages
likely to result to the community from the new ar-
rangement. Greater caution will be imposed upon
the Discount Houses, and, through them, upon Coun-
try Joint-Stock Banks. The latter have relied upon
the Discount Houses ; the Discount Houses have relied
upon the Bank of England ; and in this way the Re-
serve of the Bank has really been made subservient
to the necessities and encouragement of speculative
traders in the provinces. It is not neomeary to as-
sume that the Discount firms knowingly encouraged
irregular development' of trade ; it may be that
they looked no further than to the liability of
the shareholders in the Joint-Stock Banks. It is
perfectly evident, however, that an abuse of the
practice of re-discounting is here indicated. The
system was clearly calculated to encourage all
parties to extend their engagements beyond their
means, in reliance upon a higher support. If only
for this reason, we think the Bank is justified in
adopting a step which, it must be admitted, is amen-
tially arbitrary and exclusive, and which may even
aggravate the derangement of the money market in
critical times. High considerations of this kind are
indeed requisite to:. the due comprehension of the
course adopted by the Directors, who virtually refuse
to enter into farther dealings with a customer of
great wealth and credit, and who will occasionally
take, without the security afforded by the endorse-
ment of the great Lombard-street house, paper which
would otherwise have possessed that advantage.
The verdict of approval by which the decision of
the Bank has been stamped by many persons, is
beaed, however, upon other ground'. Therein no doubt
that the system of receiving deposits at interest has
been carried to an extreme and unsafe degree of de-
velopment, not merely by the Discount Houses, but
by many of the Joint-Stock Banks in London and
the provinces. There has been far too much competi-
tion for deposits ; the rates allowed have been too
high, and the facilities of re-call greater than is con-
sistent with prudence. The higher the terms paid
for deposits, the more necessary has it been to employ
them, the result being an extreme disregard of the
obligation of retaining in hand a good reserve. A
merchant who holds 20,0001. which he does not want
to use until a week hence, may find it very conve-
nient to lodge it for a week with Messrs. GURNEY
and Co. at interest; but can Messrs. GURNEY and
Co. safely employ the money ? The step just
adopted by the Bank undoubtedly involves a check
upon this system. Banks and Discount Houses alike
will be compelled to look farther forward ; and if the
competition for deposits slackens, and depositors are
required to give a longer notice of withdrawal, the
real interests of the community will certainly be
promoted.

But. whilst drawing attention to points whereas
the new rule of the Bank will have a salutary ope-
ration, we confess to an apprehension that too much
good must not be expected from it. The causes of
unsound trading are very deeply seated; and, when
the next speculative development occurs, mone-
tary facilities will not be wanting. The rules of
the Bank are not like the laws of the Medea and
Persians. Let us 'suppose a pressure to arise, aggra-
vated by speculative irregularities ; let us suppose
that a great Discount firm applies to the:Bank for an-
oommodation to a large amount upon unexception-
able securities. In numerous similar cases the Bank
of England have readily extended assistance to
establishments really solvent but temporarily em-
barrassed. Could they refuse to do so in the case
'apposed, knowing that the mere suspension of the
House would involve:the fall of hundreds of others,
and infallibly precipitate a general crush ? If the
new rule is not to bold good in such a cue—and the
Bank of England would not venture to uphold it—
its assumed beneficial influence must be proportion-
ately diminished.

Trtz TRINITY COLLEGE Iticrrs.—The govern-
ment inquiry has come to a premature sad ; indeed, it may
be raid to have scarcely had a begiening. Yesterday morn-
ing, at 11 o'clock, the Solicitor-Geseral, at the commence-
ment of the investigation, asked the opinion of the counsel
employed on behalf of the police and the oollego. The law
advisers of the police positively refused their oonsent to •
public investigation; whereupon the counsel for Trinity
College informed the Solicitor-General that they were in-
structed to withdraw their witnesses, and entered their pro-
test on behalf of the college against any private 'fleeing*.
time, ea the nature of the case and the misconception prora-
tion respecting it demanded the fairest and fullest inquiry.
The Solicitor-General adjourned the coot till twelve o'clock

tb day, °barring at the same time that if the investigation
went on it should be a private Inquiry, and that if any ponce
irleiri to give inionnation his testimony would be resolved.
ne Gallop authorities applied for and obtained informations
yeelarley against Col. Brown and several of the polios force.
Me mesa or. to ho beard OS Friday next.

NEw MARRIAGE REGULATIONS AXONG THE
Borax CATioins.-0A Hasas, Ire a formal notice iron

el the Ardenown of we■tm{aeter, err

~
read in the wee of high mass to all the Roman catholic
chanties swil chapels In the metropolis and suburbs, an-
swer/keg thee ea sad after Low Beadily, the 11th of neat
nesatli, as sesertage would be solemnised in came where
darer both perils are cotillion wakes the bangs of ma.
flap has bees previously shod on three encoeseive
eandays, seam at high main or at that mass at whirl
Addle artless we past* reed eat In the chapels or
churches Willie the parties nepectively rends.

bt Couri.

Her Majesty the Queen held a Court yesterday
salmon, at Buckingham Palace.
Baron de Henault bad an audience of the Queen, and
delivered his credentials u Envoy Extraordinary and
Minister Plenipotentiary from his imperiel Majesty the Em-
peror al All the Ruadas. His Exoslkney was introduced by
the Earl of Mahnesbury, the Quen's principal Secretary of
State for Fiweign Affairs, and conducted by Major-amend
the Hon. Sir Edward Cast, K.C.H., her Majeety'm Master of
the Ceremonies.

The Earl of Malmesbury had an audience of the Queen.
Her Majesty was attended by the Earl of Verdant, Lord-
iat.Waiting ; and Mr. R. Ormsby Clore, Groom-in-Waiting.
The Prince Consort rode on horseback in the forenoon,
attended by Captain the Hon. D. de Roe.
Her Majesty, with the Princess Alice and the Princess
Louis, attended by Lady Churchill, took a drive la the
afternoon, in an open carriage and four. Lord Colville and
Major-00mM the Hen. C. Grey attended en horseback.
The Primes Consort rode on horseback with the Prince of
Wales, 'headed by his Equerry in Waiting.
Her Majesty's dinner party in the evening included the
Duke of Cambridge, the Duke and Duchess of Beaufort, the
Marquis end Marchlonem of Stafford, Earl end Counter De
la Warr, Earl and Counter Granville, Earl of F.lkmborough,
Lord Stanley, Lieutenant-General Sir George Bowles, and
the Equerry in Waiting to the Duke of Cambridge.
The Queen's private band performed after dinner in the
drawing-room the following selection:
Overture, "Siege of Rochelle" Balta.
Serenade Humans.
Duo et Chumr, . Gustave"
Grande Marche, " L'Enhint de France" Dolma Bright.

A Cabinet Council was held yesterday at the
official residence of the Chancellor of the Exchequer,
in Downing-street. The ministers present were:—
The Earl of Derby, the Marquis of SalisbufT, the
Earl of Hardwicke, the Right Hon. B. Disraeh, Mr.
Secretary Walpole, the Earl of Malmabury, Lord
Stanley, General Peel, Sir John Pakington, the
Earl of Ellenborough, the Right Hon. J. W. Hen-
ley, and Lord John Manna's.
A deputation reEng Chains-bridge had an interview
with the Earl of 'awards , at his official residence in
Downing-street. John Manner. was present so the
interview.

depniation of coroners of En"lend and Wales had an
interview with Mr. Secretary Walpole yesterday at the
flornaadlos.

Adepsiiiiion from the Luton Local Board of Health had
an interview y with the Right Hon. C. B. Addmley,
M.P., at the nicef the Genera Board of Health.
depuCation consisted of Mr. Brett, the chairman, and of
Messrs. Tactility and Sole, two of the members of the local
board, attended by Mr. G. Bailey, their clerk.
A &patellas from the Binethwiok Local Board of Health
am had an interview with the Right Hon. C. B. Adderley,
at the oMos of the General Beard. The deputation con-
sisted of Mr. George Downing, the chairman, and of Mr.
Edward Chance, a member, of the Local Board.
A deputation, consisting of Alderman Challis, Dr. Booth,
F.R.S., and Mr. George Godwin, PILO., had an Interview
with Lord John Manners yesterday, at the offal of Public
Works, Whitehall-place, as to site for proposed memorial of
the Great Exhibition of 1851.
Despatches were received yesterday at the Colonial-o M's
from the Lord High Commissioner of the lonian Islands.
Mr. Cyrus W. Field had an interview with Lord Stanley
rigida:lay, at the Colonial-ofilae.

His Royal Highness the Prince Consort paid a
visit to the residence of the French anbaasy yesterday, to
vim the galley of pictures collected by his Encellency Count
heigny.

Hia Royal Highness Prince George of Saxony,
brother of the King of Saxony, will arrive in London at the
dole of the present week, from Paris.
.._

The Duke of Devonshire and the Marquis of
Hartington, M.P., have left Devonshire House for Holkir
Hall, near Milnethorpe. Mr. and Lady Fanny Howard and
lawny have arrived at Devonstdre Houk

The Marquis of Lothian has left town to join the
Marchketem at Bliabling Hall, Norfolk.
The Countess of Caledon enters on her duties u
lady in waiting to her Majesty, In the room of the Duchess
of Wellington, to-day.

Viscount Palmerston arrived in town yesterday
from St. Leonard's-on-Sea. Her ladyship, who will return
to town to-morrow, has Maned cards for an assembly on
Sato:day next.

The Right Hon. the Speaker of the House of
Commons will Live his sixth and last full draw paella-
usattary dinner to-morrow (Wednesday), leaned of Satur-
day next.

The Marchioness of Salisbury had an evening
Arty last night, at the family mansion in Arlington-street,
Piccadilly. There was a very full atteadanoe of the mam-
bas of the aristocracy, and moat of the foreign diplomatic
body. Har ladyship will have another reception on Thurs-
day next.
Admiral the Hon. H. I. and Mrs. Rom enter-
tainad Visomat and Viscountess Torrington, Lord Henry
Thyme*, Lady Campbell, Raar-Admiral the Han. Sir H.
Koppel, Colonel the Hon. James Macdonald, Rear-Admiral
and Mrs. Eden, Captain Archdall, Captain Ds Horsey, Mr.
Norge Payne, and a select party at dinner, on Saturday, at
teak imilenee in Grafton-street.

Lord and Lady Carrington received a select party
at dinner last evening at their residence in Whitehall.

We regret to learn of the death yesterday, at his
residence, 16, Stockwell-common of Chas. Farebrother, Ben.,
Albanian of Lime-street Ward. The deceased aldermen
was in his 76th year.

Count Arrivalene has been appointed by the
council of Londe. University Colley professor of Italian
hangs and literature.

The colossal equestrian statue in memory of Lord
Londonderry, to be erected In the centre of the market-place
of Durham, to to be executed by Signor Retreat!. Monti.
The oonnty subscription sroonnta to above 2,0001.

It baa been resolved, at a meeting held in the
°mad awry Hoorn, Darby, to erect in that town a statue to
the late Duke of Devonshire. A number of noblemen and
gentlemen have sent in their names es comadttee-men.
MEMORIAL STATUE Or THE LATE GENERAL
Nzitt.—Mr. Noble has been named by lady NeW es the
sculptor of the memorial states of Um late General Nail!, to
be erected In his native town of Ayr.
THE BACH SOCIETY.—The members of this
society, which was instituted some years since for the study
and promulgation of the choral compositions of John
Sebastian Bach, make a very important experiment to-night
at St. Martin's Hall, when the greatest of the two oratorios
of the " Pass anal" by this master—viz., that after the text
of" St. Matthew," is to be performed entire, for the first time
in England. The credit of this undertaking is mainly due
to Professor Mandate Bennett, who has devoted himself
with enthusiasm t the task of getting up the work, per.
haps the most difficult, as it is assuredly one of the
most sublime ever composed. If ha @noosed@ in effecting
for London what kiendelasohn, an ardent worshipper of
Bach, effected for Berlin and Leipsic, Professor Bennett
will bo entitled to the gratitude of every tree lover of mono.
His Royal Highness the Prince Consort hes Intimated his
intention to be present at the performance.-7 Seres.

TRINITY COLLEGI (DUBLIN) ELECTION.—The
nomination took place yesterday rooming. Mr. Letroy was
proposed by the Right Hon. Frederick Shaw, Dr. Mortimer
O'Sullivan seconding the nomination, Dr. GSM was pro-
posed and seconded respectively by the Rev. V. Sadleft and
Yr. John E. Ws'she, Q.C. Both candidates then addressed
the electors, but their speechse as well aa the previous ones
were delivered in almost dumb show. -'the uproar and con-
fades beggared all description.
- . . . .

It is positively stated in Paris that M. Alexander
Dumas, jan., fa about to merry a Miamian princess.
Oalignani is requested to contradict the state-
mot that the Marquis of Hertford purchased at the sale of
Dr. Veron a water-colotir drawing by Deoampe for 16,600 fr.
The noble marquis writes —"I did not even bid for the draw-
ing;" and adds: " Whenever a picture or a work of art is
said either in Paris or elsewhere at an extravagant or ridicu-
lous price, I mu almost invariably set doves se the purchaser.
I am *apposed to have bought many pictures and different
things that I have ectually weer seas !"

Rear-Admiral Sir Thomas Maitland, C R., late
coma:wading her Majesty's ship Excellent, is named u the
probable successor to Rear-Admiral the Hon. Sir Montagu
Stopford, K.C.8., as superintendent of Malta Dockyard.
The magnificent screw steamer Golden Fleece,
Captain J. V. Rail, one of the European and Amerioan
Company's fleet, hes again been chartered far the Indian
transport service. She will take out above 1,000 troops,
met end dims, for Calcutta, sad will leave at an early day.
The Goldin Mae arrived at Gravenod, on her return from
I India, M Ihmaday annight. the 14th inst.

CHINA.

Letters from Canton and Hong Kong to the 29th
of January were received in London this morning,
but the Calcutta advises are missing.
The Chinese tomes during the bombardment and
storm are stated to have not exceeded 200 deaths.

Yeh was still on board the Inflexible, but there
was some idea of sending him to Calcutta.
The Chinese tribunal, at Canton, of Peh-Bwei and
the tribunal of the three commissioners (Colonel
Holloway, le Capitaine Martineau, and Mr.
Parkes) were extremely active. Thanks to the
energy of the triumviri, the streets of Canton
were as safe from European violence as the
streets of Paris are from Chinese exactions.
The new court has established a new Canton police.
Captain Pym is the Colonel Rowan of Canton.
He has 100 soldiers under him armed with swords
and revolvers, and the French have a separate body
of thirty men. Associated with the Euro-
pean police are an equal number of Tartars.
Five English and two French stations have been
established in convenient parts of the city and
suburbs, and the ahopkeeping community are likely
to obtain under British and French rale a security
they never before hoped for. It will probably be some
time before entire confidence is restored, and we learn
that a good many of the wealthy inhabitants are still
leaving the place. When the restrictions to trade
were removed, a better understanding was expected
between foreigners and Chinese.
Their Excellencies Lord Elgin and Baron I.e Oros
still keep their stations off the city.
It was said the Ambassadors will proceed north as
early as practicable.