The Express.
London, England, 1866-03-13 00:00:00

TRADE WITH THE UNITED STATES.

In' striking contradiction to the statements
which have been hazarded in this country, that
America is unable to send us enough commodities to
pay for the large amount of goods we are supply_ I
nag her with, the New York journals continue to
discuss the probability of gold remittances being
made from England. We extract the following
from a recent number of the New York Naiios.
The writer, as is natural, regards the position of
affairs too much from a Transatlantic point of
view, and is evidently not sufficiently acquainted
with the varied influences affecting the London
money market to be able to strike such a balance as
would enable him to judge accurately of its future
course ; yet, as portraying the stateof feeling in the
American financial centre, hie remarks are not
without izterest
' - •

The feature of the week has been a decline in foreign
exchange. Bankers' sterling bills have fallen to 104 to
1071. They have not been as low as this since the dead-
lock of 1861, when the approach of war rendered exchange
unsaleable, and gold was imported from England. The par
exchange between the United States and England is about
1091 for sterling bills. At 110 gold can be shipped without
loss, but with small prospect of profit, except in the case
of firms which pay no commissions, and but little insurance.
To import gold profitably from Great Britain, bankers cal-
culate that they must buy bills here at 106 to 106 i. At
this figure, allowing for loss of interest, commissions, and
insurance, sovereigns may be imported. Twice within the
past few years exchange has fallen to and below
106, and on each occasion gold has been imported
from Europe. But it has generally been re-exported
"in the original package." Its mere appearance has had
the effect of stiffening the exchange market to such an
extent that it has been itself the best of all remittances.
In the event of a continued decline in exchange, it remains
to be seen whether the same result will follow now, or
whether our enormous cotton supply will not make some
difference. One thing is certain. When London bears of
the decling in exchange, the alarm of January will be con-
siderably increased. It will hardly thee be claimed, even
by the most besotted British prints, that the trouble arises
from undue extension of credit to the United States. Oui
English friends will then realise the plain fact that the ex-
changes of the world are gradually tending in favour of
the United States ; that capital is flowing hither from
Europe ; and that henceforth New York is going to com-
pete with London for the supremacy of the financial world.
The practical results will be obvious. In view of the actual
heavy drain of coin from England to India and of the
probable drain from England to the United States, the '
Bank of England will probably advance the rate of interest
—possibly as high as 10 to 12 per oent.—and all the loose
paroels of 5-20 e, Erie. Am., to be found in the London
market, will come here for sale. It is somewhat doubtful
whether the latter will aggregate many millions. No bona
foie holder of either 5-20 s or Erie will sell his property for
the sake of easing the London money market. The stronger
our financial position becomes, the more firmly will
Europeans hold their American investments. Such
lots of bonds and stocks as may be held in
bankers' or brokers' hands on speculation in London
will, of course, be exported to this country;
but they are not likely to amount to much. On the other
hand, an advance in the Bank rate to 10 or 12 per cent.
would prove efficacious if it succeeded forthwith in restoring
the exchanges to the side of Great Britain. But if, by
chance, the people of England continued to want d us
more cotton and more 5-20 s than they sent us dry goods
and general merchandise, then the advance in the Bank
rate would merely embarrass British trade and industry
without altering the relative position" of the two countries
in the commerce of the world, and would naturally, if pro-
longed for any length of time, drive to this ootuitry a con-
siderable amount of British capital and labour.

AGRICULTURAL L A BOURRILL —A meeting of the
agricultural labourers of thedistriets surrounding Maidstone
has been held at Maidstone, for the purpose of taking into
oinsideratiun their present low wages, with the view of
taking steps for an increase thereon. Long before
the time of commencing proceedings the room, which
is capable of holding three hundred, was crowded
to excess, likewise several other rooms, the staircase,
and pulse leading thereto There could not have
been lees than from four to five hundred agricul-
tural labourers present, coming from the districts ot Lang-
ley, Bearded, °them, Farleigb, Maidstone, Deeming,
Torii, Loose, Bexley, Thurnbarn, Witeringbury, Town
Sutton, Chart, Ooxheath, West Farleigh, Boughton,
Leeds, Huntoe, Debtling, Sutton Valence, Aylesford,
Nettlestead, Hollingbonrne, Barham, &a Mr. C. Keen
having taken the chair, stated the objects for which
they had met. Mr. denies Bounce, labourer, of Tovil,
then addressed the meeting and coooluded by propos-
ing—" That this meeting is of opinion, considering the
great rise in provisions and other necessaries, tocetber with
the fact that nearly every branch of industry had received'
an increase of pay, that the farmers in this district be soli-
cited td grant their labourers an advance of 6d. per day
upon the present scale of wages.' The above proposition
having be .11 seconded by Mr. William Beale, labourer,
it was unanimously carried amidst loud cheers.
Mr. Edwin Hollands, labourer, of Langley, proposed,
"That an increase of 2d. in the shilling upon the
present scale of piece work be sought for, as commensurate
with that of day work." This was carried without a die-
motion", as was the following :—" That this meeting is
further of opinion that it is the duty of the employer to
permit their men to leave their work at f our o'clock on
Saturday afternoons, and that 4d. per hour be asked for
every hour overtime." An adjourned meeting was held on
Friday last, in the Corn Exchange, Maidstone, when upwards
of 600 labourers were present. Mr. C. Keen having been
unanimously voted in the chair, briefly detailed the pro-
ceedings of the last meeting ; after which Mr. C. Knight,
Mr. Baker, Mr. Theekstone, and Mr. Poesy delivered spi-
rited addresses to those assembled. A memorial embracing
the forego* resolutions was then adopted to the farmers
of West Kent, to which nearly a thousand signatures were
attached.—Alaideone Tekgraph.
CRYSTAL PALACE. ONE SHILLING DAY.
MONDAY, MARCH 12.—Admissions on payment, 826 ;
ditto by "neon tickets, 1,047; total visitors,l,B73.

(wormer
The Royal Mid

fax and Boston, am

yesterday, with 84 cabin passengers sad 6,b78 dols.
,in specie. She leaded 90 sacks of mails, passes-
'gum and telegrams, and proceeded at 2.15 p.m. for
Uverpool. All well.

NEW YORK, Fn. 27, EVININO.

Despatches from all parts of the country repre-
sent the people as generally endorsing the Presi-
dent's veto and speech. On the other hand, resolu-
tions have been introduced in the Massachusetts
legislature, denouncing Mr. Johnson's remarks
concerning Mr. Sumner as an insult to Massa-
chusetts.

It is reported that the President will shortly
issue a proclamation declaring that peace has been
firmly established in the South, and that the States
will be left to govern themselves under the consti-
tution without military interference, except on the
part of the Freedmen's Bureau, which will continue
in force one year after the issue of the procla-
mation.

Rumours of cabinet changes are still current.
The governor of Ohio has published a report of
an interview he has had with President Johnson.
On that occasion the President stated that he con-
sidered he was carrying out the work oommenced
by Lincoln, and that Congress had no right to com-
plain of his action. Since they had not adopted
any general plan of reconstruction, he was obliged
to devise one for himself.
The Senate continues to discuss the resolution
against the admission of Southern representatives
until Congress shall have declared the rebellious
States entitled to representation. Mr. Sherman
(republican) spoke against the resolution, depre-
cated all divisions in the Union party, and denied
the existence of any sufficient cause for withdraw-
ing their confidence from the President.
In the House of Representatives, Mr. Denman
introduced a new bill to amend and continue in
force the Freedmen's Bureau Bill.

Mr. MacClurg offered a resolution instructing
the Reconstruction Committee to inquire whether
the Southern States are still in contumacy, and if
so, to consider the expediency of levying contribu-
tions on the disloyal inhabitants, in order to defray
the extraordinary expenses of the government. This
resolution was referred, without instructions, to the
Reconstruction Committee.

Mr. Bentham reported, from the Reconstruction
Committee, a constitutional amendment, giving
Congress power to legislate to procure for the citi-
zens of each State all the privileges and immunities
of citizens of the several States.

General Grant has returned to Washington, after
receiving great attention in this city, and being
presented with a hundred thousand dollars by the
leading citizens.
The New York Herald advocates General Grant
as the next President.

The journal La Cronica announces that the
Spanish war vessels now in New York will be per-
mitted to refit in the Brooklyn Navy-yard free of
expense.

The Fenian congress at Pittsburg has adjourned,
after disclaiming all connexion with American party
politics, and adopting an address urging immediate
preparations for war. Reports telegraphed to
Canada by English detectives at Pittsburg state
that General Sweeney's plan is to make a demon-
stration against Canada next month with a small
force, and strike New Brunswick by way of the
Maine frontier with his main columns.

A secret military council of O'Mahoney's party
has been held at New York. They have issued an
address, signed by 125 naval and military officers of
the late Federal volunteer service, urging an imme-
diate and direct strike against Ireland.
It is reported that an armed Fenian band had
attacked the bank at Stanbridge, Upper Canada.
The Canadian government has forbidden the
importation by sea of cattle, sheep, horses, swine,
meats, skins, hides, home' hoofs, straw, and
fodder, after March next.
The Hermann and Arago have arrived out.
NEW YORK, Mace 1, Ammaroop.
A special despatch from Washington announces

that at the Fenian meeting, held in that city last
night, intimations were given of a plan to seize
British Columbia, and establish a harbour for pri-
vateers on the Pacific Coast.
The British minister is understood to have for-
warded a communication on the subject to the State
Department, which has formed a topic for discussion
at a cabinet meeting to-day. A proclamation will
probably be issued by the government against any
violation of the neutrality laws.
A military committee of the House of Repre-
sentatives will shortly report a new bill for the re-
organisation of the American army.
The Asia has arrived at Halifax with the news of
the suspension of the Habeas Corpus Act in Ireland.
Bank robberies continue to be committed in
Canada.
The closing quotation of gold this afternoon was
136 i.

disposed al is the Corps _
emanate front the Loft and rul►tte to thopaode of con-
ducting *Me pending inquity Led tal the solid of
agricultural distress by the reduction of taxation
and of ilia zitalabtr of recruits fr the army. They
are all certain to be rejected, but the talk about
them may perhaps take up nearly all the week.
Then will come the great battle upon the amend-
ment of the 45 conservatives, demanding internal
reform, And for thi., which really gives the govern-
ment great anxiety, M. Rouher is furbishing up
his armour.

March 20—the fête of the Tuileries chesnnt
tree—is the day fixed for the sale of Prinoe Na-
poleon's Roman villa in the Avenue Montaigne,
which has been christened La liaison de Diomede.
The interior of this " folly" has been made
familiar to the public by the engraving of Bou-
langer's picture of a scene in M. Emile Angier's
Joneur de la Flute, played before the Prince in his
villa, in which Theophile Gautier, in a peplum,
is seen conversing with Mdlle. Favart, of the
Thiatre Francais. It is doubtful whether any pur-
chaser will keep up the house in its present state.
Attempts to adapt models of ancient constructions
to modern purposes of daily life are generally short-
lived. The Roman trireme, which cost a mint of
money, and was seen floating on the Seine at St.
Cloud four or five years ago, is now rotting in a
corner of the Cherbourg dockyard.
The Chateau Beaujon, the palatial abode of M.
Gudin, the famous marine painter, is to be brought
to the hammer. The "upset" price is the enormous
one of two millions of francs, and I understand an
offer of 1,200,000 fr. has been refused. It is one of
the moat desirable residences in all Paris—a perfect
rus in urbe. On the town side of the Arc de
Triomphe, at the upper part of the Faubourg St.
Honor 4, it is, now that Paris is spreading westward
to the Bois de Boulogne, almost in a central situa-
tion, and yet in summer, when the trees and shrubs
of the garden are in full leaf, the owner may sit in
his drawing-room and fancy he is looking upon a
park in the country. I am greatly afraid that this
ornament toParis is deetin ed to be "Hausmann ised."
What fortune can afford to lock up a capital the
interest of which, if well invested, would be 4,0001.
a year for a town house alone 1 And after all, the
Chkteau Beaujon, though fit for a prince, is not
too large for the requirements of s moderate
family. In all probability we shall soon see the
three sides of the beautiful walled garden bordering
the Faubourg St. HonoriS, the Avenue Friedland,
and the Rue Balza° made the sites of genteel
apartments of the regulation pattern, and then, no
doubt, the rents of the six floors may produce a
capital return even for the large sum of money
spoken of.
M. Gudin's collection of paintings and furniture
are to be sold by auction on March 22 and follow-
ing days. The gallery contains a Raphael, with
almost a library of attestations of its authenticity ;
and a picture by Greuze, of Louis XVL's head
just after it was cut off, and dropping gouts of
of blood.

M. Pacini, the musical composer and publisher,
has just died at Paris, at the age of 88.
A despatch from Brest yesterday morning says :
" The Brest theatre is in flames. Impossible to
stop the fire."
It is now said that the second volume of " Julius
Caesar" will not appear so early as the end of this
month, in consequence of the Emperor having
determined, at the last moment, to send a com-
mission of inquiry into Savoy to collect materials
respecting the alleged existence of a third Alesia in
that country. The Emperor proposes to maintain
the correctness of all he said in his first volume
about Aleaia in Burgundy.
The Bourse was again firm, but with very little
business doing. Route rose I2ic. for cash, and lOc.
for account, closing at 69fr. 724 c. and 69fr. 77ic.
Mobilier rose Bfr. 750., Credit Fonder Mr., and
Italian 11c.

The death of Louis Bonhier at Nienl-le-Dolent
(Vendie) is announced at the age of 106 years. During the
wars of the republic be bad served in the army for several
years. He afterwards married and had 17 children. He
retained his intellectual faculties to the last, and wan re-
markable for the accuracy of his memory.
STEEPLECHASES AT VINCENEES.—Tbe Spring
Meeting here commenced yesterday (Sunday) with
delightful weather, and the ground in splendid order
for running. The races seek brought out good fields,
and were well contested, and although several rather
severs falls occurred, now were attended with se.
rious consequences. The business commenced with
the Prix de St. Mande, in which Milton and
Vauereeeon were about equal favourites ; the latter
had been beaten by Milton at La Marche on the pre-
vious Sunday, but meeting M. Loci's horse yester-
day, on two pounds better terms, reversed the former
result, winning by a length. The Prix des Harm,
first class, which followed, appeared to lie entirely between
Viscount Talon's Regaliaand Count d'Oemond's Amarenthe,
as at half the distance those two were running clear in ad.
vance of the rest, but on both falling at the same jump their
chase was extinguished, and Baron de Wrissem's Oasis
won by a head, after a splendid finish with Perle-Fine.
Lamplugh, who rode Amaranths, was 'merely shaken, and
had to be supported back to the paddock ; bet Viscount
Talon, who mounted his own horse, got off more easily,
and although, as he remarked, he felt stiff from his fall, he
was able to ride a wising race on his L'Homme-entre.
deux-Ages, in the Prix dm Harm, for geldings and half-
heeds, with which the proceedings terminated. The gallant
viscount was warmly applauded on his success after his
previous mishap. —Galignarii.
DESPATCH OP THE BOMBAY MAILL—SOLITHAMP-
TON, MARCH 12.—The Peninsular and Oriental Company's
steamship Emise, Captain Angove, sailed this afternoon
with the mails for Gibraltar. the Mediterranean, Egypt,
Aden, Bombay, and Upper Bengal. She took out 35 pas-
sengers, and on freight for Bombay 302 home specie, he.,
value 86,3071., of which amount 80,2001. is in bar silver,
5,0001. in bar gold, and 1,1071. in gold thread, jewellery,
GHHIulr watches, tre.
HosPrrar., Daurron.—Last night the
twenty-first enniversery dinner took plane at the London
Taves, the Earl d Dudley in the chair. The company
numbered about 150, amongst whom were the Baron de
Oetto, the Bavarian minister, Count Wedel, Mr. Meinertz-
began, the Rev. Dr. %Baum Mr. Puller, Dr. Sadie,
Dr. Weber, k.c. After the usual preliminary touts the
noble chairmen proposed the toast of the evening, and in
doing so made s very effective appeal on behalf of the
charity. 1- -ppeared from the statement put forward that
the numb r of in-patients admitted during the year
amounted to 920, of whom 698 were males and 222 females.
The out-patients attended to were 14,521. Since
the opening of t hospital 192,115 in and
out patients particip.ced in the benefits of the
charity. The reeeipts for the year amounted to 4,5161.,
and the expenditure to 4,5224 Besides this small deficiency
there remained a debt of 2,0001. occasioned by the recent
addition to the building, which it wee hoped would be wiped
off by the results of the present anniversary dinner. ft
should be mentioned that though principally an hospital for
the Germans residing in London its benefits are freely ex-
tended to persons of all nations who require its aid. The
new addition to the hospital has increased the annual
expenditure, and one ward remains closed for want of
funds. The musical programme, under the direction of Mr.
Jules Benedict and Mr. Otos. was most effectively carried
out by Millis. Liebbardt, who sang two charming sonp,
Miss Roes Hereto, Herr Fees, Signor Oiabatte, and the
Orpheus Glee Union. The subscriptions amounted to
246201., being an increase of 7001. on the receipts of last
year. _ . _

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flri;f::y's Ointment is the mast trustworthy remedy for all
Internal and external throat ailments, and may be W .1) and
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of spasmodic coughs, chronic hoarseness, and all disagreeable
discharges from the throat and nose.

The election of Martini 118 • mentees:.-
Chamber by the electoral eollege of) is
likely to give rise to tronWe and to diseinfilon,
which may do mischief, and can do no goad. The
verification of the election will come before the
Chamber very shortly ; and in all probability a
very stormy discussion may be the result. My own
impression is that if Signor Mania should decide
on taking the oaths, and could quietly assume his
undisputed plane in the Chamber, no possible evil
could result from his doing so. Ido not think that
such an event would be likely to prove satisfactory
to himself, or to contribute to his happiness in any
way. There is always in the return from long
exile—and in his case there would be more than in
almost any other such—too much of the sadness
attendant on a Rip van Winkle's waking from
his secular sleep. Joseph's place would indeed
know him no more. But the troubles to which
the election in question will needs give rise, are in
no wise tobe feared from the fact of Marxini
sitting in the Chamber, but spring from the diffi-
culty of admitting him to do so, on the one hand,
and the mischief arising from excluding him, on
the other. And this consideration, probably,
rather than any real desire of seeing the veteran
revolutionist in the Chamber, has been the motive
for his election.

The difficulty of admitting him is twofold. He
lies at present under the sentence of a criminal con-
demnation—l believe, for the shooting down of
some sentinel or sentinels on the occasion of some
revolutionary attempt in the antediluvian time
before Italy was Italy. Of the fairness of
the conviction, or of the nature of the
circumstances, I know nothing, nor doe
any such question at all signify to the
present aspect of the matter. He is under the
ban of an ordinary criminal sentence. This is
difficulty the first. But it is maintained, that inas-
much as the kingdom of Sardinia is no longer in
existence, a condemnation by the courts of that
defunct political entity can no longer have any
force. This, it appears to me, will not hold water.
Did the annexation' of the various provinces operate
as an universal gaol delivery 1 But this first diffi-
culty might no doubt be very easily, and would
probably unobjectionably to all parties, be got
over by a stroke of the royal pen.
The second difficulty would probably be found
more unmanageable. It is to be feared that France
might have something to say in the matter.
The mischiefs likely to arise from a decision of
the Chamber excluding him may be conceived
from an article in the Milan Unita Italian,
on a " protest " put forth by a society
of Genoese workmen on the prevention by
the authorities of a meeting intended to
celebrate the election. The society in question,
rehearsing a variety of "considerations," in true
parliamentary! style, "considering," among other
things, that the present government, "which by
force prevents our manifestations, is capable of lay-
ing bands on him as soon as ever he has crossed
the Alps, and giving him back to the hangman as
his property, or, at least, of consigning him, by
virtue of an extradition treaty, to France, which
has condemned him to Cayenne ; and further, that
although the election renders him inviolable, there
is nothing—neither law nor the national will—that
is sacred for our constitutional government
Considering all which, we protest against the pre-
sent situation, and pledge ourselves to set to work
at once, and to persevere with devotion and
constancy, and to consecrate all the means
in our power to the overturning of the ob-
stacles which at present oppose themselves
to liberty and the unity of our country.
Then there will be no more exiles, nor hangman,
nor hangman's register, and we shall not need
any questor's leave to welcome the friends of the
country."

From the above specimen it may be gathered
what sort of talk and feeling is likely to be excited
by a refusal of the Chamber to verify the election.
A " popular assembly for the purpose of ap-
plauding the vote of our brothers of Messina, which
has nominated Giuseppe Mazzini to the Chamber of
Deputies," is announced to take place here on next
Sunday, the 11th. We shall see with what result.
My own impression in that the government would act
far more wisely, as well as more constitutionally,
iu allowing such meetings to take place.
While waiting for the report of the commission
on the laws for the abolition of the monasteries,
and the budget, there is nothing of much interest
going on in the Chamber.
The papers continue to be full of the "Consorzio
Nszionale," which promises to be indeed a national
movement. The committee announces that it is a
mistake to suppose that there is any intention of
making a present to the government. The com-
mittee is, and will continue, wholly independent of
the government, and will administer the funds col-
lected according to its own discretion (assisted by
deputies from all the provincial committees), for
the alleviation of the financial position of Italy.
But people are still asking whether they are to give
their money, or only to lend it, and under what
terms. And to this the committee has as yet given
no official reply.

Tax Paws Exatsrriort or 1867.—A Paris cor-
respondest of the Indepoodazice Berge, wilting on the 9th,
says :—" I went yesterday, partly by chance and partly
from curiosity, to the Champ de Nan, which is being broken
up in every direction for the erection of the immense build-
ing necessary for the Universal Exhibitiou of 1867. It le
a curious, a wonderful, a moving sight. Imagine a whole
army of workmen. There they are, several thousands of
them, grimy, shaggy, in blouses and in tatters, with
pickaxe, mattock, axe, wheelbarrow, cart, and waggon,
making excavations, filling up hollows, heaping up moun-
tains, erecting whole forests of beams and framework.
You might fancy they were building the Tower of Babel or
the Pyramids, or the foundations of several cathedrals. It
is an ant-bill, a gigantic human ant-kill. I know only two
undertakings presenting as much interest—Mont Canis and
the Sues Canal. The Parisians flock in large numbers to
the works. It was floe yesterday, and about two thousand
were there."

CASE or POIEONTNO FROM TEE MILK or DIE-
EASED COWL—An occurrence of an alarming character
(writes a correspondent( has taken place at Standar. Hall,
Staffordshire, the residence of Mr. Thomas Woolf.. That
gentleman has lost by the rinderpest up to the present
time thirty-nine head of cattle, and some have recovered.
Among the animals seised were a cow and her calf; the
calf died, but the cow survived the attack, and in a few
days her milk returned. The dairymaid took some of the
milk which she had taken from the cow and showed it
to Mrs. Woolfe, who, attracted by the comically risk
appearance of it, put her finger into it and
tasted it. No sooner had she done so than she
experienced a violent burning sensation in her month,
which mined her immediately to spit oat the remainder.
This, however, did not terminate or even allay the burning,
smarting feeling ; on the contrary, it extended rapidly and
with increased intensity to the stomach and all over the
body to such an extent that a serious illness with symp-
toms such as are produced by irritant poisons supervened,
and thorough recovery did not take place for several days.
Mr. Woolfe at once ordered that the milk of cows rem-
vered from rinderpest should for some days be given to the
dogs and other animals, in order that its effects might be
observed before applying it to the ordinary purposes.

of Eart .. a. Attacthri to her
Majesty's embassy at St. Petersburg. In the
summer of last year Earl Russell •
Associated Clambers of Commerce and Maitre(4bi
representative' of the great manufacturing aa.
commercial communities in this country that a
national exhibition of the arts and manufactures of
Russia was about to be held at Moscow. The
chairman of the Associated Chambers of Com-
merce expressed to his lordship the intention of that
body to send adeputation to Moscow to examine
and report upon the various articles of Russian
produce and manufacture which might be exhibited
there. Lord Russell highly approved of a measure
which in his opinion would teed to increase and de-
velop the commercial intercourse between the two
nations, and make the commercial classes of both
countries better acquainted with rich other. Ace
ciardingly, when Mr. Sampson Lloyd, the chairman
of the association, and Mr. Goodman, the president
of the Birmingham Chamber of Commerce, were
chosen to represent the Associated Chambers of Com-
merce in Russia, Lord Russell offered to assist them
in carrying out the objeota of their mission by in-
structing Mr. Michell, who is perfectly acquainted
with the Russian language, to accompany them. Earl
Clarendon was of opinion that the service which Mr.
Michell could render to the commercial and manu-
facturing interests of both countries would be still
more complete by his drawing up a report upon the
result of his visit to Moscow, and of his communi-
cations with the principal commercial bodies in
England and in Russia.
Earl Clarendon has since directed Sir Alexander
Buchanan to present a copy of Mr. Michell's re-
port to the Russian government, making in his
letter to the ambassador a handsome acknowledg-
ment of the zeal and ability of its authors who,
unless we are mistaken, is likely to distinguish
himself in the diplomatic service. Mr. Michell
treats first of the present state of commercial
relations between Great Britain and Russia, and
then of the Russian tariff in respect of its effect on
British articles of export to the latter empire. The
trade between the two countries, which is of
ancient date and was for a long time mutually
profitable, has now for several years shown symp-
tom of decay. The Crimean war to a very great
extent rendered our manufacturers independent of
Russia for tallow, hemp, flax, linseed, and other
commodities subsequently imported in ever-increas-
ing quantifies from South America, India, and the
Australian colonies, or since superseded in manu-
facturing processes by other oleaginous substances
and fibrous materiels. Nevertheless, after commer-
cial intercourse had been resumed with Russia the
statistics published by the respective governments
showed no decrease in the trade, and it apparently
resumed the dimensions which it had attained pre-
viously to 1854. But these no longer bore the same
relation to the general foreign trade of Great
Britain which they once did. The commerce be-
tween this and other countries has of late years
been increasing enormously. The example of France
in negotiating a commercial tresty with us has been
followed by Belgium, Italy, Prussia, and, more
recently, Austria, and these engagements, founded
on &recognition of the necessary mutuality of interest
between buyer and seller, promiseto do more than in-
crease the commercial engagements which they more
immediately control, the interchange of commodities
leading invariably to a further traffic in credit and
capital. But, as Mr. Michell points out, while capital
and credit are flowing from Great Britain to
every other country in Europe, even to
Turkey, it is a singular fact, and one intimately
connected with the state of trade, that Russian
financial enterprises find no favour whatever in the
London market Financial schemes inherently
sound, projects for the construction of important
railways, for the establishing of commercial and
land banks, all so urgently needed in Russia, and
so unquestionably remunerative at nodistant period,
have met with no encouragement in oar Stock Ex-
change. English houses of the first standing have
one after the other during the last few years been
forced to abandon engagements provisionally made
in Russia, much to the disappointment and greatly
to the prejudice of all future Russian schemes. Of
course, no one with the least acquaintance with the
spirit of the money market or the temper of capi-
talists will suppose that political antipathy has had
anything to do with these failures. The only true
explanation is the fact that the commercial policy
under which the finances of the Russian empire are
yearly becoming more embarraased, while the trade
of the country is stationary, has created a want
of confidence which can only be removed by the
adoption of • liberal system of commerce. As
long as the development of the resources and
foreign trade of Russia remains impeded it is
more than doubtful whether any capitalist in Eng-
land would undertake the placing of any new Rus-
sian bonds, shares, or government stock, except on
terms which would still further depreciate the cre-
dit of the empire. The Russian government has
shown itself sensible of this loss of credit in the first
market of the world, hy recently resorting to an in-
ternal lottery loan. The measure of that decline of
credit in a market where under the old system of
international commerce the financial demands of
' Russia were so favourably viewed is not to be
taken from a mere comparison of the present with
the former price of Russian stock in London. We
must also look at the disinclination to lend to
Russia, together with the wonderful expansion of
our financial and commercial relations with other
countries. Mr. Michell states that whereas formerly
the leading brokers of London daily received orders
from their clients to purchase Russian stock for
bona fide investment, such orders are not now
' given once a month, and several days
together often pass without a single trans-
action. He also refers to the fact that
the Messrs. Rothschild, who took the loan
of 1862, would have nothing to do with that of 1864,
although it was 9 per cent. cheaper ; and even at
that price the small amount of the loan was dis-
tributed between London and Amsterdam.
It appears from the Statistical Abstract published
annually by our Board of Trade, that while our
traffic with the rest of Europe, as estimated by the
value of exports and imports, was marked during
the period 1859-1863, by an increase ranging
from 38 per cent, in the case of Holland, 39
with the Hanseatic Towns, 41 with Belgium, 43
with Italy, 50 with Prussia, 63 with Turkey, up to
79 per cent with France, our trade with Russia
suffered a decrease of 11 per cent Mr. Michell at-
tributes this non-expansiveness and partial decay of
the trade between Great Britain and Russia to no
other cause than the commercial policy pursued in
the latter empire since 1823. It is true that our
merchants were driven during the Crimean
war to seek in other markets either for
the products we had before drawn from Russia,
or for others capable of taking their place.
Thus, Indian jute was used in 1863 instead of
Russian hemp to the extent of 1,500,0001. The
supply of Russian tallow has also fallen to almost
half the quantity exported to England before the
war. But the export tables show that in the aggre-
gate the demand on the part of Great Britain for
Russian produce is far from being on the decrease
in the items of corn, flax, linseed, wool, and several
other articles. These, as well as hemp and tallow,
are products that must always meet with a growing
demand as population and industry increase •, bat
they will ever be purchase& in the cheapest and
most attractive markets. Unfortunately the Rus-
sians have assumed, on the one hand, that foreign
countries are dependent on their supplies of those
raw materials, and, on the other, that it is quite pos-
sible for them to arrive at absolute independence of
foreigners by fostering home industry. The com-
mercial policy of Russia is based on the notion that
the empire ma 7 be made a solely exporting country,
receiving foreign gold in exchange for its raw pro-
duce. It is a system contrary to that of every other
country in Europe, tending to isolation and
to the ultimate destruction of the export
trade itself. The commercial policy of Rus-
sia is thus a prohibitive one, but, as far as the ad-
vantages which its authors hope for are concerned,

exists only on paper. ,The advantages sehici,"_
Russian tariff offers to illicit iopoesneion are we
that the introduction of foreign connoting.' !II
little hindered. Russia imports
c the same quantity of foreign man
she
_irrincyrwmaka:megeopenly of honest trei;
of rniernationalii-
oourse, and of her own export trade. The efieosel.
the tariff is to take the trade hi foreign proluctools'
ol the beads of merchants and canted**, ~,,e-fPlace
fPlace it is the bands of Isesselitish and Polish s*--`
' tiers. It appears that the value of the cotton
seized on the bind frontier in the years 18604
the proportion of 11 per cent, to that of the legit
mate importations, and 281 per cent. to that orth
duties levied. Mr. Michell enters minutely *es'
calculations to show the working of the tarifr*o,
(lounging suoggling, and incorporates in his
a very curious calculation by Mr. Bow
Brown, the actuary of the Guardian We fa,
*urines Office, as to the probable ,airy
payment of textile fabrics
fdabru:7, aimpliesortpe:dforinwhicßhuallweia
cannot find room. He shows that it is pro '
the value of contraband goods of all kinds sumo'
into Russia in the five years above-named was ast
leas than 6,318,0001., and he believes that, addlint*
it that of the goods cleared under fraudulent en**,
—a fraud so systematically pursued in Rae*
that honest importation of certain classes of goo*
is rendered impossible—and the numberlats amaQ
articles easy of concealment which never enter
the returns of seized contraband—the um *
10,000,0001. sterling may well be given spend*
Lively as the minimum value of the goods ilia*
imported into Russia in 1860-6 e. CZ
reetthus smuggled had been permitted to mei I
on payment of a duty equal only to 15 pai
cent. of their value, the sum added to their renege
would have been 11,500,000 roubles, or more the
2,500,000 roubles per annum, irrespective of the
considerable increase of revenue that would body
tamed by the natural extension of foreign ten*
on the reduction of duties now almost prohibitive,
All parties to a trade so hampered are demoralind,
and the trade is shunned accordingly. Thus we are
told by Mr. Michell that at the present momenth
ia difficult to find at any of our great centres of im
dustry, such as Manchester, Bradford, Leeds, err
Glasgow, any manufacturer or merchant who tea
direct dealings with Russia in cottons, monad,*
silks. The Russian market is only known to stew
of them, principally through the agency of hole*
at Konigsberg, and other German Imports reseal.
ing an easy somas to the land frontier of Rusk
The direct exportation of textile fabrics to P.m* hy
sea is known to some of them as an exception, ase
as a rule. A belief exists that there is a certain
mysterious, undefinable advantage in sending goo*
to Rums& viA Prussia—an advantage which the
recent Commercial Treaty with Prussia is Me..
lated greatly to promote. At the same time the
manufacturers and merchants in question are ens-
seientiously ignorant of the manner in which their
merchandise reaches the Russian market. They stip
goods ordered by houses in Germany, and in a few
cases they consign them to their own agents in Prmis
on commission, not knowing or caring bow the
goods are ultimately despatched. In the cue, fur
instance, of Birmingham goods exported to Rus,
they are never consigned, but ordered by beige
houses, whose duty it is to pass them through the
custom-house. The Russian market is therefor
comparatively unknown at our manufacturing on
tree, and the oommercial relations of England with
Russia are monopolised at the principal seaports of
Great Britain, where the trade in Russian prodme,
in British iron, machinery, coals and other goods,
as well as the passenger traffic between the tee
countries, are principally centred. Another come
queue of this state of things is the clinks
Hon of the number of British firms Mr
blished in Russia for the purposes of cons
inane. Of the numerous large houses the
once existed in St. Petersburg, scarcely
dozen now remain, and these confine themselves
almost entirely to the export trade, the imports-
tion of British goods liable to duty being no lodge
a profitable or honest occupation. Numerals
small foreign houses have been established in their
stead, either as agencies of smuggling houses the
Prussian frontier, or as importers of goods at soa•
ports, under fandnlent entries, frequently with ths
connivance and co-operation of customs office,.
No British manufactures are, in fact, importedmto
Russia to any great extent by English homes.
Coals, machinery, iron, cotton, and a few other
bulky articles incapable of being smuggled, are
alone introduced by them. Even the impanel=
of tea has been given up by one of the principal
inglish firms at St. Petersburg, the noes'
petition of fraudulent importers having rem
dared honest dealing in that article unprofitable.
The houses of longest standing have embarked
in various speculations, such as railways, cotton
spinning and printing, gas works,. brewing and
candle making, ,to., leaving the importation of
British manufactures to dwindle more and more
Into a contracted trade. Several failures of English
houses established at St. Petersburg have within
lobe last few years taken place in consequence of the
unsatisfactory conditions under which they wen
obliged to pursue their operations. Of course the
decline of direct importation to Russia by ass
eta the export of raw produce from that county
to additional burdens, owing to the high rats of
freight which shipowners must charge in order to
indemnify themselves for sending their owls to
Russia only partially loaded or in ballast. . At
present nearly three times as much., as
is paid by a cargo of Russian. 1:11
as is paid, for instance, by English coals.
Thus, however cheaply corn, tallow, and hemp
may be raised in Russia, the cost of transporting
it out of the country is ever on the incresee, *Abe
great prejudice of the agricultural interest of
Russia, and to the ultimate reduction of the trek
The difference in the bulk and value of the prodliete
of the two countries will not amount sufficiently
for
Russianth disadvantageegrirrotdu
system at present in force.
We must reserve for another opportunity the task
of following Mr. Michell in his searching and es:
enffer unasdreerrdthsefrecoigmhmt werct
haustive investigation of the particular defects of
the Russian tariff. The manufacture'? of the
empire firmly believe that foreign competition meld
ruin them ; the consumers are not sufficiently at
lightened to perceive how heavily they are taxed to
favour a class of their countrymen, nor do the
producers of raw materials see how exportation is
limited by a system which excludes the imports
with which raw produce should be paid for. The
Government appears to be wiser, but its
hands are very much tied by the ignorance which
prevails among the influential classes.
Mr. Michell's report is followed by some memo-
randa on the history of the various manufactures
of Russia, and by special reports on the manufac-
tures of cotton and wool, and on the trade in flat
tallow, leather, and bronze. It is also Loom
by the reports of Mr. Samson S. Lloyd and .
D. Goodman, to the Association of Chambers of
Commerce on the Moscow Exhibition of 1865, and
the reports of the Chambers of Commerce of Leeds,
Huddersfield, Dewsbury, and Batley, on Rumen
cloths and woollens.

THE CITY INDINITRUL EXHIBITION.-9 main
was held last night in the Guildhall for the purpose of eli•
pointing adjudicators for the several prizes to be awarded
to the working clams, the result of whose industry sad
skill has already attracted a considerable number of visitors
The meeting included nearly the whole of the exhibitone.l
well as the committee of management, and the names a
thole proposed to decide as to merit were most cordially
received. There were thirty names selected, and smog
them we may meetime Mr. Ellis, Royal Obeervategi
Greenwich (scientificiestrameots); Mr. Mich,' Vitt An";
Captain Lagiefield, Army and Navy Club (naval architee.
tuns) ; M. Jules Benedict (musical instruments)
Le Neve Fester and Mini F. Rudkin (ladies' work sod mil.
nom) ; Mr. Redwin (leather work); Dr. Lobb (medical
and surgical instrumental ; and Mr. Collineridge.
Alders
gate.street (books, tee.) It was also further desired ou the
pert of the working men that an intimation be forwarded to
Mr. George Peabody of their wish that he should resist
the prizes, and that a requisition be wet to the Lord Mffie
that he occupy the chair on the occasion.
Etr. GEORneti HOSPITAL.—WO are informed that
a meeting will be held on Thursday next, when it
proposed to place a staff of Bitten of Mercy in St. Georg*
Hospital.

'All • §R SS, TUES Y
-VE T . MARCH 13, _ .
ALY.
AMERICA. i • - Ss • a ,4!
k -
41 GREAT BRITAIN it exist
. 2
•
, " ELE
ova's riumuleate OF MAZZI a great 1
• ESSINA. I , th • 'vs and valuable) papers is but
steamship Iguropai from H -. • 1. . ealtfutanc,,
(nom} ons own COMIZSPONDIM) \ lately been- presented to parliament is a about
rived at Queenstown at 2 p.m. There are more agricultural amen to be on the present state of the trade between that at
cabin gosseugers and 610 S dole. disposed 41 ill the Cops 10•Sialltig*-11ar—abese— - - FLOREbielv-Manalr-._ --GreatHritals sad RitiWlTeifflir a
from the Lsft and relate to ttuitsode of non- " w
The •aOlO2l of -X•••ini as a member ea the of Earl Russell by Mr. T. Michell Attaebi to her course,