The Express.
London, England, 1866-03-05 00:00:00

JOHN BROGDENI3 GOLD MUMS by troy
weight, at realimbie value, and the workmanahly
wheimale manufacturen' prim. The gold In the chains On-
contend, and rolurehmand at the Floe chord.
" Here s the note,
How much your chain weighs to the utmost carat,
The linnets at the gold, and charge tor iaahlen.
ISHALIPIAPA
Oeveungardan, Tendon.

Manufactory,l6,

25 OLD BOND-STREET (Wei Ca sad
Martial Bank).—J. W. BENSON, Watch and 'look
irr,ez H.B.H. the Prince of Waifs, having reconstructed
lfeent Premises, invitee an inspection of
ASTISTIC WO consisting of CLAGEB and BE.OfiZliS front
She ateliers of Italy. Prance, and England. Watches of awe,
acallsootion. Dianwad and Nine Gold Jewellery, Slew and
Lectrcoliate.

yr u RTL IS, TURTLE, TURTLE:
1 Clear, Mak, and Invalid !IMPLY SOUPS al rape nap,
at BT. JAMWS-H
MALL, IL
&IGMT-STIPMT,t PICCADILLY.
I. MAID, Proprieor.

LONDON mast have s SUPPER and MUSIC
BOOK tor aemisem-aemeneor, we wait for pot it
..EVANIA," atter ta• Throw

ght Orpreoo.

adTertisements Waned toe ..ii; Re" London Ivenhig
wer, mud be at the Moe, 10. netweinok WS Two
Wolock on th, day of pabilostioo.

eAnuzur
me mins°, A ROMANTIC ATTACHMENT. Mmes. W.
Farm and Compton : MIN Ada Oavandlab.—BßOTHEß SAM.
Reams. Bothern Lod Stiokriair Gin NA.II/.ILoont—OEPHEUE
DI THE HAIIIALCHL—AM; ELY Hum&ADIS GHOST.

1111240181111.
iviano, Warr LODGINGS.—After which IT 13
In= TOO LATE TO MIND. Marra OIL& G. Marina,
Maud, D. Murray, b. Whams, VIDIms..7. G. G. Mar.
ay, sad WawaMinn L. Moan sad K. Sodas.

LYCII7II.
nos ETCMPO, 1111 ILLOST/110158 (STRANG= Hr. IL
Widdicamb.—THZ MAST= OF RAVIINOWOOD. Mats.
Feehter, Thar Vedn. Wlddlcomb, Flipstriok. lowa
kaalameee, Ekwerihy. taveau, O. Loolacq.

ISZITANIM.
Tam Xvzinai, THE CASUAL WARD.—Mr. J. IL lords.
Mina Emma Sarride.—CINDINLILLL—IL Yid Madams
Inartranbaah.—And VIZ CREOLE.

HIGH WATILII AT LONDON-WDGL
TI DAT Maroft, Afternoon. 4h. 400.
Z amonson—o Mora . 412. Ws.— —Afternoon. U. goi.

LONDON, MONDAY. MARCH 5.

OCCASIONALLY, when a reduction is the value
of money is imminent, Consols show a little tempo-
rary buoyancy, but any rise which may be attained
is quickly lost, and it has become plainer than eve
that our government Three per Cents., are steadily
moving down, from year to year, to a permanently
lower level of prices. The causes of this move-
ment have been frequently referred to, the chief
being that the return yielded is considered too
small in view of the increased cost of living, and of
the growing competition of a multitude of more
• remunerative investments. Even during the last
few weeks, and dating from the first dawn of light
in the money market, there has been a fresh crea-
tion of securities, appealing to the investing classes.
Thus, for example, the Egyptian Government Rail-
way Loan has attracted a large number, many of
whom have shown eagerness to pay up their bonds
in full. Quickly following this has come the
Chilian Loan of 450,0001., the public appreciation
c 4 which is shown in its immediate rise to a very
respectable premium. As to our colonies, 'they
are constantly issuing fresh debentures, which
continue to be steadily absorbed in this
country, the latest announcements being a
loan of 700,0001. for New South Wales, and
500,0001. for New Zealand. The East India Rail-
way Company have likewise oome upon the market

for a loan of one million, guaranteed 5 per cent., in
the usual way, by the Secretary of State for India.
The whole mass of Indian railway stooks, it may
be further mentioned, are beginning to compete
more actively with the English funds, now that the
development of the traffic on some of the lines has
proceeded so far as to encourage the hope of a re-
turn in excess of the government guarantee. Nor
ought we to omit from the account the significant
Indication presented in the recent rise from
4 to 5 per cent, in the rate of interest
on the India Government Debentures due
in August next. Without dwelling upon the
. additional demands upon the market involved in
the introduction of new joint-stock companies—
some of them, as, for example, the Imperial Land
Company of Marseilles, seeking subscriptions to a
capital of as much as one or two millions—it is
easy to understand why a three per cent. stock,
though possessing perhaps the beet security in the
world, is cast into the shade. If, as many persons
believe, the value of money in this country is be-
coming permanently higher year after year, if only
by reason of the absolute inadequacy of the
volume of the currency, under the Act of
1844, to supply the requirements of trade—it
is reasonable to infer from this fact alone that
the funds must suffer in price, for dear money
means, ordinarily, low prices of securities, just
as surely as cheap money leads to enhanoed prices.
It would appear, furthermore, that in discussing
the causes of the fall in Consols, sufficient impor-
t tance has not been attached to the effects of the
cattle plague. It is beyond question that the
landed interest are amongst the largest holders in
the British funds, and it has been noticed over and
over again that the agricultural classes are investors

after one or more good harvests, and sellers after
bad ones. To what extent, the losses sustained
through the cattle plague have caused sales
of English government stock it would be difficult to
affirm, or even to estimate, but it is at least a re-
markable coincidence that, since the loss of cattle
began, the supply of government stock in the mar-
ket has presented a distinct increase. In this
aspect of the matter, the progress of the pestilence
commends itself to the attention of the whole body
of fundholders.

MK death of Mr. Campbell, Q.C., one of the •
Charity Commissioners, places an important piece
of patronage in the hands of the government. There I
are no public officers who have more important and
delicate duties to discharge than the Charity Com-
missioners ; and the selection of persons fitted to
discharge these functions is proportionally difficult.
A body of mere equity lawyers and conveyance's is
no doubt competent to understand and interpret
deeds of settlement, to draw up new schemes of
administration, and to collect accounts of the an-
nual revenue and expenditure of the numerous
charitable foundations throughout the country.
Hitherto these duties have been creditably per-
formed by Mr. Erie and his colleagues. But the
Commission has a higher purpose. It might be made
the instrument of diffusing a mass of most
interesting information with respect to the con-
dition of the charities, and of convincing the public
that larger powers of superintendence and reform
are required in order to remedy existing abuses.
Any one who considers the millions of money which
are devoted to charitable objects will readily admit
that the principles upon which this fund ought to
be administered require peculiar study. Charity is,
in fact, • science, which needs for its successful
pursuit rather the political economist than the
lawyer, or perhaps a combination of both. As the
Charity Commission was originally constituted, Dr.
Whewell's friend, the well-know• economist, the
Rev, Richard Jones, admirably balled every re-