The Express.
London, England, 1867-10-07 00:00:00

THB EXPRESS, MONDAY EVENING, OCTOBER 7, 1867.

ing and assisting enterprises sure to yield a hap
if not immediate profit. At in evil moment,
however, the speculative 'pia asses to hays
acquired predominant force. Premiums on the
Bourse were looked to rather than solid pros-
Amity. The Credit Mobilier evidently fancied
!nit their position was such that they could coni-
man& 741,41- markets under any circumstances.
Hence their apparent anxiety to bring out new
schemes as fast as possible in order torealisethe gain
on selling the shares. Apart from the general
question, also it is no secret that some at least of
the moat influential persons connected with the
management had individually realised very large
sums as allotteea, and in other ways. Uncon-
sciously, perhaps, they would nevertheless be
sure to be affected by considerations of
personal interest. The result may be seen
in the value of the securities held by
the company. No doubt the directors argued,
in adopting agme doubtful project, that if
the times were bad now, they must improve by-
and-bye, and it would be worth while to accept
the affair and thus keep it out of the hands of
their rivals. Contrary to calculation, the times
have continued bad, and the consequence is an
almost certain liquidation. Premiums, whether
to the company generally or to directors in par-
ticular, are now out of the question.
It is perhaps almost superfluous to point out to
our own financial companies the value that can be
derived from the experience of the Credit Mobi-
lier. As this association was the pioneer of the
many imitators that have since followed, it also
shows clearly the defects to which they are liable.
There can be no question of the public value of
these undertakings when conducted on prudent
and, above all, disinterested management. The
rock that the Credit Mobilier has split upon has
been the striving after Stock Exchange profits.
It is a saying on the Paris Bourse that if the
concern has proved a heavy loss to the
many, it has made the fortunes of the
few. There is, of course, more or less exaggera-
tion in this as in most other similar statements,
but it can hardly be denied that it possesses some
foundation in fact. In any case, however, no
doubt exists that, for whatever reason, the later
management of the Credit Mobilier has been
essentially wrong. They appear to have reversed
their former policy, and to have locked up their
funds in speculative securities which are practi-
cally inconvertible now, however valuable they
may become at some future day. The inducement,
as we have conjectured, must have been the chance
of making money by premiums, if a favourable
chance should arrive. Our own financial com-
panies have had but a very moderate chance of
erring in this way, but it is to be hoped, if the
opportunity should recur, they will disregard it.
These associations will, at some future time,

doubtless, play an important part in the encou-
ragement of modern enterprise, and will do no
small good both to the public, and, in the long
run, to themselves, if they set Stock Exchange
considerations aside, and look only to the substan-
tial worth of any project they may introduce.

OUR CONTFAIPORARIBB.
(TEED 3 DAY.;

The late "aches of Me. Grant Puff cud Mr. Baxter
are immolate* upon by *Daily inn. !The former
describectfka close obsseW and a *OW And brilliant
critic, • ale 'too consciously en apostle' told and ewe-
what prone to overdo en of special illstraination, not
vouchsafed to others, as to the character of men and the
tendency of events. He speaks as if he were a Divine
revealer. These thing*, however, are rather the favourite
affectations of • school than defects personal to Mr.
Doff, who is still young enough and capable enough to
outgrow them.

The Times fears no one will be surprised to find that the
most vigorous opposition to the due enforcement of the
Poor Law Act of last session proceeds from the City of
London. It seems to be in the nature of things that a
metropolitan improvement should be resisted by the City
authorities. It appears a fixed principle in the minds of
common councilmen that the " rights and ptivileges of
the City of London" are always to be considered supe-
rior to the rights and interests of the public at large.
The Tines trusts the Earl of Devon will decide solely
with a view to the best possible administration of

the poor law. The legislature has decided that the
relief of the poor may be best effected by annexing, for
certain purposes, poorer perishes to richer ones. The
richer, therefore, must be prepared to make some sacrifice
for the benefit of the poorer; and the City of London, in
which are perhaps the. wealthiest parishes of all, ought
not to set the example of a purely sslf•interested resist-
ance.

the Erfurt.

BALMORAL, Ocr. 4.

The Queen drove out in the morning with
Princess Christian, and in the afternoon her Majesty,
accompanied by the Princess and attended by Miss Mac-
gregor, paid a visit to M. and Madame Van de Weyer, at
Abergeklie.

Prince Christian and Prince Arthur, attended by Colonel
Ponsonby, went out for a drive of dear.

M. and Madame Van de Weyer had the honour of dining
with the Queen and royal family.

Oct 5.

The Queen went out in the morning, attended by the
Marchionees of Ely, and in the afternoon her Majesty
drove to Altura Goitbasack, accompanied by Primer
Christian, and attended by the Hon. Mrs. Gordon and Mies

Si; Stafford Northcote and Hr. Herbert Fisher had th
honour of dining with the Queen and the royal family.

Prince and Princem Christian honoured M. and Madame
Van de Weyer with their company at dinner, at
Abergeldie.'

Despatches wen received on Saturday at the Colonial-
office from the Governors of Gibraltar, Malta, Ceylon,
Hong Kong, British Honduras, the Bahamas, Newfound-
land, end Prince Edward's Island.

Despatches were sent to the Gavernor-General of
Canada and to the Governor of British Honduras.

Tun Rnriner Or THE Quinn To WINDSOIL—Her
Majesty the Queen, with the other members of the royal
family, attended by the suite, will, it is understood,
return to Windsor Castle about the close of this or the
beginning of next month.
The Duke and Duchess of Sutherland are enter-
taining company at Dunroblu Castle, N.B.

The Earl and Countess of Shaftesbury and
the Ladies Aahley hare arrived in town from Tunbridge
Well.

Visoonnteas Palmerston, accompanied by Via-
countess Jocelyn and Hon. Miss Jocelyn, has arrived at
her residence in Park-lane, from passing a few months at
Tunbridge Wells. Her ladyship is in the enjoyment of
excellent health.

MR VISIT OF ADMIRAL IPARRAGUT.

As the greatest compliment they could pay to
Admiral Farragut, their Lordships of the Admiralty last
week invited him and his suite to join them in their
official visit to the eastern dockyards, and accordingly,
after • banquet at the official residence of Sir Sidney Decree
on Wednesday evening, the board and their guests started
for Chatham dockyard on Thursday morning by the Lon-
don, Chatham, and Dover Railway from the Victoria Sta-
tion, and were received on their arrival by all the naval and
military authorities of that place. The remarkable iron-
clads Hercules and Monarch werefully explained in every
particular to our American guests by Mr. Reed, the de-
signer of the ships, even the latest improvements in the
gunnery and other airansomenta beinglaid fully and freely
gunnery and other sar.nsmentsbeinglsid fully and freely i
3foe them. On leaving the yard for town in the after-
noon, to fulfil &prior engagement, a guard of Royal Marines
saluted the party, the band playing the national airs
of America. On the following day the geolent admiral re-
joined Mr. Cony and his colleagues at Chatham, aced
accompanied them m their official teepee, ions of the
marine barracks, the proceedings closing with a march
past in both slow and quick time, and with a formal
salutation of the colours of the corps. The party then
embarked for Sheerness in the Admiralty yacht En-
chantrees, on board of which luncheon was served ; and
during the run down the river their lordships took the
opportunity of placing the beautiful vessel on board
Which they were entirely at the disposal of the gallant Ad-
miral for the remainder of his visit to Ragland. On arriv-
ing at Sheerness the flagship Formidable saluted the Adrai-
nOty, who atone conveyed their American guests on board
that vessel, where they were officially received by Vice-
Adm'ral Sir Baldwin Walker. the Commander-in-Chief at
the Norm On leaving the ship in the Admiral's barge with
the Amelia's, flag to the haw, Admiral Panaght was
minted by 19 gees from the Formidable, and leaded at the
dockyard, where all the authorities of the pat were wait-
ing to receive him. He was speedily followed by the
Board of Admiralty, whom he accompanied ever the estab-
lishment, and the day ended with • magnificent ban-
quet given in his honour by Sir Baldwin Walker at
the Admiralty-house. Saturday was spent in the inepec.
don of the Naval Reserve and of the detence of she Med-
way, after which the whole party returned to town. To-
day Sir Sidney Deems and other members et the Board of
Alnztaly accompany Admiral Farragut to Woolwich
r. aad Aroma, leaving Westminster-bridge in Mr.
170MV"steam yacht the Engineer which he haskindly
placed at the aerobia of the Admiralty for the purpose.
Admiral Farragut is accompanied by Captain Leroy and
Flag-Lieutenant Commander Watson. both of whom, like
their chief, distinguished themselves in the late war.

TIM Nsw MINI/11TR TO TUN UNITED STATER
We believe that Mr. Thornton, C. 8., at present minister
at Rio Janeiro, bee been appointed minister at Washing-
ton.— Times.

Archbishop Manning delivered a political sermon
yesterday in the Roman Catholic Cathedral, Mooreelds•
His subject was the attacks on the temporal power of the
Pope. He pointed oat that though the French troops had
been withdrawn from Rome the Pope, spite of the predic-
tions to the contrary, still sat on the Papal throne. Dr.
Manning further declared that England, having preached
sedition for the last thirty years to other people, was now
feeling the effect of it at home. As to the future of the
Papacy the archbishop professes to have no fear. It has
ever had the hatred of man to encounter, and has with-
stood it ; and what it has done hitherto it will continue to
accomplish.

ILLNESS OF THE BISHOP OP OXPOILD.—The
Bishop of Oxford le suffering from a see. re attack of
bronchitis. His lordship travelled on Seturiey from
Wolverhampton. and arrived in the evening at Newbury,
whence he drove to Sandleford Priory, the seat of
W. Chatteris, where he was seized with an attack of
bronchitis, and Mr. S. Hemated surgeon, of Newbury,
was called to attend him. It had been understood that
his lordship would preach yesterday morning at Newtown
church, and in the evening at Speen church.
THE Him. C. H. SPOBORON.—Mr. Spurgeon has
so fairecovermi from his recent attack of illness as to be
able to take kis place spin on the platform of the Metro-
politest Tabernacle. After an absence of four successive
Sundays he appeared there yesterday morning. He is still
very feeble, and his face retains some signs of what must
have been intense suffering. Yesterday his lameness was
so great that he could only limp slowly across the platform;
and during that portion of the service in which he did not
take the leading pert, he remained in his seat. Mr. Varley,
of Notting-hill, assisted in the service, Mr. Spurgeon's
labour being restricted to the prayer and the sermon. In
both the prayer and the sermon he called attention to the
spread of ritualism is the church of England.
Loan DZILBY AND REFORM.—The Ipswich Work-
ing Men's Comervative Association recently adopted reso-
lutions Lord Derby and Mr. Disraeli for their
policy with referenee to the reform question. Copies of the
resolutions were forwarded to the noble earl and right hom
Gentleman, who have sent letters of thanks. The following
Its the communication received by the secretary of the asso-
ciation from the Earl of Derby :—" 10, Downing-street,
Sept 30. flir,-1 am directed by Lord Derby to acknowledge
the receipt of your letter of the 26th inst., sad of a copy of
the resolutions passed at the special meeting of the Ipswich
Working Men's Association on Monday last. lam to re-
quest that you will convey to the members of the mode.
tam his lordship', grateful thanks for the favourable terms
in which by the first resolution the association expressed
Its approval of the course which her Majesty's ministers
have deemed it their duty to take for the settlement of
girhemeater7 reform.—l am, ke., Hawn D. YORRATs
Mr. J. Cooke."

~).

EXPRESS FROM PARIS.

(ssom ows ows cosansrosozsT.)

PARIS, SUNDAY EVENING.
M. Fould, late Minister of Finance, expired this
morning at his residence at Tarbes.

The dearness of bread in Paris is much com-
plained o:, and all the more so since we are enter-
ing upon winter, and this with an unmistakable
foretaste of the severities of the cold season. This
occurs, too, at the period of a financial, commer-
cial, and industrial crisis. The Courrier Francais
has exposed some of the dishonest tricks of the
great dealers, and the mysteries of speculations in
grain. lam afraid it will be found very difficult
to deal with these ; but some relief might be
effected by the abolition of the tax on flour of two
francs a sack, put on in virtue of a decree of the
31st of August, 1863. [Many of the French journals
call loudly for the remission of this impost,
amongst them the Union and the Prance,
The Sidcle makes it a case of going to
the root of the municipal institutions
of the empire, declaring that this and other abuses
can only be remedied by radical reforms. "It is
necessary inthe first plaoe,"says that journal, "that
the city should comae to be under the dictation of
the Prefect of the Seine; that it should elect official
representatives charged to administer its resources
and defend its interests. It is necessary, moreover,
that all those liberties and rights of which we have
been deprived, should be restored to us, and that
public opinion should be freely entertained and
discussed. Without this we are moving about in
the dark, and know not where we are going."
These are, in the present attitude of the govern-
ment, pretty bold suggestions ; but measures of a
similar character are vigorously contended for by
the liberal press. Such aspirations have arisen
as much from the force of the circumstances of the
time as they have been encouraged by the imperial
promises made to the people in January last.
Despatches from Italy are silent about the news
of the arrest of Garibaldi, announced on Friday in
the Diritto. The fact is neither oonfirmed nor de-
nied; and the reticence of the telegraph in connec-
tion with an incident of this gravity is rather sin-
gular. It is inquired whether the Diritto is the
author or the victim of a mystification. From all
we can learn, the insurrection appears still to be
carried on in the province of Viterbo, notwith-
standing the assertions of the journals in the inte-
rest of the government that comparative tranquil-
lity reigns in this district. The insurgents would
seem to have adopted the tactics of fatiguing the
pontifical troops by marches and counter-marches,
avoiding any serious encounter until they find
themselves sufficiently enforced by bodies of volun-
teers who may succeed in diverting the vigilance of
the Italian troops and passing the frontiers. There
is no doubt that the presence of these armed bands
in the pontifical territory causes great sensation in
Italy.
The Corriere Italian publishes news from Rome,
to the effect that the Pope has made known to the
diplomatic corps his intention of remaining at Rome
whatever may happen.

Letters from Naples state that a very strong
manifestation lately took place in that city, in which
from eight to ten thousand persons took part It
-
seems that, irritated by the reports of a fresh inter-
vention on the part of France, they desired to pro-
ceed in a body to the French consulate, but were
prevented from doing so by the military. The
multitude then made their way to the house of the
consul-general of Prussia, beneath whose windows
they shouted, "Viva la Prune !" " Vivo notre
&Bide !" " Vive Bismarck !"

The weather in Paris to-day is almost as cold as
it has been for some days past ; the wind blows
sharply from the north-east, and a chilling rain is
beginning to fall. The weather is altogether as
gloomy and cheerless as in mid-winter.