The Express.
London, England, 1860-04-09 00:00:00

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LONDON, MONDAY, APRIL 9.

Tie accounts received during the last week
from the manufacturing districts refer to the dul-
ness of that branch of business which depends on
the demand for the Continent. Trade in France,
Belgium, and many other Continental States has
been checked by the new complications which,
.despite the partial settlement of Italy, have been con-
jured up at the bidding of the Emperor Narotwee.
General distrust is naturally occasioned by the
up-rooting of landmarks laid down by treaties ; and
trade on the Continent is peculiarly sensitive to
-the disturbance, because, unlike our trade, it is
lad supported by a great transoceanic demand,
•wkich requires feeding from week to week,
3W ssatter how troubled may be the appearance of
affairs in this quarter of the globe. Whilst the
?reach demand for our goods is, for the time,
dull, that of America is decidedly reviving.
We bare so many customers that, when the
wants of one are satisfied, another conies quickly
forward. If the course of politics be only mode-
rately smooth, we have no doubt that, long before
the present growing absorption of our manufac-
tures in America receives a check, eager French
buyers will be in the market. Amid the depres-
sion which characterise trade in France, the Im-
perial Government, knowing well that its causes
are to be found solely in their own aggressive
policy, have latterly been amusing the people
with some statements which apparently aim at
proving that the working of the Commercial
Treaty with England is already peculiarly bens-
&Ml to France. The English demand for French
silk goods and for the thousand tasteful and in-
genious articles of Paris numufacture, from
bonnets and gloves to toys, is especially cited by
the Imperialist writers as affording a fresh proof of
the far-seeing sagacity of the Medium. At all
this we can well afford to smile tolerantly. If it
suit the purpose of the Imperial scho3bnester to
coax his subjects into the belief that they have
driven a particularly keen bargain, and outwitted'
their neighbour, it would be very ridiculous for us
to feel annoyed. There are, of course, a
number of obfuscated speakers and writers
on this aide of the Channel who descant nervously
upon the prospective drain of our capital for the
enrichment of the foreigner, and who, in face of
improving exchanges and a slack foreign demand
for gold, even seek to establish a connexion be-
tween the increased imports of French goods and
the rise in the value of money here. There are
indeed writers who, while their faculties were clear,
expressed high approval of the Commercial Treaty
with• France, and laboured diligently to point out
its beneficial tendency, but who have since been
impelled, by a consideration of the districting
features of the " Savoy question," to the discovery
that the Commercial Treaty is a great mistake, and
that we have, in fact, been grievously cheated.
With minds of this remarkable order it is
very difficult to deal. The public, however,
are in too healthy a frame of mind to be influenced
by delusions of this character. With unimpaired
confidence in the stability of our commercial posi-
tion, they are perfectly content to await the result
of the new mercantile arrangements with France.
The idea that the French nation, whose artificial '
wants are at least as numerous as our own, can
incessantly send us their commodities and draft ,
away gold, instead of taking our commodities in'
return, scarcely calls for serious refutation. To
argue thus is to rank the population of France
below the level of • barbarous tribe, for even the
Badges of Polynesia, when their produce is
Contracted for by a passing ship, find
their appetite for foreign commodities sti-
mulated by the contact. We may rest per-
fectly
confident that, whatever may he the re-
sults of the Treaty with France, amongst them
will not be comprised a one-sided trade, leading to ,
a permament drain of gild from this country, to
be hoarded by French manufacturers and opera-
tives rendered rich by our improvidence, and,
amid all their wealth, proof against the tempting'
properties of our cheat) and excellent linens, cot-
tons, woollens, and cutlery.

The prices of goods in the manufacturing dis-
tricts are reported to be firm, the stocks low,
the machinery running full time, and the work-
people well employed. Evidence of the profitable
character of trade is afforded by the advance in
the wages of spinners and other operatives at
Preston and elsewhere. In the woollen districts
a steady business is still going forward. The
hosiery trade continues decidedly active. From
Birmingham no new feature is reported, but refu-

tenor is made to the relatively superier estivity of
the awaufacturing trade in South Staffordabill
and East Worcestershire, whwe labour in eviat
department is fully engaged. From Belfast arN
Dundee the reports continue satisfactory.
In the cotton districts employers are watchini
with some anxiety the increased disposition of the
workpeople to require higher wages. The demands of
the operatives have latterly increased considerably.
point is of the more importance because it is
reworked that, when the "hands" are paid more,
they produce leas. When they can get the same
rate of wages to which they have been accustomed,
or even more, with leas work, they avail them-
selves of the opportunity to work less. The em-
ployers, who have hitherto been realising unusually
large profits, are by no means pleased at noticing
that, at the very time when the cost of production
is increased, and when the pressure of home and
foreign orders renders it very desirable that the
looms and spindles should be kept up to their
maximum rate of production, the workpeople can-
not be kept up to the mark. By the public at
large this feature will be noted as another indica-
tion of the general prosperity—as a proof that
the employed shares with the employer
in the full profits of this remarkable
season. The latter derives some compensation ,
from the downward tendency of the cotton market.
A cotton famine has often been spoken of in the
language of apprehension : this year there is a
plethora. Many observers are of opinion that the
extreme estimates which fixed the probable crop
in America at no less than four millions and a
half of bales will be absolutely exceeded. In face
of this enormous yield, it is thought hardly pro-
bable that the present high prices will be main-
tained. Meanwhile, it is a satisfactory feature
that the hitherto highly remunerative range of
prices is likely to stimulate the production of cot-
ton both in America and India, and thus to secure
• large supply next year. The stock of cotton at
Liverpool is now more than half a million of bales
larger than at this date last year. Next to a good
supply of food, the moat important element of
prosperity in this country is a good supply of
cotton.

Ws have alluded occasionally to the marked
improvement in the railway property of the United
Kingdom. The subject parolees more import-
ance than may at first sight appear. The amount
of capital invested approaches four hundred
millions sterling, being equal to half the amount
of the National Debt. This property, moreover,
is universally diffused, being held in a vast num-
ber of small amounts by families in every part of
the country. When this mighty interest experi-
ences a great and constant rise in value—originat-
ing not in any spasmodic movement of specula-
tion, not in any ephemeral stimulus con-
nected with the state of the money
market, but actually in face of a considerable rise
in the value of money—ground for national con-
gratulation is afforded. The present prosperity of
our railways is additionally gratifying as an index
to the prosperity of the country generally. There
is, likewise, a great moral gain ; for the previous
corruption, and consequent adversity, of the rail-
way interest formed a reproach to the nation ;
and the growth of public confidence in this class of
investments is obviously based upon a conviction
that the era of corruption has passed away. It
has been remarked that, when the first three
months of the half-year are over, rail-
way directors can form a pretty shrewd
guess as to the yield of the remaining three
months, and as to the probable rates of dividend.
We have now got through the first three months
of the year, and the traffic, particularly on all the
lines connected with the manufacturing districts,
presents so great an increase that it is morally
certain that the next dividends will be consider-
ably larger than those for the corresponding period
of last year. It is the fashion to argue that the
prices of railway property are already too high,
oonielered in relation to the dividends paid. But
the continued investments and the scarcity of
stock in the market prove that the public, who
mast be accounted the best judges, since they are
actual possessors of the property in question,
do not share this opinion. The fact is, they re-
gard the present rates of dividend as mere step-
ping stones to something better, for they see that
the natural tendency of railway traffic is upwards,
Mat the trading prosperity of the country is too
strongly based to be lightly shaken, and that the
leaks in the railway ship have been stopped. Tht`
public are content to buy railway stocks at prices
which show a yield of only 4 per cent. per annum
on the investment, because they feel confident that
the dividends will soon reach 6 per cent., or more.
Midland Railway Stock, for example, is now regarded
as a 8 per cent. security, and that is the reason
why its value is approachingl2o/. per cent.,a price
which a few years ago it would have been thought
perfectly absurd to look for. Investors have
absorbed the preferential and guaranteed securi-
ties until the prices have been driven up to a very
high point, yet one at which little or no supply
is attracted into the market; and they are now
strongly impressed with the superior advantages
held out by the original or unguaranteed stocks.
In this they show their wonted intelligence. As
long as railway credit was on the decline the
relative superiority of the preferential and
guaranteed securities was evident. Hap-
pen what might, there was little danger
of the holders being left without divi-
dend, as they were entitled to what would
otherwise have been the earnings of the ordinary
stockholder. But the latter has a signal advan-
tage now that the corner is turned, revenue rising
and expenditure checked. The holder of the
specially-secured stock or debenture will get no
more than the stipulated rate of interest, however
large may be the addition to the general dividend
fund. The increasd profit, in fact, is applicable
almost exclusively to the unguaranteed stock.
The smaller the amount of the stock,
therefore, in relation to the general ca-
pital, the better the prospects *of the
possessor.. For example, of the capital of twelve
millions of the Great Northern Railway Company
the proportion in unguaranteed stock is only
4,808,0381., inclusive of the " A " and "B"
stocks, into which the ordinary capital was
originally, at the option of the holders, divided.
Consequently, the increased earnings of the rail-
way are not distributed over twelve millions of
capital, but are assigned almost exclusively to the
holders of the 4,808,0381. The position of the
Great Western Railway Company affords further
illustration of our argument. Of this company's
capital of 23,267,9671., the proportion in deben-
ture or mortgage debt is no less than 10,306,164/.
During the period of the company's em-
banasamenta, this heavy mortgage charge hung
like a millstone round its neck, and contributed
materially to the suspension of the dividend on
the ordinary stock. But now that the manage-
ment has been reformed, all the savings that can
be effected, and all the increase of profits accruing
from the growth of the traffic, are assignable to
the 8,237,2761. of unguaranteed stock. As the

EXPRESS,
oompanyill eriellit rises, and the anneal charge of
ibe 10,305,V41. of ma age debt diminishes, tie
benefit to Affi ordinarbtockholder will become
still more important.

frbt Court.

WINDSOR CASTLE, Anu. 7.

To-day being the birth-day of Prince Leopold,
the Duchess of Kent and the Prince.. of Leiningen paid bee
Majesty an early congratulatory visit.
The Queen and Prince Consort, accompanied by Prince
Alfred, walked in the grounds of the Castle this morning.
Prince.. Alice walked and drove in the Home-park.
Priaxas Helena sad Princess Louise rode on horseback.

Prince Arthur end Prince Leopold drove to Virginia
Water, attended by Major Elphinstone.
Princess Beatrice took a carriage drive.
The Duchies of Leased the Princess of Leiningea visited
the Queen again in the afternoon.
Her Majesty and the Prince Consort, with the Prince of
Wales, Princess Alice, and Prince Alfred, rode out on horse-
back in the afternoon, attended by the Hon. Flora Mac-
doubt, Colonel the Hon. A. N. Hood, Captain Du Plat,
and Captain Grey.
Mr. Moira has completed a miniature of the Princess
Alice, for which he has been honoured with sittings by her
Royal Highness.
The Queen and Prince Consort, accompanied by the Prince
of Wales, Prince Alfred, Princess Alice, Princess Helena,
Princess Liaise, Prince Arthur, Prince Leopold, and the
Princess af Leiningen (who had joined the royal party from
Frogman% attended by the ladies and Gentlemen-in-
Waiting, were present at a performance of sacred music in
the evening in St. George's Hall. The following had the
honour of receiving invitations and were also present :
. The Belgian Minister, Mr. B. and Miss Van de Weyer,
Lady Fanny Howard, Lady Caroline Barrington, lady
Mary Hood, Miss Hood, the Hon. lbs. T. IL Biddulph,
Major-General the Hoe. C. sad Mn, Grey, Colonel the
Hon. Sir C. Phipps, Mies Phipps, Coker/ F. H. Seymour,
Mar Seymour, Lady Cooper, Mir and Mr. R. Cooper, the
Provost of Eton, the Rey. W. R. Jolley, Major Cowell,
RA, Major Elphinstone, R.E., and Mr. Waver.
The performance wee "The Passion,* or "The Seven
Last Wards of our Saviour on the Craw," a meted oratorio
by Joseph yon, which the following eminent artistes
• Louie& Pine, Miss LOSOIIIIIIS, Mr.
warn: Reeves, end Mr. Bentley.
The band and chorus, consisting et wady two hundred
performers, were selected from her Majeseyb Theatre, the
Royal Italian Opera, the Philharmonic and Sacred Har-
monic Societies, the choir of Si. George's Chapel, and her
Majesty's Private Band.
The performance was conducted by Mr. Anderson, the
director of her Majesty's Private Band. Mr. W. G. Cosies,
the organist of her Majesty's Private Chapel, presided at
the organ (built by Messrs. Hill and Son).
Freres SUNDAY, Aran S.
The Queen and Prince Consort, the Prince of Wales,
Princess Alice, Prince Alfred, Primus Helena, Prince's
Louise and Prince Arthur, the ladies and gentlemen of the
court, and the domestic household, attended divine service
this miming in the private chapel. The Duchess of Kent
and Primer Linkages were also at the service.
The Hon. sad Very Rev. the Dean of Windsor °Related,
and administered the Holy Sacrament.

Despatches were sent on Saturday from the Colonial•
amce to the Governon of the North American Provinces.
Despatches were received from the Governor of Malta.

His Excellency the Ambassador of France and
the Camden de Peragay entertained at dinner last evening,
at Albert-gate House, his Excellency the Turkish Anil:u-
ndo: and *Wars& Masurus, his Excellency the Sardinian
Minister, Maria Marchioness of Allesbery, Lady Lynd•
burst said the Hon. Miss Copley, Baron Domburg, Count
Janeourt, Mr. Cobden, M.P., Mr. Dahlia, Mr. Horace
Iturnbold, ha.

The Duke and Duchess of Sutherland left Stafford
Hamm at. James's, on &tunlay, for elle/den, near Maiden-
head. The Earl aad Lady Constance Grosvenor also left
town as Wonky to join the family circle.

The Duke and Ducheea of Argyll and family have
left Campdea Hill to pass the parliamentary meal at
Weymouth.

The Marquis of Lansdowne returns toLanedowne
House today, from visiting the Belgian Minister and
Madame Van de Weyer, at New Lodge, Windsor Park.
The Marquis and Marehioneas de Chateaur4ttard
arrived in town yesterday from Paris. The marquis has
taken a residence in Oaalow•square.

The Earl Granville arrived in town on Friday
night from Germany. The noble earl baa improved in
heehh, and will be able to attend, on the resumption of
publisibminese, in the House of Lords.
The Karl and Countess of Shelburne have left
Lansdowne Home for Bowood, for the Beater holidays.
The Earl and Countess Grey have left town for
their meat, Howick Hall, Northumberland, for Faster.

•
The Countess of Sefton and Lady Cecilia Moly-
nous are passing the season at Taplow Court, near Maiden-
head, on a visit to Mr. Grenfell.

Lord and Lady Norreys are paining the season st
Townley Hell, Lancashire. The noble lord and her lady-
ship will return to town on the 21st inst.

Lord and Lady William Osborne have left town
oa a will to the Duke and Duehesa of Wellington at
Btrathlieldaaye.

Lord and Lady Chelmsford and the Hon. Miss
Theaiger leave town to-day on a visit to the Fart and Coun-
ter et Shrewsbury and Talbot, at Alton Towers, to parti-
cipate in the festivities which are to take place this we.* in
osiebrstior tit!: =NI eerl .ueetedins to the large domains
of the noble house in that part of Staffordshire.

Lurd William Powlett left town on Saturday to
Joie her ladyship at Paris.

The Right lion. Edward nice, M.P., who has
been suffering from severe indisposition for the last ten
days was, we ere happy to state, much better yesterday.
The Earl and Countess of Stamford, Earl and
Counter Firwilliens, the Earl of Coventry, ►nd Lord
Courtney have arrived at Newmarket for the Craven week.

Sir Hamilton and Lady Seymour, the Right
How K. Cardwell, sad Hrs. Cardwell, sad Lord
Huatingtower are amongst the arrivals at the Catlin&
Park Hotel.

We announce with regret the death of Lady
Audley, which happened • few days since at Kensington,
after a short illness. Her ladyship was • daughter of the
kte eminent geographer, Sir Thomas Livingstone Mitchell,
K.H., to whom the nation is so largely indebted for the
exploration of the interior of Australia, and she was mar.
lied in 1858 to George Edward, 20th and present ford
Audley, by whom she has left two infant &lighten, the
latter born in Normandy only • few weeks since.
On Friday last the mortal remains of the
Baroness Stnitheden and Campbell were deposited in the
family vault in Jedhurgh Abbey. The mournful solemnity
was conducted as privately as possible. The Lord Chan.
caller was present, accompanied by his seven children.
After reposing • few days at Hertrigge, his lordship returns
to London in the discharge of his public duties.
Among the obituary notices we find recorded
the death, on the 3rd instant, at Wolverton, Bucks, of the
Bev. George Weight, who was for eighteen years incumbent
of Bt. George the Martyr, Wolverton Station, having, it is
believed,been previously curate of St. George's, Southwark.
On Saturday afternoon, Mr. E. W. Watkin, who
it • candidate for the representation of Stslybridge in the
event of its dieing enfranchised, and who has the support
of the Reformers' Union of the borough, addressed an open-
air meeting held on the Plantation Grounds.
COUNTY Curia ELNOTION.—The two radical
candidates, Mr. Calcutt, kW Y.P., and Captain White,
Meets Fusilier Guards, brother of Colonel Luke White,
Longford Militia, ex M.P., are still both sanguine of success.
The nomisatioo takes place at Ennis, on Saturday and the
r‘leliza at Ennis, Tuna, Six.milmbridge, and Kibosh on
Tuesday and Wednesday. Fifty-two Roman catholic priests
have sided with Mr. tkicutt and eight with (Up.ain
White, but during the last two days there has been a little
wavering on the part of some of the fifty-two priests. A
subscription has bees entered into to aid Mr. Calcutt, but
all feel that Captain White has the money, which meat tell
in a county contest. Most of the landlords remain neutral
for no other reason than that they think Mr. Oakum would
be easier put out at any future election than Captain Whitt.
Already some very unplessant differences beyond mere
squibbing have taken place between the two rival candi-
dates, which are to stand over till after the tenni/ra-
tion of the contest. A large body of extra police
kive been distributed throughout the county, and on the
somination aud polling days • military force (there being
at present none in the county), consisting of the End batta-
lien of the 16th Foot, from Memel, two troops of the 15th
Hussars, and two troops of the Scot, Greys will be located
in the county. A reserve of police sad 300 infantry will be
kept in readiness at Limerick, together with • battery of
artiller,. Mr. Calcutt is the popular candidate with the
non.electors, but the votes as yet are very evenly
balanced.

LATEST INTELLIGENCE.
ENGLAND AND THE PARIS PRESS.

PARIB, MONDAY.
The government has sent the following official
communication to the Pays and Petrie :
"Oa the occasion of the attempts at insurrection
in Sicily and Spain, the Pays and Pattie con-
tained lamentable imputations against a neighbour-
ing power. These papers ought, no much the less,
to have accepted these imputations, knowing that
they are devoid of authenticity."

SPAIN AND MOROCCO.
MADRID, 81:111DAT Evatuos.
The Oficial Gazette promulgates the concordat
concluded with Rome.
The Emperor of Morocco has ratified the bases
of peace.
There is no other news.

THE INSURRECTION IN SICILY.
PARIH, SATURDAY.

The Patrie of this evening says :
" Despatches from Sicily of a later date than
those received by way of Piedmont do not mention
the insurrection reported to have broken out in
Memaina."

NAPLES, Amu. 7.

The following is official :
"The most perfect tranquillity reigns at Pa-
lermo and throughout Sicily, as well as at Naples.
The government is prepared for emergencies."
The official Giornale di Napoli announces that
the rebels at Palermo attacked the royal troops on
the 4th. The troops took the convent Oancia, oc-
cupied by the rebels. The armed bands have been
dispersed.

TURIN, Amu. 7.

The official journal of the Two Sicilies contains
news from Sicily up to the sth inst., to the effect
that the insurrection at Palermo had been repressed
after an obstinate combat in the streets and houses.
The insurrection at Messina had not been en-
tirely subdued, and had spread to Casane. No
news has been received since the sth, on account of
an interruption in the telegraphic communication.

THE CARLIST MOVEMENT IN SPAIN.
• MADRID, Arm 6.
This evening a email body of insurgents were de-
feated at Bilboa before they had time to act.
The tone of public opinion is excellent.
MADRID, SATURDAY EVEDNO.

It appears certain that Count Montemolin and
his brother were arrested at the moment of their
disembarking. It is said that both prisoners are
confined in Fort Morello. All attempts at insur-
rection have failed. Ortega will be tried at Tortosa.
The Moors, it is believed, will immediately pay
the indemnity stipulated in the conditions of
per•

THE PAPAL STATES.
ROME, APRIL 3 (vii Marseilles).

General Lamoricikre was received yesterday at
the Vatican. It is asserted that the King of Sar-
dinia has claimed the political prisoners belonging
to the Legations. The secretary of Duke Cesarini
has been exiled.

ROME, Aran 7.

The Giornale di Roma contains the appointment
of General Lamoriciere as Commander-in-Chief of
the Papal troops.

THE SWISS QUESTION.

A telegram from Berlin says that Prussia has
replied to the Syria' note. The Prussian govern-
ment announces that it will put itself in communi-
cation with the other powers, and will endeavour
to obtain, in concert with them, conditions favour-
able to Switzerland.

A communication from Vienna of the 4th, in the
Borwahalle of Hamburg, says :—" We can affirm
that a note has been lately despatched by the
Austrian government to Prince Metternich at
Paris, affirming the necessity of maintaining the
neutrality of Switzerland undiminished ; but the
belief here is exceedingly strung that Austria will
confine her interference to diplomatic obaerv►-
tions."