The Express.
London, England, 1861-04-01 00:00:00

upon him to resent what ha considers

the oppression of his employers, even if
he is conscious that resistance will came him
much suffering, and that he will probably have to
give way in the long run. A " strike" is the
form of protest by which he relieves his mind.
With fluctuations in trade he thinks he has nothing
to do. Although they are, in reality, almost as
important to him as to the man who employs him
and a thousand of his fellows, he never dreams of
watching their approach, or elucidating their
causes. All he knows is that for so many months
he has received so much per week, and now that
his employer offers him a certain number of
shillings lees, he refuses it, and " strikes." A
strike is now, apparently, an established English
institution. It would seem that no descent
from a higher to a lower scale of wages
All henceforward be accomplished without
an interval of disturbance, without a labour inter-
regnum. This is very lamentable.
Increased uneasiness is indicated by the accounts
from the cotton manufacturing districts. Business
at Manchester has become more restricted in all
departments. The recent rise in the price of
cotton, resulting from the disposition of specula-
tore to take advantage of the confusion in America,
has introduced a fresh element of d'fficulty, sines
it ►as obliged the producers of the manufactured
commodity to advance their prices to an extent
proportionate to the advance in the raw material;
and the immediate effect of this has been to check
the languid demand previously experienced. It is
significant of the less prosperous condition of this
important interest that the " turn-out" of weavers,
and thepreepect of its extension, are believed to be
rather welcomed than otherwise by many manufao-
to:erase a means of relief and of curtailing the pro-
duction at &time when sales are effected with increas-
ing difficulty. It is computed that the turn-out
at weavers in the neighbourhood of Ashton and
Glowep alone hes caused the stoppage of no less
than 50,000 looms. In the woollen, hosiery, sad
lace districts, business is quiet; a good deal of
machinery is idle, and mum= workpeople are
out of employment. The iron, metal, and hard-
ware trades are depressed, and the accounts from
some quarters go so far as to designate them
" unprecealentedly
The causes of the increasing dulness of trade
have been too frequently dwelt upon to need re-
capitulation here. It is satisfactory to observe
that, as regards one of the principal—namely, the
hi4h value of money—indications of improve-
ment are arising. The rate of discount has
fallen from 8 to 7 per cent. ; an early re-
duction to 6 is generally looked for ;
and, if regard be had to the steady diminution in
the demand, G per cent. will soon be considered
quite high enough. As regards the disturbance in
America, which in another of the discouraging
features operating here, there is, unhappily, little
sign of hope, now that the United States have
passed a law practically excluding many kinds of
British woods. But nothing contributes more
powerfully to the feeling of discouragement oh.
servable in commercial circles throughout the i

kingdom than the anxious character of our home
agricultural reports. There is no doubt that the
breadth of wheat sown is unusually small. Last
autumn was a very unfavourable season, and the
tune for wheat-sowing is now nearly at
an end. Mr. CAIRO stated it as his opinion
some weeks ago in the House of Commons,
that under the most favourable circumstances the
next harvest will not yield more than an average,
and that it is exceedingly likely to sink below it.
This is not a pleasant prospect, for it has often
been said that it takes two bad harvests in suc-
cession to produce a telling effect upon English
trade. The upward tendency of the corn markets
proves which way agricultural opinion inclines, as
well as the opinion of that most useful clans of
traders who do the next best thing to growing
corn—that is, import it for us. The appearance
of the growing grain crops is not well spoken of,
and a largo extent of land remains yet unsown.
Of course it will not be suffered to lie fallow.
If we do not grow wheat we shall grow
something else ; so that it may hereafter
become necessary to import less than the usual
quantity of other kinds of food. This would bo a
partial, but only a partial, compensation for the
necessity of large imports of wheat. But there is
unquestionably every likelihood of our having to
pay away a very large sum of money for wheat in
the present year, our fastidious population insist-
ing upon having the best wheaten bread ; and we
know well what the effect of this is both upon the
money market and upon commercial enterprise.
Although it is, happily, as yet early for unfavour-
able predictions respecting the next harvest, there
is no doubt that!, agricultural considerations have
an intimate connexion with the present dulness
of trade, for they not only occasion caution
in the great monied centres, but check
consumption in every village and hamlet, in-
fluence the reports of factors' agents and
collectors, and so react upon the great seats of
industry. The condition of business in the little
country linendrapers' or ironmongers' shops forms
a not unsafe criterion of the condition of business
generally, although many persons would probably
disdain to value testimony gathered from sources
so humble.

At a time when the public are looking rather
anxiously for relief in the money market, and to
the Bank of England for the signal, it has excited
note little remark that the CHANCELLOR of the
EXCHEQUER is once more competing with traders
for accommodation at that establishment,
and giving the directors a motive for
keeping the rate of discount at a point
which is not warranted by the position of
their bullion reserve. It would seem that the
Bank have now habitually to consider the wants
not only of their commercial customers, but of
their largest customer—the State. The Bank
have, as we well know, liabilities, in the shape of
deposits, and ease* in the shape of securities and
of " reserve." It is the province of the Directors,
as of all bank managers, to know how to fix the
proportion of their deposits and reserve that may
be safely invested in securities, whether those
securities consist of mercantile bills, Government
stock, " deficiency bills," dock bonds, or anything
else. Each of these kinds of investments, toge-
ther with many others, go to make up the total
of securities now held by the Bank of Eng-
land. If more securities of a safe and re-
munerative class are offered to the Bank
than they can afford to absorb, they probably
raise their terms. This is the case, for example,
when the commercial public press heavily for ac-
commodation at the discount office. If, on the
other hand, the tendency of the value of money is
downwards, through a slackening of the commer-
cial demand, the natural fall in the Bank rate may
be postponed if Government step forward as large
borrowers at the Bank. This is just the case now.
The last Bank return but one showed an increase
of 1,119,3431. in the Government securities in the
banking department, and, at the same time, an
increase of 1,585,2101. in the Treasury balance.
It is evident that Government have been borrow-
ing largely of the Bank. It is equally clear that
as long as the Bank are enabled to
employ their resources in any kind of paying
securities, they will be proportionately slow to
lower their rate of discount, although the course
of the general market is strongly in that direction.
The commercial classes, whose interests are
prejudiced when the Minister of Finance enters
their own channels as a borrower, naturally oom•
plain of this unlocked for competition.

MLSESTIIT.—Lord Palmerton arrived on
Saturday evening at his mat, Droadkoda, Hants, from
Tiverton. Lord Herbert is staying at hi seat Wiltou-lionee,
Wilts. Lord Granville is staying at his resideoos, Nose
Park. /Staffordshire. Mr. Hiles: Gibson is staying at his
neat in Suffolk. The Duke of Newcastle is at Clumberpark,
NAM. Lord J. Reseell, the Duke of Argyll, and Sir Geo.
Grey have left London. Hr. Gladstone is staying spat a
visit to Lord Herbert. The Home Secretary. Goarge Ceru-
lean Lewis, remiss is tows. The ministate will mimeo-
We la London on Tiseaday, the Nth of April, at which period
the ethicist councils will recommence.

HeuiTiarru The Rev.
Edward Cheese, the new rector of Houghton
" rend himself in " no Sunday, is presence of •4424ZZ
=Prtine. He took the entire duty, both morning
iming the ordinary service being varied by the
wan of " the Thirty.sine Articles," end a electorate:a os
the part et the new rector of his unfeigned "sassed
and ermemet" thereto. nod to " the Book of Common
Prayer." la the morning service the reading of the articles,
followed by • short address, tonic the place of a sermon.
He Om spoke to his hearers .—" The formal act of what ie
Balled in' is now concluded. I cannot, however,
let you leave this place without saying a few words to you
upon the relation which is henceforth to exist between us.
It is a solemn work which I have undertaken this day.
• • • • I wast, theta, brethren, each one of you to look
upon him who has this day become God's minister in this
as the friend who le willing at all times to be spent
Crrrott. I met yew to rsgmed nil as one who hoe deter.
raise IIH
by Goes grace, to devo'oe the bed years 4C
se • salaister of the Gospel in this place. I
waist mat to leek upon me as desirous to give my
time, say sireasth. sad ell that I have, entirely to minimise
Is this parish. I west you to reprd.r.e se the friend who
prepared whether you are to Nekoosa or is health, is
poverty or is wealth, to bring to yen the awakening sad
esaeoling isdheencise of the Gospel. He then proceeded to
dwell upon the responsibility of his inimion, and besought
his pareshoinese, on this account, to pray daily for their
nifty.

TiM CHAP= ROYAL IN TEN SAVOT.—Yestar-
&by the swami Ofispel Royal is the Savoy, whisk is in on-
maim with the Duchy of Lasseter, was opened by two
servieas, at the Ant el which the Archbishop of Canierhery
promeed. The maturation of the church is in every way
ecimplete. The beautiful heraldic devices co the veins(
have been brought out with great Week and are
the inset apachnes of each works of art in the
For a loos series of man they were hidden under repeated
coats of whitewash, but in 1643 Mr. John Osekrase, a beok-
esliss the Strand, having been appointed chapel=
beenstit his antiquarian knowledge to bear es the
selliag. His inertias were rewarded by the discovery ot
them exquisite devices which, from the month to the essitra
anthem of the houses of York and lancesher, while these
from the centre to the north represent various insidents
connected with the cress and passion of the Saviour. Two
sew panels and several pipes have been added to the
One or two modern monuments at the south awl, vrhkh
were injured by the fire, have been restored. AU the as-
cient monuments at the north end were uninjured.
The statement in the newspapers of an intention
to raise the British Ministry at the court of Victor Bire-
ussauel to the rank of an embassy is hays the Observer)
incorrect. The Kingdom of Italy is undoubtedly of great
importance, nod it ie much to be wished that it may bemuse
meth more so in the European system. But it was osly
lest year— wine Titscany was ed to Piedmont—that
the minion at Turin was raised to a ant-clean mission, sod
that Sir James Hudson was placed in the rank to which he
is so eminently entitled, and which, after all, is oaly es a
level with the British Minister at the Hague. The Marquis
d'Aseglio will no doubt receive every due mark of mold-
denstion from the silvisers uf his sovereign, but they will
probable not consider it memory to alter his personal statue
at the Court of St. James.

THE EXPRESS, MONDAY EP TING, APRIL 1, 1861.
LATEST INTELLIGENCE.

. Cbe Court.

WINDSOR OARTLE, MARCH 30.

The Prince Consort, attended by Colonel the
Hoe. A. Harding., went to London this morning and pre-
sided at a meeting of the Committee of the Horticultural
nodal at South Kensington.

The Prussian Minister and Countess Bernstorff came
down to Windsor and paid their respects to the Crown Prin.
au of humid' (Princess Royal).

ITALY.

TURIN, MAK% 31.
The Opinion of today says :
" It has been notified to the Marquis d'Azeglio,
on the part of the Queen of England, that her Ma-
jesty would receive him in the quality of Minister
of the King of Italy.
" The Federal Council has made a similar
declaration to our minister at Berne."

EASTER SUNDAY.

The Queen and Prince Consort, the Prince of Wales, the
Crown Princess of Prussia (Princess Royal), the Princess
Alice, Prince Arthur, Princess Helena, Princeas Louise,
and Prince Leopold, the ladies aid Gentlemen of the Court,
and the Domestic Household, attended Divine service this
morning in the private chapel.

The Hon. and Very Rev. the Dean of Wiodeor performed
the service and administered the holy sacrament.
The Duke of Cambridge visited the Crown Princess of
Prussia (Primes Royal) yesterday.

Mr. Crosthwaite, Consul at Cologne, transacted bandages
at the Foreign-office on Saturday.
Despatches were received ow Saturday at the Colonial-
office from the Governors of the Cape of Good Hope, Natal,
St Helena, Gibraltar, Malta, and from the Lord High Com-
miasioner of the lonian Islands. Despatches were sent on
Saturday to the Governor of Canada.