The Express.
London, England, 1861-04-22 00:00:00

PRINCIOWII.

Title Erloll,lo. TllRlefilitiaLD. Mr. ghee., and MN;
C. (Mere, —And II %MUT. Main. Yachter, Ryder. Shore,
liersaus %rain, Meadows, awl Peeler; Miss Elsworthy.aad
Mr Heath.

T. JAMMIM.
This Morass, LAW FOR LADIFA. Mews Emery. Ashky.
Arbour* . Mr K. Tefry.—A ACILAP OF PAPER.. Mn.e A.
Moo aid Eatery: Mies Herbert sad Mr. A. Mips. —AdTIM PUH 31LI A OP 11C0.—Coamemedpai 7.

BRITANNIA.
TIM ITtma. THE DIVIL/1 CORPACT. Mom J. lisp
sat. and T. Drummood M R. Clayto• sad Um P. Lime.
—1111: 11/:ARE 111+ A TAUS BMW' BAILOR. TM LADD
Wouder. - %Lid ROBIN HOOD. Mass E. Jacobs sad Down's&

HIGH Wl2 AT LONDON INIDOZ.
Tens DAT —Norio& Ilh. tan Atternoou. OIL. O.
Toseasow —Nanks. ob. .m... Alteruoog OIL TAIL

Lop DON, Mu_ DAY, APRIL 22.

ArrEtt a week's reflection, the House of Com-
mons, which Nat Monday was enthralled by the
simplicity and cheerfulness of Mr. Gtsterrows's
financial scheme, is about to discuss deliberately
its provisions.
As our Conservative friends appear to be aware
that they will be unable to make any effective
assault upon Mr. GLADMTUNZ'S scheme without the
aid of some deserters from tho Ministerial camp,
and openly implore the aid of • few "moderate
"and constitutional" Liberals to help them just
this once, wo may point out that the disintegra.
tion of the Budget is politically impossible. The
ambiguous and vacillating language of the Oppo-
sition press does not permit us to ascertainwhether
their party in Parliament is likely to object to the
repeal of the Paper Duty because the financial
prospects of the year do not justify the expecta-
tion of the estimated surplus, or because that
surplus ought to be differently appropriated ;
but in either case tho Government, having
all the facts before it, has taken a supreme
decision, from which it cannot recede.
Men who cannot judge how much money they
will want in oiler to meet the national ex-
penditure are not fit to govern the country. It is
very likely, however, that in the coming debates
we shall hear much of the Tea and Sugar Duties,
and of the hardship of continuing them while
any other tax is repealed. As • matter of senti-
ment much might be said on this point in which
we should be compelled to agree. In any case,
however, nothing but the date of repeal
could be doubtful. The time has come
for taking a practical view of the question.
" Moderate and constitutional Liberals" may
believe, if they will, that the party whose leader
last year persuaded the House of Lords to
add to the burdens of the country of its own good
pleasure, and which incessantly stimulates the
most lavish expenditure, is the party that has
earned a right to be believed when it professes
milpathy for the poor tax-payer. Not, how-
what tho Tories would do if by some accident
they came into office to-morrow t Does anyoody
believe that they would resolve to stand or fall by
a tax which a Chancellor of the Exchequer hes
twice proposed to repeal, and which the House of
Commons has twice condemned, a tax which is
odiously identified in the eyes of the nation
with an audacious stretch of power by the
privileged branch of the Legislature 1 It is
most certain that they would do nothing of the
kind. Thu first care of • Tory Government
would be to secure its own continued
existence, and its first duty to shun a
course which would lead to certain destruc-
tion. Thu repeal of the Paper Duty cannot be
discussed practically as if it were a thing now
heard of fur the first time. After all that has
passed no government can make it permanent,
and this is the conclusive answer to those who
pretend that its repeal would be the destruction of
a part of the permanent revenue of the country.
Its life is gone, and everybody knows it is gone.
Let, then, its remains no longer obstruct the path
of industry and enterprise.

WE arc glad to notice a slight improvement in
the accounts from some of the seats of manufac-
ture. .t good effect has been produced by the re-
lapse iii the value of money, and by the improvement
in the weather. The chief cloud now overhangingour
home trade prospects rests with the unsettled con-
dition of politica, both on the Continent and in
America. The probability being that in these
respects no real encouragement will be presented
for sonic time to come, merchants and manufac-
turers are alike cautious. Meanwhile it is satia.
factory to notice an impression that trade has
passed through its dullest stage for the present,
and to witness the favourable progress of railway
traffic.

The investment which has been made in the
funds during the past week to the extent of
550,000/. by the London and Westminster Bank
has attracted some attention. In the first place,
it is an indication of the increased difficulty which
is experienced by bankers in finding eligible chan-
nels of employment for their balances, now that
trade has become more contracted. This may well
be the case, in an eminent degree, with the Lon-
don joint-stock banks, which are the depositaries
of very large sums of money, attracted by the rate
of interest allowed. During the recent disturbance
in the money market, the joint stock-banks and
other financial establishment& very prudently came
to an agreement to fix the maxim?' in rate for deposits
at 5 per cent. Accordingly, when the charge fordis-
counting the best bills both at the Bank of England
and in other quarters was 8 per cent. and upwards,
the joint-stock banks had the advantage of an
unusually large margin between the price which
they paid for money and that at which they lent
it out. They could, therefore, afford to hold a
considerable reserve idle. It was their policy to
keep themselves strong; and we have no doubt
that in this way the arrangement between the TO-
rimis banks contributed to render the money
market steadier than it would otherwise have
been. But now that the Bank rate of discount
has fallen again to t per cent., the joint-stock
bani.s have reverted to the old practice of allowing
for ckpnsits a rate of I per cent. below the Bank
Of England minims'''. Their increased margin is
thus cut away, and they will probably be found
more anxious to employ their money,
and lens willing to hold a larger re-
serve than is necessary. It is partly
upon this presumption that the recent important
investment by the London and Westminster Bank