The Express.
London, England, 1861-05-06 00:00:00

•lON_WATI& AT LONDON BIUDOL

Tr Ak.
Um.— Mormon. Oh. 44m.

LONDON, MONDAY, MAY G.

Tire change which has come over the money
market during the last fortnight, and the effect
of which is a rise in the rate of discount for the
best bills film 41 to nearly 5 per cent. in the
open market, whilst the Bank rate remains unal-
tered, is occasioned by influences of an exceptional
kind and well dreurving of study. The change re-
furred to is another consequeuce of the great defi-
ciency in the last harvest, yet the point to which
we wish to call attention is that, at the moment,
it is net so much a luestion of the effect of this
deficiency upon the foreign exchanges, or upon
the specie current, for not much specie is leaving us
just now, but that the failure of the harvest is
telling upon the money market in the
sense of causing an internal, as distin-
guished from an efferrint pressure. We have al-
ready men how great a degree of financial disturb-
ance may be caused when the foreigner demands
gold fur the imeens,..inantitiss of food which we
are obliged to take from him. But this has been
to a considerable extent rectified, and the Cl-
changes an once more at a tolerably satisfactory
level. It is chiefly the depremed and straitened
condition of our home agricultural interest that is
just now stimulating a rise in the rate of money.
Iltis works round in a way which deserves atten-
nun, from its deep importance in a social point of
view. When the agm-ultund claims are prosper-
ous. and money is abundant amongst them, very
large balances are lodged with the private and
joint-stock banks throughout the country. The
country bankers, in their turn, send the
surplus for employment in London, the
great financial em.tre, unless they have
the opportunity of lending it in the busy
manufacturing towns or shipping ports of the
North. If their money be lout in the latter
channels, the effect upon the general market is
much the same, for fewer bills come from the
country to be discounted in London, and the re-
serves of the metropolitan bankers are left idle.
But the usual practice is for a large portion of the
country bankers' surplus haleness to come to. the
metropolis through the medium either of their
London agents or of the great discount establish-
ments. Now it is a remarkable fact that the
enuatry bankers' balances are lower than they have
been fur some years. There are scores of these
bankers who habitually in good times have large
sums on loan in the metropolis, yet who
are now themselves borrowers here. Ask
them how this happens, and they will
reply that the sole reason is the pressure put upon
them by the agricultural classes, and the necessity
id helping their customers amongst the farmers.
Keeh of them can tell of dozens of cases wherein
substantial farmers who usually leave large balances
in their hands, are applying for accommodation
this year. It would scarcely be possible to find a
more striking illustration of the damage which has
been sustained by the greatest interest in the
country through the extraordinary phenomena of
recent seasons. One of the immediate effects ir the
complaint on the part of London bankers that
money, somehow, is unusually scarce and difficult
to procure. It is hardly a month since
the great quarterly disbursements were made
urn Government and dividend account, yet
the market is already becoming pretty
well cleared of money. It makes an im-
portant ditlerence to the London banking interest
when those country banker" who usually supply
money turn absorbers of it. Now that what is
termed the dividend money has been absorbed, the
private deposits in the Bank of England are being
drawn upon more heavily than for some time
past. The last return shows a decrease of no loss
than 1,423,211;4!. ender this hoed, and it is chiefly
to this draught that the reduction of 546,6211. in
the reserve is owing. ft is the more easy to trace
these changes to their real source—the straits of
the agricultural portion of the community—because
for some weeks past, as already remarked, the
foreign bullion nmveinent has not been of a chit-
radar to produce much effect. The inference
which wo draw is that the banking interest gene-
rally will find that they have not muck money to
spare for acme time to come, and that the eon-
mercial demand will be flung upon the Bank of
England to a greater extent. We all know that
the efluct of this is to make the Bank propor-
tionately stringent in their terms, particularly
during the latter half of each financial quarter,
when, as bankers to Government, they have con-
stantly in motion a gigantic rake, scraping in the
revenue from every part of the kingdom. Of
course, as they get this money in, it is their bvsi•
nem to let it out again from week to week, if it
be neediel, but for this they require a proportionate
'making consideration. As at the present
time there is also the prospect of ma
extinction of currency to the extent of upwards
of intu,oool., being the amount of silver which
►he Indian Government has agreed to perches
from the Bank, and which is now in course of
ibmpatch to the East, it seems reasonable to elm-
tide that we hare seen the best of the money
ei..rket for the present. It is one favourable
point that, during the last few weeks of compara-
tive ease, when the rate, of discount in the apes
market have been much below the Bank of Keg-
land minimum, the amount of "other" or private
securities held by that establishment has rundown
considerably. On the 3rd of April the total was
20,218,0631. ; the return just published states it

at 17,886,11 V., showing a decrease of 2,331,946/.
As the Bank will have the revenue flowing in
largely to their aid, they can afford to take in a
considerable amount of commercial securities be-
fore the question of raising their charge need come
under discussion.
We have alluded above to one of the domestic
effects of the failure of our home supplies of food.
It may be useful to keep attention fixed upon its
foreign aspect also, even though the money market
is not et this moment disturbed by a drain of gold.
The Board of Trade returns last issued do not in-
dicate any radical improvement in the general cha-
racter of the foreign trade of the kingdom. The
Irdance appears to be still on the wrong side. It
is surprising that the American exchange keeps up
so well, considering the large quantities of bread-
stuffs which we have continued to import from
that quarter. Unfortunately, the official figures
relating to the "real value " of the imports do not
come down later than to the end of February. In
that month we took from the United States in
wheat and flour the following value :

February, IMO £1,71;4
14.4
90
09 1861
And in the two months we took from America of
the same articles :

Two mouths of IMO 1:16,141
19 1160 190,475

9, $P 1861 2,171006
It stands to common sense that as long an the
imports from America continue upon this greatly
increesed scale, and whilst our exports to that
country are checked, there must be an unfavour-
abk exchange. It may, however, be pointed out
that the enlarged movement in American bread-
stuffs partially compensated by the diminished
movement in American cotton. Of the latter
article wo took in
February, 1859 0,184,255
„ I MI) 3,791,887
1881 3,179,555
The decrease in February, 1881, compared
with February, 1860, is 813,3321. In the two
months there was imported of American cotton :

Two months of 1830 £3J64,265
DM

11 99 1861
The decrease this year, as compared with last, is
1,038,9691., which may fairly be deducted from
the 1,968,5311. of increase in the imports of
American wheat and flour.

If we examine the statistics of the imports of
all kinds of grain and flour from all quarters, we
shall find vlditional reason to infer that the value
of money cannot fall to any low point. The
figures stand as follows for the month of Feb-
mary

lobrusrf, 1450 ............_..»...._ C 86.1.010
„ 1100
„ 1861
The increase is 2,872,7451. compared with laat
year, and 2,516,8531. compared with 1859. For
the two months the following is the statement :

Two mouths of IM9
" " 1810
1,709,471

lest
The incresee is 4,467,1 8 11. compared with bell
year, and 4,234,7721. compared with 1859.
We must again observe, however, that there is
a compensating action going on, which forms a
psreial set-off against these enlarged importations
of food. We have imported this year less cotton,
coffee, flax, hemp, hides, metals, oils, provisions,
saltpetre, oil seeds, silk, and wool, than in
the corresponding two months of 1860. Thus
it happens that whilst the imports of grain and
leer, u above shown, were 4,467,1811. more in
SO two months of 1881 than in 1860, the im-
pats of all the articles (including grain and flour)
mentioned in the official tables show an increase
of only 2,373,0681., the aggregates being
18,246,5371. in 1881 spinet 15,871,4691. in
1860. It would thus appear that, whilst we have
spent in breadatuffs 4,467,1811. more than in the
corresponding two months of last year, we have
spent 2,092,1131. less in other articles. This
is at least some evidence that we do
not neglect that economy which becomes a
duty at a time of national trial like the present.
ffeonomy is, indeed, forced upon us. There will
he a smaller consumption of every article of luxury
this year, simply because we cannot afford to
spend as much as usual. Insensate strikes in
BIM trades, and " short-time" and diminished
employment in others, will operate in the same
way. We can only hope that the CRANCILLOS of
the Exciteurrit's estimates of revenue from
Customs, Excise, Income-tax, and other imports,
will not be prejudiced.
Trade in most departments is dull, but there has
been no increase of gloom during the peat week.
One of the principal features is the absence of de-
mand for commodities for America. The Ame-
rican trade is indeed paralysed by the events now
in progress, the upshot of which no one can pre-
tend to foretell. There is a general feeling of
apprehension that, although the commercial effects
of the American convulsion are slow to make
themselves felt, they will yet tell upon very im-
portant interests here, in the event of some ar-
rangement not being effected. This apprehension
furnishes a fresh incentive to caution.

lELNIBB or THI Aloe BMW or CANTERBURY.
—We me may to leans that during the last week his Grace
the Amhbishop of Canterbury has loon suffering from in-
dispositiou at Lambeth Palace. On Saturday the venerable
primate was coosiderol much better, and yesterday there
was continued amendment in his health.
TAR &nem. of RotED4TER.-011 Saturday worn-
Wtdßishop of Rochester preached the fourth annual
ermou, on the Jewish subject, in the church of
Bt. Clement aims. The preacher is appointed each year
by the Bishop of Loadou ; the prey otling preacher, being
the Rev. Dr. M'Caul, Rev. Dr. M'Neile, and Rev. Thomas
Fremantle. The bishop, in tun course of a very eloquent
and forcible discourse, enlarged upon the past nifferinp
sad future prospects of the do wiah people, and alluded in a
very reviling and affectiosate way to the week commenced at
Jermalem by Bishop Alexander. It was the subject of
formirk, that his lordship only spoke of past years, and
studiously avoided all allusion to Bishop Gobat, it being well
known that many of the prelates of our church look with
wash regret epos the Into wagering of that eccentric bishop.
The b=ves attended by his chaplain, the Rev. Joseph
B. II e sad sanosest the tire we noticed the
Kiva J. C. Bekbezdt, Knight, Oeaheri, Killick, Good-
-1 &ACLU SUNDAY STRAIN() SERVICE& —Yes-
Isnlay the 11th of the sew series of special Suerlay evening
aseniess tea pies in the nave of Westminster Abbey,
which was as crowded as ever, the evening services at St.
Paul's and Ezeter.tiall baying been suepeadad. Prayers
Were sang by the Rev. J. C. Haden, M.A., the
sad the lemma read by the Very Am the Data, ter which
ea able ellllloll was preached by the Hue. aad Right Raw.
Dr. J. T. Pelham, Bishop of Norwich. The nght rev.
prelate was for • cousidersble penal rector of the large
metropolitan parish of Kt rylehone, anti last night many
of his femme pariehit mere flocked to the Abbey to hear him.
The masa sem Sunday evening will be preached by the
tee. Jonathan Henry Lovett Cameron, M.A., of Trinity
Calm theibridge, who hae remedy been appointed by
the Dina and Canons of Westrehmter to the vicarage of
Shereham, .ear Sevetetaks, in the room of the Rev. Canon
Reptem, deceased. The dissenter, are still continuing their
special wireises at St. James's Hall. Yesterday the spacious
hall was twice Ailed—first at three o'clock, when • sermon
ear pisaeb-d by the Rev. Newman MAU. LLB., minister
d .Amoy Chapel., itlackframroad, and again at .oven
(Meek viva the service was conducted by the lb,.
Thanes Blaney, minister of the Weigh Home Chapel, Fish-
atrest-liill.

Vat Coun.

MI LAYS EARL or ABIRDWrf.—The annual
seestlag of the Commingles's.% of Supply. &e., of the county
Ale doss, woe held lest week is the Record hall, and
aroonpt other business the following revolutioo was pro-
posed sad adopted :—" Resolved, that there ought to be a
permanent memorial of the late Earl of Abe Ween is this
eoenty. and that the following committee be name, to
take such steps as may seem most expedient to promote this
objert." The whnlo of the gentlemen present were eoesti-
toted the committee—Mr. Thomson of &Debar', oeurseer.

THE EXPRESS, MONDAY EVENING, MAY 6, 1861.

The Prince Consort held a Levee on the part of
the Queen, at Mt. Jame►'. Palace, oe Saturday afternoon.
Hie Royal Highness arrived about two o'clock from Buck-
ingham Palace, and was received by the great officers of
elate of her Majesty. household.
The Dyke of Cambridge attended the levee.
The Prince Cou.ort wu attended in the Throne•room by
the F.Arl of St. “ernmeg, Lord Steward, and the other
officers of the queen's household. Mr. E. It. Boyle was the
Page of Hooour in Waiting.

The following presentations to his Royal High:ices took
place in the diplomatic circle :
By the Greek Minister—Lieut. Spyridion Makes, Royal
Greek Nary.
By the United States Minister—Mr. Paul B. Du Chaßlul
a gentleman of New York city.
The diplomatic ratio was attended by the Turkish Am-
baleador : French, Austrian, Russian, and Persian Amine-
'adore ; the Belgian, Bavarian, Hanoverian, Greek,Nether.
Linda, Portuguese, Prussian, Brazilian, United States,
Swedish and orwegiss,Spanish, Lanish,and Honduras and
Salvador Ministers • Count Curti, Italian Chargé d'Affaires,
and Count Maffei, gecretary of the Legation ' • Lord John
Rummell, the tlueeti's principal Secretary of State for Fo•
reign Affairs ; and Colonel Begot, her kajosty's Assistant.
Master of the Ceremonies.

The general circle was well attended, and comprised most
of her Majesty's ministers.
One huodred and twenty noblemen and gentlemen bad the
honour of being presented to his Royal High:less. ...tmoog
them were the following
Mr. Thomas Barnes. M.P., by the stars of Caithness
Mr. Mint:shy Bethel], by the Lonlelmacellor.
Mr. Thos. Chambers. on being appointed one of her Majesty's
comae!, by the Lord Chancellor.

The Venerahlr Chu. Carr t:terke, D.D., b 7 the Very ker. the
Dean of Christ Church

Lord Delamere, on hie marriage, by Sir Hamilton Seymour.
Hun. throrge Denman, M.P., on his appointment as uue of her
Majesty's counsel. by the Lord Chancellor.
Rev. 1/r. 11tH, Moderator of the General Assembly, Presbyterian
Church In Ireland, by the Bishop of Down.
Lieutenants Cenral Sir Hope Grant, by the Duke of Cambridge.
Maine General Bur Patrick Grant, on return from India. and
being &molt/tad a G.C.8., by General Viscfmnt Gough.
Mr. Graves, the Mayor of Liverpool. by Sir G. C. fowls.
Mr. Samuel Gurney, M.P., High Sheriff for Surrey, by tito Bight
Hon. P. W. Cowper, M.P.
&sign Rowlrind Hill, on appointment 7th Fusiliers, by Major-
General Sir R. alrey.
Mr. Kirkman Daniel Hodgson. deputy.governor of the
Bank of England, by the Chancellor of the &chequer.
Rey. H. lit/lean, principal chaplain at Aldershott, on promo-
tion and appointment to that station, by the Adjutant-Gcneral.
Mr. Alfred Intham. Governor of the 'tank of England, by the
Chancellor of the Exchequer.
Mr. Locke Q C., M.P., on appointment an recorder of Brighton,
by Sir G. t'.
Deputy Inspector-Ganoral W. C. Maclean, M.D. on his return
from India and on appointment as Professor of Military Medicine
in the Army Sled/eel School, Chatham, by Major-General J.
Ca."Pb°ll* •

Mr7.Nifm rinser IfeDonell, on having received the Victoria
Cron, by Major-General RD E. Ltutard.
The Bishop of Morey and Ross, by the Duke of Richmond.
Colonel Freeman Murray, on return from the Government of
Lermada, by the Duke of Newcastle.
Dr. Muir, C.H., laspeckwCleneral of llcepltals, by the Duke of
Cambridge.
Mr Lawrence Palk, by Lord Raglan.
Duke of Richmond, by Viscount Sydney.
Lieutenant Lewis Softy, R.N., by his father. Mr. fielly.
Mr. Henry Wyn.lhans West, on his appointment Attorney-
General for the Duchy of Limiter, by Sir George Grey.
Mr. narMant Wheeler, on taking the coil, by the Lord Chan-
cellor. _ _

ofIIM. J. Stuart NorUey, on his return from China, by the Earl
Men.

WHITE LODGE, NAT 5.
The Queen drove out vestenla7 townies with Princes
Helena and PriOCENII LOll6O, &W athe afternoon,
with the Prince Coneort.

Priucces Alice, attended by Lady Oiroline Barrington,
also took a carriage drive.
The Prince west to Loodem to hold • levee, and returned
between 4 and 5 o'clock, attended by Major Do Plat.
This swain the Hoe. and Very item the Dean of Wind.
set perfonned divine service at the White Ledge, in the
=of bar Majesty, the Prince Consort, Princess Alice,
Helena, Princess Louise. Primes Arthur, and
Prisms Leopold, the ladies and gentlemen in waiting, and
the domestics household.
A deputation from the Barmy Harbour Trust bad an
interview with the Right Ho .'l. Milner Cason, ca Satur-
day, at the office of the Board of Trade.
A depntaton from the Bohan Union had an interview
with the Right Hon. C. P. Villiers, co Saturday, at the
office of the Poor-law Board, Whitehell.
Despatches were mod has the Colonial-office, on Satur-
day, to the Wetness se the North American provinces.
The Right Hew. Lead May, the captain of the hoa.
maps of UentlemesAMAnns, dined at the OHM of the corps
at Si. Jessie Moos es Wards, evening.

Tes Panics Of Wars—lt L understood that
the Prinoe of Wales will employ the Midsummer
vacation in the practical study of military duties
and movements, and will for that purpose visit the
camp at the Curragh of Kildare. His royal high-
ness will probably be attached to the lit Brl e,
and do duty with the lit Battalion of the Grena-
dier Guards, in which corps be will go through a
course of military instruction.

It is undo:eta4 that her Majesty and the Prince
Consort will remain at White Lodge, Richmond Park, for a
fortnight ; returning to Buckingham Palace about the 15th
instant. The Queen I. expected to stay in London two or
three days, and then leave for Osborne.

His Grand Ducal Highness Prince Louis of Haase
is expected to arrive at the White Lodge, Richmond Park,
on a visit to her Majesty and the Prince Consort, in the
MUM of the present week.

The Earl and Countess of &afield, accompanied
by Viscount Reidhavem, hare arrived at the Clarendon
Hotel for the season.

Lord Brougham left his chateau, at Cauues, on
Wedsesday Let, for Paris, on hie way home. The noble
and learned lord contemplated only a brief sojourn in
Paris, and may be expected in the Howe of Lords by
Thiusday next.

Lord Foley, captain of the Hon. Corps of Gen-
tlemeii.at-Arms, dined at the in of the corps, at St.
James's Palace, on Saturday evening.
Viscountess Palmerston bad an assemb4 on
Saturday evening at Cambridge House,
The marriage of the Hon. John Cranch Walker
Vivian, brother to Lord Vivian, with ]Gas Rowley. niece
of the Countess of Rimmed, ia fixed to take place early in
the eawtmg summer.

Tea SLABOX.—FuntioNABLa Asaikaorareve.—
The period of the court mourning for her Royal Highness
the Duchess of Kent having terminated, there is now an
indication of activity in the fashionable world. The fol.
lowing are among the arrangements already notified :—To-
MOROI", Lady Stanky's (of Alderley) first dance. Wednee-
day, the Counter of Derby's ssoced smetinbly. Friday,
Lady Osll's ant dance. Saturday, the Counter Apponyre
sasembly, Cluustlue Home. May 13, Lady Rolle's firer: ball.
May 14, Hon. Richard Cavoridish's ball, Cheshiun-place.
May 15, the Prince Consort's second levee ; the Countess
of Derby's third assembly ; Lady Emily Hesketh's
May 16, Almack's Bret ball. May 17, Lady Rolle 's coined
(postponed from the 10th bat.); Mrs. William Hibbert's
" Ant dance." day 20, Lady Maria Saundenou's dance.
May 27, Mrs. Wuhingtoa Ribbon's woad ball. June 19,
Her Majsty'• fret dewing-room. Jur 27, her Majesty's
@mooed drawing-room. July 10, coloration of the Queen's
birthday.

We (Observer) understand that the Queen has
sneered her gracious intention to cadet the Compun:os-
skip of the Beth (civil side) upon Mr. Hooey Loch, pnvate
secretary of Lord Elgin in his late mission to China, and
Mr. Thomas Wade, Chinese secretary to the mission at
Shanghai, who acted as chief interpreter during the late ex-
pedition. Mr. Wade is now at Pekin, whither he has pro.
seeded by order of the Envoy Extraordinary, Mr. Bruce, to
prepare for his reception at the capita
The Lord Chancellor has appointed Mr. Francis
Ellis, of the Home Circuit, to be judge of the county court*
comprised in circuit No. 34, upon the resignation of Mr.
Cooke.

Mr. Hubbard, M.P., writes to the Times:—" I
observe that my name appears in the list of the minority
who voted on Mr. Horsfall's motion for a reduction of the
duty on tea. It would have been very inconsistent in me
to vote for the remission of any portion of the tea duty
when I bad only a few hours previously objected to the
practice of making large prospective remissions of taxation
upon distant and doubtful expectations of an inane., is
the revenue from other sources ; and I will thank you,
therefore, to allow me to state through your columns that I
did not vote fora revolution of the duty on tat." This cor-
rection gives the government a majority of Is.

Several notices Lave already been given of plas-
ticise le be asked in parliament open • subject which must
soon swam gigantic proportions in the eyes of this coon.
try. Mr. Gregory prowess to-night to ask Lard John
Russell whether say attempt on the part of the govern-
ment of the Veiled States to levy federal duties es fareiga
vemele outside tie porta of the southern confederacy before
such vassals break bulk would not be en infringement of
international law ; and Mr. !lordell has a notice for to-
morrow upon the whole bearing of international law on the
rights of belligerents and nestrai.