The Express.
London, England, 1861-05-20 00:00:00

THE EXPRESS, MONDAY EVENING, MAY 20, 1861.

party. It is true that it would be a great satis-
faction if they (whoever they may be) were in-
duced to make up among themselves 501. a year
for Mr. CLOSE, that the Government pension
might be left for some one of the scholars and
literary men who are toiling on in want and dis-
couragement, after having blessed society by some
genuine service. But we want more than repara-
tion in a particular case of great abuse. We want
a better system, if we are to sanction the en-
couragement of literature at ail. We have (ae
does not very often happen) men in the Ministry,
two or three, who know what literature is, and
how to value it. There is a chance at present of
an interval of relief from that insolent levity of
patronage with which English Ministers are wont
to treat intellectual persons of any other vocation
than that of politics ; and it is natural to wish
that the occasion should be seized for renovating
lour method of national patronage of science and
literature. At least some precaution should be
taken against an abuse of our petty pension sys-
tem like that which Lord PALsziorrox has allowed
himself to be implicated in. He must, in the
first place, take care whom ho trust in such re-
commendations, and provide some oversight of
such claims. No second case of imposture will be
pardoned ; and the best use to which the present
one could be turned would be a reconsideration of

the we of this pension system while Mr. GLAD-
STONE and Sir G. C. Lewis and Lord Junx RUSS=
are in the Government of the country.

TIM principal financial feature of the past
week has, of course, been the rise in the Bank of
England rate of discount from sto 6 per cent. It
is recognised that the prospects of the money
market have become once more involved in great
uncertainty. The chief causes are still those
which have disturbed it during the last seven
or eight months—our large importations of
corn, and the confusion in America. The figures
relating to the imports of food have been so fre-
quently stated in these columns, that it is needless
to refer to them further than to remark that they
iodinate a large balance of trade against this
country, and a probable continuance of that ad-
verse balance until such time as our home produc-
tion of food resumes its usual proportion to our
consumption. It is out of the question
to suppose that the money market can
be placed in • really satisfactory position
until we are able to dispense with the exception-
ally increased supplies of foreign grain and flour.
The state of the market from the autumn onwards
will depend mainly on the result of the coming
harvest. Another deficient crop would doubtless
be attended with very lamentable eflects both upon
trade and finance, whilst an average yield, which
is apparently the very utmost that can be hoped
for under existing circumstances, would go far
towards averting monetary difficulty for the en-
suing twelvemonths. For commercial men, there-
fore, the agricultural reports will possess an un•
usual degree of interest. But, during the three
months which will intervene before the result of
the crops will be known with certainty, it is not
easy to see how the money market can be other
than difficult and sensitive. Causes of perplexity
abound on every side. Most important
of all is the pressure put upon us by
America, where political, social, and com-
a !mild affairs are alike thrown out of joint.
Business is at • standstill ; and the reali-
sation of their available assets and the accumula-
tion of ready money form at present the principal
aim of the American community. This is • course
which has already severely affected us, and which
will continue to do so as long as the same causes
continue in operation. In less than six months—
that is to say, since the 28th of November, when
these shipments commenced—we have sent the
large sum of 5,800,0001. in specie to America.
That boarding is going on in that country is indi-
cated by the fact that after the absorption of this
sum, and of some large amounts drawn from the
Continent, as well as of the whole of the heavy
consignments of gold which have continued to come
forward to New York with the usual regularity from
California, we can trace an addition of less than
five millions sterling to the stock of the precious
metal in the banks at that city and elsewhere.'
Hoarding is an inevitable consequence of social
confuion, to say nothing of civil war. In the
face of a constant fall in the exchange, arguments
have been used the drift of which would appa-
rently be that we shall pay America in the form
of rifles and munitions of war for the rest of the
grain which we shall need from her. In some of
our midland districts the orders premed by the
agents of the contending American Governments
have unquestionably given an impulse to certain
branches of industry • but who ever heard of an
adverse balance of trade being redressed in such a
fashion f Munitions of war, we fear, will go but a
small way towards liquidating our debt to Ame-
rica for corn and flour. Supposing even that we
undertook the entire task of arming a quarter of
a million of men, what proportion would its cost
bear to that of providing, if only partially, for the
daily sustenance of 36,000,000 f No one can doubt
for a moment that the real cause of the fall in the
New York exchange to 104, announced last week,
and upon which the Bank of England have acted,
is the grain movement. Again : we see the argu-
ment used that, under the distrust inspired by the
existing civil dissensions, capital will flow from
America for investment in safety here. Isolated
transactions of this kind will doubtless be effected
by individuils, but to imagine that there will be
any displacement of capital of sufficient Importance
to obviate the pressure from which we are now
suffering, seems to be • very unsafe view indeed.
It is most unlikely that the investments by Ame-
ricans in our comparatively high-priced English
securities will amount to a tithe of the English
investments in the wretchedly depreciated Ame-
rican securities. Had the Americans •

superabundance of capital to dispose of,
they might, of course, transfer it for investment
here. But how does the case stand 1 Why have
they thrown down the prices of their securities to
so serious an extent ? Simply because, in their
present condition, they do not want securities at
all, but capital in its most available form. A
severe fall in prices in their stock markets is one
means of attracting capital from the foreigner.
Hereafter we shall probably realise large profits
upon these investments, for, as soon as the pre-
sent troubles have panned away, the Americans
will buy back from us at high prices the securities
which, for their immediate accommodation, they
are now transferring to us at low ones ; but for
the present the effect of these transactions is un-
questionably to increase the amount of
the balance against us. We cannot help
thinking that the public have been a
good deal misled of late by the hasty ooncluaiows
which have been laid before them on these aad
kindred matters. For example: no longer ago
than the 6th inst. a leading contemporary observed
As one of the latest telegrams received this
" afternoon announces that the rate of exchange
" had receded to 105/, that stocks were still
" failing, and that communication was cut off and
" business entirely suspended, many personswill be

" " disposed to apprehend another heavy drain of
" gold from this side and further serious injury to
" all departments of trede. These alarms, how-
-1 " ever, will subside with a little examination."
Ile then went on to remark that:—" The usual
" consequences of war are the impoverishment of
" a country from its expenses being greater than
" the income from its productions ; but if, on the
" contrary, we are now to see it attended by a
11" steady augmentation in metallic wealth and a
" consequent plethora in the money market,
" the anomaly will be presented of a State
" increasing in financial solidity in the
1" midst of devastation." And the conclusions
at which he arrived were emphatically pointed as
follows :—" In every way, therefore, the conclu-
" lion is forced upon us that, so far from the pre-
" sent rush of events being calculated to draw
" away our means and bring embarrassment on
" the London money market, it is likely to have
" a directly opposite result." Now, how does it
happen that our means hare already been drawn
away, and that, in less than a fortnight after these
remarks were penned, embarrassment has again
been brought on the London money market?
Simply because, as we believe, insufficient allow-
ance has been made for the great effects which
must inevitably attend the utter dislocation of
affairs in America, at a moment when, as the
largest purveyor of grain, she can almost at plea-
sure command specie from us. From this cause,
America holds really the strings of the
specie movement in her hands. It is
unnecessary to say that under present circum-
stances, when hundreds of thousands of men have
quitted their reproductive occupations to stand in
armed idleness or to engage in actual conflict, 11
there can be no augmentation in the wealth of
America. Impoverishment, to use our contempo-
rary's own word, will be the result of a prolon-
gation of the present state of affairs ; but what
will be the consequence of that impoverishment
Assuredly not a transfer of American capital to
Europe, but, on the contrary, a sustained de-
mand for capital in America. There will be a de-
mand for the purposes of war, which has a far
more voracious maw than commerce. To attract
foreign capital, which is needed for the equipment
and movement of troops, as well as to
satisfy the instinct to hoard, there will be a pres-
sure upon us as long as the contest lasts. The
faster America wastes capital in war the greater
will be her demand for it and the higher the
terms she will bid for it. At present she is offer-
ing her securities and her corn cheap. At the
same moment each of the contending Governments
has been bidding high for loans. These inruca-
tions, it is true, do not point at present to abbe-
late impoverishment, because America, after her
fine crops, possesses great resources; but it is quite
evident that that country is still an absorber and
not a yielder of capital, and that she is likely to
retain that attitude.

Complaints of the dulness of trade continue to
be received from the majority of the manufac-
turing districts. There is a decidedly slack de-
mand for most kinds of oommodities, both for
home consumption and exportation. The returns
of railway traffic are beginning to show the effects.
The hopes inspired by the improvement in the
weather are checked by the tightness in the money
market and by the absence of the usual demand
for goods for America.

THE EMPRESS OF AUSTRIA AT MALTA.

(TRON 001 OWN COILINSPONDENT.)
MALTA, MAT' IS.
On the evening of the 13th, the royal yachts
Victoria and Albert and Osborne arrived with the Empress
of Amitria and suite, from Palma, which she left on the
previous Saturday evening. During the voyage she hal a
ma& chopping, uncomfortable sea.

Limy isiepiialise bed base mode at Malta to receive the
bowers is • manure suitable to her reek. Guards of
homier and troops to line the streets were all ready. As
she entered the port the ships and feria tired • royal salute,
and the authorities, as soon as the vowel anchored, waited
on her Majesty.
The principal street and the square in front et the
palace soon became crowded with persona anxious to
see the Empress, who, they concluded, would im.
mediately laud and visit the palace ; but —an ex-
traordinary thing for Malta—the weather was foggy
sad damp, and shortly after dusk it became known that the
Empress would not land that night, and the officers of the
staff, and the aide-de-camps in their gay uniforms, who had
been riding about in at excited state, returned to their
quarter's. The next morning. the 14th, the weather wee
toe, and the street and the palace square, shortly after eight
o'clock, were crowded with spectators, as it was understood
the archbishop had solicited the Empress to attend mass in
the chapel of her nation, in the Cathedral of St. John's—
that beautiful church, built by the grand masters, in
which there is a chapel for each of the right
into which the order of St. John of
1.1M2:1 was divided. There was • guard of homy with
a band at the palace sad another at the leading-place ;
and shortly after eight o'clock his excellency's barge, with
part of his staff. went to the royal yacht, again inviting
the Empress to land. But it became whispered about that
II was not her intention to do so, but to visit one of the
sms.d.war and proceed on her vojage about ten ; how-
ow, to the hopes of seeing her, the spectators still remained
lieweled in the streets. After b'eakfast, the Empregs, at-
landed by all the naval authorities, visited the flagship
'Noy, and at her particular request the men
west through the great gun exercise, and loosing
and furliog sails. She afterwards pulled round the St. Jean
d'Atere. Both ships as she approached manned yards, nod
the seamen cheered with two cheers. By the time she left
the Liffey the yacht was surrounded with beats with
the flits of the island, dressed in their best, anxious to
obtain • sight of her Majesty; but she wore close drawn
amebae face • very thick veil. Those who were fortunate
smash to get • sight of the Empress describe her as very
beautiful and graceful, She returned on hosed the yacht
after a small pull I. the harbour about half-past 10, when
the Governor, lady Le Merchant, their son and daughter,
the admiral, sad their staffs, went on board to
pay their respects, the Empress receiving them
en the quarter deck, and immediately afterwards
the yacht proceeded to sea under the usual salutes,
the ships manning yards. So the Empress left
Malta without landMg on its shores, to the great disap-
paiebasent of the inhabitants. Every preparation had been
made by the Governor to receive her with every mark of
respect sad welcome. Just previous to the yacht railing
the lica. Caplets Deems took a message to the telegraph
Ake from the Tagovas to the Emperor.

Mr. Charles Hunnarit has been apprinted Legia-
bAlve Oeurrillior is Prince Edwirar. Island Mr. Frederick
Warm, Legielatire Creamers. at Trinidad ; sad Maws.
Donald 'Fiuser, David Cameron, sad Alfred Jobs Lan-
ky, Councillor' in Vaseouver's Island.

DIA= or THIB How. AND Rim. CANON CURT.—
We Ilan to announce the death of the Ron. and Rev.
Henry Coalmyne Cost, IL A., F.S.A., moon of Windsor,
Ise., which event occurred yesterday morning is the
cloisters at Windsor Castle. By Br. Cast's death some
wassails patronage is placed at the disposal of his great
nephew, Earl Brasilia ; but we believe his miaow lapses
to the Bealssiestisal Oommissioeers.

Tll INDIAN FAMINI RELIZT FUND. —TIIO sub-
committee met at the Mansion-hover on Shtnrdev, and it
was resolved to send 5,000/. by the mil which left for Bom-
bay no that day. The total amount received is upwards of
95,0007. Amongst the subscriptions received during the day
was LOOM. from Sheffield.
Tat STILT/IL—The following letter bee been mi-
dmosd to the rinses by Mr. G. Myers :—"Bir,—l notice in
the notes of this day that you siege Meier& Lams employ
a greater number of men than are employed at sty establish-
, moot, and, notwithstanding this, that Um* mei ere suffer-
ing from ill-treatment and annoyance ea the pert of the
men employed by me ; and ftwther,thei eII the yew is my
emploemeut are ultra.auionista. I hog most distinstly to
deny this, and state, further, theta's,' ere uakeisle in my
emplenent only to the extent of easidghtli of the whole nem.
her. With regard to the number of mee employed by lgaisr..
Lam I know nothing, and in referrer to a collision having
aseurred between a man in my aryls* sad cue la that of
the above firm. I have to nets Mon I have given Mews.
Isom every facility is my power, by the wpm to
my works, he, re ,in order that senitres be takes eis
that the aggressor, whether be be the Imo etaploved by
Messrs. Laces or otherwise, should be dealt with by the
eatherities, and the ends of Justice fally earried cesg,
/refer
shell be greatly obliged by your giving this publicity ha
your seat impression. and have the honour to remain,
sr, your obedient servant, Gnonos Meese—Lambeth,
May 18."

Ut Court.

The Queen and the Prince Consort left Bucking-
ham Palace at ten minutes before three o'clock on Saturday
afternoon for Osborne, Isle of Wight. Hee Majesty and
his Royal Highness were aocompanied by the Princess
Alice, Prince Arthur, Prince Leopold, and the Princesses
Helena, Louise, and Beatrice. The Royal suite consisted of
the :Atchess of Athole, Lady Augusta Bruce, the Hon.
Horsti Stopford, Lieutenant-General the Hon. C. Grey,
Lai Charles Fitzßoy, and Major Elphinstone.
A detachment of Lancers escorted the Queen from the
Palace to tho private station at Vauxhall of the South
Watern Railway. Her Majesty and the Royal party left
by a special train for Gosport.

OSBORNE, MAT 19.

The Queen and Prince Consort, Princess Alice, Princess
Hiene, Princess Louise, Prince Arthur, Prince Leopold,
and Princess Beatrice, arrived at Osborne yesterday evening
at a qu►rter before seven o'clock.
His Grand Ducal Highness Prince Louis of Hesse has
also arrived, attended by Baron Westerweller, from the
Costineot. The Prince embarked at Ostend in her Majesty's
ship Black Eagle last night, and arrived off Osborne this
morning.

Her Majesty, the Prince Consort, Princess Alice, Princess
Helena, Princess Louise, Prince Arthur, and Prince Leopold,
attended Divine service this morning at Osborne.
The Ladies and Gentlemen in Waiting and the Domestic
Household were also present..
The Rev. G. Prothero officiated.

Viwount and Viscountess Palmerston left London on
Saturday for Brocket Hall. Hada.
Her Majesty's Commiaionars for the International Ex-
hibition of 1862 have appointed the following committee in
connection with Claws 5 (Railway plant); 7 (Manufac-
turing machines and tools); 8 (Machinery in genera]) ; and
10 (awn engineering, architectural, and building contriv-
ances), in the Exhibition of 1862:

The Doke of Sutherland, the Earl of Caithness, John
Anderson, Esq., Member of Council Institution of Me-
chanioal Engineers ; Frederick J. Bnuiwall, Esq.,
Joseph Cubitt, Esq., Member of Council Institutian
of Civil Engineers ; Junes Fenton, Esq., Via-
President Institution Mechanical Wingers ; John Fern*
Eaq., Member of Gnawed Institution Mechanical Engineers ;
Captain Douglas Halton, R.E., Associate Member of
Council Institution Civil Engineers ; Thomas Elliot Harri-
son, Eaq., Member of Council Institution of Civil Engi-
neers; George Willoughby Hemana, Ent., Member of
Council Institution Civil Engineers ; Sampson Lloyd, Esq.,
Member of Council Institution Mechanical Engineers ; John
Robinson Mlllaan, Peg., Vice• President Institution Civil
Engineers ; Henry Mandalay, Esq., Vice-President Institu-
tion Mechanical Engineers ; John Penn, Esq., Past Prig.
dent Institution Ifschankial Engineers ; and John Scott
Russell, Esq., F.R.S., Member of Council Institution Civil
Engineers.
Lord Herbert left London on Saturday for his seat Wilton
House, Wilts.

The Duke of Newcastle left town on Friday evening for
kb seat, Clumber Park, Notts.

The Chancellor of the Exchequer left London on Satur-
day for the residence of the Duchess Dowager of Sutherland,
Clifton Hones, near Maidenhead.
The Right Hon. W. Hutt has left town for Cibside.
Despatches were received on Saturday at the Colonial.
office from the Lord High Commissioner of the lonian
Islands. Despatches were sent to the governors of the
North American Provinces, Bermuda, Ceylon, Hong Kong,
Labuan, Mauritian, Australia, Malta, and Gibraltar.

PORTSMOUTH, MAY 19.

Her Majesty the Queen, his Royal Highness the
Prince Consort, and the ladies and gentlemen of the Court,
arrived at the Royal Clarice, Yard, Gosport, at balf•paet
live o'clock lad evesiUg, en route for Osborne. The royal
party embarked on board the Fairy screw yacht, and con-
tinued their journey, but the customary demonstration,
were entirely dispensed with.

His Royal Highnen the General Commanding-
in-Chief will hold a ler& at the Hone Guards at
1 o'clock on Wednesday next, the 22nd inst.
Tho King of the Belgians, attended by a limited
emits, ia espeet.l to swine in this conntry to-morrow re
Wednesday from Ostend, for the purpose of visiting lam
Majorty at Osborne. The visit of his Majesty is not ex-
pected to exceed ten days, and from the recent death of
the Duchess of Kont it is desired that his visit should be u
private as possible. During his sojourn his Majesty will
visit the ex-Queen of the French at Claremont.

The Duke and Duchess of Marlborough left St.
Jan.'s-square oa Saturday last for Blenheim Ps ace. near
Woodstock, for the holidays.

The Marquis of Huntly has taken Kent House,
Kaightabridse, late the residence of the Earl of Morley, for
the seam

The Earl Granville left town on Saturday for
Paris, to pms the parliamentary recess. The noble earl
will be In town by Monday next.

The Earl and Countess Grey have gone on a tour
of eking in the southern counties for the parliamentary
MOM

The Earl and Countess De Grey and Ripon have
left Coritoisiardeas for Newby Park, Yorkshire, to stay
with Lady Nary Pper daring the NOM

The Earl of Mayo has taken a house in Eaton-
plates for the num
The Countess of Cottenham has taken a residence
in Fatos•plaoe for the mum.

Baron de Vidil has arrived at the Clarendon,
treat Park

Sir Robert Peel, Bart., M.P., and Lady Emily
Peel left Whitehall-gardens on Saturday for Drayton
Manor, Staffordshire, for the recess.

The Right Hon. the Speaker and Lady Charlotte
Denison left the New Palace, Westminster, on Saturday,
for °shorten, Notts. . _

Mrs. Ewing Curwen's dance, fixed for to-day, is
unavoidably postponed.

The officers of the 4th Light Dragoons gave a
grand ball at the Rotunda, Dublin, on Thursday night,
which was attended by about 500 of the nobility and
gentry, with the damn of the Dublin pirriaon. The
dancing wee kept up till 5 o'clock on Friday morning.
The Bishop of London will not hold his usual
Tuesday levee at London Home, St. Jamee'snquare, to-
morrow, aa his lordship will be engaged at Fulham Palace
throughout the present week with the examination of
candidates for his ordination on Trinity Sunday, the 26th
instant.

Mr. Ernest Haythorne Reed, of the Western Cir-
cuit, has been appointed Recorder of Bridgewater, is the
room of John Roy Allem, resigned.

The annual parliament of the Manchester Unity
of Odd Fellows assembles to-day, at Bolton, in Lancauthire.
This congress of delegates, from a body consisting of pro-
bubly not ler than 320,000 members, is held each year in
a different town. Hence it is called the Annual Moveable
Committee, or, more popularly, the A.M.C.

There is a grand cricket match in progress at
Dublin between the famous eleven of England and twenty-
two officers of Ireland. The fortune of battle continues to
the English, and there is little doubt that their superior
science and experience will win the day.

A destructive fire broke out yesterday morning
in cos of the most populous parts of Dublin, and before it
could be extinguished errors] houses mod . timber yard
were destroyed, and the adjoining premises were greatly
Injured. It is not keown how the catastrophe originated.
The frequeacy with whirl fires are now occurring in Dub-
lin is really alarming.

- - -
A letter from home of the 14th says :—" The
lionrbonio monarch, with the members of his family, and
the court circle, are by no wens deprived of the homage
and sympathy of individuals of various nations, whose poli-
tical tendencies or more private motives 'educe to pay wart
to the royal exiles. I mentioned to you some time ago
that • deputation of English ladies and gentlemen had
presented an address to the king. expressive of their
sympathy for his cause. His majesty has thought at to
recompense some of the more active promoters of
this demonstration with ribands and crosses of knightly
orders. Amongst others, Mr. L— was sent for the other
day by Cardinal Aotooelli, who requested to know whether
It would be agreeable to him to wear the cross of the Order
of Planck 1., which had been sent for his acceptance by
Franca* U. L— expressed his ratificatios at the
henanr, sad requested tie additional one of ea eatiaeyr•
Moe from the Supreme Pontiff to wear the decoration in his
dominions, which his holiness graciously accorded in an
audience granted to the applicant yesterday morning."