The Express.
London, England, 1850-01-04 00:00:00

LONDON, FRIDAY EVENING, JANUARY 4, 1850.

we tanker, by these unseats, will mid command, and do
hereby give fall power and authority to you, or any three or
more of you, to nominate and appoint sunk several persons of
ability as you may think at lobe local conuaissioners, in such
parts of our kingdom, and in foreign parts, as you may think
fit, to aid you in the premises; which said local commis-
alba 011er 5, or any of them, shall and may be removed by
you, or any three or more of you, from time to time, at your
will and pliant's, fall power and authority baing hereby
given to yau, or any three or more of you, to appoint others
in their places respectively
And furthermore, we do, by these presents, give and grant
to you, or any three or more of you, full power and autho-
rity to call before you, or soy three or more of you, all such
persons as yon shall judge nerresauy by whom you may be
the better informed of the trut► of the premises, and to in•
quire of the premiets, mad every part thereof, by all lawful
ways and means whatsoever,

And our further will and pleasure is that, for the
purpose of aidinc you in the execution of these
prenei.ea, we hereby appoint our trusty and well-beloved
John Scott Russell and Stafford Henry Northcots, Mgrs., to
be j ant secretaries to this our commission.
" "

And for carrying into effect what you shall direct to be
done in respect of the s.id exhibition, we hereby appoint the
sdd Henry Cole, Charles Wentworth Dike, jun., George
Drew, Francis Fuller, and Robert Stephenson, to be the
enecnive committee in the premises, and the said Matthew
Digby Wyatt to be secretary Mae said executive committee.
Ar.d our further will and pleasure is that you or any three
or more of you, when and so often se need or occasion shall
require, so .ong as this our commission shall continue in
force, do urn to u, in writing, under your hands and
seals respectively, all and every of the several proceedings of
yourselves had by virtue of three presents, together with
such other matters, it any, as may be deserving of our royal
consideration touching or concerning the premises.
Aid, ',tidy, we do by these presents ordain that this our
commission shall continue in full force and virtue, and that
you, our said commissioners, or any three or more of yen,
shall nisei may, from time to time, and at any place or places
pr occed in the extuvioes thereof, sad of every matter and
thing therein contained, although the MUM be not continued
from time to time by adjournment.

Given at OurCuirt at 8% James, thir third day of
January, 18.50, in the thirteenth year of Our ?rim:.
By her Majesty's command,

G. GREY.

Fontiort-orricr, J. 4.—The Queen has been
plowed to appoint John Barton, 8.q., now British Vier-
comarl at Callao, to be her 31.jesty's Consul at that port.

WAR-OFFICE, Jaw. 4.
7th Reit. of Dreg. Gds.—Veterinary-Sorg. G. from Sid Lt.
Drage., to be vetertnary-aurg., vice fiardiner, who exch.
3rd Li. Drag. '1 eterinary-surg. 11. C. R. a:madame, from the 7th
Drag. Olds., to be veterinary-ourg., vice Edlin, who each.
14th R. gt. of F.—Capt. T. MeLaaw nexus, from 31st F., to be apt.,
vice Blundell, who exchange...
13th F.—Ens. A. Toon, to be lieut., by mar., vice Boyle, prom. in
Ilth Foot.
31,1 F.—Capt. W. BLOID.LL, from 14th F., to be apt., vice Farmer,
who euehangr•.
119th F.—Lieut. W. Boma, from 13th F., to be apt., by put., vice
Crawford. who retires.
Sol West India itegt.—km. J. IIAtUV to be lieut., wahmit put., vice
Roberts, dec.
111. Canadi in Rifle Regt.—Lieat. T. C. Brawler, from 11.. p. 51th F.,
to be Rent , vice Can, prom.; Era. J. IL Bugs to be lieut., by
pur., vice Bunbury, who retires.

BANKRUPTS.
HENRY EDWARD TVI.I, New Cavendish-street, Mary!e-
bony, saitlinfr.
JoNre DIXoN, Liverpool, ;nom.
WILLIAM I'AULDIO, Holyhead, Actaeon, hotel•keeper.

SCOTCH SEQUESTRATIONS.
JAvre SITTIG:I. StudylNA, Olu6•w,
TwnwAs BARLOW, Glasgow, fi-ewotk artist.
JAMIS Lutur, Ralligtntoo, Dumlries-shire, cattle dealer.

ter the Week aiding Dec.. 13.184.9.
1/LINIEBT.

Goroiromont Debt—. 111,01f..1e0
Otter Scve-in 2.964.94 v
Gold Coln and Bunks 12.9. 1.233
maw bullion 217.1/77

130.321,310

R.
Goenunt nt SeeurlUes
.

111;4147Cii:Uri"ZIN
t.tu4.o) I
Other Secatitlea
Notes ........ 12.011.61 U
0414 awl tither Cola 777.443

C13X18,347
Y. 111.111glIALL.Ch et ca•Ehr.

from 961 to 97, closing at the latter figure. The
New Three-and-a-Quarter per Cents. opened and
closed at 961, but were done in the interval at
I and 4.
A French company, constituted as a " Societe en
Comniandite," under the firm of Jacob Brett, Toche,
and Co., has just been prejected for the purpose of
forming a submarine communication between Freres
and England by means of the electric telegraph. The
capital proposed to bo raised is 750,000 francs
(30,00014, in 0.060 shares of 125 francs (el.) each.
In return for the advantages which be will derive
from the prosecution of the scheme Mr. Jacob Brett
treaders to the company : firstly, the right of using,
on this line, the peculiar means for which he has ob-
tained patents in France and England; secondly, the
decree of the French government which grants to
him the exclusive right, subject to certain conditions,
of transmitting by electric telegraph all messages
across the channel, for the peeled of ten years, dating
from the time of the completion a the line ; and
thirdly, the authorization obtained from the English
government to establish the said telegraph en our
side of the °hamlet. The contractor of the line is Mr.
Brett, who undertakes to complete the estabishment
for the fixed price of 4,10,000 francs (18,0001.),
which includes the constructing and laying
of the line from coast to coast, the pur-
chase of ground, construction of buildings,
materials, salary of engineers, law expenses, eze. The
electric line is to consist of seven wires capable of
simultaneously transmitting seven distinct messages
to or from the different continental lines, and pro
vidcd with separate sets of electric apparatus for
printing the communications: the patentee also gua-
rantees that his telegraph shall, by the aid of a single
wire and of two persona only (the one stationed in
France, the other in England) be capable of printing
in clear Roman type, and on paper, 100 messages of
fifteen words each, including addresses and signa-
tures, all ready for delivery, in 100 consecutive minutes.
According to the terms of the contract the sum of
450,000 f. will be paid to the contractor, of which he
will receive 62,500 f. (2,5001.) on beginninz the works,
and the rest one month after the perfect completion
of the line demonstrated by the regular transmission
of despatches. The affairs of the company, it is pro-
vide d, will be conducted entirely in France.
We come now to the remunerative prospects of the
scheme. It is stipulated that after deduction of all
charges and expenses the annual receipts of the com-
pany will be applied—first, to the payment of six per
cent. interest to the shareholders; and secondly, to
the reimbursement annually of 10 per cent. of the
capital, or 600 shares, which will be drawn for by
lottery.
Mould the annual receipts exceed what is suffi-
cient for these purposes, the balance will constitute
the net profits : of this, three per cent. will be
allowed to each of the two managers (MM. Brett
and Tuche), and when the amount of these net profits
for the year attains the sum of 300,000 francs
(12,0000 their allowance will be raised to five per cent.
The remaining amount will ba divided into 14,000
parts, to be represented by as many "beneficial
shares," of which 6,000 will belong to the subscribers of
capital, and 8,000 to Mr. Brett in compensation " for
his patents and privileges, transferred to the com-
pany." It will be noticed that, by the above arrange-
ment, Mr. Brett is apparently not entitled to any
direct compensation or remuneration for his "patents
and privileges," until the shareholders ha--e received
the preferences specified above, which are seated to
be equivalent to about 16 per cent.; also, that by
meats of these "beneficial shares," the subscribers
will still have a claim, even after reimbursement of
the capital, to participate in the nett profits, should
any ouch accrue. This, however, we cannot help re-
garding as a very, problematical contingency, and one
which no practical man will allow for a moment
to enter into his calculations, or influence
his ci:urae of proceeling. Should no difficolty
be experienced in raising the capital, &c.,
it is contemplated that the line will be completed by
the end of May next; the time allowed by the French
government decree is the Ist of Septemner, 1850, by
which per Led all the preparatory experiments are to
be concluded. The duration of the company is fixed
at 50 years.
A pros ieo is added, which will be satisfactory to
iatending subscribers, inasmuch as it dimin'shes the
ameunt of risk : it is to the effect that if, upon expe-
riment, the transmission does not satisfactorily suc-
ceed, the amount of the subscription deposited with
the company's bankers will be returned to the holders
of scrip, minus ten shillings per share, which, pursu-
ant to the terms of the contract, will go in payment
of the sum allowed to Mr. J. Brett as indemnity, and
also in payment of all expenses of every description
incurred by the company. In this case the French
government stipulate that their contract with Mr.
Brett shall be annulled, leaving them at liberty to
treat with any other party.
It may be mentioned t :at it is the opinion of com-
petent persons that no two pints in the Channel
appear to (ff. r such perfect exemption from any
liabidty of accident or disturbance (from anchorage,
&c.), as the points chosen, namely, a point between
Dover and Folkestone on the English coast, and Cape
Orin.: on the French coast.

We have devoted some apace to the exposition of
the schi me, as detailed by its projectors, because the
question of electric communication between this
country and the continent is undeniably one of deep
interest. It is to be lamented, however, that the
scheme has not been introduced before the English
public in a more English dress. MM. Brett and
Tochii apparently find at necessary to invite our coun-
trymen to risk capital in the undertaking, and yet
they require the entire management of the company's
affairs to be carried on in France. This policy
of itself is not calculated to attract cap.
tal from this country, where there exists
a widely-spread, and we cannot say unfounded,
distrust at the present time of the safety of invest-
I menta of this description on the continent. Illiberal
as this objection may appcar, it will nevertheless not
be found inoperative, and therefore we think it would
both redound to the advantage of the projectors and
add to the fairness of the scheme if they would make
such an alteration in the regulations as would obviate
the objection, by giving subscribers on this side the
Channel more control over the affairs of the company
than they at present appear likely to obtain. This sug-
geetion, of course, will only apply in case the
numerical proportion of the English subscribers
should entitle them to demand the adoption of some
inch measure. But, so far as we can understand,
foreign sub.cribers will scarcely hold a more advan-
tageous position, the entire control possessed by the
shareholders over the management of their money
befog limited to the appointment of three auditors
every two years at a public meeting of the holders in
Paris. This feature of the scheme quite destroys its
character as the undertaking of an associated
body, and induces us to consider it rather in the
light of an effort on the part otitis projectors to obtain
a loan of 30,0004 on their personal security, they un-
dertaking to pay the shareholders six per cent in-
terest on their money, and to pay off the principal es
soon as they can, all out of the anticipated profits of
tho so-called company's operations; the contractors of
the lean also agreeing to allow the lenders the pro-
portion of three-sevenths of the net profits, after re-
payment of their capital, should the enterprise prove
so remunerative as to meet all these charges.
Without at all wisting to throw disparagement on
the scheme, we must say that the above seems to us
to be the actual substance of the proposals of MM.
Brett and Toche. Should the suggestions which we
have thrown out be acted upon, we should then be
enabled to speak in much more encouraging terms of
the conditions of the scheme than we feel ourselves au-
thorised to do at present. Nevertheless, looking at the
smallness of the amount required, as compared with the
magnitude of the result to be attained, and consider-
ing also the great number of persons to whom spe.dy
communication between this country and the conti-
nent is of the utmost im and many of whom
will therefore be induced to embirk in the undertak-
ing even without any expectation that it will prove a
profitable commercial speculation, we entertain little
doubt that the scheme will arrive at actual expo-
riinent.

1.2013AN0118 AND ISTOOKB ABROAD.
Savanna. Jam 2.—Loan, 1640, Five par Cents., 96; Dino, 1942,
Five per Cents., AU; DittglB4B,Five per Ceuta., ; Ditto,lB44, Four-
and.a.Half per Cents., 881 ; Ditto, 1336, Four per Cents., 81 ; Ditto,
1928, Three per Cents. 854; Ditto, of tho City, 1843, Five per Cents,
931. Fachangs cm Leaden, 25471.
Mansanaw JAM. I.—Active Debt, Twoanti.a-Half par Cent.,
55 881; Dittc:, Three per Cents., 844 441 ; Ditto, Four per Cents.,
841 t 4 ; Aortal hynd., Thrte-mid.a.ll•2 per Cents., 841 841; COO
India Loan, Four per Cents., 831 834; gpaaish Five per Cents.,
12 121; Ditto, Three per Cents., 774 371; Austrian Five per Cents.,
81182; POCLUPIIIIO Three per Cents., 831351 a. Frelianges : on Lon-
don, 12; two months, 11.93; Hamburg, 114.93; two months, 34.75.
This bring New Year's Day, very little business was done on 'Change
The tunes in general were Measly, the Portuguese only being at • de-
preciation in consequence of IMINSTSI reallaatkm• She Peruvians rose
1 per cent. higher.