EUROPEAN NEWS TO 26th JANUARY.

Wanganui Chronicle, Volume 7, Issue 339, 16 April 1863, Page 3

EUROPEAN NEWS TO 26th JANUARY.

The English Mail arrived at Port Chalmers on the 29tli ult. in the Omeo, and was brought on to Wellington by the Corio, which arrived there on Monday morning, and left the same day for Wanganui with the mails. She arrived here on Friday last. SUMMARY. London, Jan. 2d. The Noveinbei Australian mails were delivered in London on the 15tli mid 19th of January. Her Majesty remains at Westbourne, in strict seclusion, to the regret of all classes of her subjects. The Marriage of the Prince of Wales is announced to take place, on.the 12th March. The Prince and Princess Alexandra were to make a triumphal entry into London previous to the ceremony. The marriage contract was signed at Copenhagen on the ldt-h January, The distress in the manufacturing districts is decreasing. The number receiving parochial relief lessened in two weeks by 26,880 persons- The total amount subscribed to the Lancashire Relief Fund exceeds one million sterling. The destitution of the London poor is lamentably on the iucrea.se.

Mr. Gladstone, in a speech at Chester, estimated the loss to the Revenue through the suspension of wages in the distressed districts, at the rate of one million and a half per year. The Metropolitan underground Railway has been opened with the most complete success. A fearful hurricane had passed over London causing great damage to property. Lamentable accounts of shipwrecks and loss of life on the coast had been received.

The Bank forgers had been found guilty, and sentenced to long terms of penal servitude. Gai’otting is decreasing in London, but is in full vigor at Manchester. Transportation to Australia is scarcely alluded to by the press this month. Another English cricketing eleven intend visiting Australia, including George Parr, (captain), Messrs. Jackson, Daft, and Grundy, of Nottingham ; Carpenter, Hayward, and Farrant, of Cambridge ; Anderson of Yorkshire ; Willsher of Kent ; and Caffvn and Stephenson, of Surrey. Plymouth -theatre has been destroyed by fire. The Peninsular and Oriental Company have offered to run fortnightly to Australia for an additional subsidy of .£.00,000 per annum. It is stated that the British Government favor the measure. It now rests with the colonies to decide it, and it has been been suggested to place all responsibility in the hands of Victoria, leaving her to make the necessary arrangements with the other colonies. Public feeling in England is against the prosecution of war in New Zealand. Temporizing expedients are recommended.'

Revenue returns for past year show a net increase of 2,000,0002." Branches of the Bank of Australasia are to be opened in New Zealand. New Zealand Bank shares sold at 4 per cent premium, and are now standing at 4 to 5 p c premium. Tbe 'l'iines, commenting upon an ad dress to the Queen fromthe New Zealand representatives, says : —We have never seen a public document less convincing in its statements, or more entirely divested of the graces of modesty and self-respect.” Sir Daniel Cooper of New South Wales is created a baronet.

ObituaryA—Governor of Mauritius, Sir W. Stevenson, Mr. Richaid Green, of Blnclcwall, shipowner ; Ex-Justice Crampton, Sir Duncan Cameron, Mr. Charles Dance, Admiral Temple General Power. LONDON WOOL REPORT January, 24, 1863. Since our last report tlie transactions in our market have been of the most limited character ; holders are free sellers at last sale rates to a shade profit. There being a general desire to sell, buyers hold aloof, except for such descriptions as meet present and actual requirements. The stock of second-hand wools held amount to fully 10,000 bales j and although speculators who bought at the top of the market are willing to submit to a loss in many instances of 2d p r pound, it is difficult even at this reduction to make sales. It is generally expected that at the ensuing February—March sales fully 65, 000 bales will be catalogued, of which quantity fully 25,000 bales are expected to be of i.ew Port Phillip wool ; hence iu combing descriptions a declension in price is looked for of Id to 2d per lb. Sydney wools will no doubt sell well, in consequence of the short import expected in time for February. DEPARTURES IN JANUARY. January 15—Helena, from Plymouth for Otago January 21—Elcctra, from the Clyde for Otago. January B—Royal Bride, from Plymouth for Auckland January 10—Nimrod, from Portland for Auckland. January 18 Sebastopol, from the Downs for Canterbury. VESSELS LOADING AT LONDON. For Otago—Mataoka and Prince of Wales. For Auckland—\loe, War Spirit, Telegraph, and Maggie A-iller. For Canterbury—Holy rood, M etropolis, Donna Annita. For Wellington—Maria, Fllon Castle. For Nelson —Mina, Oecau Home.

AMERICA. The civil war still increases in violence the Federals have obtained one success and sustained several defeats. The Northern troops are fighting more gallantly than hitherto while the Northern people are.as wild and headstrong' as ever, so far as speech is concerned. The Southern troops who are but badly clothed at best, are as resolute and determined ' its ever. The Federals, under Rosencrantz have had a five days’ battle at Murf roes ton, for the possesion of Nashville, gaining a doubtful victory. The slaughter was fearful on both sides, and the contest terifiic. The Federals lost more officers that on any previous occasion. vVfter the victorythey were unable to pursue the retiring Southern forces. The ..Confederates carried away with them 4000 Federal ' prisoners, and captured 5000 stand of arms and fourteen pieces of artillery. At Vicksburg, another great battle of five days’ duration has been fought.

The battle of Vicksburg resulted in the defeat of the Federals, with a loss of two generals and 9000 men. The attack was most determined, and resistance obstinate in the extreme The Federals were at one time within two miles of the city. Whole regiments and brigades ? fought hand to hand, and batteries and fortifications were taken and .re-taken several times. Each army numbered about 60,000 men. The Federals retreated, and re-embarked in their transports intending to attack Vicksburg from another point. The Confederates have retaken Galveston in Texas. Four steamers protected with cotton bales and manned with riflemen attacked the Federal fleet of gunboats, captured some and-drivingthe rest out of the bay. The Federal flag boat was blown up by its crew, who with the Commodore and officers, peiished.

The Federal iron clad Monitorfoundered at sea, with loss of the officers and thirty eight men

It is again rumored that Burnside has resigned, and that General Hooker, alias Fighting Joe has taken his place. On the 2nd of January, President Lincoln issued his emancipation proclamation which has for its object a rising of ■ the negroes against the whites in the South - ern States. He declares all slaves in sixteen States free; but slaves in Border States, and in such part of Southern States as are occupied by Federal troops, are still to remain slaves. This has caused immense excitement, and 1 resident Davis has issued a retaliatory proclamation.

The Federals have passed a vote to raise ISO millions sterling for the prosecution of the war. This Avas causing great coinmotion, and had sent gold up to 142, and bankers’ bills to 250. Governor Seymour has addressed the New York Legislature, denouncing the acts of the Government as unconstitutional. . President Lincoln has signed a bill admitting Western Virginia into the union as a separate state. The notorious Butler has been suspended at New Orleans by Gen. Banks, who is pursuing conciliatory measures. The Confederates are violent against England for declining to mediate. Her neutrality satisfies neither party. • President Davis, in a public speech, spoke hopefully of the rebellion, but admitted it bad lasted longer than he had thought it would. He urged the defence of Vicksburg, and that of Fort Dunson (() as the next important place in the Confederacy, asserted that the South had a right to recognition, praised the conduct of France, and deplored that of England. New York, Jan. 12, Evening. Excitement in gold exchange and stoc-k market continues. Gold, 42 premium ; bankers’ bills, 100. Great army frauds in the Federal service, amounting.to one million and a.half dollars, have been- discovered. FRANCE. ■ - The Emperor’s speech at the opeuing of the Legislative session, on the 12uh of January, was temperate, dwelling exclusively on what had been done for Fra’nce duriug' the last five years. It gave no indication of the Emperor’s policy. ' Napoleon has delivered the awards to the Exhibitors at the London Exhibition, and remarked in a speech that the Frencli invasion of England had taken place after all—not with arms carrying ruin, but with those conferring prosper ity and comfort. The Emperor, passed a high eulogium on England, from which lie said Urn nee had derived the spirit of liberty. The French journals report the continued success of the French arms in Mexico, but the troops suffer severely from sickness and want of food. The object of tbe Mexican expedition is explained by a letter from Napoleon to - General Eorey, dated June, T 862. It is to establish in Central America a European power to check the growth of the "United States.

Despatches received from the French Minister at Rome state that the British Government had recently offered the Pope an asylum at Malta. .. EGYPT. Said Pacha, tlie last surviving son of the great Mehemet ' li is dead j succeeded by his nephew, Lsmael Pacha, who intends to study financial economy and abolish compulsory labour, 'i he French press consider the new Pacha thoroughly under English influence. TURKEY. A change of ministry has taken place, because the Sultan would not reduce his army by 50,000 men, and give up-the notion of having a largo naval fleet. GREECE. The terms on which the English Government are willing to cede the lonian Islands to Greece have been officially published—-namely, that the Greeks do

not elect a prince who represents revolutionniy doctrines, or the adoption of hn aggressive policy towards Turkey. PRIJSSI \. Prussian Chamber re opened on the 14th. In defiance of a vote ot the I.ower House, the King still persists in his unconstitutional conduct. Serious disturbances have taken place in consequence. RUSSI \. Serious insurrections have broken out in Russian Poland. Enrolled conscripts to the nun)bar of 2000 deserted and join ed the peasantry. Numerous and serious conflicts have taken place in Warsaw and the country, attended with great loss ftf life. '1 he whole kingdom is declared in 8 State of siege. Between Russia and Turkey the relations are growing unsatisfactory, Russia encouraging rebellion in Servia.

ly unpopular tax. We are hoping for twopence in the pound being taken off the Income Tax ; but whatever is done, we feel very certain that Mr. Gladstone will not bring forward a simple or very intelligible budget. There is sure to be some surprise in store for us, some refined financial complexity, or infinitesimal splitting up of a whole into a great many fractional parts, with a result very dazzling and very unsatisfactory. There will, however, be at least an opportunity pre-: sented to the Government of acquiring popularity, and it is not likely that so experienced a tactician as Lord Palmerstop will neglect it. Another occurrence which has told in favour of the Government since my last letter has been the result of two contested elections—those, namely, for East Kent and lotness., a small borough in Devonshire. The one for East Kent is very important, it being the first time a Liberal has been returned since the time of the Reform Bill. Sir Edward Dering vas the Liberal, aad Sir N. Knatchbull the Conservative, and the latter was defeated by a small majority. This is a gain to the Liberal party fully counterbalancing the loss of Southampton. In the case of Totness, vacant by Earl Gifford’s death, a not very strong supporter of the present Government has been replaced by a Mr. Alfred Seymour, an out and out supporter, and a connection of the Duke of Somerset. Where parties are so nicely balanced every vote is of consequence, and these are decided gains. There are rumours of several new Peers being created, but I believe this is pre mature as yet. Mr. Walter, the proprietor of the Times , Mr. Moncton Milnes, M. P. for Pontefract, a/levoted supporter of Lord Palmerston, Mr. Edward Ellice, Col. White, and some others have been mentioned. There have, however, been, half a dezen new baronets created, several Euglish and one Scotch, all deserving, if not eminent men. Mr. Frank Crossley, the great manufacturer of Halifax, member for the West Riding, Mr. \\ illiam Brown, the great Liverpool American merchant, and a distinguished philanthropist, Sir Daniel Cooper, the late Speaker of the Legislative Assembly of New South Wales, Mr. David Baxter ofKilmaron, County Fife, the head of the Dundee firm of Baxter Brothers, and a Mr. Davies, a Welsh gentleman of tremendous lineage, have now the honour of tacking the prefix Sir to their respective names, and of handing it down to the heirs male of their body lawfully begotten. These changes and promotions are generally looked on as symptoms of the moribund condition of the ministry of the day. In tho present case, if not that, they are at least intended to conciliate certain interests on the eve of a general election.

Another item of news, very vexatious to the Federals, though it has not surprised us here, is the loss of the iron-clad battery Monitor. This is the vessel which some time back encountered the Confed erate ram Merrimac after the latter emerged from her lurking place in Norfolk and committed such destruction among the Northern wooden vessels of war. On that occasion the Monitor stopped the Merrimac in full oareer and thereby not only saved the rest of the Northern fleet at Fortress Monroe, but possibly also New York from a predatory visit. The Northerns were consequently very proud of the Monitor —all the prouder perhaps, because of the disparaging opinions expressed here as to her efficiency as a sea going vessel. We, however, proved to be right, and the Americans, not for the first time in this wretched war, altogether wrong. The Monitor with other vessels was sent southwards, and was in tow of a large paddle steamer. When off Cape Hatteras, a gale came on and she scon began to leak Nat having sufficient buoyancy to ride to the waves, she was repeatedly submerged and the water poured in through her funnel and shot tower. All the efforts of her crew were of no avail, though fhey pumped with might and main, and when the water had reached her furnace, down she went like a shot, carrying some forty men in her. Another rebuke to American boasting and pride. The Yankees looked upon this vessel as one of the most wonderful the age had produced, Mr. Ericksen, her inventor, stated in his letter to President Lincoln that he named her the Monitor , that she might be a warning to Euronean powers not to medcle with America, A warning she has indeed proved, though not exactly of the kind intended.

LATEST TELEGRAM. (via SUEZ ) London, Feb. 3, 5.30 p.m. In Poland an insurrection has taken place. It is wide-spread and serious and has been caused by. the military conscription. The Duke of Saxe Coburg is a candidate for the Greek throne. England is favourable to his election. It is rumoured that he has been elected King of Greece. A misunderstanding has occurred between England and Brazil. Five Brazil lian vessels have been seized. In America, the Federals have been defeated at Vicksburg. The Confederates have captured Galveston. The Federals lost several ships and retreated. The Republican members of the Senate have by deputation expressed a want of confidence in Lincoln’s Administration. The issue of 180,000,000 of State bonds lias been authorised, as well as the issue of 20,000.000 of legal tender notes. Gold is at a premium of 48. The Alabama has captured the Californian mail steamer, having one million and a half dollars in specie on board. Congress at Washington advocates, an armistice, by foreign mediation. The Emperor Napoleon again offers mediation. The defences of Beauregard am formidable against a threatened attack on Charleston and Wilmington. •There are rumours of another terrible conflict on the Potomac. [from our own correspondent.] London, 26th January, 1863. The Australian and New Zealand November mails* more fortunateftfean those by the luckless steamer Colombo > arrived here in due 4 course. The last mail, too, has been arriving in driblets, and some of it is on the way from Alexandria at this moment, but a great portion is so stained and damaged by water as to be quite useless. With the approaching session so close at hand, Parliamentary rumours begin to circulate. Some of them have referred to changes in the personnel of the Govern ment, going so far as to hint at the retirement of Earl Russell from the Foreign Office,,from differences with his colleagues. His Lordship has been rather unfortunate in his diplomatic doings lately. First of all, by writing a despatch to the Danish government in which he counselled them to surrender the integrity of the monarchy to the aggressive spirit of the German Confederation, he drew on himself a very dignified and spirited rebuff from the Danish Koreign Minister, and got no support from any of the organs of public opinion in this country. Secondly, his surrender of the lonian Islands, though an expedient and politic act in some respects, is by no means a popular one here. And thirdly, late diplomatic papers published by the French Government reveal the astounding fact, that he actually proposed to the Pope, through Mr. Odo Russell, our unofficial representative at Rome, to retire to Malta , hinting we might surrender the island to him ! After this last escapade, anything is possible, and people begin to. question liis Lordship’s sanity. The little lord’is sane enough, but he has got it into his head that he can pla} 7 the part of general pacificator and remodeller of the map of Europe, and hence he seizes every occasion of inflicting a lecture on neighbouring states, beginning with France, as to their duties to their own subjects, or to others. In this task he naturally gets many a sharp, retort, and sometimes Ills remonstrances are passed over with a silence wonderfully like contempt, but nought does he seem to care for it alk However, his doings do more than merely provoke merriment occasionally. The surrender of the lonian Islands kindled in Spain the desire to repossess Gibraltar, and a member of the Spanish Parliament 1 as actually called upon the Minister of Finance not to pay the uufortunate bondholders (who are mainly English), tiff Britain gives, up Gibraltar.. From all these causes there was really some foundation for the rumour of Earl Russell’s unpopularity and consequent threatened resignation ; but it got no further than rumour. He has not resigned, nor will he ; and so far from there being dissensions in the Cabinet. I believe they were never more united. And their prospects of weathering the coming session of Parliament are, on the whole, better than they were a month ago. First and chiefly, the returns of Revenue for the quarter and year just finished have turned out unexpectedly favourable, thereby putting it in the power of the Chancellor of the Exchequer to propose a popular budget, including a remission of taxation. The income for the year shews an absolute excess over the expenditure of something like a million, and as a saving of two millions more is anticipated on the military and naval votes for the ensuing year, it is evident there will be a good margin for striking off some special-

There are minor incidents of the war, which at another time would be called important, though they are. thrown into the shade by the bloody engagements in the West. Thus Galveston in Texas has been recaptured by the Confederates in a way which shows great enterprise and skill. Unable to employ iron clad gunboats like tlieir wealthier opponents, they armed some small steamers, filled them with men whom they protected by bulwarks of cotton bales, and without any heavy guns successfully attacked the place, capturing gtliree of the Federal vessels and blowing up another with the Federal Commodore on board. I mention this success because Texas adjoins Mexico, where in all piobability a concerted movement between tho French expedition and the Southerns may soon take place. The rival Presidents have issued proclamations, very different in character. On the Ist January President Lincoln issued his long threatened proclamation of emancipation to the slaves of rebels. By the few northern sympathizers iu this country this manifesto has been hailed with shouts of triumph, as if it identified the cause of the North with the liberties of tlie negro race. But this is. a delusion In liis proclamation the President openly avows that it is dictated by military considerations only, and not by any sentimental consideration for the wrongs of the unfoitunate slaves—in other words, he offers the slaves in the South tlieir freedom on the calculation that this will incite them to insurrection, and so distract the attention of their masters as to make them leave the armies and return home for the protection of their families' and estates. Except with this intention the proclamation is a mere brutum fulmen —an empty noise. President Lincoln offers freedom to those on whom it is not in his power to confer it, but he denies freedom to those on whom he ean confer it, and to whom therefore his proclamation would not be an unmeaning sound, in the middle and western States, subject in various ways to the armies of the North, there are about a million of slaves. These the President does not free he retains them in slavery as a reward of the loyalty of their masters to the Union. Had they been lucky enough to belong to rebels liberty would have been offered to them, but because they belong to the free North therefore they are to remain in servitude ! And this is termed emanci pation, and we are asked to sympathise with the North in this stupendous act of hypocrisy. In fact, negro slavery, so far from being condemned by this proclamation, is raised to a higher position than ever, for it is made the reward of loyalty, and slaveowners are encouraged to remain faithful to the Union in order that this precious boon may be preserved to them ! President Davis’s proclamation is of an altogether different stamp, being one of retaliation. It is intended to avenge the atrocities perpetrated by the Northern general Butler at New Orleans, and it' orders that Butler, if taken prisoner, shall be at once hanged as an outlaw and enemy of humanity. If the proclamation stopped here not many would find fault with it, as Butler was guilty of the murder of an unoffending citizen of New Orleans, and his condign punishment would diffuse general satisfaction here. But the proclamation also orders that any of his officers who may be taken shall not be paroled, but shall be “ reserved for execution.” This is liai’d on tho officers, who only obeyed the orders of their superior, and it has given a convenient handle to the enemies of the Confederate cause here. But it must not be forgotten that this proceeding of the Southern President is only a reprisal for atrocities previously perpetrated by the North. Butler, McNeil, Turchin, and others, already well known to infamy, are Northern generals, and nothing ever don& by-’thf South as yet their deeds of blood and rapine. The French expedition to Mexico makes progress, though slowly. A letter from the Emperor to General Forey, the commander of the forces there, dated in July last, lias been published ft ad excited a

Parliament meets on the otli February. The usual announcements of State banquets by the leaders of the Lords and Commons have been made. The address in answer to the. speech from the throne will be moved in the Houses of Lords and Commons by the usual steady adherents of the Administration. It is rumoured, but hardly credited, that Mr. Roebuck has been offered a place in the Government. The news from America continues interesting. Last mail took you the account of the battle of Fredericksburg and crushing defeat of the Federal general Burnside. Subsequent explanations do not diminish the importance of that victory to the Confederates, or the dismay excited in the North by the intelligence. It seems now to be admitted by the Northerns that the idea of overrunning Virginia and taking Richmond must be abandoned, and their efforts are now mainly directed to the west and the course of the Mississippi. In this again, whether from the superior stuff of'which their armies are composed, or the better quality of their generals, or the inferior calibre and experience of the Southern armies, the North is on the whole much more successful than in Virginia. The two important events in this quarter since the date of my last have been the battle of Murfreesboro and the siege of Vicksburg. The former place is in Tennessee, and there the Confederate general Bragg was posted when the Federal general Rosenkrantz attacked him with a superior force, each army being estimated at sometiling like 50,000 men. The battle lasted four days with varying fortune, but it ended with the retreat of the Confederates during the night to a stronger position in tlieir rear. 'J he Federals had suffered too severely to pursue, and they admit their loss to he about 7000 killed, wounded, and prisoners. The Confederates, however, assort that they carried off 3000 prisoners, 41 pieces of artillery, and large stores of captured provisions and ammunition. The battle must have been a bloody one, the list of general officers killed being remarkable. Three of the Northern regiments lost three-fourths of their men and officers, and most of tho staff of the General, Rosenkrantz, were among the killed. It is also asserted that some negro di*ivers of ammunition waggons in the service of the Federals were captured by the Southerners and immediately shot ; but this as yet is doubtful, and is more likely an unscrupulous Yankee invention to throw discredit on their enemies. To the south of Murfreesboro, Vicksburg on the Mississ’ppi has again been attacked by the Federals eager to atone for their repulse from the samp place last year. The assault and defence seam as yet to be equally determined ; but the result by last accounts was uncertain, the attacks by the Federals for five successive days having ended for the time with their repulse with enormous loss. Two of their generals killed, 5000 men killed and wounded, and 1500 prisoners, besides some of their gunboats destroyed or captured, form the list of casualties by their own admission.

great deal of comment here, though it may be safely predicted it will excite still more in America. In this letter the Emperor tells his general that he is not to interfere with the wishes of the people as to what form of government they may wish, that he is to maintain order and establish security. He then says that he is solicitous for the welfare of the Latin race in the new world; that while he desires the peace and prosperity of the United States, he has no wish to see them dominating over the whole of the American continent; and therefore he is anxious to raise up a power of Latin origin a 9 a counterpoise. This is the substance of the letter, and it throws light on the past proceedings of the Emperor, and explains how he was so anxious to prosecute the expedition, with all its expence and loss, even after he had lost the co-operation of Spain and England. There is no doubt now that his object is to get and retain possession of the whole country, and, taking advantage of the distracted condition of the once United States, to erect Mexico into a French dependency. It is, indeed, a splendid and tempting prize, but we do not grudge it to him. On the contrary, we are well pleased to see a probable rival, strong enough to curb the unprincipled efforts of American ambition and hem it in on the south, where the richest of all rewards at one time seemed to await it. On the continent of Europe not much is stirring. There are rumours of an insurrection in Poland, but we cannot get at the truth there. The Greeks have not yet got a King, Prince Alfred’s candidature having been definitively set aside. The present favourite for the post is Duke Ernest of Saxe Coburg, a brother of Prince Albert, and like him liberal and enlightened, hut he has stipulated for certain conditions, and the result is still uncertain. The -Pasha of Egypt, the same who so lately visited us here, is dead. The cause of his death I believe was fistula, for which he underwent an operation lu Paris last summer. He is succeeded by Ismail Pasha, son of Ibrahim, the fighting son of Mehemet Ali, the original founder of the dynasty. The new Pasha,.in reply to an address of congratulation lately (presented by the Consuls at Alexandria, promised great things for the industrial and intellectual wants of Egypt, and stated that ho would restrict himself to a certain civil list as his own annual allowance, instead of helping himself ad libitum as his predecessors had done—a piece of self-denial so remarkable in an Orieutal despot that the Egyptian bonds of the late loans went up three and four per cent, iu this market on receipt of this intelligence. In Italy- nothing stirring is taking place, hut Naples ia improving, and efficient means are now being taken to suppress the brigandage. The French Chambers have met; and the Emperor opened them with a speech, which contained nothing remarkable beyond a general statement that he was the best man possible for France, and that the French ought to be particularly i obliged to him foi condescending to look

after their interests so much better than they could do for themselves. Yesterday, however, in delivering prizes to the successful exhibitors at our Great Exhibition last year, lie made a much happier and more interesting speech,'saying, with a mixture of banter and compliment, that the real invasion of England had at last taken place, and that he was happy to reward the bravest of the brave. He then added, “ If foreigners have to envy us many useful things, France must have seen that she can borrow conquests from England. ... In England private industry acts foi'itselt. The Government leaves to every one the responsibility of his acts. This system has not been followed without contributing to the industrial and maritime supremacy of our neighbours.” Another proof that the Emperor is much in advance of most of his people. They wish to leave everything to the state all initiation to come from the governing power. He wishes to raise them from this state of contented dependence, and excite a spirit of independent action, so as to neutralize the centralizing system in vogue. Among the deaths to be announced this month are those of Horace Vernet, the great French painter, and of Richard Green the well known shipowner of Blackwall. Both were great devotees of canvas. The former covered acres of it with painting, chiefly battle-pieces—-the latter used continents of it for his fleet of ships, thirty in number. Blackwall and Stepney went into mourning on the occasion, and gave Mr. Green a public funeral on Saturday last. He was only in his 59th year. Business here is dull, except in rare instances. Unemployed capital abounds, and this tempts the promoters of public companies to launch scheme after scheme, chiefly banking. A week does not pass without two or more banks being announced, and the shares are eagerly taken at a premium. Of course there will be a crash some day, but meantime all goes merry as a marriage bell. Those inclined to speculate in banking shaves should take warning by the case of the Bairds of Gartsherrie and the Western Bank of Scotland. This concern is now about wound up, and with satisfactory results to the depositors, if not the shareholders ; but there still remains the longthreatened action against the directors by the liquidators, acting for the-, general body of shareholders. Most of the directors compromised this action, and paid so much to stay proceedings, but two of them—Jas. Baird of Cambusdoon and his brother William Baird—refused, denying their liability. The action against them therefore goes on, and will shortly be decided. The summons is against Wm. Baird for the sum of .£'239,736, and Jaa. Baird for .£863,618, and it was issued on the 14th inst. Enormous as these sums are the Bairds can pay them, and much more, but it is an amount well worth fighting to the death for-. Specie comes to us from America in large quantities still, and we also get

large amounts from Australia and New Zealand, but fast as it flows in it ebbs still faster to the continent. The Bank has consequently raised its rate from 3 to 4 per cent, aud it is probable another rise will occur within a fortnight. The woollen and hardware trades are active and need money, and even the cotton manufacture gives occasional feeble indications of returning vitality. This last, however, remains prostrate as compared with its normal state, although the number of unemployed has slightly decreased. Subscriptions still come in, but the worst is past. The weather has been moist, mild, and tempestuous. A week past we had fearful gales, with wrecks and loss of life to an appalling extent all along the coasts. The loss of the Omar Pasha is reported at Lloyd’s, and it is feared this is the M elbourne Clipper on her way home with a large quantity of specie. She belongs to Thompson of Aberdeen.