THE WEEK AT HOME.

Potrricar,.—The political life of the nation is for a time smothered by the Great Show. The only event of any interest is the retire- ment of Mr. W. J. Fox, the last of the school of philosophical radicals, from the representation of Oldham. It is said that Mr. Hibbert will be the nominee of the same party which elected Mr. Fox.

TRADE.—The Board of Trade returns for the three months show the very depressed state of our cotton manufactures. The values of our cotton exportations for the first quarter of 1862 are as follows, as compared with the previous years FIRST THREE atoxTas or

1860. 1861. 1888.

11,426,952 10,674,986 8,510,419 This shows a falling off of more than two millions a quarter, or more than eight millions sterling a year, since last year, in cotton manu- factures alone. On the whole of our exportations the decline is, however, much less than that of our cotton exportations alone, so that the rest of our export trade may be said to be to some extent compensating our cotton losses. The values are :

FIRST maze SIONESS OF

1860. 1861. 1862.

Declared value of total 2 exports 1 30,481,907 1 27,6(59,245 1 26,423,763 The decrease in our importations, partly due, no doubt, to the better harvest of last year, but much also to the general contraction of our mercantile operations, shows that we are reducing our purchases hi proportion to our reduced means. The reduction in the month of February (the last returned) is particularly striking :

FEBRUARY.

1860. 1861. 1882. .0

Value of imports . . 1 10,715,751. 1 11,923,199 1 8,570,499 At the rate at which the year has begun, our total imports for the year, instead of being valued at 200,000,000/. as last year, would Socm.—The Great Exhibition was opened on Thursday with all the splendour that the ceremony could have without the presence of the Queen, and in a time of general gloom. A. more glorious May day has seldom been known, and the crowds who spent the day in waiting for the procession to enter the building and then waiting for it to come out again, are said to have almost crowded out "Jack in the Green" and the representatives of chimney-sweep gaiety from the Brompton suburbs. The procession of Commissioners entered the building soon after one o'clock—the Poet Laureate not appearing in his destined place in the procession—when the first verse of the National Anthem was sung by 2000 voices. Then followed the special music of Meyerbeer, and the other musical performances de- scribed in another column, after which a very lengthy address was delivered by Earl Granville, as the chief of Her Majesty's Commis- sioners, to the Duke of Cambridge. After lamenting the death of the originator, of this Exhibition, and explaining the way in which the land and property had been acquired the address stated that the number of British exhibitors was 8000, of foreign exhibitors, 14,000, total 22,000. The arrangements were then detailed, and the address concluded with a prayer that the exhibition of 1862 "might form no unworthy link in that chain of international exhibitions, with which must ever be connected the honoured name of Her Majesty's illustrious consort." The procession and effect of the whole building are described at length in another column. A great banquet was given by the Lord Mayor on Monday to the Duke of Cambridge and the Royal and Foreign Commissioners of the International Exhibition. The key-note of all the speeches was of course the melancholy inspired by the premature death of the Prince, to whom the Exhibition is due. The Turkish Ambassador expressed this feeling in elegant French, the Duke of Cambridge in common- place, Lord Granville in courtly, and Mr. Disraeli in epigrammatic, M. Musurus, the Turkish Ambassador, having spoken of these decennial exhibitions as "new Olympian games," Mr. Dis- raeli took up the hint, but turned them into funeral games. "In old times," he said, with something of his ancient grandiloquence, "before the tombs of heroes they were accustomed to celebrate rites and sacrifices sometimes fantastic, sometimes gloomy and terrible; but to our hero we offer oblations of peace. Industry stimulated, invention refined, taste elevated, are the due offerings we make to the memory of that serene and sagacious spirit."

Neva.L.—Mr. E. J. Reed, who has been entrusted by the Admi- ralty with the superintendence of the construction of our iron- plated gunboats and sloops, has written a letter to the Times, expressing, very guardedly indeed, some general views on the subject, in answer to his many correspondents. It is not very easy to deduce much practical information from his letter, which is of the nature of a sermon to the Admiralty on procrastination. We fear that it implies that the small iron-plated craft are to be entirely new built, and not rechauffis of the small wooden vessels which are now considered useless. There is no hint at transfor- mation. Mr. Reed's language seems to indicate that his designs are for new ships. Mr. Reed explains that he is building ships of small burden with wooden bottoms copper-plated in the old fashion, but iron bulwarks in their exposed parts. His reason for the wooden bottoms is that ships of small harden are constantly going aground on rocks and shallows, and that an iron plate would never stand this wear and tear. Mr. Reed intends to protect effectively from shell and ordinary shot the following vital parts : "the engines and boilers, the guns, the magazines, the rudder head, the steering apparatus, and the whole length of the ship between wind and water." He has placed the gun platform in a novel position, and by another device has made the whole of the broad- side guns available for fore and aft fire. "While the present broadside of a 17-gun sloop discharges 288 pounds of metal in nine small masses, the plated sloop of like dimensions will deliver 220 pounds of metal in two masses, and while the former ship can only fire one 32-pounder shot forward in the direction in which she is going, and a similar one aft, the latter can fire two 110-pounders ahead, and two more astern." Mr. Reed has been obliged, he says, ceteris paribus, or, in other words, steam engines being equal, to sacrifice a knot an hour of speed to attain this result ; but any speed may be obtained if the power of the engines be somewhat increased. As to the number of vessels which he is to prepare, Mr. Reed either can or will say nothing. He is now building one, he says, the Enterprise, and he pricks his spurs once more into "my lords" for their deliberateness. Finally, he has a parting shot at the amateur counsellors of shipbuilders, and so com- pletes a long letter, in which he makes the minimum of disclosure with the ma.vimum of caustic reflection on the authorities.

MILITARY.—Lord Clyde has sent in his report to the Duke of Cambridge on his inspection of the Volunteer corps. It is frigid in tone, and carries the effect of being the very most he could say in praise of the estimable civilians. He gave them little to do, and what he did give them was very simple, he says. "Marching past in open columns at once commenced, and on the whole, was admirably performed ; " "the able Timmer in which, generally speaking, they were commanded," such are the candid qualifications which Lord Clyde places on his apparent wish to bestow praise. "Very respect- able for volunteers" is the drift of his report, which, if it does not chill, will stimulate to severer exertions next year. certainly fall short of 150,000,000/. We are, therefore, economizing I LAW AND JUSTICE.—Captain Robertson's court-martial ended in in some fair proportion to our losses.

the acquittal of the prisoner on the first charge, that of having violated the 17th Article of War, in not taking steps to submit the insult of Colonel Dickson to be dealt with by military authority ; but on the second charge, that he had taken no proper steps to Vindicate his character, the court-martial found him guilty; on the third charge, that Captain Robertson had falsely stated that he was intimi- dated into applying for permission to retire from the army by the sale of his commission, they acquitted him. The evidence was care- fully revised by the Judge-Advocate-General, and on his advice the Queen has declined to coarm the sentence of the court-martial. The prisoner is, therefore, acquitted, and it is thought that other courts-martial on the conduct of Captain Robertson's colonel and prosecution will result from the trial.

Dr. Smethurst, the bigamist, who was accused and found braiilty of the murder of Isabella Bankes, but pardoned by the Crown, has had the courage to propound Miss Bankes's will leaving him her property, and the trial before Sir C. Cresswell has ended in a verdict in favour of the validity of the will. His lordship, in his summing up, expressed the strongest individual abhorrence of the plaintiff, who had admitted both perjury and bigamy, but said that the jury must not be influenced by this in deciding on the evidence as to the wilt As there was very little to show that Miss Bankes had been unduly influenced, or was otherwise than really anxious to leave her property to Dr. Smethurst, the jury returned the verdict in favour of the plaintiff —a result which is justly regarded as a triumph of English impar- tiality.

FINANCIAL.—The terms and particulars of the New Russian Loan were made known on Monday last. The amount is 15,000,0001., of which 5,000,0001. have been already placed in a Five per Cent. Stock at 94, with a deduction of 4 per cent, for payments in anticipation. No sinking fund is provided for its redemption, but the Government reserves to itself the right, at the end of twenty years, of paying it off

at par. The bonds will be issued for 50/., 100/., 5001., and 1000/. each. The interest dates from the 1st May instant. The payment of the

instalments extends over a period of twelve months, of which 10 per cent. is required on deposit with the application for allotment. A .great deal of public criticism has been indulged in as to the pro- priety of English capitalists subscribing to this loan, and the objects to which it is to be applied, but the public have responded very freely

to the appeal. In last week's notice of this loan, a typographical error occurred. Instead of that at the price issued the loan would "fail," it should have been, that it would float. The subscription list closed last night with a total of about 7,000,0001. applied for. The scrip opened at 11 1 prem., and has been down to 1 prem. The subscriptions in full to the new Turkish Loan have been very.

numerous ; the bankers are daily besieged with persons desirous of anticipating the instalments. The scrip has improved to 3* 1. The

scrip of the Italian Loan is at 21 dis., 1 dis., being an improvement.

The scrip of the Egyptian Loan is at it 1 prem. The Moorish Loan is at 91, 911. The opening of the International Exhibition

on Thursday has tended very much to check business of every kind. There is some change in the movements of the precious metals. Gold is now being withdrawn from the Bank for export to

the Continent, and the returns of this week exhibit a , de-

crease of 235,3301., notwithstanding the amount known to have been sent in. In consequence of the change, and the absorption of capital by the Russian Loan, the Bankers and others have for the last few days demanded higher rates of interest, for the general charge out of doors may still be called 21 per cent., against the Bank minimum of 2i per cent. The distress in the manufacturing districts is increasing, and much public attention is being directed to the subject. The Consol Market is steady on the whole, with not much doing. The present quotation is 931 94 for money, and the

same for the account; New and Reduced Tiiree per Cents., 9]f, ; Exchequer Bills, 17s., 205. prem.; Bank Stock, 237, 61, 71. Old India

Stock is at 226 28; the New Five per Cents, 1081 1 ; the Five per

Cent. Rupee Paper, 103 1; the Five-and-a-Half per Cents, 108i 91; the Debentures, 1001 1; and the Bonds, 27s. 30s. prem. Business

has become very animated in the Foreign Securities. Spanish Cer- tificates are up to 81 91, as the Spanish Government, it is believed, will take an initiative in the matter of the recognition of this portion

of the public debt. Turkish Bonds of the New Loan (1862) have been dealt in at 691, 701, the Bonds of 1858 are at 70/ 71, and those of 1854 at 801 1; Venezuelas have recovered to 231, 241. Railway Shares have improved, and the market is firm. North Western, 951 ; Midland, 1281 ; South Eastern, 841 ; Great Northern, 115 116; Great Western, 741 1.