I'm a little confused. If we find the redshift of a distant galaxy, we can find its recessional velocity. Is this essentially the rate of expansion of the space between the two galaxies? In other words, we aren't seeing the actual speed of the galaxy through its immediate occupancy in the universe, but the speed at which space is "carrying" the galaxy away from us? Sorry if that's a little incoherent, just trying to make sense of some of these concepts.
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Hi. Usually it is both. There are a few galaxies that have a blue shift, the Andromeda Galaxy being one of these. It will collide with the Milky Way in a few billion years. But most are moving away at speeds that agree quite well with the Hubble Constant. http://en.wikipedia.org/wiki/Hubble%27s_…