The Express.
London, England, 1863-11-04 00:00:00

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HAYKAIICHT.
TKO PISMO. OUR MAZY ANNE - COOL AS A CUCUNBEZ.
—Mr. Charles Matassws . Mir 1. Wriat and Um B. fits-
OULDP.N FLEW& Mr. and Mrs. Chat las
Mathews.—And MY HUSBAND'S OHM. Mr. ClarlL

LYCZUM.

Two Erann, lINCLI BABY. Mr. Widdkleatb and
Ntlea C. Leclenni—Bill, DItIONIO. a Love Story. Mame
Fernier. lirougbrua, Frew, Chaise sad Jordan ; Mew
Terry, Lavenue, and Unworthy, and Mrs. Lee.

ab innania, rgs DAYS OP LOWS XY. Ifni, S. Los.
by Mr. landaU and Om. Pima —TAN fiIIIAT
°Hoer MUM llonos. Namlda and Cooke ; Ndma.
Cianford and Yalsold. —And NUDE AND PASSION.

11101 SATIN AT LONDON UIDSL
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LONDON, WEDNESDAY, NOVEMBER 4.

TWOS& who called for an advance in the Bank
rate of discount as a means of repressing the too
exuberant growth of projects of joint stock enter-
prise, may already see how limited in the present
stage of speculation is the efficacy of their favourite
measure. It may be that the monitory influence
of the step taken by the Bank has prevented
or postponed the introduction of a few weak
schemes, but as a measure for arresting the flow
or the commitment of British capital to new pro-
jects it is inoperative. Since Monday morning,
when the rate of discount was suddenly raised
from 4 to 5 per cent., five companies have been
launched, the collective capitals of which amount
to More than 3,500,0001., and have already achieved
a distinguished market sucome—the shares of
those which were announced on Monday
being dealt in at 41, 5, and 6 prem. By the
mercantile community the advance of the Bank
rate has been accepted as a salutary promotion,
whereas it is only some omen of a corning period
of ,general distrust which will stop the creation
of new companies and the lucrative traffic
in new shares. In a season of confidence, while
money is easily obtainable, persons inclined to
speculate will not concern themselves whether
the Bank charges 4 or 6 per cent. for its
assistance.

Numerous causes just now favour the multiplica-
tion of joint stock companies. First of these may
be mentioned the confidence felt in the principle of
limited liability, and the favour with which the
public sees associations foundedon thatbuis assume
the conduct of business which was formerly carried
on by private enterprise. The transformation
or consolidation of old private banks into joint
stock institutions, and the establishment of new
banks and discount companies, are lusterless of
this kind. These have not only opened • new
field for the investment of disposable monied
capital, the owners of which could not employ it
under their own superintendence, but are regarded
by the classes who furnish customers to them
with the preference which is commonly given to
magnitude and strength. Of course this legitimate
development of the principle of joint stock enter-
prise has been followed by a factitious and me-
chanically imitative movement, presenting the same
outward aspect. Schemes are brought forward for
no other apparent reason than because other
Mailer schemes have been brought forward with
success, although the fact that the field has already
been occupied is often evidence that the want has
been supplied, and a reason therefore for abstain-
ing from further action.
In the class of companies just noticed the work
to be done for the public was the same, but the
machinery was changed. Another class of sago- I
ciations break up new ground, and open sources of
profit hitherto untouched by the English capitalist.
Such are the various schemes for employing money
in India, whether in aiding native agriculture by
loans on mortgage or by greatly extending the
cultivation of the tea plant. To this class are also
related the banks which have been established in
femign pods and capitals to promote international
trade. And even at home it is possible that there
exist new fields of profitable enterprise which yet
remain to be explored.
When the English companies formed last
spring to transact here the kind of business
which the Credit Mobilier Society had prosecuted
in Paris, it was supposed that they would prove
powerful and active engines for promoting
speculative enterprise. Hitherto, however,
they have made • very moderate use of their
power. In fact, it would be easy to name a
single institution, not professing that object,
which has done more to promote the formation of
companies than all the " Financial Societies " put
together. Those who watch the movements of
the day are familiar enough with the presence of
the same or cognate names as directors on board
after board of new companies. We will suppose
• case by way of illustration. A bank is
formed in London with connexions, and per-
haps anot!ier establishment, in a second great
commercial city in the kingdom. Presently
its founders produce the prospectus of another
bank—say, in one of the colonies. The shares
of the second bank are carefully husbanded and
distributed to the proprietors of the first, and
rise to premium. Soon a third bank, this time
an institution adapted to grasp the profits of a
lucrative foreign trade, is launched, and again
while the co-operation of the public is invited, the
bulk of the shares, maintained at a premium by
the judicious management described yesterday in
our columns by • correspondent, are divided
among the shareholders of the original bank. The
latter find that they are in the way of "good
" things." Ono day • discount businessis bought
and converted into a company; another a company
for making advances on produce is brought out ; and
it is the uniform rule that the proprietors of the
parent bank shall be gratified with premium-
bearing shares before any others. No wonder that
the shares of the original institution go up, for beside
that each of the new concerns brings an account
and collateral business to the bank, the share-
holders find themselves, under the guidance of
their directors, a favoured body, and members of
a great society for the unlimited creation of pre-
miums. Not only so, but the peculiar advantages