The Express.
London, England, 1865-11-13 00:00:00

,
2 -----
TORN BROGDEN'S EXCELLRNTZ BIJOU- importance
J. .T.
hataitywcohaLANTl.2l.lllol2le:rint.dwl.llClAlladassraiAßlLlthetristlit. field of 00ffi
Universal Itxhibition, accompanied by the abova........tlatterlS.
oft, tion now ai-i
Illsonial. respectfully invites tits Public le so
l GOLD CHAINS and estenalve amortment of 711KIJItY. all a tendency
I made on the prensises.-JOHN BROODNN. Goldman Ith.M: Lions, and I
Rectory. No. IN li Coven e . W.C.
Wisher Ail. WIG. Aisle MO W awl. said Iswolg fib. Proves
ad
each. N.B. This istimusainses is eleue as ton the eve lig, and the
edeerth
I se Saturdays at I t_________ j---eloek. the last fee
I WINTZR OVICROGATS of the BEST the eszliei
MATIRIALS are kept for inspection or sale at
I RAMILTON and KIMPToWS,
Teflon and Overcoat Nowa Ply an an
announoem
10s, swam error[
Han 41 invited ii
1 11 1 DR. DE
voi JeGH'S LIGHT-BROWN 0011?-. scripsim, f
uses or amenniptien, diseases of the chest. chronic bronchitis. too often, I
, I and ameba and debiliq of adults and children. lovariably moot in sa
eme, mimeses excellent, palatable and easily take°. Lobe
be rwelli . .is
recognised to incomparably superior to every other Irina. wiling, it
• t iMad c 4411, bycagerttleptlltrahtersittiltui.ltaCtigl=B..tis'AV exercised
; rA.00.6,,„„d Co., 77.1,______. .Leadoo. Now, this I
T.r and Music Room and it is pi
ONDON must have a Supper
I JLA for Gentlemem-Rantemilier we waft for you at NTANS'S extending
atter the Garden and the Theatre.- banks that
a clearly
! s•
gilt re
erPfiO• matter-
ducted u
—...----
TO COMIESPONDINTS. do with
savretosmants Wended for .. The ICre;. London MeV foreign soh
g'actri omoults bdesyLOl the Ikeloicloia".. ' " o SO the ion
' ---------. instancy as
O'NATWARILIT.
Ting Ergirnid. THERE WINKS arm 11 ARRIAOI.-.
MUP. Yr. Charles Matheers,ur. Home; Mir Nelly Moon, .
hold that
breach of
u 6. Ifitswillism.-WHO KILLED COCK ROBIN ? Stews. C. it may be
1 1 ' " Mathews andCtiippendals ; Mrs. O. liathewa,-And the BALM.
---._—_-- a portion
PRINCESS'S.
, i THIS Erlintiro, QUIET LODOINOS.-Afier which rr IS d°64 it 11
NIMBI TOO UTZ TO WIND. Mem V O. Melville, its share)]
I ' , T. bleed, A Murray, b. Wham, P. Villiers. J. GShore, G. Mur-
ray, and Z. Cat.h=rt : lelsoeg L. lgoore and E. Rearm the corp
--------- who we
; 1 LYCIIIII.
True Ercergo, THE DAT ASTIR Till WZDDINO. Mr. up of sue
and Mr. Horacau.-THI WATCH car. users. Pechter.
If the lit
t IL trireme* s. ftkerY. a HuwawabitariTt rttfle"'
t t and (Afford; Miss Eleworth•l RS TAnd CHICKWEED. upon 'lei
sareautrui. and othei
Tens itvisma. THE INFANTICIDL-Tbe D'Anbena-POUL into subs
A DllOll.. lira S. L3110.-To conclude with THE W.:LEMON'S
NETVIN, embark i
. • of reoom
HIGH WATER AT LONDON-11/IDOL. But, apai
TRW DAT - Maniac lob.slas.....arsareoe. me. 565.
To.agoaaor -.• Moeda& 11b. 2.5 cg. - -gnomon. 116. um. a bank i
t
.• •-•-•----....•• a large a
LONDON,MONDAY, NOVEMBER 13. and diet
----•—•
—ll
THIS Cattle Plague Commission have rerun- °l°ubsull7°
mended a measure which would probably destroy success
that disease, but which would certainly entail upon bring° °'
the mass of the people an amount of distress b°4l•°ll°,l
greater than any with which they are threatened the, TT'
I• „.. by the murrain—the total stoppage of all move- :111:11thiler
I L. ment of cattle, for any purpose or on any pretext. ,___,. ,
111 That measure would be ineffectual unless applied, bank °'
as the Commission propose to apply it, to the 1Th"1414
lutely
whole kingdom—to districts where Ithe cattle are
then, e
healthy, as well as to those visited by disease.
Happily this measure is not practicable, or we by it
of
°°
1 i
should have one plague brought in to get rid of 1
another which is perhaps the milder of the two. AU ban
I
, • ; All the stock markets would of course be shut up of °ma
, .
•
I 1 st once, and the cattle trade would be turned into a even' 11
credit a
' I dead-meat trade. Even private sales of lean stock
1 . would be stopped, and the farmer who has a store bow I°l
of food would be unable to buy of the owner of Londoi°llllll
:, 1 cattle who wanted money for his stock. It would ben.(1111
not be lawful for a butcher to go to a P
farm, buy a beast, and drive it home. Large lons fu
classes of persons who live by the cattle trade would mlllllll
II be thrown out of employment, and the price of meat unmsr
would rise suddenly, and to a great height. The l
rail's.
( cattle plague is a serious misfortune, but it does c°lllYl
not warrant such an interference as this with the 41°1"
1
food supplies of the country, deranging internal Bul
1
,\ , 1 and foreign trade, throwing thousands of persons ‘11111.14
• I I I out of work, and making food dear everywhere. press
The seven Commissioners who have put their the lii
names to these recommendations show that they the ill
to thi
do not believe them practicable by imposing a
number of alternatives ; while five of their body, caul"
to it
including Earl SPENCER, Lord CRANBORN F., Mr.
1 : desire
READ, Mr. 3IeL1istr, and Dr. BENCE JUNES, openly
comp
dissent from them.
tion
I .-.---------
posit
Ir would be matter of deep regret to see the left
•
I I 1
banking standard lowered, and we therefore desire mom
to direct attention to an abuse which has lately legit
' • I been growing up, through banks assuming to them- nese
'dyes some of the functions, and trespassing upon of b
the peculiar field of operations, of the modern who
i credit companies. We have nothing to say in din hes
paragement of these companies beyond what must
be obvious to every one—namely, that they are as
yet, at the best, only an experiment, the success
or failure of which remains to be de-
tided by time, and that they are
L essen-
-1 t .
holly speculative institutions. If any one 7
is disposed to contest the first part of this in y
objection, let him glance at the enormous amount age,
set down in gross in the balance-sheets of nearly or I
every one of these companies as representing assets era(
respecting which it has become an article of the As
managerial creed that no explanation whatever met
'•
• shall be given. We are assured in every case that he
I moo
the securities in question are all bond fide and ind
•
real, and valued in the balance-sheets upon a very b,
moderate scale ; and we are quite willing to believe an
that they are so; but an essential condition of such Th
a state of things as this is a certain degree of th
. doubt and hesitation. We do not know ho
q easy
• the mode of valuation, nor is it uite6ll
or
1 to understand how one can put a value 0,
1
I j upon securities for which there is, perhaps, no b
1I , l
i market price whatever, to say nothing of the b
difficulty and sacrifice ordinarily attending the rea- T
Ili 1, :I ligation of a large amount of stock. Again, who
will undertake to affirm that the credit companies P
.1 shall always enjoy a species of monopoly in the 71
I II
1 ' bringing out of large schemes—a class of business t
from which, as we know, they derived their ear- ,
t • hest and largest profits 1 With regard to the
i •:' ill b . second head of objection above referred 1
to —the speculative nature of these corn- I
1 I panics —we should imagine that scarcely
any one will deny that the fact is so. The promo-
tion of enterprise is the avowed object of these
associations, and enterprise, especially of the sort
) to which their attention is ordinarily inarily turned, often
1 partakeslargely of the nature of speculation—legiti•
I 1 • mate enough in its way, no doubt, but still specula-
', '. Hon. How can comparatively newly-formed credit
companies show profits at the rate of 20, 40, or
GO per cent. per annum, while the most successful
and old-established banks are thought to be doing
, E
uncommonly well if they show 20 or 30 percent.,
ss unle speculation is at the root of the difference 1
Increased risks mean, and ought to mean,
i increased gains ; and our chief financial companies
i have thus far been managed so ably that they have
" acquired the gains and escaped much of the risks.
I This is greatly to their credit, and it is very poi
Bible that, as their experience matures, they ma,
continue to enjoy a similarly happy immunity frog
loss. But we have no guarantee that it will is
I , so, and these companies themselves tacitly admi
' 1
i that they cannot give that guarantee when the
set apart such large sums as reserve funds. I
acting thus, they are wisely taking out, as it wen
} a
policy of insurance against the possible falling i
t of those speculative risks to which we have as
I verted.
4 Banks and credit companies, then, have diatin
I I. • I
functions, and we think we have shown tl
. • Is
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