The Express.
London, England, 1865-10-28 00:00:00

C4MI'AJ AND WOOD AT TEE sour&

log the ripen. inn coedit b the managers for the suc-
cor with which they had steered the earporadoo through
the shoals mid quicksands of a period of severe commensal
pressure, dorbg which they bad men many large sod Win-
ential haulm and other financial establialiment• fail. and it
was an additimial proof of the owe and pro.dense which had
cheitamerieed the managemeat that their loose dunes the
eix months had been only 4001. It was obvious that a dis-
count bantam must always be limited in its returns. the
margin of profit being eonfined to the difference of the rate
of interest at which mousy was received on deposit
and that at which it was lest oat, emus-
quietly they mold never expect tit ms those
eoormous profits which they heard of in some large
Scandal establiihments. It would be observed that
since the Lot meeting they bad effected a reduction in the
liabilities of the company to the extent of between 200,0001.
and 300.0001., consequent likewise upon the care and pru-
de:ice with which the tlestesse bad been ed. Under ell
thi-irenmsnarea, theralue, he hoped hut report end
tha3livldesd proposed Wadi be lialightter7- It was ob-
jected is some quarters that the nominal meant of shame
was too high. The climbs, were lulled to the same
opinfon, and they nadcestood that • bill was to be brought
into-parliament tent MIRIka for facilitating iv redaction is
the timbal emonatiof *ens in companies of this hind. If
they should be diminointed in their expectations it would
be a question for considentina whether the threaten should
not4hemeenss to parliament for power to reduce the
shares from 1001.gra to 251. each. (Hem, hear.)
LTALL (director) ascended the motion, and urged the
desirability of increasing the capital of the company at the
earliest orievenient opportunity by 200,03 W., which he be
lieved would have the effect of doubling their business and
tbs on of profits.
liry to questions It vaunted by the manager that
tliel4oool. eat ash% last ball-year would be aufficisat to most
all the bad debts up to that hole, but he expected than the
whole of that 9,000 f. would be absorbed.
A sHARIEouna complained that the current
which amounted to nearly five per cent., were too expenses,
reoommeoded a redoetin in the number of the directors sad
of the executive staff, with a view to the decrease of the ex-
penses, and the Maws of profits.
The CHAIRMAN mid that the subject bad not been
list sight of. sad was now under comddention by the
board.
In reply to further questions,
The Motaces said that the 4001. put down for bad debts
in the present amounts was sufficient to meet all tomes that
could possibly be anticipated. lt wu further slated by the
chairman that the 3,5001. charged for premises In Abchirch-
lane was the premium paid for the renewal of the lease for
• term of 60 years, and looking ate t
value of property in

TO TES ZD/TOR OT THI MUM.
Bra,—l belong to that great clan which wanta a
good safe investment, yielding • high rate et interest. I
bed bees led is onsequence to think poorly of land, on-
lola, and eves railway rues. Latterly I bad read so wry
glowing amounts of undertaking whose promoters, alter •
careful underestimation of the probable profits, saw their
way clearly to 15 or 20 per oat., that I began to think
seriously of investing my savings in a joint-stock company.
But I knew that I was ignorsat of bossiness—that sear
prospectuses promised more than their promoters found it
convenient to perform ; and es I lived in the country tag
not oonnectsd with the mercantile darn and knew
nobody (to speak of) on any stock exchange, I thoujiht it
wise to look at the whole subject • little cautiously
before venturing. So 1 decided to gleam over the list
of miscellaneene securities in your last Saturday's paper,
and to see how joint stock companies really got on. I could
not doubt that I might ban been led to select any one of
them just as readily as another for my investment, sod I
thought it might be roriet to see what my chatter would
have bra had I me& my lean in the dark. And as all
these companies had got quoted on the Stock Exchaage, I
thought they meet be as likely to be respectable and rued
In the mein as their neighbours.
My first discovery was that 42 companies were at • pre-
mium, three at par, 77 at a discount. I orefess this startled
me • little. I next found alias the 42 ciontneiss at • pre-
mire had a pakl-up capital of 16,948,0601, whir wet
worth, cm Saturday, st the Stook Exchange. 26,800,0004
The three at par we
worth 225,0004 The 77at allisoount
had paid-up 25,123,0004, now worth 16.911,0001.
The total resell is that the British public has
invested 42,367,0001., and that its property b now
wrath 44,006,0004 This is certainly conforing on
=whole. It shows that there is norms listen-
unsound In the jointetock principle but I oonla
not help lasi's; that the average of profit on the value of
IM share ,vestment—only 4 per cont.— is not high, rid
that it might be the good luck of somebody else and not EN
to pluck the flower safety, Dot to soy profit, out of the nettle
danger.
However, " lathing venture, bathing win," vase/nays •
favorite maxim of mine. I thought if there were greet
prime it might be worth running some risks. I found that in
two of the 122 companies the rues were now worth mote
than four times their original vane. These wen insurance
ecospenies. in four, they were worth more than twin their
first amoant. These were another insurance company,
a deem packet company, and two Uncial emperor. IS 12
more they wen worth between twice and half se musk
actin (from 50 to 100 per omit. premium). These wen two
steam packet comperes, two insurance oompanise, three
financial companies, one bank, and four miscellaneous. I
shall group the "ilaantials" as banks (I suppose they art
net banks with bolder brines than their esighbours),
Yy arcinis gives 18 prizes—of which five are tesuranee
companies, six banks, three steam packet oompaniss, and
four molicellaneour. The charerse of these baSinisloll. sad
their names still mon, suggest that a good may of them
ban been long established, and have become prizes at a
rate quite tee slow for modern idea. Bat the result is that
only onoireventh of the whole eve prizes, • fifth mare not
bianks, two-thirds are worse than blanks.
The great prism than are not numerous. I hand the
average gam oa the 24 /MADAM prime rather under • 61th
of the apt 1, Ito that these are not as Ike whole
exciting enough to be dangerous. The mina of ail
the sixasveatts which an sot great prime is
33,566,001.
,
which is now worth °sly 27,875,0001., so that the . swamp
less on these six•eareaths of the compress is shoot • fifth
of
the eapital. The average on the two-thirds whin en
woes* than blanks is a mach as one-third of the capital.
This tempted me to look • little more closely at the bad
side ol the account. I found to my horror that in 23 war
pais& half, or more than half of my cattal (oa an average
mere than two-thirds) would have Une swept awe y. As
there were oily
.six in whir it wined hove been doubled or
more than dottier, I found my clarplol/ lit & great lass four
times as good as those of a corresponding gain. As my
capital is small I rained, too, that though to double it
IRISH be etthnitly plummet, to lose half et it weld be
no* more than oorrespoadiagly panted.
I wanted to know ant how the net of my seventy.aeves
kaneenton woold have toned me. I found that the
avenge depreciation on these fifty-four shares was rather
more than • fifth lot their value. So that my chances of
losing • fifth of my capital seem to bear to my chances of
gaining a fifth, the proportion of fifty-four to twenty-fen.
As there were two comperes which would have more
then quadrupled my_ stock, I foaled two when It would have
been at. last totally lost. So that I had an equal thane
ea • really remarkable 1100011■1 (probably
l about 60 years) car of total ran (probably is five). In on
14 these none them the paid.up capital is gone. This engpan
=ar alarming iavestigation. It is tree that non of
are on limited principles. at that I
*um :err timelier. than the nominal value of oath share.
118 at I find in 52—two-fif the at the whole annthee—that the
nominal value is live times or more greeter thsa the amount
paid up. So that in all those sewn I may an only lose nay
whole capital tanned, bat be called on further to pay up
et least four times as moth mon.
I have reflected on than things. and some to ay maga.
aka. Were I • badness man, I might Mill be tempted to
Join• warn sapped in • hushes= &boat width end No
ems reliable knowledge. But
raPeCiahillgtelthe kind, lad I .hall look out far • War
investment than " jointolisek eosapsalaa,"—il am, he.,
W. J.

P.B. I.bsHese entreat% firs all seearate. I ant 'seethe
sentient Nem& is quite so. I hate diode idditious
soma VIM& 4,
A

.
ORTNTAI. PAL• 011. 01111 Il4ilinto DAT.
MILT, OCT. Adatiodm on mown, 1,476 ;
ditto by lOWA WM% 1,194 ; total yidtors, 2,069.
ot (AdvertisementHol.l4)WAY'S Ptua. Pro-
1. Health.—land4whand Wrest for mistersos la
fog. digestive.nda Lillenily, ijats Irraw=g•are adestrahrwiePted
for restoring soundness to Invalids whose Inactions we so
tragerformed that life halts's:ea most preearions. The
e
Mutts many maladies removed by a judicious seed
thew Pills, the torpid liver is reseed by awe hi mil"
142= ether organ sabeervWthilwiegeob Vecoaaill=
. snit better reed
hate Mattes. tte limpossible to
L-74 a -doctor at oar elbow at all seas= and places. bat three
PIM wlllsupply that low, for they ludyersally set benedetavy
In every SUMO.

(Frees the New York Assing Poet.)
Here at the North where the shook of the Neff
bee exploded so meaty armee, tilepoesell a team awati,lllll!
so many ghosts is the palled wad& the duties that see
left to us are mainly seeial. We mast mauve our mikes&
and other mesas of estainuelealice, light sad dram sea
ileum the taws sad villages, hulk tenemest buses.
and eremite for both rich and peer • more esemsedierie
and healthful style of domestic architecture. Them blew
amemseents of civilizatioa are el infialtety more Mee*
mos to us just Dow then any ef the objects put forth be
the *skeins d parties. Bat at the South it is dim-
wise. Owing* to the fake system en which Kin*
was there consimeted, sad to the sadden boil
universal dissolution of that system, it has bees threw*
upon Mu most elementery political Nene,. So simple see
primitive a gamine as the right relations of labour sal
capital has become the fuodameatel Timken tad for SONS
time must employ lie highest wisdom and its beet sem,
yes. &maple aa it is. it is yet vital, and upon the proper
adjustment of it depends the saving of much trouble, vette-
ties, expense, aagekb and embus bloodshed, sad the
securing of the last and fittest results of our modem lades.
trial eiviliatice. With a view to amitribele to the Bola.
two of any difficulties that may beset the problem, let we
premise a few plain sad obvious tenths. The mistime at
capital and labour may be threefold. First, that in whisk
the labour is entirely cubed by eapital ; essonLy
which he our is partially °weed by capital ; sad
in which both labour and espied are free. By the
theory implied In each of these eases labour sad capitol
have their several distinct tights. Each hu its duties, sad
each is regulated by clearly-defined principles. Both apt-
tallet sad labourer are alike apt to claim the privileges
be/owing to one of the oases, while they netlike them-
selves to the performance of the duties of another mainly
different.
la the first out, that in which the labour is 'apposed to
be eatirely °weed by °metal, labour is absolutely
under the central of capital, which bee the mithealer
to employ it how, when, and where it plerese, be
exact obedience to its will. sad to claim the module
of the labour as her mere exeltesive property. On the
other Mad, it k Wend to see that the labourer Is prepay
cared for, that he is teemed with justice sad Madams, est
subjected to cruel page by notlerlisp, or Wiry by other
owners of Loom If the muter ie entitled to °Wises,.
reverence, end fidelity from the slave, the slam should ee
less receive protection, rapport. and jostim from the master.
The most perfect instasceof this Matra is the stated them
'nine& employed by us for domestic purposes. The eandi-
tion of most of the elves seder the Roses empire, sad et
the negro elms held in bondage in modern times, might be
cited as approximate examples of the Pulse relation.
The second relation between capital end labour is sea
of mined tranaition from the first to the third nate. The
first state can exist only when the slave is much WI ad-
mooed is civilisation thee the roaster. Wherever this
eitteteeo- does not exist the relation is impracticable, sad
if persisted is, most sooner or later lead to the overthrow
of sorely. The object of the organisation is the fine case
is temporary, in order to afford time to the more intelli-
gent curibers of the community to educate the nailed:noted
in the duties they owe to society. In the second state the
Medium is only parka, and the right to content the
labour is Wilke& The reverse°, due to the lONIISer in the
first cue eines into rim le deference at tbe ceases1
he labourer is undee o • to perform °orbit
services for the capitalist ; in return the cepl-
talist pacts him protection, sad sheikh' Itain
from oppremico. The slave becomes a serf, and
the roaster • iced. The Tektites between the bums
and their former followers daring the middle ages, time
which existed between the Roman petiole' sad his
as well as the later serfdom in Ruda, mere sump=
this stets.
wrA less perfect exemplificatice of it is the con-
dition of auticed minors in nt
In the seats, both capital and l our own
labour are perfectly
free ; both stead on equal grousds. On one port a enema
amount of specified Lebow is to be performed ; ea Ike
other a mortals amount of wages is to be paid. A fate
day's wages foe a fair day's work is the law-
The capitalist has the right to invest hie
mosey wherever it beet snits his interest ;
the
taboo: is free to bestow his Ilium wherever it
is most to his advantage. Is this state the capitalise
should not exact consideration or deference from the
labourer, nor should the labourer demand aid or protection
from the cepitaliate. Beek party is apt to forget this. The
capitalist expecte obsequious- defences to be paid him
labourer looks for aid andospreelestion from his employer;
both are wroeg. If the talin remakes the first, be
should give wages for it ; if the labourer is to have the
second, he should work for it. In other words, the two
clues are wholly independent of each other, end meet
mile to ao-operate freely in the gement operations et
nocasty.
Now wiled we wish to observe is, that one ox the Misr
then relations must be adopted in its oompletenees
by the South to morganiaing her isdasiry. Of course the
will sot go back to the fast stets, or slavery, Mouse the
facts of the war lime disturbed it hopelessly, and the lesPa
Like el the States themselves, to say eothieg of the
araiodment, will pat it wrier posed. Bat there is
that the South, guided by its prejedices rather tc=
memo. will stop at the half -way hones of the second MA%
or serfdom. If It does sot beware it will allow the satire.
this* of the white against the bkok race to °petrol its per-
°options of interest sad even its sue, of duty. In ibis Ivey
it will pcalpene the day of its recovery from the
ldsi
lions of cube war, go lingering on like • cripple in
a ma
of bilf-cionvalssesece, lay up trouble for itself in the
tabus relations of the rues, and keep itself all the longer
out Id a complete and barmeakes wooed with the
d the North. In a word, without schieviag anlitigA
advantage for itself in anything Impend the indulging, el
• me" and ffillems•ful spite against the Atrium, it win
simply fetter and embarrass and delay both its Material
sad social development.
What the wee leading men of the South ought to
teased end to insist woe for the guidsace of the
ims
reesede, alums, ia, that medieval faudalkim V gibe
as deed in this age sad nation es the mew
O&M slavery. Freedom unlimited sad sobered—
bream ln all its practicable erftlieetiess —it the
Lope, tls• goal, we might almost my, the law ofprogress be
' the United States. They who oppose it ace oppcieg the
entreat of eveats—Mey sire rowing up stream on the
Their editors and orators, wbo advise them Mwhat is ealled ouserratism, may repeat the old eesle
Ural expeekestat of • bell against the the
; they renew
lin. Putiegton's labours towards mopping up the ossen
with a broom ; theyare fetus pop-gess at a locomotive he
arrest its weed. Liberty end mice are the twin primigies
of the republic ; ands the mule of lbe lase fear moms
Dave shown bow imperil:de it is to get rid of the lttter.
the events of the next four years will show krier
hie they are to each akar.
I).

The Judge of the Tonbridge County Court cannot
be justly accused el Irking aa impartial view et may
oast brought Wore him, if we are to trust to the repo*
of • coutemporary. Last week ea Irish
mad a bop-grower for twelve shillings, bat& Li=
the balance of wftes for work does for the defeadant.
Havin assuchilmA that the plaintiff wag • Roma
Yr. &Maass% the judge, refused, slim the
plaintiff had beat sworn, to receive his evidence seism
he first made she sign of the MOM With this atm.
ordinary made
the plaintiff after some
complied, but 4•011 them failed to °moires Yr.
mem that he was smokes the Math, sad the
*defy sad distinctly told the defendant that be
hived every word he had spoken. The pieletifs whores=
were treated with similar m' dignity. sad if lir. rapimess
had bees the defendant's advocate in • hopeless cue he could
mfrm abated the plaintiff and his whines? la could
t Monet was pronounced thee 'The Mg.
most ie kw the defeedset. Three parties are the mom et
the popelatisn. lam moo it I. wet awful at Mildsindie
te me die druakee women enable shoat the Woes.
They are prefect vegsboods • and thaws are showdeable
attempts to impose is the ise=rers by Ike platters.'
How me soy tee, hving, the f whisk would Mime
oat to my le • Metres, • will not holism los os yews
oath =lwo you arse yo thee I will sot," be ems.
tidied fit to sit as .4 of a oranity mart. whsee So
=ay paltry ems are t having a Modesty to ley
the temper el an bells man!' moue
manse mete hog.
pickers an what Mr. Wears cam the stun if the
pewaktioe—bases he has use druekes 110M1111 the
streets el Witham% sad bemuse " they are pada*
vaphoeds," whomever sad whatever that may masa, there-
fore the oath of • plaintiff who is simply eadesvcradsg by
of the appoiek4 chased to Mish what is des
=mead the eadra of his Mimeses, are to be treated es
dead
flesh a asides as that et Mr. Hopiemse is the
cue referred tole rely a ridionloes ceriestare Id jedues,
and if it be a sample of the law administered is
court camel No. 48, ad"dmil, "Ilican2
seems may be sewed of oar mpathy.—Solicitord Jewsw#4
C 1761006 ANNOTTSCSILIDIT 11l • CHITIZIL-4112.
embLY MX the roofimention assembled In the
rpalisk theme of Osekney, N wire mock
by the dark givbeg as/ adios :—"
here by
notice that the lut of a met day will
hi
held at the Swam Hotel, llesslield, ea -ffeseday, the Elas
of Odd
:" sod adding without ley passe, " Let re slog
to the praise and glary el Gad." It wpm, that the t •
meat had requisted the sleek to inform the tenants AO
the net day would bs as Odeker 31. aed the worthy elif
gentismas thought tart &mambo it from the desk emit
be the beet steam of vin[
Tnwfaics OP s Min.—lt is stated
by • ~rformspoedes good lathed*" that the
number of cattle keys died le this country
of the rinderpset does not mated 1,700 ; op to the
preset time see a duple sheep has yet boss reported se
billed by the dimes. The British Medical Journal follows
the Saturday Melee in denocacing the rise in the plot
butcher's meat se la so way fairly aliribuletde to Um
trestkm of cattle by dimes&
Why imperil your own and children's health
hy diatesse meet and otter anwholeame toad or mem
zassidwates Da serfs dslieless bola seseireg
Rawl pieldsaelse the seedemsot of the left
ersorttbast rseditive ar fecenvedesoli, =7:
=1:112•20. emwestrelea. debility,
liver, sad steer& cemplaints, and snag
Nee* In other reesedieet 60 en ewes sanuaDs.—lla
miglik. Se. lirgentatreet,Liodet W. In It=
. sos.; also at if, raceebnrc
6. Clbeepelde ; 63. 150, and 299, Ortordutreet ; and 61 ell OTOOBIII.
.4•411110•Miellt.1