The Express.
London, England, 1865-01-30 00:00:00

rOHN BROGDZITS GOLD CHAIN&

JOHN DROGDZN'S GOLD GUARD CRAIN&

JOHN BROODZICB GOLD ALBZIa °HAM

JOHN BROODENS GOLD BROOCH OWNS.

ROYAL AGRICULTURAL HALL.
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LONDON, MONDAY, JANUARY 30.

THERE can be no sunk proof of the prosperity
of a nation than the rapidity with which it accu-
mulates capitaL The axiom is not new, but like
many other admitted truths it is frequently disre-
garded. No fallacy is at once more popular and
more governmental in certain countries than that •
lavish expenditure is • sign of inexhaustible wealth.
Take, for instance, France ; her outlay habitually
exceeds her income, and the difference has to be
drawn from the national savings. Thus far
harm has been done, the vast commercial and in-
dustrial development of the Empire and the in-
creasing abundance of its resources serving to stop
the gap. At the best, however, the existing sys-
tem is one that cannot bear incessant repetition,

and its dancer is the incessant strain that it makes
upon the capital of the country. As long as capi-
tal is being diverted to meet the ordinary
necessities of the State there is a pro font° dimi-
nution of the fund available for productive impair

- -
ditare. The same thing is going on in almcet all

foreign countries, and hens the continued require-
mania which are steadily pouring in upon us from
all quarters to develop resources which there are
no internal means to realise. Happily for Eng-
land we have not fallen into the same excesses,

although experience has shown but too often
that we are from time to time as liable to be
led astray as any others. Of late years, how-
ever, the nation has been content to spend
freely, it is true, but to care for the future. One
thing is certain ; our accumulations of capital
have not been checked by the eagerness lately die-
played to embark in foreign enterprise. What-
ever has gone has been but a portion of our
surplus, and that a great deal more is kept
at home is sufficiently evidenced by the increasing

deposits in the banks. It is for thin reason that
the published accounts of our joint-stock banking
companies become valuable. They afford us • test,
imperfect doubtless, whereby the capital of the
nation can be judged, but which, with all its de-
fects, gives the nearest approximation to the truth.
Of our joint-stock banks, the London and
Westminster stands the foremost. The amount
of their deposits, am., was, on the 31st December
last, 19,455,8201. The dividend declared was
equal to 32 per cent. per annum, snd large appro-
priations were made for the purchase of Messrs.
JOKES LOYD and Co.'s business, fur building ex-
.

penses, and for the increase of the reserve fund.
With on considerable a degree of prosperity it can
well be imagined that at the meeting there was
little room for discussion.
The Union Bank of London is the next in mag-
nitude, the deposits being 18,807,3931., while the
dividend was equal to 20 per cent. per annum.
By the issue of new shares the capital has been
raised even higher than in the London and West-
minster, standing now altogether at 1,200,0001.,
exclusive of a considerable reserve. A very large
balance of undivided profit was also carried for-
ward. A sum of 67,0001., being the balance of
premiums received on the issue of new shares, was
placed to a building investment fund, to defray
the cost of the new buildings required by the in-
missing business of the company.
The London Joint Stock Bank is of equal im-
portance with the Union, and has attained at least
equal prosperity. The deposits, ie., stand at
20,252,9966, the highest of any joint-stock
bank, and the capital is 1,068,3101., beside& •
considerable reserve. The dividend delayed was
equal to 150,000/. upon the original capital of
600,0001., or 50 per cent. per annum. An un-
divided balance of 21,125/. was also carried to the
guarantee or reserve fund.
The next on the list shows • break in the hitherto
uninterrupted career of prosperity. The report of
the Alliance Bank showed that not merely had the
whole of the ordinary profits been swept away by
losses through the severe commercial pressure of
the past half-year, but that it had been found ne-
cessary to trench to a nearly equal extent upon
the reserve. The total deficiency was altogether
128,460 L, and there was the possibility of its
being still further increased by a large additional
sum. Under these circumstances it was, of course,
impossible to propose a dividend. Although
it is evident that some laxity of supervision must
have existed, it is only fair to concede that
the directors met their proprietary in the fairest
and most open manner. Contrary to what has
been the rule with companies which have been
temporarily unfortunate, the discussion at the
meeting was not only long and important, but
conducted with the fullest impartiality as between
parties in the same concern. It was satisfactory to