The Express.
London, England, 1865-07-24 00:00:00

TRADE AND FINANCE.

Too often we see what is good in itself abused
and rendered the instrument of evil. We have
never disguised our belief that the principle of
joint-stock association, especially with the aid of
limited liability, is destined to prove one of the
most powerful levers of commercial progress. We
hold that this principle is the only one calculated
to give to credit the utmost power of which it is
capable ; and for instances of the vastness of that
power we have only to look to our railways, our
banks, our docks, our ocean steam lines, and the
other great works which abound on every aide. In
the present day joint-stock association is
being organised to a pitch that could not have
been dreamt of only a few years ago, and there
are abundant indications that its progress will be
still more rapid in the future, provided only that
the abuses which are now rising to • perilous
height be summarily corrected. Our new joint-
stock enterprise presents far too many corrupt
features. In numerous cases prospectuses, instead
of reflecting faithfully the provisions of the articles
of association, seem to be constructed with the
express design of misleading the public. Essential
provisions, referring to directors' or vendors'
emoluments, are secretly stowed away in the ar-
ticles of association, copies of which are often diffi-
cult to obtain, or are only open to inspection
in places inconvenient of access. If prospectuses,
which ought to be true and faithful contracts be-
tween the directors or promoters and the sub-
scribers, are thus to be made mere traps and
snares for the unwary, it is easy to see that one of
two things must happen before long—either •
disgusted public will wash their hands of new joint-
stock enterprise altogether, or, as a much needed
warning, the strong arm of the law will be invoked
and brought down with crushing weight upon some
CABIN= COUNCIL. .1313111:1010Diell were issued a
few days ago for • Cabinet Conseil this afternoon at the
of the wrung-doers. First Lord of the Tremury'a official residence in l)ownieg-
The question arises, what is the remedy for the street, at 3 o'clock. The Right Hoe. the Chaeoellor of
existing state of things, pregnant as it is with die- the Exchequer is expected to arrive in town from Hawarden
credit to joint-stock enterprise ? Why should the CAW* in time for the Cabinet Council. The Right Hon.
legitimate consolidation of credit, by means of the gentleman will leave town to-morrow on a visit to the
formation of public companies, be marred by the (atm" at Osborne.
Their Royal Highneases the Prince and Princess
operations of mere speculators ? Why should the
(nee th
is oaseConrt J
touranal)
shares of a new project be necessarily converted do. Welese 111 e:
the H oPnY,
into dice, and why should the un-English system Cottage xTthweme ktt
Colonel Phipps. The Pori:gee and Princess oyf Wales will
of " rigging the market " be suffered to acquire remain at the Isle of Wight until her Majesty's departure
such • noisome development It seems to us for Germany oo the 9th of August, after which their royal
that the first step to reform should consist highness will return to town. The Prime and Princess
in a strengthening of the hands of the of Wales will join the Queen in Clammy about • week
only court which takes cognizance of cases or tee "Yr after her Majesty'sdeparture, eouto be Freasat
Of this description—we mean the govern-
at t26hetainauLuraton of the Prince Consort's memorial on
tag Committee of the Stock Exchange. The the
The of st
Hon. Fredk. Peel is gradually
desire of the Committee to act fairly between the Hight
improving in health,
opposing parties of speculators, and to administer Viscount and Viscountess Palmerston enter.
justice impartially, both as regards their own tabbed a select party at dinner cle Saturday °reale& at
members and the general public, is almost univer- Cambeklgtehonse, Piccadilly. Lady Pslmerstos had a small
sally recognised, and it is obvious that in this body and early party after dinner, which was of • private ohs.
the public must place their trust, and their hopes raster ; only about a hundred of the ptinsipal families
of a reformation of existing abuses. Why should • re. intwwn attended'
not the Stock Exchange Committee inaugurate • The Duke of Devonshire and Lady Louisa Caven-
daeries of remedial measures by announcing that Lord"
bean stayinge
vasiatb M. p"
Chatsworth during
joined
the lest t
tweek.
they will not grant a settlement in the shares of circle. The eh, of Efeeeiegemi, jcp.oeft for towsamilony
any new Company which does not place on the face Friday.
of its prospectus a distinct undertaking that, in the The Marquis and Marchioness of Clanricarde
event of a settlement being refused by the Stock left their residence in Strattoo.strest. Piccadilly, on Ester.
Exchange, the deposits shall be returned to the day, to pus a few weeks at Homburg.
subscribers ? The effect of this enactment would A marriage is arranged to take place between
be that the Stock Exchange Committee Lade Louise Cavendish, only daughter of the Duke
would acquire the absolute power of life or death of Devonshire, sad Captain the Hoe. Francis Egerton,
as regards every new company that might be Kli.,eldest surviving see of the late Earl of Ellesmere.
The marriage of Lord Edward Cavendish, M.P., youngest
launched. The resolution once promulgated, thecoo of the Duke of Demmehier, and the Hon. Emma Las.
public would refuse to apply for the shares of any celles, maid of honour to the Queen, daughter of Lady Caro•
company that failed to comply with this preliminary line leacelles, is appoisted to take pleases the 3rd peeslsas.