The Express.
London, England, 1862-08-04 00:00:00

THI

to be accomplished ; the result being
captious capitalist can scarcely find a
to hang an objection. Unusual pains are now
taken by foreign governments to have none but
unexceptionable motives in raising loans, and it
must be admitted that in this respect some of the
loans lately brought forward are perfect models.
The public are not too precise in observing pe. ;
culiarities of the kind, yet cannot help being
struck with the strange accord now witnessed
amongst foreign Powers. Were a philanthropist
of extreme aspirations to be told that a time was
at hand when the governments of the world would
pursue one common policy, he would probably put
on his spectacles and look out for the Millennium
or some such long-anticipated climax. How great
would be his delight were he assured, with all the in-
fallibility of second sight, that the Christian, the
Mohammedan, the Turk, and the Russian would meet
with one and the same object. The fact is literally
so, for the representatives of Turkey, Russia,
Egypt, Morocco, Venezuela, Peru, and Portugal,
have all been simultaneously in London, but Booth
to say, though the individual object of each is the
same, they are not bent upon a joint or harmo-
nious action. They have rushed into the market
almost in a body—certainly three or four abreast
—positively jostling one .another in their zeal to
put their currencies right, or to help public im-
provements in some way. Trade ought certainly
to get on after this, for the anxiety of ministers
and statesmen to help her is quite refreshing.
Seriously, however, it is a question whether
there is not a little too much of this. Let us cast
up the total amount of new foreign stock in course
of placement hero during this present week. There
is-1. 5,000,0001. of Portuguese Stock ; 2.
1,000,000/. of Venezuelan ; 3. 1,097,600/. of
Egyptian ; and, 4. 5,500,0001. of Peruvian. The
total of the above is upwards of twelve millions and
a half of new stock, and, after allowing for the por-
tionof the Portuguese Loan that goesto Lisbomas well
as for the fact that a large slice of the Peruvian is
expected to be taken merely by way of exchange
for the existing bonds, it will be apparent that it
is impossible for us to go on in this way without
mischief. We shall act very foolishly if we expose
ourselves to inconvenience in a matter where,
with ordinary care, we may entirely avoid it. If
new foreign stocks are to be multiplied so swiftly,
they will infallibly drag each other down, and the
subscriber's profit, which constitutes his sole in-
ducement to enter into them, will be cut away.
Considering the extent of the present resources
of the market, which have been' largely in-
creased by withdrawal from American securities
of some millions of money now available
for investment in other securities, we do not
absolutely affirm that harm has already been
done, but if a suspicion once struggles into the
public mind that things are going too fast in this
direction, premiums will become less plentiful than
they have been, and the subscribers to the new
loans will have at their backs less of that margin
for insurance the advisability of which is naturally
suggested to prudent minds by the consideration of
the increased risks attaching to foreign investments.

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