The Express.
London, England, 1862-04-14 00:00:00

Loom Dear Faulk, Irv*

employ when mita* in
M. ovarpowarad, sal all

bodies Wll itibesieseili

and bawl* entailed. -
Th dolmans* whose murder is. thna noticed,
was dist oi Captain RICSAZIA The kink iscas-
piny woe surrounded by 140 brigands, and rather
than lay down their aria to these amusing, the
soldiers propos ad to Mend Didion Meow to the
last drop rd their blood. The brigand band was
volubly that of the notorious Owego, of whose
Skimp Coned iligrann writes :
The eseeens eanadtied is the Cepituais are atrocious'.
The fillinetag Mail I he. bow the slat neat ci a gear
mu wire Mead to Walden • few lisys data, boob, be. i
yholdend bribe bud et tea amid 0f«... nese NW*. I
labs ate wawa to debt ibe balk el kb resiermwt. wWeis
is es idles :—" I left Bari. The read lain eanekiseed
manile, two dal/mese. bevies together It eauseWiet
travelled ia reempany. 0a lab Nandi we VIM stepped
by a large bead is the Valley at Baba Anew' the
preseenes wale a lady, es old sergeant or ,sites'', a pelts.
e•ser, sad • amok; the seise 111.10 private travellers. We
woe taiga emu sass Mr the Isle* when the lugs
body d Womb wee aneubled ; lhanamehesed . about.
bllt di young Ness, keeled se nuessis, eat at an ••
nom : two appeared to art as Miele, ens of wheal was
arldsliftidavores, a wea about 36 or it years old ; the Weer,
01081111, It INS shod er XL We were skipped el ow
sum and allies, the hers Nubs, wen she tikes, the
urgent sus the shot, the iseilsema war bola eaC
the,.. 'reset a bap el huge* whisk were esl aa
sad be wee boat; the teat el es rearkeed far some tins
soave's tower. est babying win* weld& be our his;
see el the ebieb ardend glut we &add be let re,
end we wens seisesed uneediegly, bead 111111 way se dries%
end thence is geniss. I trier sees a telegram se-
geeting the brains able et a Filet by the mar bead of
00000, our Meek which is eke in the ariglibesnisocd of
Devine.

Such are the men who find patrons and apolo-
gists is both Eames of Pazis'ament. Such is the
awes which the " great Oossiervative party" is
"'Wag to fawa upon, in orate that, Where fads-
Seal Roman Whelks abound, it may get a few
votes 1

err
Ws referred as the bat at Tema- b the
great advance whisk lank shares have made in
public estimation &ex* the lad twelve months. It
wee shown that, as • comparison of the prices
then quoted with those currant at the correspond-
ing period of last year, there was a ries of no keel
than 151. a share in City Bank Awes, 134 in
London and Westminster, and 241. m Bank of
London, and that the improvement extended to
nearly every bank on the list. The opinion was
expressed, that were it not for the caution dis-
played by the public " them would almost be
" room to apprehend a bank mania." Several

circumstanceslave since occurred tending to con-
gem this view. Of the various kinds of public
escurities, noon have remained so buoyant or strong
ti bank shares, a remarkably steady demand having
been experienced, and, notwithstanding the great
advance in prices, holders hays declined to se/I.
Singe the 3rd of February Ottoman Bank shares
have risen from 191. to 261. • Bank of Egypt,
from 211. to 231. (after touching, temporarily, a
much higher point); London and Westminster,
from 75/. to 801. • City Bank, from 851. to 911. ;
Blink of London, from 761. to 801. ; Bank of
•kasieulsaiii, from 651. to 671. ; and Lrnion Bank at
Amid* from 401. to 461. London and West.
eilisher Bank shares stand now at a premium, or
clear bonus on the amount paid, equal to three
hundred per cent., the 201. paid being worth 801.
in the market ; City Beak shares are at a premium
of 90 per cent. ; London and County, nearly 100
per cent. ; Bank of London, 60 per cent. ; London
Joint Stock Bank, 250 per cent. ; Provincial
Blink of Ireland, 250 per cent. ; and Union Bonk
of London,lso per cent. The banks (unaided with
the colonies and with India show, in many
iEstanoui, an almost equal improvement in the
value of the capital actually invested. Agra Bank
shares stand at a premium, or bonus, of about 72
per cent. ; Bank of Australasia, 65 per cent. ;
Colonial Bank, 60 per cent. ; London Chartered
Bank of Australia, 20 per cent. • Bank of New
South Wales, 110 pet cent. ; Oriental Bank, 115
per cent.; Union Bank of Australia, 90 per
cent. ; and South Australian Bank, 45 per cent.
The meaning of these figures is that an original
shareholder wishing to withdraw from any of these
undertakings could do so at this moment with an

addition to his capital to the extent mentioned,
after enjoying, during the years which have
elapsed since the banks were established, a rate of
dividend considerably above that offered by most
other safe investments.

These are only a few instances of joint-
stock banking success. Were the enumeration to
be extended so mto embrace those joint-stock
banks of Scotland, Ireland, and the provinces,
whose shares are chiefly held and dealt in locally,
fresh ilieritistions would be afforded of the ex-
' tremely remunerative nature of this kind of pro-
perty. In fact, few sorts of business, if well
managed, pay better than banking, and it is easy
to understand why the fact is ea In most trades
you have to embark your capital in certain com-
modities, and, until those commodities are sold,
you do not get it back again ; moreover, they
must be sold at a profit, to enable you to mike a
proper income out of your capital, application, and
enterprise. But it is • peculiarity of bank-
ing business that, if you cau but inspire
the public with confidence, they will
themselves come forward and supply you with
the commodity in which you deal—namely,
money. They will furnish you with no small

•mount of it gratis, in the form of current balances,
and if they require you to pay them a certain con-
sideration for the use of another portion of thou
funds with which they entrust you on " deposit"
agreements, this consideration is always fixed at a
point below the current rate of interest or dis-
count for the best securities—that is to say, below

the rate which you can always obtain with safety.
It may be said, then, that bankers are in a pecu-
liarly advantageous position, inasmuch as, though
possessing little capital of their own, they may open
a shop and say to the public : " Come and supply
" us with the commodity we want to deal in, and
"we will let you have it back again." Paradoxi-
cal as this may seem, it is practically what is
meant by banking, and the banker makes his in-
come by playing off one portion of the public
against another. With one hand he accommodates

those who have money to lend, and with the
other he accommodates those who wish to borrow.
He stands as a middleman between them, and is
the means of bringing borrower and lender toge-
ther, yet without letting them meet each other;
for were it possible that the two principals, as they
may be termed, could be brought into direct com-
munication, the banker's occupation would almost
be extinguished. But this is net possible, for the
possessors of the loose money which it is the busi-
nese of the banker to attract into his till are the
very class who are least in a position to search out
the borrowers. For the most part they are either
persons in active pursuits, who have their own re-
gular business to attend to, or persons retired from
business, or who live upon their aocumuiated
means, and are either indisposed totake the trouble
of findiog out safe people to lend to, or totally
unacquainted with the way to find them. Accordingly,

proper
in the character or wealth al its partners, or, as in
the case of some joint-stock beaks which possess
only a small paid-up capital, is the existence of
a large uncalled capital sealable as a reserve.
Bankers do not make their profits out of their own
' capital, but out of that belonging to other people.
How has the London and Wears/mem Bank
sesnaged to pc apse to sash an mesa That its
cepita is now weak 300 per mat. mere titbit it
was originelly it by using its 1,000,0001.
of paid-up c• 1, or the 15,384,7551.
of deposits ,sad current balsams This
azple ems rows striking in its sna-41b14
et. London dad Stock Bank, wheat MS IP
capital if so mare than 000,0001., yet I
d with, and of course employs, no less
then 11,381,7571. of deposits and current ba-
r knees. For only a portion of this Imp see of
11,1181,757 t it pays interest to the ksifiree.
1110 lamest is always below the sate
t„. by ogees* baretrom, It is bilmaibeneidy
*. whole Mt rtes riotprofit's on the estplerena ei
into dividend on the snail
anasent d pahlis °vital that tide bank usually
=Masa& et 26 per ant. or upwards, thus
Who ahmeholders es clear profit every
leerit ate reek of the original capital
*Mien of bankers in the world of trade
lising WPM beediarly advantageous, and the result
el Asir operations being, as a rule, so very rs-
memerative, it is not surprising that, at the pri-
ma time of superabundant mosey, a desire to
111110 new banks has developed itself. True, them
mean to be something peculiar at first sight in the
limes selected,:which is precisely that when trade is
Ilia, and when as * mosequenoe, basking hak-
es, and banking profits may be assumed to be
geeportionstely limited. Bat than is a goof
deal in the " fame of the public--we isetr sd
how dm to express it. Caprice in the ciek• d
laverheents is undeniably one of their prolamine
characteristics. Its not so much a (seeds
the intrinsic merits of a project as of the. pubis
being in the humour to support it. Promotes d
joint-stock companies are well aware of this pew
Hardy, and can tell at many Mammies in which a
new concern that has fallen flat on the market,
and been ignominiously withdrawn, has been
Merely competed for a abort time afterwards when
reproduced with a few slight changes in the mods
of dressing. When money is deer and boas= se•
Live, and when, therefore,the need of more mom-
modation is really felt, the public will not hear d
new banks. But there are unmistakeable indioatime
now that subscribers will support new banking pro.
juts, and half-a-doom are already in varlets§ stews
of substantial progrem, to say Nothing of them MOO
numerous schwas whiled are still in the proems if
incubation, and most of which will probably never
chip the AIL They are a long-suffering class,
then promotes, hat when, after long and hard
week, they find themselves at last licking a new
project into shape, it is very galling for them to ns
more fortunate competitors rush forward in amass
with schemes readycrut and dried, take by storm
the public ear and pocket, and, perhaps," overdo"
the musket to such a degree that the other OM-
'Bog pioneers of enterprise must perform maga
their incomplete prospectuses and combinations to
a silent drawer, there to slumber till the public
feel anew the gnawings of an appetite in that di-
rection. But it would seem as if these setae.
had all a very fair chance now. To commssel •
successful subscription for the capital of • new bank
nothing more seems to be required than to get upa
nicely-worded prospectus, end combine • few re-
spectable business names, which is almost equally
easy, for what respectable man of business can fas-
tidiously turn up his nose at • bank directorship
and the satisfaction of guiding the investment of
a few millions of other people's money I
' We have no idea of attempting to check the
development of legitimate enterprise, and there
are indications that the public appetite for this
particular form of it is not yet satiated. All that
we can do is to record the progress that has been
made, and set down, from time to time, the amount
of the joint-stock engagements to which the some-
times heedless market has committed itaelf. Bank-
ing is confessedly a lucrative business, and in the
inslanoes in which failure has occurred, there have
been some gross breaches of banking rules.
But we may advise the public at the pre-
seat prolific season to support no new
undertaking of the kind that does not hold out the
moral and material guarantee of trustworthy and
practical management. Let it be borne in mind,
too, that the principle of limited liability in bank-
ing is at present only on its trial. We have yet to
me whether the public will entrust their funds as
freely to " limited" banks as they have hitherto
done to those establishments whose proprietors are
liable to their uttermost farthing. Too much stress
earl not be laid on the successful experience of
some old established banks which have latterly
availed themselves of the " limited" principle, for
they gained their business and position under the
old plan, and the fact that their credit sticks to
them furnishes no sufficiently positive proof of the
confidence of the public in the new system. It is
quite fair to try the experiment, but only expe-
rience can tell whether " limited" banks will ma-
oeed to an equal extent with the unlimited.

. • '
smr
4ve* trbttoser.
*unmated Ned the '1
ia that • sesiay in an doiredited
Tha custody, and presenting
fc'uld b thar eimPl"...elnei in the character or 'read