The Express.
London, England, 1866-11-26 00:00:00

Ette eryreoo.

TO CORRESPONDENTS.
Advertisements intended for " The Express,* London Evening
Paper, must be at the Ofhce. 10, Bouverle-street, b Two
o'clock on the day of publication.

DRURY LANE
THIS tvzwngo, THE LADY OF LYONS. Mr. W. Montgomery;
Mlas Helen Faueit. —And K rIIEKINE AND PETPXCHIO.
Mr. T. Swinbourue, Mr. J. Robins, and Mi Isabel Adams.

KAYM ARK T.
Tins IDinrnto, A DANGEROUS FRIEND. Maim C. Mathews,
Rowe, Rends!. ftc. ; Mesdames C. Mathews, Chippendale, Moore,
ta.—AN TUN Y AND CLI,UPATILA. Messrs. C. Mathews, Comp-
ton, Bc. ; Mesdames C. Mathews d lidt—OUß MARY ANN&

but 20 millions, a moderate estimate—we can
arrive at the losses the British public has made
during the past five years in this single class of
investments. The difference in the price of issue
and the market value amounts to no less than
fifteen millions sterling. Against this we may
;place the sum gained by the increase in value of
I the exceptional three which shows higher quotation,
and this may be estimated at 220,0001. Fifteen
millions loss against two hundred and twenty
thousand pounds gain is not, in a business point of
view, a satisfactory result. It may be objected,
however, that as the issue price of a loan is usually
beyond its actual calculated value, an allowance
ought justly to be made. Be it so : strike off
three millions—more could hardly be claimed—
; and the British public is left a loser of twelve
I millions—just two millions a year. It may be
I observed, by the way, that the subscribers to the
present Russian Loan, who have been seduced by
the success of the last in 1864, which produced a
profit of 120,0001., have forgotten that their un-
fortunate predecessors, in the magnificent affair of
' 1862, have lost 1,200,000/.—exactly ten times
the amount.

The catalogue given above by no means ex-
hausts the subject. There have been several other
loans—the Danish and Swedish—both offered by
countries of equal integrity to our own, and both
devoted to useful purposes. These are strongly
held, and rarely, if ever, come into the market.
These bonds have been held for strictly legitimate
investment, and hence are not subject to the mere
fluctuation of the day. Chili also has raised a
loan here, but as her credit is unimpeachable,
and the whole sum is to be paid off at par within
the next two years, the security is entirely distinct
from the speculative ones noticed above. Several
other small loans also have been placed, among
them the Portuguese of 1863, issued at 48, but
now quoted at 44 ; but as this last is lumped to-
getlax with half-a-dozen other issues at varying
prices, it cannot be justly included in the calcu-
ilation.

But it will naturally be said, if an investor
should not take foreign bonds, what is he to do
with his money? The answer is simply, let him
employ it in a manner both remunerative to Wm-
self and of incalculable value to his fellow-subjects.
It is an admitted fact that the judicious use of
capital in India for irrigation works would yield a
return far exceeding the expectation of the outlay.
Even railways, judging by recent example, will
pay much better than the 61 per cent. offered by
the Russian Government. Above all, speaking
financially, the investor would be sure of the
safety of his capital. It has become so
much the habit of foreign Governments tl bor-
row without paying the slightest consideration as
to the possibility of their revenue being able to
meet their regular claims, that the thing sooner or
later must come to an end. Au ambitious Em-
peror, finding that the credit of his courtly is so
deeply pledged that he can get no more assistance
from the foreigner, and at the same time in want
of funds to prosecute some warlike enterprise, will
find it an intolerable burden to pay those to whom
he is already indebted. The old story will be re-
peated of postponement of dividends, subsequent
consolida;fion of arrears, and their usual accompa
niment of a reduction in the rate of interest.
Then follow representations by the English I ,nd-
holders to their Government, diplomatic remon-
strances, and so forth, the bondholders receiving
at last the feeble consolation, that if they choose
to lend money to a foreign Power they do it
cii*.irely on their own responsibility. We have
abstained from alluding to occasions of foreign
loans earlier than 1862, but the persons who were
so unlucky and ill advised as to entrus,:, their
cr pital to Greek, Spanish, Portuguese, and a dozen
other countries, will understand the risk they run.
The losses we have shown to have been incurred
in the last five years are in comparison nothing
to what have been previously felt. The best
plan is doubtless to use ironey gained at home
in legitimate means, not to foster preposterous
armaments, which are incapable of bestowing any
benefit even upon the kingdoms w:fere they are
spent but, on the contrary, to devote them to
the spread of material prosperity and civilization.
England is fortunate in this respect. If her
capital is too abundant to be employed in her oea
home, she at least possesses a splendid depen-
c'ency in India where her redundant means can be
used to the very best purpose.

OUR CONTEMPORARIES.

(THIS DAY.)

OUR MILITARY lIT.FENCES.