The Express.
London, England, 1866-12-24 00:00:00

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LONDON, MONDAY, DECEMBER 24.

Tax Committee of the Stock Exchange have
latterly been unfortunate in some of their decisions.
For six or seven months they declined to adopt a
simple precaution used advantageously for the
time in the largest of our provincial cities, against
the iniquitous attempts to ruin the joint stock
banks during the crisis. It is true that the refusal
was carried by only a narrow majority, still the
wonder is how more than a fractional number of
members shouldthink fit to vote for it. The Committee
of the Stock Exchange are a publicbody, and profess to
act in the interest not merely of their own consti-
tuents, but also in that of the public at large. In
this respect they are analogous to the Directors of
the Bank of England. No one supposes for a
moment that the exceptional privileges granted to
the Bank, its close relation to the Government,
and the certainty that it would and does come
forward to its aid in times of difficulty, are
afforded for the exclusive advantage of the pro-
prietors of Bank stock. Something is due
to the nation, and the obligation is in-
variably acknowledged. The Committee of the
Stock Exchange stand in a somewhat different
position. They may urge that they are but the
representatives of a private, if large, body of
traders in securities, and that they have nothing to
do with the interest of the public at all. We do not
envy them an argument of this sort. It is tanta-
mount to an abandonment of their chief claim to
public confidence, with what result it would not
take long to discover. People are not apt to pay
much reverence to the decisions of a body which
avowedly acts upon motives of this sort. With
declining respect will come departing influence,
and the power of the Committee of the Stock
Exchange will, unless they legislate upon a less
one-sided basis, gradually become a thing of the

past.
The public were profoundly moved by the refusal
of the Committee last spring to place any restric-
tion on the speculative operations which caused the
fall of three banks, and for a time imperilled several
others. The whole thing seemed so unreasonable
that only out motive could be ascribed for it, and
that the worst--consideration of private profit.
We admit at once that the conclusion is untrue,
but how were the public to come to any other?
Those who know the high personal character of
many of the members of the Committee would at
once reject the idea that their decisions were in-
fluenced by their own particular bargains. The
outside public, however, are prone in their
ignorance to place the worst construction upon
actions for which they cannot discern good
motives. It cannot be disputed that they have
done so now, and it will take a long time before
the confidence unreservedly given up to a recent
period, but latterly materially shaken, is re-
stored. A mistake so serious in its nature, and
involving evils that might have been felt in half
the households of England, is not easily got over.
Tho error has doubtless long since been seen and
regretted. The only question was how to recover
the lost ground. It is clear that this could be
done in but one way—a studious impartiality on
the part of the Committee in making their deci-
sions, and a manifest desire to protect the general
interest, especially when it should be in conflict
with their own.
Hitherto they have not been very successful.
The Committee have certainly managed no;:. to
embroil themselves any more with the public, but
they have contrived to cause great dissatisfaction
among a large section of their own constitutents.
A large class are not aware that the Stock Ex-
change consists of two classes—the dealers or
jobbers, and the brokers. It would be tedious to
recapitulate the separate functions of these two
bodies, which indeed can be seen in any manual
on the funds. For the present purpose it may
be sufficient to mention that the former
are the middlemen, who buy on the one hand
from a broker whose client wishes to sell, and sell
on the other to a broker whose client wishes to
buy. It is clear, of course, that on examining the
relative functions of the dealer and broker there is
a certain responsibility on each side in case of
default. The Committee, however, by a technical
regulation, have saddled the brokers with the
entire obligation, and left the dealers compara-
tively free. The injustice of this step has created
much indignation, which is likely to be more
strongly evinced when a case should rise
for the new law to be put in force. That
loud complaints will take place is certain ;
that they will be accompanied or followed by more
serious action is by no means improbable. The
chronic dissatisfaction that has for some time pre-
vailed may thus easily become of serious im-
portance.
According to the course of business on the Stock
Exchange, several advantages are gained by the ,
intervention of the dealers. First, it tends to
equalise prices, and, to some extent, to prevent
violent fluctuations. In Paris, where the con-
trary system prevails, it is not uncommon for the
Rentes to fluctuate a half per cent. in
an hour. Iu London, the changes in
our own funds would be limited to an
eighth. Again, too, there is the greater certainty
of effecting the operation. Some jobbers in Con-
sols have occasionally as much as two, three, or
perhaps four hundred thousand pounds of stock)
registered in their names, or are ready to pur-
chase to that amount. Sometimes it becomes a
point to aell a large quantity of stock for money
instead of the account, and thus to be paid for
almost on the spot. A jobber buys it and waits
for the opportunity of reselling. A broker, acting