The Express.
London, England, 1866-05-14 00:00:00

MAPPIN BROTHERl3.—Established A. D. 1810.

(TB of SILVER PLATE for the COLONIES.

CUTLERY and SILVER PLATE for
FURNISH LIG.

MAPPIN BROTHERS, LONDON-BRIDGE.

MAPPIN BROTHERS, 222, REGENT-
MM.

TORN BROGDEN'S GOLD CHAINS by troy
TY weight, at realisable value, aad the workmanship at
wholesale manufacturers' price& The gold in the chains gua-
ranteed, and repurchased at the ptios charged
" Here's the note,
How much your chain weighs to the utmost carat,
The enemas of the gold, and charge forte fashion"
lAltl
Manufactory, 10. Henriettaldreet, Coyest-garden. London.

SING OVERCOATS, for the RACES and
resent Sewn, are kept ready for rue, and other &Melee
of gentlemen's dram made to order at HAMILTON and
lIWTONS, 106, Strand, opposite Exeter Hall.

mURTLE, TURTLE, TURTLE.
Clear, Thick, and Invalid TURTLE SOUPS always ready.
ST. JAM :NS-HALL, REGENTNTSENT, PICCADILLY.
WY. DONALD, Proprietor.

WEST-END DINERS.—The WELLING-
-11 TON, St James's-street, licoodilly. Ladles' Saloon
Minn-room on the ant floor. The subscsiptlon rooms are now
open. Terms, twelve months. E 1 11a. St; six mouths, ans.—
Apply to D. Cameron, 4D. Bt. James's-street.

LONDON must have a SUPPER kind MUSIC
ROOM for Oentlemen.—Remember, we wait for you at
" EVANfr." atter the Covent Garden Opera and the Theatres.

irk, eilirtoo.

TO CORRESPONDENTS.
Advertisements intended for "The " London Evening
Paper, must be at the Office. 10, touverZwpreaa,teetreet, by Two
o'clock on the day of public:slim

HAYMMIKET.

THIN Immo, THE BAEANCeiII' COMFORT. Mears
'owe, Enders, Braid, MlnAdaCevendleh.—THE FAVORITI
OF FORTUNE Meson Buckstone, Chippendale, and Sothern ;
lire Chippendale, ae.—And A DAUGHTIII TO MASHY.

PILINCIDN'a

THIS Svssnra, ♦ LUCiariiiT. —liter which TEC STAMM
OF LONDON. Mesas. Vining, T. Mead, D. Murray, Shore, and
Villiers ; Mrs H. Marston, and Mlles IL Barnett and IL Rodgers

LI 1/LUM.

MIS EVENING, simpsoN Messrs. Emery & Hors-
man; Mrs. Horsman.—And THE MANTER Of ILAVENSWOOD.
mesas. Jordan, Herman, Vain, Emery,Wlddleemb, Yttzpataisk.
&c. ; Mesdames Taman, Elsworthy, lavenu, and C. LeclerN.

BSTTAI IIL

THIS Evianro, THE DAUGHTER. Mom.
Reynolds, Cranford, and Bigwoud ; !dim Clara fit. Ukase, lint&
'Ale, and Vire E. Yarald. —The Echaue Family.—To conclude
with THE HURON CHIRII. Mr. 'macs Anderson..

HIGH-WATER AT LONDON.BRIDGE.

TRU DAY—Lioruing"-- lk 42es.
TO-1101140W—Morning, lb. 3w Afternoon, Eh 2firn.

LONDON, MONDAY, MA Y 14.

THE past week has been the most momentous
in the financial world for at least forty years.
Never within living memory have events been so
crowded together. Three days have sufficed for
the sudden outbreak of a monetary crisis so seri-
ous as to throw those of 1847 and 1857 entirely
into the shade, and for its equally sudden modifica-
tion. It would be presumptuous to consider that
the whole danger has passed away, and that finan-
cial affairs are again placed upon their ordinary
and regular footing. We must not be unprepared
for mercantile disasters, failures upon perhaps a
large scale, and a remnant of distrust which will
naturally follow the workings of the great convul-
sion. Still, however, the worst is over ; the
plague has been stayed, and can hardly break out
again in its former intensity. For this for-
tunate result the nation is indebted to the
courage and promptitude of the Government
in resolutely dealing with the irsine-
diate crisis. Not only did they recognise
the remedy, but they applied it instantly, avoid-
ing the delay which, on previous oecqeions, served
only to aggravate the evil, without doing the
slightestgood. The effect produced on public op in'on
by the unhesitating suspension of the Bank
Charter Act is almost unprecedented. At no time
has so complete a transition from unreasoning
alarm to prudent confidence been effected by one
single rnewure. The contrast of the state of the
City on Friday with that of Saturday can never
be forgotten by those who witnessed it. Instead of
crowds of frightened depositors gathering
round the various banks, and eagerly
watching if a run were taking place, there
were comparatively few persons to be seen
beyond those engaged in the ordinary business of
the day. Doubtless some balances were with-
drawn, but they were of little an'ount, and
could not, in any case, be productive of real
inconvenience. The feverish excitement of the
previous day was almost at an end, and the
centres of business began to wear their ordinary
appearance.

Now that the calamity has become in some
measure a thing of the past its causes can be ap-
propriately examined, and if possible means may
be suggested for obviating them in the future. Ly
some sort of consent the blame has been thrown
upon the introduction of the modern sys-
tem of " financing," whether by companies
originally constituted for financial operations
properly so distinguished, or by others
adopting these transactions to the neglect of their
legitimate business. Now, in the first place,
we have to consider the amount of injury that has
actually been done. Of the five principal financial
companies only one has succumbed, the rest appear
perfectly able to maintain their position ; and one
in particular—the International Financial—has
its funds so well in hand that it has
publicly notified its readiness to meet its
engagements even before they come duo. It is
evident, therefore, that financial business is not,
as we have already had occasion to show, essen-
tially unsafe. Everything depends upon the integ-
rity and ability of those conducting it—a conclu-
sion which equally applies to banking or any other
department of trade. For example, take the case
of the Joint Stock Discount Company. It is in-
ferred that the collapse of this concern proceeded
solely from its undertaking financial operations
which, it may be allowed, were beyond its province.
Yet the fact is overlooked that the business
offered to it, and which it unluckily undertook,
was so inherently hazardous, not to say bad,
from the commencement, that no well-managed
financial association would have looked at it for an
instant. The same may be said of most of the
other companies that have failed. The managers
seem to have carried recklessneastosucha pitch that
the capital entrusted to them must have been
lost sooner or later, and therefore it was
of no practical consequence in which
way it went. As regards the great failure of
OVEREND, GURNEY, and Co., we have already
expressed an opinion as to its proximate cause.
It doubtless arose from a simple overstraining of
credit. For Years this establishment has been
accustomed to take deposits from bankers and
others at call or short notice, and to lend them
out at comparatively long dates. Of course if this
money were unexpectedly called in, OVEREND,
GURNEY, and Co. could not possibly pay it with-
out loans from elsewhere. Accordingly, when
this contingency arose, as it did last week, appli-
cation for aid was made to the Bank of England ;
but the latter, acting, not for the first time, upon
their famous rule of refusing to rediscount for the