The Express.
London, England, 1867-10-07 00:00:00

Vie eralreoo*

TO 00ERESPONDE1cE9.
Advarlimeneota Intended for "The impress." Loudon Evenhig
=tut be et taw Loandrstnet, by Two
I:far,E co Um div of pabliombe.

DRITRY-LANE.
This Ervin's, FAUST. Mr. Phelps. Mews. 'Weise,' Phelps,
Harcourt, Warner, Webb, MU*,Memes Herman
Ewan, Vandenhoff, rte.—And THE MILLER ANDId MILN,
Meeera, Ryder and E. Phelps : Mks Edith Stuart.

RAYMARICKT.
Tins Evßamo, ROMEO AND .TULIKT. Yearn Chippendale,
Howe. Rogers, Kendal, Clark. Compton. Re. ; Idealamee
Scott Manna. Chippendale. ete.—TO PARIS AND BACK
ANOR PA Mr. Beekatem—And /AY HUSBAND'S GHOST.

ranrczners.
Tom Rviomm POOR PILLTCODDY.—After ARRAH
RA POGUE.Roveicaalt, Vining, D. Munn, J. G. Shore,
G. F. Neville. : AIIM Huhes and Mrs. Bonclesult. —And NO.
OAK ROUND MR OORNLL

LYCIf.
Tnis Evitimo, THE MLITRZZUi.I OF THE MILL.—THE
LADY OF LYONS. Mr. Yachter, Mews. Jordan, Addiaon,
Odium, Mellon, Dalton, Stuart, and Frames : Misses Eli.
worthy and Carlotta Leclercq, Mra Marston.

MEWLED.
TRIO EVIDIMIIk Ovi DOMIBTICIL Mama Fanelli, Thorne,
and JEANS MiedameeJolindoo• and WeathenhY.—After which
WILLIAM TELL WITH A XING/ANC& Megan Jame. and
Thane : Ann Ada enaaaareagb, &a —And DIGY AS A VAT.

HOLBORN.
•ntis Rentineo, DANDELION DODORS.—And FOR LOVE
Mews. B. J. Montague, Price, Garden, Westland, and H. Md.
dicumb: Mesdames stephenn Henrade, Jenny Willmore, and C.
•
Beanders.—To conclude with AAR. Hr. J. W. Ray.

IMITANNIA.
Tars Engem. BREAK BUT NOT BEND. Mm. S. Lane.—
The AIMSTICIID Minstrels end J Tommy; MM. Conte!.
Iler end /Nlice.—With LION KING OF THE SOUTH
SEA ISLANDS.

111011 WATER AT LONDON BRIDGE
TRW DAY --111.fta 818. 1818........A14r50m. Bh. 5818.
tb-KOBAOW—Marnie, OIL is..--Afternooa. VAL Wm

LONDON, MONDAY, OCTOBER 7.

Ir is an old axiom, that even the best principles
can be carried too far. Energy is apt to deterio-
rate into extravagance, caution into excessive
timidity, too great care for the future into unwise
disregard of the present. If this defect often
holds good in the general business of life, it is
especial "powerful in p=.1.7 rZalio--e= ertfrii. I
For centuries we have had in politics the experi-
ence gained from many nations and from many
theories successively put into action. Hardly any
change in the system of government could be pro-
posed that might not be attacked or defended on
the examples of the past. The present state of
commerce is, on the other hand, essentially tenta-
tive. Take, for example, Free-trade. It
is the work of one generation, and
almost limited to one country. Even
now its success, if admitted at home, is
vehemently disputed abroad, and the theory, as
far as foreigners are concerned, has not yet passed
from the domain of argument to that of practice.
Hence modern trade is in a period of trans:ion.
Fresh developments are constantly arising with
which we can only deal to the best of our judg-
ment, without any previous guides to follow. The
mast important of these problems is the best mode
of utilising capital. The favourite plan until
lately has been the formation of joint-stock eon=
ponies. Nothing at first sight could be more ad-
vantageous. It enabled the possessor of a few
hundred pounds to gain a fair and often largely
profitable return for his savings, which in the
absence of such machinery must inevitably have
been lying idle. On the whole the system has
worked well ; but, on tho other hand, some turscru-
pulous persona discerned that, cleverly managed, it
opened the door to all aorta of peculation, chicanery,
and fraud. Gambling for premiums was the first
course adopted, but by rapid degrees matters wen.
so far that it is only necessary to refer to the
great failures of the past year to ascertain the
ultimate result. The public have naturally be-
come so disgusted with joint-stock companies that
no new undertaking has the slightest chance of
being accepted. Again, in ordinary trade how
frequently what has been thought to be legitimate
enterprise has turned out mere reckless specula-
tion. This was particularly shown in the crisis of
1857. The exports and imports of the country
were, according to the official returns, largely in-
creasing, and there was an apparent show of pros-
perityexceedinganyproviousyears. When, however,
owing partly to a panic in New York and partly
to the outbreak of the Indian mutiny, a serious
monetary pressure was felt here, the records of
the numerous failures revealed the fact that many
outwardly opulent houses had long been trading
at a loss, yet daily increasing their consignments,
on the desperate chance of some favourable oppor-
tunity of retrieving their position. The bold
enterprise of these merchants in shipping larger
and larger cargoes to all parts of the world was
much lauded at the tune, but bitterly repented by
their creditors a few months later. Advantage
had been taken of the rapid expansion of our
commerce in the first ten years of the
free-trade era to abuse the confidence of the
public, in the same way as was done in the next
decade through the joint-stock companies. In both
cases the delinquents were in a small minority,
but in times of distrust nine persons out of ten
pay little or no attention to this circumstance, but
condemn all alike—good or bad.
The latest example of error has been manifested
by the collapse of the Credit Mobilier in Paris—
the first and the greatest of the modern financial
associations. This company has undoubtedly ren-
dered, directly or indirectly, many important ser-
vices to French industry, but the managers unfor-
nately became intoxicated by their own success.
For years everything went well. There was no
project, industrial or commercial, which under the
auspices of the Credit Mobilier was not oertain to be
well received. Support of this powerful description
ensured a premium on the shares of the companies
it adopted, and it must be admitted with justice,
since in the outset nothing was taken that was not
really good. The Credit Mobilier had a character
and prestige first to be created and then to be
maintained. As wise and prudent administrators)
of the considerable capital entrusted to them, the
directors acted with judicious liberality in found-1