The Express.
London, England, 1866-01-02 00:00:00

LIFEBOAT SERVICES.—During the storms of
14 the past year the National Lifeboat Institution, by Its Ilfe.
lmats cud other means, oontaibuted to the saving of 707 persons
from different wrecks on ear emits. The institution also °s-
pouted C21,3:4 in the same period on Its lifeboat establishments.
iu aAdittun to granting 8i,950 for rewards for saying We and
ezercisin: the lifeboat!.

The committeeot the Inatitattou eaanettly APPEAL to the
public for AbiIiTANCE, to enable them to meet the continued
hravy de!ariti.ts on the institution's I:ts Lifeboat Stations,

Coiltributions are received by the London and Country
Ranker.: and by the Secretary. Richard Lewis, RN., at the in-
stitution, 14, Johnutreet, AdelphL Llndon.

JOHN BROGDKN.

(IRWIN AL G OLD CHAINMANUFACTORY,
16, IMNIIZITA-8111111T. COVENTOMIDIN.

JOEBT BROCIDENI3 GOLD CHAINS.

JOHN BROGDZWB GOLD GI. ADD GRAINS.

' JOH BROGDENI343 OLD A LBART CHAINS.

JOHN BROGDZNI3 GOLD BROOCH CHAINS.

MESSRS. WATHERSTON and SON,
Goldsmiths and Jewellers,
Ease Ready for Inspection a Groat Variety of JEWELLERY,
of the Latest Designs, suitable for
WEDDING PRESENTS and NEW-VEalt'S
12. Pallaoall East. &W.

LONDON must have a SUPPER and MUSIC
ROOM for Gentlemen.—Remember, we wait for you at
"E VANS," after the Covent-garden Pantomime, sod the
Thestrea

Vitt erpregio.

TO COLIIISPONDENTS.
ulnieliasotents intended for The Emus " London Evening
Idoc, intuit by at tha Mem 10, liosvoriwskret, by Two
an tie day or publication.

HAYMARKET..

THIS EVIWENG. STATER/ B:o7l7lllesera. Sothorn, Duck-
011.aad Coniston ; 'Slam Nally Moore, Saowdrair=
141108 IN TIM HAYMA Mews Farrell aD.
Moos Keeley. Howard & Wrists I. —And SHOCKING KWH NTS.

PRINCKEBB.

Twig Ivinllßo, QUIET 49.—After which IT 18
MIVAR TOO LATE TO MEND. Mears. Vining, G. Melville,
I. Mead,D. Murray, S. Dawn, F. Villiers. J. G. Shore, G. Mu-
g, gad& Caihmit ; Mira L Moore and I. Rodgers.

LYCNI:111.

Tao MIMIC, THE 11.118TETCY9 STRANGER Mr. H.
WWlloomb.—THE MASTER OF RAVENSWOOD. Mean.
feebter, Jorden. Vasiu. Emery, Widdiocasb, inspetriek, Evade;
Madames Terms, Ideworthy, Lavenu, C. Led/req.

BILITLNWIA.

TRW CITING. OLD DADDY LONGLEGS AND SIR REGRET
CIRCUS; OR THE RACE FOR THE GOLDEN APPLES.—
IL and Vdme. Stertunbach por larranL-01raar.—Shower
of Quid= 13.410.—And JESSIE. THE MORMON'S DAUGHTER.

HIGHWATILE A:r LONDONqBEIDGIL

TEN Atlasson. ih. 630.
T:mionacif Maniac 3h. Ibra......ittirsoeu. Sh. 33as.

LONDON. TUESDAY. JANUARY 2.

IT is satisfactory to remark the more explicit
manner in which the prospectuses of new companies
are beginning to be framed. Until very recently
promoters manifested a contemptuous disregard of
the just requirements of the public. All sorts of
abuses were cloaked under a stereotyped form of
phraseology, and the subscribers whose money was
about to be applied to the purchase of estates, mines,
businesses, or " goodwill," were in many cases not
even informed of the amount to be so paid, although
upon its amount the fate of the undertaking, con-
sidered as an investment, might perhaps hinge. In
some glaring instances the concoctors of prospec-
tuses did not even deign to designate the locality
of the estate to be purchased, or the name of the
firm whose business was to be taken over. So long
as each new prospectus found a multitude ready to
blindly welcome and respond to it, a system of con-
cealment and equivocation might answer; but times
have now changed. The age of premiums having
passed away and been succeeded by that of dis-
counts, there is no longer the old mania for new
undertakings ; but, on the contrary, each project
that comes forward is canvassed on its merits.
Directors and promoters consequently find it be-
coming to defer to the aroused spirit of criticism on
the part of the public, and prospectus writers are
beginning to vie with one another in the minuteness
of the details compressed into them. In the general
interest this marks a decided improvement, and we
direct attention to it thus prominently because it
depends entirely upon the public themselves
whether candour and frankness shall be still fur-
ther consulted in these matters. We are now in-
formed explicitly of the amount and other condi-
tions of the consideration to be assigned to vendors ;
any intended reserves of shares are duly stated ;
and where shares are to be issued in the paid-up
form, the number to be so dealt with is clearly
defined, this being one of the improvements that
are due to the action of the Stock Exchange Com-
mittee. Moreover, nearly every prospectus now
issued states that "no promotion or preliminary
expenses will be paid by the company," and, though
this assurance is not entirely consolatory, inasmuch
as it leaves room for suspicion that charges of
undefined amount are still paid by some one,
who finds his profit in a private arrangement
with the vendor, to be liquidated ultimately out
of the pockets of the shareholders, yet the
fact of the arrangement with the vendor being
explicitly stated in the original prospectus takes
away from subscribers the right to complain. In
one or two prospectuses that have lately appeared,
subscribers are expressly informed that the direc-
tors " qualify themselves at their own cost," the
amount required for such qualification being at the
same time stated, and although it reflects disgrace
upon joint-stock enterprise that such an assurance
should ever have been needed, the introduction of
this clause into a prospectus must, we suppose, be
regarded as another step in the right direction. In
the case of one company now upon the market, the
salut cry example has been set of attaching to the
prospectus a statement from a firm of professional
accountants, certifying the results of the past
business which is about to be purchased. It is to
be hoped that in every future case of the kind this
plan will be strictly adhered to, and that the public
will consistently refuse to have anything to do with
projects in which this legitimate safeguard of the
shareholders' interests is neglected. It will be well,
too, to insist that the accountants shall not put
forward a mere bald or formal certificate, but such
a one as shall place intending subscribers in posses-
sion of the whole facts of the case. Accountants
and promoters on their part may be reminded that
unless they set forth not merely the truth but the
entire truth in these matters, such certificates will be
very hardly dealt with in a court of justice, should a
disappointed or refractory shareholder contend that
be has been deceived through either the suppression
of truth or the suggestion of untruth. I7nlesst hese cer-
tificates are hereafter to rise lap in judgment against
those who have penned them, they must be framed
in a spirit of perfect candour. Amongst the defi-
ciencies which are still to be remarked in new pro-
spectuses, we may notice one or two. Instead of the
usual formal intimation that "if no allotment is
made, the deposit will be returned without dada°.
tion," it would be much better were an assurance
to be given that no allotment will be made unless a
specified and adequate amount of capital be sub-
scribed. We should be glad, likewise, to see
future invitations to the subscribing public com-
prise the undertaking which was given in the pro-
spectus of an American company launched a few
weeks ago, to the effect that the deposits will be