The Express.
London, England, 1867-12-09 00:00:00

HAVMAIJEET.

TIM EVENING, OUR AVERICAN Maws. &Ahern,
Raymond. Oadoo. Rogers, &C.: Mealtimes clitypeadaks. Burke,
Wright. Robertson, do.—TO PARIS AND BACK FOR Ea. Mr.
Ruekstone.—And TIM SPECTRE BRIDEGROOSL Mr. Raymond.

PRINCESS'S.

TWIN Emma, A LITILIrTirEFATION.—After which THE
COLLF.EV BAWN. Means. Bouctcardt, D. II L Midas, O.
Neville, J. 0. Shore, H. Mellon, &c. Mrs. B Misses
Barnett and Llswurthy.—And NO. ONE BOUND THE CORNY&

LYCEUM.

Tins Evian°. PRAMTI6V %flas Maud Shelley. —And
ROMEO AND JULIET. Mom. W. Lacy and Nyder ; Man
Vestvall, Mrs. Marston, and Mina 111lly Palmer.

ItTRAND.
TNm 'Minna, NOTHING TO NL•ESE. Yr. Thorne and Miss
Ne .lon.—K IND TO A FAULT. Mews. Panetta, Belford, and
James: Mesdames Johnston., Gwynn., end Hughes. —And
WILLIAM TELL WITH A VENGEANCE.

HOLBORN.

This Eviamm, FOR LOVE Messrs. H. J. Montague, Trice,
Garden, Westland, sad H. Widd.lamb: Mesdames atephens,
Mei:wade, C. %enders, Re.—And MARY TUILNYR; OR, THE
WIC101.:8 WLLLIN. Mime Josephs.

BILITILNIFIA.

Two Emma, THE lealirgEATH-TRAP. Kean. Rey-
nolds, BeILL tc. ; Mra & lane.—Mr. Nett Yloyd; Mr. and Mn
Unpin 6; Mr J. Milllcent—CATlAlN GERALD. Marra Howe,
Charlton, de ; Mesdames Courteney, Meath, de.

MGR WA AT LOSDON MUM
Ms Dot —Morels& Ob. Om-- —Aftornoon. Oh. 10m.
10•KOA1011—Mora1ag. O. Um— Law.

LONDON, MONDAY, DECEMBER 9.

As the year 1867 draws to a close there appear
but few symptoms of that revival of public confi-
dence which has been so anxiously awaited during
the last eighteen months. Trade remains inert.
Certainly the totals of our foreign exports appear
fairly good, but against this must be set the fact
the:, our internal commerce—a far greater ques-
tion—is even more inactive than could be ex-
pected from the financial and political circum-
stances of the day. People seem afraid to buy or
sell, merchants to traffic, manufacturers to pro-
duce. Yet there is no reason to believe that
the intrinsic wealth of the country has experienced
any diminution. Some individuals mat have
directly suffered severely, or perhaps been utterly
ruined, by the great joint-stock failures of the
past and present year ; but, nevertheless, the un-
fortunate losers form but a small minority of the
nation. The indirect effect of these scandals still
remains. Distrust appears, for the moment,
nearly inerasable. As a rule, capital is every-
where kept hack. Probably on no previous occa-
sion have the deposits in the banks been on so
large a scale as now. The effect on the money
market is seen by the low rates of discount which
sail prevail, notwithstanding the withdrawals of
gold from the Bank of England. A year and a
half ago similar operations caused the Bank rate to
be maintained at 10 per cent., with its consequent
pressure on commerce. Now it is somewhat
languidly debated whether the same movement
will end ins rise from 2 to 2} per cent.
When money is cheap it seems to follow that
investments will be in demand. Primd facie
it is demonstrable that 31 per cent. in Consols is
worth more than 1/ per cent, in discounting com-
mercial bills, or what is rather to the purpose, in
leaving money on deposit at 1 per cent.
Another point also deserves recording—
the almost entire absence of prospectuses.
One or two insignificant companies have
appeared, the shares of which were quoted at no
premium at all, and one or two small loans, whose
stock commanded a premium by no means ex-
travagant, and in one case at least rather doubt-
ful. Leaving these experiments, however, out of
the question, it is at first sight strange that the
public care little to buy in the Government
funds. The great majority of such money pur-
chases as take place are chiefly on banking ac-
count. Small investors, who really constitute the
strength of the market, are comparatively scarce.
In the course of the last few years they have been
habituated to something more than the 31 per
cent. given by Consols. Some prefer to buy
foreign bonds, which are tempting enough, since
at present prices two or three Governments
which have never defaulted give nearly 10 per
cent. interest and a bonus besides, through the
operation of the sinking fund. A middle and
safer course has been selected by others. They
have bought Indian Government and guaranteed
railway stocks, yielding about 5 per cent., and
practically secured, no matter how it may be con-
tested, by our own Government. The majority
purchase nothing, but wait for that indefinable
period when something is to turn up, and make all
securities safer and better.
In referring, however, to new investments,. one
imnortant exception should be made. However
much the public may disregard other securities
they, at least, show a strong inclination to pur-
chase the debentures inued by our Colonial Govern-
ments. Scarcely a week passes without some
fresh proposal, and it is rare, indeed, to record
a failure in obtaining the necessary subscriptions.
The money, indeed, is invariably required for
roads, railways, harbour improvements, or other
works of public utility. No more legitimate in-
vestment of capital could be pointed out. The
wealthy men of the mother country are not called
upon to aid the colony in providing expensive
armaments, but to advance its peaceful and
material prosperity. It is one of those instances
where, as in sound commerce, both aides are equal
gainers. Admitted that the security would have
been equally good if the money had been
squandered on inside& and a stand-
ing army, there is something more to
consider. Political economists of the rigid
financiering school would advise, " never mind