The Express.
London, England, 1866-11-26 00:00:00

PHINCESSA

THIS EVBBIIIO, DTIE. Mesas. 8. Calbsem,
F. Villiers, J.U. Shore, dm ; Mrs John Wood, Misses Augusta
R
Thomson and Katherine odgra r. Iln. H. Vining, and lira. C.
Honman.—Procetind by TUE 511STRL:i9 OF THE MILL.

Lit:EVIL
THIS ETEWniO. BRUTUS AND CLSAR. Miss Hearsda.—Awl
THE LONG STRIKS. Megars. Emery, Widdicomb, emeper, Fitz-
patrick. Reynol :Is, and Moreland /di= Hemrade.—Coucluding
with TWEEDLEWN'S TAIL COAT.—Commence at 7.

STRAND.
THIS Reßornm, NZIOIIIIOUIetS Messrs. Persona, Belford,
And Murray ; Swanborough, Johnstone, and Hughes.
.—DBR FRKISCIIVIZ: OR, A GOOD CAST FOR ♦ Pia:CIL
—♦nd BOOTS AT TILE SWAN.

HOLBORN.
TErN Rerrnso, at 7, FAMILY JA RS. Mr. Sefton Parry and
Miss U. Saunders —Aud FLY INO SCUD. Messrs. Neville, Bel-
more, Blake, Yollaire, ; Mesdames Y. Josephs, C. bounders,
Hassle Foote, ridden, Lennox, Raymond, &c.

BRITANNIA.
Tare LAritErros ISKIDAL; OR, MORE THAN
MEETS THE EVE Mrs. Garshine ; Mr. "Dancing
Mad" Bryan iic“rire Parks.—THE WHAT LS IT /
Concluding with SOME DELIA THAT RANO.

HIGH WATER AT LONDON BRIDOR
TIM DAT —Nfornine, 411. 28m Afternoon, 411. 53m.
TO-Yolthow—lfornin% sh. 17m Afternoon, 50. 41m.

LONDON, MONDAY, NOVEMBER 26.

THE successful issue of the new Russian stock
of 6,000,000!. brings once more before the public
the question of subs.ribing to foreign loans. It
seems almost a hopeless task to take ground upon
the morality of these transactions. In nine cases
out of ten the money thus provided is squandered
upon military armaments, which can do no good to
any one, and probably in the end may be used
against the very nation that has furnished the
means. According to financiers of a certain
school, that is nut a question to be considered.
The only thing to be considered is whether it will
pay or not. Business is business, and capitalists
are bound not to ask how the funds arc to be
employed. It must be owned, however, that
the principle is carried out only in great ques-
tions. The subscriber to an enormous loan
fur a large empire considers himself entirely
absolved from any irrelevant reflection whether
he is aasistbig to arm hostile nations with iror-
plated frigates, for the express purpose of destroy-
ing, or at least impairing, our naval supremacy.
If the money is required to put down a Polish
rebellion, to wage an aggressive war, or even for
the less harmless object of wasting in court
ceremonies a sum that might save a whole
population in time of famine, the capitalist
thinks it no concern of his. The case is altered
when it corms to minor matters. The subscriber
of half a millitat of one of these large loans would
shrink from devoting a mere 10,000/. to a slave-
trading or piratical expedition, or even to an
attempt to run the bloLkade during the American
war. Heroism is _rest as long as the enterprise
is of sufficient megnitude. When the enterprise
is small, the fault app
ears in its true colours.
If foreign loans were really intended for bene-
ficial objects—to develop the resources of a
country, construct roads and railways, and bring
nations into greater intercommunication with each
other—there can be no question that they ought
to be encouraged to the utmost of our power.
These operations woad be of equal utility to the
lender and the burrower. Perhaps, considering
our commercial position in the world, we should
be the gainers, although the other side would
gain also. As it is, our foreign loans
do almost unmixed harm. Granted that
they give a certain profit, the same argumeo:: may
be used in favour of the merchants who supply
native slavecatchers in Africa with Brummagem

The Times observes that the object in view in
solving the pr •blenc which has recently been considered by
the recruiting commissioners, is to maintain not only a
number of regiments, but an effective and disposable army
for the defence of the kingdom, and the foundation of
this is in the militia. As things are, however, the com-
pleteness and sufficiency of this force are mere delusions.
The militia regiments consist of young troops without any
leaven of old soldiers from the regular forces, they are
drilled singly, regiment by regiment, and they cannot pos-
sibly have any knowledge of the actual service which
would be before them if they were ever called into the
field. They are simply young soldiers of good material,
embodied in battalions, and acquainted with the rudiments
of regimental duty. To give them some experience beyond
this very limited training, nothing, it appears to us, would
serve better than a little life in camp. The system of
billeting is itself so abominable that it would be a good
thing to escape it, and a few weeks at Aldershot, or under
canvas, would; be of greater service to the men than
months of such drill as they now receive. We have over-
done this camp training with our regular troops, but wi
have given the militia no share of the benefits which it
really confers. We now constantly see 20,000 or 30,000
volunteer' massed together ; let us ace as much done for
our militia.
Continuing to protest against making the battle of Sa-
dews a reason for doubling the troops at the government's
disposal, and to argue that any attempt to imitate Prussian
system is impossible in England, the Daily News proceeds to
insist that we must still base our army enlistment on the
same principles as at present—a fixed term of regular service
, 56 for such adequate reward as we may offer, and a wholly
Mexican, 1864 ... 131 ' separate engagement for partial service, into which men
do. Anglo-French 204 may enter or not as they feel disposed. If we have proper
Moorish
Peruvian, 1862
do. 1865
Russian, 1862 15,000,000 ... 94 ... 86 i and cavalry to any requisite extent. Even 4n the
do. 1864 6,000,000 86 gg Guards a raw recruit takes his place in the ranks
Turkish, 1862 7,3g7,000 68 68 in three mouths, and is relieved from extra dills
do. 1863-4 7,685,000 66 56 in six. The organisation referred to is a system
do. Converted, In- I which shall give us officers and sergeants qualified
ternal Debt
Venezuela, 1860
do. 1864 1,397,000 ... 60 ... 32 of peace so worked that at a day's notice the best of the
Vioeroy of Egypt's Private meu would be fit to wear the sergeant's stripes, the objec-
Loan 3,320,000 ... 90 ... 76 Lion of expense would not exist, for there would be no
It will be observed that the results are not en- necessity for the battalions to exceed in pesos four com-
es' stren-th We placed on a war ooting the num-
couraging. In the whole list only three are above, of her .of oompe*ife; wool n
ld be doubled, Chef lieutenants pro-
and that but sliLhtly, the rice of issue ; ono is of ended to the vacant captaincies, the sergeants pro-
insignificant amount, and of the other two a motcd to the new subalternships, the corporals to the ser-
second is comparatively moderate. Taking out geanteies, and in three weeks the new recruits would be
some which were chiefly subscribed abroad—viz., thoroughly welded with the mass, and the regiment ready
the Anglo-French Mexican and the Tnrkish 1883 for any service. The process is obviously capable of lode-
Loans, of which probably not more than a tenth finite eximu'si°li and to supply, during a long term of
and a sevenths are respectively held in this
peaoet:. the hope ofofpromoen ttoionenwtokricthhewounlksd beitso
ulattractive
country, and also allowing that of the 3G millions to
be anec'ge ereyc to" givem then,, besides aura occasionalw codmomnisly-
Turkish Converted Debt English holders possess doe, a recognised prospect of getting posts in the corn.

gunr or the traders who found it worth their
while to sell gunpowder to the New Zealand in-
surgents. Apparently, the only way to induce the
British to stop these foreign loan supplies is to
show that they do not pay. This can be clearly
proved by the recent experience of the last five
years. From the spring of 1862 to the spring of
1866 a number of loans were introduced and sub-
scribed, of which the following aro tho principal.
The approximate amounts, subscribed price, and
latest value are given, and they arc sufficient to
show that foreign loans, as a matter of business,
do not pay :

Isms
Amount Plitt.
2500,000 ... 75 ..
3,800,000 ... 88 .
6,756,756 ... 74 .
2,418,000 ... 00 .

Last
price.

Argentine
Brazilian, 1863
do. 1865
Confederate

.. 62.1
.. 69;
.. 6

Danubian

898,000

Egyptian, 1852
do. second issue 1,085,000 . 84
do. do. 1854 5,475,000 ... 83
do. do. Railway
I;onds. 3,000,000 ... 92
8,000,000 ... 77i

67
85
84
83

Italian, State Domain

Mareromans
Railway...

1,780,000 ... 74
4,864,000 ... 63
12,365,000 ... 63
439,000 ... 83
9,230,000 93