The Express.
London, England, 1866-04-16 00:00:00

JOHN BROGDEN'S GOLD CHAINS by troy
weight. at realisable value, and the workmanship t
wholesale manufacturers' prices, The gold to t be chains gua
ranteal, and repurchased at the price charged.
" Here's the note.
How much your chain weighs to the utmost carat,
The fineness of the gold, and charge for mast
SHALIMAR&
Manufactory, le, Henrietta-street, Covent-garden, London.

TURTLE, TURTLE, TURTLE.
Clear,
_Thick, sad Invalid TURTLE
ST. JAIME'S-HALL, 11.11ORNTSTREliTPICCADILLY.
WM. DONALD. Proprietor.

TO WEST-END DINERS.—The WELLING-
TON, St Jameis.street, Piccadilly. Ladles' Saloon
Dining-room en the Bret Boor. The subscription rooms are now
open. Terms, twelve months, £1 111. 6d.; six months, 11 Is—
Apply to D. Cameron, 49, St. James'sotreet

LONDON must have a SUPPER and MUSIC
ROOM for °oatlemen.—Remember, we wait for you at
. =VANS,' titer the Covent Garden Opera and the Theatres,

Ikt eyortogi.

TO CORRESPONDENTS.
Advertisements intended for "The Repress," London Evening
Paper, must be et the Moe, 10, Roavertastreet, by Two
o'clock on the day of publication.

HAYMARKET.
TUT Even/NO, A ROMANTIC ATTACHMENT. Mews.
Compton and W. Farren ; Mat AdaCavendlnd —THE FAVORITE
OF FORTUNE. Meows. Buclonone, CldppentialE sad Sedum
Jut ciappendiae. dm—And A DAUGHTYR TO MARRY.

PELNCESSI.
Tats EVWIO, A GIIOST IN SPITE OF HIMSJILF.—After
which THE STREETS OF LONDON. Mesas. Vining, T. Mead,
D. Murray, Shore, and Villiers ; ?dm H. hfarston, and Mime E.
Harnett and K. Rodgers.

LYCEUM.
Two Wynn°, SIMPSON AND 00.—And THE MANTES OF
RAVENSWOOD. Messrs. Fochter, O. Jordan. Vain, Emery.
Widdioontb, Fitzpatrick. ; Madams Taman, Elaworthy,
Dann. and C. Loolareq.

BRITA-NNLL
THIS EVIMIBG, THE DARK Km OP THE BLACK MOM
TAI?/& Wee Oars Came, & Lame —Master K Senders
—The Rehire I'lmll7—And THE SCOTTISH CHOP. Mr.
James Aide:son.

HIGH-WATER AT LONDON-BRIDOE.
TIADI DAT —Morning, 211. Vm Afternoon, 22i. 501 n.
To-Mognow—Morning, 311.13 m Afternoon, 811. ffi

LONDON, MONDAY, APRIL 16.

The gradual decay to which the business of even
the best old-established firms is liable has been
fairly exemplified by the recent failure of Messrs.
Pcurr, BAINBRIDGILS, and Co.'s bank. Formed
nearly a century and a half ago, the house had
apparently been long in the enjoyment of excellent
credit, but latterly it had fallen in public estime
film.. At the time of the stoppage the liabilities were
not much more than 170,000 i., a hardly appreciable
amount compared with the liabilities of most of our
London joint-stock banks. The proximate cause'

of the suspension appear, as in many previous eases, ,
to have been the luck up of a comparatively large
sum in an unfortunate investment, where the origi-
nal advance had been comparatively small, but had
gradually increased to an amount equal to nearly
one-fourth of the liabilities, and the withdrawal
of capital by retiring partners. The business alsoseems
to have been generally neglected, the books not
having been balanced for ten or eleven years, and
hence it is not surprising that, in the words of the
accountant, "it had fallen down to nothing." It
is satisfactory to find that in one important parti-
cular not the slightest imputation rests upon the
personal character of the existing members of the
firm, none of the disagreeable features of tampering
with or misappropriation of securities having taken
place. In this, as in other respects, the present
failure affords a certain contrast to the collapse of
some of our later joint-stock companies, where
allegations of this sort have been openly made,
and as yet remain unanswered.
Notwithstanding, however, the drawbacks neces-
sarily attaching to the joint-stock system—never
better appreciated than they are now—the example
of this house shows that as regards banking and
large monetary institutions the new principle must
steadily make its way. It is an uncommon occur-
rence to find that a joint-stock bank, having
obtained a certain amount of public confidence,
fails to retain its position. On the other hand,
private establishments are disappearing every
day, either by amalgamation or actual failure.
The reasons are exemplified in the present in-
stance. Although it was not stated at the meet-
ing of creditors of Messrs. Puorr, Banisainoss,
and Co., what the results of the trading during the
greater part of the existence of the firm had been,
it may be inferred that they were profitable enough.
Thirty years ago the senior partner was supposed
to have died worth half a million, and actually left
nearly 165,0001. invested in the bank. Up tothis date,
therefore, everything appears to have gone on well,
but a series of disastrous transactions were then
commenced, which resulted in 1855, the date of the
last balancing, in a deficit of 28,0001. This deficiency
has been so far increased now that the immediately
available property of the bank will only provide a
dividend of 4s. 6d. in the pound, but it is hoped
that a further sum will be ultimately obtained by
the realization of doubtful assets, consisting of a
Welsh slate quarry, some Westminster Improve-
ment bonds, and other less important items. From

this brief outline it is clear that a concern hereto-
fore carried on with safety to the depositors and

profit to the proprietors had sunk into a state of
complete insolvency. Only one cause can be as-
signed for this change, the substitution of faulty
for able management, since upon that depend the
consequences of unfortunate investments and loss
of public confidence. This result only brings out
more strongly the fact that the success of a private
firm depends exclusively upon the personal qua-
lities of the partners for the time being. Instances
can of course be cited in great number where the man-
agement has for several generations descended from
father to son without any detriment to the in-
fluence or reputation of the house, but at some
time or other there must inevitably be a break in
the chain. It does not follow that it will noceasa-

rily arise from incapacity alone. In fact it fre-
quently proceeds from an indisposition to continue
in business after a certain fortune has been realised,
a dislike or inaptitude for commercial pursuits, and
many other reasons. Hence it is only by the con-
stant introduction of fresh partners, the infusion
as it were of new blood, that most of our oldest
mercantile and banking firms have continued to
the present day. Unless this principle is thoroughly
recognised and carried out, ultimate decay becomes
merely a question of time.
In this respect a joint-stock company possesses
a considerable advantage. There is, in the first
place, a better chance of the management being
maintained in able hands. The position of the
directors of a great joint-stock bank has become
such that only persons of assured standing can
obtain it. It would be too much to
say that the boards of these establish-
ments are entirely free from the mischievous
class of professional directors, but, at all events,
they have fewer than other companies. Thus the
actual proportion of working members is larger
than in general ; besides which, they have the not
too common advantage of a sound practical know-
ledge of their business. Secondly, the proprietary
body of a joint-stock bank comprises many hun-
dred individuals, some of whom, at least, usually
take an active part in investigating the affairs of