The Express.
London, England, 1867-07-22 00:00:00

Wu eVPreOO.

TO CORILE9PONDPINT9.
olvertlsemente Intended for •• The Impress," Loudon Evening
Paper, most be as the Onion 10. Bouverie-,treat, by Two
clock on the day of publication.

&WRY LANZ.
TRH Llsrnro, TRAT RASCAL JACK. Messrs. Rouse and
Alleyne and Thompson. —To conclude with
THE ORY.AT CITY. Messes. Cowper. Minim. Villiers, Irving,
Mouse, limjames, & Warner; Mesdames Robertaon & Le Mime.

HAYMARKET.
This, EVENING. THY. LOVE (MANE Mews. Chippendale,
Bowe, Essen, Kenthl, clarke, Weathers'''. ; Mesdames
Sedgwiri, Chippendale. Burke, &c.—TO PAWS AND BACK
FOR o.—Aud THE BIBLE, AND HOW TO USE IT.

PUNCIIIIBII
'Tung Evsimo. THE CLOCK MAKER'S HAT.—Followed by,
at u o'clock, THE MAN 0' AIRLIE. James Harebell, Mr. Ber-
lina emu. —Doors epee at eerie 1.011101elbC• at half-past.

itraium.
Evx‘nro. REVERAEL Moan. Emery, nacelle, Rob-
son, and Swanborough; ADsdamoc Ada /Draulm.rouch and John-
stone —Mot THE LATEST EDITION OF FRA DIA VOID.
Messrs. Thorne t Jame*: Mesdames Holt Newton, &c.

lirrANlnA.
TRW IRMO, JACK O' LAN Tam ; OR, THE RACE COURSE,
AND TER BLUE RIBBON OF TUN 'MRS.-111r. and Mrs.
WIDOW; the Champion Skaters of Englattd.—And TILE COR-
SICAN DSO MUM

HIGH WATER AT LONDON BRIDGR
ran DAT —if °rubs& .h. 19m.._.. Afternoon, sh. 38m.
TO-MOlthow—Wornlng. 511 57m..__Afternoon. 412. lift.

LONDON, MONDAY, JULY 22.

THE half-yearly meetings of the London joint-
stock banks are always regarded with con-
siderable interest as affording valuable infor-
mation of a trustworthy character, which cannot
be obtained elsewhere. To a certain extent
they indicate the actual state of trade, as
prosperous or adverse, sound or speculative. It
is the peculiarity of a bank that an exposition of
its affairs tells indirectly as much, if not more,
with regard to the mercantile community at large,
than about its own individual business. Many
other companies regularly publish their accounts,
but nothing more can be gathered from them than
that this one is making a good profit, or that an-
other has been unfortunate. It is different
with a joint stock bank. If we are told that
the past half-year has been one when
an exceptionally high rate of interest has pre-
vailed, but that the losses from bad debts will
prevent the payment of as good a dividend as be-
fore, we see at once that the country has been
overtrading, and that undue speculation has re-
sulted in a corresponding increase of mercantile
failures. If, on the other hand, the accounts
show a profit larger than ordinary, notwithstand-
ing that, as in the past sir months, discounts
have commanded barely more than 3 per cent.,
we may be assured that if business has been com-
paratively restricted, at least it has been safe and
remunerative. Or again we may test, as in 1866,
the effect produced by mere distrust, and con-
sequent pressure on the money market. At that
time everyone was so anxious to be pre-
pared to meet the worst that bankers did
not venture to take the full benefit of 10
per coot., although commerce was in so strong a
position that the sharpest crisis known for forty
years caused the suspension of no more than one
or two firms of railway contractors. Illustrations
of this kind, however, might be indefinitely multi-
plied. It is sufficient to point to the value of the
knowledge which can be derived from what many
will think so comparatively insignificant a docu-
ment as a joint-stock bank report.
Within the last twelve days six out of the
eight principal establishments in London have
held their meetings, and an analysis of their
accounts will show the subjoined results. The
capital paid up, compared with June, 1866, re-
mains stationary :

London and Westminster
Union of London
London Joist Stook
Al Bans
City
Imymial

~. £1,000,000
1,.200,000
~. 1,080,000
989,725
aokooo
... 448,940

Total £6,218,666
The reserve funds stand as follows :

1866. 1867.
London and Westminster 2450,000 2500,000
Union
London Joint Stock
Alliance
city
Lavinia

Total

.. ,339,991 X 1,262,839

. .
It will be seen that in one instance the reserve
has been entirely absorbed, and in two others that
a material diminution has taken place. These
adverse changes, however, are attributed to ex-
ceptional causes, such as the depreciation of
securities (probably railways), and, as regards the
Imperial, to gross carelessness on the part of a
cashier by an over-payment of 19,000/. on a
drawing account. In one, at least, of the other
banks a large sum has been written off the profits
to meet unexpected losses. These also have
most likely arisen from the present fins.mal posi-
tion of the railway interest.
It is satisfactory to find that a course we have
long advocated, that of separating the actual
liabilities for deposit and current accounts from
the item of acceptances, has been generally adopted.
For want of this distinction the half-yearly
balance sheets as rendered in the old form were
often calculated to mislead ordinary observers.
In only one case out of the six banks under
notice—the London Joint Stock—the information
does not appear in the report, but the omission
was practically rectified in the chairman's speech.
Compared with Last year the sums deposited by
the public, as far as can be ascertained, are
annexed:

1866. 1867.
London and Westminster 521,024,211 n 1,858,958
Union
London Joint Stock
Alliance 1,141,982 1,241,578
_ --

aty ...
laperla

.. Not stated. 2,285,068
. Not stated. 1,072,448

Total £47,937,770

The liabilities on acceptances for the present
year are subjoined. It is only right to add, how-