The Express.
London, England, 1868-01-20 00:00:00

PARIS EXHIBMON FIRST-CLASS SILVIIR MEDAL, 1867.
JOHN BROODEN.

nRIGINAL GOLD CHAIN MANUFACTORY,
V 16, IiILVILISITA-STIZET, COVF.ST-43,11RDEN,

JOHN BROODEN'S 18-carat GOLD MAINS.

JOHN BROGDEN'S GOLD GUARD CHAINS.

JOHN BROGDEN'S GOLD ALBERT CHAINS

JOHN BROGDEN'S GOLD BROOCH CHAINS.

BREAKFAST.-EPPS'S COCOA.

gite •xireoo.

RATH/REIT.
?/IS EvENnio. THE BROKEN-HEARTED ctrs.—A WIPE
WELL WON. limos. Bother% BuCkatone, Howe, Kendal,
winch ANRoge UT BinaTER PER,VE Weatherehy,RßlON 01/ THE BRIGrtsoAND ete.: and Übe Roben .
After

norms.
THI Erisnui, THE COLLEEN SAWN. Mr. and Mrs. Dion
Bandeault —Atter which TEI STRUTS OF LONDON. Mr.
Vining, Messrs. Mum?. Shore, Neville. Forrester, Mellon, Re. ;
Misses Xlsworthy, Z. Barnett. Rachel Bawer, and airs. Addle.

WEILAND.
Inul Entwine. OLD SALT. Mr. Emery and Miss Nelly Moore.
—A tter which THE CALIPH OR BA DAD Messrs. Thorne
and James : Mesdames Ada Bwanborough, o Harland,
Holt, tc.—And OVA 11011681103.

HOLBORN.
Tell ETV.HNO, THE FLYING SCUD. Menem Atkins, Price,
Ganlen, Arthur, Westland, and Wilmott ; Madman' Henrade,
...Modell. Lennox, and haundera—ronelude with VALE.NTINE
AND ORSON. 11411 e. Montero, Little Rowell*, 6e.

MRITANKIA.
Ttn EVENDIe, DON QUIXOTE OR, SANCHO PANZA AND
HIS WIVE TERI2A. Hrs. lane, &Slime* Edwin & Booth: Pan-
tomimist, ?Amara Deane, Louts. Newham, and Vietneeill Halle.
C. Stephan and Slim Row Nathan.—And WHO DID IT I

HIGH WATICR AT LONDON BRIMS.
DH —41011,1141. 106 Min..— —Afternoon, Ilb. TIM
fe4loi2olT—Yorubig. Ob. Ow..—.. Afternoon,

LONDON, MONDAY, JANUARY 20.

Deluxe the past week most of the leading joint-
stock banks of London have held their meetings,
laid their affairs before the public, and shown, as
far as they are concerned, how commerce has fared
in the past six months. The result is not encou-
raging, but at least has the merit of being truth-
ful. Statistics, or rather superficial interprets-
times of them, are very fallacious. For ex-
ample, the Board of Trade returns may show
that if our foreign exports are not quite so
large as a year ago, at all events they indicate
no very material falling off. The common infer-
ence is, therefore, that trade cannot possibly be
suffering to any considerable degree. In this
respect it is almost invariably forgotten that the
manifest effects of a crisis, prolonged monetary
pressure, and other similar calamities, are always
prospective, and not immediate. The merchant or
manufacturer is bound to fulfil his engage-
ments, and executes the orders which
he has received months previously without con-
sidering whether the times have since become good
or bad. Hence the real consequences of a finan-
cial collapse are, in one sense, slow to show them-
selves. Immediately after the great failures in
the spring of 1866 our foreign trade seemed to be
unusually prosperous. It was a subject of com-
mon remark that, notwithstanding the long main-
tenance of 10 per cent., our exports rather
increased than diminished. The public income
kept up surprisingly, and all congratulated them-
selves that the storm had passed by without
general harm. The past year has proved fatal to
this hopeful expectation. A revenue that, from
being progressive, has become stationary, is not a
favourable symptom. There is general distress
among the working population. Capitalists
are unable to employ their funds with
advantage, since when the rate of dis-
count is at little more than 14 per cent.
it usually betokens less an abundance of
money than an unwillingness either to borrow or
to lend. It is not easy to get at the truth in these
matters. City magnates are naturally reticert
upon their own affairs, and it is only incidentally
that wo can obtain any positive information.
The proceedings of the London joint-stock
banks are thus especially of importance. These
great commercial establishments publish not merely
a remniii of their affairs each half-year, but
publish it sufficiently early to be of value. Figures
six monthsorayear old are virtually useless. No man
of business cares to dip into the statistical reports
—elaborate and complete as they may be—
which are periodically issued by the Government.
It is no assistance to the practical trader to know
in 1868 the precise amount of yards of cotton
manufactured, or of tons of iron exported in
1866. What is required is not merely good, but
immediate information. Much more is therefore
learnt front the reports of the joint-stock banks '
—imperfect in a general sense as they must neces-
sarily be—than from more ambitious documents.
An experienced merchant can hardly fail to draw
from the comparatively few figures presented cer-
tain deductions which may materially influence his
course of business.
In the first place the joint-stock banks show a
much less favourable result than twelve months
ago. The latter half of 1867 has been worse than
the corresponding period of 1860, notwithstanding
—or perhaps in consequence of—the crisis in the
latter year. With one exception the dividends
show a falling off. The rates for the subjoined
six banks are as follows :

1866. 1867.
Per cent. Per ceu..
per annum. per annum.
16 16
20 15
124
4 Nil.
8

London and Westminster
Union

London Joint Stock
City
MMUSOS
Imperial

This, however, is not all. The balances of un-
divided profit were much larger from 1866 than
they are now from 1867. The deficiency is con-
siderable, as will be seen by the annexed totals :

B.U.AJC CABILIZD TONWAIID.
1866. 1867.
£4.1,049

99,4:56
•48,0:55

. 11,190
-t
.. 3,077
9,7001
.. 4,028

- ••••
2,757
4,224 ...

Efif,64s
89,711
60,926
19,878

10,670