The British Press; or, Morning Literary Advertiser.
London, England, 1825-03-19 00:00:00

cores; but under such auniess aim is to be expected from the
next campaign I Raid,' thi‘, the complaints from'the Archipe-
lago of the Gm* cruisers still continue.

On the presentation of a petition last night against a 1,
new Milk Compony, some observations were made on the
numerous Joint Stock Associations which are daily solicit-
ing the patronage of the public. Mr. Carts ri:r t. called
upon Government to take acme effectual steps to restrain
the formation of these Companies. " The evil," he said,
" was increasing from day to day, and had reached to such
a height as to make some law with respect to them neces-
sary." Mr. HUIPKIPSON, however, in a more enlightened
and statesmanlike view of the subject, expressed his disin-
clination to legislate upon it. We perfectly concur with
the Right Hon. Gentleman in the propriety of the
course he recomm-nds. No one knows better, or can
more clearly prove, the importance of leaving the trade
of the country perfectly free and unshackled. Our an-
cestors, in their anxitty to prevent all evil, attempted
to provide against every peasible case of fraud or negli-
ju genes, and they.thus piled upon our commerce a heap of
restrictions, under winch, but for other causes still more
powerful in their operation, the industry and prosperity of
the island mutt have he-. 11 crushed and destroyed. All
these restrictions are now in a course of removal, and it is
intended gradually to throw open to unlimited competition
every branch of our trade and manufactures. But while
all parties concur in praising the wisdom of this policy, as
they must admit its entire success as far as it has been re-
duced to practice, we hear outcries msde, against the
" mania for sl,eculat ion," which leads individuals to com-
bine their skill and capital for the prosecution of commer-
cial undertakings, tco vast for the ability or wealth of any
single person. " Some law," we are told, "is necessary
with respect to them." But we have laws enough, and severe
ones too, against fraud, in whatever shape it may be applied
to the detriment of any portion of the community. What

law then can be " necessary to restrain these Companies ?"
. Is it meant that individuals who may deal with them
should be saved by " some law" from the necessity of ex-
ercising any vigilance in their dealings? We should in
that case be returning into the old path of legislative re-
strictions, which we hate, so much to our advantage, aban-
doned. All the statutes for the regulation of trade repealed,
during the last two Sssions, should be re-enacted : a fresh
scale of penalties should be fixed against all careless
butchers who damage their own hides and skins ; the
*mire on bread should be restored, and the wages of the
Spitallields weavers decided by magisterial authority. Ac-
cording to this theory of legislation, the law and its ad-
ministrators would relieve all parties from the labour and
danger of thinking for themselves, and if it could be car-
ried to perfection, a sort of Chinese immutability might be
given to all modes of employment and rates of remu-
neration. But if it be Judged more advisable to esta-
blish our commercial policy on the basis of free com-
petition, why should any limits be imposed on Joint
Stock Associations, excepting such as the prudence of
the auociators themselves may suggest ? Generally speak-
ing, in all undertakings which can be managed by a
few individuals, Joint Stock Companies cannot enter
into successful competition with them. How shall the
precise limits be defined within which Joint Stock Com-
panies should, as matters of profit, be confined ?—By
experiment only. If they endeavour to do what indi-
viduals can do better, they will fail, as individuals them-
selves do who cannot withstand the competition of other
individuals, Much private loss is occasioned by the excess
is whirls ladisMasicampetitibla ea sotaretimes carried ; but

who ever dreamed, at least of late, of culling for legislative
interference to prevent individuals from underselling each
other ? Nothing is more common than frr coach proprie-
tors to contest a line of road till all the competitors are
ruined together. Ought there then to be " some law" to
fix the price of seats in stages like the fares of hackney-
coaches ? Nobody could listen gravely to such a pro-
pose. Not long ago two vendors of ham and beef
thought fit, for some reason best known to themselves,
to open shops in almost every part of London against
tech othe►, and sell their meat cooked for a price con-
siderably lower titan it could be bought for in its
undressed state. The same practice happens every day
with linen-drapers and many other retail trades. Why
may it not be permitted to Joint Stock Companies, till like
individuals they learn wisdom, and have recourse to more
profitable pursuits? The pride or folly of individuals
stay induce them to persevere in ruinous competition, but
in Joint Stock Companies, the principle of life is profit,
mind as soon as it becomes probable that the project will
yield none, it will die without another effort. We wish
those who talk so freely of the " evil" of Joint Stock Com-
panies, would take the trouble to point out in what the
" evil" consists. " The public mind is greatly agitated,"
as Mr. GRENVELL. This is dreadful, to be sure . but till
atl the sources of hope ar.l fear are dried up, we be-
lieve, though Joint Stuck Companies should be suppress-
ed, this " evil" will continue while there is anything
to he desired or apprehended. " Some of the projects are
ridiculous and absurd." Be. it so ; still we say, leave it to
thi: speculators to disc:iminate for themselves. If a Joint
Sioek. Company should choose to horse the road from
London to Edinburgh, and carry passengers gratis, we see
no reason why a " law" should be enacted to clink the
folly. We suspect that the shares of such an association
would soon decline to a discount sufficient to warn the
must foolish against calculating upon the riches of a
Alexican or Brazilian mine. The true policy of the Le-
gislature as to ail these speculations, foreign and domestic,
is to leave them to find their own level in the market, and
not to disturb the existing law, which is quite competent
to do all that ought to be done, viz., to repress and
punish fraud. We utterly despair of rendering men wise
by Act of Parliament.

CITY, FRIDAY EVENING.
There was scarcely a bargain made in the English Money
Market this morning, but Console may be quoted a shade
higher than yesterday, viz. 93j i for Money, and 938 j for
the Account.

In the Foreign Market South American Securities were
rather better. Colombian Bonds were done at 91f. Mexi-
can Scrip, 1825, was at 2113, and Brazilian at the same
price. The new Greek Scrip was light at S 4 1 discount.
There were buyers at that price. Many brokers, we know,
endeavoured to make purchases at 4, but they could not
effect them ; indeed, holders were unwilling to sell at the
improved price, from the conviction that it would shortly
improve still further. If sellers could have been found,
there were plenty of buyers. Spanish Bonds rather de-
clined ; the old were done at RS, and the new at 20.
In the Share Market the chief attraction was the Pearl
and Coral Fishery Company, the Shares of which were at
66 7 prof:lnm, and eagerly bought at that price; indeed,
the bustle that was produced, in consequence of the anxiety
to purchase, had a favourable effect on Shares generally.
The Pasco-Peruvians were from 254 to 24. The Mexican
Trading Company was at 6, and the Colombian Agricul-
tural at 144 13. The Atlantic and Pacific was at 1 pre-
:ll,m. The English Mining Association came out this
moru:n, • the Shares were to par.
In the Colonial Market there was very little doing.—
There was only one ball of very brown Dominique 'Sugar
which fetched 14s. There was some Canny Brazil
t. °tree sold at 755. The market seems to have taken a stand.
Tice Shippers are beginning to come in. which will have a
Incleney to make it better. The Cotton Market is better.
The London Brick Company is not yet out, as was stated
by a Morning Paper. SWea, however, are anxiously in-
quired he at 1 premium.