The Sun.
London, England, 1869-02-04 00:00:00

In its money article, the Times publishes a letter in
which the writer calls very loudly for Parliament to take
steps to compel joint-stock companies to publish full
accounts. Reviewing this letter, the writer of the money
article says : " People want to enjoy the 8 or 10 per cents
dividends of these establishments, and at the same time the
security of Consols. But it is no function of the Government
to touch such affairs, and it has never done so without
creating mischief. There is no compulsion either for the
trading or investing public to use joint-stock banks. It
is a matter for their own discretion, and the interference of
Parliament to discourage the vigilant exercise and cultiva.
tion of such discretion by supplying machinery to lessen in
any degree the necessity for it would be injurious alike to
the development of the commerce of the Country and the
intelligence of the community. The post office, the tele
graph system, the legal tender currency, and the highways
of the kingdom, including even railways, are all contd.
vances to which every man is compelled to resort, and as
in these cases there is no option for the community, they
are fairly subjects which the community through
their representatives are entitled to take in hand
for themselves ; but, where individuals are per.
fectly free to choose their mode of action
we want no meddling, and, indeed, no protection,
except such as is afforded by the common law. When-
ever Governments interfere in a matter of business with.
out assuming its entire control, they simply constitute
themselves traps for the unwary, and play into the hands
of astute schemers who know how
.to comply with the
letter of the law and entirely evade its real intention,
while the public—fancying that the established guards
are fully sufficient—indolently cease to exercise their
faculties of observation. All the elaborate returns' and
affidavits which individuals not acquainted with the daily
current of mercantile and financial life usually consider
would put an end to the possibility of mistakes or malver-
sations, would have no effect except to be hurtful precisely
in proportion to the extent to which the public might
be incautious enough to rely upon them. As regards
joint-stock banks, this is, perhaps, more especially the
ease than in any other form of adventure.
Upon the character of the bills under discount'
the whole safety of every such establishment depends, and
the question is—what is to be gained by any return under
this head which merely deals with figures and does not
vouch anything on the question of solvency ? Such bills
ought in a well-managed establishment to be equal almost
to cash, and any leading man of experience in the
City by looking over them would at once be able
to estimate the nature of the business that was going on.
Indeed, in commercial circles there is a kind of free.
masonry which causes all such matters, in a majority of
cases, to be well understood. It is only the inexperienced
that for the most part suffer, and if these classes will,
under the temptation of high rates of interest, invest
their means where they have no natural facilities for
the exercise of judgment, they must take the
consequences. By experience alone can they learn any.
thing, and until they shall have received its hard lessons,
even if it were in the power of Parliament to protect
them from one description of folly, they would forthwith
run into another, so that the Legislature would find
that if such people are to be protected, control must be
taken of every monetary transaction—home, colonial, and
foreign—tbat may be introduced on the London Stock
Excl:a.nue.

THE OXFORD AArD C.4.IIBIUDGE BOAT

R.IOE.

-.0,,.----

BY TELEGRAPH.--TFIIS DAY.

There has been much said and written about the chances
of their being a withhold'ng of the usual challenge for the
Oxford and Cambridge boat race, but the matter is now
sA. at rest. Agreeably with previous notices there was a
full meeting of the Carnbrfdg ) University Boat Club
offic_Ts last night, when the matter was duly con-
sidered, and notwithstanding the eight successive
defea's sustained by that University, it was,
however, resolved that the usual challenge ly) imme-
diately given to Oxford, and the president, Mr. An-
derson, was requested to forward it forthwith. So little
doubt was there about this matter that the decision was
come to unanimously. Mr. G. Harrison, who has been at
Cambridge during the last term, will immediately take
charge of the crew, which now numbers three of last
year's men—Messrs. Anderson, Pinckney, and March-
mount.