The Express.
London, England, 1855-10-25 00:00:00

deducted from it, a good round sum would be left
applicable to dividend upon the original stock But,
in addition, the mortgage intend/ prlferenos AO.
204
dends, rents and tolls paid to other =span' ant
100 on the Shrewsbury lines, bird tribe me
the grand total of charges p 616.6791- all .40
total receipts of 686,37114 Th. melt is, that M.
magnificent sum of 82,3631. remains available for the
half-year's dividend upon the "ordinary share capi-
tal' of sight millions and a quarter, whilst the
basses which this company, with a total capital of
twenty-two millions, is able to carry for:

ward to the meet half-year, is only emu thoessad
three hundred pounds. When so large a capital as
this produces so trifling a surplus of profit as 82,3684
',ter meeting all charges, can we wonder if people
ere beginning tremblingly to anticipate a time
when this entail margin of gain may pass away alto-
gether, and when, besides being reduced to the =edi-
tion of a non-dividend paying company, the interest
out the Great Western preference and mortgage debt
may be jeopardised? In other words—unpopular as
the question may be—bow far is the Great Western
Railway Compaq removed from the danger of insol-
vency ? When we bear is mind the vast aggregate
capital of this company, and the wide-spread ruin
which its difficulties might beget, we me real cause
for alarni,and more for movement on the part of those
whose lettersets are at stake. The disrepute into
which the Great Western Railway Company is fast
sinking is further strongly illustrated by the high
rate of per onstage which it is compelled to pay upon
its mortgage debt. We append the figures, which
speak for themselves :
Mortgage Capital.
Rats per et. per eau. 1864. 1866.
£2,779,082 £3.393,646
676.670 1.162,320
1,341.603 2,627,791
34,600 40,600
34
2.420.930 1,788,180
332,726 281.726
if
Total £8,4419,487 £9,947,168

Let the reader remark the unfavourable inerame
in the seas for which the company was compelled to
pay the high terms of 41 sad 6 par cent., and the
decrease in the amount raised at 4 per cent. and
below that rate. Under the inflames of the existing
mews in the molly market the bonds of this
company are now being offered at prices calculated to
pay 61 to 6j per seat. per annum, without finding
buyers. What a prospeet does this open for the
original stockholders, whom steadily diminishing
dividend hes now descended to a very pro.
blematiceny earned 2 per cent. per annum We will
act pursue this paiafnl subject farther, for indeed the
stories sweat reprding the straits to which the
direst:mg ere mimed to meat preening demands
startle belief. We gladly take our leave for the
present of the Great Western accounts, and only cite
them to urge a half-ruined proprietary to action and
investigation. Never let it be forgotten that the
railway shareholder,' hope is soundly based upon the
growth of traffic; but if growing revenue is to be
attended by growing prodigality, the future mast be
we of still greater difficulty. Let shareholders be
stirring, and capital accounts be closed.

WISDOM IN THE WAR-OFFICE.

Extract from a latter, dated Camp, Sebastopol,
October 8: _ _

- - -
" Two hundred of the Army Works Corps have
arriied, sent post-haste, part of the way overland, to
—build up Bebestopol ! Looking at the bugs skele-
ton of the alt ,its roofless, tottering walls, and the vast
heaps of rubbish and cinders, truly the gallant two
bundled appal' to have an Herculean twit before
them. end that without speculating on any redoes
tics he desk ambers from the shot or shell from the
north Moodiness, or, worse than sickest. or the
enemy's sbekdrenkennees. Fast as this detachment
of the Any Works Corps have come, I fear they will
not assereptidt their task before the arrival of win-
ter, whisk is fast approsehieg also. More men for
huts, bet as yet only four consignments of
huts, and those seat without any description—
so that it appears they cannot be erected, but rout
remain in store, nobody knows how long.*

VIENNA, Oor. 90.
It order to completethe diffweat lines of railroads
now is progress, as lee u the important we mot
yet actually weasse bet for which all the preli-
minary work is ed--that from the Bavarian
frontier to Bask ea the Trieste sad Vienna liae—it
is the isteotise of rummest to form a rum
seat ranted hales feed. with t Swint capital
ot 60 Milne el /aim Misses is to be raised by
a Ism eel mc a use* Ow the repayment, pert
Gabe MeMsep of esurmlesft in Upper Austria sad
Hessery are to be spasklly mortgaged to the capi-
ta.'" Is the Mau
As ark we estake the dendos traishrred to the Beek of
Anal& me tabu ipssesties of, the govermseat win
;Web the law etedellielltieth it being txpeoted that
hamigratioa the value of the property
wilt:a:6lAL time be greatly salmaced. The draft
of the law le esagisted, sad has received the imp
rill easedoa.
The limpsur has come to tows from ficheabrang,
sad given sadism' at the Palace of Hof burg to Count
Beal, Field-Marshal Baron von Prokesch, sad Coast
Rubber&