The Press.
London, England, 1856-01-26 00:00:00

Itittrogolit an.

RAILWAY REFORM was the subject considered at a
most influential meeting of shareholders, at the
London Tavern, on Tuesday last. Mr. W. Malins
took the chair upon this occasion, and addressed the
meeting at some length. The railway world, ex-
plained Mr. Mahns, was divided into three classes—
the employes, the preference share and debenture
holders, and the ordinary shareholders, who after all
the rest were paid took what was left, if any, and if
not, went without. Everybody connected with rail-
roads, remarked Mr. Malins, had done well except the
ordinary shareholders. The object of the meeting
was therefore to form such a permanent association
of the last class as should, by its weight and united
action, obtain for ordinary shareholders that influ-
ence in the management of their property and in-
terests as clearly Was their right, instead of confining
them to a simple half-yearly attendance upon the
directors, without any power whatever of control, or
voice in the management of their affairs :

It is imagined (said Mr. Malins) by people in general
that the management of railways is so difficult that men
are scarcely to be found who are capable of conducting
them with success; but that is an opinion in which I do
not participate. I believe that the same straightforward
business habits which are applied to carrying on the vast
commercial concerns of this country may be with equal
success applied to railway affairs; and that your proi.erty
could be made highly and fairly remunerative. What we
want, therefore, gentleman, is a careful and constant vigl

80

lance to insure economy in every department ; that
those whom you employ should be employed solely by
yourselves and direct their attention solely to your in-
terests, and I have no doubt that we can find sufficient
men with straightforward integrity and talent to carry on
the great concerns of railway companies with perfect
success for the proprietors and with perfect safety to the
public.
One of the first objects of such an association of
shareholders as proposed, would be, Mr. Malins ex-
plained, to enforce
the revision of the tariffs, and open negotiations with the
governing railway boards to bring about such a general
arrangement of prices and charges as shall afford to each a
fair compensation for the capital expended, and shall pro-
vide a sufficient fond to bear the casualties and vast ex-
penditure to which railways are subject.
Another would be to correct the system of audit as at
present followed by the railway boards throughout
toe kingdom, and the appointment of an efficient
b or committee of audit, with control to deal
w.th all subjects before payment was made or the
accounts finally passed .
As to the number to form the committee (continued Mr.
Ma►ms ), that is a matter for consideration hereafter, but
believe that too much pains cannot be given to the point of
the separation of capital and revenue, so that not the
shadow of suspicion shall rest on the minds of the public
that the one is appropriated to the other. I believe that
we ought to go as tar as this—that the capital should be in
the custody of one set of men, and the revenue in the
custody of another, and that this board of audit and control
shall be imperatively called upon, on their own responsi-
bility as gentlemen and men of business, to certify to the
shareholders before any payment is made as to whether it
belongs to revenue or to capital.

Upon the questions of the issue of debentures and
the necessity of providing funds to meet them—
of the deterioration of roads and rolling stock, which
should be looked upon as a fixed annual charge, and
not put off and shifted from year to year—upon the
necessity of charging four per cent. interest at
least to the cost of carrying goods and passengers
for the benefit of the ordinary shareholders—upon
the advisability of meeting canal proprietors in a
fair spirit and coming to some beneficial arrange-
ment for mutual advantage—and upon the vital
ne •,--o,ity of exercising all the parliamentary influ-
ei ce possessed to prevent any further reckless ruin
of ranway property such as is daily going on—Mr.
Matins entered upon at some length, quoting high
authorities in support of his statements, and comparing
French and English railroads, which, on the one
hand, showed a capital of 124,090.000/. expended,
and a market value of only 89,000,000/. ; while on the
other, though only 31,000,000/. were expended, their
market value, through good management, at this
moment amounted to no less than 09,000,000 t. In
conclusion, Mr. Matins pointed out that it was a
delusion to believe that extensions and guarantees
had ruined railway property, and expressed his firm
belief that if the movement were only cordially sup-
ported by the shareholders, and the affairs of the
association conducted with prudence and discretion,
they would very soon see railway property placed on
a more advantageous footing. Mr. Mitchell, Mr.
Herapath, Mr. Buller, and several other gentlemen
addressed the meeting, when resolutions for the
appointment of a council and committee were
passed, and the meeting adjourned till the 31st, for
the purpose of enrolling members and arranging the
business of the association.
THE RE-ELECTION OF MR. WILKINSON to the
Metropolitan Board of Works, to represent St. Pan-
cras, Ras proposed at a meting of the vestry on
Wednesday last, when Mr. Wilkinson made a state-
ment explanatory of his recent contest fur the secre-
taryship. Mr. Eckett has been nominated in opposi-
tion to Mr. Wilkinson. The election takes place on
Wednesday next.

THE EASTERN COUNTIES RAILWAY DISPUTE has
been continued this week with the usual amount of
acrimony. The Committee of Investigation have
published their observations upon Mr. Waddington's
reply, and Mr. Waddington has issued a final and a
practical answer, pointing out that while the contro-
versy is raging the railway property of the company
is becoming daily depreciated. Mr. Waddington
then enters into a detailed reply to the " Observations "
or the Committee of Investigation, and says in
conclusion :--
Finally, honoured with a renewal of your confidence, it
will be my earnest endeavour to restore confidence in your
property. I shall strive to maintain the policy of peace
which has hitherto proved so advantageousto your interests.
In consequence of the position in which the commit!ee
and their East Anglinn friends have placed us, we shall
have serious difficulties to surmount; but with your aid,
ald prompted by zeal for your concerns, I have success-
fully sin-mounted greater difficulties before, and, with the
co-operation of my colleagues, and steady support from
yourselves, I shall hope triumphantly to do so again.

LORD MONTEAGLV, Mr. Keating, M.P., Mr. Arber-
tun, 'M.P., Mr. B. Hawes, Mr. Whateley, Mr. Tom-
linson, Mr. Francis Turner, Mr. Tustin, Mr. Lavie,
and Mr. Radcliffe, residents in the immediate vicinity
of S.. James's-park, had an interview with Sir G.

THE PRESS.

Grey on Saturday, at the Home•o®ce, with reference
to any contemplated interference with the inclosure
of the park. Mr. Keating stated in detail the strong
objections of the inhabitants end of the public to
any encroachment upon the inclosure of the park,
and asked to be informed whether the interference
apprehended had been resolved upon by her Majesty's
Government, or whether It was still open to those in-
terested in the public convenience to remonstrate
against it? Sir George Grey said, in answer, that
the necessity for increased accommodation to the
public caused by the present inconvenient approach
to the park through the Stable-yard had engaged the
attention of the Government; that several plans had
been suggested at different times, including that to
which reference had been made, in order to obviate
the inconvenience complained of, but that up to the
present time no plan had been decided on ; that there
would be full opportunity given for the discussion of
those plans, and ample time for objecting to any of
them : and that the preparation of the plans did not
imply any foregone conclusion on the part of the
Government. A conversation then took place, in
which Lord Monteagle, Mr. Atherton, and others,
took part, and Lord Monteagle reiterated and strongly
enforced the objections made, and Sir George Grey
again answered the gentlemen present that nothing
was as yet decided upon, and that full time would be
afforded for consideration and objection.

TILE•. STATISTICAL. SOCIETY held their ordinary
meeting on Monday evening, when Colonel Sykes
read a paper upon the "External Commerce of
India." After reviewing the progress of the trade
of India from the earliest ages to the present day,
Colonel Sykes stated that the statistical returns of
Indian trade for the last twenty-five years showed a
constantly increasing balance in favour of India, and
that he had incontestably ascertained that Indiacould
not only bear the drain of the Company's expenses,
but that her trade left a wide margin. Finally he ar-
rived at the following conclusions :

First, that for the last twenty years the balance of trade
had annually increased in favour of India; secondly, that
the merchants and manufacturers trailing with India had
been compelled to remit a constantly increasing amount of
bullion which was absorbed by that country ; thirdly, that
the pecuniary wants of the India Company, miscalled the
Indian Tribute, very much assisted the merchants of this
country in liquidating their balances ;by sending out the
Company's bills to India) ; fourthly, that the system of
advances on hypothecated goods by the Company had also
much assisted commerce; but that all these means had
been insufficient to equalise the balance of trade, so that
a hundred millions of bullion had had to be sent out,
which was completely absorbed by India, and never more
returned to this country. What Pliny had said 1,800
years ago was true at the present day—lndia was the sink
of the precious metals. The subject was, he submitted, of
grave importance to the merchants and manufacturers of
the precious metals, who should, in his opinion, be more
alive than they were at present to the exhaustive nature of
the India trade.

THE JURIDICAL SOCIETY held their ordinary
meeting on Monday evening, Sir Richard Bethel!,
M.P., in the chair. A paper was read by Mr. Daniel,
Q.C., upon " Change as a Necessity in every System
of Municipal Law." The learned gentleman, with
great eloquence, explained the object and nature of
municipal law, and the constant necessity of change
to meet the requirements of the age and the progress
of linciety. Mr. Daniel then pointed out that the
portions of our laws which at present most required
change were the law of testamentary jurisdiction,
the law of divorce, and the law of debtor and
creditor; and concluded his lecture by suggesting the
decisions of the Judicature as the proper direct
means of promoting the necessary changes, in pre-
ference to parliamentary interference,•'Eand, as the
best indirect agent, an improved systam of legal edu-
cation.

AT THE SOCIETY OF AWN' weekly meeting on
Wednesday last, Mr. G. F. Wilson read a most inter-
esting paper relative to the manufacture of candles
at the famous Vauxhall works. He commenced by
desclil,ing the constituents cf candles, both tallow
and composite ; the main difference between the two
being that the first were made from fatty matter in
its crude form, while from the latter an ingredient
called glycerine was extracted. The presence of this
substance in fatty matter caused tallow candles to
require a wick three times the size used in stearine
candles, and hence the greater illuminating power of
the latter. Mr. Wilson then proceeded to trace the
steps by which composite candles had been brought
to their present perfection, an•l in conclusion alluded
to the various experiments made by his firm (Price
and Co.) in the production of vegetable oils, ob•
serving that the Russian war had put the screw on
oil discoverers all over the world. So far from the
material being exhausted, he believed that they were
only at the commencement of their discoveries, and
that oil would be obtained from many matters which
were now looked upon only as refuse.

THE REGISTRAR-GENERAL'S RETURNS for the week
show a low average of deaths for this period of the
year-1,121 being the number registered, while
1,332 form the average : 1,t;44 births were regtstered,

SATURDAY,

being 150 above the average. Typhus fever is rather
prevalent.
__

- THE WALLS OF MESSRS. HOPEINS' PREMISES, in
the New-road, which were destroyed by fire last week,
were blown down on Thursday, and completely
crushed three small houses in Fitzroy-place in their
fall. Several persons were more or less severely
injured, but only one case is expected to result
fatally.