The Express.
London, England, 1856-02-15 00:00:00

LONDON, FRIDAY, FEBRUARY 15.

The Report just published by the Committee of
Camßation of the London and North Western
Rsllway Company deserves the earnest attention of
all railway proprietors. As the designation of the
Committee implies, their liquids* and recommenda-
tions were not to be of a trenchant charade?. The
title of " Committee of Investigation " would have
sounded much too revolutionary, and thus the gen-
tlemen elected were duly instructed that no radical
meseures were expected from than. They were to
set la perfect harmony with the Board, and on
no
account to be betrayed into any coarse of
action calculated to wound the susceptibilities of
the directors and their subordinates. When the
complaisance of shareholders is carried to this
length, the Committee would have been extremely
eccentric and ill humoured had they enforced
a really stringent scrutiny. The Report is very ten-
derly worded. Scarcely a single allusion derogatory
tothe " Powers that be" will be found in it: Never-
thelese, it contains much valuable matter, sad
furnishes additional proof of the benefit that must
result from say action and investigation entered
upon by shareholders. The old abuses which we
have so frequently denounced are not boldly dragged
to light and condemned by the Committee; bat,
whilst avoidiag this hazardous navigation, they
express their thorough concurrence in the necessity of
nommen of reform. 0 ur readers have probably not for-
gotten a certain disquieting table which we published
co the 30th November last, setting forth, amongst
other particulars, the rapid increase in the Company'.
aggregate capital, and the steady falling off in the
dividends, despite a constantly augmenting revenue.
The Committee are evidently seriously alarmed as to
the consequences of a persistence in this thriftless
policy. The comparative beldame of their language
in alluding to this matter is highly satisfactory:
Your cassettes c inset bet look with the greatest 'ppm_
basica ova the large ategmcotatiess of capital which bath
been, sad still are, is progress; on this point the serouste
sptak far themselves, Wig the time is imam whoa a Seal
mead mast be made. The shareholder may be wend
that asgsmatatios of espital mans, generally, diminution
of dividends. • • • • • • If breathes for pro-
Metioa, and lines tor purposes, irrespective of their
set neeipta, mast cal be estestaimd—if reareaten
other ;ampules, on terms similar to easy already sass-
Monet by act of puliamest, are still to be the elder the
day, London and North WWI ra stock will graisally drift
to a pantheist dismount, and fat that Meese (it say sale Aire
be) man be co terms of preferease to the sew propeletere.
It is, therefore, with mach satistattios that year issminittee
dad ea entire othearrence, ea the part of the board, Is
thine view• ; sad they hare to report • • • • • that
the hmrd has, starlit, the last year, applauded a ethaniltises
whom 'peelsl duty it is to welsh aid cheek the expos.
dilate of say capital cot previously, sad specially, sem-
t coed by Ike prieton.

It is a greet pity that the Directors' "perfect cox-
currenoe in these 'lewd " did not date from an earlier
period. From the last sentence of the passage
we have quoted it might naturally be inferred
that capital has previously been expended without
the •auction of the proprietors. The halflearly
meeting on the 22nd ins:. will do well to ensure this
important object by definitively adopting the resole-
bon recommended by the Committee—via.:

That so edditioa whatever be made ti the capital atria-
ditite of the employ, without ha beteg priniewily seas-
timid by a vote ef a glans' alsetlag; sad that the
Mortise of the mad kalflestly mai el the dirictirs
skill act be setsidered es tiring this maids* dale so
guarantees or ether liabilities be sedistakes without the
iike timeline ef, sad with like hence te, the shatehotism
Whilst freely animating apes the gamed details
of the company's policy, the committes have lent
themselves to an extraordinary ouriseime—they have
not in:tinted any inquiry whatever into the expenses
of managemeat. Ia no other branch of railway bad-
ness is there such a Sad for esonomiesl improvement
as in this department. Had a Committee of Investiga-
tion been appointed, instead of this "Committee of
Coseihatioa* (ea we hare heard it termed), a strict en
amisatioa into the details of working would have been
considered the slartimpertant of it. duties. The Report
admits that the Committee had fall power to eater
upon this adios of the inquiry, and that "it is
rialto dear that so mesas of increasing a dividend
are more legitimate than those which arise from im-
proved smasgemeat and moony.* Yet they hate
contested themselves with a report drawn op
by a subcommittee of the Bosr.l of Directors.
Probably name useful information may be coatained
in the report of this sub- ennialttee. We have no
mean, 11111/11•11r. of gaugiog its vane, issemach ft it
is sonsidered " coaddential." In oar °purism the
Committee of Coosaltatioa have bees guilty
of a dareliotioa of duty is this matter. Upon
the most important baldest of inquiry their
proceediop are showa to be a mere farce,
andees and resultlem. The peoprieton will regret
that, when bestirring themselves to appoint a Caw
mittee, they did sot arm it with faller pewees, and
direst those powen to a wider sphere of action.
With reference to the %gabbles ef the Underlaid
North Western with other companies, we regret to
lad that the Report, whilst prefessiog pacific dispo.
skins, socoareges the Board to maintain an attitude
of hostility. Recently the North Staffordshire Rail-
way proprietors, aasembled in public meeting, ex-
pressed their indignation at what they stigmatised as
the dishonesty of the London and North Western
Company, and authorised legal preserdiap against'
it. The Committee ef Coesaltatioa of the London
and North Western Company new say they "hare
rely to repress their approval of the coarse being
takes by the Board in resisting the demands of that
company, and to lean the matter 11 their hands.*
Again, as regards the struggle with the Great
Western Company, the Committee take oars
to record their belief that the resistance of
the Loudon sod North Western Board to the
views of the Great Western in the north is hope-
rutin and iseritable." Alluding scut to the war
with the Great Northern Company, the Report makes I
the following remarks, which are couched la the
ease eafriesdly spirit :

.
Onatiy as slay (the Committee) men the temporary
.rill hkely t, molt kola emapiptitios 1. wh eh the
loooroolot me missed. they tool that the samative me ena-
melled so adopt those 111010111,14 is order to some as Pet.
meanie sad lair Warms el the proprietors.
We have sot the least doubt that at their respective
meetings DOW approaching the Boards of the Smears-
patsies sow conteading—Leadea sad North Wasters,
Great Western, Midland, sad Great Northers—will
severally sake a great parade of coaciliatary
Uses, sad inveigh bitterly against the safeiraess and
_ _

—..
apidity of that; satagoolito,- Mated reeriadaeliss
seem plurally to be the policy of director, whew