The Express.
London, England, 1848-11-06 00:00:00

servies to the railway world in exposing themiscalculations of
others that I am anxious you should not yourself put forth any. I
thing which may mid oad or even give a wrong iceprririon. Is
our weekly calculations showing the comparative rates of
interest which the funds and railways yield, I perceive you
ealonlate the interest Brighton shares wW pay by the len
half-yearly divides& I an aware that you hays in perfect
fairness stated that the dividend of the second half year is
usually larger, ben the great increase of traffic. that the
bet, and I eheraldi set, thasterr, have called your attention
to the subject had set the ellielal statement of the directors
enabled se is nabs a nen* calculation as to what rate of
dividend Brigham dares will pay on the receipts of a gives
Meant of weekly Malls, and for the information of year
readers I beg to Land you the following calcubvione, breed on
the *Bei& statement Won alluded to. Assuming that the
capital will be 7,900,0001.
Per week.
0,9004 will pay ti per wet. at per, or el per cent. at the price of ft.
9,3504. do. 4 „ or 7.3 *.
9,8011 t. do. 44 „ or 9.2
10,2601. do. 3 „ ~ or 9.19 111
10,7005. do. 64 „ „ or 9.17
The traffic of the present half-year to the October hes
averaged 11,0001 per week. If the Vailic of the next nine
weeks averages 9,0001. per week the nest dividend will be
&per went, for the half-year. Do you nut think, therefore,in
ryas future calculations it would be fairer b take ite
Motor s—Your CoworanT READIS.
This letter is given out of respect for the writer,
bat alter due consideration we must still hold to the
opinion that it would be extremely inconvenient, and
ought lead to very prejudicial consequences in a
public point of view, were the innovation suggested to
be adapted, and such calculations to be founded upon
any other basis than the rates of dividend actually
last declared and paid. Such calculations can never
be useful or reliable unless hued upon the positive
data in hand; they would be delus:ve only too often If
made up on data of a prospective, assumed, and uncer-
tain character, how promising soever atthe moment of
ultimate verification, and with whatever scrupulous
good faith they might be prepared and presented. It
may be conceded at once that according to all prempeat
eel the Brighton line will, at the close of
ZeklilalTyear now running, return a material advaros
span the last half year's rate of dividend. Yet it must
not be forgotten that such a prospect must still bel
subject to all those risks and contingencies, ordi. ary
land extraordinary, to which commercial enterprise of
11 every kind is liable at any time, and which
constitute the unlocked for drawbacks and
I discounts upon anticipated profits. For example,
taking extreme and the least probable events, the
great tunnel might fall in, or the company's ware-
holies, workshop', carriages and engines, might be
destroyed by fire, involving a loss in repair. and re-
constructions to the amount of some 100,00 W. How
could the increased dividend out of present increastd
traffic and profits be made to the shareholders in such
case? And might not shareholders justly reproach as
delusive and deceptive, if not dishonest, those calcu-
lations of prospectively improved dividend., founded
upon necessarily uncertain data, on the faith of which
they had been led into the purchase of shares at
enhanced rates of price? Yet there are many contin-
gencies of unexpected loss, and depreciation of pro-
perty consequent, to which railways are liable other
than those referred to, although not singly of the
same magnitude.
ESOLIBEI FUNDS.
Ilaalfaaek. lea 90 India Honda £l,lOO. 40
3 lot Ct. Kai. Arms., 83 t 48 I Date under £l.OO. 30
3 pm. Ca Cos. Anna. e6l 64 i C,eascde for Aeet ,
.Yew Pie A."" • Itig h•IF-1. Pu."; .'3l' • March.

--30"1!"--- • ''•
112,9,81te """1—
Ditto. 30 YR. esp. Jan. 3. 1000.0
11.10

; Jine.loo
Ditto, Liol, L. June, DI 41
Ditto, Sara. DI., June. A 41

POlllai3ll
3 pa et, Danish Boole, l 621
i Per (X Mellon. PM, 21
6 per Ct. Peruvian Donna
6 Prr er• Purtugurae Honda, 3 per
mut., t 1
---- - ----- - ---

Drumm
6 per CL Ituegan 11.1 a, .0 BC. 981 8
6 1ec.Ct.1211141 Benda 411,. from
24 PR' Ova. Pula Exchange. 19
Gad., 461
)STOCKS ABROAD.
111.0.1.

Ira
Sow.