The Express.
London, England, 1865-07-31 00:00:00

We have had many mai4gl
mania, a railway mania, • •
finally we have probably j ugh
share premium mania. The er this
last his been maintained is now thoroughly under-
stood, and the public have entirely lost their con-
fidence in the professional introducers of public
companies, and the skill they have manifested in
carrying them out. At present the chief task of
the shareholders of the new undertakings will be to
winnow the chaff from the grain, to proceed
vigorously with those possessing sufficient capital,
and to summarily wind up in any case where •
want of means precludes a legitimate success. It
by no means follows that a company is per-
manently established because its shares are quoted
at • high premium. It will also be well that
shareholders should show a little less of that over
confidence of which from the days of Mr. HUDSON
they have been so lavish. Directors must certainly
be trusted, but they ought equally to be required
to give a fall account of their trust. Incompetent
members, whose sole duty is to record the decisions
of their really active colleagues, might be Nivea-
tageously dispensed with, while the emoluments
that they receive for doing nothing would in justice
fall to the share of those really bearing the burden.
An advantage would be gained if the prospectus
invariably stated what appropriation to the Board
was provided by the articles of association or
statutes. It is almost unnecessary to speak of the
extreme desirability of a thorough and independent
system of audit, as desirable to the directors
themselves as to the shareholders. In many

came this would prove of especial vane,
and particularly where a company starts with the
purchase of the goodwill of a private business, and
where an examination of the grounds upon which
the price is calculated ought to be an essential
preliminary.

The ATLANTIC TELIORAPH.—UntiI the successful
laying of the cable is demonstrated by the receipt
of messages from America the public will be very
sensitive to rumours respecting the progress of the
operation. Yesterday a report of a very disquiet-
'4 tendency, which will be found among our tele-
grams, was published by a weekly contemporary,
and held exclusive possession of the field all day.
It was stated that after the Great Eastern bad paid
out seven hundred miles of cable an accident oc-
curred, that owing to some unknown cause there had
been a total loss of insulation, and that no communi-
cation could be held with the ship. This statement
was made on the authority of Mr. Glass, Managing
Director of the Construction Company, and was
dated Saturday, without specification of hour. A
telegram, dated yesterday, informs us that the
fault, whatever it was, was removed at 1.50 yes-
terday morning, precisely twelve hours after the
occurrence of the accident, that the insulation was
perfect, and all was going on well. A further message,
dated at a quarter-past four yesterday morning,
states that the Great Eastern had then run 650 miles,
and paid out 750 miles of cable, and that the
continuity and insulation were both perfect. It
was not to be expected that the cable could be laid
without some accidents of this kind ; but it is satis-
factory to know that they can be so soon repaired,
and that the communication is then as perfect as it
was before. Supposing the Great Eastern to have con-
tinued her voyage successfully, she would by this
morning have accomplished half the distance
between Valentia and Newfoundland. As her rate
of progress will probably be accelerated as her load
is lightened, we may hope that by this time next
week her work will have been accomplished.