The Express.
London, England, 1856-08-07 00:00:00

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LONDON, THUBSDAY, AUGUST 7.

A vothr favourable impression hoe been prodeted
by the half yearly Report fast pat forth by the
Directors of the London sod South-Western Railway.
This Company, the prospects of which were compa-
ratively doubtful meow two or three years bask. hoe
of late deservedly attained a first elan polities
anseept the great railway undertakings of the
essatry. The management has usds•iably improved;
noressed attention is paid to eoessessioal rehnss ;
sad a stricter supervisica appears to be exercised in
ivory departmeat. The Direetoes,with legitimate self-
lasdation, draw attention to the het that whilst the
trait has increased during the hallCyear by 61,3994
the working expenses h►ve only increased by the
sum of 18,0241., being at the rate of 29.36 per osat.
on Unions increase of receipts. The remit is, that
this Company, which very recently Gould pay only
• 31 per nat. divided, is sow enabled to make
• distribution at the rate of bf per asst. per seam
he the lean remunerative half of the year. Teo
Board at the sane time his the satideetios etsseleg
its policy widened by the approval seaohnosely pee-
•saaced by its own proprietary sad by the gourd
pablie, who are sanded that in the press•t intern
the stroogly-rested dispedtio• of dinettes to strata
divides& and to postpone the adoption el Weave.
sisal charges has toes subjected to salutary restraist.
Perhaps it would he naressoaable se yet to expect
that railway amonsts—eves those of the best an

mod compinise—oltould be fringed with such sot a-
pekoe fairness as to altogether defy twiddles.
Probably the removal of the minor blemishes whiek
still, to oar mind, deka the report of the London
mad South-Weston aderinistratioe, must bs
a gradual peer—a work of time. We
setae with satistesties that of the Warsaw
of 18,024& is the working =raw, 6,6491.
represents the amnia &Traded daring the half-year
red qf reeenes is the resewal of pert of the primmest
way, and in the laying et additiosal sleepers ces *por-
tion of the line. Whosevat a railway hosed prows
practically that it is filly aware of the imperative
necessity of setting aside a suliciest patios el the
wrest roves, tsr the mantissas at the original
undertaking, there is the strongest greyed for feel-
kg cooldeues in its Ware prosperity, for, agreed
upon it, heasety of monogamist inevitably begets pro-
tricky. But the Looks aid South-Westese share-
holders will probably view with late rewire the
somewhat ominous hints throws out by the Mestere
ia 'armada' of their rosin= for sow koalas the
406,010& cd sialloteed capiW. The het that • the
Oompaay's powers for borrowing for general patrons
are exhausted," indicates that the Board have seedy
ewe to the eod of their tether i• this dirootion. Tags
they remark, "the sompletica of the lige from Audover
to Salisbury, the enlargemeet of the Nine Mai
statics, authorised in 1633, and (if the prosaic la-
wless of trails soatiouse) the provides of eddikariel
rolling stock. sad the outlay required for ailltbonsi
slabs* oesaismodeben sad sidings. will la the seat

two years sail foe a coadderaide moodiest' as
sapital .serest." The &tare has evidently a good
deal to bear. As long as " ospital moment" ma be
made available for relief, it is away curtain that
&motors will ty thither for retype —on some °snakes,
we fear, whom mamas ought rather to be made to,
bear an lammed berthas. This apposhearlea le
sertaialy warranted by the pump in the auditors
report to the effect that : The amount at
the debit of plant is capital secoaat stood,
as the 30th Jess last, at 6116,664 L lb. Id.; la skit-
tle., 14,3671.13 e. 9.1. has bees ezpesdad is the ear•
net half-year, which ma is placed to swam
account, as the proprietors have use yet dateradeed
that it shall be carried to capital.* These "surpass
assoants" form a dangerously ommalent receptacle
la which to deposit items of expeedintre previous to
throwing them spat the ever growing heap of " capital
ariesant." Of the multifarious heeds into whisk the
balseaselasts of railway compaales Sr. divided,
there are kw to which a reformer should earlier ad.
dress his Meatiest thin to "suspense ameants." It
ham hest the habits kr yaws amooget 'misma-
naged sempsaise to make a gnat parade of
patting to " engem. eseseate " many seas in
reality stoutly chargeable plait memo. The
system kneed a spokes menprombe, directors
being kr too slaver to shook the NOM of their oon.
mitt:eats by elemaily attempting to prows an Jame-
Mate vote for adding oath OMB " sapital." Yet
sumps:ally, perhaps at the very nest half-yearly
meeting, when the sharsholdsn' recollembe of the
mods is which the " nspense arrogate were
emoted had become Mater, the eau would be quietly
tmasferred to " mpital," and perhaps fresh "sus.
pease aecoants " wised, by way of elatineing the
dehudra.

Three roman we would observe, have vat►rr a
immoral thee a parties's, appliestiew. We have so
with to press especially ea the Lewd". sad Beath-
Wasters Company, bet would weeperiagiy animas
the fake system of railway asermate wader whisk
jegglery of this had is prestisoL Pedalo et
this deseriptima s►ould eager the earnest atter
tin of railway sitsreholders. When they see a
• seepsneo" er dsilarly quidoeable amount
upped, t►ey should sake themselves thoroughly
sepabited with the {articular. relative to it,
resember it for future guides's, sod. whew direr/ton
are bead timeserving and admits" its the diatribe
tics of doubtful dividend', tie pepriseen should be
ever ready to pelmet a diverges's from the basset
path. We are aware that in insisting thee strongly
epos the amenity of Unmask!, straightforward
sod faithful amounts, we rue Neater to the sestet
views of eery peopietern who are for nothing bet
large dividearb, no natter bow earned. We test,
howeve►, that parties who t►iok thou esamitate
nerdy a minority, sad, whatever be their amber.
it is one of our objesta to waved them. la fed,
every smaideration of saU interest should usgs
shareheiriers to the upright sperm which we adv.-
sate. Lot say prom look back epos ear railway
history dariag the rookies HUDSON : Ist his
mark the ruinous collapse which spray eseurrsd I
Ist ►is notice bow a similar policy cm the Beaten
Counties itailway asaaagemout led, more ',sassily, to
similar discredit. After these wasting maples, it la
estenishieg that soy bolder of railway meek ma base
blind to ble own interest se to erosive at the *slag
se the FINS of modestly false balsam-shown
tortases a policy is lactably rem through maw
or later, sad defeats the aim: of its metostore. Oa
the oilier bead, the pablio are qui&s: a Wolin sad
to appreciate the efforts ef dimmer. °Warmth"
to act fairly. This is rufficketly l: roved by
tic. position which the Loaders end scstb•

iiiiilllllMiem•is.