The Express.
London, England, 1851-08-26 00:00:00

(Prom the Dai y News.)

IN reference to our late remarks on the present
state of railway policy, it is observed by a correspon-
dent quite competent to offer an opinion, that we are
not justified, in point of fact, in contending that the
intentions of the legislature when incorporating the
various Companies ought to be a rule by which to
regulate in some degree their various relations; for
he says :

The intentions of Parliament are all moonshine. Parlia-
ment wished one thing to-day, another to-morrow ; and a
Committee of five men chosen at random has little authority.
The existing railways must proceed on the simple basis of
facto of what is actually sanctioned, and, say what you will,
it is hard in bringing them to accept that basis, to get them
to forget, not what Parliament has decided, hut what Par-
liament may deride. It is the speculation on the future of
Parliament which keeps up the contest.

In this there is, no doubt, a great deal of truth, but
not, we arc going to show, the whole truth. That
the legislature granted powers for lines helter skel-
ter, pelt melt, without plan, system, or scheme, or
of any national or of any comprehensively geogra-
Coical or economical character, is true enough.
Cmmittee on Group A took little heed what Com-
mittee on Group 11 was doing; and neither 'louse as-
sumed the task of harmonising the results of its
Committees into one consistent whole ; but, sanction-
ing incorporations with very contrary parlance, it
induced foolish people to invest their money in lines
which inconsistent legislation rendered profitless;
and so destroyed an immense amount of capital, and
wasted countless labour. So far we can agree with
our correspondent.

But nevertheless we dissent from the conclusion
that Parliament had no general intentions. It may
have had none so far as a great consistent scheme of
railways was concerned ; but it had intentions so far
the public was in another sense to be affected.
These intentions it expressed in the preamble of
every act by which it incorporated a Company.
" Whereas," run those preambles, "it will be for the
public advantage" that a line of railway shall be
constructed between such paints by such a Company.
Now, in the words "public advantage" we find great
intentions, such as have been seriously defeated by
allowing companies subsequently to proceed on what
our correspondent calls "the simple basis of facts."
For the public advantage was never meant to be
confined merely to the fine for which the Act con-
taining the expression was passed; it extended to
all the logical, engineering, geographical, and pecu-
niary consequences of the line when laid down : and
arrangements entered into between Companies for the
purposes of defeating those consequences, and
thereby of diminishing the advantages to the public,
amount, we say, to a frustration of the intentions of
the legislature. And to this extent we entirely
differ from our correspondent, if we understand him
aright.

The legislature in incorporating Company C
never intended that it should lease, or sell, or make

over its line to Company D, in order that Com-
pany D might prevent traffic going on to the rails of
Company E, which in some parts competed with it.
By whatever agency any such alienation, or trans-
fer, or bargain, is made with Company. C, it is op-
posed to public policy, and cannot, in a national
point of view, be rendered legitimate or lawful be-
cause the combination is productive of profit to the
shareholders of the incorporation which, intended by
the legislature to be independent, chooses to become
subordinate. Yet such is the necessary consequence
of assenting to the proposition " that railways must
proceed on the simple basis of facts."

By the general law of the land, all such leases,
sales, or suborlinate contracts are void. The only
ammgement Parliament, by its general legislation,
permits one independent company to form with an-
other, is an agrtement on the part of the one to
allow the other to run over its line; that being a
legitimate extension of the public advantages for
which both were incorporated. Such an agree-
ment, generally called a Working Contract, re-
quires no subsequent parliamentary sanction ; whilst
all greater arrangements need an act of parliament,
because of themselves they are bad in law. And
here lies " that speculation on the future of Parlia-
ment " which, as our correspondent justly remarks,
"keeps up the contest." For the legislature having,
by the facility with which it originally incorporated
Companies, led to a ruinous investment and the great
destruction of capital, is now seized with as great a
facility of sanctioning leases, and such like arrange-
ments, in onto to compensate shareholders for the
losses in which they have been involved by legisla-
tive recklessness stimulating their own cupallity ; and
in this process the tendency of the Statutes is too fre-
quently to make the public pay ter the part injury
to shareholders.

Though it is now, of course, much too late for the
legislature to attempt to lay down a rational scheme
of railways, it is not too late for Parliament to pre-
vent companies speculating on the future facility of
the legislature to do whatever they ask ; and unless
parliament does adopt some principles ol policy on
this point, Companies can never of themselves right
their respective positions, so great and irresistible is
the bone of contention between them. Experience has
proved that, left to themselves, the greater Com-
panies will go on leasing and guaranteeing smaller
Companies, until the whole of England is at the
mercy of some four or five huge overgrown Joint-
:Stock Associations, managed by some twenty or thirty
private persons under no sort of public responsibility,
but under the most active pressure to realise profits
for their constituents. The remedy for this is not
parliamentary control over, or government interfer-
ence in, railway administration; that would make
matters worse instead of better; but the maintenance
of the Minor Companies as independent bodies. Those
Companies sought fur obligations and assumed
duties which they ought not to be allowed
now to shut& off, because their first ex-
pectations of profits have been disappointed.
Their independence is for ‘' the public advantage,"
and that is the first thing to be attended to. But
at present there is quite a race atter leases and gua-
rantees of small lines by the Great Western, the
North Westeni. the Midland, and other great Com-
panies, the object of the competition of each being
its own monopoly, by shutting sonic rival out of a
particular district, to which neither has any claim.
It may, we know, be said that it is not in the
power of the smaller Companies to serve the public
so well ; that it is in their nature to take a narrow
and contracted view of even their own interests; and
that they cannot bring either the same mechanical
or pecuniary power to bear on the development of
traffic. Here again there is much truth ; but no ex-
cuse for either a monopoly to a great Company, or
the complete subordination of smaller ones to one
huge Company. There are other and better means at
I band to promote the public advantage. Extend the
• • powers under which Working or Itunninic Contracts
are formed ; give, under proper regulations, every
great arterial Company tapping a smaller one the
right of running over it ; and competition will be
I encouraged, other routes will he opened up into our
large towns, and the public will in every respect be
better served than by the embarrassments,
ties, and obstructions which follow and ensue front
thge presentup. system of leasing, guaranteeing, and buy.
in
Ender the existing system there can be no end to
the war of the greater Companies ; for, we repeat,
what each aims at is a complete and undisturbed
monopoly of a particular district ; and what the dis-
trict of each shall be, no agreement can, or appa-
molly ever will be come to.

THE GREAT EXIIIDITION.—The receipts yesterday
amounted to 2,4:16/. 14:4., and the number of ruiton w.ta
49,621. The mean temperature during the day, aeetudurg
to Bennett's thermometer, was 66.2.

ANNETTE Meru's, who shot the guardsman in
Birdcage-walk, sud whose ease excited m much counnimer-
ation in England, has arrived, pursuant to her commuted
sentence, in the Emma Eugenia.—Colonial (Van Die-
men's Lad) Tim**.

UNIVERSITY INTELuoENCE. tineisted on. 40s. had been realised for Upper Polish fine
I high mixed, and 38s. per quarter for good mixed, which,
DURHAM. ; with 2s. 91. per quarter freight to London, will con-
B'eiderubly exceed the rates current in our markets.
shop Cosin's Hall (so named in honour of one of
the most assiduous prelates and greatest benefactors of the Quotations
relati of the Lower Baltic ports arc also as yet
ations at most
'them is to be opened in Michaelmas term. The Rev. much much too high to admit of profitable business
being done with England ; but it is plain that, without
John Ilcdder, M.A., Bursar of University College, has been
appointed the first Principal. The site of the future build- orders from hence, priers will not long be maintained in
that quarter. The advice, from Rostock, Stettin. Anclam,
ings is in close proximity with the existing establishment.,
and is now occupied by houses in possession of the Univer- • &c., are of much the same character as last week; holders
city. and readily convertible to college purposes. It isbad, it appears, manifested considerable unwillingness to
posed to erect, in the first instance, a suitable chapel for
pro-' secede to such rates as purchasers had deemed it safe to
offer
students of Bishop Hatfield's and Bishop Cosin's Halls, in very few bargains had consequently been closed.
lieu of the temporary rooms now set apart for divine service. At gusto& good 62 to 6211b5. qualities had been offered
and
below 3ss. per quarter free on board, and at the other
The domestic arrangements at the new hall will be the same place.
Hatfield's. and there is already a pun:base* might perhaps have been made at I!. to
as those at Bishop
Pm' .N. per quarter lower. At Hamburg business was dull ;
peet of small exhibitions being assigned to some of the first wheat on the spot had receded Is. to 25., and there had been
students. I offers from outporta at prices about Is. per quarter
below those previously asked. The latest accounts
from France confirm what we have previously stated,
viz., that the harvest in that country would an is
whole, prove more productive than some of the re-
ports made in July would have warranted us in ex-
pecting. Wheat, though less productive than last
year, it nevertheless allowed to be a fair yield in quantity,
and of fine quality. Samples of new had appeamd at
Nantes, weighing ii3lbs. to 6111ra. per bushel. With this
elidence, we cannot think very badly of the crop in that
neighbourhood. At Paris, on Thursday, the flour trade
was even more dull than previously, and prices wholly
nominal, sellers offering at very uneven rates, 40f. per 1W
kilos, was the nominal top price for first marks. Whilst
some few country markets come higher, a much greater
number are either heavy or lower, each market being just
now influenced by the result of the harvest in its immediate
neighbourhood. From America we learn that, with the
exception of some slight injury to the Indian corn in the
southern states, owing to extreme heat and drought, the
crops had been saved in most excellent order, and the yield
of wheat is state d to be extraordinarily good, as well in the
States as in Canada. In addition to tlic abundance in con-
sequence of the Lome produce of 15.31, considerable stocks
of old grain were held, and it is certain that the shipments
of breiedstuffs will be important before the fall of the year.
The downward movement in prices of flour had not been
checked, and at New York good brands of Western Canal
were obtainable on the 13th inst. at 4 dots. per barrel.—
Mar 4-lane Eapresa.

MONEY MARKET.

TIIIS DAY.

Two o'Caoca.
The feeling of gloom and insecurity which at the mo-
ment pervades commercial circles, and the uncertainty
prevalent as to the extent of the difficulties brought
to light andapprehended, have not been without their
effect upon the English stock market to-day, and
prices have been marked at a further decline ; but it is
satisfactory to notice that the unfortunate eircum•
stances alluded to arc regarded as the necessary con-
sequence of the various considerations now and for
some time past in operation in the commercial
world at home and abroad, and in this way good
will probably arise out of evil, with the in-
creased feeling of caution now observable
The bill brokers this morning arc unusually
particular as to the nature of the securities
they handle. Throughout the Stock Exchange a
general inactivity prevails, but some realisation of
the government funds has taken place. The usual
investment of the government broker has assisted
in supporting the market, and a rally having oc-
curred, the present quotations show only a decline of
„ since yesterday.
Consols have been sold at 96„ for cash, but arc
now quoted 961 to 1, and about 06! for the I Ith of
September. The prices of the day's business are
subjoined, viz., Three per Cent. Consols, 961, ;
ditto for account, 96!, 1; Three per Cent. Reduced,
97k, 96Z, 971 ; New Three-and-a-Quarter per
Cents., 981, ;?, Long Annuities, 1860, 7 7-16;
ditto, 30 years, 1859. 7 3-16; South Sea Old An-
nuities, ; India Stock, 262.
The unfunded securities remain at the rates

last noted, Exchequer Bills ruling at 491. to 495.
prem., and India Bonds at ills. to 575. prem.
In the foreign houses the stocks held for invest-
ment generally maintain their price, but a general
feeling of flatness is prevalent, and speculative
descriptions arc out of favour. Mexican Bonds
arc lower, having receded to 2 ; and
Sardinian Scrip is also worse. The business
is small, operators holding aloof till they can
see their way mare clearly. The list of this
morning's business is as follows:—Belgian Four-
and-a-f lalf per Cents., 94 t. Dutch Four per Cent.
Certificates, 931. Equador Bonds, 3i. Mexican
11,nds, for account, 29th August, 284. Peruvian
Five per Cents., 1849, 91 !. Russian Four-and-a-

- - - • ,
Half firer Cents., 102 Sardinian Scrip, dis. Spa-
nish Active Five per Cents., 21; ditto Passive, 54 ;
ditto Three per Cents. for account, 37i.
The half-yearly dividend on the state of Georgia
Five per Cent. Sterling Bonds, due on the lst Sep-
tember, is advertised for payment.
The failures in the produce markets in London
and Liverpool were the chief topic in commercial
circles, and another Greek house was yesterday spoken
of. The amount of Megsrs. ltucker's liabilities is,
taken at 400,000/., and the general opinion is that the
estate will come out well, though in some quarters a
very dilferent opinion prevails, founded on the nature
of the transactions and of the produce held. To cor-
rect a misapprehension which has gone abroad we
may mention that the losses of the house are entirely
owing to produce tipeulatious, and that the failure
of Messrs. Castelli and Guistiniani has had nothing
to do with f , goods having been received for all
bills of that house held. The present state of
affairs is by some viewed with alarm as a
sudden and unexpected calamity, when it is

only what was anticipated from the events
which have lately occurred. The losses of the English
and American merchants in California by consign-
ments and tires most likely approach three millions
sterling, the chief gainers as yet by the Californian
trade being the houses in the Pacific, the conse-
quences for most others being disastrous. The losses
by cotton in the two countries may be taken at ano-
ther three millions, and on both sides of the Atlantic,
partly under the influence of the Exhibition year,
large

Showing a decrease of 310,9211. in the note eircu-1
lation of England and Wales, and a decrease of
432,413'. in the circulation of the United Kingdom,
QS compartsl with the returns for the correspond-
ing period of WA.
The yearly comparison of the stock of coin and
bullion held stands thus :
Bank of England, his 0,962,220
Irish hanks, less
Scotch banks, less 47,850

Deere: vie on balance Aug. 9, 1851 £3,173,883

The subjoined calculations show the rate per cent.
per annum yielded by the various securities cited at
the average of the prices which ruled yesterday.
Where the asterisk (') is prefixed it is to be under-
stood that the share rate of interest is less the in-
come tax. It will be seen that in every case we take
the rate of interest last declared as the basis of our
calculation. To render the calculation strictly accu-
rate, the proportion of interest which may have
accrued since last dividend period should, in each
case, be taken into account :
farce per lent. k...,,,,,,,, wee 161 ytelcl psr cent. ,C 1 2 3
thm• ,ia tea-n•.. Iteiiiia il
New Iliree..inika,Joirter per Cents 99 " 3 3 71
1i..113 `4,14,3 (die. 7j 11 r out. per ans ) 21.; 3 9 31
belie Stock 011..10, per cent. wean , 26 I ~ 4 9 U
excliopier fit' a ink ltd. per dap)- 42'. pm, „ 2 4 61
ir,,,, n,,iteit,•l2lof fib. ;forthcoming
die. at the rate of 4 per cent. per
antrum' l9 .. 3 1 3

•n.w+or• Ind Y•.rkabirc £fru
Siak•(torthoomine st the cute
in 2 ire, nem. pl. ann.) .

.4 3 I

. ,
nn ...I and Wirtho..atern• Stock ..
(forthc .wing .1.. kleuo at the rate of
$j oar Leon- lel. -whom.' ... ..... . 60 et
Atn.lol2 And MA.III Mantes. Stock
16 rth&.ming the. at the rate of 5
I. cent. 1., Ann.)
Sidhuoir :Cork (forthcoming die. at the
rateef 2t per . eat. pet Ann.)

4 7 6

4 IS 71

6 6 0

ENULISII FUN Ini.—Trns PAT.
Rank Stobek, 215 1,; , Long Al inunier,
3 per CL Itoineel, '37+ i ' bpi. SP•cIL
3 per Ct. C.' ~0.,i, s Ditto 11.3.1,13.30/.,, Us. 575.
A per CL Conn,L..3si 3 Exchequer 1131..13An1..404.411‘prn.
Curpnan ler Awn., P. 34 i

FORE 10:
4) per ('t. r.el•rl.trt, 93 5
5 per C 4 Brazilian, 541
Du. Nov. k, Jt
5 per et. Human. 44 re,. 535
i lay 41. Ulnli,w, 1.,1 41
3 pur CI. eliato.
3 Our 4t. 1414:0414. 77 9
24 per 41. Dutch. U,3 03
4 per It. I.utelt. fitt
Ey11.1,141f. 31
1 tivr Ct. Grupst4l2. 14 15
LATEST FOREII

IN FUNDS.
3 per CL 31ex1raa, 281
5 per CL Permian, trot 14
Ditto Nth: qv!, 43 4
5 per Ct. fugue,. 5 9
CL Ittimiatt, 114 IP;
44 per CL 1114 2}
5 per CL .pnitt•h. Ammo, 1
3 per CL SprilAsh. 374 111
Do. 1.4,41vc
21 Par CL Voombela. 30 2
Do. Iklerrt.4. II 12
EXCIIANGES.