The Express.
London, England, 1848-10-28 00:00:00

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LONDON. SATURDAY. OCT. 28,
We publish to day the voluminous and detailed
statement issued by the Directors of the London and
North Western Railway Company, for the purpose of
correcting the erroneous accounts lately circulated re-
specting the position and prospects of that under-
taking. This document has reached us too short a
time before going to press to allow of our examining
minutely the several particulars it contains. For the
present we shall merely survey its general results. In
the first place, we shall observe that, while giving a
precise summary of the past outlay and outstanding
engagements of the concern, it also pertly fulfils what
we lately declared to be the most impor-
tant object to be pursued at the present
crisis by directing bodies. As to one pretty
large clam of liabilities, incurred for a series of
minor branches, for which acts of parliament
have been obtained, the directors now exprorly state
that it is not intended to prosecute them for the pre-
sent; thereby striking off from the list of future
encumbrances an amount nominally of 3,876,9631.,
bat whAisitlthe nasal coons ',Unwed in such works,
would y have advanced on the lines in ques-
tion bang made, to KIWI ANT IlailiatsB end a Assy:
This, indeed, is but a more precise definition of what
was announced in general terms to the proprietors at
the last half-yearly meeting; but it will be satisfac-
tory to them to see the risks in goose= positively enu-
merated and plainly written off unfit a new antrity
to resume them shall be given hereafter by the com-
pany, which, we apprehend, is not very likely to be
granted at any future period.
Thom questionable &dimities' being so laid aside,
there remain three divisions et the company's actual
investments, on the produce of which the future divi-
dends will depend. The first contains the main
&ego* body
nded o
ready fAs *worn, on whisk there hoe be
pvo-
ex peal
or sent sad loans /IMAM
And for then t. added a farther estisate of 44912

Making a total or SIVAS.%
The next is fee branch lines now in progress, on
which there hare been
Vi0t£1,4111,3411
eladmiNanditler outlay LAM
Total £2,315,323
After these comes • mixed clam, partly consisting
of shares oaken ix other concerns, or comb-464km in
money to them, partly of guarantees of dividends.
The first description of engagements, aloes, can be
=premed in terms of capital, u in the preceding
OWN
lbey amount, in snata actually spat, to Atile,433
bad require further Fomented 1,1146,798

TOW
As to the guarantee arrangement', their future
effect on the accounts must of course he wholly •
matter of opinion ; and the statement, while going
carefully into the particulars of each, does not pretend
to offer more than en estimate, that the result, on the
whole, will not ultimately he a charge on the oom-
cr's other revenues. As far a" we can understand
bearing and terms of the several agreements, we
are not disposed to say that this estimate may not
tarn oat to be correct—in oouree of time, at least —pro-
vided the system of working is guarded with
due economy, and the capital expenditure on this
ebbs of worre does not greatly exceed the sum now
allowed for them.
This view being admitted, the final sum of the
company's capital, as also the farther demands for
money required to complete it, will clearly be defined
by the figures given in the above summarise—engr
peeing always that the estimates of remaining ex-
penditure be not exceeded, and the the exclusion
from the table of expense of the , 900,0001., for un-