The Express.
London, England, 1853-08-24 00:00:00

TO ct)KRESPONDICNTS.

• •0u.,,e ea .f " The tapreos." cOMOlLlitif. the male Swain%
Cetetto.".. pubaohod Teseday sal Pride, .idle, to tine
tM 1,4 t.
Stow. meet, Intended foe TM [apnea," Leedom twain pew.
ow' et the Ogee. le, Bosoede•eereel, W Two Vilest as tlai
day of pabilivAias.

MOH WATIR AT LONDON BRIDON.
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LONDON, WEDNESDAY, AUGUST 24.

WE are now in posourion of the facts of the case
of the African Stare Trade as carried on up to the

present date. Most of us hare had, for Dome time
past, an uneasy sense that matters were going
wrong, though Brazil was acting honourabl3, and
that we had much reason to complain of the conduct
of Spain, and perhaps Portugal, in regard to their
engagements with us, as well as their sin in regard
to the negroes. But we had certainly no conception
of the badness of the case till we saw it complete in

the New Report of the Select Committee appointed
to inquire into the subject.
There are three parties to be complained of, in the
presence of whose faults the conduct of Brazil shines
forth a bright example of honour and wisdom. In

four years the importation of slaves into Brasil has

sunk from 60,000 to 700; and of these 700 the

greater number have been recovered by the Oovern-
. . .

went. Four years ago, the trade yielded a profit of
800 per cent., and yet it has hien extinguished, be-

cause the Government is sincere. The laws

that have been passed are stringent ; and others
are being passed which will destroy any remaining
possible impunity. Moreover, some Portu7ueve
merchants, being suspected of an intention to renew
the traffic in slaves, have been seized and banished.
Here is a case in which the Government is sincere,
and in which it is found very easy to suppress a

profitable species of trade by sign ur at head-cnarters.
The of in Africa is, that along the West Coast,
south of the line, whence slaves for Brazil were

exported, the trade in men has all but ceased; and
in one single port, whence the main exportation
took place, fourteen vessels hare been seta at one

time busily engaged in legitimate commerce. As
Captain OITMOVR reports, " wherever the Slave

Trade Ma ceased, commerce is beginning." On the
Eastern Coast of Africa, the Brazilian interdict was

no sooner received than the Portuguese along that
coast desisted from the Slave Trade, which was

thenceforward carried on by the Spanish shipping
on behalf of Cuba. Such is the Brazilian case.

Great Haiti kee gniiPerbegial seedy 8,000,0001. sores misconduct had humbled the tone of railway
for her esseorresee is the abolition 1 the Slave boards to their constituents, the reply to this
Trade, besides 226,000 i. as indemoiliondes to indi- then urgent shareholders requirement was—" How
vidaals he the Wenn of their vessels and cargoes can we close capital accounts when works are in pro-
by British ersisn. Yet the Slave Trade goes on grew and subscriptions not fully paid up? wait until
along the 1,800 miles of territory colonised by Por- we have spent all the money we have power to raise,
tugal on the East Comet of Africa ; and though the and then we will cheerfully, then we will only be
ships employed ere Spanish, it is understood that too glad to, terminate our capital expenditure
the Portuguese authorities are not only cognisant of and close the capital account." Well, shareholders
the traffic, but favourable to it, and even participa- have waited ; and not a company of any magnitude
ton in it. This is the Portuguese case, and it must in the kingdom but has since far exceeded the esti-
he amended. mate it then gave of its required capital ; not a railway
Next comes the Spanish. The Slave Trade has constituency in the Empire can yet say whether or not
varied in Cuba exactly in accordance with the its liabilities are at an end. But the language cf
qualities of the Captains General ruling there, even boards has, now that prices have risen again, entirely
after Spain wee bound by treaty with Great Britain, changed; and if there be one point of railway policy
and had taken the money she was to receive on eon- in which even Mr. GLYN and Mr. Russels agree, it
dition of abolishing the trade entirely. We have is, that railway capital accounts cannot be closed,
paid considerably more than 1,000,0001. to Spain, and for all that they can tell never will. "We can't
without reckoning the cost of oar ships of war, sent spend money we have not" is at present their
out for purposes which would not exist if our allies language to shareholders, "and when we want
kept their engagements. If Spain and Portugal more we must come to you for it; you may refuse it;
would simply perform their share of the contract, we but we won't draw a line and promise you never to
,need send no more ships to Africa than are no- ask you for additional capitaL" This, as we under-
usury to protect our large and growing commerce, stand it from the language of the recent meetings, is
As it is, we first pay down our millions, then main- the present state of the question. There is, at all
tan oar shipping, and finally lose the object of the events, no deception in
whole arrangement, through the profligacy of the Nevertheless the prospect this continuation of an
Peninsular Governments. In 1848 we were assured open capital account and of annual additions to it—
that the Slave Trade had ceased in Cubs, and so and when it is open the additions to it will be an-
it had for the time : sad so it had at some nual—is not a pleasant one. Whed the capital of
former times, when the existing ruler enforced his a Joint Stock Company is uncertain, when it is
prohibition of the traffic by refusing fees from liable at any moment to be increased and largely in-
the traders ; but there have been few Captains-Gene- creased, and when its managers boldly state it cannot
ral who did refuse fees; and the last who did so was in the nature of things be closed, the true market
re-celled from his government after a few months,— of such a property cannot be ascertained. A stock
undoubtedly for that reason. One took half a dub- of ten millions sterling paying 4 per cent. which
less per bond for the slave. lauded ; another three may suddenly be augmented to twelve millions to
doubloon.; end the trade flourishes in proportion pay only 8 per cent. most, it is obvious, be of less
Under nth ruins, subordinates take fees also, espi. value in the market than a fixed, closed, and certain
talists invest their funds in the trade, and personages ten millions. And the great advantage of closing capi-
of the highest rank in the empire are understood to tal accounts is to give • fixed value to the property
be partners in the concern. This being the case, it involved, and to assure investers that their invest-
is no wonder that the Spanish ships which guard merits shall not be disturbed at least by bringing in
Cuba are no hindrance to the traffic, and that Govern- new capital to participate In or have a preference
meat steamers land the negro captives, and trans- claim on the profits of the concern. When men
port them to the abodes of new owners. Atrocious subscribe to a purchase int° a railway cm'
as this state of things would be, in the existing con- Pony they buy part of a stock which
ditioo of the world, if Spain were bound by at the time W Sued;the, d° not invest
.
no treaties,ee, what can be said of it in the face of int° a steel to be indefinitely increased Their
inch treaties as exist ? and what meet become of liability is limited, the stook ie limited, and the
the national reputation of Spain when all the world Power of dividing profits is limited; the principle
knows that she has taken our roomy to put down of legal limitation surrounds their investment;
the trade, end now dries, the trade teeter than ever, and it amounts to a breach of faith for railway
ender Goveramset sanction P She cannot plead any boards Plainly to say, " this limitation is all
sort &exams. Th. Governor of Cuba is appointed fudge; the *to* is indefinite is amount f You
from Madrid. When he atoms to share in the must run the risk of its increase, if we augment it
Slave Trade, it increases. When he refuels to by an issue of preference stook; the preferential
share in it, it declines. When he exerts himself claim will bayous, though it may lower the value of
against it, it onus. Thu the authorities who send your original; if we raise more ordinary capital, you
out Captains-General are the responsible par- must take your chance without any rash advaltage.'
ties, and tremendous is the guilt with which It was on the assurance of these boards, and en their
they are chargeable at this moment They evidence, that the capital previously deemed seam-
will oat even duelers the Slave Trade to be piracy, vary was fixed, and it was upon its fixation purchasers
while looking to is to pruerve Cuba for them. mad* their investments.
They appeal to us to guard this colony for them, It is, no doubt, correct id words to my, that
while they we continuing the Blare Trade struggle shareholders must assent to and'approse of an la-
in that very colony. Aar all the rest of the world crease of capital; and thee - the Legislature mast
has become manageable enough pocketing our authorise it. But, in the het plass, for railway
money, and putting us to endless expense for ships boards, after fixing the capital, to ask for more, for
to watch and punish the transgressors. We may purposes other than those he which the company
well ask, if a more flagrant case of profligacy and of was first incorporated, is not. in itself a strict adher-
impudent mockery was ever known. And such is sacs to good faith. In the next, all the world
the case of Spain. I knows how boards can en such points bamboozle
The United States do not co-operate as they shareholders and wheelie Parliament out of
ought. The encase probably is the usual one in powers to increase oag;.tal. So certain, indeed,
their can—that the nature of their Government does are they of getting, parliamentary authority
not admit of their controlling their citizens as other that, shareholders use citing, they proceed to raise
Governments can. But the fact is, that we are pee- the mousy even bawl., the bill to give them powers
seated with the curious spectacle of the general Go- to rain it is draws. So that there is clearly as
vernment pointing out the Cuban Slave Trade as adequate sense of me eel obligation not to exceed fixed
an objection to Cuba remaining a Spanish coney, capital prevailing et railway boards; and as for Par-
while it is the abundant presence of the American liament being any restraint or imposing any rapes-
flag in the sarrosoding seas, the abuse of that flag. aibility on them, they have generally got and men
and the apathy of the American Government, which than half spent the money before the Legislature hes
is one of our chief difficulties in doing anything I granted them any authority to procure it. It ie
effectual in suppressing the Cuban Slave Trade. The facilities such as these that have encouraged railway
United States decline joining England and France boards to advance the bold position, that capital
in guaranteeing the preservation of Cuba to Spain accounts cannot be closed.
for the reason thus expressed by Mr. EvEarrr, so Railway administration is of course a tentative
lately as last December, and yet, such American science; it is a matter of experience; but if this is
action as there is, is on the wrong side. " I will but the result of all experience, there would appear
allude," says Mi. Even err, "to an evil of the first ito be quite as great danger a-head of railway pro-
magnitude. I mean the African Slave Trade, in the I party assay that has been passed. We can understand
suppression of which England and France take a a prosperous bank, wishing to increase, its business,
lively interest; an evil which still forms a great re- calling up more capital ; but what is so incompre-
preach upon the civilisation of Christendom, henstble in railway management is that the more un-
and perpetuates the barbarism of Africa; prosperous they are the more capital they want; the
but for which, it is to be feared, there additional capital they raise is laid out on lines and
is no hope of a complete remedy, while branches that don't pay tit is expended, not because
Cuba remains a Spanish colony." The signi- it is ever likely to yield a goodreturn,but in defence