The Express.
London, England, 1849-12-22 00:00:00

Zite erprefSo.

OUTGOING MAILS.
The cid Marseilles, to the Mrditer aaaaaa , ReTpt,
Ce.h.a. Lois, g Koog, %LI be made up on the
eernio4 of ll C. 21.
The nes. insole for Lisban, Spain, and Gibraltar will be
glade u on Dee. 77.
h North Arlie lea and the Thattd
The Leas for S
Beatles wi:l slide up on the, eeniag of D 2
Havassah,
8.
The West India Mails, including Bermuda,
Tissue, 11. done Nree 0 Irons, and Million. sod w
Or ~
excluding
Shies tor Madeira, St. Juan-de-Niceregua, Ne mad
Chili, sad Peru. will be rawly op at the zumniag of Jan 2.
Tee wells for Maderia, the Brazils, and Buenos Agree,will
bawds up on the eveninof
a
Jn 4.
The mails Gibraltar,
Malta, ()titre, the lonian Islands,
Mgypt, Ceylon, Judie, and Chios. via Southampton, will
be made up on the *volley et Jaw. 19.

11101 i WWI AT I.ollooa MOOS.
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Tau D. —0107. W. 400.. ... I Is•
to.Ausa...—/Aerslail, ...... Altermsok 7A. MA

- -
lON, SATURDAY, IdICBMBER 22•

ANOTHER railway chairman has exploded. Not,
however, with roguery and cishonesty this time;
but with folly, wild speculation, and undue confi-
dence. The came of Mr. Cuseete, the chairman of
the South-Western (whose melancholy letter to the
shareholders of that company will be found else-
where) will c-eate astonishmeut and annpries
excite at the
extent of human weediness; but it not
that burst of universal indignation which the •xpo-
sure of Mr. Iltosoe's treacnery, deceit, teed sumFopriation pronged. It will show the South
Western proprietors with how little personal
how small m,
with how lit 1, worldly prudence, with.a
modicum of ordinary sagacity their affairs have been
managed ; but L. will teach them also that dishonesty
is not • gnaw, consequence of such weaknesses.
Iteffeciwoly destroys their chairman ; but it Inns
Mr. CHAPLIN 'S integrity untouched. He will, of
course, r uit the direction, but he will. go injured in
pocket &Ed in judgment chiefly. His confidence in
the prospects of their affairs
was unboutded ; and
that confidence has led him into heavy, nay, into
enormous pecuniary oliigetious to the company.
The simple facts of the 01119 are these : Mr. CHAP-
LIN has actually invested in the stock and shams of
the Sou. b-Western Railway the sum of 194,5741. 10s.;
sad be is indebted to it for arrears of calls on shares
the sum o' 40,0001. This latter sum he is unable at
present to liquilats: but has deposited ample securi-
ties for its tuture payment. As that company en-
larged the field of operatirns, Mr. CHAPLIN assumed
the proportion of the outlay to which he was liable
(entitled was the word some foe years back) from
his original holding; he promo ad and encouraged
extension after extension ; and each extension in-
volved him personally deeper and deeper in respon-
sibilities, until at last he has fairly got out of
his depth. So long as he could find the means
of paying his calls he met them fairly and
fully ; when in funds himself he advanced
them largely rani liberally to his constituents; and
now that he is no longer in a position to clear off the
balance due from him, be asas consideration at their
hands. Had he been a desperate trafficker, %tr.
CHAPLIN bad opportunities innumerable of paling
his stock and shires to a great edvantage ; unfortu-
nately for himself he was too sanguine an invester ;
he never bought or sold ; the consequence ie his pre-
sent deep embarrassments. Ills surplus fortune, too,
he laid oat in French lines connected with the South-
Weston ; he relied on his ability to realise by the
sale of their shun, money to me-t his Stuth-Western
engagements; the French Resolution interposed be-
tween him and thisexpectation: and there he lies
stranded at the gait aof the Waterloo-bridge Station.
Was there ever such tofiy—such madness? Thet
there has been greater roguery g railway Wares,
Mr. Ilt:Dsoe's c Adele' has shown ; but inch indes-
cribable weakness is perhaps without a penile'.
Mr. CHAPLIN mesa: no harm ; but he has, by his
folly, led thousands into the rain he is now sontem-
plating. He intended to benefit himself, and all con-
nected and associated with him ; but his senseless
rashness has involved hundreds in difficulties, and em-
barreastnents, if not in positive want. And herein lies
the chief complaint to be made erg Oust such railway
directors. Nothing sheet of ruin and devastation
pulls them op. Here was this very Mr. CHAPLIN,
at the South Western meeticg (not • month beck),
acting the part of a purist; and, now, when conceal-
ment is impossible, he makes a clean breast of it.
Can directors weeder that shareholders have no con-
fidence in them after such contrasts—after such ex-
posures? With such disclosures occurring day after
day, who can be sure that the worst is yet known?
What will the South Western niertnig of this day
do ? The first step is ofivion% A shareholder owing
railway company 40,0001. for arrears of call is not
in a position to take any part in its management ; be
is a debit r to the cot cern and cannot be permitted to
preside over it. Mr. CHAPLIN'S resignation or demi-
'stage of the South Western chair is, therefore,
inevitable. When in the ranks of the comp thy it
am negotiate with him in his cis:, not before. Ile
must, then, make way, if not ter en honester, at all
events for a wiser, franker, and more candid chair-
man, et is certain. Bet that done, will the share-
holders learn wisdom from this dearly-bought expe-
rience? Will it teach them that extent of holding—
that depth of purse—that overweening confidence
in their common di clanking, is not the
beet recommendation for the management of
their atrium? Will it teach them that a cool
judgment undisturbed by frightful pecuniary risk,
that a strong head and a light pocket, that compara-
tive freedom from individual obi:ration% are the pre-
ferable qualifications ? Will it teach them that the
best way to remunerate compoeut directors is to pay
them dine ly rather than to allow them to endeavour
to make fortunes indirectly ? It' this sad case do not
convey to them these truths, the lesson Mr. CHAPLIN
this day affords railway proprietors will be indeed
thrown away.
But is Mr. Citente the only person blameable at I
the South Western bird? Certainly not; the di-
rectors who could allow their chairman to become,'
month after month, more and more deeply indebted'
to the company, are just u obnoxious to censure
and reproach. In such men the shareholdersl
ought to repose no confidence. And the very
principles of self-government (to which,notwitheanch
um this disaster, we are as strongly attached as ever),
demand that they also should retire from a position
which they, too, have abused. To tolerate their con-
tinuance would, on the part of the shareholders, be a
connivance in the wrong inflicted on them—a condo-
nation of an offence for which there is no excuse or
apology. Step by step Mr. CUaPLIN was led into his
present position ; but the first step downwards ought
to have br.ught his colleagues to their senses. For
by the law of the land a shareholder in arrest of calls
cannot vote on the company's affairs; with what face,
then, can directors in sneer carry on the executive of
a company ? An arrest of one penny ought to act as
a directoriel disqualification; and so, we have reason
to know, it does in many companits. It was unpar-
donable in Mr. CHAPLIN 'S colleagues to sit at • board
presided over by a chairman 40,0001. in the com-
pany's debt.
This occurrence is another proof (if indeed another
were needed) of what we have so repeatedly enforced
—the nues ity of increasing and augmenting the
popular principle in railway management. Not a
shareholder in this great company had the lens'
right or power of examining its books to ascertain
whether the directors had paid their calls. Now we
admit that then are very good reasons why such a
right should aot exist to enable one shareholder to
examine the share account of another ordinary pro-
prietor; but those reams vanish in the cue of direc-
tors, for in them enormous powers are vested, and in
them great confidence must be placed : and without
the opportunity of knowing theit position and stand-
ing in the company, there can be little security for
shareholders.
The c se, too, exemplifies another necessity we
have of late more than once pressed on the attention
of railway shareholders, that of making more fre-
quent changes in directors. At present nothing
shat of a railway insente—a revolution in pato —can
seeompli-h these changes or infuse new blood into
railway boards. The commence is stagnation and
incapacity therein; these lead to disorders and ember-
nunanis mach as the South Western meeting will
this day disci= ; and, in the midst of riot, disorder,
Pa!siol3, anger, sad tamale, that is done which re-
gents the meet deliberate reflection and the most
matured chaise.
Those and other impeemenette in the railway sys-
tem will come; bet at what a cost ; at the tlipnlinn
of wing misery mad disappointment!

timr.
We must say, we think this in the first place
unfair to his Royal Highness, whois brought
forward to ask of the country, what the country
was very willing to do of itself, without Wag royally
t. We have no doubt there will be large
=does. Tory ought to have been allowed to
lame forth as the spontaneous produce of industrial
patronage and pride, not as iu the present case, the
offering of loyalty or attachment to the head of the
roysl family. We have no doubt that so sincere
is the loyalty of this country, that at the call of her
Marr.srr or of her royal consort, a million swords or
purses would be instantly drain and Laid at their
disposal. But theme are extreme appeals, and should
never be bad recourse to except on most vital occa-
sions, and, above all, on ocasions requiring
them. Now, this was not required by the
Exhibition of Industry, even though it were
to cost one hundred thousand pounds. How-
ever, it was decided otherwise. The Prince was
brought forward to make the appeal. And every one
looked to the next step, that of a committi e ot
eminent men, in the front rank of science, of influence
and of wealth, whose very names would have been a
guarantee for a large suoscription in the first place,
and for its due and trusty management afterwards.
Instead of this, no erica committee is collected or
named. A royal commission is talked of, indeed,
having for its attributes the determining the nature
of the prises, the selection of subjects, and so on.
But for the first great preliminary employ ot money,
calculated at 50,0001., with that the Comm:moon is
to have nothing to dm This duty, agreeable
or disagreeable, lucrative or otheiwise, is un-
dertaken by the Society of Arts. We are
really very sorry for this, and it places the
Prince before the nation in the very last pos.tion that
a prudent counsellor, or one acquainted with English
habits, would have recommended.
This arrangement having taken place, and all
things being comfortably settled, qui.e " under the
rose," the Society of Arts make a first Wel of their
skill and experience In administration. At the mo-
ment of coming before the public with • subscription,
a moment and an act in which the utmost confi-
dence is the result should have btea at least affected,
if not felt, they enter upon a bargain, and issue a
report, which display an utter mistrust ot the sub-
scription altogether.
First of all, the Society of Arts, which takes the ma-
nagement and lead, declates that it will be held bound
for none of the expenses,—prudent enough. And then
it adds that it is obviously ck,ub.ffel wuether the
subscription will cover even the twenty thousand
pounds necessary for the prizes. In thus doubt they
recur to a contractor, a eanbuine gentiemen, who
has evidently • better opimon tat the chances ot
the subscription than the Society of Arts. And they
form with him one ot those aleatory bargains which
are only to be met with in the lottery office or
the gambling table, and in which rite Messrs.
Muisnv lay down a large stake, to be
trebled or bargain, ost. We will not say all we think
of such a with which the august name and
unbusiness character of Prince ALBERT ought never
to bare been mixed up. Fix we are sure that, in
after-times, it would be equally disagreeable to his
Royal Highness to perceive either that the Messrs.
Mutiny had made a hundred thousand pounds by a
great national exhibition, or that they were totally
ruined by the venture.
In these remarks we have not dwelt on the impro-
priety of asking for a subset iption for the exhibition
of national and European industry, without not
only consulting, but calling into the regular course of
management tne leading manufacturers and eminent
men of industry in the country. The Society of
Arts durst not have ventured upon a step so high.
handed did they not rely upon the name and influence
of PrinceALBSRT to carry them over every obstacle,
and enforce a triumph over every grudge and every
opposition. In this calculation we dare say they
are correct. Prince ALBERT'S name is encircled with
respect. His whole conduct since he has come
amongst us has made him attract his full snare of that
feeling ot loyalty and attachment which every English-
man bears to the (Insert. But we repeat it, this is
not a power or an influence, that the Society of Arts
ought to have wielded or have leant upon. 'The
purpose could have been attained without it, and the
project accomplished either by parliament and the
government, or by the country and its men of wealth,
industry, and taste. The Society of Arts has under-
taken to do without either,and to do it by the weight
of the Prince's name. This sheds a considerable ray
of glory and illustration upon the members of the
society ; but every ray of the kind is sub•racted, idly
and impoliticly subtracted, from the lustre of the
royal brow.

FRANCE.

PARIS, FaIoAT, 630 r x.
The debate in the Chamber to-day turned first upon
the question of subsidies to Monte Video, government
gismaadhig 1,150,000 fr. for that purpose. But as the
west bad only been presented to-day, and notices
W been given to read it, government consented to
take 500,000 fr. on account.
Than tame the debate on the demand for the pay-
Mint is advance of the first quarter in advance of the
budget of 1850. M. Santeyra said that if the money
was ivied it implied a confidence in the ministry. Re
knew that the money was necessary, bat he wished
she to show that he had no confidence is the present
eabinet. An amendment pmpoeed by that hon. mem-
ber was, however, rejected, and the law passed. The
motion relative to the circulation of the Bank of
France was under debate when the post left.
It appears from the returns of the Bank of France
just published. that the metallic reserve still increases,
being 11 millions in Paris, audit millions more in the
branch-baeks. The discount accommodation has in-
creased in Paris shoat # a million, and declined in the
departments nearly 11 millions, the amount of the
farmer being 41,386,738E,and of the latter 74,283,122 f.
Protested bills have decreased about 80,000 f in
Perim and about 30,000 f. in the provinces, the 1
amount of the former being 2,345,319 f., and of
the latter 1,879,046 f. Oa the side of the
liataities, the notes in circulation have decreased
nearly 1 million in Paris, and augmented &early
a million in the provinces. The account-current of
the brewery goes on increasing, being at present
79,241,324 fr., or about 5 millions more than last week.
Private emonnts-cureent in Paris are 21 millions less,
and in the provisoes almost without chssge, the
emenst of the former being 77,517,8951 r., and of the
the sem of 27,202,270 f. The whole amount of
the melellie reemee is now 423; millions, to 4321
NMI= et mites is eirealatios.
The ammittee affiliated to examine the prey'
the Malin to ekes article 1781 of the civil sod%
whisk idiom that, is dispu se between mamma and
servant% the former are to be believed on their &gaie-
ties. has had im report presented by M. asp:ay.
In what relates to seaters and servants, it recom-
mends tbat ao change be effected.ln the point which
esseseis masters and workmen, the committee de-
' dazes that there would have been necessity for moth-