The Express.
London, England, 1856-08-14 00:00:00

THE EXPRESS, THURSDAY EVENING, AUGUST 14, 1856.

will be maid when we state that the sum in
gispense, instead of &Welshing, is proved by the
WI-yearly balano►shest jest issued to be iscreariseo f
Daring the last six mode the expenditure under
Bit a renewal el rail aeselott • wail 63,1711. 12s. ld.,
whilst the t set Nib sit it out of revenue
Ts only go. $, mqvisutly, the sum
aftlield to the animal of rail account," which
Need ea the Stet Doe. last at 268,449 k 18s. 9d., is
mow soloed le /11.146 L 4s. 2d. In our opinion, this
palsy et muslostl7 lasting upon the future burdens
dish ebeill he bone by the present is excessively
*Mama The pub& will never feel confidence in
sallway property so long as financial tricks of this
kind are carried on. Were the present a period of
great deprosika and difficulty to the railway
Woe*, the tiosorgaese might constitute an excuse,
Omagh a lbw ome, he the temporary postponement
of charge. he resewals t bat according to the 1
showing of the Neestan themselves, the state of the
sempany is prosperous. The very first eentenee of
the report intimates that "the directors congratulate
the shareholders upon a considerable Increase of
receipts, without any augmentation in the ordinary
working expenses." Surely, then, at this period of
pesperity the Board might not to shrink from
Idepag any item of legitimate expenditure. Yet,
is item, is the natural bent ot railway adminis-
trative in this perverse direction that they would
probably start if told the plain truth, that the 6 per
Nat dividend now declared by the Loudon and
North-Western Company is not fairly earned. The
bet is, the Board have " put on the screw " to
queens out this rate ot distribution, apparently
sepulleas of the circumstance that the charges now
peelpened will inevitably have to be met at a future
period.
Not apart from the delusion which is systemati-
cally attempted in the handling of the " rail re-
'mai fund," there are other items of the accounts
to which, had we epees, the ariticiem of the pro-
prietors might be usefully directed. Making every
allowance for the extent of the company's spa►
dens, we cannot help thinking that, unless tams
be a design in the matter, laxity of ■smepwsit
is isdioated by the magnitude of two items slatedieg
empisdrely on opposite sides of the "General
Wenn "To outstanding accounts
ere by the company, 409,3041. 16s. 4d. ;" and ea
the other aide, "By outstanding amounts due to
the company, 640,7631. Os. 6d." These arrears
constitute a merlons matter, when it is remembered
that in the aggregate they amount to as mach as a
half-yearly dividend at the present rate of distri-
hada,.

IgDe Court.

Dlownia. Avon: 11.

Her Majesty's royal yacht, Victoria sad Albert, left
Pordsad harbour at nine o'clock this morning, with the
fistilla in attendance, sad promoded to Dartmouth.

Prince Albeit euiberked at three o'clock with the Prises
of Wales, the Right Hod. R. Laboucbere, end the Equerries
to Wsithig, la the hired steamer Dunnoutb, end proceeded
up the river Dart. _ _

The Queen wu prevented by the heavy rain from aitess-
peaylag hie Royal Highness. Later in the afternoon the
weather Improving, her Majesty, accompanied by the
Princess Royal and Prises Arthur, roved up the river la
her barge. Lady Churchill, the Hon Beattie. Rings
Captain the Hon. I. Demon and Colonel the How. C•
Phipps were In atteadanos upon her Majesty.
Her Majesty subsequently drove is the neighbonrhood.

Captaia Shepherd, Deputy Master of the Trial, Howe
had the honour of diming with her Majesty.

£00.1? 12.

The royal yacht, with the rquadroa la &Meacham, loft
lartmouth at half-part ala•, mad procardeil to Plymouth.

Shortly after the arrival of the yacht, Admiral Sir Wil-
liam Parker, Port Admiral; Bear• Admiral Sir J. Pim-
ridge, Admiral Beperintenden4 Major-General Ede*, De-
linty Governor; and the naval and military authorities,
paid their reveals to her Majesty.
Her Majesty, accompanied by t►e Prisons Royal, Prin-
cess Alio., and Prince Arthur, landed at Meant Hdrambe
and drove for some time. _ _ _

The Prices, with the Prises of Weise, and attended by
Colonel the Hon. 0. Phipps sad Captain Da Plat, visited
Keyholes Dzclea, sad the new barracks sad works at Mount
WWI.

.. __.
Admiral Sir William Parker, Boar-/Amin' Sir J. Plain
ridge, sod Major Gauen' Eaw had the ►oaear of jololog
the royal dinner party.
The bead of the Royal Marines played &wisp dinner.

Detpa'abse were reasived at t►e Colonial-06a yesterday,
frees the °overman of Assn.& sad Non Zealand.

There is another point to whieh we will also call at-
tention in anticipation of the meeting to-monvw. The
aggregate capital of the London and North-Westernl
Railway Company, upon the whole of which interest
land din/lend L now charged to revenue, ammints to
the met total of 33,489,8631., including the one-
pany's interest in subsidiary lines. Haire shareholders
IMP! formed in their imagination a limit at which
these constant additions to the capital of the under-
taking are to stop ? Ica Febreary lest a great parade
was made of the report drawn up by the "Committee
of Coosultation," whose !enrage wan mast explicit
upon this subject. They declared that they "look
with the greatest apprehension upon the large
augmentations of capital whisk ham Mee,
mad still are, in progress, sad the time
is rose when a Anal stand mast be seder They
further observed, with great truth, " the shareholders
may be neared that segmented= of capital mesas,
generally, diminution of dividends." As the *ma-
mines were so fortunate m to "find an entire ma-

swam on the part of the Board in these views," the
hops was naturally encouraged that a more prudent
policy was shoat to be inaugurated. Yet the se-
eau ts sow lined prove that the growth of the
capital acocoant premeds at its anal steady pee".
Dewlap the last viz maths the sam selling for
interest or dividend oat of revenue has increased from
33,169,9821. to 33,489,8631.—a difference of 329,8711.
The constant swilling of the capital mount*
of railways seems a fixed principle, for
all the riding antherities have a direct
interest in promoting the movement, whilst
shareholders are too apathetic to step forward and
arrest ft. Yet, if one fact be unmistakeably proved
by oar railway experience it is this—that oompanise
whisk begs. with a comparatively small capital, and
imbued themselves to their own legitimate amide,
have almost uniformly paid large dividends, and that
the extension of the original undertaking into a
variety of bah direotioos has infallibly resulted in
diminished dividends and impaired credit. It is to be
, sersestly hoped that the warning will not be an.
hooded, sad that shareholders will combine to arrest
the misehief before it makes firths' progress. Let
railway proprietors tarn their attention to the dere-
, lowest of their trail* and resolutely at their faces
easiest the periodical reemantendations of directors
in favour of new Imam, brushes, extensioss, and
other project', through which the interests of the
original stockholders have already so seriously
suffered.

EITRZWION OV ENOLIER GOODWILL TO ITALY.
I—The biat we yesterday threw out respecting pre-
ante of artillery by the great lloglish towns to the
Sardinia' grasenseset, has nest with a awn prompt
imposes than we meld have anticipated. Already
have we received eine of sabseriptiose some
cheques outlay seciessd—te the sweat of nearly
fifty pone& For various ranee we menet take
epos es to be the tresearoes of seek as nedsetaking,
bet it will giver singers pleasure to co-operate with
say pumas willies to take the Monne; me, In
order to at the movement fairly in foot. is
treated la ea unnalvocal expenrion of the coeftilsose
and sympathy with which England roger& the
coomitatioeal goverameat of tlerdinis, as the tem-
mutative al the national part, in Italy. Threanised
se Piedmont is by the vtarldoireperadsned
no wee appropriate tsethisesW albs ImeginsdAll=
the teatime retie Milted mike amil Nap. If at
the walls el Aftessehia meld be pissed see gee with
the hiscription ulte gift of Lesion," hither with
u The gift of Bbmiegbem." forth, bet! Meads
and foes would embestasit the maertlng of each re-
sists. Thq wield go ter to avert Gem Italy the
necsimity et antmding egoism foreign foes while
working oat her MI 'eternal regemration.

TER GIVAIDS' FornvAL—By referring to ear
advertiaing camas ear readers will learn that the
preparatioaa for the dinner to be gives to the
"medal as" of the Clouds returned from the
Crimea are nearly complete. The thaw is to ease
off is the boll of the Burrergerdess, as the 26th
inst. The mew in with* the invitation has boon
ac opted, both by the somoommiosioned acme and
privates, shows how justly they appreciate the com-
pliant paid them by the inhabitaste of Landes.
The rate at which the sabearipture lista hare filled up
shows bow earnest sad einem is the desire of tie
LosConers to carom their esteem for their own
paella: garages. There con be no doubt therefore
that the festival will be in every reaped a most
gratifying ow. We have Daly one wish to express
regarding it—that the surplus eabsoriptioca may be
saloient to endow some parmesan charity 0311•
steal with the army, as • luting memorial of eo
joyous an ,tames.

A letter to Le Nerd ear The bridge over the
Vistula is beim im•Wmted with smivity, sad
it Is 11.'44 the wefts will be do winos et
Mt Tow moms ef eseeenelisse allowed k sb• Seee
boom et seem Wilkes el vill pliably mei
Wee edam, bee the 011iembree ase Woe Ie leartee
We mem Tb.bsbyeanefibbed e.bM Ms fell
impereisee Sidle retlerey wal
eleedy be exisoded..ead Matte IWO= Peteesbeei
Is Worm"