The Express.
London, England, 1867-04-09 00:00:00

[STAMPED, 1L ADDITIONAL]

*parttng intelligtna.

NEWMARKET CRAVEN MEETING.—MoNnAv.

The opening of the campaign at headquarters, in addition to
being an event of true enjoyment to the lover of racing, Is also
one of great importance to tart speculators, as It Invariably pro- I
dares many exciting contests, and formhadows the result of the )
greet three-year-old races of the season. The Craven meeting
of this year prondses to nettle any of its predecessors in Interest,
as the fluctuating condition of the market on the Two Thousand I
and Derby renders the slightest movement In connev-Uon with
either race of more than ordinary importance. With their usual
regard for the convenience of the racing ?Milk, the Great
Eastern Railway Company- started special,' which left Shore-
ditch at 1 TS on Sunday afternoon, making a halt of ten minutes I
at Cambridge. Ihe journey to the turf metropolis was entirely
devoid of interest, and not only was there no betting on the
platform at Cambridge, but not a single horse was men-
tioned. Last night the Subscription Rooms were opened, heft
the attendance of members was very limited, ant we did not
hear of a solitary het being laid. l'he first day's racing did not !
bear out the early promise of an exiting meeting, as the al-
tendance was unusually small, even fur • Craven week. The
weather was bad in the extreme, and the wielders of the metal-
,
ties had to follow their avocation under great difficulties, their
'betting hooks beteg saturated with rain. Those who had the
good fortune to possess& brougham carefully ensconced them-
aches inside. and, rather than lower the windows, they aban-
doned
betting for the fore part of the afternoon. Alter the
Jaya aid had been about half
gone through the rain ceased,
but the wind which swept aliono the heath was very strong. The
sport, as will be seen from the appended return, was up to the
Newmarket average, and the 'noshes for several of the races
were remarkably good, terminating generally in favour of the
fielders. The first race was set for theesion at half.past twelve,
all the three entered going to the post. Rhymer I
being made a hot favourite, hut he was upset by Delium, the
least fahliCtl of the three. He, however, had several friends,
I and among the tint bets laid against hlaa was too to 100, which
I was taken by the Duke of Hamilton. The timehonoured
Craven Stakes produced a good entry but Lord Lion was only 1
scratched on
Xer'srp d by
tcewo„rgeneemeirres.P"Ve'r hattn
eny :Inbetej,
Witt odds of
10 to 1 on him, won as he liked by four lengths. In the next
race Lord Glasgow benefited the fielders, as his sister to
I archaism won easily, overthrowing a couple of "pots" In Kings-
ley and Leybutime. The superior form ahowu by Pericles In
the C5O Plate, which he literally woo trona start to finish, caused
I Julius to he Ipckeil for both the Two Thousand and Derby,
The Newmarket people were in high glee at the victory.
and many declare that the Guineas and Derby will
fall to Julius, for wieim they have • great fancy.
I Pericles it will be remeniberml. showed great form last
season at Northampton, and those who remembered his forward
running In the Earl Spencer's Mate stood him to-day, and home-
! tfted amearilingly. Cecrips achieved a very clever victory In
the Free limelleuri, and with the steadier of list 21b, beat a
large field of horses, many of whom have been recently tried
to be really good, and to some of these he was conceding more
, than weight for age. 'lle other contests will he found soft-
ciently described below ; bat we may add that the sweepstakes
over the Two Thousand course, although contested but by three
: winners, was a very Interesting race. Each competitor claimed
the four pound allowance. having started twice previous to the
I entry without winning. Bismarck had slightly the call In the
betting, hut the partizans of Matthew Dawson's stable lumped
the money on Flying Scud, who indstayed Bismarck, end
I won by three parts ..f a length, the success of the
violet and white" being still more cheering to the
friends of Julius. The betting I.n the Two Thousand and
Derby sou not very extenzive. For the Newmarket event Plaudit
was friendlces at 4to 1, but at a point more would have been
I hacked. Julius, from the great form of his stable, was lacked
for good money at 11 to I, mid 8 to 1 at one time was taken
about Vauban, but at the clime II to I was taken and offered
against. him. Marksman, at 12 to I. received mime support. For
the Derby the Bake was not hacked, but Hermit would have re-
ceived Mont:nee support could 10 to I have been obtained.
Plawilit was out of odour, but Vauhan was decidedly the lion of
the afternoon, being backed at 22 to I, 2C to 1, and 18 to I, for
immense sums of money. 1;100 to 70 was taken several Mines
about Dragon, and Julies at 22 to 1 was freely hacked. We were
' g 13.110 observe that fine Newman Aldcrott in excellent condi-
tion, and at Mr. Smile's ropiest Tom sealed, and with his clothes
on he could just draw est lilt,. There Is therefore no doubt that
he will once more be able to appear at the starting poet: in fact
ho will ride D'Eatounsel shotdd that hone be started fur the
Weenie! tomorrow "Tuesday:.
SwEerertere of 50 sora each, la ft, for 3-yr olds. Last half
mile of Beacon (*.aurae. .5 tabs.,
Prince Soltykolf s Dellum, by Newminater Media Noce,
Sat lib (2. Mann) I
Sir. Ten Breeek's La Sometime, 751 11116 H. Covey) 2
Mr. Hawksley's gliymer, 8.1 bib iMardharm 3
Betting : 11 to Sun Rhymer, 3 to I apt- La Surreal 's*, and 4
to I apt Denim. •
Tux MAVEN MSAILESOi 10 SOTS. each, 50 added for 8-yroldeand
upwards; weight for age, with certain penalties and allumuicie.
Across the fiat 1 Tittle I turbinate 73 yards . 7 subs..
Mr. R. Sutton's Lord Lyon, by Stockwell—Paradtmn, 4
yrs, tad llb iii. 714 ex.( (T. Chelloner) 1
Duke of Handtion's Sultan, t yes, est flub (in 71b ex.)
(A. Edwards)
Mr. Lowther's Assinehoine C5OO Syrs, Ad 10th (Cameron) 3
Betting: 10 to 1 on Lord Lyon.
- -

HANDICAP SWENINTAKIDI of LA AnYA. t i,, :.: for 31-r-otals
and upwards. Ditch mile 7 furlongs 210 yards'. 'll .ohs. )
Lord Glaigow's Sister to Ascham, by Tosopholite—Miss
Sarah. a yrs, 74 2111 .liibberd, 1
Mr. H. Coventry's Kingsley, 4 yrs. fist 101 b ;Goodwin) 2
Lord Sionifoni's Silanion, 3 yrs, Bat lab (Butler)

Mt MAan alau ran.

Bating: Ato 4 airstiii;;;;;;s7.4 1 apt Lytham and
Thalia, Bto 1 each apt Violent, Leyhourne, Sister to Aschatu,
the Annie Laurie cult, and Oulnirere, and 10 to 1 agst
SWEEPATAKE4 of 2$ rota each, for 3.0-olds: colts, Oat 1011, :
6111e6 Sal geldings, Oat 711; winner to
be sold for 4A6 sows. T.V.C. furlongs 140 yards,. 15 'MI..)
Count Lagrange's Breton's°, by Ventre tit. (iris—Lcslue,
bat When!) I
Mr. Carew's Natty, hat
' Betting opened at 6to 4 tin Hatty, but cloud at 6to Son
Bretollue.

1.111117;AP PLATE of SO WWI., for 1 yr-oldo and upwards. T. Y.C.
Duke ,tf:Neweestles Pericles. by Nernsinsier—Perl. 3 yrs.
. .

-
B.st Alb
A. Edwards) 1
Lonl Glassnw's f by Tozopbollte— Mild of Masham, 3 yn
tilt Alb oar Est 716, • llordsni ?.
Lord Westosorlamq Indian star, 4 yr*, 7st UL ,Kenyoo, 3

ide t u othen Chu nn.

Betting : Stn I nut con k sicrstef to I sgst (tar, ti to I add
Indian SW: s to I ,•sch afist Penclet and Magpie. It to I 3.4...5t
Union Jack, and 10u to s each aust Ft:odor and the Maid of
Shoham Illy.
Fuss 11.1131OKAP 81PFSEPSTARf31 Of tO SOTI. each, It ft, with 300
added, for Syr-olds and upwards winners extra, Brett*
Stakes Course fax furlongs'. ,?..1 salsa 1
Mr. Yleudnes Cecrops, by eircourt--OuTlaaa, 4 yrs,
9111 alb :T. Yreach) 1
Duke of 11e.auh:rt's Lord Ronald, S yrs, Vat Mb :Yordharn
Mr. Y. Klllot's Leases. 3 yrs, 64 (Goodwin) 3

Teu'utlers also ran.

Betting:.'. to !sot i';;;r2;t::11 ag;iii;per, 8 'to 1 each wet
Diadem and Loral Ronald. 10 to 1 agat Paris, 12 to 1 sot eecTllPil.
100 to a apt Leases and Ileauelerk. and 100 to 7 mid Thallasslua
st.troi, 100 h ft. Last half of Atilninkm 1101.
Louil Westmorland's Ulishus, by honnimitcr—!hurls.
. _ .

dna, 4 yrs, nst 101 b J Goateri 1
Lord Conynham's Dr. Syntax, 4 yra, Tat Db .... (Hibbard) 2
Betting : 7 to 4 on Dr. Syntax.
OWKEINTAKIIS of 50 sans. eac h ft, for Malden 5.yr400 mite:
horses basing started twice allowed 416. Howley nine. (1 mile
17 yards. subs.•
Duke of Newrtistle's Flying Scud late Hatter', by Orlando
--Gossamer, tist alb A. Wiwi:din 1
Captain Ilasksley's Bismarck. Sat sib (Yordbam) 2
Mr. Batson 's Elaninur, Sid 0111 (Deacon! 3
letting: 6to 4 NW Bismarck, 7 tot sot Flying Scud, and
100 to :10 Not EftlloooUr.
PLATE of sort., for all ages: weight for age, with soiling
and other allowances. Criterion Course. :6 fmiongs
koffs Demonstration, by Marsyse7O y.D.‘

,t 100;, 2 yrs, tat •(loudtin) 1
Mr. Tm flroeclis Ls sorreutlus ' elf* ,3 yrs, BA 'cars.' 211,.
ilfonlham,
Captain Machell's rocket Hercules ,C 100„ i yn, Sit
(Mick) 3

Four others also ran.
Betting sto 4 agat the Presumption volt. •tol Mg Demon-
stration, Sto I suet Apron Strings, NO to 9 apt Urm-nra, and
lee to 8 each sot Pocket Ilercnies and La Sorrantin.
LATEST BETTING ON THE COURSE.
TWO THOUSAND.

4 to 1 apt Plaudit ,ot) 9to 1 apt Vauban (t`
11 to 2 Julius t, I 12 to 1 Star ►amau (t)
eIIEgTER CUP.
40 to 1 west homers III)
DERBY.

9to 1 agat Hermit (off, t lOOO to 70 Ned Dragon 11,
10 to 1 Ilk to 0 Vaulgui off, 20
100 to 8 Plaudit oT to 1t f'
AI to 1 sot Julies t and off, after 24 to 1 hail been t f)
GO to 1 rya Yemenis off, 1000 to 15 o

LATINT BETTING AT NNWMARKEZ—MIDNIGHT.
For the Biennial Lrfaiournel waa In great force, being backed
almost at the bet moment for CAM at 2 to I by the Marquia of
Hastings. Offers were made Immediately afterwards to accept
C2ouu to glom about him. 2to I was Mkt In one instance on
Irgabairnel and Valdun azdust the geld. Pto 2 was taken about
Plaudit for the Two Thousand. Below are the gnotationa

NINTH BIENNIAL
2to 1 got D'Entouniel it 10 to 1 pat Tarlatan 2)
2to 1 Vauban t, I 12 to 1 Rothounte (t
7 to 1 11'nnighton sad ot1)
to £lOO
TWO THOUSAND.
oto 2 apt Plaudit t, I to 1 ova Toulon (t)
to 90 Julius t three 1! to I Marksman 1)
tins)

23 to 1 net Taraben t' --
1.00 to 100

IWO to 00 apt Vauban 't& on)
Wit brogue A;

RAILWAY AND OTHER BILLS IN PARLIAMENT.—
Yestenlay, in Lord Redesdale's committee of the House
of Lords, the South Eastern Railway Bill was passed with
certain amendments. The Milford Haven Dock and Rail-
way and the Midland Railway (Derby Gasworks) Bills also
through. In the House of Common.' committees
in Dodson 's committee) the following bills pissed
through :—The Llynvi and Ogniore Railway ; the Water-
ford and Wexford Railway and Rosslare Harbour Bill ;
the Barnoldsvrick Railway; the Norwich and Spalding
Railway (with amendments) ; the Tendring Hundmls
Railway ; and the London and North Western and the
Lancashire and Yorkshire Railway (with amendments).
The Solway Junction Railway 11111 was referred back on
certain points of detail. In group 3, the Devon and So-
merset (deviations) Railway Bill was unoaxised, and re-
ferred to the chairman of committees. The committee
proceeded with the consideration of the group of Devon
iThe bills of the Ilfracombe Railway and that of the
Devon and Somerset and Bristol and Exeter Railways
were further considered, and again adjourned.
OILYSTAL PAISES. ONZ 13linumio
MONDAY, APRIL N. Admissions on payment, 607 ;
ditto by seseun tickets, SZo2. Total vlaitors, 1,G39.

[TWOPENCE

THE GREAT EASTERN RAILWAY.

The annexed important circular has just been
issued to the shareholders of the Great Eastern
Railway Company. The chief defect of the
scheme proposed seems to be that it invites prefe-
rence shareholders and other persons having claims
upon the company, not only to accept debenture
stock in lieu of cash, but to subscribe for a further
amount of such stock. The arrangement for
creating a special debenture fund at the Bank of
England is highly judicious, and ought to be
adopted by other railway companies :
TO THE NHAREHOLDERS OY THE GREAT EASTERN RAILWAY

COMPANI.
We, the undeed, having been deputed by a meeting
of the principal hers of the preference and ordinary
stocks in the company to consider and advise on the
oourse to be adopted for the preservation of their pi operty,
report as follows! viz.:—The net annual revenue of the
company is sufficient to pay all the preference interest and
dividends ; but from the distrust now affecting all railway
securities the company has been obliged to employ that
revenue in meeting capital obligations ; hence the non-
payment of the two lag half-year's preference dividends.
To meet the dividends now due, anil to liquidate the
existing engagements of the company on capital account
(other than the Metropolitan Litensiona, which will be
separately provided for), will require 1,500,00 w. sterling.
The interest paid lass year upon 800,00 W. of temporary
loans exceeded 60,00 W., which would represent the inte-
rest upon 1,200.0001, of the debenture stock subsequently
referred to. We deem it micelle' to the restoration of
the company's credit, and to the permanent security of the
preference holders : Ist. That in order to meet the inte-
rest on the debentures and debenture stock, and so
afford absolute security to the investors, there
shall be paid, under parliamentary obligation,
week by week, to the credit of three trus-
tees, to be nominated by the governor of the Bank of
England, such a proportion of the traffic receipts as will
meet the current interest on the whole of the debentures
and debenture stock of the company. 2nd. That three
trustees, to be appointed by the preference shareholders,
shall be vested with power to veto any further capital ex-
penditure or liability beyond that now existing which they
may disapprove. 3rd. That in order to provide for the
dividends now due, and to meet the pressing requirements
on capital account, there shall be created, under parlia-
mentary sanction, one million and a half of debenture
stock, bearing interest at the rate of :11. per cent. per
annum, to be offered to the preference shareholders, and
such persons as are willing to receive it, in satisfaction of
their claims, and to be payable by instalments ranging
over three years from the present time, having the
dividends or sums now due written up in part payment.
These suggestions, if carried out, would secure the divi-
dends due, and would discharge all pressing obligations
(the enforcement of which would seriously affect the inte-
rests of the guaranteed and preference holders), and tend
to restore the credit of the company. The company being
unable to meet the interest on their preference stocks in
cash, it is obviously desirable that the holders should be
funiished with an interest-bearing document for the
amount of dividend due to them' and which, having the
sanction of parliament, might be sold at no great sacrifice,
while those persons not under such necessity would ulti-
mately realise their claims in full, with interest thereon at
the rate of five per cent. per annum. We confidently re-
commend this arrangement for adoption ; and should it
meet your approval, be pleased to sign and return the an-
nexed form of reply, not later than the Pith instant, for
the information and guidance of the committee in seeking
the necessary powers from parliament.
CHAS. K STEWART, London.
GEOHIJi P. 11 NH, London.
JOHN D. BIHICHALL, Leeds.
JANICS CHAIMHX, Manchester.
London, April 8.

Nora.—An example of how the above scheme would
work is here shown : A holder of I,OuU/. of ti per cent.
stock, with one year's dividend vv.) unpaid, would receive
scrip representing four years' dividend, or say for 2001., of
which NC would be written up as p.iid, leaving 1501. to
fall due, by instalments of tif., un SepteuiLer 1 and
March lin each year, until fully mud up. There is no
obligation on the bolder of preference stock to keep the
scrip.

GENERAL EXCHANGE BANE.—A meeting of the
shareholders of this concern, convened by the protection
committee, was held last evening at the Whittington Club,
Arundel•street, Strand, Mr. Frederick Piercy in the chair.
The chairman explained that the meeting had been Galled
for the purpose of giving the shareholders an opportunity
for an interchange of opinion, and with the view of de-
ciding upon the best course for their benefit. After he
hat beau appointed joint official liquidator with Mr.
Cooper, of the firm of Johnstone, Cooper, Whale, and
Evens, he found it would be necessary to knock off one-
third of the IX which was supposed to have been paid in
the General Exchange Bank, and fur which they were to
have got in the new bank three share*, credited with .
each. He did not blame anyone for refusing to into the
London Exchange Lkurk. Referring to the Cc nend Exchange
Bank, he mud it was an bad in its infancy as in its maturity.
The old London and Hamburg Rank was in a very bad
state when it was handed over to the Bank of Europe, or
u it was called, the General Exchange Bank. The
liquidators found the share fist of the latter concern was
full of what were called " dummy " shares, and they now
found that a large sum had been expended for rigging the
market, from which the shareholders had suffered toe great
extent. He remembered having seen the shares of the
General Exchange Bank quoted at 31 premium in a
weekly clam newspaper, and be found the next
day that if he had made a purchase on that representa-
tion, he would have been possessed of shares which would
not have been accepted as a present. He was happy to
say that their solicitor believed they had a good use, and
that there was every prospect of the ehartholilers obtain-
ing justice. Steps would be taken for proceeding against
those who were falsely credited, and they had also very
good grounds for believing that they would recover the
entire of the promotion money. In conclusion, he thought
it would be advisable to turn the compulsory order for
winding up into a voluntary one. Mr. Bennett, who
referred in strong terms to the late directors of the Gene-
ral Exchange Bank, adviseJ the sharehuldera to attend at
thegeneral meeting this evening and look to their interests.
Mr. Howell said that at his instance Mr. &beau& had
resigned his position as solicitor to the liquidators, and
another gentleman had been appointed who he had no
doubt would do justice to the proprietors. There were
" dummy" shares to the extent of 31,000/., but he could
not say how much might be recovered. The committee of
dissentient shareholders had objected to his appointment
aa liquidator, inasmuch as he tilled the office of auditor in
the new company, which be only coneentell to take be-
cause it would he more economical to the company. Mr.
Cooper said that from the first he had been in favour of
a voluntary winding-up as the must econondiad and speedy
mode of settling their affairs. Other s!lareholders having
even expression to their opinions, the meet rig separated.

TELi:GRAPH le Con YttNltslioN ItETa EEN TUN
UNITED KIM:IAM AN I) Dv DEPEN lIENCI EA. FrOM a
Treasury minute, dated Pith Jan. petal, issued yxstenlay,
it appears that Lord Derby and Mr. Disraeli submitted
" whether encouragement may not be afforded to com-
panies willing to lay lines of which the government ap-
prove, by the goveininent causing surreys, where none
now exist, to be made of the route along which it may he
such companies
silzunldiale.yi,!gaitdh;., liyrenlen
cables, by.ainiexiiisiit"onfceant;
of her Alsjesty's vessels, in the same manner as was
recently afforded by her Majesty's ship Terrible, in the
cave of the Atlantic cable ; and by using the good °Mies
of the British government with any foreign govern-
ment upon whose territories it may be requisite to land
I cables, or to lay land lines. My lords entirely coincide in
the opinions expressed by the Earl of Derby and the
Chancellor of the Exchequer, and they will have them in
view in the event of any arrangements being node with
any company or companies for the purpose of haying tele-
graphic cables, or erecting land hues of telegraph. In the
meanwhile, it appears to my lords that it will be advisable
; to designate those lines of communication which they con.
Rider are most called for by Imperial and commercial
interests, and towarile the formation of which they are of
I opinion that the countenance sad enoouragement of her
I Majesty's government may properly be afforded in the man-
. nor indicated, viz.: 1. A direct line between Falmouth, or
some other point on thee:mat of England, and i lilwaltar,with-
out touching anywhere between those two points. 2. A line
between Gibraltar and Malta, witlicuttouching at any inter-
mediate point. 3. A line between some point on the Egyptian
territories, to be hereafter decided, and Allen, and from
thence to Kurrachee, touching rat the various !Nimbi which
may be thought requisite. 4. A line from Rangoon to
Singapore, touching at Penang and other points, if deemed
necessary. ii. A line from either Singapore or Malacca,
whichever point may be foiled meet suitable, rid Java, to
some point on the coast of Australia, to be hereafter
decided. 6. A line from Singapore to tilt:inglete. touching
at Hong Kong and other points, if deemed :tilvisable,
including Saigon, if the French government concur iu such
a proceeding. 7. A line from tilaanghse to Japan. With
regard to the several proposed lines of telegraphic own-
muniention, my lonic are glad to find that, with some
slight exceptions, the whole of the routes along which the
lines in question would be laid have been evimitted, and
the soundings completed sufficiently for telegunpliic pur-
poses. by the Admiralty."
THE J APA MAE TROUPE.—Last evening, tin the
occasion of the birthday of his Majesty the King of Den-
mark, his Royal Highness the Prince of Wales and a dii-
tinguuthed company, specially invited for the occasion,
witnessed the performances of the Japanese troupe who
were introduced by Mr. Mitchell to the Prince of Wales,
Mr. E. Prior, Mr. W. Grant, Captain Page. and Mr.
Nimmo accompanied them. Mr. Grunt during the even-
ing rendered all the explanations of the feats given by the
Japanese artistes.