The Express.
London, England, 1867-12-19 00:00:00

HMI! 1/111111, LONDON BRIDGE.

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LONDON, THURSDAY, DECEMBER 19.

Evzs in these days, when London has some of
the aspects of a city in a state of siege, when the
Guards are called to perform police duties, and
when the policemencarry soldiers' weapons, it is pos-
sible for something else than Fenianism to produce
what in the popular slang is called a " sensation."
The letteeef the Directors of the Midland Railway
which we published yesterday has had something of
the effect of an explosion, a cyclone, and an earth-
quake combined. Prices have toppled down, pre-
miums have been blown away, and the ground may
be said to be strewn with wreck. A more extra-
ordinary document, whether for its disclosures or
its principles, has seldom boon launched upon
publicity. There are some statements in it which
the Directors must be called to explain ; there are
others as to which no explanation is likely to be
accepted without the guarantee of an independent
investigation. Without raising a discussion which
may be premature, we must, in justice to the
whole body of railway investors, protest against
the new style of handling great interests which
this circular introduces. If it be true that the
Directors have committed errors of the first mag-
nitude, the fact would of itself produce an effect
sufficiently regrettable ; but when they pro-
ceed to state as an extenuation of their faults
that "it would seem that the cost of carrying the
" works of a railway into London is such as to defy
" all previous calculation," they not only alarm
their own shareholders, but attack the very prin-
ciple of railway, and indeed of all joint-
stock enterprise. The language of these
Directors is not that of the great world of business.
Calculation—which is nothing but prudent fore-
sight at work—is the essential and indisputable
condition of all sound constructive operations, and
the endeavour to throw off this primary duty is
ono that cannot for a moment be tolerated. It
is a culpably rash thing to tell Proprietors who
have invested 26,000,0001. of money in a railway
that they are embarked in an undertaking of un-
known extent, and under the guidance of directors
who will calculate if they can, but who, when con-
victedof mistakes, will boldly averthatcorrect calcu-
lation is impossible. Apart from this most reckless
declaration, there are matters in the circular which
must occupy the serious attention of the Proprietors.
The demand for an increase of capital to the
enormous amount of 5,000,0001. is one for which
nothing—certainly not the Chairman's speech
delivered last August—had prepared the Share-
holders, and its elements must be meet strictly
scrutinised. No irrevocable steps can legally be
taken by the Directors without the sanction and
assistance of the Shareholders, so that there should
be plenty of time to negative objectionable proposals
and decline unnecessary expenditure. It is to be
feared, however, that the Shareholders are already
committed to very large outlay, from which they
cannot escape. It appears that the enormous
sum of 900,0001. has actually been spent upon
additional plant and rolling stock. In all pro-
bability this money is owing to some bank of
which it has been borrowed. As an unauthorized
expenditure of capital which has yet to be raised,
this purchase deserves the strongest condemnation.
The Directors should be called on at once for the
fullest statement of their transactions. They
express. their " full confidence in the resources
" and continued prosperity of the Midland Rail-
" way," and truly it is a noble property ; but, for
that reason, it deserves to be protected from mea-
sures which have the effect of reducing the price
of the Company's ordinary stock from 112 to 100
in two days, and which, if not counteracted, may
have even more serious and permanent conse-
quences.

Sir John Gray, M.P., writes to the "Jerald re-
specting his objection to giving evidence ►t Dublin in the
case of the procesidonists :—" I asserted my right, as a
journalist, to decline, for myself, and every member of the
staff of the journal I am associated with, the odious posi-
tion of crown witness in a political prosecution. I hope I
did so in a manner not unworthy of the profession. I know
that a present and a late cabinet minister are of opinion
that I ought not to have been forced into a position by the
service of a crown summons, which rendered the course I
took essential to my professional and political honour."
The Tiints is informed that Sir Henry Storks,
G.C.8., has nndert.kcn the duties of Comptroller-in-
Chief of the War-office, with the position of an Under-
Secretary of State. Our contemporary has mason to be-
lieve that the government, in taking this first step to give
effect to the recommendations of Lord Strrthn►irn's com-
mittee, are about to begin a course of reform in the admi-
nistration of the army, which will ultimately be attended
with increased efficiency and economy.
_ .

The Italian Ministry of Foreign Affairs has
published the following notice :—" In order to spare the
persons who propose to go to France from this kingdom
any vexation, awl the chance of their being sent back in
the absence of regular papers, notice is hereby given that,
in virtue of measures adopted by the French Ministry of
the Interior, travellers will not be authorised to per
the frontier, nor can they enter the French territory
without passports r4l-ed by the diplomatic or consular
asents of France. Passports for the interior of the
Italian kingdom and workmen's certificates are not suffi-
cient."

The 1,14 Ontricr (Poland) publishes the sub-
joined ordinance of the chief of the police of that city :
" In virtue of an order of the Governor-General, I re-
quest the district superintendents of polio* and their sub-
stitutes to take immediate measures to compel children
to attend the popular (Russian) schools. The authorities
are principally to direct their attention to parents belong-
ing to the catholic and Jewish creeds, who, as has been
remarked, avoid sending their children to these schools.
The superintendents will forward to me every Saturday
• list of the number of children frequenting the said estab-
lishmenta."