The Express.
London, England, 1867-06-24 00:00:00

RAYMAYUL 6T.

THIN STIOIIIIO, PIUtiGLTION. Mr. Kendal and Miss Burke.
—A WILD GOWN. MOMS. kothern, Buckstone, Moue, Bogen,
Gordon, Ike. • Mesdames Burins Chippendsle, Dalton. Wright,
ite.—And Fidil OUT OF WATER. Mr. Commas, ate.

nuircitivra.
Tins Evratsa. TRUE TO THE CORE. Mews. Crabswirl. 11.
Maroon. 111 Forrester. KF. Edgar. de.. Misr Pauncefort
and Min !telly Moore.—Loon open at half-past seven . sem-
enre at Wahl.

emir D.
TM. EVENTVI, OUR DOMEKTIC4 —PYGMALION, OR, TUX
Kral( X YAIK. Werra Theme, lames, de.; Mesdames Reran-
bernaan. Raynham, Harland, Johnston*, and Holt—And TUX
I,IItEM II I.XIIIISIfIIIN.

HOLBORN.
Tim Ermined, TIIR CLOCK MAK KIPS HAT. lir. Venally
biesdanies Lennox and C. lisunders.—And TUX ANTIPODILS.
Here. E. I.:Arden, Voltaire, 0 Price, Blake, It Thorne, and A.
Emery Nesdaiard Ellen Terry, Raymond, and e. Saunders.

BRUNEI&
TWO SIFEWIWO, THE BALLINAELOB HOT; OR, THE FOR-
TUNES OF AN IRISH PEASANT.—Mr. O. Backatone ; Mr. and
Yrs. %Vitali*: Menem Hildebrand and 'lrmonale —Concluding
with ELLEN ANLI SUSAN. Mr. J. B. Howe di Mira S.

HIGH WATEZ AT LONDON DitDOIL
Till DAT —/Aandisi. 61 na......Atimone, 61i. 46m.
9146011,011--liontim 71 We.... —Afternoon, lb. a

LONDON, MONDAY. JUNE 24.

Ter position of the London and Brighton Rail-
way Company is in its way unique. Never have
the must private affairs of a great public company
been so completely disclosed. It is generally be-
lieved that the only chance of getting at the truth
in these cases, whether as regards joint-stock un-
dertakings or mercantile firms, lies through the
law courts. A winding-up before a Vice-Chan-
cellor or a Commissioner of Bankruptcy was until
now considered the sole method of eliciting the
facts—not perhaps in full, but as nearly so as could
be hoped. No extreme measures or law proceed-
ings have boon instituted against the Brighton
Company, yet the public have been furnished
with the most complete information respecting the
proceedings of that valuable though mismanaged
concern. The same cannot be said with regard to
the bank failures that within the last ten or fifteen
years have taken place. To come to a more recent
period, are we quite sure that we have before us
all the circumstances connected with the stoppage
of OVEREND, GURNEY, and Co. f Nearly every-
one believes that there is a great deal in addition
to come out, although he is inclined to think that
somehow or other the real facts will never be more
than partially known. But in the instance of the
Brighton Company public opinion has shown itself,
as might be expected, to be far more powerful
than even the courts of law. The share-
holders, backed by the public, insisted upon an
investigation. The demand could not be resisted,
and the end is, that we have on the one
side an elaborate report from the Committee
appointed to examine ; and on the other,
a reply from the Directors, both documents
leaving nothing untold. It is a great point in
these days of reticence and timidity to have the
facts bronght fully and boldly under public notice.
The company will gain in the long run. Candour
invariably pays, to use the lowest expression,
whether manifested by a great foreign government
or a small tradesman. When once it is known
that neither concealment nor deception can be sus-
pected, the credit of the company will profit in
proportion. This is an important feature in con-
nection with railways, considering the large amount
of floating debt for which they are periodically
liable. Nothing is worse than uncertainty. It is
impossible to devise a remedy for financial or
other difficulties until those difficulties shall have
been fairly avowed.

A more severe document than that issued by
the Investigation Committee of the Brighton
Shareholders could hardly be composed. All the
important points that it maintains rest upon figures
and facts which cannot be controverted. The
Directors do not attempt to dispute their material
accuracy. They of course deny the inferences :
that could only have been expected. It is a
very rare case for a man, much less a
board, to confess being in the wrung.
It appears, however, perfectly clear, that
since the retirement of Mr. LAING from the
chairmanship in 1855, when he was succeeded by
Mr. Lao Staiusree and afterwards by Mr.
ifORTHALL LAURIE, the capital account has been
more than doubled, while the net income has in-
creased by lees than a third. Of the actual sums
added to the capital during those years little more
than eight per cent. consisted of ordinary stock,
the bulk being represented by preference shares
and debentures. There is no controversy as to
these statements. The Committee, indeed, make
out a stronger case, by averring that not only was
a permanent charge incurred of 400,0001. a year
to earn an additional income of 113,0001., as
shown by the half-yearly accounts, but they
also contend that the latter sum should
be diminished by expenses that have been paid
Oat of capital instead of revenue ; in other
words, that there was no real increase in
bond jitk income at all. This last point, however,
ia a fair ground of argument, and we shonld hesi-
tate to pronounce an opinion upon the one side or
the other. The ingenious manner in which capital
has been mixed up with revenue and revenue with
eapital is an old characteristic of railway companies
from their very birth, and has more than once
baffled the scrutiny of the beat accountants in the
kingdom. Whether the allegation of the Com-
mittee be in this case true or not remains to be
proved. It is to be feared the presumption is in
their favour. Leaving, however, these doubts
aside, there is no question that the preference or
obligatory capital has been augmented in a far
greater ratio than the income.

This forma an important starting point in the
argument. The present directors say that it is not
fair to contrast their management with that of Mr.
LAINO, for the reason that while his was compara-
tively a quiet reign, they (the existing hoard) have
been obliged, cx weesssitak rein to contend against