The Express.
London, England, 1856-03-25 00:00:00

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LONDON, TUESDAY, MARCR 25.

NEAXLY all the half-yearly railway meetings are
now over, and even the Eastern Counties Railway
war has at length been brought to a conclusion. The
angry feelings which were excited amongst most
of the active participators in the struggle have—
temporarily at least—subsided. The contest, though
a prolonged and determined cue, results in the
reinstatement of Mr. WADDINGTON as Chairman of
the Company, and in the defeat of the advocates
for a reformed management. The whole of this
phase in the Company's history is peculiarly inte-
resting, inasmuch as it places in a striking light the
strange blindness of the MISS of the proprietary to
their tree interests, whilst it illustrates the fins hold
of power enjoyed by directors under the existing
system. Here is a Company in which lamentable and
deeply-rooted abuses are proved to have prevailed. The
directors have been found guilty of sacrificing the
shareholders' interests to those of favoured parties. Ar-
rangements and contracts which had been denounced
by the official auditors were permitted to continue,
although the power to terminate them rested virtually
in the hands of the board. The system of accounts
was so irregular as to be visited with public condem-
nation by the Company's own auditors, and even by
some of the directors themselves. Old disputed
claims of four or five years,' standing, and irre-
coverable by law, were improperly introduced into the
accounts es meets available for dividend. In at least
one important department of the Company's besieges
no balance-sheet had been struck for years. The
permanent way had been suffered to fall into such a
disgraceful state that the travelling public were
startled at witnessing memorials from town councils
and from meetings of the local population, earnestly
invoking the immediate interposition of the Govern-
ment. From the investigations of two engineers
deputed by the Board of Trade, it is shown that the
ruinous condition of many portions of the line involved
imminent peril to the lives and limbs of the par
&engem, and that the timber structures in places
were so rotten that they could be broken up as
readily as " garden mould." Wonder is eves im-
plied, in the reports of these official inspectors, that
the works have hitherto bores the strain epee them,
and that some fearful crash and loss of life has not
occurred. The directors' own officers admit that,
owing to pest negligence, a sum of no lass
than 160,0001. is required to be expended forth-
with in petting the line into repair. Can
stronger proof be wanted of the wretched askew
nagement of the affairs of this undertaking? Is it
not perfectly clear that its past dividends mast have
beets, to a material exteat, &thieve, Ma'am& es
no inconsiderable portion of the sum distributed as
" profits " ought to have been applied to that essen-
tial object—the maintenance of the line and works in
safe condition P Is it not equally evident that ths sys-
tematic irregularities exposed are utterly at variance
with every sound commercial principle? We cannot
imagine a process of reasoning by which a rightly
thinking man can arrive at any other cionelmioa.
Yet, despite the insfregable proofs adduced with
respect to these tad many ether charges against
Mr. WADDINGTON, he is molested!
It is true that a majority of the personal votes—
licluding proxies and the votes of the proprietors
present at the last meeting—were against Mr. WAD-
Du4GTA and his two friesda But, owing to hie
party holding the largest amount of stook, a prepon-
derance was finally established in his favour. From
this fait some idea may be gathered of the muss by
which the Chairman's moms has best achieved. The
simple truth is, the emits of victory have been tamed
by the exertions of railway capitalistes sontneters, and
other parties deeply interested in the asaintenanse et
the old rigirnt. It was felt by ediktais is every part
of the kingdom that the mem of the Tina
movemest in this one Melanie would inevitably
be followed by similar attempts on the part d
other railway constituencies. Thus, an interested
combined°n has been orgaaised, against which
the efforts of the majority of the shareholders have
proved vain. Even the °Weeds= raised by the
auditors to the latest accounts of the company,
although proving that the old abuses retain
their full vigour, failed to damage the Chairmee's
mass. Bat here arises a gelation, which it behoves
the Eastern Counties proprietary to madder ear.
mostly. What confidence can the public possibly feel
in balancoohests to which sespisics so deservedly
attach= P When inverters see the auditor* of the
company repeatedly uttering warnings against its
aconite as delusive, sad end some of the meet
influential and respectable shareholders patenting
against the dividends as merely lotitieue—when,
sotwithstaadiag this, they see these same amounts
and dividends approved and pealed without further
ozeraiamien—is the Meek of the undertaking likely
to resume he proper position in the elms ef legiti-
mate neuritise? The shareholders, by the pro-
longing a diseeritable system, are committing an
net of commercial suicide. Every one admits
that the Company's bails is susceptible of great
and remunerative development. But what Indiana
as be placed spots its aszatoresed management, se
apes the statements emanating from seek an WOW
ties P One of the worst features in the ease is, that
Mr. WADDINGTON and his triads appear sow to be
poneeteed of absolute power. The Chairman's first step
was to depose Mr.Baucs, hitherto Deputy Chairman,
who has bees ape of the most Mire members of the
reform party. Mr. MAZGRATI, rather than act with
the Chairman and his matures, has already resigned.
Mr. B.ma., another of the directors, ensconces that
he would have immediately adopted the same step,
were it not that he specially repreessm the interests
of the Northern and Eastern Company, which is as-
sociated with the Eastern Counties. What pelisses,
we again ask, can be plaited epos a Direction thus
free from salutary check. and representing solely the
views and tortuous policy of Mr. WADDINGTON P
In considering, however, the inflame of this sow
test upon the general railway interests of the sonad7,
there is room for more hopeful anticipations. The
triumph of the old administration of the Eastern'
Counties Company may retard reform in that parti-
cular quarter; but other boards, which do not possess
Mr. Weernmirron's skill and experience in orgenisieg
support, have been put in sore dread by this experience
of the hostile position which shareholders, when really
aroused, can assume. Officials have no fancy for