The Express.
London, England, 1859-09-02 00:00:00

LONDON. PXIDAY, SEPT. 2.

Tan position of oar great railway companies is
visibly improving. Financial irregularities ere IX.
coming more rare; more attention is paid to economy ;
and as the geeeral progress of the traffic is extremely
satisfactory, the prospect of remunerative result, to
railway proprietors is beooming more and more hope-
ful. Below we recapitulate the rates of dividend
declared on the ordinary stocks of the leading com-
panies (or the six months ending the 30th June in
the last three years:

18.19 1858 1857
P. ct. P. et. P. et.
SAL NAL
London and North Weetdrap. 41 ..p.st. ..p.
Gred ,Irru
londos rod Sahib Woman .. 43
Berwick
York and Ntatil 41414•41 .. 3 .. 4
h EMS rn
Midland
London rad It
I . •

Loormiko mid Torloileo l.. .. I
Overt Nortliors
Zoos Cowin
Nortilh Irttiob 3 •... 1
Coloaka•

- I
Railway profit,, as • matter of coarse, are to•
great extent dependent upon the amount of the
gross business. Trade in all branches, internal and
external, was unusually active in the first nine
months of the year 1857, although the event proved
that the stimulus was not entirely of • healthy
&muter. In several instanoss, the dividends of
1859, in consequence, do not compare very faro/ar-
idity with those of 1857. The exceptions are pre-
sented by the Great Western, South Eastern, Mid-
land, and North British Companies, all of which
have announced larger rates of distribution. A
comparison of the dividends for the fir..t six months
of 1539 with those for the corresponding
period of 1858, showy, however, a decided
improvement, affording at once the assurance
that an important class of investments is becoming
more remai restive, and that the general trade of the
country is steadily increasing. It has often been re-
marked that when our railways are prosperous, the
community at large we doing well.
As proving how rapidly railway traffic can grow,
the statistics of the Midland Company may be cited.
For the last six menthe there hes been an ;lamas,
under every hand—dos.: An increase in coackifne
traffic of 17,78841 is merchendise of 32,8151.; is
minerals of 22011.; and in cattle of 1,1591.; reek-
ing • total Wastes of no less than 71,1311. The aggre-
gate re.sipts of the undertaking for the last half year
are thus rsi+ed to 910,9361., against 838,9731. far the
corresponding period of last year. As this important
increase of income has been earned at a relatively
mallet increase of expenditure, the dividend frtwd
beemes 314,6021, against 2514,1341. last year. The
railway proprietors' maxim should ever be to keep
the expenses down, and to rely upon the progress of
traffic for an increase of dividend. The present
prosperity of the Midland Railway Company, es
denoted by the aagmentatioa of the dividend, by the
rise in the price of the ordinary stank eosin per cent.
premium, and by the high credit enjoyed by the
company, indicates what may hereafter be accom-
plished by other companies now ander a cloud.
The Midland Railway, it is true, occupies
a peculiarly strong and independent positioc,
but other undertakiogs may yet become almost
equally succereful, provided the resources of each
be developed with an equal degree of care.
Whilst congratulating the Midland shareholders
upon the improvement in their property—a property
which represents an actual outlay of upwards of
twenty millions sterling—we find in the statement
of accounts last submitted half•a-dozen points which
prove—what railway shareholders an now becoming
well aware of—that directors require to be watched
as narrowly as ever. The aggregate capital rapes.
diture still grows far too quickly. The motley on
capital account far the last six moths has been

much as 90,8664, or 16,7561. more than the
screw io the gross receipts. This emporium
furnishes another proof that, no matter how rapidly
the traffic may rime, the outlay of capital will always.
wiles* rigidly checked, increase in astill greater ratio-
The item which chiefly moires explanation upon the
present occasion is 22,2031. for the old " main line?.
Is there tear to be an end to the exproditure on Capi-
tal Account on this portion of the undertaking:'
Thee, again, we remark that, against the increase of
74,1311. in the half year's traffic receipts, an addition
of 59,093/. has been made to the permanent expen-
diture for working stock. Nor is this all, for, at
•be general meeting recently held, the directors ob-
tained leave to expend and charge to capital a fresh
gam of 42,7604, of which 21,0001. figures again
under the instiller bead of "Rolling Stock,"
whilst 13,0004 is for a little speculation in hotel-
building at Leeds. If it be urged that railway
companies should not travel beyond their legitimate
functions, the success of the Great Western Railway
Hotel at Paddington is cut is the teeth of the
hardy objector. That metropolitan hotel having
yielded a good dividend, of course all undertakings
of a similar kind, even in the provinces, must prove
a profitable investment ; at least this is directors'
logic. But we have not yet concluded the enumera-
tion of the immediate additions to the Midland
capital, another vote having been asked, and of
muse obtained, for 14.710/. for tools, machinery,
horse boxes, and engines. As regards the engine's,
the Report naively remarks that they were " ob-
.. taised before a special vote of the proprietors was
" necessary to sanction the outlay." There is, it is
true, the germ of improvement in the official recog-
nition that the formal sanction of the proprietors
must be given to each individual item of expenditure.
Shareholders will do well to canvass these special
votes with the utmost rigour. Let them never
forget that the sums demanded each half-year
involve a permanent addition to the number of part-
ners loaded to share with them in the profits, and
that the new partners, in the majority of instances.
even possess preferential rights. The Slidland Rail-
way is a noble and improving property, and has
nothing to fear if the capital outlay be prevented
from assuming more onerous proportions.

Another prosperous company. the Great Northern,
whose ordinary stock, like that of the Midland,
stands at a premium in the market, likewise adds too
rap... 11 to the capital account. For the last six
month*, the Great Northern Muffle has increased

31,0001., bat the dividend has not increased. I luring
the same period a sum of 65,0001. has been charged
to capital. in face of the candid declaration of the
Chairman that " as long as shareholders keep in.
" creaming the capital account, so long 14 ill they
" put off the profitable malt of the undertaking."
Of the chrrges to capital 5,8361. is for law
and Parliamentary expenses incurred in the eta iggle
with the London and North Western Company, and
forms, it would appear, only a portion of the Great
Northern Company's law expenses set down for the
six months. It would be far more judicious and
legitimate to defray these charges '-om revenue. The
litigious propeesities both of directors and share-
holders are less likely to be checked if the oast can
he thrown with this questionable facility upon the
future. Then, the large sum of 25,0001. advanced by
the Great Northern Company to the Manchester
and Sheffield during the lets alliance proves to be
a permanent cession to the latter, who assign to
the former, to give a colour to the transaction, the
use of the station at Sheffield. The reasoning by
which this sum is carried to capital is very
unsound ; although, to say truth, no one expected
that any attempt would be made to deal with it in
accordance with sound financial pi:ncipies. The
amount of the " loan " may almost be regarded as
one of the losses sustained by the Great Northern
Company through their recent aggression.
We offer these remarks in no ins:dious spirit, bat
merely in order to remind railway proprietors of the
absolute necessity of continued vigilance. Even
companies of the highest credit have a proclivity to
financial error.

AUSTRIA.

THE EXPRESS, FRIDAY EVENING, SEPTEMBER 2, 1859.

LATEST INTELLIGENCE.

The following telegram has been repaired at
Mr. Raster's office this day :

VIENNA, BM. R. .
No measures announced in the Ministerial pro-
gramme have yet been serried out.
It is smarted that the privileges to be granted
to the Jews will not be the same throughout the
whole empire, but will be influenced by local
cireametancee. The principal pri% :lege granted to
them ill be the tight of acquisition of hoax, pro-
perty in larger towns.
It it also reported that Austria intends to discount
that portion of the Austrian debt which will be
trarvfetred to Lombardy, and to sell the public
domains.

A Vienna letter of the 27th tilt. says The
deliberations of the new cabinet cout;nue day after
day, because the wish ;n to bt'ng to a speedy con-
clusion not only what concern, the reconstitution of
the ministerial departmentn, but also to tin the bane
of the new policy. The mere suppression of the
ministry of commerce and the ruign'ng of its differ-
ent branches to other depertmentn occupies much
time."

EXPRESS FROM PARIS.

Crook oro own;

PARIS, TEVILSDAT EVENING,

While it is satisfactory to have to record a daily
increasing confidence in the estimate annexation of
the Duchies to Piedmont, it is impassible to shut
one's eyes to the fact that we are rapidly coming to
the kernel of the Italian nat—the Roman guidon.

The Constitutions', yesterday, in its otherwise
encouraging article, told as is plain terms that the
Emperor Napoleon cannot Include the Holy See in
the system of absolute non-inter caution which is to
be applied to the rest of Central Italy. The interests
of catholicity I'll, sa heretofore, in opposition to
those of humanity and civilisation, require that the
Pope shall be propped up on his tottering throne
by something more then a moral interference. True,
there is one mode by wHch the bayonets may be
dispensed with—papal reform; but as we know the
mat d'ordre at Rome in reply to all impertinent
observations is now possums's, we see that bayonets,
and nothing but bayonet., will be called into requi-
sition in the States of the Chu.ch. Our vulgar adage
tells us what is mace for the goose is ditto for
the gander. Bayonets at Rome—bayonets, then, in
the Legations. Can thus thing be ? Can that pre-
scription of highly tempered steel be ordered for
Bologna which, it 's admitted, will not be ad-
ministered to Florence ? The trsenetion will lead
to the horns of a terrible dilemma. But M. Privost
Paradol, whose signature in the Debate will be
hailed with satisfaction at this interesting crisis,
foresees a danger short of this possible armed inter-
fererce by France herself ; he says :

But may not the anthem of the revolution in the
Dacb'em in their turn makdain that to support the Holy &ie
at gums erti"e it is attaclr'ng the Legations, whereby the
entire divots' of its on a forces is *men t to it, is to wage
war indirectly spinet all the 'tees of Central Italy, rAd
the. to otwerve but imperfectly the. proclaim of stou•interven-
Lion, which now apperre to cerstitute the clief court, at
the insurrectionary dates?

Meanwhile order reigry in the Romagna. This
very let of September is the day appointed for the
meeting of the National Assembly. As in Tuscany
and in Modena, the members are chosen from the
flower of the aristocrecy of rink and wealth. It
appears that one-third of the chamber are nobles.
It is said that, instead of voting the separation from
the States of the Church and the sonexation to
Piedmont in two separate motione, es was done in
Tuscany and Modena, the Assembly will unite the
two in sue. Minghetti will, it is confidently anti-
cipated, ensure the obsei vow° of the same dignified
demeanour in the act* of the Assembly at Bologna
which has prevailed under the presidency of Rica-
soli at Florence; in particular an address to the Pope
is talked of, respectfully but firmly announcing
the national will. No militaq movements
are es yet circumstantially reported ; bat

the faces of the league have received & valuable ac-
cesaion, 5,000 Romagnol volunteers, who were
enrolled in the Sardinian army, having resolved, in-
stead of returning to their homes, to take seri,:ce
with Garibaldi.

As to the plenipotentiaries at Zurich they seem to
have come to an absolute dead lock: some persons
even go the length of emerting that they will sepa-
rate very shortly without doing enything. The
Indepoodance says "they have discussed none bat
the most secondary questions, and upon these tbey
have been hitherto unable to agree." Such questions
for instance as the nuns of the new kingdom, which
Victor Emmanuel wishes to call Upper Italy, and
Francis Joseph Lombardo-Srrdinis ; the proprietor-
ship of the Iron crown, and the right of bestowing
the order attached to it; and the extent of the cir-
cumference of the fortified places of Mantas and
Peschiem, which Victor Emmanuel would confine
to 600 metres, Frrncis Joseph would extend to
6,000 (the range of rifled ornuon), and which the
French plenipotentiary suggests she' I be 3,000, split-
ting, es it were, the difference between the two.
All this looks rs if the congress word ritimately
be called upon to do that which the conferences have
failed to do. According to the Borsets-lialle, the
treaty of peace will be signed in the course of next
week; the question of the Duchies will be reserved,
and that of the debt left to be settled by a commis-
sion.

Prince Richard Metternich im said to be gone to
St. Rumor, probably to talk things over in a
friendly way with the Emperor, who will, doubtless,
enlighten him • little u to the utter hopelessness
of the restoration of Fa muter's protegees.

The Bourse was very heavy to-Clay, owing chiefly
to the evident inability of the Zurich conterers to
do business to any purpose. The settlement, too,
wes unsatisfactory, many persona preferred to sell
and buy age, to paying 20 centimes, the price
uked, for continuation. Mobilier vs well so Rent*.
wee dull. Closing priers :—Rentes, 68fr. 45c. cub,
and 68fr. 35c. account, being a fall of 25c. and 35c.
respectively ; Mobilier, 813 fr. 75c. cash, and 810 fr.
account, being a fall of 7fr. 50c. and 10fr. respec-
tively.

ROME AND THE 1/GIATIONB.

A letter from Rome, of the 27th ult., stye:

.
The Doke da Oranthnnt leaded at Claim-Vecchia three
daya hack, and after breakfasting sith the apostolic dele-
gate, proceeded at ones to his country seat without stopping
at Home. The of St. Louis, Meg of France,
has been celebrated here in the French church
with the castorarry solemnity. The Pope, who
generally mikes it a rule to be prefect at Ibis ceremony,
was unable to attend on this occaaiun, his Holioris i.eiug
atiil sftlic,ol with a son leg awed by mialpelas, which pre-
yenta him from leaving his pike,. Twemy mirrliosis took
their places In the choir; Handsaw. the Viceresent intoned
the miss. The French emlmasy,the diplomatic body, General
Count de Goy= with his staff, the French Andesay, the
French reeidents, and detachments of the Preach troops were
prevent. On leaving the church Count de Goyon, followed
by his aides-de-camp, repaired to the Vatican to inquire after
the health of the Holy Father.
Another letter from Rome of the same date says:
It is believed ,n well-informed quarters that the
government contemplates making an attempt to re-
! establish by force its authority in the legations. It
has collected fur the purpose between 7,300 and
8,000 men, 4,000 of whom are Swiss ; it has pro-
vided them with ten pieces of cannon. Rimini will
probably be the first town attacked."
The Governor of Bologna has issued a decree or-
dering all the tribunals of the Romagna to present to
the section of Grace and Justice, within the month
of September, their observations on the best means
of Winging the Code Napoleon into activity on the
Ist of January next.