The Express.
London, England, 1867-08-26 00:00:00

THE EXPRESS, MONDAY EVENING, AUGUST 26, 1867.

" capital and divided as dividend which ought to
"have been debited to revenue." They com-
plain that they have received no support from the
shareholders, and therefore have been practically
" helpless." The wonder is that under these cir-
cumstances the auditors retained office at all : it
would have been better to throw up than retain
an appointment the duties of which they
were unable to perform. The London and
Brighton Company have furnished us with another
instance, though it was hardly wanted, that rail-
way audit, as at present constituted, is neither
more nor leas than a mere farce.

In the old times, when it was the fashion to
charge every doubtful item to capital, and Parlia-
ment was too ready to sanction the creation of
new preferences, and the public too will-
ing to take them up, it was usually esti-
irzted that the working expenditure would,
as a rule, amount to something leas than
half the gross receipts. The test of financial
embarrassment, however, has show.► CIA ea
regards this line the expense has been 83 per
cent, in the first half of the current year. Just
one-tenth of the total of 446,8321. is swallowed
up in claims for law charges incurred almost
entirely in parliamentary/oppositions, which the
presort directors describe with perfect justice
as "an unproductive expense." We dissent from
the succeeding remark that it should be consi-
dered in the light of a loss " unfortunately in-
" curred in the course of business, as would be
" the compensation for an accident." Nothing in
the world can be clearer than that. this expense
was the result, not of accident, but design. If
directors propose and shareholders sanction
the waging of these costly parliamentary
battles, loss can hardly be said to I
have proceeded from an unforeseen contingency.
One consolation remains, that an item of this
magnitude is not likely again to figure in the
London and Brighton accounts for a long time to
come.

Thus far the peat ; the future, in one respect et
least, we have seen to show little promise. The
board have been successful in placing their million
and a quarter of new ordinary stock et 45 (the
quotation was 115 not many years ago), and have
reduced their liabilities from 2,055,1811. on the

30th June last to 1,257,6171. on the 23rd hurt.,
the date of the report. A doubtful liability of
167,281/. for the Surrey and Sussex and Chi-
chester and Midhurst lines is included, although
this sum remains in dispute. On the other
band, the disposable assets are reckoned
at 1,13£,0761. In order, however, to arrive
at this amount credit is taken for the whole swims
revenue over expenditure in the current half-year,
which practically means, as, indeed, is subse-
quently avowed, that no class of shareholders is to
receive any dividend at present, and it is not im-
probable that they will get little or nothing at the
close of the year. It will be observed, moreover,
that in the item of liabilities sums are inserted for
works in progress, amounting to something more
than 800,0001. (including the disputed subscrip-
tions to tte Surrey and Sussex and Chichester
and Midhurat), and in the meets, unissued capital,
lands, etc., of about 570,0001. Both these sums
properly belong to the capital account. It
therefore is a manifest injustice to deprive
the guaranteed shareholders of their divi-
dends by taking some 200,000/. from the
revenue to pay for the works on the
South London and Sutton line. Supposing, as it
is generally anticipated, that the latter undertaking
will bring a large accession of profit, the ordinary
shareholders will get all the benefit. The gua-
ranteed stockholders were content to forego the
chance of getting a higher dividend, no matter how
prosperous the company might be, than their stipu-
kted 5 per cent., and their claims should be
eealt with as punctually as those of a debenture
holeer. When these issues were created theca
was an understanding to that effect expressed or
implied, 'otherwise the Court of Chancery would
never have permitted the investment of trust
funds in this security. Many persons also have
taken up these stocks satisfied with getting a mode-
rate income provided at least it was safe. We would,
therefore, recommend that the directors of the
London and Dighton should reverse their determi-
nation to propose no dividend for the proprietor
of the guaranteed stocks. By doing so they will
not only prevent much individual suffering, but
also save their own company and the railway inte-
rest generally from a discredit which will not be
easily surmounted.

OUB CON'rEMPORARIEB.

(THIS DAY.)

_THE =TING OT THE WE/OM

The Daily News observes that while it would be
the height of absurdity to 'appose that the Emperors of
France and Austria, attended by • staff of ministers and
ambassadors, can have met in friendly Intimacy and con-
versed together confidentially without touching pointedly
and purposely on all the great gumption, of international
policy which at present engage the attention of the
governments and nations of Europe, it declines to
believe that an alliance, whether offensive or defen-
sive, between France and Austria against German
unity, Is probable or possible. The instincts and the
interests of liberal France oppose it ; the interests and
aspirations of German Austria oppose it ; the interests and
feelings of Hungary oppose it ; not a single interest, or
aspiration, or sentiment in France or in any of the nation-
alities of the Austrian empire reCOMMOII43 it. It is
entirely and absolutely condemned by the reason and coll-
ation°, of the civilised world, which desires peace, and
whose destinies are not to be disposed of by a couple of
imperial gentlemen between two whiffs of a cigar after
breakfast.

The Post, after urging reasons for the maintenance of
peace, admits that the political horizon is heavily overcast.
Of what actually passed between the sovereigns at Salt•
burg nothing can be known with certainty ; but in respect
to one fact no doubt exists, namely, that the alliance be-
tween Austria and France has been greatly strengthened,
and the significance of this fact cannot be overrated.
Touching on the question of the new alliances, the Post
remarks that the moat noticeable feature consists in the
novelty of the circumstances which have led imperial and
despotic Austria to join hands with the Western Powers,
and monarchical and liberal Prussia to seek the assistance
of the semi-civilised power which oocupiee Pastern Europe
and no small portion of Asia.

The Telegraph is of opinion that the two Emperors leave
the conference, indeed, untrammelled by any diplomatic
instruments, but they are not on that account the less re-
inforced by their mutual agreement ; and, in the present
state of things, that agreement furnishes the best guarantee
for European peace.
Alluding to the demonstrations in Augsburg,the French
Emperor, says the Standard, may leave Germany alone,
but he will not be frightened into doing so by such Tooley-
street manifestations. He knows very well that the
idea of subordination to Prussia is still in the highest
degree hateful to the great majority of Wurtemburgers
and Bavarians, and be knows, too, that there is a very
large portion of the population of Southern Germany, if
not a majority, which would have no reluctance to fight on
the side of France against Prussia, if their independence,
either u Bavarians or Wurtcmburgers, were really
menaced.

Queen Isabella could not be worse is universally admitted,
bat this does not imply that say other weals warmest
would be better. There are bold innovates, indeed, who
are supposed to harbour in their hearts anti-dynastic ten.
denies ; and everyone feels that little good can come of a
Duke of Tetuan, of a Duke of Valencia, or even of a Marquis
de los Costillejos, so long as the court is a prey to the in-
trigues of nuns and confessors, under whose influence the
sturdiest minister must bend or break. Choose any three
honest and intelligent Spaniards, no matter of what party,
and they will be unanimous in their assertion that there
can be no chance for their country so long as the present
Sovereign or any of her family is allowed to occupy the
throne. " Long live the Queen !" however, is the motto
hitherto invariably borne aloft on every insurgent banner;
whether sincerely or hypocritically, every party leader
takes his start upon a great flourish of loyalty. Anxious
as all feeling men must be to see the end of the misrule
which has so long weighed upon Spain, it is very difficult
to point out the means by which the nation may be made
aware of the evil, and almost impossible to name the men
at all able or willing to work out the remedy.
To the Star the danger to the last Bourbon throne seems
anions. The news reported indicates a formidable peril
for the despotism of Manus. The sovereign and the
royal house, the profligates and military adventurers who
surround and contaminate the throne, must one and all be
swept away before Spain can stand up free to run and fit
to take a respectable place in the race of progress. Until
the deed weight of royal sensuality be taken away—until
individual liberty and public rights be secured by some
more binding sanctions than unvalued and unregarded
charters, the nation must lag behind the other nations of
Europe.

LATEST INTELLIGENCE.

THE INTERVIEW AT SALZBURG.
RUMOURS OF WAR.

The Sidck of to-day says :

The report that an agreement has been come to at Salz-
burg to prevent the union of the States of South Germany
with the confederation of the north bas produced a strong
feeling in Berlin. The North. German Ga.:ette regards this
as dangerous to the peace of Europe, and other Prussian
journals employ similar language.
"It is impossible to deny," adds the Siide, " that the
conclusion of an alliance with the object of interfering
in the internal affairs of Germany would be considered on
the other side of the Rhine sa direct a threat of war as
possible. The absence of Wurtemburg and Bavaria, which
were said to be ready to throw themselves into the arms of
France and Austria, has been much remarked on. Whether
it be prudence or patriotism, the governments of both
these states have abstained from taking any step which
could be considered unfavourable to the policy of Prussia.
In short, pessimist rumours are rife to-day, and the general
opinion inclines to the belief that the Salzburg interview
will be the prelude of grave events. At the same time
many politicians think that the condition of Austria must
impose on the Emperor Francis Joseph the greatest re-
lies ►e."

The Avenir National says :
The language of the Prussian journals is veii bitter on
the subject of the Salzburg interview, and there is an
evident commotion amongst the diplomatists of Berlin.
The Debate likewise mftioes the irritation of the
Berlin papers, and refers to a statement that Herr
von Usedom has been sent to Italy to renew the
alliance with Prtuais,—a circumstance which should
make the French government, adds the Dibats,
cautious of wounding the national susceptibilities
of the Italians.
The Indipendanee Beige says :

Whilst the Vienna journals assert that the resolutions
adopted at Salzburg must consolidate peaoe, their revela-
tions give us to understand that if Prussia or Russia
should think of violating—the one the treaty of Prague,
or the other the treaty of Paris—Fran and Austria
would oppose them by arms. Naturally enough such
language is not acceptable either at Berlin or St. Peters-
burg, and in the absence of the Russian press we have
that of Prussia which maintains that the two powers
have come to an understanding at Salzburg, not only on
the principle of the maintenance of the statu quo, but of
it, consolidation by measures directly hostile to rival
interests.

The Indipendance adds that the quartering of the
French regiments which formed the camp at
Chalons along the north and east is not regarded
as favourable to the continuance of peace. The
following is the disposition of the distribution of
these regiments, amouniing to 35,000 men :-15th,
at Masons ; 19th, Sddan ; 35th, Mdzihres ; 39th,
Cambrai ; 40th, Givet ; 42nd and 87th, Chalons
Camp ; 54th, Con& ; 57th and 60th, Nancy ; 63rd,
Verdun ; 73rd, Thionville ; 85th and 90th, Mets ;
91st, Calais ; and 98th, Dunquerque. An entire
division of cavalry continues in Lorraine. The In-
dependance adds that it was believed in Paris that
the order for this distribution of troops was sent
from Salzburg by the Emperor Napoleon.
A letter from Salzburg in the official journal of
Dresden says :

Tho Anstro-French entente, which was the object of the
Salzburg interview, has for starting point in the Getman
question the stipul►tions of the treaty of Prague ;
in the Eastern question the settlement of 1856. It
cannot, therefore, cause distrust to any third power what.
ever. It excludes none, it threatens none ; far from
this—it leaves the adherenceof the othergovernmentsfree.
Only in ease any resolution were come to to thwart the
manner in which France and Austria judge these ques-
tions, would the understanding come to sesame the ap•
pearance of a menace. In this event the cabinets of Vienna
and Perished considered the utmost possible eventualities.

(zrorre's saioluxe.)
THE SPANISH INSURRECTION.
MADRID, Atioun 25, Evntrma.

Official despatches, published this evening,
state that Catalonia has been completely cleared
of the insurgents. In Arragon the rebels are flying
in disorder, and many have surrendered. In
Saragossa and the rest of Spain perfect tranquillity
prevails.
It is officially announced that the Portuguese
government has temporarily despatched to the
Azores all Spanish officers and emigrants whu
have taken refuge in Portugal.

conspiracy of prominent democratic congress men against
Mr. Ashley and other impseshsrs.
_ _ _.

The Indians have beim routed in a battle near Fort
Kearney, Nebraska.
The Globe, a new paper published at New York, asserts
that immense over-istues of securities in the Treasury-
department have been discovered at Washington, but the
report is generally discredited.
Admiral Tegethoff has arrived at New Orleans and is
awaiting orders.
According to advioes from Vera Cruz to the 31st July,
Juarez's reception at the capital was very enthusiastic.
Tejada, the Minister of Foreign Affairs, in a speech at a
banquet on the occasion, highly eulogised the example of
the United States, and spoke of the war in Mexico as a
lasting lesson to two classes, the clergy and the great pro.
prietors. It is reported that Marquez had been captured
and the traitor Lopes assassinated. Prince Salm Salm had
been shot. The Mexican Congress was expected to be
convened in November. The Presidential election takes
place in December.
As now rearranged the Mexican ministry stands thus :
Minister of Foreign Relations, Sebastian Lenin de Tej►da ;
Treasury, Jose Maria Yglesias; War, General Ignian
Mejia ; Justice, Jose Martinez de Castro.
The following proclamation was issued by JUIIIVIS upon
his entry into the capital :
" Benito James, Constitutional President of the Mexican