The Express.
London, England, 1867-06-04 00:00:00

RAILWAY SECURITIES.

The Tina insists that the first object of railway com-
panies as the general panic passes away and the money
market resumes its ordinary tone, should be to satisfy the
public with complete and accurate accounts. Every sound
railway—that is, as we are told, nineteen English railway'
out of twenty—ought, after the exceptional times of finan-
cial panic have passed away, to have a residue of profit
left for its ordinary shareholders. Give the public the
means of estimating this residue, and ordinary railway
shares, to say nothing of preference stocks, will soon re-
cover their value. It I. possible, indeed, that the ordi-
nary stock, with a variable—that is, an expan-
sible interest, may exceed in favour the preferential
stock with a fixed interest, for everybody believes that
traffic will be still further developed, and of this
development the residuary legatees would get the benefit.
But nobody will buy without counting, and nobody can
count without figures. We must have all these figures
given without manipulation or reserve. Working expenses
ought to include and exhibit every epoxies and description
of charge requiring to be defrayed before the next pay-
ment, that of interest on debentures, comes on. This item
requires more attention than any. • It involves, or should
involve, solicitors' accounts, bankers' accounts, and
accounts due to common creditors—reckonings which in
some cases have been allowed to run on till the aggregate
debt, practically taking precedence even of debentures,
has become enormous. After these expenses have been
fairly brought to book the calculation will be easy.

A Paris letter says :—" The Empress Eugenie
has written to the Princess of Wales to try and persuade
her to come and live with her for a few months, insisting
upon this fact : that a complete change of air might be
beneficial to her health, and assuring her that she will
receive from her all the affectionate care of a sister."

The 25th anniversary of the wedding-day of the
Ring and Queen of Denmark was celebrated on the 28th
ult. at Copenhagen with great rejoicing. A "children's
festival" was given in the garden of Rosenborg Castle.
During the festival the following telegram was forwarded
to her Royal Highness the Princess of Wales:—" More
than 5,000 children, celebrating the day with a juvenile
festival in Rosenborg-garden, send with childlike love and
attachment the warmest wishes for the speedy recovery of
your royal highness. May God bless your royal husband,
yourself, and your children."

His Royal Highness the Prince of Wales honoured
Lady Moletworth with his company at dinner on Sunday
evening ; as did the Duke and Duchene d'Aumale, the Prince
and Princess Edward of Saxe Weimar, and the Prince et
Teck. The general company included the Duchess of
Newcastle, the Marquis of Blandford, Lady Susan Vane
Tempest, the Earl and COuntess of Listowel, the Right
Hon. Chichester Fortascue, M.P., and Frances Countess
Waldegrave, the Earl of Clarendon, the Hon. Oliver Mon.
tagu, Mr. Bernal Osborne, M.P., and Dr. Quin, the Hon.
Colonel Reppel in waiting on the Prince of Wales, and
Mdlle. de Clinchamp on the Duchess d'Aumale.

The Duchess of Cambridge and the Grand
Duchess of Mecklenburg-Strelitz honoured the Countess
Dowager of Westmorland with their company at dinner
last evening at her ladyship's residence in Portman-square.
There were also present the Duchess (Emily) of Beaufort,
the Archbishop of York, the Earl of Clarendon, the Earl
Cadogan, the Right Hon. Sir Hamilton Seymour, Hon.
Julian and Lady Adine nee, Sir Charles Lennox Wyke,
Mr. and Lady Rose Weigall, Mr. Augustus Lunacy, &c.
His Excellency the Austrian Ambassador and
the Countess Apponyi were honoured by the company of
his Royal Highness the Duke of Cambridge at dinner yes.
terday at the embassy, in Belgrave-square. There were
present to meet the royal duke—The Marquis of Bath,
the Earl and Countess of Derby, the Earl Clanwilliam,
the Earl of Dudley, the Countess of Tanker►ille, Viscount
and Viscountess Sydney, Viscount Stratford de Radcliffe
and Hon. Miss Canning, Lord and Lady Wharncliffe,
Lady Herbert (of Lea), the Right Hon. Sir Robert Peel,
Hon. Frederick and Lady Constance Staii`ey, the equerry
in waiting to his royal highness, and the members of the
Austrian embassy. Later in the evening the Countess
Apponyi had an assembly.

The Duke of Hamilton, the Duke of Beaufort,
the Duke and Dueller of Manchester and the Countess
of Westmorland, the Marquis of Hastings, the Marquis
of Worcester, the Marquis of Crahare, the E►rl of Clow
meU, Lord and Lady Grey de Wilton. Viiertit Parker,
Viscount Adair, Visonunt Stormont, Hob. W. Carington,
Hon. F. Bertie, Sir Frederick Johnstone, Mr. H. Coventry,
Mr. H. Saville, Mr. Sumner, Mr. Burton, Mr. Peaty, Mr.
B. J. Angell, Colonel Knox, Captain Johnstone, Captain
Bulkeley, he., returned to town yesterday from NAP.
Yesterday morning the marriage of Lady Ida
Duff, second daughter of the Karl and Countess of Fife,
with Mr. Adrian Hope, was solemnised at St. Andrew's
Church, Weft-street, Oxford-street.

•
THE COURT AT BALMORAL.-011 Thursday even-
ing the Queen gave a dinner and ball to the tenants, ser-
vants, and other residents on the royal estates, in a large
marquee erected in the grounds a little west from the
palace, and baantifully decorated for the occasion. The
company, which was numerous, began to assemble about
five o'clock, shortly after which the Queen, Princess
Louisa, Princess Beatrice, Prince Arthur, and Prince Leo-
pold, with the ladies and gentlemen of the court, entered
the ball-room, when dancing commenced, and was kept up
with great spirit. At half-past seven the tenantry reared
to a sumptuous dinner served up in the Iron Rell.reom,
after which dancing was recommenced. The Queen left
the ball-room at half-past ten,and the hall broke up about
eleven. During the evening the princes and princesses
joined heartily in the dance. The Queen last week sup-
plied the poor throughout the district of Balmoral with
tea, sugar, and plenty of warm flannels.
VISIT OF THE PRINCE OF WALES TO CLIEFDEN.
—Yesterday evening his Royal Highness the Prince of
Wales, attended by Lieot..Colonel Keppel, and accom-
panied by the Duke of Sutherland and other illustrious
personages, arrived at the Paddington-station of the Great
Western Railway, for the purpose of proceeding by the
5.45 p.m. train to 'rimless, near Maidenhead. His royal
highness and suite were received by Captain Bulkeley, one
of the directors, Mr. Alfred Higgins, divisional superin-
tendent of the London district, and other officials, and
conducted toe state saloon attached to the train, which at
aloe left for its destination. The Prince travelled vil
Ealing, West Drayton, and Slough, Captain Bulkeley and
Mr. Higgins accompanying the train, which arrived at the
Taplow-station at 6.40 p.m. Here en open carriage was in
waiting, and in this, with the duke, his royal highness
drove to Cliefden, the picturesque seat of the Dowager
Duchess of Sutherland, on the banks of the Thames.
There was a dinner party in the evening. To-day the
Prince will go to Ascot, and on Thursday will drive there
in state, calling at Windsor for the Duchess of Cembridge,
the Prince de Teak, Prince Edward of flaze-Weimar, and
other distinguished persons.
About 100 acres of furze in the New Forest were
destroyed by the severe weather during last month.