The Express.
London, England, 1858-08-26 00:00:00

SPORTING INTELLIGENCE.

A SPECIAL EDITION of the " EXPRESS,"
iseateining the results of the day's Races, is pub.
fished every evening during the Sporting Season, at
six o'clock.

The railway world has of late been vexed with
an unquiet spirit, emanating from the (heat
Northern Company's Board Room. Alioni appetens,
. .

miprojusus, this Company, sung the Manchester
and Sheffield Company as a cat's-paw, has invaded
a portion of the territory of its great neighbour, the
Landon and North Western. A desperate competi-
tion, at absurdly low rates, bar been the result ; and
the dietarbance of the general traffic of the kingdom
has been so great as to form a subject of remark
in the half-yearly reports not merely of the
Leedom sad North Western, Great Northern and
Manchester and Sheffield, but also of the Great
Western, Midland, Lancashire and Yorkshire, and
other undertakings, which might be supposed but
little affected by the internecine struggle. Having
regard to the permanent interests of the public,
which cannot possibly be promoted by the bitter
dissensions of three great companies. whose opera-
tions extend over a large and most important
motion of the kingdom, it is not altogether unlade-
factory to find that neither of the three parties to dm
war escapes unscathed. To compare great things
with small, lovers of peace and order may be rather
pleased than otherwise when they see all the par-
ticipate's is a disgraceful street broil emerge from
it with obvious signs of punishment. The London
and North Western Company have notoriously
seared severely; the Manchester and Sheffield pay
ao dividend at all ; and the Great Northern, who
mast be regarded ea the original aggreseors, make a
financial ezpose of so unsatisfactory a character
as to excite loud remoo.trance on the

part of the shareholders. Until recently,
many persons entertained the most sanguine
expectations of the future of this young and vigorous
Company ; and in this they wore quite warranted by
the steady development of traffic in the rich and
important districts which it serves, coupled with the
great advantage powered by the Great Northern
Railway in the comparatively moderate cost of its
contraction. The gigantic REDPATII frauds, and,
above all, the evidences of a lax system
of management which the subsequent investiga-
tions diacloeed, gave the first shock to Confidence.
The recent conduct of the management has tended still
farther to lower the undertaking in public estimation.

The results of the warfare of the last six months
are now before as. The Company have em-
ceed/id in grasping a gnaw revenue larger by 9,3961.
than that of the corresponding period of last year;
but so heavy has been the cost of getting it that the
expenditure has increased no leas than 30,2381. The
increase in the working expenses of this line is,
indeed, so rapid as to demand the earnest attention

of the proprietors. In the lut six months
of 1863 the proportion of working expenses
to earnings was 43.93 per ant. ; for the
first six months of 1838 it is no less than 66.73 per
cent. Comparing the figures kr the last half-year
with those for the corresponding period of 1837, we
find an increase of 4011. in the expandible* foe
_ _

" maintenance and renews]," as increase of 8.7821.
for "locomotive power,' an Increase of 3,0381. for
" repair and renewal of carriages and waggons," and
an increase of 8,4331. for coaching, merchandise,
and mineral traffic expenses. In other words, the
competition tells adversely upon every branch of the
Company's expenditure. The Chairman, with a
characteristically defiant candour, admitted that "the
" expenditure had been increased by the eompeti-
" don, and by fast trains, which knocked fks
" rood to pieces." Are the shareholders content tb
have their road "knocked to pieees"P We shrewdly
moped that they will yet suffer severely in pocket
/Or the deterioration to which their peoperty is now
being so recklessly subjected.
There are other blots not difficult to hit. Of the
balance of 81,3201. remaining for dividend on the
uegueraatsed stooks, out of which the ordinary stock
gets a dividend at the rate of 31 per amt. par

=BUM, 4,2184 is the " balance of the REDPA-711

" Account," sod does not beloog to the half-
year's revenue at all. The mode hi which
the Directors provide the 25,0001. " advanced" to
the Manchester and Sheffield Company is com-
pletely indefensible. The Report rtates that " The
" Proprietors will remember that ander the now
" meat with, the Manchester and Sheffield Copy
" that Company is entitled to receive, out of the
" earnings avian from through traffic, each a arm
" as wont& with their other receipts, make up the
" gross sum of 10,0001. per week, subject to being
" repaid when their gram receipts exceed 11,0001.
"per week. The Oreat Northern have so-
" eordingly advanced 25,0001. on account to the Man-
" chaster and Sheffield Company, in respect of the
"earnings for the year 1858." Now there is no

doubt that thin 25,0001. ought to have been fornish;d

out of the Great Northern revenue, this Company
having deliberately undertaken to apply a per-
tion of its revenue towards making up the
deficiency in that of its new ally. To haws
charged it to the capital account would have
been monstrous. Had the sum been paid sat of
revenue, the Great Northern dividend would
have beets greatly reduced, am the available balance,
Instead of being 81,3201, would have beat eoly
56,3101. This was to be avoided at all hazards, and
the 150001. is therefore hung up, as the Chairman
admitted, in a " suspense account "—i.e , union the
receipts of the Manohester and Sheffield Company
arced 11,0001, per week—the prospect of which
seems to be regarded as very doubtful—this 25,0001.
remains a charge upon the future profits of the Great