The Express.
London, England, 1867-11-25 00:00:00

THE EXPRESS, MONDAY EVENING, NOVEMBER 25, 1867.

supreme disadvantage of being practically wane-
gotiable. On the other hand, increased taxelion
would be excessively unpopular. Business
profits now are actually, if not avowedly, low. It
is not uncommon for a merchant in periods
of commercial depression to pay tax upon income
that has never been really earned. No one, espe-
cially in trade, likes to show himself to be falling
back in the world, even if the knowledge is con-
fined to his tax collector alone—which, by the
way, it seldom or never is.
Again, the distrust with which our railway in-
vestments are viewed bears hard upon half the
families of the kingdom. It may seem of little
importance at what price the stock of any parti-
cular company may be quoted so long
as the dividends are good ; but, on
the other hand, there is not a line
which has not the burden of a large amount of
terminable debentures in circulation, and the
lower the price of the ordinary stock the greater
the difficulty and cost of renewing them. Bankers
and other capitalists get nervous, and want their
money back. They know also from past experi-
ence that rarely can railway accounts bear strict
scrutiny. There is always, to say the least, some-
thing irregular, either avowed or hidden. The
opportunity has not been overlooked. After the
revelations respecting the London, Chatham, and
Dover, Great Eastern, North British, and London
and Brighton, the railway market has been chosen
as the chief arena for that class of speculators fur
the fall who by unscrupulous ingenuity contrived
to make large profits out of the ruined joint
stock banks of last year. Hence day after day we
see some freshcompany attacked, generally with sue-
cells, since the public dread that a decline in
price is but the precursor of some new and
damaging revelation. By this means the greatest
joint stock interest in the kingdom, with an in-
vested capital second only to the amount placed in
the Government funds, is brought into general
discredit.

There is only one remedy to cure the evil—
plain statements and reduction of expenditure.
Capital accounts must for the time bo closed.
Until the companies have ascertained clearly what
they have earned, and what dividends they can
legitimately pay, they ought to raise no more
money. Last week Vice-Chancellor Wool) pro-
nounced an opinion adverse to the Great Western
Railway Company which had paid dividends by a
fresh issue of stock—or, in other words, out of
capital. There was no concealment about the pay-
ment. It was done openly, with the formal sanc-
tion of a general meeting. Propositions of this
sort are opposed by a very select few,
since the great body of shareholders are only
too glad to get a dividend in some
way or other. Now, as we have pre-
viously observed, many legitimate occasions may
arise for creating additional capital ; but among
them is certainly not the purpose to pay dividends
on ordinary stock. That this last has been done
over and over again is beyond a shadow of doubt.
The confusion which, from carelessness, or more
often from design, has crept into railway accounts
from the beginning must be corrected. In this
respect, it is only just to mention that the Cale-
donian Company have set a good example by sub-
mitting their affairs to the investigation of two
independent accountants of unimpeachable skill
and reputation. This step is, without questior,
the moat satisfactory that could have been taken,
and we hope will, where necessary, be generally
followed.

.c good fortune and the possibility of restricting military
operations to Theodore himself, and avoiding quarrels with
ether chiefs. In the disturbed and wasted state of the
country it is impossible to foresee what oessitnations may
arise from the jealousy of factious chiefs. It does not follow
because they are against Theodore they will side with us.
Once embroiled with chiefs or races our withdrawal would
be difficult, if not dangerous. It may be easier to get into
and occupy the country than to leave it at the moment we
desire. We must keep a strong hold of our base of opera-
tions, and be prepared to send up support after support if
required. Sir Henry's reasoning, the Times says, seems to
show, with a cogency which can hardly be disputed, that
the notion on which the government starts of confining
their operations wholly to the release of the captives is in
all probability quite impracticable, and that, act as we will,
we cannot avoid entangling alliances and the consequent
duty of providing for our allies in case of our departure.

LATEST INTELLIG

THE LATE EXECUTIONS.—OPINIONS OF
THE FRENCH PRESS.
The Journal des Debuts writes :

We learn this morning that the execution of the three
Fenian' took place in Manchester. A thick fog obscured
the view of the scaffold at a distance of a few yards. The
crowd was not numerous, which was rather surprising. No
disorder occurred. Let as hope that the fnends of the
men who suffered will renounce their evil designsouid that
the triple execution which has just taken place will be the
last act of this bloody tragedy. . . .

The Debats adds, ' That the government might
have yielded to solicitations, and spared the lives of
these men, but that it was difficult to do so in the
face of threats of insurrection, arson, and assassi-
nation."

The Paris correspondent of the Itedependance
Beige writes : _ _ .

The news of the execution of the three Fenians at Man-
chester bas produced the most painful effect here. Eng-
land, which has the lead of nations in liberty, should take
the lead of civilisation by abolishing the penalty of
death.

The writer of the daily bulletin, in the same
journal, adds :
The execution, of which the government of the Queen
has assumed the heavy responsibility, is to be much de-
plored.
The A renir National says :
- - - - •

The Fenian. were hanged this morning at 8 o'clock. We
need not say how much we deplore such executions ; how
mach they shock democratic sentiment, even when sur-
rounded, u in England, by every legal security.
The Temps says :
The English government has been inflexible in the cue
of the Manchester Fenian". The three unhappy prisoners
were hanged at 8 this morning. This mournful drama, the
denouement of which was superintended by a considerable
force, was effected in the midst of a sullen tranquillity.
Here, then, are three new martyrs added to the necrology
of the Fenian'.

The Si&le says :
The wishes expressed by a large number of English
citizens, and the organs of the press of all nations, have
not been heard. The Fenians, Allen, Larkin, and Gould,
were hanged this morning. Order reigns in Manchester.
But this execution may have lamentable results as re-
gards the internal tranquillity of England.
The Liberti says :
- • ••

The three F01Ill1;11 have been hanged, notwithstanding
the energetic attitude of the Irish and of the English
population itself. The execution may cost dearly to an
aristocratic government.

GARIBALDI IN PRISON.
A letter from Spezzia, in the Gm--etta del Popolo
of the 21st, says :
Yesterday both of Garibaldi's sons paid him a visit, but
they left the name day. A distinguished physician of
Milan, who was specially sent for by the General, has
been admitted to him, but he was escorted to the door
by carbineers, and obliged to pledge his word of honour
that he would not talk of politica, or convey to him news-
papers or writings. A judge, accompanied by an usher and
tipstaff, have also paid the general a visit, to interrogate
him, with a view to his contemplated prosecution. Three
good people were quite embarrassed by the position in
which they were placed. The first formal question
the judge put was the usual one, " Your name ?" The
general ►nswered, " My name? Three who sent you know
it welL" He then began to write and took no further notice
of the officers of justice who, after a consultation amongst
themselves, withdrew. The general is treated with great
severity. The object seems to be to wear him
out and to induce him to request to be sent
to America, but he is inflexible. The trial will take place ;
but by the side of Garibaldi will sit the volunteers,
the army which sympathies* with him, the communal
councils, the committees of assistance, the Rattarai
ministry, the Cialdini ministry—in fact, all Italy.

(mimes TELZoRmIS.)
THE PROPOSED CONFERENCE.
VIENNA, Nov. 25.

The statement that Austria has uncondi-
tionally accepted the invitation to the pro-
posed conference is confirmed. The French
government has not yet laid down any
programme to serve as a basis for the deliberations.
It is not yet certain that any Papal representa-
tive will assist at the conference.

ITALY.

FLORENCE, Nov. 24, EVENING.

The Italie of to-day says :—" Some foreign
journals have pretended that the French Minister
of Foreibm Affairs had sent a reply, couched in
somewhat harsh terms, to a letter sent by General
Menabrea. This assertion is incorrect, as no such
reply exists, or could exist. The letter of General
Menabrea alluded to was addressed to the Cheva-
lier de Nigra, and had no other object than to
indicate the point of view taken by the govern-
ment in the Roman question. We believe that
the relations of the two governments, even after
this letter, have taken a character which has
nothing alarming for the friends of Italy."

RUSSIA.
ST. PETICRSBURG, Nov. 25.

The imperial proclamation announced yesterday
orders a conscription of four in every 1,000 of the
population, and not in every 100 as stated.

CALCUTTA AND CHINA MAILS.
3tatitSßlLLll3, Nov. Ti.
The Ceylon arrived at 7.15 a.m. to-day. The
mails leave for London at 11.30 a.m.

AMERICA.

QUEMiSTOWN, Nov. 25.

The Cunard extra steam-ship Tarifa, from New
York, arrived here at 8.15'5.m. to-day, with 144
passengers. She landed despatches and 45 passen-
gers, and proceeded for Liverpool at 8.30 a.m. ; all
well.