The Express.
London, England, 1867-12-02 00:00:00

LIT*UM.

TIM ETriEed, Maud Shelley.—And
ROMEO AND JULIET. Mears. W. Ley and Ryder; Mae
Vestvall, lira Manton, and Mt MUly Palmer.

TTNANTI.
TIM STagiwo, NOTHING TO NURSE. Mr. Thorne and Mtge
Ne •ton.—K IND TO A FAULT. Mean. Parselle, Belford, and
James; Mesdames Johnstone, Owynne, and Hughea.—And
WILLIAM TELL WITH A VIINGBANCK

nouoitx.

THLS EVENING, FOS 14VE. Menem H. J. Montague, Pries,
Garden, Westland, and U. Wlddleomb; Mesdames stepbe
limeade, C. %sunders, dre.—And MARY TlALZitilt; 08, TIAN
WICIOUn WILLII4I. Miss Josephs.

BIUTANITIA.
Tare En:TM, THE KING'S BIRTH-TRAP. Mews. Rey-
nolds, 8011, tc.: Mrs. & E. Fraser: Mr. Mark Floyd:
Mr. and lira Langan and Mr. J. Htlitcont—CAPTAlN GERALD.
Messrs. Howe, Charlton, ; Mel/lames Coortanay, Booth, to.

HIGH WATER AT LONDON BRIDGL
Till Day —Morning, SL. 27m.. —Afternoon, lb. 4711.
to-lloagow—Mondag, Nt. 75...... Afternoon, Gb. 29m.

LOYDON, MONDAY, DECEMBER 2.

STRANGE as it may seem, it is no easy task
to awaken the public to a sense of their financial
interests. For the last twenty years attention has
been constantly drawn to those evils of the rail-
way system which have at length culminated in
the present crisis, and the warnings have been as
steadily disregarded. Perhaps the reason may be
found in the fact that a shareholder is but a tem-
porary proprietor, and that he is far more affected
by a depreciation of his stock in the market than
by the necessity of placing the financial position
of his company on a sound footing. The usual
view has been that if anything should be wrong,
the beat plan is to get rid of the matter by sell-
ing out at once. As long as affairs were toler-
ably prosperous but little harm was done. Now,
however, the case is entirely changed. Investors
perceive, not only that many of the ordinary
stockholders receive no dividends, but also that
the preference and guaranteed shares on some lines
are not paid their stipulated interest. Hence it is
not easy for proprietors to sell their stock except
at a ruinous loss. They have perforce been
obliged to hold on, and are now tardily beginning
to look somewhat closely into the past and present
management of their property. The investigation
has not been favourable : in every case it has re-
sulted in more or less damaging disclosures. So
well is this known, that the speculators within and
without the Stock Exchange have in one instance
been lately induced to operate for the fall mainly
ou the ground that an independent examination
into the affairs of the company had been insti-
tuted. Something wrong, it is reported, is sure
to come out either in land jobbing, or obtaining
favourable contract, or in the many other ways
by which the money of railway shareholders has
been dissipated. Of course in all these questions
the rumour is sure to exceed the reality ; but it
is not unjust to suppose that it has at least some
foundation.

In order to judge of the position of railway
property, it will be well to glance at the capital
accounts of the carious lines. The annexed re-
turns relative to ten of the chief companies of the
kingdom are compiled from Mr. Skat Garza%
" Railway Intelligence," and from a table recently
published by Messrs. Warrzazare and CoGra. In
1858 the capital account stood as follows :

Ordinary Pre , Ouarenteod,
Capitol Debentures, de.
Caledonian
Great Eastern 5,836.456 5,405,608
Great Western 8,168,919 ... 15,618,657
Greet Northern
Lanouldre and Beadily, 9,272,671 ... 4,454,614
Brighton
Boath Western
North Western ...... 23,033,987 ... 11,750,525
Midland
South Eastern 7,433,700 ... 4,037,891
Total £81,228,684 £70,305,571
In 1867 the proportion varied considerably,
the totals being as under :

Ordinary Pref., Guaranteed,
Capital. and Debentures, d..c.
Caledonian
Great Eastern 9,201,021 ... 14,180,424
Great Western ......t 13,298,808 ... 31,988,583
Great Northern
Lancashire and Yorkshire 12,693,594 ... 9,586,991
Brighton
South Western ......
North Western
Midland
South Eastern 7,637,049 ... 9,746,913

Total.

.£113,396,088 £l4 1,823,243

It will be perceived that, as regards these re-
presentative lines, the percentage of preferential
capital has risen in the past nine years from
46 2-3 per cent. on the total to nearly 564.
Practically, therefore, the rights of the original
shareholders are being so overlaid as to be vir-
tually in course of extinction.

These figures speak for themselves. They are
certainly conclusive enough to justify the prevail-
ing distrust, and ought to be more than sufficient
to arouse the holders of this vast property, second
only to the National Debt of the country, to
some practical course of action. It is idle to
declaim against the evil inflicted by speculators
for the Lill or the criticisms of the press. Were
this great property administered on a sound basis,
on the common-sense principles of ordinary busi-
ness, such attacks would fall pointless ; but it is
impossible to dispute the logic of facts. During
twenty years the system of adding to capital each
six months a sum approaching too closely
to the dividends declared has obtained,
while the proprietors have at the same time
wilfully shut their eyes to the obvious fact
that dividends so declared could not be reasonably
accepted as reliable profits. How often is or has
been the question asked, what will this or
that railway company pay t rarely on never, how
has the profit been earned} The simple truth
is that a sort of tacit collusion has existed year
after year between directors and shareholders to
continue a false system of finance, which should