The Express.
London, England, 1867-12-23 00:00:00

ORIGINAL GOLD CHAIN MANUFACTORY,
16, Hll.lliusrrA-irrazier. COVLIT4ILIDEN.

JOHN BROGDICN'S 18-carat GOLD CHAINS.

JOHN BROGDEN'S GOLD GUARD CHAINS.

JOHN BROODEN'S GOLD ALBERT CHAIN&

JOHN BROGDKNI3 GOLD BROOCH CHAINS.

VR I 8 TMAS PRESENTS. GLOVE and
HANDKERCHIEF BOXER, Work Baskets. Bealskhs and
other Fur Muff Bags, Dressing Cues, Dressing Hags, Card Trays,
and an sodium variety of the newest Parishes RoWs, from b. bd.
to t2O. Catalogues post-tree. —AMER sad Slithit WIN, 81, Strand,
W.C., and 69, Oxford-street, W.

BREAKFAST.-EPPS'S COCOA.

Mite erpreol4.

TO 0011.81t8TONDETTS.
Whiatforaents Intended for " The I:prem." London liverdni
=must be at the Oidee, 10, BearatiNarfot, by Two
oa the day of publication.

YMK.
TIM' ErENING, THE IUYHAAL.S.AR MeETssrs. Bucks one, Chippen-
dale, Howe, Braid, Rogers, &c.: Mesdames Chippendale, Burke,
Dalton, Fart/1111am tc.—BOX AND COX. Mr. Buckstone and
Mr. Compton,--Concluding with THE WINNLNG CARD.

MMUS'S.
Tins Erruno, GUY MANNHEIM). Mews. T. Bar-
Heinen, Wilford Morgan, O. Honey, J. G. Shore, and M!e Re-
becca leaace.—A CONCERT.—An ENTER LUNY/NM—And UP
IN THE WORLD.—Commence at 7.

HIGH MAT= AT LONDON HIGDON
TWO DAv —Hondas. OIL om--..Attommos. Oh. 3lm.
to-Monow—llorntag. Ob. 521b...--Alloamoes. lb. Aso.

LONDON, MONDAY, DECEMBER 23.

RAILWAY affairs are now passing through a
most severe crisis. Public confidence in a largo
proportion of this class of property has long been
wavering, and at length, roused by the force of
circumstances, shareholders, contrary to their pre-
vious habit, steadily insist upon being told the
whole truth. The system of "making things
" pleasant" to everybody has broken down,
although shareholders encouraged it as long as the
market price of their stock was kept up. The system
served its purpose while it lasted, but years ago
careful observers foresaw that sooner or later there
must be a break down. The end has arrived in
usual course. For the first time in railway his-
tory shareholders are now freely afforded the
opportunity of ascertaining the true state of their
affairs. The era of open speaking is succeeding
to that of the old fashioned reticence. Never
wore directorial reports so explicit ; never were
chairmen so communicative. Confidence on
the part of boards is becoming the rule,
instead of the exception. It is to be
feared, however, that even now many pro-
prietors are not well pleased with the change.
It has the cardinal defect in their eyes of
lowering the price of their property. They
forget that in a year or two their stock, without
some such alteration, might cease to be of any pre-
sent value whatever. They dislike unpleasant cir-
cumstances to be revealed, until at least they have
had time to sell out. The majority, however, are
actuated by different feelings. They have pur-
chased, not on speculation, but for permanent
investment, both for their own benefit and that of
their families afterwards. They insist upon kr owing
the true worth of, their security, and it is to this
pressure that the directors have with tolerably
good grace been obliged to yield. The effect has,
as a rule, been somewhat disastrous. One revela-
tion follows upon another. Unexpected debts have
to be met, and in some cases liabilities not easily
disclosed without grievous loss of credit in the
money market. According to our present syste,n,
credit is as necessary to a railway as to a bank. The
renewal of debentures has become a vital point.
But this is notesaily effected when it suddenly comes
out that there is an indefinite amount of Lloyd s
bonds, or temporary loans, to be provided for
of which the shareholders know nothing. Again,
the announcement is sure to be used by that inde-
fatigable class of operators, in or out of the
Stock Exchange, who habitually speculate for the
fall.

The announcement that the Midland Company
are about to attempt to raise a snm of as much as
five millions has enormously increased the general
distrust. This company has always been considered
to enjoy exceptional advantages. It is a stereotyped
remark at the general meetings of three-fourths of
the lines in the kingdom, that it is necessary to resist
intended invani. me and consequent withdrawal of
traffic. Nevertheless it was always believed that
the position of the Midland was unassailable.
That favoured company enjoyed a district upon
which it seemed an absolute impossibility to en-
croach. The managers of the company, however,
not remaining content with their own particular
locality, determined to come into London. Being,
as it turns out, ignorant of the cost they were un-
dertaking, they have involved the company in a
serious liability, to meet which it is intended to
apply for parliamentary powers to raise the
immense sum already mentioned. It will be
instructive to see how the capital of this company
has been increased during the last nine years: