The Express.
London, England, 1867-12-30 00:00:00

the ervreoo.

TO 0011RI8PONDIC4T8.
Avertleemeota tettended for '• The Uprose," London Zemin
Paper, must be at the Office, 10, Boaectieotreet. b 7 Tim
ticlook on the day of pabilcation.

INATWRKRT.
Tits Evaanto, A WIVII WELL WON. Mum Bothers, Beek-
atone, Howe, Kerala, Rogers, Braid. Weathersby, Ra . and Miss
Itabuipos.—After which A! ITTYILE PEE-YE:KHIOS OY THE
BRIGAND. —Commence sa 7.

ESS'S.
TINTS PRINCN
BA
THZ COLLEEW/P. Mr. and lira. Dion
Boneleault.—After which TEI RIVETS OF LONDON. Mr.
Mang, Mertra Sinny. Short, Neville. remoter. Mellon. An. .
Mimeo It worthy, 1. Barnett. Rachel Sinner. and Mrs. Addle.

AETND.
77te lIVIIIGNa. KIND TO A I
FAULT. —A Her which will be pro-
duced a Grand Chrlslanse Operatic Oriental art. &manta, THE
CALIPH OY BAGILM—And NOTHING TO NUNS&

HON.
TRW EVINDIG, THE TWOLBO POLR TS. Hearn Pries and Wid-
dleemb —And VALENTINE AND ORSON ; OR, HARLEQUIN
THE 810 BEAR AND THE LITTLE FAIRY. Mews. Lupino,
Green, and Howells: Headsman Saunders, Goodall, Montero, &c.

QUIXOTIC
THU EVziowo, DON QUIXOTIC: OK, SANCHO PAN7.A AND
HIS WIPE TERKZA. Mrs. Lane. &Mimes &lyrist Booth Pan-
tomltakts Helndo. Deane, Louis. Newham, and Vlctorelli .
C. Skiilian mid Mho Rose Nsthan.—And WHO DID IT?

HIGH WATT& AT LONDON 8111/61.
TEM Oat —llongsg. 4h. 33m.. --Afternoon, O.
To•Yoaaow—ltonaleg, 56. 7w.--..A26sraoca, sb. 26111.

LONDON, MONDAY, DECEMBER 30.

THZ year that closes to-morrow has been in no
respect favourable to commerce. The usual events
which succeed a mercantile crisis have been re-
peated. Certain differencesame,doubtless, to be noted,
but the main features are more or less identical.
There are the same lethargy, the apparently in-
eradicable distrust, the entire absence of enter-
prise, and the consequent curtailment of trade,
the effects of which, as is very well known, will
be manifested in the Revenue Returns for the
year. Political troubles have also added their
weight. As in 1848 the revolutionary movements
on the Continent followed close on the panic of
1847, so in 1867 Fenianism and the Abyssinian
war have followed close on the collapse of 1866.
Apart from these questions, however, the experience
of the present year will be long and widely felt.
It is true that we have had no gigantic failures like
that of Overend, Gurney, and Co., and of other
great companies, which in an instant reduce hun-
dreds of families from affluence to poverty. Still,
on the other hand, the classes affected by these
calamities form but a comparatively small portion
of the community. Besides, the shock, if terrible,
is at least decisive. The worst is known at once,
and there is none of that wearing anxiety—the
" suspense worse than death"—which is far harder
to be borne. In that respect the year 1867 will
bear a sad pre-eminence. The holders of the
hundreds of millions in railway investments
have seen their property gradually wasting
in value, obligations set aside which stood
so high in public opinion that the most cautious
trustees eagerly competed to purchase them, un-
known liabilities disclosed to the extent of half a
million or a million at a time ; and, of course, the
usual results of profitless and uncontrolled expen-
diture. It is hardly too much to say that for
months past railway shareholders, even in the beet
lines, have been dreading some new revelation—
some fresh scandal against which they have never
even attempted to take the trouble .to guard.
Their carelessness comes home to them now.
The retrospect is certainly gloomy enough, but
perhaps for that very reason the future is more
hopeful. Adversity, as we all know, has its uses,
and among these may be reckoned the possi-
bility, if not certainty, of the railway interest
being placed upon its proper footing. Refractory
shareholders are evidently intent more upon busi-
ness than the old style of purposeless declamation.
At the approaching half-yearly meetings we anti-
cipate that the directors will be pretty closely
questioned with regard to the amounts of tempo-1
rary loans, floating liabilities, and so forth, which
hitherto, at all events, have not been obtrusively
shown in the accounts. Both sides, however anta-
gonistic now, will gain in the end. Railway pro-
perty, as we have often said, rests upon a solid and
substantial basis ; the traffic has immeasurably
outstripped even the most sanguine calculations
of the original promoters, and it is increasing
every day. Good administration alone is required. I
Hitherto this cardinal point has been neglected,
and hence contractors, solicitors, secretaries, and
engineers have been allowed to have too much their
own way. Owing partly to the pressure of public
opinion, and even more to private interest, this
fault is, we may hope, about to be corrected.
One point, also, should not be overlooked. A
discouragement of our internal enterprise necessa-
rily induces the public to invest in foreign loans.
There are few governments in the world who
would not desire to borrow in the English market.
They are sure to watch narrowly their opportu-
nity. Hence we may account for the last pro-
posals that have been just received on
our market. We have frequently ex-
pressed our opinion upon these transactions.
Nine times out of ten the money is wasted
in purposeless armaments. Public improvements
of all sorts used at one time to be the pretext for
these operations, but of late that idea has been
completely set aside.

The year 1867 opened with precisely the same
features that characterise any ordinary year. There
was an increased demand for discount, but the
Bank rate was only 3i per cent. The decrease in
the bullion was unimportant. At the Bank of
France the decline was heavy—no unusual circum-
stance at that period. The Agra Bank, which had
somewhat prematurelystopped payment in the crisis
of 1866, had resumed business. A sharp lesson had
been given to the fraudulent managers of joint-
stock companies by the sentence of five years'
penal servitude on Mr. J. F. Win.spraox, the late
managing director of the Joint Stock Discount
Company, for misappropriation of certain sums of
money. A subsequent but unsuccessful attempt
was made to obtain a reversal of the sentence,
apparently on the ground that other equally guilty
persons had not been punished, and that, there-
fore, he ought to be set free. Strange to say, a