The Express.
London, England, 1857-04-11 00:00:00

The snits of tide tianpanis aseemit
was sine ldghly eatideetary, emplomi milk the
pod*. of this Important item he the behemeoliseb
d riles railway trade:taking. The seem' oseinat,
it has been debited with an anewest el
ler work dose daring the half-year, seed ois.
&tad with the meal appropriation from rennet ef
38,0001., so that the balance to the debit of tai
seems now stands at cooly 17,6481., the balsams
lefeeskt from the 30th Jane Ism having been as
meek as 34,398/. All theme points are justly ye.
essied with favour by the proprietors. But we
meet now tarn to the his re-assuring side of the
platers. The only allusion made in the directs'',
meet to the state of the rolling stock models of
the bare statement that " the rolling stock is email
tilhiengefiverintemdeete to be in good earlihis•
to the balimeeetseet, we find that, .iieihr
the head el " working stock," the additheal men-
&me d the past hell-year wee as
lesemelive Mock, 12,3001.; carriage dot, ;
waggon stack, 14,9631. ; carrying and alkesillemesus
stook, 4,0921. These sums make a total of 111V1371.,
added to the Company's capital for this pupae.
The entire cost of the working sleek is thumbed
to 4173,9391. Now, Oh Me of SUM bears
no seleportant proportion to the gpeite say
318,09111, which has been dishthelei AMNIA on
the WOW sheme ; end it was rise dy lesembent on
the died= to show that they mew Jellied in
cheetei the oneret to " espied? Poe Se yoe-
hulaseir he Immelleg public, and he lie sehhr
Ilea et oehthi tiessbelfiss, points d this matte'
disreed he Meet sqlsoilra in railway stab-
nele sal • sow where the hirsedso is with-
hid sea pespls will at anus hie Oh se valid,
scphseatits out be assigned.
The plat now raised is of the mom impulses
seribesi in ommexion with the propomel date
dkerlemi to create additional capital to the maim=
extent of 787,5001. Convinced as we me hat this
policy of constantly making enormous Widow to
capital goes fez to account for the meenesne-
retire character of railway investors., la this
emuitry, we have seratiniesil with care the seasons
urged by the directors he Os ems now dueled;
and we feel bound to helms het they de eat esrry
conviction with them. The mot of he proceed-
ings runs thus :
The Chairma mislaid that it was asessesly to aim this
additional capital is odor putty to regimes sums bslosBtag
to capital scostat at pliant paid sat at mantis and portly
to imam acconamodstioa at Adios% to blows rolling
stock, sad to relay porticos sf the Ike with new rolls. Ths
stos ssaissiad as capital frecoaat beyond receipts was up-
wards of 300,0001., sad the sea rsepdred to lumen accost,
wisdom flee War iscrannima Salle mess estimatoi at
400,0001. The statics accoommodatica and rain dock had
already Moo below their wants.
This is all the explanation vouchsafed by the
board for adding more than three-quarters d a
million sterling to the permanent ellerge of he
undertaking. The fact, m stated hp the Chaiseelhe
that upwards of 300,0001. of the sum, foe vlie
sanction has just been athedhaselreadyiesseepsediek
merely furnishes another proof et the easy esithre,
with which railway beards call spa their ash
taents to endorse their financial policy. Probably
the SUMS in question have been borrowed from tinsel
to time from the Company's bankers or other
parties, but have at length grown so large that
the directors thought the time ripe for casting the
whole upon "capital." Then, again, as regards the
good round sum of 400,0001. demanded to provide
accommodation for the increased traffic, what assu-
rance have we, beyond the mere fps* dizie of the
Chairman, that this amount can fairly be charged to
capital ? What assurance have the shareholders
that they are not providing out of capital money
which ought properly, either wholly or in part, to
be provided out of revenue ? The point is one of
vital importance ; for, if the suspicions engendered
are well founded, the Company u, to a certain ex-
tent, paying dividend* out of capital, and this we
hold to be one of the most flagrant, dishonest, and
widely mischievous of all railway abuses. The
Report, with singular candour, alleges as one of the
meow why the issue of new capital has not been
proposed at an earlier period, the " wish
of the directors to see the stock at par,
and the shareholders in receipt of a 6 per cent, divi-
dend." And this brings us back to the question, has
the dividend been unfairly screwed up to 6 per
cent., by charging to capital the 36,7371. expended
on working stock during the last half-year? It is
symptomatic of the ease with which directors too
frequently manage matters at public meetings that the
shareholders, without further investigation, at once,
and apparently as a matter of course, sanctioned the
proposed increase of the capital by 787,3001. We, on
our part, should neglect our duty if wo failed to draw
attention to the facts, to raise a question as to the
entire iota fides of the Lancashire and Yorkshire
Company's dividend, and to caution shareholders
generally against the dangerous facility with which
sanction is given to such heavy additions to rail-
way capital. Whilst these are continued, what
railway proprietor can believe implicitly that his
dividend represents a real and honest profit ?
(est- I

The German Gazette of Bucharest publishes an
address of the Caimacan, Prince ALEXANDLE
OHM, to the Council of Ministers and to the Me-
tropolitan, enjoining the observance of impartiality
in the approaching elections, forbidding the chiefs
of provinces from interfering with any other view
than to keep order, and threatening to punish any
attempts at corruption or intimidation.
Nothing caul be fairer than this document, whisk
evinces respect for the opinion or the presence of the
Commissaries. The British Consul-General, Mr.
COLQ1:1101nr, has hitherto patronised and suggested
a very different language to the Government, giving
his full support to their tyrannical and absurd acts.
Indeed Mr. CAMACHOUN is answerable for all the
follies of the Government, for he selected and ap-
pointed it.
That Sir HENRY BULWIR is animated by a very
different spirit is evident from the address of the
Caimacan. But whether such language is anything
more than an attempt to deceive the Commissariat

• and the European public still remains doubtful. For
the ministers of ALEXANDER OAHU are most of

them as retrograde as they are incapable.
Until about six weeks back the Wallachians suf-
fered all the rigour that a stupid police could indict.
They dare not meet, dart not talk. No such thing
as a journal was allowed. And to breathe an
opinion favourable to the Union, instantly drew
down dismissal on a functionary. All of a sudden,
after the appearance of the declaration in favour of
the union in the Moniteur, the Ministerial severity
collapsed. The police became inactive, journals
started up, and, the Austrians withdrawing at the
same time, every one met, spoke, and wrote as they
pleased. Instead of allowing this to last through
the elections, Turkey has remonstrated, nay, collected
troops. How can Turkey as a Government be ex-
pected to understand the working of an elective or
free system? Ramis has insisted on Turkey with-
drawing her troops from the Danube. But the
Cannican's Government has obeyed injunctions from
Constantinople in the suppression of the Wallachian
news.

In Moldavia matters are worse, for there there
baa been no interval of liberty. Young VOGORIDES