The Express.
London, England, 1868-09-17 00:00:00

RAILWAY PROPERTY.

A golden opportunity is now presented to our
railway companies. Extravagance, mismanage-
ment, and usurious rates of interest have all
operated (seriously to the prejudice of theme under-
takings, but at last the shareholding public have
become more vigilant, and there is a prospect that
many of the errors of the past will not be repeated.
There is dill room, however, for •
_groat
sod essential improvement in the finan-
cial position of the railway companies.
The present state of the money market
may be changed either by war or by a .reaction
from the deep-rooted distrust of the last two years
and a half. Lest, then, the opportunity should be
lost, railway proprietors ought strongly to urge
upon their boards the advisability of taking ad-
vantage of the present propitious conjunct:inv.
Now is the time for placing railway debenture
debts upon a firm and healthy basis, in the in-
terest alike of lenders and of all classes of pro-
prietors. Railway debts, as at present arranged,
are pregnant with trouble and even peril to the
companies which in bad times are compelled to
pay very onerous terms for renewals. The
ought to have been made years ago, 1.211:1Int:
previous seasons of monetary plethora, but
the companies could not be brought to exercise
a wise forethought, and dearly have they paid
since for the illiberality in point of terms by which
the design was practically frustrated. Now, how-
ever, there is a distinct demand, on the part of
the investing public, for the mortgage stocks of
these undertakings, and it is perfectly clear that
all railway debenture stocks issued at fair rates
will rank at such a level in the market as will
enable the holders to realise their principal at
pleasure. It is needless to point out what great
advantages are thus presented to investors, at the
same time that the companies will be satisfactorily
insured against the fluctuations of the money
market. The first mortgages of the railways,
having regard to the condition and prospects of
traffic, and to the fact that they constitute a prefe-
rential lien upon all railway land, plant, buildings,
&c., must assuredly rank amongst the most solid
investments in the kingdom, so that bankers and
ether large holders are not at all likely to
be backward in availing themselves of the ex-
exchange into debenture stock whenever it is
offered to them. It may really be said that the
interests of all classes of the community are oon-
oerned in a greater or less degree in the carrying
out of this alteration; for whatever tends to place
the financial system of the railways upon a healthy
footing and to obviate in future the necessity of
" financing " in respect of securities amounting in
the aggregate to scores of millions sterling, must
operate in favour of legitimate commerce,
by producing a more settled condition of
the money market. There has been many
an occasion when the wants of merchants and
traders have born left partially unsatisfied,
or have been met only on most oppressive terms
because they have been forestalled or outbid in the
market by needy railway companies pressing for
accommodation through speculative financiers—
perhaps through Overtsd, Gurney, and Co. them-
fel yes. —Da dy New&

In the course of an address at Leeds on Tues-
day Mr. Isaac Holden, one of the liberal candidates for
the representation of the eastern division of the West
Riding, said he bad that morning received a letter
from London, in which it was stated "that Mr. Gladstone
had just intimated his willingness to consider the question
of the ballot."

EAST KENT.—WOMEN'S Sun-RAGE ALLOWED.—
The revision of the lists for the Ashford district was com-
menced at Ashford on Tuesday by Mr. J. D. Chambers,
the revising barrister. Mr. Hughes attended for the
asistevatnee, assisted by Mr. Framer, the local agent, and
Mr. Pitcher represented the liberal. Considerable inte-
rest was manifested in the proceedings, and the business
was so heavy that the lists were not much more than half
completed when the court rose at a late hour in the even-
ing, and the barrister announced that he would attend
again on October 7th to complete the revision in this dis-
trict. The names of the ladies on the Ashford list had
not been objected to by either party, and the barrister
decided that he could not strike them off in the absence
of any objection, so that there will be 33 female voters in
the parish of Ashford at the next election. Mr. Pikher
succeeded in establishing a Saw in several of the conserva-
tive notices of objection, as the duplicate did not corre-
spond with the copy meat to the voter. There will be an
addition of between 300 and 400 to the number of vote's
in the district.
THE 11(1811 CILTIRCEI.---MHITTING AT HERIFORD.
—A county meeting was held at the Shire-hall, Hereford,
yesterday, Lotd Bataan (lord-lieutenant of Hereford-
shire), in the chair, to "express disapprobation of any
measure calculated to injure the position or impair the
efficiency of the Irish branch of the united church of Eng-
land and Ireland." The requisition to the Lord-Lieutenant
was rigned by about 400 county gentry and cla, Lady
Emily Foley and Lord Mahon heading the list. The chair
was taken by Lord Bateman, and among those round
him were the Hon. and Very Rev. the Dean of Hereford,
the new Holicitor-General (Mr. Baggallay, M.P.), Sir
J. R. Bailey, M.P., Sir Herbert Croft, Dr. 'ebb, &c. Sir
Joeepli Bailey proposed the lint reeolutiom affirming that
the union of church and Made ought to be maintained,
believing that religious freedom is boat secured by such
union. lice. .1. DAVI. seconded the noel=
which wa- carried. The Solicitor-Galena then adi
the no sting in support of the Naomi resolution " lluit
the maintenance of the union of church and state is the
lost 11111111 e of securing the privilosea of the poor of the
I tuned Kingdom of thighurd and In kind, that the inten-
tions of previous benefactors should be rarpeeted," he.
Sir 11. Croft ionnotted the resolution, which was caviled
era', me., end other- of o for iI csl(uli; lv4vh cry