The Express.
London, England, 1868-08-14 00:00:00

THE EXPRESS, FRIDAY

onward-utarebing standards alt X.r. GLADirro xi . In
short, Mr. Thames* counts tgebe &Cleve soda Mrs-
room in the antes in tbelastlioaistof 40oiataod;
on a Liberal majority divided within itaeli by a
minority of nondescripts always ready to swerve,
to skulk, or to desert ; without a creed, a prin-
ciple, a conscience, or an opinion, they can
call their own, and only capable of fidelity to
the flag they pretend to follow when their consti-
tuents are ready to fire upon thorn if they run
away. It is not in the reinforcement of his own
confessed minority so much as in this nondescript
element of the Liberal majority that the Pause
MINISTER puts his trust. Taking a general sur-
vey of the constituencies andof the candidates who
are calling themselves Liberals, it is impossible to
refuse some degree of credit to Mr. Disaiam's
calculations. Without at this moment
naming names, we would invite the
constituents of certain boroughs to re-
consider a little more closely the parliamentary
anteoodents of certain candidates who rely on
their " well-known principles" and their past per-
formances for re-election, and to exact of new
candidates a declaration of prinoiplee less elastic
and accommodating, more decided and precise than
the old constituencies were content to demand.
Let the Liberal constituencies insist to begin with

on a written as well as a spoken promise of loyalty
to the choeon leader of the party in Parliament.
Let it not be enough that candidates are prompt
to promise Mr. OL•Derroras a general support. By
all means let constituencies honour themselves by
the choice of representatives of independent per-
sonal convictions, and not of mere delegates of
local prejudice and imwisdom. But let the
understanding be as close and as complete as pos-
sible between the enlightened and independent
portion of the liberal constituencies and the candi-
dates who ask their suffrages, as to the leader under
whom their representative means to serve, and the
votes ho means to give on large and definite ques-
tions of policy and legislation. Of electoral ad-
dresses and speeches, above all manifestations of
the human mind and conscience, it may be said
that deceit lurks in generalities.

meneration, and for the repayment of the exponent they,
bays already Mearred.
wakl4.ll^
oast estimate whet tie upon
the noir Cable will be if rase feMegoingillstires are
.correct. The imam° eedi4d by the Cabb 'will be
432,000 f., ft:UM whioh an bs &dualist 311(000/.
working expenses, 100,000!. for shareholders' first
dividends at 10 per cent. upon a million, and
50,000/. for 5 per cent. reserve fund upon the same
sum. This leaves 252,000!. per annum, ono-fifth
of which, or, to put it roughly, 50,000/. goes to
the concessionaires, leaving 200,0001. for the
shareholders. These gentlemen have already re-
ceived the "5,000 fully paid (20!.) shares • •
" when the cabid shall have continued to work
" satisfaotorily for 30 days'—in other words,
100,0001. of the ordinary stook of the company.
We shall now see what is likely to be the actual
annual charge upon the cable:
To concessionsfres, as 1-56 of 252,0001 £50,000
Ditto, ditto, holding 1-10th of tho million
capital, i.e., the 100,0001. givenon com-
pletion of the cable, 1-10th of the
900,0001. left, or
This gives 70,000!. per annum as the sum per-

manently duo to the concessionaires besides some
ten additional thousands which financiers say will
attach as dividends to the 100,0001. stock. We are
satisfied there must be some error here, in the
assumption that from 70,0001. to 80,0001. are to be
paid annually for the barren right of landing
cables at the island of St. Pierre. Still, as the
question is being put on many sides, and as the
figures of the prospectus certainly point to some
such conclusion, it would be satisfactory if the
directors of the new company would toll us
exactly what they consider must be paid to the
concessionaires. 'The success of the new venture
is a matter of national import, and it would be a
thousand pities if it were delayed for lack of a
little timely explanation.