The Express.
London, England, 1868-01-31 00:00:00

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on the dav of publication.

HAYMAILICET.
Ernanto, BROICKN-11EARTED CLUB.—A WIFE
WELL WON. Mere. Menem, Buckatone, Howe, Kendal,
Weathatsby, be. ; and Mtn Robaalson.—After
which AN vrrER PEILNEMION UK TBY. BRIGAND.

PRINCKSYS
TES EV/3111170, THE COLUMN BAWN. Mr. and Mn. Dion
Bernicault.—After which THE BrREETA Or LONDON. Mr.
Vining. Mc-ors. Murray, Shore, Neville. Forrester, Mellon. Re. ;
Misses Sisworthy, G Bartlett. Rachel Sanger. and nes. Addle.

STEAMY
TAM EENING,LD SALT. I. Emery and MIN Nelly moors.
--After which TILE CALIPH OF OF ISAUDAD. Slams. Thorne
an't Jones ; Mmillnes Ada n.anbornagh. Johnstone,
Bolt, ac.—And COAL ANL/ COEF.

HOLBORN.
Tim Munn°, THY FLYING SCUD. Mourn Atkin*, Pike,
Gaylen, Arthur, Wedland, awl WOrnoti Marrtsines Henrsde,
rioodull, Lennox, and saundors.—Concludo with VALENTINE
AND ORSON. MUM. Montero, Little ROWSIII4

BRITANNIA.
Tam YrannW, DON QUIXOTE : OR, SANCUO PANZA AND
BIS WI Ft: TERIZA. tint Lane, &Mimes Edwin& Booth: Pen-'
tonntultt. Mews. Deane, Lnula, Newham, and T lotorelll ; B&W.
C. Stephan and Illas Rose N athan.—And WHO LLD IT I 1
_.--------- L.

RION WATER AT LONDON BRIDOE.
SEW DAv —Yarning, 511.—. Afternoon. ch.
rolloniow-311oredng, MIINN— —Afternoon, Va. Om.

Ulf
LONDON, FRIDAY, JANUARY 31.
Tun; judgment given by Lord CAIRNS on Tues-
day in the cue of the Cambrian Railways Company
will be very useful in showing what use may ,wt
be made by embarniased railway companies of
those sections of the Act of last session which
enable them to file schemes of arrangement with
their creditors in the Court of Chancery, and
thereupon obtain protection for their property
against execution. That Act dealt very imperially
with the rights of creditors, restraining and sus-
pending their exercise in a manner which could
only be justified by the necessity of preserving
an indispensable service fur the use of the
public. The very free way in which
creditors' rights were handled by Parliament seems
to have favoured, on the part of certain railway
companies, a disposition to hold them too cheaply.
In the case of those creditors who under the
provisions of the Act have a right to assent or
dissent from the plan, this is of small conse-
quence ; the Cambrian Railways Company, how-
ever, filed a scheme which, if adopted, would
have placed the unpaid vendor of land
in the same position as the holder of
u debenture bond, while, unlike the latter,
he i 3 not allowed a voice in the settlement. The
landowner was to lose his right of suit and ac-
tion, and instead of his debt receive an obligation
of the eouipany—a rent-charge,mortgage,or deben-
ture, ranking with the whol- debenture debt. Lord
Camvs refused to suspend the legal proceedings of
unpaid landowners of the Cambrian Company, on
the ground that it would bowrong to do so, except
where a scheme was proposed in good faith which,
if it reached maturity, would afford a reasonable
prospect of payment of their claims: whereas
thisscheine provided, not that the landowner should,
but that he should not be paid. Lord CAIRNS
further remarked that, what it would be unfair to
dointhocascof thelandownerwouldbeequallyunfair
in the case of any "outside " creditor. This obser-
vation brings us back to the distinction, recent
in date, but now distinctly acknowledged and
decisively acted on, both by Parliament and
the constitution, between the lender of money
to a railway and the vendor of land or goods.
year ago it was assumed that the deben-
ture-holder was an outside creditor ; now he
is assumed to have cast in his lot with the com-
pany. The famous judgment which Lord CAIRNS
delivered last year has completely overthrown the
old notion of the absoluteness of the debenture-
holder's power. The change, however, was one of
opinion rather than of fact, and this no doubt has
contributed to its general though reluctant ac-
ceptance. Lord CAIRNS only told the public
plainly, when the time fur doing so had come,
what it might have learned to suspect before upon
inquiry and reflection.

Tue prospects of the election for the Univer-
sity of hontlon have been modified by the with-
drawal
of Dr. Frxmluu•K \Voon, who had the
support of a considerable number of the Noncon-
formist graduattif. In a letter to Mr. kssrrts,
Dr. WOOD states that he retires chiefly on account
of Mr. LowE's resolution to stand for the Univer-
sity, and in retiring he intimates his preference of

that gentleman
You have just informed me that Mr. Lonv has at length
remised to stand, and you believe that the course he pro-
roses to take with reference to the two momentous ques-
tions which will shortly have to be considered—l mean the
education of the people, middle as well as lower classes,
an! the Irish Church Establishment—will be in accord
with my views on these subjects. The discussion of these
questions will be sure to proythe a severe contest. Our
l'nivervity has, under different names, led the way in all
chief reforms in education which have taken place since
1527, when, under the auspices of that veteran educa-
tional reformer, Lord Ilitorunam, it that saw the light in
Gower-street ; and I cannot but think that it may reflect
much credit upon the University chould we ultimately see
our -way to elect as its first representative th• man who
is generally deemed the best advocate of the educational
question in the House of Commons. By so doing we shall
give a vantage ground to one whose blows all who kayo felt
allow to be weighty, and all who behold admire.
There are now three candidates before the gra-
duates—Mr. Lowe, Mr. WALTER BAGEHOT,
and Sir JOHN LrEBOCK. Of these only Mr. BAOE-
HuT is a member of the University, and he will,both
on that ground, and by reason of his literary eminence
ar.d economic knowledge, receive a large amount
of support from gentlemen of all shades of opinion.
Sir JoHN LI-maul: stands upon his scientific re-
putation, and his pretensions are supported by a
very forinidablo array of distinguished names. The
medical graduates were very desirous of havin,g
candidate of their own, but discovered six months
ago that this was not, under the circumstances, ad-
visable, and thereupon appeared inclined to favour
Mr. LAME, who at that time also seemed the most
conservative of the gentlemen named as probal
candidates. The Ewfii,/, Iw/ere-at/nit, to which we
are indebted for our knowledge of Dr. Noon's
letter, thinks the result of his retirement will
ho to throw the weight of the Nonconformist
intermit into the scale of Mr. Lowe, sad this is no
doubt true of those for whom the Independent is
more especially qualified to speak ; but Mr. BAGE-
mot is in a position to receive many dissenting
votes. The Conservatives appear to have reluc-
tantly accepted the conclusion that they cannot
secure a direct representative, and will probably give
their support to the candidate who in their opinion
is likely to prove the least zealous Reformer.

CABINET COENCIL.--Acabinetcouncil will be held
to-day, at 4 o'clock, at the official residence of the
First Lord of the Treasury in Downing-street.
THE BEER-SHOP ACT.—Mr. Hardy has appointed.
tomorrow to receme • deputation from the Church of
England and Ireland Temperance Reformation Society, on
the subject of the repeal of the Beer•shop Act of 111.10.