The Express.
London, England, 1868-01-09 00:00:00

gite entrelso.

TO 00113E8PONDENTS.
Otseedeemeata Weeded ter The laver," Load= Nyman
oast* at the Oahe, 10, 'Saavedra**. * Two
on the deo of pabiloatioe.

HATA AMRIT.
TIM ILVBSIWO. FAMILY JALt—A win WELL WON.
Mama Bothers,. Blackstone, Mows, Kendal, PAWNS, Braid. Wes
thershy, fa. ; snd Mks Roberises.—Atter which Alt UTTIB
PEILNIMBION OF TILE BILIGAND. —Commence at T.

Tms Brdmio, THE COLLEEN BAWW. Mr. Dud Mrs. Then
Bateleault —After which THE STREETS OF LONDON. Mr.
Vides, Mears Murray, More, Neville, Penedo? Addle
Mind worthy, Z. Barnet& Bartel Siumer, add Mrs.

smart
TEM EmINO. KIND TO A FAULT.—A fter which the Grand
Oriental Extravaganza, THE cAure OF BAGDAD. Realm
Thorne, James, Turner, Murray, and Fenton ; Mesdames Ada
Swenhonnigh, Johnstone, Holt, rtc.—And OUR DOMESTICS.

HOLBORN.
THra Mania. THE TWO PMTS. Hewn Price and Wld-
dlcomb —And VALENTINE AND ORSON : OR HARLEQUIN
THE BIG BEAR AND THE LITTLE FAIRY. Mews. Lupin°,
Orem. and Rowena : Mindanao Saunders, Goodall, Montero, An

Twin RvEnna, DON trUIXOTt; OR, SANCHO PANZA AND
HIS ‘‘ !YE TERIZA. laza Lane. &Misses Edwlnetßooth : Pan-
tomhuhts Messrs. Deane, Newham, and Victors/II ;
C. Stephan and Mlu Rose Nan.—/Lnd WHO DID IT!

HIGH WATTS AT LONDON BIM=
IT D 4 —Morning, 16 Oin..--Atiornoon, In. Ma.
GAlonnorr—Morning. lb. sofa-- ..Attarnoon, 17k.

LONDON, THURSDAY, JANUARY 9.

Is estimating the present position of the Cale.
donian Railway, it would not be fair to the Share-
holders to overlook those points as to which the
management compares favourably with that of
some other lines that have been attacked and dis-
credited. Of course there is only one standard
by which all railway administration must be ulti-
mately judged and determined to be right or
wrong ; but at the turn of a crisis, when we
pass from vague alarm to tolerable certainty,
it is permitted to compare the ascertained facts
with the lately prevalent fears. The sanguine
and alarmed shareholder equally live in presence I
of those who for their own purposes disparage the
public Value of the property on which they fasten,
not only by exaggerating its actual weakness, but
by spreading assertions which are absolutely
groundless. The Report of the Committee of
Investigation establishes, it may be hoped, a
barrier against this kind of attack. No one
who has read the analysis of the financial
situation of the Company by the Account-
ants, which we published on Tuesday, can
doubt that they have gone into the inquiry
with a determination to leave no question un-
probed, and they declare on their professional
responsibility that the accounts they have prepared
" contain full and true statements as to the finan-
" vial position of the Caledonian Company as
" regards its capital assets and liabilities and the
" revenue receipts and expenditure of each of
" the last two years." What Mr. ALLOT
and Mr. Ftrrettaa have done for the
accounts, Mr. HAWKSLEY and Mr. CLARK
have done for the permanent way and rolling
stock, so that now the Shareholders of the line may
indulge the belief that they have before them all
the elements of a judgment as to the position and
prospects of their property. While the result
shows that this inquiry weld not have been safely
delayed, it is so far satisfactory to know that the
grosser features of railway mismanagement and
abuse of directorial powers such as have come to
light upon similar investigations are not present
here. There has been no exceeding of the bor-
rowing powers of the Company ; no raising
of capital beyond the max authorised by
the (liniment Acts of Parliament. Nor can it
he said that extraordinary pains have been
taken to conceal those transactions in connexion
with the Company's capital and revenue to which
objection may most fairly be taken. In fact, the
Committee are obliged to admit that many
things of which they cannot approve have
been done by the Directors with the know-
ledge and acquiescence of the Shareholders.
The errors of the Directors are just such as
men engaged in an arduous struggle to assert I
the supremacy of their lino against a determinedl
opposition would be tempted to commit. Their
first anxiety has been that the Caledonian should
have the prestige of strength, and to this desire
the real interests of the Shareholders, which are
inseparably bound up with truthful dealing with
the accounts, have been sacrificed.
The Caledonian must now make a fresh start
upon the basis of the facts which this investiga-
tion discovers. It is being said that Shareholders
must now wait to see what the Directors propose for
the future ; but, without prejudging any questions
as to which the Directors may desire to address
explanations to their constituents, it may
be fairly presumed that the Proprietors
will claim the advantage of having their
affairs conducted henceforth by gentlemen
who are wholly uncompromised by their antece-
dente, and who will not feel bound to respect past
errors and mistakes. The Board must be wholly
reconstructed, in order that an entirely new policy
adapted to the state of facts now disclosed may be
devised'and put in practice. ruder any policy
that is now possible, the affairs of the Company
will have to be administered with resources di-
iniukshed and charges increased, while the mere
recognition of the truth, as it might have been
ascertained any time since the reconstitution
of the Company in 1865, would have itself
involved a revolution in the opinions of
the Shareholders and the plans of the Directors.
A holder of 10,0001. ordinary stock, who finds
that he was only entitled to receive 211/. 16s. Bd.
last year, instead of the 587/. 10s. 6d. which he
actually drew as dividend, will be resigned to
many sweeping changes. It is only under the
influence of adversity that ill-managed railway
companies return to sound principles. The
application of premiums in augmentation of divi-
dends has been much questioned; but in future
the application of premiums will not give any
trouble. The total amount received for premiums
on shares to the 31st of July, 1867, hsa been
283,2511., of which 186,000!. has been applied
in the payment of revenue charges or dividends.
One of the first things the Directors will have
to consider is the raising of new capital.
Even the Committee which are so deeply impressed
with the importance of restricting expenditure, do
not apparently see how this necessity is to be
escaped. To complete works in progress, to re-
duce the excess of capital expenditure, and to
meet subscriptions for other lines, a million and
a half sterling will be required. This addition'
to capital, which would involve an annual charge of
about 75,000/. per annum, seems to be beyond
the control of policy, and must apparently remain
after all possible abandonments have been
effected. But this charge would absorb
about seventy-five per cent. of the amount which,

THZ IRILNCH ARIEL
All young France, says the Times, will be trained
for war. Of the crop of young men which each year
brings to maturity the conscripts will go to the regular
army, the non-conscripts to the National Guard,
and the French empire will support, under various
names, an army of 1,200,000 men. The nation has
gone before the government in this matter. There
may be • prudent section which loves freedom and
honest industry more than military dictation to foreign
countries, a section which cares not for " influence," and
aspires not to the leadership of the Latin race or the ca-
tholic church. But the Times fears there was never a
time when their opinions were less diffused. The French
people are easily possessed with an illusion or • passion,
and for the lest eighteen months they have been agitated
by an imaginary humiliation, and by the strongest jealousy
of their neighbours. The victories of the Prussian', the
fall of Maximilian, the assertion by Italy of a will of her
own, have made them believe that France no longer
occupies that first place in Europe which is her doe, and
they have been ready in the same breath to vent their
anger on their own government, and to grant it any sup-
plies and powers it might demand. Such • temper is but
too favourable to a great military enterprise ; the govern-
ment and its military advisers took advantage of it, and
the measure which may now be considered as law is the
result.

AMERICAN NAtunatreatton.
The Ekrity Kttes argues that the Prussian and the Irish
grievances on the question of naturalisation are of a cha-
racter wholly distinct. In the former case the emigrant
desires to cast off his original citizenship for once and for
ever, and to be in the position of a foreigner to all the
domestic concerns of his native land ; but the Irish nal-
' grant comes back to revindicate his nationality and to
extend the rights of citizenship still further. If the
Americanised Irishman is to be recognised as an American
citizen, be has no right to levy war on Groat Britain when
it has not been declared by the United States government.
If he does so, he has none of the privileges of a belligerent,
for ho is merely a pirate. Would anything be pined by
escaping trial for treason only to be tried for piracy! Or
could an American Minister gravely intercede or remon-
strate on behalf of men who by their own assertion had
defied American laws as well as broken those of humanity?
The subject is admittedly open to friendly negotiation, but
in the meantime it may be said that the country of birth
may well tangent to pass from the rights of allegiance over
those who seek to meddle no further with her affairs. But
when naturalisation is merely colourable, when it does not
withhold the citizen from taking part in the domestic con-
flicts of his native land, or when his allegiance is thrown
off at the moment of war having actually broken out, then
every overt act of hostility should in common sense be
d treason.

'8 TOPIC 9.

The Poe estimates that we cannot expect to get out of
Abyssinia, under the most favourable circumstances, for
less than another 2,500,000/., to be borne by the year
1668-9, or to escape miscellaneous additions to our expendi-
ture to at least the extent of 700,0001. or 80140001.
The Thor.. thinks the Reform League was fortunate in
being able to engage Mr. Forster to lecture at St. James's
Hall on the education of the people. 31r. Forster is, per-
haps, the least visionary of the advanced reformers, while
no one indulges less in what Mr. Disraeli terms " cosmo-
politan jargon." He is, moreover, known to have devoted
special attention to the question of popular education,
and was associated with Mr. Bruce in framing the com-
prehensive bill of last year, which, unless superseded by a
government measure, is likely to be introduced again in
the ensuing session. Our contemporary then proceeds to
describe the scheme set forth in Mr. Fonter's address,
abstaining from delivering any definitive opinion of its own
upon it.
The Mont'f is strongly opposed to the proposal of mainly
supporting the schools by a local rate. If this be done
the school and its belongings will pass within the domain
of vestrydom, and the squire and the parson and their
wealthy neighbours will close their purse-strings and wash
their bands of the whole business.

The report of Mr. Sherman and the finance committee
awakens doubt and alarm on the part of the Telegraph
lest the American public debt should be paid in
paper. The anxiety, it says, cannot now be dissipated
unless some decisive action of congress at an early data
should place the subject beyond fresh debate, and establish
the national credit on a basis which demagogues cannot
shake.