The Sun.
London, England, 1851-09-19 00:00:00

LONDON,

was not quite so easily out-manceuvred as were the
generals of Mexico. That such an expedition, so
generalled and so provided, should have been anni-
hilated by the forces under CONCHA cannot surprise
any person at all acquainted with military tactics.
We were prepared for such a result from the first,
but we certainly were not prepared to find that in
the island of Cuba, containing as it does many
thousands of the citizens of the United States who
have settled there, more particularly at Matanzas
and its neighbourhood, not one single indi-
vidual, white or black, American or Cuban.
creole or Spaniard, joined the LOPEZ band,
from the day that they landed to the day they were
all cut to pieces. LOPEZ and his band, where-
ever they showed themselves, were hunted down
like wild beasts by the inhabitants of the island. We
trust that the fate of LOPEZ and his companions will
not only stimulate the Executive of the United States
to the performance of their duty, by preventing the
arrival in Cuba of similar expeditions, but that it
will also act as a wholesome warning to would-be
sympathisers to abstain from the future from forcing
armed assistance on those who neither ask for nor
need it.

The report of the directors of the South-Eastern
Railway Company for the half-year ending the 81st
July last, which has just been submitted to the
proprietors, will, when duly considered, afford much
gratification to those who have invested their capital
at reasonable prices in that important line. It is
true that there is one considerable drawback—the
dividend about to be distributed is less than had been
anticipated by all parties concerned, as well by
those in authority as by the great body of the
shareholders, and by the community in general.
But this reduction is susceptible of clear and
satisfactory explanation, and those who carefully
perused the report and listened to the lucid speech of
the Chairman, will concur with that Honourable.
Gentleman iu believing that the present is the
smallest dividend that will ever be declared. The
data on which that opinion was founded—all the ele-
ments necessarily entering into the calculation—are
so fully and distinctly before the public, that it is
almost a work of supererogation to enter into any
new arguments to sustain that position. When, how-
ever, the vast importance of the subject and the
influence which the prospects of one of the great
trunk lines of England, on which a large proportion
of the European traffic must be carried, must exercise
on the quotations of railway property in general,
are borne in mind, we may be excused for briefly
alluding to some of the more prominent features of
the subject, which justify the conclusion at which we
have arrived.
And first it must not be forgotten that the spring
half-year is almost invariably more unproductive than
the later term. Autumn is the touring season,
when men relieved for a time from their labours, seek
relaxation in change of scene. It is almost unne-
cessary to say how many direct their footsteps to
France or Belgium, or Germany, for periods varying
from a single week to two or three months. These
travellers contribute largely to the receipts of the
South-Eastern Company, but their contributions are
chiefly restricted to the autumn quarter. The differ-
ence between the half-years is therefore more per-
ceptible on the South-Eastern line than almost any
other in the kingdom. It is, then, indeed,
surprising to find that the receipts of the
last half-year have come within a few thousand
pounds of the preceding six months, the falling off
being, in round terms, barely 3,0001., while they ex-
ceed that of the corresponding period in 1850 by no
less than 52,7951. About 23,0001. of that increase is
from through or continental traffic, while nearly
9,0001. is an improvement on the North Kent line,
which has thus gone on flourishing, notwithstand-
ing the formidable competition to which it
has been exposed. The same may be said
of the Reading, Guildford, and Reigate branch,
although in a lesser degree. In fact in every par
there is a perceptible amelioration, save in the Green-
wich, in which there is a small falling off, of about
1,4001., which is, however, clearly attributable to the
facilities afforded by the North Kent branch affording
temptations to more extended trips than were for-
merly indulged in. We also find an increase on the
goods traffic of about 8,0001. on the half-year.
A large proportion of capital, too, participated in the
dividend, which, although to all intents and purposes
unproductive during the past half-year, will h ence-
forward contribute its fair proportion to the general
prosperty. All the capital now is entitled to divi-
dend, whether productive or unproductive, so that the
worst which can possibly arise is known, while the
corresponding advantages have by no means been
developed, and from which we confess we anticipate
very satisfactory results. It appears, also, that from
the returns of the six weeks since the expi-
ration of the half-year, to which the report
was necessarily restricted, the receipts since the
31st of July have exceeded those of the correspond-
ing period of last year by no less than 25,0001., or
about 4,1661. per week, an improvement of about 22
per cent. on the general average—a circumstance
which will exercise material influence on the future
fortunes of the line.
But there is another point in the report that
affords even greater cause for congratulation
than the pleasing fact above alluded to. The
report itself, and the speech of the Chairman
in every line and word indicate a pacific policy.
There is no inclination exhibited to enter into con-
tests with other companies for the purpose of showing
off their strength or power. Litigation is as dangerous
to large companies as war is to nations. Peace
is a blessing which can only be appreciated when it
has been thoroughly enjoyed. It is therefore with
no ordinary pleasure that we find the statement that

" all differences with the Brighton Company regarding
the London and Hastings and St. Leonard's traffic have
been satisfactorily concluded, and that while the
requisite accommodation is supplied to the
public the companies will not act in op-
position to each other." This is, indeed,
as it should: be where parties amicably manage a
division of profits, which, if each were grasping at
what they could not reasonably hope to retain, would
vanish away, and leave the conflicting boards, if not
wiser, at least infinitely sadder men, on account of
the injudicious and reckless course they had adopted.
Another point must be adverted to before we close
our remarks. We are well aware that the alarmists,
those who for their own sinister; purposes endeavour
to depreciate the stock of every company, will en-

deavour to show that the large receipts have been
mainly, if not altogether, ascribable to the Exhibition.

We must not forget, however, the extraordinary
opposition that has been offered on other

routes, an opposition which will scarcely be con.

tinued in other years to anything like a similar ex.

tent. The amicable _ relations that exist with our

European brethren of all nations will, we trust, be
continued, and that we may hope to see those who
have once visited cur shores anxious to return to the

British metropolis. The change that has been
effected in the Customs' regulations, a change for
which we are indebted to the importunity, the enter-
prise, and the liberality of the South-Eastern board,
will, we are convinced, materially contribute to this

" consummation so devoutly to be wished for."
The fact that the baggage may now be
carried through to London without examina-
tion will induce many who would otherwise
be deterred by the Custom-house nuisance

to journey.to London, a visit which we hope will prove
satisfactory to themselves and profitable to the

carriers.

On the whole we think the facts of the case
afford just grounds for self-gratulation to every
shareholder, and that the greatest thanks and grati-
tude are due to the excellent Chairman for his praise-
worthy and efficient exertions during the many years
he has presided over the fortunes of the South-
Eastern Railway Company.

Sentimental though the "Journey" of STERNS
professedly was, it evidenced throughout a fund of
shrewd and practical observation. From its most
fantastic passages might be selected phrases worthy
of stimulating the efforts of a reformer even, now-a-
days, in an age not of packhorses but of railways.
Among these sentences one indeed has by reiterated
quotation risen almost to the dignity of an aphorism,
that sentence which occurs at the very opering of his
journal at Calais, where he observes in a tone of re-
proach to his countrymen across the Channel, "they