The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1854-01-17 00:00:00

winds. These causes, however, powerful as they
may operate among those who were the sufferers,
are insufficient to account for all the subsequent
depression, which has prevailed even at a time
when speculation took another direction, and gold-
mining companies, of apocryphal origin, issued
shares at increasing premiums. The truth has
become evident, that the reckless expenditure of
railway directors in fruitless litigation, and the
construction of unprofitable branches, clings as an
incubus upon the profits of shareholders, and has
banished the hopes which were once indulged of
large and increasing dividends. Traffic has in-
creased to an extent fully equal to the most
sanguine expectations, but expenses have also ne-
cessarily increased, and, though the returns may
be large, the immense amount of capital over which
it has to be divided confines the interest within
very narrow limits. Experience has proved that,
in many cases, efficient lines of railway may be
constructed for about £lO,OOO per mile, but many
of the existing lines cost more than five times that
amount, without in any way adding to the means
of increasing the earnings, so that present divi-
dends are low in order to pay for previous follies.
There is also the unprofitable rivalry which is still
going on between great companies, not even afford-
ing the advantages to the public ordinarily derived
from competition, while shareholders are compelled
to admit the unwilling truth that their interests
are in no way consulted in such contests. There
was a time when Government supervision was
looked upon as a kind of unwarrantable intrusion
on the rights of individual property, but we be-
lieve that many may be found at the present day
who would gladly see the transfer made without
waiting until the dividend has reached the ten per
cent. reserved by the act of Parliament. Amidst
the many great improvements which modern en-
terprise has carried out, there are few, if any, of
more practical utility than the extension of railway
communication throughout the empire. It has
even proved remunerative, as far as concerns the
legitimate expenditure, but it has in reality proved
a serious loss to those whose capital has been em-
barked in it through the folly, or something worse,
which appears to have prevailed in railway manage-
ment.

But, notwithstanding these drawbacks against
the hopes which were once indulged, railway pro-
perty does not now command that value to which
it is fairly entitled. In many large companies the
abuse of power by directors has been met by active
exertions on the part of the shareholders, and it
may reasonably be anticipated that future manage-
ment will be conducted on equitable principles, so
that the present low rates are not likely to go
lower, and in many lines an increase in the rate of
dividend may fairly be expected. If this view of
the case be sound, and there appears little reason
to doubt it, then railway shares ought to command
a higher value than they do ; for it will be seen, by
comparing the quoted prices with the rates of di-
vidend, that most of them are paying a higher
rate of interest than almost any other description
of investment. Few are paying less than five per
cent., while the Funds yield little more than three
per cent., and yet, in point of security, there is not
much to choose, particularly if we are on the eve
of a war, which will have the effect of injuring one,
and,", perhaps, of benefiting the other. The public,
however, have been too long accustomed to identify
railway shares with speculative operations rather
than as a means of permanent investment, or they
would have absorbed a much larger amount than
they have done of unemployed capital.

THE reports from the seat of war in the East
have again assumed a new phase, and we hear
once more of Turkish victories, with great slaughter
of the Russian forces. Making due allowance for
the apocryphal character of all news from the same
quarter, it would appear that the tide of success
has again taken a northerly direction, so as to
convince the Czen that the army in which he ap-
pears to trust is not invincible. This may have
the effect of inducing him to listen to reason, a
conclusion to which .101gbilr, 'perhaps, be more
likely inclined to arrive, as the four mediating
powers have agreed upon the terms of settlement,
to which the SULTAN of TURKEY has given his adhe-
sion. If reliance can be placed upon the cordiality
which appears to have prevailed, no other course
is left to the CZAR than to submit ; for it would
be madness for him to dare a war, single-handed,
against the powers of Europe. Should he perse-
vere, it can only be from a secret understanding
with his neighbour of Austria, with whom he is
said to be holding a second conference ; and the
apprehension of such an affiance should make the
Western powers more vigorous in pressing the
question to a settlement. We have already gone
I too far to recede, and though we may not be called
upon to employ the fleet which has entered the
Black Sea, in aetive hostilities, inasmuch as it is
said the Russian fleet has retired into winter
quarters at Sebastopol, as though desirous to
avoid an encounter, it can hardly be doubted but
that the veteran diplomatists of Russia will exer-
cise the extent of their skill in endeavouring to
outwit those who may be opposed to them in the
business of negociation. The vacillation which
has marked the whole course of English policy has
afforded ample encouragement to Russia, in her
attempt to retain possession of the Danubian pro-
vinces ; and unless a more decided tone is now
evinced, the affair may still be protracted beyond
all reasonable length. It was apparent from the
first that the object of the CZAR was the extension
of Russian territory, for which a plausible pretext
was afforded him 1:1r the foolish interference of
Louis NAPOLEON in the affair of the Holy Places.
It was equally apparent that he endeavoured to
gain his object by diplomacy, but without any
aversion to resort to military force, should Turkey
be his only opponent. It was the want of deter-
mination on the part of England which encouraged
him to proceed ; and should negociation once more
be entered upon, owing to the more determined
front shown by the Western powers, it will only
be taking the step which might have been taken
in the first instance. So much human blood has
been spilled, so much treasure has been wasted,
so many ships have been destroyed, and, perhaps,
it is not going too far to say that all tffis loss may
be laid at the door of the English Cabinet, who
coquetted with the danger until it became serious,
and virtually encouraged the EMPEROR of Rums.
to proceed, until the quarrel has reached a point
when it has become a matter of grave doubt
whether the whole of Europe may not once more
be convulsed with sanguinary warfare. But, ad-
mitting that this dread alternative may yet be
averted, there is not one advantage now to be
gained which could not have been accomplished
equally as well at the commencement of the affair,
and even better; for the blood which has already
been shed must tend to embitter those relations of
national intercourse which it should have been an
especial object to preserve unimpaired. If Turkey
be preserved from her oppressor, she will have no
cause for gratitude to England for her preserva-
tion ; and if the anxiety for peace should lead to
concessions to Turkish obstinacy, aroused by the
necessity for armed resistance, the effect may be
to render the condition of the Christian population
of this Mahometan- state worse than it was before
the EMPEROR of RUSSIA. raised the standard of
war for the protection of 'the Greek Church.

A DARWIN "delegate" has absconded with £lOO which
had been subscribed for the Preston operatives.