New-York tribune., 1901-08-14
BRITISH EARNINGS LESS.
DECLINE IN RAILROADS AND OTHER IN
DUSTRIES-BOERS LOSING GROUND
-LIPTONS SAILING.
Copyright; 1901: BY The New-York Tribuneo
TBY CABLE TO THE TRIBUSEl

Copyright; 1901 BY The New-York TriouneD
fBY CABLE TO THE TRIBUSE.l
ro,don Aue Il 1 a. m-There is more pes
sin,isro in financial than in political circles The
record of British railways disclosed by the Au-
gust dividends and reports is the worst known
fo- many years. Expenses have Increased ana
earnings have shrInk. and the decline IN divi-
lends is general but most marked on the heavy
lines The decline in the net earnings for six
months for English lines approSimates ~ tvo'-
600 This not only involves serious loss to
investors but is considered an unerring sign
of an approaching period of commercial depres-
sion. The croakers assert that the shrinkage
in railway earnings indicates decline of busi-
ness interests ana that there is title reason to
believe that shareholders will be relieved by
economies in the working expenses and reforms
in the mana cement.
At a meeting yesterday of the London and
Northwestern Railway Company, which this
year pays the worst dividend since 1868 the
chairman, Lord Stalbridge, referred to the COM
parsons that have been made so frequently OF
late between American and British methods OF
working railways He endeavored 70 prove to
the shareholders that the comparisons were
tlusory as in America vast quantities of grain
and coal were carried great distances, while the
bulk of the traffic of the English railways was
in small lots carried comparatively trifng dis
tances.
Outside of the English railways there are
many sources of depression for British investors
The mining market has been fiat for two years
and South African investors have been living on
memories of their former prosperity Industrial
interests have also suffered. and there is gen.
eral lack of elasticity and hopefulness in every
branch of business. When the railway business
is so bad that coalition Of the leading lines
is proposed for the purpose Of suspending the
payment Of dividends ordinary stock, feel
ing of depression is caused in every industry.
The close of the campaign which directly and
indirectly has wiped out reductions OF the ma
tional debt effected during sixty years will pro-
duce a strong reaction against the prevailing
depression.
The war news, meagre as It is. offers better
promise Of peace than it has for a long period
Evidence is accommodating that the Boer COM
mandoes have reached the bottom Of their sup
plies Of ammunition and are surrendering from
sheer inability to defend themselves. Military
men explain the desperate attacks upon small
bodies Of British troops by the necessity for
obtaining fresh supplies of rifles and ammu-
milton.
The memorial service for the Empress Fred
erick in the Chapel Royal at st. James's brought
hack to London from the country large por-
ton of the diplomatic corps and many court Of
icials The Duchess of Argyll was the most
conspicuous figure in the chapel The service
was fully choral and was rendered more impress
siye by the firing OF minute guns in St James's
Park.
DISPATCHES from Potsdam indicate that the
police precautions were stringent. and that the
royal rnourners and the funeral cortege were
protected by double military Gordon.
All the royal arrangements have been upset
and authoritative have not been provided
for forecasts of the Kings movements.
If is reported that the German Crown Prince
will arrive here on Friday. His visit is to be
strictly incognito and its object is not known,
but IL is likely 10 revive the rumors Of an i'm
nendiug engagement OF the heir to the German
throne and Princess Ina of Battenberg.
vorl on the Teutonic with Mr Watson. He re-
meats substantially the same expressions en-
nloved when the first Shamrock had passed
sandy Hook. and without doubt his feeling OF
confidence in the success of Shamrock II is
penuine II is based the decisive improve
ynent OF Watson's boat the previous chal-
leneer whereas he is not convinced that the CO.
Iumbia has been beaten Sir Thomas Liptons
faith in American fair play is expressed as
enusiyely now as II when he started for
the previous contest. The published lists OF the
guests whom he will entertain the Erin
not authoritative. l. n. F.,
MAN-A-cEA! MAN-A-cEA! MAN-A-CEA!
Wonderful MaugaueSe