The Express. — 1856-03-25 (London, England)

LONDON, TUESDAY, MARCR 25.  NEAXLY all the half-yearly railway meetings are now over, and even the Eastern Counties Railway war has at length been brought to a conclusion. The angry feelings which were excited amongst most of the active participators in the struggle have— temporarily at least—subsided. The contest, though a prolonged and determined cue, results in the reinstatement of Mr. WADDINGTON as Chairman of the Company, and in the defeat of the advocates for a reformed management. The whole of this phase in the Company's history is peculiarly interesting, inasmuch as it places in a striking light the strange blindness of the MISS of the proprietary to their tree interests, whilst it illustrates the fins hold of power enjoyed by directors under the existing system. Here is a Company in which lamentable and deeply-rooted abuses are proved to have prevailed. The directors have been found guilty of sacrificing the shareholders' interests to those of favoured parties. Arrangements and contracts which had been denounced by the official auditors were permitted to continue, although the power to terminate them rested virtually in the hands of the board. The system of accounts was so irregular as to be visited with public condemnation by the Company's own auditors, and even by some of the directors themselves. Old disputed claims of four or five years,' standing, and irrecoverable by law, were improperly introduced into the accounts es meets available for dividend. In at least one important department of the Company's besieges no balance-sheet had been struck for years. The permanent way had been suffered to fall into such a disgraceful state that the travelling public were startled at witnessing memorials from town councils and from meetings of the local population, earnestly invoking the immediate interposition of the Government. From the investigations of two engineers deputed by the Board of Trade, it is shown that the ruinous condition of many portions of the line involved imminent peril to the lives and limbs of the par &engem, and that the timber structures in places were so rotten that they could be broken up as readily as " garden mould." Wonder is eves implied, in the reports of these official inspectors, that the works have hitherto bores the strain epee them, and that some fearful crash and loss of life has not occurred. The directors' own officers admit that, owing to pest negligence, a sum of no lass than 160,0001. is required to be expended forthwith in petting the line into repair. Can stronger proof be wanted of the wretched askew nagement of the affairs of this undertaking? Is it not perfectly clear that its past dividends mast have beets, to a material exteat, &thieve, Ma'am& es no inconsiderable portion of the sum distributed as " profits " ought to have been applied to that essential object—the maintenance of the line and works in safe condition P Is it not equally evident that ths systematic irregularities exposed are utterly at variance with every sound commercial principle? We cannot imagine a process of reasoning by which a rightly thinking man can arrive at any other cionelmioa. Yet, despite the insfregable proofs adduced with respect to these tad many ether charges against Mr. WADDINGTON, he is molested! It is true that a majority of the personal votes— licluding proxies and the votes of the proprietors present at the last meeting—were against Mr. WADDu4GTA and his two friesda But, owing to hie party holding the largest amount of stook, a preponderance was finally established in his favour. From this fait some idea may be gathered of the muss by which the Chairman's moms has best achieved. The simple truth is, the emits of victory have been tamed by the exertions of railway capitalistes sontneters, and other parties deeply interested in the asaintenanse et the old rigirnt. It was felt by ediktais is every part of the kingdom that the mem of the Tina movemest in this one Melanie would inevitably be followed by similar attempts on the part d other railway constituencies. Thus, an interested combined°n has been orgaaised, against which the efforts of the majority of the shareholders have proved vain. Even the °Weeds= raised by the auditors to the latest accounts of the company, although proving that the old abuses retain their full vigour, failed to damage the Chairmee's mass. Bat here arises a gelation, which it behoves the Eastern Counties proprietary to madder ear. mostly. What confidence can the public possibly feel in balancoohests to which sespisics so deservedly attach= P When inverters see the auditor* of the company repeatedly uttering warnings against its aconite as delusive, sad end some of the meet influential and respectable shareholders patenting against the dividends as merely lotitieue—when, sotwithstaadiag this, they see these same amounts and dividends approved and pealed without further ozeraiamien—is the Meek of the undertaking likely to resume he proper position in the elms ef legitimate neuritise? The shareholders, by the prolonging a diseeritable system, are committing an net of commercial suicide. Every one admits that the Company's bails is susceptible of great and remunerative development. But what Indiana as be placed spots its aszatoresed management, se apes the statements emanating from seek an WOW ties P One of the worst features in the ease is, that Mr. WADDINGTON and his triads appear sow to be poneeteed of absolute power. The Chairman's first step was to depose Mr.Baucs, hitherto Deputy Chairman, who has bees ape of the most Mire members of the reform party. Mr. MAZGRATI, rather than act with the Chairman and his matures, has already resigned. Mr. B.ma., another of the directors, ensconces that he would have immediately adopted the same step, were it not that he specially repreessm the interests of the Northern and Eastern Company, which is associated with the Eastern Counties. What pelisses, we again ask, can be plaited epos a Direction thus free from salutary check. and representing solely the views and tortuous policy of Mr. WADDINGTON P In considering, however, the inflame of this sow test upon the general railway interests of the sonad7, there is room for more hopeful anticipations. The triumph of the old administration of the Eastern' Counties Company may retard reform in that particular quarter; but other boards, which do not possess Mr. Weernmirron's skill and experience in orgenisieg support, have been put in sore dread by this experience of the hostile position which shareholders, when really aroused, can assume. Officials have no fancy for