24 NOVEMBER 1866, Page 2

The shareholders of the London, Chatham, and Dover Railway , have

made their proposal, which is, of course, to right the Com- pany by sacrificing the debenture-holders. A lam of 1;500,000/. is to be raised on bonds taking precedence of every othei and the claims of debenture-holders are to be arrested for five years, and those of other creditors for eighteen months. Con-. sideiing that the whole blame is due to the " shaieholders," that is, to a "Ring" of about a dozen persons, to the DireCtors, and to Sir Morton Peto, this is-a deliciously cool proposal. They are to lose nothing, for they never can get- a dividend, and the Whole penalty is to fall upon the innocent. Whereas, if 'the line were declared bankrupt and put up to auction, the preferential creditors would be paid out of the purchase-money, the share- holders would go without, as they ought to do, and every other bankrupt does, and the line Would pass' into new and solvent hinds. We trust the Peers will not lend themselves to so-flagrant a -job. They have not to vote under the whip of the " Railvray Interest."