When all the Railways in England are insolvent the Board
of Trade will probably offer a plan for putting them on a sound_ footing. The shareholders of the London and Brighton Company have been inquiring into the position of their line, and find that whereas in 1857 they earned 446,0001. on a capital of 7,797,0001., they in 1866 earned only 503,0601. on a capital of 16,462,1911. Moreover, the Directors have strongly recommended the purchase of three other lines, without explaining that on two of them the Directors themselves and their nominees were the only share- holders. The Committee, moreover, state,—its chairman being Sir Charles Jackson, formerly, we believe, a Judge of the Supreme Court, Calcutta,—that the report for the last half-year under- estimates the payments due to preferential shareholders by 170,0001., that amount having been charged to capital under different items. Moreover, there is some uncertainty about the temporary loans, which in June, 1866, were 645,9061., and in December had slipped out of the accounts, all very pleasant facts for shareholders whose property has dropped in eighteen months from 1021. to 591. It only remains that the debenture account should be pronounced wrong, to make the London and Brighton a model railway.
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