21 DECEMBER 1867, Page 1

The Railway world was thunderstruck on Tuesday by the appearance

of a circular from the Directors of the Midland demanding five millions sterling. Their capital is already 25,000,0001., debts and shares together, but they are building a line of their own from Hitchin to London, and making other great extensions, all of which the directors say will cost 3,850,0001. sterling more than they anticipated. The only excuse they offer is that the cost of entering London " would seem to defy all previous calculation." Moreover, they have spent 960,0001. for " new engines, plant and rolling stock," to meet the increasing traffic of the Company, and want 540,0001. "to meet future requirements," or 5,000,0001. in all. In the depressed state of the Railway market this circular produced almost a panic, shares in the Midland dropped eleven per cent., and all Railway property was affected. We have discussed the circular elsewhere, but may add here that the resolve to ask for the money seems to have leaked out between the signature and despatch of the circular, for a fall of more than one per cent. was reported on Saturday, and no shareholder had the circular till Tuesday.