JAMEIS CRAHAM£ 'J:inn:TT^, 18G5» raines ÍD px' ricríilla Lahore ipmi-iLsui» (^awupore &ELTrsu:liee JimcüfVD nt'-fttoTIaxf Itirii jti (n-eal JjitliauJ^iiixusnlaJiaLlxvatys Lhm4P I ^ "■ BUREAU OP RAJJ¿y,',AV ECO^OM103 , WASHiNClTO ■ '-. AN ENQUIRY IXTO THE STATISTICS, PROGRESS, AND PROSPECTS RAILWAYS IN INDIA. BY JAMES GRAHAME, ACCOUKTANT AND STOCKBEOKEK, GLASGOW'. PART I. LONDON: LONGMAN & CO., AND EFFINGHAM WILSON. EDINBURGH: W. BLACKWOOD & SONS. GLASGOAV: JOHN SMITH & SON. MDCCCLX V, G. E. STECHERT & CO* APR 2 1 ](j',ß $ X. CONTENTS. Preface . Eailway Enterprise in India. Government Aid by Guarantee. Position of the Guaranteed Stock. Eeciprocal Action of the Guarantee and Eevenue. Government Aid by Subsidy. General System op Eailways. Estimated Cost as Single and Double Lines. General View of the Position of the Guaranteed Interest and Net Eevenue Accounts. Important Latent Claim by Government for Simple Interest. PREFACE. The information regarding Indian Eailways being somewhat scat¬ tered, suggested to the writer of the following pages the utility of throwing together what information he could collect regarding Joint-Stock property of that description. The large amount of capital now invested in these undertakings, the fact that it is almost entirely held in Britain, the novel connec¬ tion between the Railways and Government, and the distance of the scene of operations, (making personal inspection next to impossible to a shareholder,) combine in rendering the subject worthy of more particular enquiry than it has hitherto received. When his attention was first directed to the subject of Indian Railways, the writer had, in common with many others, an exag¬ gerated opinion of the security offered, and of the general pro¬ spects of the several lines, taken from the remarks of the press and the Railway reports occasionally seen. To satisfy himself as to the accuracy of these impressions, he obtained copies of the series of reports published by the Government Director of Indian Eailways, and has now compared them with much care and labour with the private reports of the several undertakings. The result has been to shake his confidence to some extent in the security, and to cause him to doubt whether the general ex¬ pectations of the financial success of the Eailways as a whole will be realized. That they may earn 5 per cent, net is not improbable, })ut the risks run demand that minimum return. We can get good Colonial Government Securities to yield more ; but that the Indian Railway Shareholders will ever, as a general rule, receive much more, is pro¬ blematical, seeing that the original estimates have been very much exceeded, and the working expenses have proved very heavy. It is, doubtless, a great national advantage to have these Rail¬ ways, and to the Government of India of incalculable benefit; but it remains to be seen whether that advantage and benefit have not been purchased cheaply at the expense of the Railway Shareholders. There was a tone taken in the Government reports in 18C0 and a 2 6 1861, which was checked and moderated in 1862 and 1864. In the report of 1860, Mr. Danvers (the Government Director) says, "The amount affixed to the Indian lines (in a prefixed table) exhibits, therefore, with trifling exceptions, what is actually re¬ quired for the construction of the works, and supply of plant."— (Report 1862, paragraph 162.) He adds in a note, "This observa¬ tion does not, however, apply with great force to the East Indian, partly in consequence of the addition caused to their expenses, from losses incurred by the mutiny," &c. That is to say, that the estimate for the East Indian is more than it should naturally he by £3,000,000, at least, which we find (Report 1860, paragraph 28) is what he estimates the loss, from the effects of the mutiny, to have been to that Company. Setting aside the East Indian altogether, however;—the estimate for which then was £19,000,000, (including that loss by mutiny,) for 1,838 miles, and whose present estimate for 1,870 miles is £26,500,000;—we may turn to some of those other lines mentioned in the table which were not so affected, and to which his remark, therefore, applies in full force, and find first the Madras was estimated, in 1860, at £8,500,000 for 850 miles, and in 1864, for the same distance, is estimated at £10,000,000; the Great Indian Peninsula estimated, in 1860, at £12,000,000 for 1,266 miles, and in 1863, at £16,000,000 for the same distance ; the Bombay, Baroda, and Central India estimated at £2,500,000 for 310 miles in 1859, and at £5,500,000 for 312 miles in 1863. The total increase, in 1864, over the whole estimates which the Govern¬ ment Director held out in his report of 1860 as what, with a few trifling exceptions, was all actually required for the construction of the Railways and the supply of plant, being about £20,000,000, with a decrease of about 130 miles in the aggregate mileage. He proceeded, in his report of 1860, to heighten the agreeable prospect by contrasting the cost of the London and Horth-Western with the East Indian Railway,—a comparison which could not fail to intro¬ duce fallacious hopes;—and then gave it as his opinion, that the cost of the East Indian Railway was likely to be £17,000 per mile as a single line, and £20,000 as a double line. Experience has shewn that the East Indian Railway will be more likely to exceed the latter sum as a single line, and that, consequent]3', the difference allowed by the Government Director for conversion into a double line may be safely increased. 7 It seems that the operations of the Eailviray Companies were, in 1859, impeded by want of funds, and that the flow of British capital, in their direction, had sustained a check, (Eeport 1860, paragraph 28;) and it was then that this couleur de rose report appeared. In 1862, however, a cloud comes over the picture—the Govern¬ ment Director, who, in 1860, thought the estimate of £52,150,000 sufficient for 4917 miles, begins to think that £57,120,000 will not suffice for 4,653J miles, (263^ less;) he, however, thinks £60,000,000 may do, (Eeport 1862, paragraph 24;) but in 1864 we find £71,900,000 placed as the probable cost of 4,785^ miles; and he seems to be less confident in that than in the estimate of 1860. Mr. Danvers attempts to make some excuse for the enormous difference between the estimates in his Eeports of 1860 and 1864, by saying,that to the causes which in 1862 led him to place £60,000,000 as the amended estimate for 4,653è miles, was to bo added the increased length of mileage of the Eailways. To this the writer can only reply by pointing to the figures of Mr. Danvers' own Eeports, which completely refute this reason. The estimate in Eeport 1860, was for 4,917 miles; in Eeport 1862, for4,653J miles; and in Eeport 1864, for 4,785ï miles, shewing a decrease in the aggregate mileage to be estimated for of 131J miles, against an increase in the total estimated cost of £19,850,000. He is unfortunate in his application of that reason to the East Indian in particular, because he says, in regard to the addition of mileage having increased its estimated cost, that that Eailway will probably have added 200 miles to its lines as originally projected. Now, although this may be the case, it has little or nothing to do with the estimates contained in his Eeports, for the estimate for the East Indian, in his Eeport of 1860, is based on 1,338 miles; in his Eeport of 1862, on 1,364 miles; and in his Eeport of 1864, on 1,369t miles, shewing a total increase of mileage to be allowed for in the last estimate of only 31i miles, against an estimate increased by £7,500,000. He perhaps alludes to the Eaneegunge chord line as part of the 200 additional miles; but that cannot be allowed for in the estimate of 1864, which amounts to £26,500,000; for the Chairman of the East Indian Eailway, at the meeting, 31st October, 1864, stated £30,000,000 as the estimate for the whole undertaking as at present projected, which, allowing llSf miles for the extension at Eaneegunge, would be about 1,485 miles 8 long. This exhibits an increase of only 147 miles over the mileage estimated for in Mr. Danvers' Report 1860; but, on the other hand, an increase of £11,000,009 over the estimate in the Report of that year, or about £75,000 for every additional mile of single rails. A curious allusion was made at the General Meeting of the East Indian Railway, in October, 1861, in relation to the Bridge at Delhi, (and the same is applicable to the suspension of operations at the Jubbulpore end of the line,) which serves to point out a contingency of Railway enterprise in India not often thought of. This was an allusion to a difference of opinion between Government and the Company as to whom the duty of fortifying the Railway access to the city at the Jumna Bridge into Delhi should fall upon. What would we say of London and North-Western stock, if the Company were called upon to fortify its entrances into Birmingham and London? Such contingencies require high returns, and 5 per cent, appears wholly inadequate as a recompense. An inspection of the accounts of the various Railways, and a consideration of their progress and prospects of paying more than 5 per cent., is therefore necessary; and in order to shew these as intelligibly as possible, the general state of the Railways is first discussed, (Part I.,) and then they are taken in detail, (Part II.) Their accounts are arranged in the same way in the latter; but in doing this there was some difficulty, owing to the variety of forms, and in some cases the rather meagre way in which the Railway statistics are given. The Government Reports, also, are nearly useless as a check upon the Railway accounts, as reported by themselves, for they are made, in most cases, upon a different principle,—as, for example, the Government Report, in 1864, gives only the sums of guaranteed interest actually paid at 31st Decem¬ ber, 1863, while the East Indian Railway Company includes, in its balance of that date, the guaranteed interest due on that day, and payable on 1st January, 1864. The adjustment of traffic balances, after first reporting, which, from the system of Govern¬ ment audit, is in some cases unavoidable, tends to disturb revenue calculations; but the writer believes that any discrepancy in the following statements will be found immaterial, and the estimates made not far from the mark. Gl.-vsgow, 3rd Fehru irij, 1885. INDIAN RAILWAYS. It is now nearly twenty years since the first Eailway Com¬ panies of India were proposed; but it is only fourteen years since a commencement was made in their actual formation. The East India Eailway and Great Indian Peninsula Eailway were projected in 1845; but it was not until 1850 that opera¬ tions were commenced on the latter line between Bombay and Callian, nor until 1851 that the Engineers of the Eaneegungo Branch of the former first broke ground. After this preliminary delay, the works proceeded slowly until 1858, when an inquiry was made into the causes of the slow progress of the various lines towards completion; and it was found that the delay was partly caused by the impediments occasioned by the necessary Government supervision, at home and in India, over lines upon which they had given a guarantee; partly by the incidental delays occasioned by the execution of public works at a distance; partly by the Sepoy Mutiny; and partly by the natural difficulties in construction. It appeared also that in some cases the Government interference had been productive of vexation and annoyance to the Eailway officials. After 1858 the Eailway works proceeded more rapidly, and in 1864 there were 2687| miles open to traffic, against 436 in 1859. The Government of India promoted the formation of two descriptions of lines. Trunk Lines and Feeders; and by two kinds of assistance,—a qualified guarantee of interest upon capital, and a direct annual subsidy; both for a certain term of years. The Companies enjoying the guarantee are,— The East Indian Eailway. The Great Indian Peninsula Eailway. 10 The Madi-as Eaihvay. The Bombay, Baroda, and Central Lrdia Railway. The Scinde Railway. The Punjaub Railway. The Delhi Railway. The Eastern Bengal Railway. The Great Southern of India Railway. The Calcutta and South-Eastern Railway. The Indus Flotilla. These are all Trunk lines. The Companies subsidized are,— The Indian Branch Railway Company. The East Indian Tramway Company. Both of which supply feeders to the main lines. NATURE OP THE GUARANTEE BY GOVERNMENT. As already stated, the guarantee is a qualified one. The Indian Government guarantees for the term of ninety-nine years from the dates of the several contracts entered into between it and the Railway companies; the payment to the com¬ panies of interest as agreed upon for distribution amongst the proprietors of the authorized capital. By authorized capital is not meant all or any capital authorized by the Shareholders, but only that capital specially authorized by the Government to be raised ; and which has been expended according to its direction, and under its inspection. Nor does it necessarily follow, because Government pays the amount of guaranteed interest to the account of the Company, that the pro¬ prietor of authorized capital is absolutely certain of receiving the whole or any part of the guaranteed rate, because the traffic results of the ^-arious undertakings may affect them un¬ favourably; and if the Railway were so unfortunate as to be worked at a loss in place of a profit, the amount of interest received for distribution from the Government would be lessened to the same extent. At the same time it is also true that the receipts of the Shareholders during these ninety-nine years are not limited to the fixed rate guaranteed; but would, in the case of Railways paying net profits above the guaranteed rate, embrace a share of such surplus profits. 11 Considering, therefore, the reciprocal relations of the Guar¬ antee and the Traffic results, it becomes necessarj^, before buying even that portion of a Eailway Capital which is guaran¬ teed by Government, to undérstand the nature of the Guaran¬ tee, and to compare its working with the past results and future prospects of the Eailway. The following is a digest of the position of Indian Eailways' Guaranteed Stock:— I.—As long as the Eailway is worked at a profit not ex¬ ceeding the amount required to pay the rate guaranteed by Government, the Government will pay the whole amount guaranteed, placing that amount to the debit of the Eailway Company, less the amount of net profits handed over to it. Thus, supjjosing the amount required to pay a 5 per cent, guarantee was £200,000, and that the net profits of the Com¬ pany were £50,000, the Government would pay £200,000 to the Eailway Company, and debit them therewith less the £50,000 of net profits; which would leave a balance of £150,000 against the Eailway Company, until liquidated by future sm-plus net profits beyond the amount required to pay the guaranteed rate. II.—As often as the Eailway Company earned net profits, amounting to more than the sum required to pay the guaran¬ teed rate, then the Company would receive the guaranteed rate, and in addition the half of any such excess of profits. Thus, supposing the amount required to pay a 5 per cent, guarantee was £200,000, and that the profits were £300,000, the Shareholders would receive £250,000, (equal to per cent.,) and the remaining £50,000 would he paid to Govern¬ ment, towards the liquidation of any guaranteed dividends (and interest thereon) already paid to the Shareholders, in excess of the net profits of former years. III.—Whenever, by means of these payments last referred to, the whole outstanding balance of guaranteed dividends paid by the Government, along with simple interest thereon, shall have been wiped off, then the whole amount of profits will belong in future to the Eailway Comqiany. (The Government have power, by reducing the rates, to keeqi the net profits from exceeding 10 qier cent.) 12 IV.—Should the Railway be worked at a loss instead of a profit, the Government will deduct the net loss from the amount required to pay the guaranteed rate, and the Shareholders receive proportionately less. Thus, supposing the amount re¬ quired to pay 5 per cent, guaranteed were £200,000, and that the Railway was worked at a loss of £50,000, the Government would only pay £150,000 (or 3| per cent.) to the Company, and would place the whole amount, £200,000, to their debit, to be liquidated by any futui'e surplus profits, as explained in paragraphs II. and III. V.—As a privilege to the Railway Companies, it has been arranged that any Company may, after the Railway has been finished and in operation for three months at least, and at any time thereafter within ninety-nine years from the date of con¬ tract with the Government, give six months' notice of their intention to relinquish the Railway; and at the expiry of tliat time hand over the same, in good working order, to the Government, who will repay all authorized sums expended, subject to deduction of unsatisfied claims against revenue, (which will, of course, include any outstanding balance of dividends paid in advance, and simple interest thereon.) VI.—The Government has several privileges and powers which materially affect the position of the Guaranteed Stock. 1st, It may pm'chase the Railways at any time within six months after twenty-five years from the dates of the several contracts with them, or within six months after fifty years from the same time. The price, in either case, will be the mean value of the stock or shares for three years, previous to twenty- five years, or fifty years, from the date of contract. 2nd, In case of the failure of the Guaranteed Railway Company to raise the amount of capital authorized and guaranteed for purposes of construction, or of proper appli¬ cation of such funds, or of proper execution of the works, or of proper working of the Railway, the Government has power, upon three months' notice, to terminate the interest of the Company in the Railway; and within six months after the expiiy of the notice of three months, to repay to the Company the capital expended by them upon the railway, subject to deductions for outstanding debts and liabilities. 13 3rd, The Government has power also to expend sums of money for the proper working and repair of Railways ; and to deduct such expenditm'c from the guaranteed interest payable in respect of the Railway in question. 4th, At the expiry of ninety-nine years from the date of each contract, (supposing the Railway neither previously- bought by Government, nor relinquished by the Comjjany,) the land and works relapse to, and become the property of the Government; and the rolling stock will be purchased by it at a valuation.* 5th, The Government has power, when purchasing or accepting the surrendeV of the Railways, instead of pay-ing the gross price, to commute it, by the })ayment of an annuity from the time when the price should have been payable, to the end of the ninety-nine years' contract. The rate of interest upon which the annuity shall be calculated, to be the average rate during the two years previous receiA-ed in London upon the obligations of the Indian Government, which shall be ascertained by reference to the Bank of England. Thus, supposing the Government gave notice to purchase, or the Company to surrender the Railway at the expiry of twenty- five years from date of contract, then the price of the Railway, as determined by the mean value of its Stock for three years, less claims outstanding against revenue, would be commuted by Government into such an annual payment for seventy-four years, as could be purchased as an annuity for that time, with the net value of the Railway. Thus, if the authorized Capital of a Railway was £12,000,000, the mean three years' j)rice of the Stock £101, the average rate of interest received for two years previous on the Indian Government's obligations per cent., and the balance due to Government £1,500,000, the Government would pay such an annuity for the time of contract yet to run, as could be raised for that time by the * As the Companies have at all times, within ninety-nine years, the power of snrrender at a mean three years' value of their stock or shares, they are protected against being compulsorily denuded of their property by this last privilege of Government, which may bo considered as virtually inoperative. u immediate payment of £10,620,000, calculating the annuity on the basis of per cent.* In general it appears that the Indian Companies have a great advantage over the Home Eaihvays in the absence of Parlia¬ mentary expenses, in the price of land, and in banking and finance facilities; but that these are almost, if not more than counterbalanced, by the hampering effects of Government supervision, the expense of bringing Railway material from Europe, and the very heavy working expenses inseparable from a Em'opean staff in a hot climate.t When the affams of the Railways come to be examined, it will be found that the estimates'are generally proving much within the actual expenditure of Capital; that the required traffic to pay the guaranteed rates is consequently advancing to such a sum as will be unobtainable from the present single lines of Railway;, and that it is estimated that £2000 or £3000 per mile will have to be spent to double the lines, besides large sums for additional Rolling Stock to accommodate an increasing traffic. We are not prepared to believe, until more favourable results appear upon the single lines than can at present be shewn, that these Guaran¬ teed Stocks will prove anything better than second class Government Securities. The powers of interference, super¬ vision, restriction, expenditure, and periodical absorption by the Government,—all of which might as easily be turned to the disadvantage, as to the advantage of the Railways,—must depress their energies as commercial entei'prises. This is said of the Railways generally, and without prejudice to the pros¬ pects of Shareholders in such lines as have been cheaply and quickly constructed, and thus enabled to be remunerative at lower traffics, and to be free from the accumulation of money * It is obvious that tbe time occupied in the construction of the Eaü- way, if it is'tedious, will have the effect of accumulating a heavy balance of claims upon revenue to be liquidated, which, with the value of the Shares in the market, as well as the state of the line, and the variations of interest, will all, more or less, affect the amount of the annuity. -f The very lowest estimate for a single Trunk Line in India, with all these advantages, is £8000 per mile. Now, in Scotland and Ireland single Trunk Linês", paying for land and Parliamentary expenses, have been laid down for less. 15 due to Government for dividends paid in advance. This will be better seen by referring to the statistics of the vaiious Companies farther on. THE NATURE OF THE SUBSIDY. The other form of Government assistance to Railways—vi^., an annual subsidy for twenty years—has only recently come into use, and to a very modified extent; and it is of so limited a nature, as only to guarantee about 2^ per cent, per annum for twenty years, upon lines whose average cost is £4000 or £5000 per mile. This can only be of seiwice to Railways of a very light description, which can hardly be expected to do more than act as canders to the larger lines, and would require extension before it could be applied to lines capable of being used eventually as parts of a Trunk system. The assistance by subsidy is regulated according to the circumstances of each particular case. THE GENERAL SYSTEM OF INDIAN RAILWAYS. From the outset of Railway operations in India, the Govern¬ ment assumed the power of fixing the routes of all the Rail¬ ways; and at the beginning of the system of promotion by Guarantee, certain Trunk lines were laid down to be made, which, while they would be'of commercial value, would also improve the political and military communications of the country by connecting the three Presidencies by Railway. It is needless here to state the process of arriving at the present condition of Railway enterprise in India, especially as there is little or no change in the disposition of the main lines since they were first projected. When these main lines at present in process of construction are finished, they will combine with the Indus Flotilla in mak¬ ing five great arteries for traffic from East to West. The first and most northerly will be from Calcutta on the east, to Kurrachee on the west, being composed of the East Indian Railway from Calcritta to Delhi; of the Del'': line from Delhi to Umritsur; of the Punjaub Railwa^i from Umritsur to Mooltan; and of the Indus Steam Flotilla (likely 16 now to be superseded by a Eailway) from Mooltan to Kotree; and of the Scinde Railway from Kotree to Kurrachee. The second great route is from Calcutta to Bombay, the line being formed by the junction of the southern branch of the East Indian Railway from Calcutta, and of the northern branch of the Great Indian Peninsula Railway from Bombay, —the two lines meeting at Jubbulpore. The third great route is from Madi'as to Bombay, and consists of a j miction at Raichore, between the southern branch of the Great Indian Peninsula from Bombay, and the northern branch of the Madras Railway. The fourth route is from Madras on the east, to Beypore on the west coast,—the whole distance being traversed by the Madras Railway. The fifth route is from Negapatam to Beypore, and is to be formed by the junction of the Great Southern of India Railway from Negapatam, ivith the Madras and Beypore line at Errode. The east and west of India are therefore intended to be united by five direct lines; but as each and all of these are to be connected by one general system, a communication for interchange of traffic will also be effected between the north and south. The through traffic of the north-west and north-east will be shared by the East Indian, Eastern Bengal, Scinde, and Great Indian Peninsula; that of the central districts, by the hiadi'as and Great Indian Peninsula; and that of the southern districts, by the Madras and Great Southern of India Railways. The through traffic from the extreme north-east and north¬ west to the south-east and south-west, will be passed on by the Eastern Bengal and Delhi Railways respectively to the East Indian, from the East Indian to the Great Indian Penin¬ sula, from the Great Indian Peninsula to the Madras Railway, which will convey it to the south-west coast at Beypore, or hand it over to the Great Southern of India Railway for transport to Negapatam on the south-east coast. Many important works have yet to be completed before this chain of communication is perfect, and as yet none of the five transverse lines have effected a junction. 17 Wlien the first Government Report was published in 18 GO, it contained, amongst other things, an estimate of the probable cost of each Raihvay. These estimates, in most cases, fall fax- short of the ultimate reality, as the following table of amended estimates, which appeared in the succeeding Government reports, seiwes to shew. To all appearances the cost of each Trunk Railway mile is likely to average £16,400, instead of £10,600, as estimated in 1860; and considering the colossal works and expensive nature of material and construction, this is not to be wondered at. The wonder is that the first estimate should ever have been credited. It must be recollected also that the Railways thus estimated are almost entirely composed of single lines, with plant in pi-oportion; and that when the rails come to be doubled, a heavy addition to capital must be made. ESTIMATES of the COST of the various INDIAN RAILWAYS contained in the Annual Reports of the Government Director. RAILWAY. Government Report 1860 Government Report 1861 Government Report 1862 Government Report 1863 Government Report 1864 Miles. E.stimate. Miles. Estimate. Miles. Estimate. Miles. Estimate. Miles. Sanctioned. Estimate. East Indian, Great Indian Peninsula, Madras, Bombay, Baroda, &c,, - - Scinde, Punjaub, ) Delhi, ; Eastern Bengal, - Great Southern of India, - Calcutta and South-Ea.stern, 1338 1266 850 310 114 490 220 300 29 £19,000,000 12,000,000 8,500,000 2,500,000 1,400,000 4,000,000 2,500,000 2,000,000 250,000 1364 1266 850 310 114 490 110 78.1 29 £23,000,000 12,000,000 8,500,000 3,500,000 1,400,000 4,750,000 1,400,000 550,000 280,000 1364 1266 850 310 114 (252 4280 110 781 29 £23,000,000 12,000,000 8,500,000 4,000,000 1,600,000 2,500,000 3,000,000 1,500,000 640,000 380,000 13694 1266 850 310 114 252 300 110 79 29 £24,750,000 12,000,000 8,500,000 4,500,000 1,800,000 2,500,000 3,000,000 1,500,000 660,000 500,000 13694 1266 850 312 114 252 320 112 161.J 29 £26,500,000 16,000,000 10,000,000 5,500,000 2,000,000 3,000,000 5,000,000 1,800,000 1,500,000 600,000 4917 £52,150,000 46111 £55,380,000 4653J £57,120,000 4679Í £59,710,000 47854 £71,900,000 Average per Mile, - - - £10,606 £12,009 £12,275 £12,761 £15,024 With all deference to these last Estimates, and looking to the mileage yet to be opened, as well as to the unfailing additions hitherto made from year to year to the estimated cost of most of the lines, we can hardly accept them as final ; and a table is therefore given of the last estimated, authorized, and expended capital of each Company, with the particulars of mileage open and yet to be opened, shewing the proportions of work to do, and the resources to meet that work, concluding with a private estimate, based upon these data, of the total cost of each Eailway con¬ structed as a single line and as a double line. £4000 per mile has been taken as the additional cost of doubling the line and increasing the rolling stock. CAPITAL—ESTIMATED—AÜTHOEIZED AND EXPENDED. MILEAGE—ESTIMATED—OPENED AND UNOPENED. NOTE.—Tlitsc figures, for the sake of luiiformity, have all been taken from the Government Reports. They may not, therefore, correspond with the separate tables attached to each Railway in Part 11., as these are made up from the Government Reports in combination with those by the Railway Companies. NAME OF COMPANY. Estimated Cost Rei)ort 1S64. Authorized Cajdtal Report 1S64. Expended Capital. Report 1864. Mileage. Report 1864. Available Balances of Capital. Per rentage of l'rivital Expended, Mileage Opened. Dec., 1859 a £19,000,000 a £14,000,000 b £13,614,068 b £11,799,665 b 2921 1050 a 13421 £7,200,335 £2,200,335 £1,814,393 62.05 84.28 21.79 „ 1860 23,000,000 22,750,000 16,100,000 15,835,867 376 988 1364 7,164,133 6,914,133 264,133 68.85 69.61 27.56 „ 1861 ,, 1862 „ 1863 June, 1864 23,000,000 24,750,000 26,500,000 c 30,000,000 22,7.50,000 24,750.000 24,750,000 e 33,000,000 18,926,315 19,769,834 21,444,594 17,158,530 19,190,969 20,590,136 f 22,000,000 563 972.1 1121 1121 801 397 2481 d 364 1364 13691 1369.1' d '| 1485 5,841,470 5,559,031 7,659,864 8,000,000 5,591,470 5,559,031 5,909,841 11,000,000 1,767,785 578,865 854,428 74.6 77.72 77.7 73.3 7.5.42 77.72 83.2 66.67 41.27 71.80 81.87 75.5 ii._güaranteed interest and net revenue. Guaranteed Interest Paid and Due to the Company by Government. Net Revenue Paid and Due to Government. June, 1864 Per Company's Report, £6,136,854 £6,136,854 Balance due to Government, exclusive of claims 1 „, cov for simple Interest, . .' | £4,246,587 June, 1864, Per Company's Reports, £1,890,267 Balance, 4,246,587 £6,136,854 (a) Mr. Danvers' Reports. (&) Company's Reports, (c) Chairman's speech, 26th April, 1864. (d) Including 115| for Chord line, (c) Chairman's speech, 28th June, 1864. (/) Chairman's speech, 31st October, 1864. III.—EEVENUE AND WOKKING EXPENSES. HALF-YEAELY RESULTS. Half-Teab Ending Average Mileage. Gross Revenue. Working Expenses. Net Revenue. Gross Revenue per Mile per Week. Working Expenses per Mile per Week. Net Revenue per Mile per Week. Per Centage of Working Expenses. December, 1860 June, . . 1861 December, 1861 June, . 1862 December, 1862 June, 1863 December, 1863 J une, 1864 323 371 492 aioj 6754 9101 937 1020 £169,129 239,527 253,999 299,212 284,189 516,364 373,692 652,148 £89,092 106,432 124,069 151,057 162,938 255,605 194,499 324,271 £80,037 133.095 129,930 148 155 121,251 260,757 179,205 327,877 £20 2 81 24 16 7l 19 17 2Î 18 17 0 16 9 21 21 16 2.Î 15 3 7?, 24 11 9| £10 12 1Í. 11 0 7Í 9 7 2} 9 11 44 9 11 21 10 15 9 7 17 5 12 4 11 £9 10 7 13 16 0 10 3 0 9 6 7è 6 18 0 11 0 4| 7 6 2Ï 12 7 2ä 52.67 44.44 48.8 50.52 57.-37 49.5 52.05 49.72 YEARLY RESULTS. Year Ending Mean Mileage. Gross Revenue. Working Expenses. Net Revenue. Gross Revenue per Mile per Week. Working ExpensesperMile per Week. Net Revenue per Mile per Week. Per Centage of Woridng Expenses. June, 1861 1862 „ . . 1863 1864 347 551i 793t^^ S78i £408,656 .5.53,211 800,553 1,025,840 £195,524 275,126 418,543 518,768 £213,132 278,085 382,010 507,082 £22 12 9^! 19 5 94 19 8 21 20 3 2| £10 16 1\ 9 11 9j 10 3 0 10 3 Oj £11 16 21 9 14 0 9 5 21 9 19 4Ï 47.84 49.73 52.28 50.5 10 THE GREAT INDIAN PENINSULA RAILWAY. The Great Indian Peninsula Railway Company was formed in 1845, incorporated in 1849, and commenced their line in 1850. The first contract, for the portion between Bombay and Callian, was dated 1849; the second, for the portion between Callian and Shawpore, was dated 1853; and the third, for the extension of the line from Shawpore to Jubbulpore, there to meet the East Indian Railway, for the formation of a line from Callian to effect a junction with the Madras Rail¬ way (now fixed to take place at Raichore), of a branch from the Jubbulpore or north-east line to Nagpore, and of a short branch from the south-east line to Campoolie, was dated 1854. The Government can exercise their option of purchase first in 1874, but only in respect of the line between Bombay and Callian (35 miles) ; of the line between Callian and Shawpore (20 miles) in 1878; and of the rest of the line (1211 miles) in 1879. Practically, therefore, the first time of optional purchase by Government is in 1879. The Great Indian Peninsula is essentially a grand junction line. Leaving Bombay, it runs north-east to Callian, at which place it splits into two lines—the north-east line running by the Thull Ghât to Bhosawul, where it sub-divides into a line to Jubbulpore, there to meet the East Indian Railway, and a branch to Oomrawatee and Nagpore; and the south-east line running by the Bhore Ghat, Poonah, Sholapore, and Kool- burga to Raichore, there to meet the north-west line of the Madras Railway. CONNECTIONS WITH OTHER LINES. With the East Indian Railway, at Jubbulpore—probably effected in 1867. With the Madras Railway, at Raichore—the line from Shola¬ pore to Raichore (161 miles) is only now being commenced. With the Great Indian Peninsula Extension Raibvay (Limited), at Asseerghur on the north-east, and Koolburga on the south-east line. This limited company propose to make a line from Asseerghur to Indore, and from Koolburga to Hyderabad. As the main line is not yet open to either Asseerghur or Koolbui'ga, the time of the formation of these extensions can hardly be speculated upon. 11 STATE OF THE WORKS. The engineering difficulties of the railway have hitherto been very great, as both the north and south-east lines have had to force their way across the mountain range to the east of Bombay, The Ghât inclines on both have proved works of toil and cost. The Bhore Ghât incline was opened on the 3rd March, and the Thull Ghât incline upon the 30th December, 1864. No part of the Jubbulpore line beyond^Bhosawul has been opened ; the Nagpore branch is only opened^' as far as Mulkapore, and the south-east line as far as Sholapore. From the following tables it appears,— 1st, That the estimated cost per mile had risen from about £9,500 at December, 1861, to about £12,630 per mile at Dec¬ ember, 1863,—an increase of £3,130 per mile, and of 33 per¬ cent. on the former estimate, with every prospect of further- increase. 2nd, That at June, 1864, 43.65 per cent, of the therr I estimated mileage had been opened agaiirst an expenditm-e of 68.55 per cent, of the then estimated cost. That in additiorr to the expeirditure stated on capital account (£10,968,147), there was a debt to Government for divideirds advanced of £2,151,462,—shewing a total cost of £13,119,609, or of £23,638 for every mile opened at that date. Allowance must be made for works in progress, which have absorbed a portion of the expended capital. 3rd, That the line being incomplete and traffic insufficient, capital account and the debt to Governmerrt for divideird may be expected to iircrease corrsiderably. 4th, That the gross revenue per mile per M-eek was £18 14s. 6d. for- year- ending Juire, 1864, agaiirst £15 8s. per- mile per week for year ending June, 1863; that the working expenses were 70.95 per cent, against 63.09 per cent.; and the net revenue £5 8s. 9d. per mile per week against £5 13s. 8d. per mile per week for the same periods. 5th, That supposing theRailway's estimated mileage at June, 1864, completed for the then estimated cost, it would take about £12 3s. of net revenue per mile per week to pay 5 per cent, on outlay. Taking working expenses at 60 per cent., this would involve a gross revenue of £30 7s. 6d. per mile per week. I.—CAPITAL AND MILEAGE. Capital. Mileage. Availahle Balance.s of Capital. Per Centages of Estimated. Authorized. Raised. Expended. Open. Un- Open. Total. Estimated. Authorized. Raised. Estimated Capital Expended. Authorized Capital Expended. Mileage Opened. Dec., 1860 „ 1861 „ 1862 „ 1863 June, 1864 a £12,000,000 12,000,000 12,000,000 12,000,000 16,000,000 a £8,333,300 8,333,300 11,000,000 11,000,000 14,000,000 h £6,710,232 8,187,734 10,436,712 10,783,690 12,150,636 h £6,019,711 7,452,825 9,195,481 10,456,877 10,968,147 297è 350j 437j 555 555 9681. 915Í 828| 711 711 1266 1266 1266 1266 1266 £5,980,289 4,547,175 2,804,519 1,544,347 5,031,853 £2,313,589 880,475 1,804,519 544,347 3,031,853 £690,521 724,909 1,231,231 326,813 1,182,489 50.16 62.11 76.63 87.13 68.55 72.14 89.43 83.63 95.05 78.34 23.5 27.7 34.56 43.65 43.65 II._GUARANTEED INTEEEST AND NET EEVENUE. Guaranteed Interest Paid and Due by Goyernment. Net Reitinue Paid and Due to Government. June, 1864 " i, Per Company's Report, £2,860,914 £2,860,914 Balance due to Government, exclusive of claims ) iri aro for simple Interest, f Dec., 1863 June, 1864 Net Revenue at date, per Company's Report, . . £614,946 Half-Year, 94,506 Balance, 2,151,462 £2,860,914 {a) Mr. Danvers' Reports, (&) Company's Reports, III.—EEVENÜE AND WOKKING EXPENSES. HALF-YEAELY RESULTS. Half-Year Ending Average Mileage. Gross Revenue. Working Exijenses. Net Revenue. Gross Revenue per Mile per "Week. Working Expenses perMile per Week. Net Revenue per Mile per Week. Per centage of Working Expenses. December, 1860 June, 1861 December, 1861 June, 1862 December, 1862 June, 1863 December, 1863 June, 1864 297è 343 394| 437Í 464 504 542 553 £95,244 133,448 112,116 167,146 153,283 234,343 207,870 325,007 £59,708 99,208 88,281 103,716 95,020 149,559 *147,560 *230,501 £35,536 34,240 23,835 63,430 58,263 84,784 60,310 94,506 £12 6 21 14 19 4 10 18 8 14 13 8 12 14 0 17 17 8 14 15 0 22 12 01 £7 14 4 n 2 51 8 12 Ï 9 2 3 7 17 6 11 8 3 10 9 5 16 0 1\ £4 11 10.5 3 16 10Î 2 6 6" 5 11 5 4 16 6 6 9 5 4 5 7 6 11 5 62.7 74.3 78.7 62.05 61.99 63.82 70.99 70.92 YEARLY RESULTS. Year Ending Mean Average Mileage. Gross Revenue. Working Expenses. Net Revenue. Gross Revenue per Mile per Week. "Working Expenses perMile per Week. Net Revenue per Mile per Week. Per rentage of Working Expenses. June, 1861 1862 „ ISfiS „ 1864 3204 416 484 547^ £228,692 279,262 387,626 532,877 £158,916 191,997 244,579 *378,061 £69,776 87,265 143,047 154,816 £13 14 10 12 18 2 15 8 0 18 14 6 £9 11 0 8 17 5 9 14 4 13 5 9 £4 3 10 4 0 9 5 13 8 5 8 9 69.5 68.75 63.09 70.95 *■ Include suras paid for compensatiorL 14 THE ^miEAS KAILWAY. The Madras Railway Company was formed in 1852, incor¬ porated in 1853, and began operations in the same year. The first contract for the line between Madras and Menil (50 miles) was dated 1852; the second, for the transpenin¬ sular line to BeyjDore, was dated 1855; and the third, for the north-west line, was dated 1858. The Government option of purchase comes, therefore, into operation, but only to a ^■ery limited extent, in 1877, and to a larger extent in 1880 and 1883. Leaving Äladi'as, the Railway runs west to Arconum, where it divides into a transpeninsular or south-west line, and a line running north-west, to meet the Great Indian Peninsula at Raichore. There is a branch from the south-west line to Bangalore, and one from Gooty to Bellary on the north-west line. CONNECTIONS WITH OTHER LINES. With the Great Indian Peninsula at Raichore. Time of connection uncertain. With the Indian Tramway Company at Arconum. This Company have laid down a Tramway from Conjeveram to Arconum. With the Great Southern of India at Erode,—a station on the south-west line. The Great Southern of India Railway is proceeding with its extension from Trichinopoly to Erode; but it will be some time before the junction is effected. STATE OP THE WORKS. The Madras Railway is open throughout from Madras to Beypore on the west coast; and the north-west line is open as far as Reddipull}^, 79¿ miles from Arconum junction. The branch to Bangalore is also open throughout. The works have hitherto been easy; but it is evident that there will be greater expense and difficulty to encounter in canying for¬ ward the line by Gooty to Raichore, and the branch to Bel¬ lary, owing to the hilly and river-intersected nature of the country. That part of the line canñot be opened for a con¬ siderable time to come. 15 From the following tables it appears,— 1st, That the estimated cost per mile had risen from £10,000 at December, 1859, to £11,765 per mile at Decem¬ ber, 1863,—an increase of £1,765 per mile, and of 15 per cent, on the former estimate, with every probability of being further increased. 2nd, That at June, 1864, 56.59 per cent, of the then estimated mileage had been opened, against an expenditure of 69.69 per cent, of the then estimated cost. That in addition to the expenditure stated on capital account (£6,969,285), there was a debt to Government for dividends advanced of £1,530,582,—shewing a total cost of £8,499,867, or of £17,489 for every mile opened at that date. Allowance must he made for works in progress, which have absorbed a portion of the expended capital. 3rd, That the line being incomplete and traffic insufficient, capital account and the debt to Government for dividend may he expected to increase considerably. 4th, That the gross revenue per mile per week was £11 12s. lOd. for year ending June, 1864, against £8 8s. 2d. per mile per week for year ending June, 1863; that the working expenses were 56.02 per cent, against 73.15 per cent.; and the net revenue £5 2s. 4d. per mile per week against £2 5s. Id. per mile per week for the same periods. 5th, That supposing the Railway's estimated mileage at December, 1863, completed for the then estimated cost, it would take £11 6s. 5d. of net revenue per mile per week to pay 5 per cent, on outlay. I.—CAPITAL AND MILEAGE. Capital. Mileage. Available Balances of Capital. Per Centages of Estimated. Authorized. Raised. Expended. Open. Un- Open. Total. Estimated. Authorized. Raised. Authorized Caiñtal Expended. Estimated Capitjvl Expended. Mileage Opened. Dec., 1859 a £8,500,000 £5,000,000 b £3,899,625 b £3,426,076 b 137 713 a 850 £5,073,924 £1,573,924 £473,549 68.52 40.3 16.12 „ 1860 8,500,000 6,000,000 4,771,892 a 5,968,147 4,421,242 257 593 850 4,078,758 1,578,578 350,850 73.69 52.01 30.23 „ 1861 8,500,000 8,000,000 5,649,480 298 652 850 2,850,520 2,350,520 318,667 70.62 66.46 35.06 „ 1862 8,500,000 8,000,000 6,635,125 6,211,713 447 403 850 2,288,287 1,788,287 423,312 77.65 73.08 52.6 „ 1863 10,000,000 8,000,000 6,929,817 6,576,151 447 403 850 3,070,683 1,070,683 353,166 82.2 65.76 52.6 June, 1864 10,000,000 8,000,000 7,319,285 6,969,285 486 364 850 3,030,715 1,030,715 350,000 87.15 69.69 56.59 II.—GUAEANTEED INTEEEST AND NET EEVENUE. Guaeanteed Dividends Paid and Due by Government. Net Revenue Paid and Due to Government. Dec., 1863 June, 1864 Per Company's Report, £1,650,337 Estimated since received on 1st July, 1864, . . 178,000 £1,838,337 Estimated Balance due to Government, . . . £1,530,582 Dec., 1863 June, 1864 Per Company's Report, £225,064 Half-Year's Traffic, 72,691 Balance, 1,530,582 £1,828,337 (a) Mr. Danvers' Reports, (h) Company's Reports, December, (c) Chairman'.s Speech, May^ 1864. id) Mr. Danvers' Amounts Advanced at 30th April, 1862 and 1863. (e) Chairman's Speech, November, 1864. III.—REVENUE AND WORKING EXPENSES. HALF-YEARLY RESULTS. H alf-Year Endino Average Mileage. Gross Revenue. Working Expenses. Net Revenue. Gross Revenue per Mile per Week. Working Expenses per .Mile per Week. Net Revenue per Mile per Week. Per ceiitage of Working Expenses, December, .... . . 1860 June, 1861 December, 1861 June, 1862 December, 1862 June, 1863 December, 1863 June, 1864 137 195 211 346 441 447 447 447 £36,956 45,908 57,923 69,608 87,753 106,367 127,703 142,933 £29,430 83,7.56 40,483 64,644 62,303 79,793 »75,610 »76,027 £7,526 12,1.11 17,440 14,964 25,450 26,574 *52,093 *66,906 £10 7 6 9 1 1 10 11 2 7 14 8' 7 13 1 9 3 0 10 19 9 12 5 11 £8 5 3 6 13 2 7 7 7 6 1 6h 5 8 8' 6 17 3J 6 10 1¿ 6 10 10 £2 2 3 2 7 11 3 3 7 1 13 3 2 4 5 2 5 84 4 9 71 6 15 1 79.64 75.71 69.89 78.17 71 75.02 .59.2 53.19 YEARLY RESULTS. Yeab Endino Mean Average Mileage. Grnss Revenue. Working Expenses. Net Revenue. Gross Revenue per Mile per Week. Working Expenses perMile per Week. 1 Net Revenue perMile i per Week. Per centage of Working Expenses. June, 18ßl „ ]8(>2 „ 186.3 „ 1864 166 278.1 444' 447 £82,864 127,531 194,120 270,636 £63,186 95,127 142,096 151,637 £19,678 32,404 62,024 118,999 £9 11 11 8 16 2 8 8 2 11 12 10 £7 6 5 6 11 5 6 3 1 6 10 6 £2 5 6 2 4 9 2 5 1 5 2 4 76.25 74.67 73.15 56.02 ■* It appoms (Report, June, 1SG4) that £578.0 had been overehargcd by Government to half-year Dceember, 1863; it was subsequently recredited to the Company, and deducted fniin the working expcnse.s of half-year June, 1804. In order, however, to get the actual state of the revenue accounts for these half-years, the sum of £5870 has been added to the working expenses of the half-year ending June, 1804, and deducted from that of December, 1863, in the above statement. 18 BOMBAY, BARODA, AND CENTEAL INDIA. The Bombay, Barocla, and Central India Eailway Company was incorporated in 1855, and commenced to make its line in that year. The first contract for the portion between Surat and Ahme- dabad appears to have been made in 1855, and the second, for that between Bombay and Sm-at, in 1858. The first date of optional purchase by the Government is, therefore, 1880 for one portion, and 1883 for the other ¡portion of the line. The Railway runs along the flat country between Bombay and Ahmedabad,—the principal places on the route being Bulsar, Surat, Baroche, and Baroda. It is now open throughout, with the exception of the terminal portion at Bombay, and the break occasioned by the partial destruction of the bridge across the Nerbudda river, in June last. It is worthy of observation, to prevent misconception, that although the Chairman, at the June meeting, 1864, thought fit to call the attention of the Shareholders to the fact, that the interest " paid oflf" by net revenue was equal to 18 J per cent, of the whole advance by Government, however he did not advert to the circumstance that the debt had increased about £270,000 in the year ending December, 1863, while the net revenue for the whole year amounted to little more than £74,000. There was, therefore, no such thing as "paying off," nor could there be at this present moment; even were the net traffic three times the amount, there would be merely an abatement of the rate of increase of the debt, which is increasing, and is likely to increase for some time to come. From the following tables it appears,— 1st, That the estimated cost per mile had risen from £8,064 at April, 1860, to £17,628 per mile at December, 1863,—an increase of £9,564, per mile, and of nearly 120 per cent, on the former estimate. 2nd, That at June, 1864, 59.37 per cent, of the then estimated mileage had been opened, against an expenditm'e of 91.32 per cent, of the then estimated cost. That in addition to the expenditure stated on capital account, at December, 1868, (£4,208,626,) there was a debt to Government for divi- Ii» dends advanced of £673,061, shemng a total cost of £4,881,687, or of more than £26,000 for every mile opened at that date. Allowance must be made for works in progress, which have absorbed a portion of the expended capital. 3rd, That although the line is open, it is far from being complete; and as traiSc is insufficient, capital account and the debt to Government for dividend may be expected to increase considerably. 4th, That the gross revenue per mile per week was £14 14s. 4id. for year ending June, 1864, against £11 15s. Tèd. per mile per week for year ending June, 1863; that the working expenses were 45.67 per cent., and the net revenue £7 Is. Id. per mile per week for half-year ending December, 1863, against 43.75 per cent., and £5 lis. lid. per mile per week for the half-year ending December, 1862. 5th, That supposing—which, however, is simply impossible— the Railway's estimated mileage at December, 1863, completed for the then estimated cost, it would take nearly £17 öf net revenue per mile per week to pay 5 per cent, on outlay. I.—CAPITAL AND MILEAGE. CAriTAL. j Milcace. Available Balances of Capital. Per Centages of Estimated. Authorized. Raised. Expended. Open. Uii- Ojien. Tcital. Estimated. Authorized. Raised. Estimated Caiiifal Expended. Authorized Capital Expended. Mileage Opened. April, I860 „ 1861 „ 1862 Dec., 1862 „ 1863 a £2,500,000 3,500,000 4,000,000 4,500,000 5,500,000 a £2,300,000 3,000,000 3,500,000 4,500,000 5,100,000 h £1,871,526 2,661,424 3,603,692 3,7.53,401 4,435,785 b .£1,.59.1,710 2,323,513 2,806,371 3,212,539 4,208,626 b 29 90 132d 167è 185i 281 220 177Í 142.', 1264' a 310 310 310 310 312 £905,280 1,176,487 1,193,629 1,287,461 1,064,215 £705,280 676,487 693,629 1,287,461 604,215 £276,716 237,911 797,321 540,862 227,059 63.79 66.39 70.16 71.39 76.52 09.34 77.45 80.16 71.39 82.52 9.36 29.03 42.61 54.03 59.37 Juno, 1884 5,500,000 5,500,000 4,749,766 5,022,849 185| 126j 312 477,151 477,151 Nil. 91.32 91.32 59.37 II.—GUAEANTEED DIVIDEND AND NET KEVENÜE. Guabanteed Interest Paid and Due by Government. Net Revenue Paid and Due to Government. Dec., 1863 λ jj Per Company's Report, £673,061 £673,061 Balance due to Government, exclusive of claims 1 ntmo mv for simple Interest, J June, 1863 Dec., 1863 Per Company's Report, £90,980 „ Half-Year, 33,974 Balance, 548,107 £673,061 (a) Mr. Danvers' Reports. (&) Company's Reports, (c) Balance over Expended, £273,073. III.—REVENUE AND WORKING EXPENSES. HALF-YEARLY RESULTS. Half-Year Ending Average Mileage. Gross Revenue. Working Expenses. Net Revenue. Gross Revenue per Mile per Week. Working Expenses perMile per Week. Net Revenue per Mile per Week. Per Centage of Working Expenses. December, 1861 June, . . . . . 1862 December, . 1862 June, . 1863 December, . ... . 1863 June, . . ... . 1864 127 182.1 153 183 1851 185i £21,725 25,208 39,674 63,353 62,532 79,247 £10,987 15,168 17,316 23,281 28,558 £10,738 10,040 22,258 40,072 33,974 £6 H 7 7 6 7è 9 19 0' 13 6 31 12 19 S" 16 9 1 £3 -6 U 4 8 2Í 4 7 1 4 17 10 5 18 7 £3 6 01 2 18 5 5 11 11 8 8 5h 7 1 50.56 60.16 43.75 36.74 45.67 YEARLY RESULTS. Year Ending Mean Average Mileage. Gross Revenue. Working Expenses. Net Revenue. Gross Revenue per Mile per Week. Working Expenses perMile per Week. Net Reveirue per Mile per Week. Per Centage of Working Expenses. June, . 1862 „ . 1863 „ 1864 1291 168" 185i £46,933 102,927 141,779 £26,155 40,697 £20,778 62,330 £6 19 5 11 15 7è 14 14 i¡ £3 17 8 4 12 11 £3 17 7 2 8i 55.72 39.40 22 SCINDE EAILWAY COWANY. The Scinde Railway Company was incorporated in 1855, for the general pui'pose of making Railways in India; but in 1857 they got fui-ther powers, which at the same time more clearly defined their position. Under the Act of 1855, they contracted with the Indian Government to construct the Scinde Railway proper from the seaport of Kurrachee to the river Indus, in the neighbourhood of Hyderabad; and under the Act of 1857, they entered into contracts, dated 1859, to furnish the Indus Steam Flotilla to navigate that river between Kotree, the eastern terminus of the Scinde Railway, and Mooltan, the western terminus of the Punjaub Railway, and to construct the Punjaub Railway from Mooltan to Umritsur. In 1863 they arranged to make a line from Umritsur to Delhi, called the Delhi Railway, which is to join the East Indian Railway at that city. Although all managed by one company, the interests and responsibilities are distinct. The first times for optional purchase by the Government are as follow:—Of the Scinde Railway, from Kurrachee to Kotree, 114 miles, in 1880; of the Indus Flotilla and the Punjaub Railway, in 1884; and of the Delhi Railway, in 1888. The Scinde Railway has been opened throughout from Kurrachee to Kotree since 1861. It is worthy of notice that, although this line has been opened so long, capital account increased between the time of opening and December, 18G3, at the rate of more than £3000 per mile, and will yet increase; and this fact is important when considering the ultimate cost of other lines which are yet incomplete. The chairman stated at the general meeting in April, 1864, that he expected the Scinde Railway would cost £20,000 per mile before it was completed. At December, 1863, including the debt to Government, it had cost almost £19,000 per mile already. The Indus Steam Flotilla was formed for the purpose of conveying passengers and goods between Kotree and Mooltan. It is not unlikely to be superseded by a Railway upon the bank of the Indus. ADDENDUM. Since this Pamphlet went to press, the Beport of the Scinde Compajny for half-year December, 1864, has made its appearance. | According to this Beport, the net traflSc of the Scinde Uailway proper\ for half-year ending June, 1864, was £3,458. In my estimate for the half-year June, 1864, I had taken the working iixpenses at 78.62 of the gross receipts ; it now appears that they were 98.2, and, in consequence, that the net revenue per mile per week for that half-year was only £1 8s. 4d.; and for the year ending June, 1864, £1 2s. 5d. per mile per week, instead of £8 13s. 5d. and £2 7s. 6|^d., as estimated by me. The working expenses of the Punjaub Bailway amounted to 61.6 of the gross receipts, for half-year ending June, 1864. In this case my estimate has been too high; and the working expenses appear to have been £6,392, in place of £7000, as estimated. This raises the net revenue per mile per week for half-year ending June, 1864, to £8 9s. 9d.; and for the year ending same date, to £2 Is. Id., in place of £2 19s. lO^d. and £1 16s. Id.,¡as estimated. The Indus Steam Flotilla, after providing for depreciation and insurance funds, shewed, for half-year ending June, 1864, a net balance of £8,837. This is equal to a little less than 2J per cept. upon the capital expended, £877,495. The Delhi Line is in the hands of the contractors, but will not be completed until 1869 or 1870. 23 The Punjauh Eailway, from Mooltan to Umritsur, is now open thi'onghont for traific. As it is just opened throughout^ the table which follows only refers to tralEe between Umritsur and Lahore, and Mooltan and Shore Shah, two sections at the opposite extremities of the line. The Delhi Railway is to be formed from Uimdtsur to Delhi, and there effect a junction with the East Indian. The present estimate is £5,000,000 for 320 miles, or £15,625 per mile. It may, however, be doubted if this is sufficient, looking at the nature of the comitiy which the line will traverse. Most of the other lines, avoiding the passage of streams, keej) near the course of one, and obtain thereby a comparatively easy path. The Delhi line must intersect and bridge across all the streams between Unudtsur and Delhi; and they are neither few nor small, embracing a series of affiuents of the Indus and Ganges, including the Beas, i^Iarkunda, Guggur, Sutlej, and Jumna: the latter river has to be crossed twice. From the following tables it appears,— (SCINDE.) 1st, That the estimated cost per mile of the Scinde Rail¬ way proper had risen from £12,280 at December, I860, to £17,540 per mile at December, 1863,—an increase of £5,260 per mile, and of 42.85 per cent, on the former estimate, with the certainty of still increasing. 2nd, That at December, 1863, the whole estimated mileage had been opened against an expenditure of 91.6 per cent, of the then estimated cost. That in addition to the expenditure stated on Capital Account (£1,832,054), there was a debt to Government for dividends advanced of £316,432, shewing a total cost of £2,148,486, or of £18,842 for every mile opened at that date. 3rd, That although the line is open, it is not complete, and traffic is insufficient, so that capital account and the debt to Government for dividend may be expected to increase con¬ siderably. 4th, That the gross revenue per mile per week was £16 lis. 4d. for year ending June, 1864, against £15 5s. 5d. per 24 mile per -week for year ending June, 1863; that the working expenses were 93.24 per cent, for half-year ending December, 1863, against 81.11 per cent, for half-year ending December, 1862; and the net revenue £1 Is. 6d. per mile per week against £2 8s. 2Jd. per mile per week for the same periods. 5th, That supposing the Eailway's estimated mileage at December, 1863, completed for the then estimated cost, it would take £16 17s. 4id. of net revenue per mile per week to pay 5 per cent, on outlay. (PUNJAUB.) 1st, That the estimated cost per mile of the Punjaub Railway had risen from £10,228 at December, 1860, to £13,636 per mile at December, 1863,—an increase of £3,408 per mile, and of 33.33 per cent, on the former estimate. 2nd, That at December, 1863, 19.76 per cent, of the then estimated mileage had been opened against an expenditure of 51.26 per cent, of the then estimated cost. That in addition to the expenditure stated on capital account (£1,537,952), there was a debt to Government for dividends advanced of £230,825, shewing a total cost of £1,768,777, or of upwards of £40,000 for every mile opened at that date. A large allowance must be made for works now completed, which had absorbed a large portion of the expended capital. 3rd, That the line being incomplete and traffic insufficient, capital account and the debt to Government for dividend may be expected to increase considerably. 4th, That the gross revenue per mile per week was £5 16s. for half-year ending December, 1863, against £6 lis. 3d. per mile per week for half-year ending December, 1862; that the working expenses were 88.13 per cent, against 72.19 per cent., and the net revenue 12s. 4d. per mile per week against £1 16s. 6d. per mile per week for the same periods. 5th, That supposing the Railway's estimated mileage at December, 1863, completed for the then estimated cost, it would take £13 2s. 3d. of net revenue per mile per week to pay 5 per cent, on outlay. 25 (DELHI.) 1st, That the estimated cost per mile of the Delhi Eailway had risen from £8,643 at December, 1860, to £15,625 per mile at December, 1863,—an increase of £6,982 per mile, and of 80 per cent, on the former estimate. 2nd, That in addition to the expenditm'e stated on capital account (£15,683), there was a debt to Government for divi¬ dends advanced of £75,353, shewing a total cost of £91,236 at December, 1863. 3rd, That the line being only commenced to be made, capital account and the debt to Government for dividend will increase very largely. 4th, That supposing the Railway's estimated mileage at December, 1863, completed for the then estimated cost, it would take £15 Os. 6d. of net revenue per mile per week to pay 5 per cent, on outlay. (INDUS FLOTILLA.) 1st, That the estimated cost per mile of the Indus Flotilla had risen from £300,000 at December, 1860, to £400,000 at December, 1863,—an increase of 33 per cent, on the former estimate. 2nd, That at December, 1863, in addition to the expendi¬ ture stated on capital account (£361,281), there was a debt to Government for dividends advanced of about £72,000, shewing a total cost of about £433,200 at that date. 3rd, That the ti'affic being insufficient, and depreciation and insm-ance as yet unprovided for, capital accomit and the debt to Government for dividend may be expected to increase considerably. 4th, That supposing the Flotilla maintained out of revenue, it would require a net surplus, above depreciation and insurance funds, of £20,000 per annum to pay 5 per cent, on outlay, supposing it placed in complete working order for £400,000, the estimate at December, 1863. SCINDE. i.—capital and mileage. Capital. Mileage. Availal'le Ealaiiecs of Capital. Per Centages of E.stimated. AnthorizciT. Kiiised. Expended. Open. Cn- Oiien. Total. Estimated. Authorized. liaised. Estimated Capital Expended. Authorized Capital Expended. Mileage Opened. Dec., 18G0 „ 18Ü1 „ 1862 „ 1863 a £1,400,000 1,600,000 1,800,000 2,000,000 a £1,333,000 1,.500,000 1,500,000 2,000,000 b £1,329,000 1,419,499 1,480,234 1,891,669 h £1,164,000 1,441,316 1,574,803 1,832,054 1Ï4 114 114 114 a 114 114 114 114 £236,000 158,684 225,197 167,946 £169,000 58,684 Nil. 167,946 £165,000 Nil. Nil. 59,615 83.14 90.08 87.49 91.6 87.32 96.08 104.98 91.6 Nil. 100 100 100 ii._guakanteed inteeest and net devenue. Guaranteed Interest Paid and Due by Government. Net Revenue Paid and Due to Government. Dec., 1863 Dec., 1863 Per Company's Koport, £344,066 £344,066 Balance due to Government, exclusive of claims 1 for simple Interest, / Dec., 1862 „ 1863 Per Company's Eeport, . £12,583 for year, 15,051 Balance, . . 316,432 £344,066 a) Mr. Danvers' Reports. (b) Company's Reports. III.—KEVENUE AND WORKING EXPENSES. HALF-YEARLY RESULTS. Half-Year Ending Average Mileage. Gross Revenue. Working Exiienses. Net Revenue. Gross Revenue per Mile per Week. Working Expenses per Mile per Week. Net Revenue per Mile I»cr Week. Per Centagc of Working Exiteiises. December, 1861 June, 1862 December, 1862 June, 1863 December, 1863 June, 1864 114 114 114 114 114 114 £15,037 26,036 37,800 52,735 47,350 50,874 £14,933 19,698 30,659 40,882 44,152 *40,000 £104 5,338 7,141 11,853 3,198 *10,874 £5 4 10 8 8 lOi 12 15 1 17 15 10 15 19 6 17 3 3 £5 4 li 6 12 10Í 10 6 10.Í 13 15 10 14 18 0 *13 9 10 £0 0 8J 1 16 0 2 8 24 4 0 0 116 *3 13 5 99.33 78.67 81.11 77.52 93.24 *78.62 YEARLY RESULTS. Year Ending Mean Average Mileage. Gross Revenue. Working Exiienses. Net Revenue. Gross Revenue per Mile lier Week. Working Expenses per Mile per Week. Net Revenue per Mile per Week. Per Centage of Working E.x2)onse.s. June, 1862 „ 1863 „ 1864 114 114 114 £40,073 90,535 98,224 £34,631 71,.541 84,152 £5,442 18,994 ♦14,072 £6 15 2 15 5 5 16 11 4 £5 16 9i 12 1 4 *14 3 9,i £0 18 4.1 3 4 1 *2 7 6i 86.42 79.02 85.67 * Estimated. —The reason wh)' the Half-year's Working Expenses ''June, 1864) are stated at 78.62 per cent., i.s that the Directors, in their Report, June, 1864, state that these expenses do not shew a reduction ; and then state those of Half-year December, 1863, as ¿44,152—more than 93 per cent, of Gross Revenue. Taking the next Half-year's at 78.62 per cent, may therefore be considered a low Estimate. PÜNJAUB. i.—capital and mileage. Capital. Mileage. Available Balances of Capital. Per Centages of Estimated. Authorized. Raised. Expended. Open. Un- Open. Total. Estimated. Authorized. Raised. Estimated Capital Expended. Authorized Capital Expended. Mileage Opened. 1860, 1861, 1862, 1863, £2,250,000 2,250,000 2,500,000 3,000,000 a £1,500,000 1,500,000 1,500,000 2,000,000 h £887,000 1,230,769 1,339,080 1,972,463 h £676,000 940,207 1,245,088 1,537,952 h 32 43i 220 220 188 1761 a 220 220 220 220 £1,574,000 1,309,798 1,254,912 1,462,048 £824,000 559,793 254,912 462,048 £211,000 290,562 93,992 434,511 30.04 41.78 49.8 51.26 45.07 62.68 83.00 76.89 Nil. Nil. 14.55 19.76 ii._guaeanteed inteeest and net EEVENUE. Guaeanteed Intekest Paid and Due by Goveenment. Net Revenue Paid and Due to Government. Deo., 1863 Per Company's Report, - . £235,894 £235,894 Balance due to Government, exclusive of claims ) £230 825 for simple Interest, ) ' Dec., 1862 June, 1863 Dec., 1863 Net Traffic in Half-Year, ±1,520 2,852 697 " Balance, ." 230,825 £235,894 (a) Mr. Danvers' Reports. (&) Company's Reports. III.—EEVENUE AND WOKKING EXPENSES. HALF-YEARLY RESULTS. Half-Tear Ending Average Mileage. Gross Revenue. "Working Expenses. Net Revenue. Gross Revenue per Mile per Week. Working Expenses perMile per Week. Net Ilevonue perMile per Week. Per Centage of Working Expenses. December, .... . . 1862 June, 1863 December, . ... 1863 June, ... 1864 321 8 43| b £5,460 7,225 6,562 10,387 £3,940 4,373 5,865 *7,000 b £1,520 2,852 697 *3,387 £6 11 3 6 7 9 5 16 0 9 3 8 £4 14 9 3 17 4 5 3 8 *6 3 9è £1 16 6 2 10 5 0 12 4 *2 19 10^ 72.19 56.61 88.13 *67.45 YEARLY RESULTS. Year Ending I\Ican Mileage. Gross Revenue. "Working Expenses. Net Revenue. Gross Revenue per Mile per Week. Working Expenses per Mile X)er Week. Net Revenue per Mile per Week. Per Ceiitage of Working Expenses. June, 1863 December, 1864 37Î 431 £12,685 16,949 £8,343 §12,865 £4,372 §4,084 £6 9 4 7 9 10 £4 5 0 §5 13 9 £2 4 4 1 16 1 65.77 §76.5 * Rouglüy Estimated. § Partly Estimated—"Working Expenses of half-year taken at about 68 per cent. Mr. Danvers' 1864 Report of the Punjaub Railway Traffic makes the mileage open in December, 1862, 43 miles. Tliis is evidently incorrect, as his own Report, 1864, states that llj miles were opened during 1863, and that the total then ojiened was 43^ miles. DELHI. I.—CAPITAL AND MILEAGE. Capital. Mileage. Available Balances of Capital. Per Centages of Estimated. Authorized. Raised. Expended. Open. Uii- Open. Total. Estimated. Authorized. Raised. E^stimated Capital Expeuded. Authorized Capital Expended. Mileage Opened. Dec., 1860 ,, 1861 „ 1862 „ 1863 a £2,500,000 3,000,000 3,000,000 5,000,000 a £2,500,000 2,500,000 2,500,000 b £912,558 1,044,968 b £1,824 15,683 280 280 300 320 280 280 300 320 £2,500,000 3,000,000 2,998,176 4,984,317 £2,50Ó',000 2,498,176 4,484,317 £910,734 1,029,285 .06 .31 .07 .62 II.—GUAEANTEED INTEREST AND NET REVENUE. Guaranteed Interest Paid and Due by Government. Net Revenue Paid and Due to Government. Dec., 1863 }i Per Company's Report, £75,353 Balance due to Government, exclusive of claims for ) oro simple Interest, j-x/d,oöo June, 1864 Line only begun to be made. No Traffic. III.—REVENUE AND WORKING EXPENSES. Nil. LINE UNOPENED. INDUS STEAM FLOTILLA. i.—capital and steength of flotilla. Capital. Available Balances of Capital. Strength of Flotilla. Estimated. Authorized. Raised. Expended. Estimated. Authorized. Raised. The Flotilla, as authorized, was to consist of 53 Vessels,—i. e., 7 Pas¬ senger Steamers, 6 Tugs, 33 Cargo Barges, and 7 Accommodation Flats. At June, 1864, the actual .strength was 7 Passenger and Goods Steam¬ ers, 4 Tugs, 13 Troop and Cargo Barges, and sundry small Barges. Dec., 1860 „ 1861 „ 1862 „ 1863 a £300,000 400,000 400,000 400,000 a £250,000 378,000 378,000 378,000 b £250,000 283,855 332,905 373,905 b £213,000 257,804 291,835 361,281 £87,000 142,196 108,165 38,719 £37,000 120,196 86,165 16,719 £37,000 26,051 41,070 12,624 ii._guaeanteed inteeest and net EEVENUE. Guar.i.nteei> Interest Paid and Due by Government. Net Revenue Paid and Due to Government. Dec., 1863 Per Company's Report, ... .... £63,172 Estimated for Half-year, 9,000 £72,172 Balance due to Government, .... Uncertain. J une, 1864 Net Traffic, partly estimated, which is, how¬ ever, subject to deductions for Insurance and Depreciation Funds, per Company's Report, £70,546 Balance, Uncertain for above reason. (a) ilr. Danvers' Reports. (h) Company's Reports. INDUS STEAM FLOTILLA— III.—EEVENUE AND WOKKING EXPENSES. HALF-YEAELY RESULTS. YEARLY RESULTS. Half-Year Ending Gross Revenue. "Working Expenses. Net Revenue. Year Ending Gross Revenue "Working Expenses. Net Revenue. December, .... 1862 June, ... . 1863 December, . . 1863 June, 1864 £27,586 80,037 83,916 57,000 £24,012 18,577 20,400 *35,000 £3,574 11,460 13,516 *22,000 June, 1863 „ 1864 £57,623 90,916 £42,589 t45,400 £15,034 t35,516 * Estimate by Company. t Partly Estimated by Company. Note.—In addition to the Working Expenses, Net Revenue is subject to deduction for Depreciation and Insurance Funds, for which no data apjiearto be given in the Reports, 33 THE EASTERN BENGAL. The Eastern Bengal Railway Company was incorporated in 1857, and entered into a contract with the Government in 1858, for the construction of a line of Railway, which is now open from Calcutta to Kooshtee on the Ganges. It is designed to cany on tlie line to Dacca; and Government appears to be desirous of a line to Darjeeling, but the public ^^dll hardly respond to the invitation until they see better prospects than those exhibited by the present line. The Railway was intended to accommodate the local traffic around Calcutta, and to intercept the traffic of the Ganges at Kooshtee, which, under other circumstances, wmdd have to pass by the Soon- derbunds, up the Hooghly to Calcutta. It can hardly be expected that heavy goods should adopt the Railway route, as is shewn by every coasting trade in England. However that may be, the traffic at present, considering that which passes the Railway upon the Ganges, is rather disappointing. The Government power of purchase comes first into opera¬ tion in 1883. From the following tables it appears,— 1st, That the estimated cost per mile had risen from £12,727 at December, 1860, to £15,789 per mile at Decem¬ ber, 1863,—an increase of £3,062 per mile, and of 24 per cent, on the former estimate. 2nd, That at December, 1863, the whole of the then estimated mileage had been opened against an exjjenditure of 80.59 per cent, of the then estimated cost. That in addition to the expenditure stated on capital account (£1,449,918), there was a debt to Government for dividends advanced of £181,951,—shewng a total cost of £1,631,869, or of about £14,400 for every mile opened at that date. Allowance must be made for the completion of works, which will absorb the remainder of the estimated capital. 3rd, That although the line is open, traffic is insufficient, and capital account and the debt to Government for dividend may be expected to increase considerably. 4th, That the gross revenue per mile per week was £15 14s. 7d. for year ending June, 1864, against £11 Is. 5d. 34 per mile per week for year ending June, 1863; that the working expenses were 53.78 per cent, against 53.53 per cent.; and the net revenue £7 3s. 3d. per mile per week against £5 2s. 8d. per mile per week for the same periods. 5th, That supposing the Railway's estimated mileage at December, 1863, completed for the then estimated cost, it would take £15 4s. O^d. of net revenue per mile per week to pay 5 per cent, on outlay. i.—capital and mileage. Capital. Mileage. Available Balances of Capital, Per Centages of Estimated. Authorized, Raised. Expended. Open. Un- open. Total. Estimated. Authorized. Raised. Kstiinated Capital Expeuded. Authorized (.'ajiital Expended. Mileage Opened. Dec., 1860 „ 1861 „ 1862 „ 1863 a £1,400,000 1,500,000 1,500,000 1,800,000 £1,400,000 1,400,000 1,400,000 1,600,000 b £653,827 994,268 1,400,000 1,400,000 ft £561,266 925,194 1,285,727 1,449,918 ■1 lib 114 a 110 110 a 110 110 110 114 £838,734 574,806 214,273 350,082 £838,734 474,806 114,273 150,082 £82,551 69,074 114,273 Nil. 40.09 61.68 85.71 80.59 40.09 66.08 91.83 90.62 Nil. Nil. 100 100 ii._guaranteed interest and net revenue. Guaranteed Interest Paid and Due by Government. Net Revenue Paid and Due. to Government. June, 1864 ij y> Per Company's Report, £242,774 £242,774 Balance due to Government, exclusive of claims ) 951 for simple Interest, j ' June, 1864 Per Company's Report, ... £60,823 Balance, ... 181,951 £242,774 (a) Mr. Danvers' Reports. (&) ConipaDy's Reports. III.—EE VENUE AND WOKKING EXPENSES. HALF-YEAELY RESULTS. Half-Tear Endino Average Mileage. Gross Eeveiiue. "Working Expenses. Net Revenue. Gross Revenue per Mile per "Week- Working ExpensesperMilc per Week. Net Revenue jier Mile per Week. Per Centage of Working Expenses. December, . 1862 June, 1863 December, 1863 June, 1864 *iri 110 110 110 £8,860 33,748 42,603 45,945 £4,925 +17,885 +22,129 +25,395 £3,935 15,863 20,476 20,550 £9 14 7 11 16 0 14 18 0 16 1 3 £5 8 2 6 5 1 7 14 9 8 17 11 £4 6 5 5 10 11 7 3 3 7 3 4 55.58 52.99 51.94 55.39 YEARLY RESULTS. Year Ending ^rcan Average Mileage. Gross Revenue. "Working Expenses. Net Revenue. Gross Revenue i>er Mile per Week. Working ExpensesperMilc per Week. Net Revenue per Mile per "Week. Per Centage of Working Exjienses. June, 1863 1864 Î99.25 110 £42,608 88,548 §£22,810 §47,524 £19,798 41,026 £11 1 5 15 14 7 £5 17 9 8 6 4 £5 2 8 7 3 3 53.53 53.78 3 Months, 13 Weeks. Î 9 Months, 39 Weeks. t Include £1,558, £1,478, and £616 of loss in Steamer Traffic respectively. § Include £1,558 and £2,094 of loss in Steamer Traffic respectively. 37 CALCUTTA .VXD SOUTH-EASTERN. The Calcutta and Soutli-Eastern Railway Company was incorporated in 1857, and in 1859 they obtained the qualified guarantee, and entered into a contract with Government for the construction of the line. It is a short one of 29 miles, and was designed to relieve the Hooghly River from the crowding of ships which at present exists. Owing, however, to the want of a pier, and proper appliances for the loading and discharge of sliips and the storeage of cargo, few ships have resorted to Mutlah, and the Railway has not proved a remrmerative undertaking. There was an eifort made to create a port and town at the sea terminus of the Railway, but it has failed for the present. The first time at which Government can exercise its option of pm'chase is in 1884. From the following tables it appears,— 1st, That the estimated cost per mile had risen from £9,655 at December, 1860, to £20,689 per mile at December, 1863, —an increase of £11,034 per mile, and of 114 per cent, on the former estimate. 2nd, That at December, 1863, the whole of the then estimated mileage had been opened, against an expencUtrme of 72.97 per cent, of the then estimated cost. That in addition to the expenditm'e stated on capital accomit (£431,458), there was a debt to Government for dividends advanced, and estimated deficit of traffic, of £66,192, shewng a total cost of £497,650, or of £17,160 for every mile opened at that date. Allowance must be made for works in progress, which will absorb the remainder of the estimated capital. 3rd, That although the line is open, yet traffic is insufficient to pay expenses, and capital account and the debt to Govern¬ ment for dividend may be exj^ected to increase considerably. 4tb, That the worldng expenses were 127.73 per cent, for year ending June, 1864, producing a deficit of £1 4s. lid. per mile per week. 5th, That supposing the Railway's estimated mileage at December, 1863, completed for the then estimated cost, it wouhl take £19 18s. of net re\ cnue per mile per week to pay 5 per cent, on outlay. D i.—capital and mileage. Capital. Mileage. Available Balances of Capital. Per Centages of Estimated. Authorized. Raised. E.Tpended. Open. Cn- Opeii. Total. Estimated. Authorized. Raised. Estimated (."apital Exiicudi'il. Authorized Capital Expcuded. Mileage Opened. Dec,, 1860 „ 1861 „ 1862 „ 1863 June, 1864 a £280,000 380,000 500,000 600,000 600,000 a £300,000 340,000 400,000 500,000 500,000 £224,664 326,534 404,088* 438,932* 446,907* £137,721 324,228 401,616 431,458 437,835 i's 15 29 29 29 14 14 29 29 29 29 29 £142,279 55,772 98,384 168,542 162,165 £162,279 15,772 Nil. 68,542 62,165 £86,823 2,306 2,472 7,474 8,072 49.19 95.34 80.32 71.91 72.97 45.91 95.36 100.4 86.29 87.57 Nil. 51.38 51.38 100. 100. ii._guaeanteed inteeest and net EEVENUE. Guaranteed Interest Paid aííd Due by Government. Net Traftic Paid and Due to Government. Dec., 1863 Per Company's Report, Add Estimated Deficit of Net Revenue to meet 1 Expenses, . . j £63,594 2,598 June, 1863 Dec,, 1863 June, 1864 Deficit, Do. ... Do £776 635 . 1,287 Î) Balance due to Government, partly Estimated, ) exclusive of claims for simple Interest, . . ) £66,192 £66,192 £2,598 (a) Mr. Dauvers' Reports. * Include Sums advanced by Government III.—EEVENUE AND WOEKING EXPENSES. HALF-YEAELY EESULTS. Half-Tear Ending Average Mileage. Gross Revenue. Working Expenses. Net Revenue. Gross Revenue per Mile per Week. Working Expenses per Mile per Week. Net Revenue per Mile per Week. Per Centage of Working Expenses. June, . 1863 December, ... ... 1863 Jime, . . 1864 18 28 28 £1,797 ■ 2,494 4,067 £ 3,029 5,352 Nil. Nil. Nil. £3 16 9 3 8 6 5 11 8è £ 4 3 2i 7 7 0 Nil. Nil. Nil. 121.49 131.58 YEAELY EESULTS. Year Ending Average Mean Mileage. Gross Revenue. Working Expenses. Net Revenue. Gross Revenue per Mile per Week. Working ExpensesperMilc per Week. Net Revenue per Mile per Tv'eek. Per Centage of Working Exiienses. June, 1864 28 £6,561 £8,381 Nil. £4 10 3 £5 15 2 Nil. 127.73 40 GREAT SOUTHERN OF INDIA. The Great Southern of India Railway was incorporated in 1858, and entered into a contract in the same year to construct a line from Negapatam, on the east coast, to Trichinopoly. In 1863 another contract was entered into, to construct an extension line from Trichinopoly to Erode,—a station upon the Madras line to Reypore. The Government's optional power of purchase comes first into operation, as regards the section of the line from Nega¬ patam to Trichinopoly, in 1883; and of the second part, Trichinopoly to Erode, in 1888. It will he some time, how¬ ever, before the latter section is completed. From the following tables it appears,— 1st, That the estimated cost per mile had risen from £7,190 at December, 1860, to £9,287 j^er mile at December, 1863,—an increase of £2,097 per mile, and of 29 per cent, on the former estimate. 2nd, That at December, 1863, 48.91 per cent, of the then estimated mileage had been opened against an expenditure of 41.39 per cent, of the then estimated cost. That in addition to the expenditure stated on capital account (£620,967), there was a debt to Government for dividends advanced of £77,945, shewing a total cost of £698,912, or of £8,847 for every mile ojiened at that date. 3rd, That the line being unfinished, and traffic insufficient, capital account and the debt to Government for dividend may be expected to increase considerably. 4tb, That the gross revenue per mile per week was £7 Os. lid. for year ending Decembei', 1863, against £8 15s. 3d. per mile per week for year ending December, 1862; that the working expenses were 42.54 per cent, against 44.05 per cent.; and the net revenue £3 15s. 75d. per mile per week against £4 18s. Id. per mile per week for the same periods. 5th, That supposing the Railway's estimated mileage at December, 1863, completed for the then estimated cost, it would take about £9 of net revenue per mile per week to pay 5 per cent, on outlay. I.—CAPITAL AND MILEAGE. Capital. Mileage. Available Balances of Capital. Per Centages of Estimated. Authorized. Kaised. Expended. Open. Un- Open. Total. Estimated. Authorized. Eaised. Estimated Capital Expended. Authorized Capital Expended. Mileage Opened. Dec., 1860 „ 1861 „ 1862 „ 1863 a £550,000 640,000 660,000 1,500,000 a £500,000 584,5.39 650,000 1,165,600 h £416,142 551,963 650,000 786,695 h £381,681 544,794 604,381 620,967 48 79 79 78i 30i 821 781 78¿ 79' 161è £133,858 95,206 55,619 879,030 £83,858 39,745 45,619 644,633 £34,461 7,169 45,619 145,728 69.39 85.12 91.57 41.89 76.34 93.2 92.94 53.27 Nil. 61.4 100. 48.91 II.—GÜAEANTEED INTEKEST AND NET DEVENUE. Guaranteed Interest Paid and Due by Government. Net Revenue Paid and Due to Government, July, 1863 Dec., 1863 1 it it Per Company's Eeport, £91,047 Estimated due on 1st January, 1864, 17,500 £108,547 Estimated Balance due to Government, exclusive ) m,, q,- of claims for simple Interest, ) Dec., 1863 Per Company's Eeport, .... £29,602 Balance, .... . . .... 77,945 £108,547 (a) Mr. Danvers' Reports. (&) Company's Reports. III.—REVENUE AND WORKING EXPENSES. HALF-YEAELY KESULTS. Half-Teak Endikg Average Mileage. Gro.ss Revenue. ■Working Expenses. Net Revenue. Gross Revenue per Mile per Week. Working ExpensesperMUe per Week. Net Revenue per Mile per "Week. Per Centage of Working Expenses. June, 1862 December, 1862 June, 1863 December, 1863 48 48 79 79 i:9,728 12,144 14,293 14,491 £4,324 5,304 6,947 6,302 £5,404 6,840 7,346 8,189 £7 15 10 9 14 8 6 19 2 7 1 1 £3 9 3 4 5 1 3 7 8 3 1 4 £4 6 7 5 9 7 3 11 6 3 19 9 44.44 43.66 41.6 43.48 YEARLY RESULTS. Year Endino Mean Average Mileage. Gross Revenue. "Working Expenses. Net Revenue. Gross Revenue per Mile per Week. Working Expenses per Mile per Week. Net Revenue per Mile per Week- Per Centage of Working Expenses. December, 1862 1863 48 79 £21,972 28,784 £9,628 13,249 £12,244 15,535 £8 15 3 7 0 1.J £3 17 2 3 4 6 £4 18 1 3 15 7è 44.05 42.54 VIEW OF NET REVENUE, &c., since 1861. Net Amount per Mile per Week required to pay 5 ^ cent. Net Revenue per Mile per "Week, Years ending June— Gross Traffic of 1 Week in 1865, compared with Average Gross Traffic per Mile per Week for corresponding Half-year 1864. On Estimate in Mr. Danvers' Report, 1864. On Private Estimate. 1861 1862 186.S 1864 Last Gross Traffic Reported in Railway Papers, March, lödö.f Average Gross Traffic per Mile per Week, Half- year ending June, 1864. Increase. Decrease. East Indian, Great Indian Peninsula,. . Madras, Bombay, Baroda, &c., . . Scinde, Pimjaub, Delhi, Eastern Bengal, .... Calcutta and South-Eastem, Great Southern, .... £18 12 0 12 3 1 11 6 5 17 0 0 16 17 ii 13 2 3 15 0 6 15 4 OJ 19 18 0 9 0 0 £18 12 0 14 8 10 14 3 0 18 12 9 16 17 41 15 6 l\ 16 10 6| 15 4 0|* 19 18 0 9 0 0* £11 6 21 4 3 10 2 5 6 £9 14 0 4 0 9 2 4 9 3 17 0 18 41 Unopened. £9 5 21 5 13 8 2 5 1 7 2 8^ 3 4 1 2 4 4 5 2 8 Dec. Ï862. 4 18 1 £9 19 4Í 5 8 9 5 2 4 No report. 2 7 6è 1 16 1 7 3 3 Dec. 1863. 3 15 7é £34 9 0 35 0 0 12 0 5è 14 11 7 22 6 9 6 15 4 17 "é 3 No recent reports. 6 13 1 £24 11 93 22 12 0| 12 6 11 16 9 1 17 3 3 9 3 8 16 Ï 3 5 11 8J 7 1 1 £9 17 24 12 17 llj 5 3 6 1 Ï 0 £0 5" Bi 1 17 6 2 8 4 0 8 0 * The Private Estimate in Part I. appears too low, and makes no sufficient allowance for unfinished Works, t It must be remembered, that the Traffics for the June half of each year are much larger than those of the December half. -o CO CÄ» to 3