HiENRY POOLEY & SON, PRIZE London 1851 London 1862 Paris (Class 53) ... 1867 Paris (Class 63) ... 1867 Naples 1871 Trieste 1871 Moscow (Gold) ... 1872 Moscow (Silver) ... 1872 Brussels (Do.) ... 1876 Manchester (Gold) Soc. Prom. Scien. Industry 1875 SOLE MAKERS OF POOLEY’S MED Manchester A L S. and Liverpool 1867 Royal 1869 Royal 1870 Manchester and Liverpool 1871 Ayrshire 1876 Highland Soc. 1876 Royal Cornwall ... 1877 PATENT WEIGHING APPARATUS FOR ALL RAILWAY, COMMERCIAL, MANUFACTURING, AND MINING PURPOSES, ADAPTED TO THE STANDARDS OF ALL NATIONS. POOLEY’S PATENT SELF-INDICATING PIT BANK WEIGHING MACHINES, and PATENT SELF-INDICATING AND SELF-CONTAINED RAILWAY WEIGH-BRIDGES. MAKERS TO THE CHIEF RAILWAY COMPANIES IN THE UNITED KINGDOM. WORKS; ALBION FOUNDRY, LIVERPOOL, LONDON OFFICE: 8 9, FLEET STREET, E.C. MANCHESTER, Fennel Street. I NEWPORT (Mon.') Commercial St. NEWCASTLE-ON-TYNE, High Level Bridge! DERBY, Siddals Road. GLASGOW, West Nile Street. THE INDEX TO OUR RAILWAY SYSTEM AND OUR LEADING LINES: A COMPREHENSIVE ANALYSIS OE RAILWAY PROPERTY. SECOND NUMBER. % Ifaitbjbooli for S j>ttrcbolbers uni) |ntestor% AND ALL WHO ARE INTERESTED IN RAILWAY ADMINISTRATION AND MANAGEMENT. WILLIAM FLEMING. HoitBOtt : M'CORQUODALE AND CO., CARDINGTON STREET, EUSTON SQUARE, N.W.; ST. THOMAS STREET, S.E.; AND AT NEWTON, LIVERPOOL, LEEDS, AND GLASGOW. And Sold by W. H. SMITH & SONS, 186, Strand, and at the Railway Book Stalle. [Entered at Stationers’ Wall, H ALF-A-CROWN.] M'CORQUODALE AND CO., PRINTERS, CARDINGTON STREET, LONDON, N.W CONTENTS OUR RAILWAY SYSTEM— Capital, Extent op Line, and Cost, &c. . . . . , Passenger Traffic Parcel Traffic Goods Traffic Gross Receipts from all Sources , Proportion of Line to Area of Country, &c Working Expenditure Net Receipts, &c . ( Taxed Proportion in the £ of Net Receipts . , Rolling Stock Train Service, Block System, Accidents, &c. , Summary OUR LEADING LINES— Capital, Extent of Line and Cost, &c. . . . . , Passenger Traffic Goods Traffic Gross Receipts from all Sources Working Expenditure Net Receipts, &c Rolling Stock Working Stock Expenditure Train Service, Block System, Accidents, &c. . . . , Synopsis GENERAL OBSERVATIONS DRAFT FORM OF BOARD OF TRADE RAILWAY RETURNS . PAGE 7 8 10 13 15 15 17 19 19 21 22 23 27 30 33 39 43 49 57 60 63 67 69 76 Digitized by the Internet Archive in 2017 with funding from University of Illinois Urbana-Champaign Alternates https://archive.org/details/indextoourrailwaOOflem PREFACE In the first number of this publication an analysis of railway property in the several divisions of the United Kingdom, and as applicable to the leading lines, was given for the years 1871, 1874, and 1875. The present work gives similar results for the year 1876 — the latest period to which the Board of Trade returns are available. A somewhat fuller comparative analysis is given in the present than the previous instance, so as to put the results in a clearer light and render them more useful for reference to all who are interested in the intrinsic value of the several great railway undertakings. The results of railway working during the year 1876 are satisfactory enough as an index of the condition of the country. In a period of comparative depression of trade, the traffic receipts of the railways are increased in every branch of business, the working charges are relatively less than in previous years ; but the disproportionate outlay of capital to the increase of receipts, both gross and net, have lessened the profits on the English and Scotch lines. Meantime, however, the profits of the Irish lines improved. It is unfortunate that the Board of Trade returns give no details of the capital expenditure, whereby an analysis of the extent and direction of its application could be made. In this, as in other fundamental respects, the official returns of the Board of Trade are lamentably deficient. The question is one not only affecting shareholders and investors, but is so intimately associated with the social and commercial progress of the country that information commensurate to the interests at stake should be forthcoming. The returns of the railways of India and of some of our colonies far outstrip in useful and essential data those of the home lines. That railway property is gradually deteriorating ; that railways, as the great carrying agency, have undeveloped capabilities, and that the commerce of the country is retarded in consequence ; will be made sufficiently apparent in the following pages to show that the demand for fuller and more explicit information is warranted and urgent. ‘ o . - - ' ■ " o .0 , ' * ■ . . ' * ' • • • OUR RAILWAY SYSTEM 1. CAPITAL, EXTENT OF LINE, &c. • £ 99 99 99 England. Scotland. Ireland. United Kingdom. Capital ...' i f Ordinary j Guaranteed ' Preferential J Debenture Stock & Loans 216,207,544 70,272,152 117,704,236 140,648,027 29,560,832 10,185,909 24,070,572 18,900,035 16,240,447 321,610 6,353,513 7,749.839 262,008,883 80,779,671 148,128,321 167,297,901 L Total 544,831,959 82,717,408 30,665,409 658,214,776 ' 1 f Ordinary 0/ /o 39-68 35-74 52-96 39-81 Proportion J | Guaranteed yj 12-90 12-31 1-05 12-27 of Capital > j Preferential )) 21-60 29-10 20-72 22-50 i [ DebentureStock andLoans 25-82 22-85 25-27 25-42 f Double Line Miles. 7,591 1,063 515 9,169 Length of Single Line 99 4,398 1,663 1,642 7,703 Line < Total 99 11,989 2,726 2,157 16,872 „ Proportion Single o/ /o 36-68 61-00 76-12 45-65 Proportion of Capital per mile £ 45,444 30,344 14,217 1 39,012 During the year, the Expenditure of Capital amounted to £17,741,292, or 3*37 per cent., on the English lines, 9,830,756 „ 13*49 ,, „ Scotch „ 419,234 „ 1*38 ,, ,, Irish ,, 27,991,282 „ 4*44 ,, ,, United Kingdom. Of this increase, however, £7,661,838 is only nominal, being due to the consolidation of preference shares of one Scotch company and the division and exchange of stocks of another. The practical increase, therefore, in the capital of the Scotch lines is £2,168,918, or 2*98 per cent., and of the lines in the United Kingdom £20,329,444, or 3*22 per cent., an amount in the aggregate almost similar to that expended upon the lines in 1875. The Length of Line is increased by 200 miles in England, 5 miles in Scotland, 9 miles in Ireland, and 214 in the United Kingdom ; and the PRO- PORTION of Double and Single Line remains nearly the same as in the previous year. There is 1*15 per cent, more double line in England, *04 per cent, more in Scotland, *18 per cent, more in Ireland, and *93 per cent, more in the United Kingdom. The increase of capital, it is evident, therefore, has been rather in improvements and further equipment of existing lines than in any material addition to the extent of the railway system ; consequently, The Average Cost per Mile of line is increased by £734 in England, £3,557 in Scotland, £136 in Ireland, and £1,179 in the United Kingdom ; but, allowing for the nominal increase of capital, the Scotch lines are actually increased by £746 and the lines of the United Kingdom by £725. The Proportion of Ordinary Stock to the total capital tends to lessen in each of the countries, thus lessening, as it were, the army of observation, or those having a direct and positive interest in the results of the general working ; for, except as applied to those lines in default with their preference and debenture payments, any other than the holder of ordinary stocks have but a secondary and negative interest to look after. In considering railways as a great national property, it may be said to be an evil, both financially and economically, that of the £658,214,776 involved, little more than 40 per cent, of the holders thereof should have a keen and sustained interest in the im- mediate results. II.— PASSENGER TRAFFIC. England. Scotland. Ireland. United Kingdom. [First Class No. 38,302,841 4,693,843 1,862,382 44,859,066 Number Second „ • • • ••• » 58,949,892 3,319,741 4,208,562 66,478,195 of Third „ 99 383,686,658 31,978,057 11,285,319 426,950,034 Passengers Total ... 480,939,391 39,991,641 17,356,263 538,287,295 ^Season Tickets ... 99 345.656 2 $,481 22,290 394,427 ' First Class £ 3,816,103 481,976 268,192 4,566,271 Second „ 3,121,985 229,392 307,739 3,659,116 Eeceipts from Third „ .. 11,627,465 1,379,901 611,825 13,619,191 Season Tickets ... 1,060,705 111,648 44,030 1,216,383 Passengers, > Total ... 19,626,258 2,202,917 1,231,786 23,060,961 &c. Exc. Luggage, Prcls., &c. 2,076,490 237,115 104,452 2,418,057 Mails ... 459,675 117,211 107,647 684,533 ^ Gross 22,162,423 2,557,243 1,443,885 26,163,551 Average First Class s. d. 1 Ilf 2 0* 2 10* 2 0* Second „ 99 1 Of 1 4* 1 5* 1 1* per Head \ Third Mean ... 99 99 0 7* 0 9* 0 10* 1 0* 1 1 1 4* 0 7* 0 9 f First Class No. 3,195 1,721 863 2,659 Average No. Second „ 99 4,917 1,218 1,951 3,940 of Passengers, Third „ 99 32,003 11,731 5,232 25,305 per Mile of > Line Total „ 40,115 14,670 8,046 31,904 Season Tickets „ 29 9 10 23 First Class £ 318 177 124 271 Average Second „ 99 260 84 143 217 Eeceipts Third 970 506 284 807 from Passenger / Season Tickets ... 99 89 41 20 72 1,367 Trains Total ... 99 1,637 808 571 per Mile of Exc. Luggage, Prcls., &c. 99 173 87 48 143 Line Mails „ 38 43 50 41 Gross 99 1,848 938 669 1,551 First Class s. d. 0 10* 0 10* 0 10 0 10* Average Eeceipts per Passenger ' Second Third Season Tickets... 99 99 99 t) 8* 2 7 0 2f O 5 2 6 0 2* 0 11* 1 10* 0 1* 0 8 2 6* 0 2* Total ... )) 4 4* 4 0 3 9* 4 3* Train Exc. Luggage. Prcls., &c. )) 0 54 0 5 0 3f 0 5* Mile Mails 99 0 1* 0 2* 0 4 0 1* k Gross 4 11 4 7* 4 5* 4 10* Proportion I j First Class % 7*96 11-74 10-73 8-33 of j 1 Second „ j j 12-26 8-30 24-25 12-35 Classes ' 1 Third ... 5 9 79-78 79-96 65-02 79-32 Proportion I of / ^ First Class Second „ 99 19-44 15-91 21-88 10-41 21-77 24-98 19-80 15-87 Eeceipts j Third 59-25 62-64 49-67 59-06 Season Tickets ... 99 5-40 5-07 3-58 5-27 9 The Number of Passenger Journeys (exclusive of Season Ticket- holders) increased during the year : in England 6*63 per cent., in Scotland 2*36 per cent., in Ireland 2*86 per cent., and in the United Kingdom 6*17 per cent. From 1871 to 1874 the average yearly increase was : in England 9*59 per cent., in Scotland 7*60 per cent., in Ireland 2*12 per cent. During 1875 there was an increase in England of 6*60 per cent., in Scotland 2*22 per cent., in Ireland 2*04 per cent. The English lines in the past year, therefore, maintained an increase equal to that of the previous year, the Scotch lines did relatively more, and the Irish lines did better still. The efforts of Mr. Giffen to supply some definite information as to the number of passenger journeys represented by Season Ticket-HOLDERS have been, for the present, frustrated by many of the companies not complying with the request to give the equivalent annual number of such tickets issued. It is to be hoped that this will not occur again, — the companies, knowing now that this information will be asked for, should be ready and willing to furnish it. The Proportion of Classes indicate the usual falling-off in First and Second Class passengers. The number of Thirds relatively increased by 2 per cent, in England, ^ per cent, in Scotland, 1*08 per cent, in Ireland, and 1*85 per cent, in the United Kingdom. Four-fifths of the passengers who travel on the lines in Great Britain go third class, and about two-thirds on the Irish lines. Passenger Traffic Receipts, as a whole (including receipts from excess luggage, parcels, mails, &c.), have increased during the year by £337,795, or 1*55 per cent, on the English lines, 96,437 „ 3-92 >> „ Scotch lines, 14,638 1-02 if ,, Irish lines, and 448,870 „ 1-74 „ United Kingdom. From 1871 to 1874, the average yearly increase was : in England 7*03 per cent., in Scotland 7*48 per cent., in Ireland 4*32 per cent. ; and during 1875 the several increases upon 1874 were : in England 3*29 per cent., in Scotland 4*69 per cent., in Ireland 1*02 per cent. The falling-off during the past, compared to the previous year, is very marked on the English lines, having barely half the ratio of increase, and in 1875 they had less than half the average yearly increase of the three preceding years. The Scotch lines have held their ground better, with 3*92 per cent, of increase in 1876, and 4*69 per cent, increase in 1875, as against an average yearly increase of 7*48 per cent, in the three previous years. The Irish lines in the past, as in the previous year, increased at the rate of 1 per cent., as against an average yearly rate of increase of 4*32 percent, between 1871 and 1874. The Proportion of Receipts from Third Class passengers has increased by 2 per cent, on the English lines, *87 per cent, on the Scotch lines, 1*09 per cent, on the Irish lines, and 1*86 per cent, on the whole railway system. Taking the United Kingdom as a whole, the proportion of receipts from First and Second Class have declined about equally (one per cent, of each). The receipts from Season Ticket-holders have increased *21 per cent, on the English lines, *13 per cent, on the Scotch lines, *16 per cent, on the Irish lines, and *20 per cent, in the United Kingdom. 10 The Average Number of Passengers per Mile of Line increased by 1,856 on the English lines, 312 on the Scotch lines, 190 on the Irish lines, and 1,470 on the United Kingdom. The Average Receipts from Passengers per Mile of Line decreased by £6 on the English lines, while the Scotch and Irish lines increased by £28 and £4 respectively, and by the latter figure for the whole United Kingdom. The Average Receipts from Passenger Trains per Mile of Line are likewise decreased by £3 on the English lines, increased by £34 and £4 on the Scotch and Irish lines respectively, and increased by £7 in the United Kingdom. The Average Receipts per Passenger Train-Mile show a general reduction, amounting to lfd. in England, ^d. in Scotland, lfd. in Ireland and the same for the United Kingdom, upon 1875, and in that year the English lines were Id. under 1874. These figures may appear insignificant, but a glance at the millions of train-miles run will qualify the impression. The Average Fare per Head for First Class passengers has decreased by 2d. in England, increased by ^d. in Scotland, is stationary in Ireland, and decreased by l^d. in the United Kingdom ; for Second Class there is an increase of fd. in England, a decrease of f d. in Scotland, a derease of f d. in Ireland, and an increase of Jd. in the United Kingdom ; while for Third Class there is a general decrease of a farthing. The mean fare of all classes is less by ^d. in England and Ireland, and more by fd. in Scotland. The mean fare of all classes that stood at llfd. in 1871, 10£d. in 1874, 10fd. in 1875, is now 9 jd. for the whole kingdom. After all, however, it is only by conjecture that anything can be learned from this ; it cannot be positively stated whether this reduction is the result of extra inducements in the form of cheaper fares in a greater number of instances or of an increasing number of short journeys each year. What is really wanted to be known is the average length of each journey and the average fare of each class per mile, data that is supplied in the official returns of other countries, but is declined by the Board of Trade ; or, as Messrs. Calcraft and Giffen, in their General Report of the Railways, naively say, “ if the companies gave returns of the number of the different classes of passengers carried one mile,” as if the companies ever furnished any information without being asked, and oftimes pressed, for it. It is a ray of hope, however, to have even so much admitted, although not more than what would be expected from the head of the Statistical Department in the Board of Trade. Before disposing of the matter of Passenger Traffic, there is the item of Parcel Traffic to which attention may be drawn. With receipts from parcel traffic, those derived from excess passengers’ luggage, horses, carriages, dogs, &c., are mixed up, consequently no accurate account can be got regard- ing them — neither the average weight, distance carried, nor cost per parcel or 11 per mile. Looking at the money set down for parcels and these other miscellaneous receipts grouped with them, — £2,418,057 for the past year for the whole United Kingdom, — it must be apparent at once that parcel traffic by passenger trains has not become a conspicuous element in railway business. Assuming that one-and-a-half millions sterling, which is probably a liberal figure, has been derived from parcels, and taking the very low figure of 6d. as the average rate, it will give sixty millions as the number carried in the year, or about TWO per head of the population, — a very small average when compared with the Postmaster- General’s report of the annual number of letters, of book-packets, newspapers, and post- cards carried, as well as compares unfa- vourably with the proportion of passenger journeys and passenger receipts, as per head of the population, in any of the countries. The Scotch lines are showing a relatively greater progress from parcel traffic than the English lines every year since 1871, but, nevertheless, it would appear as if this parcel traffic was being treated in some way like to what was meted out to the third class passenger before the initiation of the better policy by the Midland. Parcel traffic arrangements have been for many years a perplexing question to the railway companies, and a highly unsatisfactory one to the public. The Parcels Delivery Companies, Carriers, and others, outside the companies, have taken advantage of their every move- ment, the great feature being that of packing a number of small parcels for the same place, consigning them to their corresponding agencies, and paying themselves out of the relatively lesser rate charged for a large than a small parcel. The companies have put as many drawbacks as possible in the way of this and like arrangements, which they looked upon as a serious loss to them, as an infringement of their rights, and an improper advantage taken of privileges intended to operate as between themselves and the public, and, consequently, something to be strenuously discouraged at all hazards. The result has been that much of what, in the ordinary course, would have gone by passenger trains has been diverted from its legitimate channel and forwarded as goods traffic, by slower trains, entailing delay and more or less uncertainty in delivery. The amount of parcel traffic treated in this way there are no means of finding out ; but there is no question that this applies to the greater propor- tion. At the same time, the companies, who have lately been revising the parcels question, have rated packed parcels in the highest merchandise class, and, by resorting to a kind of subterfuge, when a number of parcels from one consignor to one consignee are sent loose and under 500 lbs. weight, they have added 25 per cent, to this highest rate. All this does not appear very equitable, nor bespeak much commercial sagacity or foresight in railway administration. Every impediment put in the way must be looked upon, in the event, as a serious hindrance to the promotion of the traffic involved, and, in short, as a grave dereliction of the duty they owe to the public as practical monopolists of the carrying business of the country. It may almost be said that it has been by virtue of the agencies outside the companies, in spite of official restrictions and charges, parcel traffic has existed to any extent at all. Expedition and punctuality in delivery are essential elements in the proper conduct of such a matter as parcel traffic — the object to be arrived at should be, first, cheapness, and, next, the carriage and delivery with the same regularity as letters and book-packets. It would be a waste of words to attempt to show that these conditions have been fulfilled : the very opposite has been the fact. If the companies would but recognise parcel traffic as essentially different 12 from other (passenger or goods) traffic, consider that parcels are allied, in great measure, rather to letters and book-packets, that they are transmitted hither and thither as much as a matter of pleasure or convenience as of necessity, they would readily solve the difficulty of external agencies competing against them, in a more business-like manner than they do now. If they had the courage to throw off the yoke of a mileage basis of rates, or zones of distances, come to a common understanding amongst themselves, and constitute a Parcels Convention, establish a uniform rate for a given weight, irre- spective of distance, like the postal and telegraphic service, their trouble and expense would be less and their profits great, compared to the compara- tively paltry sum now derived. In the first place, it would put all opposition, as such, to the companies out of the field, and the uniformity of the rate, like the penny post and shilling telegram, would throw a definiteness and form into the public mind such as no other scheme could parallel towards popu- larising and promoting the traffic. There is a field of wealth here lying waste, only waiting the opportunity to burst into a profitable harvest, with the least proportionate outlay. At all events, if the Postmaster-General felt himself at liberty, or if a Parliamentary pressure was brought to bear upon him — and such a pressure, from the highly unsatisfactory condition of the question, is not unlikely to arise if the companies insist IN PURSUING THEIR PRACTICALLY PROHIBITORY AND ERRATIC POLICY— to add to the business of letters, post-cards, circulars, book and sample post this matter of parcel traffic, at relatively low, uniform rates, to the extent even of 7 or 14 or up to 28 lbs. weight, he would soon find himself commanding a success that would be the despair of railway administrators in not previously adopting and reaping the full advantages of some such comprehensive plan. There is no insur- mountable difficulty to be overcome, no violent changes in existing organisa- tions necessary, but rather their extension and freer working. Railway managers are already to some extent in the groove ; they have but to be equal to themselves, to rise a little more to the occasion, superior to the incrustations of time and habit regarding differential rates and classes and distances, and the traffic that is now so miserably dealt with and held back will flow freely, and increase the paying weight of their passenger trains. The quantity of new traffic would recoup the companies, even if carried at what, at first sight, might appear a fabulously low price, like the penny post when first suggested. It would be a necessary feature in such a scheme that all parcels should be prepaid — by stamps. Commercial houses and business people would supply themselves with these parcel stamps as they do with postage stamps and post- cards now. A parcel would be despatched with the same freedom and confi- dence as a letter, as a mere matter of course, upon the least requirement : the cost being a definite and known quantity and the service regular, the inducement would be complete. That parcel traffic, under a system of this kind, would obtain dimensions far beyond its present limited and dwarfed proportions there can be no manner of doubt, and would be in kind with the improvement in railway earnings consequent on the carrying of third class passengers by all trains, over and above the social and economical advantages that would accrue to the country. Mr. Parsloe, however, says, “ The Railways, Telegraphs, and Post Office are kindred institutions, and not until they are worked in complete unison can 13 we derive from either the full measure of benefit which it is capable of afford* ing,” and probably he is right. III.— GOODS TRAFFIC. * England. Scotland. Ireland. United Kingdom. Tons Carried. r Merchandise Minerals Tons. 55 57,279,170 116,412,568 6,733,166 22,019,974 2,908,145 612,041 66,920,481 139,044,583 < w Total 55 173,691,738 28,753,140 3,520,186 205,965,064 Receipts | from / 3oods Trains! Merchandise £ 16,008,508 1,998,267 996,381 19,003,156 ' Minerals )) 11,496,849 1,948,395 74,969 13,520,213 Live Stock 55 836,372 173,038 221,538 1,230,948 { Total 55 28,341,729 4,119,700 1,292,888 33,754,317 Average 1 [ Merchandise s. d. 5 7 5 lli 6 10i 5 Si Rate •< ! Minerals 5J 1 Hf 1 9| 2 5f 1 lli per Ton. j ( Mean » 3 2 2 9 6 1 3 2 Average | f Merchandise Tons. 4,778 2,470 1,348 3,966 No. of Tons per Mile of ( Line. } Minerals 55 9,710 8,078 284 8,241 Total 55 14,488 10,548 1,632 12,207 Average , J Merchandise £ 1,335 733 462 1,126 959 715 35 801 Receipts per ( Mile of Line. Live Stock „ 70 63 103 73 > Total 55 2,364 1,511 600 2,000 Average Merchandise s. d. 3 6f 2 8£ 6 Of 3 6f Minerals 55 2 6| 2 7f 0 5^ 2 6 Receipts per < Train Mile Live Stock 55 0 2£ 0 2f 1 4i 0 2f Total ]> 6 3f 5 7 7 10i 6 3 In the Tonnage carried their has been an increase of 4,715,995 tons, or 2*79 per cent., in England, princi- pally minerals ; an increase of 1,013,446 tons, or 3*65 per cent., in Scotland, made up of both merchandise and minerals an increase of 165,972 tons, or 495 per cent., in Ireland, altogether in merchandise, the minerals being actually less by 67,000 tons; and an increase of 5,895,413 tons, or 2*94 per cent., in the United Kingdom. The percentage increase of tonnage is little more than half during the past year what it was (5 per cent.) in 1875 on the English lines, the increase on the Scotch lines is still less (13*24 per cent, in 1875), while the Irish lines were well up to the increase of 1875 (7*47 per cent.). The Receipts from Goods Traffic during the year increased £394,438, or 1*41 per cent., on the English lines, 2,775 „ *07 „ ,, Scotch lines, 89,032 „ 7*39 „ „ Irish lines, and 486,245 „ 1*46 „ „ United Kingdom; 14 tlie increase on the English lines being principally from merchandise ; alto- gether, such as it is, from merchandise on the Scotch lines (notwithstanding the greater tonnage of minerals there were actually less receipts derived from it); and the increase on the Irish lines was from merchandise and live stock. The receipts from goods traffic between the years 1871 to 1874 improved at an average yearly rate of 6*88 per cent, on the English lines, 8*14 per cent, on the Scotch lines, 4*67 per cent, on the Irish lines, and 6 ‘9 5 per cent, in the United Kingdom ; and the year 1875 showed an increase upon 1874 of 3*45 per cent, on the English lines, 5*99 per cent, on the Scotch lines, 8*73 per cent, on the Irish lines, and 3*94 per cent, in the United Kingdom. Goods traffic has indicated even less buoyancy on the English lines than the passenger traffic ; the increase is but nominal on the Scotch lines ; while the Irish lines in the past, as in the previous year, have exhibited a hopeful elasticity. The Average Number of Tons per Mile of Line is less by 168 in merchandise and more by 323 in minerals on the English lines ; more by 152 in merchandise and more by 202 in minerals on the Scotch lines ; more by 103 in merchandise and less by 32 in minerals on the Irish lines ; and less by 74 in merchandise and more by 271 in minerals on the United Kingdom. The Average Receipts per Mile of Line on the English and Scotch lines are practically the same as in the previous year, while the Irish lines are increased by £39, chiefly from merchandise. The Average Receipts per Goods Train-Mile remain stationary on the English lines, are increased by Jd. on the Scotch lines, and 8£d. on the Irish lines, the latter from the extra merchandise traffic. The Average Rate per Ton of merchandise on the English lines is 2^d. over 1875, minerals }d. less, and the mean rate for merchandise and minerals ^d. less ; on the Scotch lines the rate per ton received for merchandise is 4|d. less, for minerals -|d. less, and the mean rate of both Id. less; on the Irish lines there is an increase of |d. in merchandise, an increase of 2d. in minerals, and an increase in the mean rate of both of 2Jd. ; in the United Kingdom there is an increase of lfd, from merchandise, a decrease of Id. from minerals, and a decrease in the mean rate of both of -£d. The same remarks apply to the average rate per ton of merchandise and minerals, and of both combined, as to the mean fare per passenger. The principal factor is wanting, namely, the average distances merchandise and minerals are respectively carried ; there is consequently little meaning to be derived from, or value to be attached to, such superficial results as can be arrived at. It is tantalising, but unavoidable, from the present unsatisfactory form of the official statements, alike of the companies and the Board of Trade, to have to submit to such barren statistics on such an important matter. From the reduced rate received per ton for the carriage of merchandise on the Scotch lines, coincident with a decrease, in both England and 15 Scotland, of the rate per ton received from minerals, one of two causes must be set down to account for it : either the average distance carried has been shorter, or lower rates prevailed. As distances can hardly be supposed to have been so universally shorter during the year, the latter con- jecture is probably nearer the truth. And this, then, opens up the collateral question of whether competitive rates having been generally adopted to press traffic, how far it has contributed to keeping up the rate of expenditure, which, although relatively less, is still high : but further inquiry in this direction is stopped for want of any data whatever that would assist in such an investigation. IV.— GROSS RECEIPTS. Passenger and Goods Traffic Miscel., Eents, Tolls, Navigation, &c. £ England. Scotland. Ireland. United Kingdom. 50,504,152 1,972,167 6,676,943 288,148 2,736,773 37,592 59,917,868 2,297,907 Total 99 52,476,319 6,965,091 2,774,365 62,215,775 Gross Traffic Receipts per Mile of Line 99 4,212 2,449 1,269 3,551 Mean of Traffic Receipts per Train Mile s. d. 5 n 5 2 5 n 5 6$ Proportion of , Gross ^ Receipts. f Passengers Parcels, &c Mails 0/ /o 99 99 37-40 3'96 0-87 31-63 3-41 1-68 44-40 3-76 3-88 37-07 3-89 1-10 Passenger Traffic ... 99 42-23 36-72 52-04 42-06 Merchandise Minerals Live Stock. 99 99 99 30-51 21-91 1-59 28-69 27-97 2-48 35-91 2-70 7-99 30-54 21-73 1-98 Goods Traffic 99 54-01 59-14 46-60 54-25 Miscellaneous » 3-76 4-14 1*36 3-69 IVa. — PROPORTION of Line to Area of Country and (Estimated) Population; and Proportion of Journeys, Tonnage, and Receipts per Head of Population. Area of Country per Mile of Line Sq. m. England. Scotland. Ireland. United Kingdom. 4-86 11-26 15-08 7-20 Proportion of Pop. per Mile of Line . . . No. | | 2,022 1,294 2,465 1,961 Proportion of Pass. Journeys to Pop. ... „ 19-84 11-33 3-26 16-27 Proportion of Tonnage to Population... 99 7-16 8-15 0-66 6-22 Average Receipts per Head < of Population. (■Passengers Parcels, &c Mails Merchandise Minerals Live Stock s. d. 99 99 )) 99 99 0 16 2i 0 1 84 0 0 44 0 13 24 0 9 5i 0 0 8| 0 12 5$ 0 1 4^ 0 0 8 0 11 4 0 11 0* 0 0 Ilf 0 4 74 0 0 4f 0 0 4$ 0 3 9 0 0 34 0 0 10 0 13 Ilf 0 1 54 0 0 5 0 11 5f 0 8 2 0 0 9 ^ Total £ s. d. 2 17$ 1 17 10f 0 10 34 1 16 24 Proptn. of Capital outlay to Population 33 22 9 54 23 8 11$ 5 15 4 19 17 10 16 GROSS Receipts, including miscellaneous items of income, are increased by £749,903, or 145 per cent., on the English lines, 125,661 „ 1'84 „ „ Scotch lines, 103,211 „ 3-86 „ ,, Irish lines, and 978,775 „ 1-60 „ „ United Kingdom. In 1875, compared with 1874, the ratio of increased receipts was TWO- AND-A-HALF TIMES greater on the English lines and nearly FOUR times greater on the Scotch lines than the foregoing results of the past year. The Irish lines, however, were within \ per cent, of being equal to the increase of the previous year. Gross Traffic Receipts per Mile of Line are Less by £10 on the English lines, More by £32 on the Scotch lines, More by £43 on the Irish lines, and More by £10 on the United Kingdom. The Mean Traffic Receipts (Passenger and Goods) per Train-mile are l£d. less on the English lines, stationary on the Scotch lines, increased by ljd. on the Irish lines, and less by f d. in the United Kingdom, compared with the previous year. The Proportion of Gross Receipts shows that the English lines earned nearly the same relative amounts from passenger and goods traffic respectively as in the previous year, the Scotch lines have relatively earned | per cent, more from passenger traffic, and the Irish lines 1£ per cent, more from goods traffic. The English and Irish lines had a falling-off in their MISCELLANEOUS (other than traffic) sources of income, while the Scotch, on the contrary, had a material increase of *78 per cent, to help their light increase from traffic proper. The miscellaneous items of income and expenditure are thrown into the official returns in such tangled form that really no information can be gained as to the profit and loss under the several heads. On the expenditure side of the account, Steamboat, Canal, and Harbour expenses are given ; but on the side of receipts, Miscellaneous, Rents, Tolls, Navigation, Steamboats, &c., are grouped together with no apparent correspondence, except that it may reasonably be assumed that it is useful to group the receipts as a cover for the losses perhaps sustained on the Steamboat and Canal services. The revenue derived severally from Rents, Tolls, Navigation, Steamboats, and the cor- responding expenditure in each case, should be clearly and explicitly given ; all doubts would then be removed, and the best or worst side of each part of the business thoroughly understood. Moreover, the capital accounts of the companies should be so set out that the several amounts as representing Rail- way, Canal, Steamboat, or any other business, could be readily seen, and the relative profit or loss on each discovered at once. Lump results, want of order and completeness, are the bane of our railway accounts. 17 V. — WORKING EXPENDITURE. £ 99 99 99 99 99 99 England. Scotland. Ireland. United Kingdom. Gross Working Expenditure ’’Maintenance of Way, &c. Locomotive Power .. Repairs, Carriages & Wgns. Traffic Charges General Charges Rates and Taxes Government Duty Compensation — Passngrs. Do. Goods ... Legal & Parly. Expenses Steamboat, Canal, &c. ... Miscellaneous ... 5,470,632 7,207,873 2,248,578 8,456,469 1,115,544 1,096,404 669,467 287,201 289,017 229,194 962,483 433,504 796,804 869,378 355,554 986,737 139,450 130,789 58,749 25,330 24,036 25,472 95,212 90,482 432,481 368,535 114,253 355,521 74,079 67,915 7,335 10,896 13,158 5,085 21,892 6,699,917 8,445,786 2,718,385 9,798,727 1,329,073 1,295,108 728,216 319,866 323,949 267,824 1,062,780 545,878 „ Total 99 28,466,366 3,597,993 1,471,150 33,535,509 Expenditure per Mile of Line „ 2,294 1,285 680 1,924 Expenditure per Train , Mile i » yi United Kingdom. Net Receipts from Trains are increased £527,563, or 2‘35 per cent., on the English lines, 42,243 „ 1*35 „ „ Scotch lines 90,776 „ 7*70 ,, ,, Irish lines, and 660,582 „ 2*46 „ ,, United Kingdom. Net Receipts per Mile of Line are increased by £12 on the English lines, 13 ,, Scotch lines, 40 ,, Irish lines, and 19 ,, United Kingdom. Net Receipts per Train-mile are £d. under the two previous years on the English lines ; the Scotch are the same as in 1875 ; the Irish lines are lfd. more than the previous year — they exceed the English lines by |d. as the English lines exceed the Scotch by Id. The Proportion of Gross Receipts to Capital, for the sake of clearer reading, may be tabulated thus : — 1874. 1875. 1876. English lines ... 9 "87 per cent. 9-81 per cent. 9*63 Scotch „ ... 9*09 „ 9*38 ,, 8.42 (corrected, 9*27) Irish „ ... 8*60 „ 8-83 „ 9*05 United Kingdom ... 9*71 „ 9 73 „ 9*45 20 It is again to be observed that the ominous feature that made its appear- ance in 1873 was no transient one, but remains pronounced enough to warn all interested in railway property of the steady depreciation going on from capital being expended at a more rapid rate than the increased flow of traffic. This backward movement amounts to the not inconsiderable figure of *18 per cent, in the past, compared with the previous year, and *24, compared with 1874, on the gross capital of the English lines. The proportion of gross receipts to capital that stood at the improved point of 9*38 per cent, in 1875 (•29 per cent, more than in 1874), now appears as 8*42 per cent, on the Scotch lines, subject, however, to correction of the nominal increase of capital, which brings it to 9*27 per cent., or *11 per cent, under the previous year. The Irish lines, on the other hand, show the same rate of increase in the past as in the previous year (*22 per cent.), the outlay of capital upon them appearing more judicious and remunerative. Proportion of Expenditure to Capital. 1874. 1875. 1876. English lines 5*41 per cent. 5*35 per cent. 5*22 Scotch lines 5T0 „ 4*86 ,, 4-35 (corrected, 4*79) Irish lines ... 4-84 „ 4*82 „ 4-80 United Kingdom . . . 534 „ 5*27 ,, 5-09 The English lines indicate a steady relative decrease each year (decrease of profits cannot be put down to a relatively greater expenditure) ; the Scotch lines decreased relatively nearly \ per cent, in 1875 upon 1874, but, after allowing for the nominal increase of capital, the decrease in the past year is but *07 per cent. ; the Irish lines maintain all round about the same relative expenditure, but tending downwards. Proportion of Net Receipts to Capital. 1874. 1875. 1876. English lines ... 4’46 per cent. 4 - 46 per cent. 4*41 Scotch lines ... 3'99 ,, 4*52 ,, 4*07 (corrected, 4*48) Irish lines 3‘76 „ 4*01 „ 4*25 United Kingdom ... 4*37 ,, 4*45 ,, 4*36 The disproportionate increase of capital to the expansion of traffic, not- withstanding the relative reduction of expenditure, leaves its mark in the reduced profits of the English and Scotch lines. Allowing for the nominal increase of capital the proportion of net receipts to capital on the Scotch lines is a shade higher than on the English lines during the past two years. The Irish lines show a steady and satisfactory increase of \ per cent, in the past and in the previous year. It is a peculiar contrast to find the Irish lines, with their comparatively meagre traffic, coming forward in so much healthier condition than the British lines, with their immensely greater weight and variety of traffic. Can it be possible that this is the result of forcing traffic with unremunerative rates, merely to show an increase of receipts as a set-off to the capital outlay, and to throw dust in the eyes of the shareholders and the public — is it this that is leading the British lines into mischief ? Whatever it is, it shows the urgent necessity of information being supplied of such a kind and in such a manner that actual, practical, valuable knowledge can be gained into every detail of their internal economy. It is a very striking and abnormal condition of things to find, taking the United Kingdom as a whole, that, during a period of comparative cessation in railway extension, capital is being expended twice as quick as traffic increases, and, withal that the actual 21 increase in the expenditure is little more than half the proportion of increased traffic, that the profits are less. The most superficial glance at the facts here presented must convince any one that implicit confidence in railway stocks as sound securities is entirely misplaced. The evil, too, is heightened by the doubts that arise whether the relative decrease of expenditure is not more apparent than real — whether, in fact, revenue is not relieved of part of its legitimate burdens and surcharged to capital — and this receives very considerable colour from the enormous increase of the WORKING STOCK, and the sums charged to capital on account of it. VII. — ROLLING STOCK. Working {Locomotives t Waggon do No. 55 55 England. Scotland. Ireland. United Kingdom. 10,928 31,498 282,079 1,508 4,371 74,046 558 1,807 10,726 12,994 37,676 366,851 Average Earnings per Engine £ 4,621 4,427 4,904 4,611 Average Train-miles run per Engine ... No. 16,485 17,113 17,488 16,601 To take engines alone, during the past year the number has been increased, and the cost charged to capital — 494, or 4*73 per cent,, on the English lines, 40 „ 2 *72 ,, ,, Scotch lines, 21 ,, 3*91 ,, ,, Irish lines, 555 ,, 4 '46 ,, ,, United Kingdom, and this at a time when gross traffic receipts (exclusive of miscellaneous items of revenue) increased 1'47 percent, in England, 1*51 per cent, in Scotland, 3*94 per cent, in Ireland, and 1:58 per cent, in the United Kingdom. The increase of the capital account for additional engines, therefore, was nearly 3^ times the corresponding increase of traffic on the English lines, and nearly double on the Scotch lines, the Irish lines, in this as in other respects, being on the safe side. The extent to which this has been carried during 1876 will be made more apparent by giving similar figures for the year 1875. During that year the number of engines were increased 455, or 4*56 per cent., on the English lines, 38 „ 2-66 „ ,, Scotch lines 11 „ 2 09 „ „ Irish lines, and 504 „ 4-22 „ ,, United Kingdom, with an increase of gross traffic receipts of 3 '38 per cent, in England, 5*50 per cent, in Scotland, 4*40 per cent, in Ireland, and 3*66 per cent, in the United Kingdom. The increase of traffic in this period, so far as the Scotch and Irish lines were concerned, was double the proportion of new engines, but the English lines exceeded in their debit to capital the proportion of extra traffic. Taking the two years together, it seems anomalous that 504 new engines, or 4 '22 per cent., were necessary to carry a traffic increased 3'66 per cent, in the United Kingdom in .1875 ; but it becomes incomprehensible how 555 more engines, or 4’46 per cent, additional, were required to carry a traffic increased by D58 per cent, only in the United Kingdom in the past year! The consequence is seen in the reduction of the average earnings per engine to the extent of £149 in England, £54 in Scotland, £131 in the United Kingdom, — the engines on the Irish lines earning the same amount as in the 22 previous year, that amount being nearly £300 more per engine than on the English lines, and nearly £500 more than the engines on the Scotch lines ! The immense sums set down in the companies’ accounts half-year after half-year for new working stock is a matter requiring serious scrutiny ; for it is self-evident that not only new engines, but new coaching and new waggon jdant, are being purchased out of capital, rather than incur the expense of sufficiently repairing amd renewing the old out of revenue, as should be done. VIII. — TRAIN SERVICE, BLOCK SYSTEM, ACCIDENTS, & c. Tra f Passenger Trains tin-miles -j Mrchndse. & Mnrl. Trains No. 55 England. Scotland Ikeland. United Kingdom. 90,202,002 89,944,821 11,072,098 14,734,240 6,471,566 3,287,012 107,745,666 107,966,073 Total „ 180,146,823 25,806,338 9,758,578 215,711,739 Prnrtn of ( Passenger Trains 55 7,524 4,062 3,000 6,386 Trn -mis r > p.vs Mrchndse. & Mnrl. Trains 55 7,502 5,405 1,524 6,399 Ml. of Line (. Total 55 15,026 9,467 4,524 12,785 Average Interval between Trains* ^ Mins. 32 50 105 37 * Say 330 days in the year — § off for Sundays, ) Prprtn. of Signals & Points Interlocked 0/ 69 49 25 64 Prprtn. of Pass. Line on Block System 55 69 52 2 57 ( No. of Train Accidents. No. 124 20 6 150 Pass. Killed 7 from causes beyond f 55 35 1 36 Do. Injured^ their control ^ 55 1,044 183 18 1,245 ‘d Prprtn. of Accdnts. to No. of Trains 1 in 121 473 754 85 © . < Do. per million pssngrs. carried „ 3-88 2-00 2-89 3-59 ‘o o Prprtn. Klld. > per million of ( 55 14-31 ... 17-35 14-95 Do. Injured \ passengers. | 55 0-46 0-22 096 0-43 Srvts. Killed ") f r om causes beyond C No. 22 5 1 28 v Do. Injured) their control [ 55 190 33 13 236 Train-mileage was increased during the past year as follows : — On the English Lines, with 1*55 per cent, of increased receipts from passenger trains, there was an increase of 4' 79 per cent, of passenger train- mileage, or THREE times the equivalent of the increased earnings ; with 1*41 per cent, of increased receipts from goods trains, there was an increase of goods train-mileage to the extent of 1'69 per cent., maintaining in this respect a closer connection between earnings and mileage than in passenger traffic ; and with an increase of 145 per cent, of gross receipts, the gross train-mileage increased S'2l per cent. On the Scotch Lines, with 3*92 per cent, of increased receipts from passenger trains, there were 5 *22 per cent, of additional passenger train miles ; with a nominal increase of *07 per cent, of goods traffic receipts, the goods train-mileage was reduced 1T4 per cent.; and with 1'84 per cent, of additional gross receipts, the gross train-miles were increased 1*49 per cent. On the Irish Lines, with 1*02 per cent, of increased receipts from pas- senger trains, they had 4*25 per cent, of additional passenger train-miles, a wide difference here between the increase of miles and the money earned ; with 7*39 per cent, of additional receipts from goods traffic, the goods train- mileage was reduced 2*19 per cent., indicating a considerable economy in running, but not sufficient to compensate for the free increase of passenger train-miles (passenger train-miles on the Irish lines being double the amount 23 of goods train-miles) ; and with 1*60 per cent, of increased gross receipts, the gross train-mileage was increased 1*99 per cent. In the United Kingdom there is an increase of 1*74 per cent, of receipts from passenger trains, concurrent with an increase of passenger train-miles of 4*80 per cent. ; an increase of receipts from goods traffic of 1*46 per cent., with an increase of goods train-miles of 1*17 per cent. ; and an increase of gross receipts of 1*60 per cent., with an increase of gross train-miles run of 2 ‘95 per cent. The mileage of goods trains seems to have been better — it may be more readily — kept in closer relation to the earnings than the passenger train- miles. On the English lines competition may have something to do with the liberal running of trains — the trains might be equally well filled, and the number of travellers did increase 6*63 per cent., but if producing less income, would give the same appearance of running miles in excess of the earnings. The following SUMMARY gives, at a glance, the general results of the year ; — I. England. Scotland. Ireland. United Kingdom. Increase of — CAPITAL 0/ /o 3-37 2-98 1-38 3-22 Miles of Line Miles. 200 5 9 214 Cost per Mile of Line II. No. of Passengers £ 734 746 136 725 % 6-63 2-36 2-86 6*17 Receipts from Passenger Trains 1-55 3-92 1-02 1’74 No. of Passengers per Mile of Line ... No. 1856 312 190 1470 Receipts from Passenger Trains do. £ (dec.) 3 34 4 7 Receipts per Passenger Train-mile ... d. do. If (dec.) f (dec.) If (dec.) If III. Tonnage 0/ /o 2-79 3-65 4-95 2-94 Receipts from Goods Traffic 1-41 •07 7-39 1-46 No. of Tons per Mile of Line Tons. 155 354 71 197 Receipts from Goods Trains do £ (dec.) 7 (dec.) 2 39 3 Receipts per Goods Train-mile d. — 3 . 4, 8* i 4 IV. GROSS RECEIPTS from all Sources % 1-45 1-84 3-86 1-60 Gross Traffic Receipts per Mile of Line £ (dec.) 10 32 43 10 Mean Traffic Receipts per Train-mile V. EXPENDITURE d. do. If — (dec.) f % •87 1-56 •93 •95 Expenditure per Mile of Line £ (dec.) 22 19 3 (dec.) 9 Expenditure per Train-mile d. do. -90 •05 (dec.) *40 do. *75 VI. NET RECEIPTS % 2*14 2-13 7*38 2-37 Net Receipts per Mile of Line £ 12 13 40 19 Net Receipts per Train-mile d. (dec,) f — If A 4 Without reiterating all that has been already said respecting the par- ticular results involved in these figures, a few words more will finally dispose of the salient features. With 3*37 per cent, of additional capital, the English lines earned only 1*45 per cent, additional receipts from all sources, at an increased cost of *87 per cent., and added to their net receipts 2*14 per cent., which, not being the equivalent of the additional capital, means a loss. The Scotch lines, allowing for the nominal increase, added to capital 2*98 per cent., earned 1*84 per cent, additional receipts, at an increased cost of 1*56 per cent., and added to their net receipts 2T3 per cent. — also less than the equivalent increase of capital. The Irish lines added 1*38 per cent, to capital, earned 3*86 per cent, more income, at an additional cost of *93 per cent., and increased their net receipts by 7.38 per cent.— the only satisfactory result in the year’s operations. To put the same thing in another light, — the English lines during the year represent £734 additional for every mile of line, 24 and for that they have a DECREASE in earning power of £10 for every mile, a decrease of expenditure of £22, and an increase of net receipts to the extent of £12 per mile of line ; in other words, the increase of net receipts has been arrived at by saving revenue expenditure, not by earning power derived from the capital expended. The Scotch lines added £746 to the cost of every mile of line, earned £32 additional for every mile of line, expended £19 additional per mile, and had £13 per mile of line additional net receipts. The cost of the Irish lines per mile is increased by £186, with £43 per mile additional income, £3 additional expenditure per mile, and £40 per mile of enhanced net receipts. For every £61 added to capital on the English lines, and every £57 added to capital on the Scotch lines, they had £1 of additional net receipts per" mile, while on the Irish lines a little over £3 earned £1 additional net receipts per mile ! Manuring the lines with capital, to borrow the expression of a railway magnate, is all very well, but if a worse instead of an improved result is arrived at, surely it must be acknowledged that there is something wrong either in the time or manner of doing it. If the additional outlay is not remunerative, there are strong reasons for questioning the processes pursued, and the sooner serious inquiry into the causes of failure are set on foot the better. On this point no more pertinent words were ever uttered to share- holders, if they would only adequately weigh and consider their deep import, than were addressed to them on a late occasion in the money article of The Times , to the following effect : — “ The excessive expenditure of railways on capital account may he fraught with serious consequences in the not distant future to the ordinary stockholder All the companies want rest from the lavish capital outlay in which they have indulged. Not only so, but we believe that before long a new system of treating the capital accounts will have to be put in use to prevent the mere outlays on the necessary improvements . or changes which lines require from time to time imperilling dividends. Under the present system there can be practically no end to the growth of the capital account of our railways until traffic begins to dwindle away, which we hope will not be the case within a time which it would be reason- able to calculate upon. Every little addition to stock, every extra rail, a change from iron rails to steel, an extra waggon, any little improvement to stations and sidings, any change in signal apparatus, and much of the modern refittings necessary for greater safety of trains — all these we find set down to capital, and there can be no question that this plan is often a penny-wise, pound-foolish one, which will have to be materially altered before railway shares become really sound securities ” Railway accounts are thrown together in that hazy, indefinite, and unbusinesslike form that no fundamental insight can be obtained into the financial details or the inner workings ; nevertheless, such external results as can be drawn from them are sufficiently real and tangible as to tell very plainly and distinctly that deterioration has set in, and is leaving very decided impressions of its inroads into the railway system ; and it is a question whether those mediately and immediately interested will allow the evil to go on unheeded and unchecked until it assumes more dire proportions. The following comparison of the years 1876 and 1871 will convey to the mind, in a clear and tangible form, the extent of the deterioration going on Capital. Length of Line. No. of Passengers. Tonnage. Passenger Traffic Receipts. Goods Traffic Receipts. Gross Receipts from all Sources. Net Receipts. 1876 1871 Incr. Pro. £ 658,214,776 552,680,107 105,534,669 19-09% Miles. 16,872 15,376 1,496 9-73% 538,287,295 205,965,064 375,220,754169,364,698 163,066,541 36,600,366 43-46% 21-61% £ 26,163,551 20,622,580 5,540,971 26-87% £ 33,754,317 26,484,978 7,269,339 27-44% £ 62,215,775 48,892,780 13,322,995 27-25% £ 28,680,266 25,739,920 2,940,346 11-42% 25 The Capital is increased by 105£ millions, or fully 19 per cent., nearly double that of the extension of line, showing that the bulk of the money has been laid out on old lines. The number of passengers are double the pro- portion of increase of tonnage, but passenger traffic receipts have increased somewhat less than goods traffic. Again, against the 19 09 per cent, of additional capital there are 27 J per cent, of increased gross receipts, which, at a first look, appears comparatively satisfactory,* but, coming to net receipts, it is found that they are only increased 11*42 per cent., the working expenditure between these two periods having increased from 47^- per cent, to nearly 54 per cent, of the receipts; consequently, as 11 '42 per cent, is to 19'09 percent., to that extent has railway property depreciatedj In 1871, the proportion of net receipts to capital was 4*65 per cent., and now, in 1876, after the outlay of probably 60 millions sterling, if not more, in additional equipment of old lines (allowing liberally, say £30,000 a mile, for the extensions, or 45 millions), the proportion of net receipts to capital has decreased to 4*36 per cent., or more than £ per cent, on the whole capital of the lines. This is by no means reassuring. Nor is the position improved when tried in another way ; for example Third Class Pas- sengers. No. 1876 426,950,034 1871 258,556,615 Increase 168,393,419 Per Cent. 65 Receipts from Third Class Passengers. £ 13,619,191 8,119,157 5,500,034 67*74 Receipts from Merchandise Traffic. £ 19,003,156 15,418,171 3,584,985 23*25 Receipts from Mineral Traffic. £ 13,520,213 10,029,253 3,490,960 34*81 Receipts from first class passengers since 1871, compared with 1676 increased by nearly £420,000- Receipts from season ticket-holders increased by £435,000 ; but, against these, receipts from second-class passengers are less by nearly 1£ million sterling. The greatest relative increase of receipts (67f per cent.) has been from third-class passengers — increase of receipts being slightly in excess of the increase of numbers ; merchandise receipts increased 23^ per cent., also slightly in excess of the relative tonnage moved ; mineral receipts increased 34*81 per cent., while the increase of tonnage moved was about the same as merchandise (21 or 22 per cent). This would appear to indicate the greatest relative improvement, for the work done, from mineral traffic ; but, it is particularly worthy of observation, while the average receipt per train-mile for the third-class passenger was Is. 9fd. in 1871, in 1876 it amounts to 2s. 6Jd. — an improvement of 39 per cent, (meantime the receipts per train- mile from first and second-class passengers declined 26£ per ceLt.) ; during the same period the receipts per train-mile from merchandise improved 1*80 per cent., from minerals 11 per cent., and the mean receipt per train-mile from both improved 5*47 per cent. As merchandise and mineral train- mileage are not given separately, it cannot by any means be concluded that the gain has been so much as it appears on the side of minerals as against * It must not be forgotten, although it is partly hid by going back to 1871, that, as already stated, the increase of capital has been greater than the relative increase of gross receipts on the English lines since 1873 ; that is, since that year a greater amount of capital is expended to earn an equivalent amount of gross income. The same feature also appears on the Scotch lines in the past year. This is in addition to a high rate of working charges, - consequently both these causes are operating to reduce net receipts or profits. 26 merchandise. There is every reason to believe that it is not so, for the great increase of long journey coal traffic to the Metropolis, since 1871, would increase the train-mileage as well as increase the tare, or empty back mileage, considerably. It would appear, indeed, that the third-class pas- senger is the backbone of the companies ; but the competitive services — long trains of comparatively empty carriages for the special comfort and attraction of first-class through passengers (under the best arrangements there is much more tare in carrying first than third-class passengers) — are consuming the large profits made out of the popular traveller. Merchandise traffic is also known to be severely competed for, and it is probably only in cross or local traffic, or where there is no competition, that profit is made, and then made to an extent that bears heavily on traders in certain districts ; of mineral traffic it is known that the rates for long journeys (not from railway competi- tion only, but sea competition as well) are doubtfully remunerative ; yet this apparently did not prevent the companies still further reducing mineral rates during 1876, for, compared with 1875, while the tonnage increased 4| per cent., the receipts increased by less than 1 per cent. All this gives strong reason to believe that the great rise in working expenses from 47^ to 54 per cent, of the receipts, between 1871 and 1876, is to be traced to these causes — competition in long journey passenger, merchan- dise, and mineral traffic ; great tare in carrying first-class passengers, an enormous dead weight of back empty mileage in mineral traffic, and questionably remunerative rates, in many instances, for merchandise and for minerals. Mere increase of wages, shorter hours of labour, and advance in the price of materials — -although the most have been made of them in official utterances — cannot be accepted as sufficient to account for the increased rate of expenditure. It conspicuously denotes that unprofitable work and unremunerative rates exist somewhere ; and whether the profits that should accrue under sounder conditions, correspondingly to the enormous amount of capital expended, are being intercepted in this way ; or, what is much the same thing, that the capital expenditure is simply another form of pledging the securities of the companies to maintain speculative and unproductive branches of business, it is of urgent consequence that the whole question of capital outlay should be thoroughly overhauled. This once done and put under vigilant surveillance, the revenue account — earnings, expenditure, profits, respectively, of each branch of the business — would soon correct itself, inasmuch as railway administration, having no ulterior resources freely to command, would then be on its merits. Administrators would then, of necessity, have to come down from the present ideal position and accept the real ; study the principles and follow the practices that obtain in ordinary commercial life ; show they were equal to it, and that they possessed the fertility of resource that commands success ; fixing rates and fares, in their several transactions, on an equitable, business- like system, coincident to the actual cost of the work done. Thus, and no otherwise, will railway interests be consolidated on a firm foundation, and forth of such an administration will the whole trade and population of the country reap a fuller and more equal extension of the benefits of the railway system. OUR LEADING LINES. Haying given a general outline of the results of railway working during the past year in the several countries, it is now a matter of equal, or even greater, consequence to see how far the somewhat unsatisfactory phases that have appeared affect the individual lines. I.— CAPITAL, EXTENT OP LINE, &c. ( Ordinary London & South Western. Brighton. Chatham & Dover. South Eastern. £ 8,650,263 484,975 6,839,943 10,190,188 8,077,949 Guaranteed 1,955,860 150,637 1,784,300 Preferential ... !) 5,550,652 5,860,589 5,035,833 4,701,865 Debenture Stock & Loans )) 5,388,485 4,813,510 6,240,207 4,916,890 Capital ( Total 20,074,375 19,469,902 21,616,865 19,481,004 Less Subs, to other Cos. ... „ 879,697 71,000 19,194,678 19,410,004 Lines Leased or Worked )1 2,236,863 3,558,815 874,527 1,311,560 \ Gross Total „ 21,431,541 23,028,717 22,491,392 20,721,564 Proportion of Capital, Parent Co. Ordinary Guaranteed 0/ /o 43-09 2-42 35-13 10-05 47-14 0-70 41-47 9-16 Preferential 31 27-65 30-10 23-30 24-13 Debenture Stock & Loans 11 26-84 24-72 28-86 25-24 Double Line Miles 442 260 135 318 Length of < Line ' j Single Line 245 89 24 13 I Total „ 687 349 159 331 1 ( Proportion Single % 35-66 25-50 15-10 3-93 Proportion of Gross Capital per Mile ... £ 31,196 65,985 141,455 62,603 CAPITAL, EXTENT OF LINE, &c. — continued. Metro- Metro- Great Great Ordinary politan. politan District. Eastern. Western. £ 4,158,370 2,220,380 10,942,973 14,957,211 Guaranteed 244,444 5,485,023 19,623,190 Preferential 99 1,601,630 1,500,000 4,186,705 10,064,204 Debenture Stock & Loans 59 2,432,135 1,506,102 9,908,167 15,030,103 Capital < Total 99 8,192,135 5,470,926 30,522,868 59,674,708 Less Subs to other Cos. ... 99 200,000 331,130 1,478,647 99 7,992,135 30,191,738 58,196,061 Lines Leased or Worked 59 812,062 5,237,460 18,168,784 V Gross Total 99 8,804,197 35,429,198 76,364,845 Proportion 1 of Capital, - Parent Co. | r Ordinary ^ Guaranteed 0/ /o 99 50-76 40-59 4-46 35-85 17-97 25-06 32-88 | Preferential 99 19-55 27-42 13-72 16-86 iDebenture Stock & Loans 59 29-69 27-53 32-46 25-20 Double Line Miles 12 8 460 1,111 Length of < Line Single Line 59 2 399 948 Total 59 14 8 859 2,059 Proportion Single % 14-29 46-45 46-04 Proportion of Gross Capital per Mile ... £ 628,871 683,866 41,245 37,088 28 CAPITAL, EXTENT OE LINE, &c continued. Great Northern. London & Manchest. North Western. Midland. Sheffield & Lincoln. /'Ordinary £ 10,061,777 31,304,578 18,800,388 5,492,553 Guaranteed 9,231,883 5,410,492 Preferential ... 10,565,895 16,237,796 17,691,080 4,386,197 Debenture Stock & Loans 6, 706,453 21,243,764 13,683,636 5,797,513 Capital Total 27,334,125 68,786,138 59,406,987 21,086,755 Less Subs, to other Cos. ... 3,019,889 3,614,800 4,679,812 4,754,835 24,314,236 65,171,338 54,727,175 16,331,920 Lines Leased or Worked 2,966,740 12,811,764 2,915,978 Gross Total 27,280,976 77,983,102 57,643,153 Proportion of Capital, ^ Parent Co. Ordinary Guaranteed 0/ /o 36-81 45-51 31*65 15-54 26-05 25-66 Preferential 38-65 23-61 29-78 20-80 Debenture Stock & Loans 24-54 30-88 23-03 27-49 ' Double Line Miles 472 1,262 928 234 Length of + Single Line 168 370 310 26 Line Total » 640 1,632 1,238 260 Proportion Single 0/ /o 26-25 22-67 25-04 10-00 Proportion of Gross Capital per Mile ... £ 42,626 47,784 46,561 62,815 CAPITAL, EXTENT OE LINE, &c .—continued. Lanca- North Cale- North shire and Yorkshire. Eastern. donian. British. f Ordinary £ 14,116,594 19,583,294 11,337,725 6,281,601 Guaranteed 35 7,425,181 8,342,965 6,847,270 Preferential 33 13,438,128 6,535,717 13,796,409 Debenture Stock & Loans 6,928,033 11,730,277 6,485,242 7,095,641 Capital ^ Total 28,469,808 53,094,664 31,205,954 27,173,651 Less Subs, to other Cos 33 258,994 378,911 440,307 33 52,835,670 30,827,043 26,733,344 Lines Leased or Worked 33 963,277 149,535 2,421,666 1,135,768 Gross Total v 33 29,433,085 52,985,205 33,248,709 27,869,112 Proportion ' of Capital, ^ Parent Co. 1 Ordinary 1 Guaranteed % }} 49-59 26-08 36-88 15-71 36-33 21-94 23-12 i Preferential 33 25-31 20-95 50-77 I Debenture Stock & Loans 33 24-33 22-10 20-78 26-11 Double Line Miles 413 926 446 381 Length of ^ Line Single Line 33 26 503 383 470 Total 33 439 1,429 829 851 proportion Single 0/ /o 5-92 35-20 46-20 55-23 Proportion of Gross Capital per Mile . . . £ 67,046 37,078 40,107 32,748 29 CAPITAL, extent OF LINE, &c. — continued. Glasgow & Gt. South. Mid. Gt. Great South & West, op West, op North, op Western. Ireland. Ireland. Ireland. Ordinary £ 4,777,710 4,654,632 2,368,300 2,892,359 Guaranteed 819,360 220,000 Preferential 1,242,822 1,329,100 400,000 499,575 Debenture Stock & Loans 55 2,203,201 873,965 1,326,902 1,294,367 Capital < Total 55 9,043,093 6,857,697 4,095,202 4,906,301 Less Subs, to other Cos 55 510,000 18,000 113,350 77,579 5 » 8,533,093 6,839,697 3,981,852 4,828,722 Lines Leased or Worked 55 212,000 204,434 1,442,603 1,163,057 Gross Total V, 55 8,745,093 7,044,131 5,424,455 5,991,779 Proportion of Capital, Parent Co. f Ordinary ) Guaranteed 0/ /o 52-83 9-06 G7-88 57-83 58-95 4-49 i Preferential „ 13-74 19-38 9-77 10-18 Debenture Stock & Loans 24-37 12-74 32-40 26-38 ' Double Line Miles 216 195 116 136 Length of < Line Single Line 55 101 290 299 322 Total )> 317 485 415 458 . Proportion Single 0/ /o 31-86 59-80 72-05 70-30 Proportion of Gross Capital per Mile ... £ 27,587 14,524 13,071 13,082 There is a more general INCREASE OF CAPITAL than of LENGTH OF additional LINE. Of the latter, except the increase of 460 miles of the Great Western by absorption of smaller lines, and the extension of the Midland system, the only other lines that have added any thing noticeable are the London and North Western, 28 miles; North Eastern, 23 miles; Great Northern, 14 miles ; and a few others of 2 or 3 or 4 miles. The greater extent of the Great Western system has added 15*28 per cent, to the parent, and 26*92 per cent, to the gross capital involved ; the next greatest increase has been on the Great Northern, amounting to 8*92 per cent, on the parent, and 7*54 per cent, on the gross capital; the Midland is increased 7*71 per cent, on its parent, a,nd 5*86 per cent, on the gross capital ; the North Eastern is increased 4.45 per cent, on parent, and 4.61 per cent, on gross capital ; the North British, allowing for the nominal increase, is more by 4*18 per cent, on parent, and 3*02 per cent, on gross capital ; the Lancashire and Yorkshire is increased 3*97 per cent, on parent, and 3 84 per cent, on gross capital ; the London and North Western is increased 2*94 per cent, on parent, and 2*21 per cent, on gross capital ; the Manchester, Sheffield and Lincolnshire is increased 2*73 per cent, on parent capital; the Glasgow and South Western increased 2*74 per cent, on parent, and 2*83 per cent, on gross capital; the South Eastern 2*03 per cent, on parent, and 1*90 per cent, on gross capital ; the Caledonian, allowing for the nominal increase, 1*78 per cent, on parent, and 1*71 per cent, on gross capital ; Metropolitan, 1 # 72 per cent, on parent, and *31 per cent, on gross capital ; the Brighton, 1*49 per cent, on parent, and 1 *84 per cent, on gross capital ; London and South Western, 1*21 per cent, on parent, and *45 per cent, on gross capital; the 30 Great Eastern, *22 per cent, on parent, and *65 per cent, on gross capital ; tbe Chatham and Dover, *21 per cent, on parent, and ’33 per cent, on gross capital ; while the Metropolitan District is shown as being less. It is noticeable that the greatest relative increase of capital is on the Northern, mineral carrying lines, and the least on tbe Great Eastern, the Southern, and the Metropolitan lines. The Increase of Gross Capital per Mile of Line is relatively heaviest on the Great Northern, amounting to the sum of £2,103, or 5T9 per cent, per mile ; £2,771, or 4*31 per cent, on the Lancashire and Yorkshire ; £879, or 302 per cent, on the North British ; £1,055, or 2*93 per cent, on the North Eastern; £590, or 2*18 per cent, on the Glasgow and South Western; £1,168, or 1*90 per cent, on the South Eastern; £1,037, or 1*68 per cent, on the Manchester, Sheffield and Lincolnshire ; £449, or 1*35 per cent, on the Caledonian. The others are all under one per cent, of increase or have an actual decrease per mile of line. How far this expenditure has been warranted by increase of traffic will be learned from the details that follow. It may be noted that THE PROPORTION OF ORDINARY STOCK TO PARENT CAPITAL of the several companies tends to decrease, amounting to 3*53 per cent, on the Great Northern, 2*44 per cent, on the Midland, 1'96 per cent, on the Lancashire and Yorkshire, 1*45 per cent, on the Glasgow and South Western, 1*65 per cent, on the Great Western, 1*33 per cent, on the London and North Western, and to a less extent on some of the other lines ; but there is an increase of the proportion of ordinary stock of 7*15 per cent, on the North British, 4*07 per cent, on the Caledonian, and 1 per cent, on the Metropolitan. Number of Passengers and Receipts from Passenger Trains. — Numbers, as a rule, are increased much beyond the additional income derived ; but there are some exceptions to which attention will be drawn. To take the Metropolitan and Southern lines first, — the Metropolitan with over 7 millions, or 16*20 per cent., more passengers, derived from passenger trains £27,976, or 6 per cent., of increased receipts; the Brighton had over 3^ millions, or 13*82 per cent., more passengers, and derived only £5,634, or *44 per cent., of increased receipts from passenger trains ; the Chatham and Dover carried over 1 \ million, or 7*66 per cent., more passengers, and earned from pas- senger trains £13,611, or 2‘04 per cent., increased receipts; the Metropolitan District also carried over 1J million, or 6*03 per cent., more passengers, and earned £15,159, or 5*82 per cent., additional receipts from passenger trains; the London and South Western carried nearly 1£ million, or 6*82 per cent., more passengers, and earned from passenger trains £51,199, or 3*39 per cent., additional receipts; and the South Eastern carried 167,274, or *71 per cent., more passengers, and earned £15,333 LESS income from passenger trains. These results are so variable as to merit a little attention. Thus the Metro- politan, with 16*20 per cent, increase of numbers, earns 6 per cent, of additional receipts, and the Metropolitan District, with 6*03 per cent, increase of numbers, earns 5*82 per cent, additional receipts, or nearly as much as the Metropolitan, showing that the average length of journeys varied but little on the District line, while the shorter journey traffic increased on the other. Passing over the decreased receipts of the South Eastern, the extreme of increase of short journeys is reached on the Brighton, the increase of numbers Lanca- shire AND Yorkshire North Eastern. Cale- donian. North British. Glasgow <5 South Western. 'i Gt. South & West, oi Ireland. Mid. Gt. f West, of Ireland, Great North, of Ireland. 2,393,783 1,261,842 1,559,760 1,698,732 667,476 266,753 109,352 291,818 2,874,116 1,972,767 1,399,852 1,104,271 519,144 397,448 102,369 567,087 31,522,567 26,219,611 11,223,514 11,624,449 4,771,402 1,632,981 826,374 2,635,532 36,790,466 29,454,220 14,183,126 14,427,452 5,958,022 2,297,182 1,038,095 3,494,437 6,883 15,533 5,205 14,030 1,437 443 160 1,594 177,537 220,515 176,148 166,667 66,241 82,045 39,562 65,734 138,232 163,413 96,897 80,438 34,069 86,955 26,439 66,410 101,422 1,086,856 495,551 479,165 213,139 139,367 122,025 140,252 86,748 57,113 41,988 40,152 16,009 1,422 869 4,507 1,303,939 1,527,897 810,584 766,422 329,458 309,789 188,895 276,903 110,497 198,680 91,870 85,637 29,117 31,926 18,344 19,774 8,248 44,966 54,63S 16,075 11,368 32,422 17,395 35,732 1,422,684 1,771,543 957,092 868,134 369,943 374,137 224,634 332,409 5.453 883 1,881 1,996 2,105 550 263 637 6,547 1,381 1,689 1,298 1,633 819 247 1,238 71,805 18,348 13,539 13,659 15,052 3,367 1,991' 5,754 83,805 20,612 17,109 16,953 18,795 4,736 2,501 7,629 16 11 6 16 5 1 3 404 154 212 196 209 169 95 144 315 114 117 94 108 179 64 145 2,053 761 598 563 672 288 294 306 198 40 51 47 50 3 2 10 2,970 1,069 978 900 1,039 639 455 605 252 139 111 101 92 65 44 43 19 32 66 19 36 67 42 78 3,241 1,240 1,155 1,020 1,167 771 541 726 0 7f 0 6f 0 9f 0 lOf 0 9f 1 Of 0 9f 0 lOf 0 5f 0 5 0 5f 0 5 0 5 1 If 0 64 0 11 3 2 2 9f 2 3f 2 6f 2 7 1 10 2 5 1 Ilf 0 3f 0 If 0 2f 0 2f 0 0 Of 0 Of 0 Of 4 7 3 Ilf 3 8f 4 Of 3 Ilf 4 Of 3 8f 3 9f 0 4f 0 6f 0 5 0 5f 0 4f 0 5 0 4f 0 3f 0 Of 0 If 0 3 0 1 0 If 0 5 0 4 0 6 4 Ilf 4 7 4 4f 4 7 4 5f 4 lOf 4 5 4 7 6-51 4-28 11-00 11-78 11-20 11-61 10-54 8-35 7*81 6-70 9-87 7-65 8-72 17-30 9-86 16-23 85-68 89-02 79-13 80-57 80-0S 71-09 79-60 75-42 13-62 14-43 21-73 21-74 20-11 26-48 20-94 23-74 10-60 10-70 11-95 10-50 10-34 28-07 14-00 23-98 69-13' 71-13 61-14 62-52 64-69 44-99 64-60 50-65 6-65 3-74 5-18 5-24 4-86 0-46 0-46 1-63 /. p. 30 . from Passenger Trains II— PASSENGER TRAFFIC. Number of Passengers ' First Class Second „ I Third „ Total * Season Tickets London A | South Brighton. Western. 2,869,340 2,307,316 4,632,8!) 1 3,081,994 14,927,872 23,533,796 Chatham AND Dover. 2,138,629 2,439,713 17,636,364 >3 28,923,106 22,214,706 40,638 12,818 58,101 ! First Class ... Second „ Third Season Tickets Total Excess Luggage, Parcels, Ac. Mails Gross 326,960 336,169 632,166 106,992 1,402,287 137,260 22,291 282,247 240,218 651,474 129,543 1,203,482 80,330 6,252 ( First Class Second „ 'I'* 1 ' 1 ' 1 ' Passengers <, — per Mile of Line Total Season Tickets ... First Class ... Second „ Third „ Season Tickets Average Receipts from Passenger Trains^ per \ Excess Luggage, Parcels, Ac. Mile of Line | Mails Total Gross Average Receipts per Train mile First Class .... Second „ Third „ Season Tickets Excess Luggage, Parcels, Ac. Mails Proportion of Classes I First Cl; < Second (Third Proportion of Receipts ( First Class .. \ Second „ 1 Third „ (_ Season Tickets 4,177 6,743 21,729 32,649 59 2,041 200 32 2,273 1 H 2 1 0 4? 4 7* 0 5J 0 0i 12-79 20-66 66-56 23-32 23-97 45-08 7-63 6,611 8,831 67,432 1 H 0 111 2 21 0 6 4 9 0 3? 0 01 6 1 7-98 10-66 81-36 23-45 19-96 45-82 10-77 157,146 90,931 36,172 427 681,723 13,450 15,344 110,921 139,715 365 988 572 2,101 396 4,057 227 South Eastern. 2,106,058 2,624,854 18,901,224 3,632,136 9,439 323,651 197,769 584,750 127,526 1,233,696 98,719 27,035 6,363 7,930 57,103 71,396 29 3,727 298 82 4,107 0 3* 5 4£ 9-63 10-98 79-39 24-36 14-09 51-79 9-76 6 5* 0 64 0 14 7 li 8-91 11-11 79 ; 98 26-23 16-03 47-40 10-34 Metro- politan. Metro- politan District. Great Eastern. Great Western. Great Northern. London A North Western. Midland. Manchest. Sheffield A Lincoln. Lanca- shire AND Yorkshire North Eastern. Cale- donian. North British. Glasgow A South Western. Gt. South. A West, op Ireland. Mid. Gt. West, of Ireland. Great North, of Ireland. 5,676,192 9,485,005 35,517,407 3,062,417 4,873,113 19,479,653 2,424,803 4,278,840 30,847,930 2,654,583 8,066,217 31,559,447 1,152,649 2,764,944 14,231,674 3,269,550 5,933,247 37,543,535 2,723,568 25,992,652 455,090 713,976 9,950,050 2,393,783 2,874,116 31,522,567 1,261,842 1,972,767 26,219,611 29,454,220 15,533 1,559,760 1,399,S52 11,223,514 1,698,732 1,104,271 11,624,449 667,476 519,144 4,771,402 266,753 397,448 1,632,981 109,352 102,369 826,374 291,818 567,087 2,635,532 50,678,604 10,809 27,415,183 7,978 37,551,573 8,330 42,280,247 19,334 18,149,267 25,653 46,746,332 24,927 28,716,220 j 9,835 11,119,116 1,428 36,790,466 6,883 14,183,126 5,205 14,427,452 14,030 6,958,022 1,137 2,297,182 443 1,038,095 160 3,494,437 1,594 84,312 110,666 269,863 28,741 51,933 54,923 153,490 15,166 201,972 166,670 761,632 72,888 478,427 695,676 1,501,388 66,413 221,220 192,632 624,923 60,448 686,400 541,182 1,842,724 98,052 399,770 1,245,442 65,432 41,265 38,237 278,715 13,700 177,537 138,232 <01,422 86,748 220,515 163,413 1,086,856 57,113 176,148 96.S97 495,551 41,988 166,667 80,438 479,165 40,152 66,241 34,069 213,139 16,009 82,045 86,955 139, 3G7 1,422 39,562 26,439 122,025 869 65,734 66,410 140,252 4,507 493,582 916 275,512 1,203,162 98,740 26,139 2,741,904 344,837 95,136 1,089,223 151,177 17,587 3,168,358 433,865 147,140 1,710,644 229,927 48,348 371,917 70,392 2,702 1,303,939 110,497 8,248 1,527,897 198,680 44,966 810,584 91,870 54,638 706,422 85,637 16,075 329,458 29,117 11,368 309,789 31,920 32,422 188,895 18,344 17,395 276,903 19,774 35,732 494,498 1,328,041 3,181,877 1,257,987 3,749,363 1,988,919 445,011 1,422,684 1,771,543 | 957,092 868,134 369,943 374,137 224,634 332,409 405,442 677,500 2,536,958 382,802 609,139 2,434,957 2,823 4,981 35,911 1,289 3,917 15,328 1,801 4,320 22,237 2,003 3,635 23,005 2,200 20,996 1,750 2,746 38,270 5,453 6,547 71,805 883 1,381 18,348 I 1,881 1,689 13,539 1,996 1,298 13,659 2,105 1,633 15,052 550 819 3,367 263 247 1,991* 637 1,238 5,754 3,619,900 772 3,426,898 997 43,715 10 20,534 9 28,358 40 28,643 15 23,196 8 42,760 5 83,805 16 20,612 11 17,109 6 16,953 16 18,795 5 4,736 2,501 7,629 3 6,022 7,905 19,276 2,053 6,492 6,865 19,186 1,896 235 194 886 85 232 338 729 32 346 301 976 79 420 332 1,129 60 323 1,006 53 159 147 1,072 53 404 315 2,053 198 164 114 761 40 212 „ 117 598 51 196 94 563 47 209 108 672 50 169 179 288 3 95 64 . 294 2 144 145 306 10 35,256 65 34,439 1,400 115 31 1,331 168 46 1,702 236 27 1,941 266 90 1,382 186 39 1,431 271 10 j 2,970 2 °lt 1,069 139 32 978 111 66 900 101 19 1,039 92 36 639 65 67 455 44 42 605 43 78 35,321 34,439 1,546 1,545 1,965 2,297 1,607 1,712 3,241 1,240 1,155 1,020 1,167 771 541 726 1 lij 2 7 •6 3j 0 8 1 34 1 4 3 9* 0 44 0 8£ 0 7 2 Si 0 3 0 n 1 If 2 54 0 li 0 94 0 84 2 24 0 2 0 104 0 84 2 4J o 14 0 104 2 94 0 14 0 64 0 5 3 0 0 If o 74 0 54 3 2 j 0 34 0 64 0 5 2 94 0 14 0 94 0 54 2 34 0 24 0 104 0 5 2 64 0 24 4 04 0 54 0 1 0 94 0 5 2 7 0 24 1 04 1 14 1 10 0 04 0 94 0 6? 2 5 0 04 0 104 0 11 l Hi o 04 3 11? 0 4? *0 14 4 04 0 5 0 5 3 84 0 44 0 4 3 94 0 34 0 6 11 54 0 01 6 9 4 2| 0 44 0 1 4 0? 0 64 0 1| 3 10 0 64 0 0| 4 04 0 64 0 24 3 104 0 64 o 14 4 0 0 9 0 04 4 7 0 44 0 04 3 Hi 0 64 o 14 8 84 0 5 0 3 11 6 6 9 4 8 5 25 4 54 4 Of 4 5f | 4 94 4 11* 4 7 4 44 4 7 4 64 4 104 4 5 4 7 11-20 18-72 70-08 11-17 17-77 71-06 6-46 11-39 82-15 6-28 19-08 74-64 6-35 15-24 78-41 7-00 12-69 80-31 9-48 90-52 4-09 6-42 89-49 6- 51 7- 81 85-68 4-28 6-70 89-02 11-00 9-87 79-13 11-78 7-65 80-57 11-20 8-72 80-08 11-61 17-30 71-09 10-54 9-86 79-60 8-35 16-23 75-42 17-08 22-42 54-67 5-83 18- 85 19- 94 55-71 5-50 16-79 13-85 63-30 6-06 17-45 25-37 54-76 2-42 20-31 17-69 57-37 4-63 21-66 17-08 58-16 3-10 23-37 72*81 3-82 11-10 10-28 74-94 3-68 13-62 1060 6913 6-65 14-43 10-70 7M3 3-74 21-73 11-95 61-14 5-18 21-74 10-50 62-52 5-24 20-11 10-34 64-69 4-86 2G-48 2807 44-99 0-46 20-94 14-00 64-60 0-46 f. i 23-74 23-98 - 50-G5 1-63 >. 30. 31 being nearly 14 per cent., and the increase of receipts less than a half per cent. The Great Eastern carried nearly 3 millions, or 8*62 per cent., more passengers, and earned from passenger trains £33,545, or 2’59 per cent., additional receipts ; the Great Western, from the great additional length of line, carried over 6J millions, or 17*36 per cent., more passengers, and earned 25*85 per cent, of additional receipts from passenger trains. The average passenger journey, therefore, on the Great Western appears to have increased considerably. Of the Northern lines, the ratio of increased numbers is greatest onfthe Manchester, Sheffield, and Lincolnshire, being j million, or 7*19 per cent., but the increased receipts from passenger trains amount to £5,991, or 1*37 per cent., only. The Lancashire and Yorkshire carried over 2 millions, or 5*86 percent., more passengers, and earned £4,214 LESS from passenger trains ; the London and North Western carried nearly 2 millions, or 4*28 per cent., more passengers, and earned £13,289, or *35 per cent., additional from passenger trains ; the Midland carried close upon a million, or 3*43 per cent., more passengers, and earned £160,680, or 8*79 per cent., additional receipts from passenger trains — it had, of course a considerably increased line upon the previous year; the Great Northern carried nearly half a million, or 2*65 per cent., more passengers, and earned from passenger trains £7,911, or *63 per cent., additional receipts ; and the North Eastern carried a slightly decreased number of passengers, and derived £37,160 LESS from passenger trains. These lines seem, therefore, to be increasing in very short journey traffic, except the Midland, which exceeds in its proportion of receipts the increase of numbers, and hence must be improving on the long journeys. Of the Scotch lines, the Glasgow and South Western carried nearly £ million, or 4*20 per cent., more passengers, and earned £45,094, or 13*88 per cent., additional receipts from passenger trains ; the North British, with an increase of 1*72 per cent, in numbers, derived £28,192, or 3*36 per cent., additional receipts from passenger trains ; and the Caledonian, with an increase of 3 per cent, in numbers, had an increase of £7,980, or *84 per cent., of addi- tional receipts from passenger trains. Taking a general survey of these results as applicable to the competing through routes, one feature in particular stands out very prominently, and that is, that the Midland policy and the opening of the Settle and Carlisle line has had a very marked effect on all the other companies. The London and North Western and Caledonian represent the West Coast route, — and the former, with an increase of numbers of 4*28 per cent., had only *35 per cent, increased passenger train receipts ; the latter had 3*04 per cent, increased numbers and *84 per cent, increased receipts. Both companies improved on short journeys only. The Great Northern and North Eastern represent the East Coast route. While the former had 2*65 per cent, increase of numbers, it had but *63 per cent, of increased receipts from passenger trains ; the latter had an actual decrease of 161,453 passengers, and £37,160 less receipts from passenger trains, principally from a falling away of first and second-class passengers. , The North British holds that dual position of being a continuation alike of the East Coast route and (by the Waverley line) of the Midland route. 32 It increased its numbers by 1*72 per cent, and its receipts from passenger trains by 3 # 36 per cent., showing a clear increase on the long journeys, and which, as they cannot reasonably be credited to its East Coast neighbours, must be put down to the Midland connection. The immediate ally of the Midland is the Glasgow and South Western ; and the Midland, with 3*43 per cent, increase of numbers, had 8*79 per cent, increased receipts from passenger trains, and the Glasgow and South Western, still more pronounced, with 4*20 per cent, increase of numbers, had 13’88 per cent, of increased receipts from passenger trains ! The policy of the Midland would also appear in some degree to have affected its neighbours, the Manchester, Sheffi eld and Lincolnshire and Lanca- shire and Yorkshire, for such increases as they have are in short journey traffic, with the further drawback, in the case of the latter, of an actual decrease in receipts. That the bold and original policy of the Midland is a popular as well as a paying one— to itself and its allies at least — seems proved beyond doubt. These results show clearly that it is now extensively patronised as the leading through route between England and Scotland, to the detriment of the East and West Coast lines. To those who have watched the development of the Midland system, with all the difficulties and impediments that it had so long to contend against at Rugby, at Hitchin, and elsewhere, before it had a free and untrammelled outlet; or to those who have become interested in “ The Midland Railway: its Rise and Progress,”* from Mr. Williams’ interesting book bearing this title, it will afford a meed of satisfaction and pleasure to know that energy and enterprise have their victory at last. Receipts from Passenger Trains per Mile of Line.— Of the Southern lines, the London and South Western earned £68, or 3'08 per cent., additional, and the Chatham £32, or 0'75 per cent., additional, while the South Eastern and Brighton respectively earned £47 and £27 LESS per mile. The Metropolitan, also, had £565 LESS per mile, but the District line had £1,895, or 5*82 per cent., more. The Great Eastern earned £32, or 2T1 per cent., more, but the Great Western had £36 LESS per mile. Of the Northern and Scotch lines, the Great Northern had £32, the North Eastern £47, and the London and North Western £32 LESS per mile ; the Midland had an increase of £2, the Manchester, Sheffield and Lincolnshire £24, or 1*42 per cent., the Lancashire and Yorkshire £5, and the Caledonian £6, but the North British had an increase of £33, or 3’34 per cent., and the Glasgow and South Western £136, or 13T9 per cent., additional. The remarks already made regarding the competing routes are borne out again by these figures. The North British and Glasgow and South Western are materially improved beyond all the others ; and, while the other trunk lines are down, it is hopeful for the Midland that it improved its average ever so little over the extent of its system, with its additional mileage of new line and consequently, as yet, undeveloped local strength. Average Receipts per Passenger Train Mile —These are almost generally reduced, the only exceptions being the Metropolitan with 6d. and the District with 11 ^d. per train-mile additional. The Southern lines are all * Stralian & Co. 33 lower than the previous year — the Brighton 3}d., London and South Western and Chatham each lfd., and the South Eastern Id. The Great Eastern is Jd. and the Great Western l|d. less. The largest reduction of the year is on the Great Northern, of 4d. per train-mile ; the North Eastern also is 3d. less, the Caledonian 2|d., Midland 2Jd., London and North Western lfd., Lancashire and Yorkshire 1-^d., and the Manchester, Sheffield and Lincoln- shire, North British, and Glasgow and South Western, ^d. each. The Proportion op Passenger Keceipts are generally increased on all the lines from third class passengers and decreased from second class — the exceptions being a slight advance on second class on the Chatham, the Metro- politan lines advanced in first and second class, the Great Western in seconds, a slight increase from second class on the Lancashire and Yorkshire, and the Glasgow and South Western derived an increased proportion of receipts from first class passengers. The highest proportion of receipts from third class passengers is on the Manchester, Sheffield and Lincolnshire line, amounting to nearly 75 per cent, of the whole passenger receipts ; the next is the Midland, deriving nearly 73 per cent, from the same source; following it is the North Eastern, with over 71 per cent. The Great Eastern derives a larger proportion (63J per cent.) of passenger receipts from third class than the Great Western, Great Northern, or London and North Western ; and the lowest proportion of receipts (45 per cent.) from third class is found on the London and South Western. III. — GOODS TRAFFIC. Tons London & South Western. Brighton. Chatham & Dover. South Eastern. Tons ] Carried * ^■Merchandise ) Minerals 1,268,929 1,135,967 744,478 1,063,183 496,425 924,251 838,260 554,525 [ Total »» 2,404,896 1,807,661 1,420,676 1,392,785 Receipts | from ; Goods i Traffic | f Merchandise | Minerals ! Live Stock £ J) 15 565,580 173,630 33,153 293,925 134,570 10,532 113,997 84,215 6,207 299,773 79,314 12,433 Total 55 772,363 439,027 204,419 391,520 Average ( No. of Tons ' per Mile of Line r Merchandise ) Minerals Tons 1,847 1,654 2,133 3,047 3,122 5,813 2,533 1,675 L Total 51 3,501 5,180 8,935 4,208 Average 1 Receipts per; Mile of ’ Line 1 ' Merchandise | Minerals ! Live Stock £ 823 253 48 842 386 30 717 530 39 906 239 38 Total 1,124 1,258 1,286 1,183 Average | Receipts t per Train- ' mile ' Merchandise 1 Minerals J Live Stock s. d. 55 4 6i 1 4* 0 3i 5 7* 2 6£ 0 2* 4 2i 3 1 0 2 i 6 3£ 1 8 0 3 Total 55 6 2 8 4£ 7 6 8 2 i C 34 GOODS TRAFFIC— continued. . Tons 99 Metro- politan. Great Eastern. Great Western. Tons Carried. /•Merchandise 3 Minerals i 333,050 894,240 1,831,849 2,763,287 4,672,200 14,211,822 ^ Total 99 1,227,899 4,595,136 18,884,022 Receipts from Goods Traffic Merchandise Minerals Live Stock £ 99 99 13,427 11,744 253 893,883 284,401 103,585 1,871,299 1,740,076 106,528 Total \ 99 25,424 1,281,869 3,717,903 Average No. of Tons per Mile of Line ("Merchandise 3 Minerals Tons 99 23,832 63,875 2,132 3,217 2,269 6,902 ( Total 87,707 5,349 9,171 Average Receipts per Mile of Line [ Merchandise Minerals Live Stock £ 99 99 959 839 18 1,041 331 120 909 845 52 Total 99 1,816 1,492 1,806 Average Receipts per Train- mile r Merchandise Minerals [ Live Stock s. d. it 55 0 3f 0 3i 4 10 1 H 0 6f 2 9| 2 7 0 If Total . „ 99 0 7 6 11 5 6{ GOODS TRAFFIC — continued. Tons 99 Great Northern. London & North Western. Midland. Manchest Sheffield & Lincoln. Tons \ Carried j ''Merchandise 1 Minerals 3,465,519 2,696,781 — 9,151,112 11,203,034 4,010,523 4,186,577 ^ Total 99 6,162,300 26,931,795 20,354,146 8,197,100 Receipts 1 from J Goods ' Traffic Merchandise Minerals Live Stock £ 99 99 1,097,716 544,427 52,972 3,223,261 2,016,492 211,453 2,529,849 1,585,430 75,341 701,112 338,836 19,575 Total 1,695,115 5,451,206 4,190,620 1,059,523 Average ( No. of Tons j per Mile / of Line ' 'Merchandise Minerals Tons 99 5,415 4,214 — 7,392 9,049 15,425 16,102 „ Total 35 £ 99 9,629 16,502 16,441 31,527 Average 1 Receipts per J Mile of Line Merchandise Minerals Live Stock 1,715 851 83 1,975 1,235 130 2,043 1,281 61 2,697 1,303 75 Total 2,649 3,340 3,385 4,075 Average Receipts ! per Train- \ mile J Merchandise Minerals Live Stock s. d, 99 3 8 1 10 0 2 3 0| : 2 H 0 3 3 5 2 If o n 4 3* 2 1 0 H Total 55 5 8 6 5 5 8 6 6 GOODS TEAFFIC — continued. Tons •5 Lanca- shire and Yorkshire North Eastern Cale- donian. North British. Tons Carried , "Merchandise Minerals 4,285,738 8,367,341 7,897,397 26,446,298 2,634,636 10,108,534 2,518,722 7,369,848 . Total jj 12,653,079 : 34,343,695 12,743,170 9,888,570 Eeceipts ' from > Goods ^ Traffic Merchandise Minerals Live Stock £ JJ 1,402,914 664,784 47,550 2,075,356 2,385,336 96,445 808,318 964,680 68,099 696,483 601,271 50,953 Total 2,115,248 4,557,137 1,841,097 1,348,707 Average i No. of Tons . per Mile of Line "Merchandise Minerals Tons 3? 9,762 19,060 5,526 18,507 3,178 12,194 2,960 8,660 . Total 33 28,822 24,035 15,372 11,620 Average 1 Eeceipts perJ Mile of s Line Merchandise Minerals Live Stock £ 3,196 1,514 108 1,452 1,669 68 975 1,164 82 819 706 60 Total 33 4,818 3,189 2,221 1,585 Average Eeceipts per Train- < mile Merchandise Minerals ... Live Stock s. d )) 5J 4 Ilf 2 4f 0 2 2 Ilf 3 5£ 0 If 2 5f 2 11* 0 2£ 3 0 2 7* 0 2f Total 33 7 6 6 6f 5 7f 5 10 GOODS TEAFFIC — continued. Tons Glasgow & South Western. Gt. South. & West, of Ireland. Mid. Gt. West, of Ireland. [Gt. North. OF Ireland. Tons Carted , r Merchandise ) Minerals 745,603 3,797,112 620,638 87,179 345j653 24,198 813,961 [ Total 33 4,542,715 707,817 369,851 813,961 Eeceipts | from j Goods ' Traffic [ Merchandise Minerals Live Stock £ 33 33 283,861 309,668 17,750 282,550 17,492 68,352 186,579 5,456 69,704 253,749 30,450 Total 33 611,279 368,394 261,739 284,199 Average No. of Tons . per Mile of Line ("Merchandise 1 Minerals < Tons 33 2,352 11,978 1,279 180 833 58 1,777 (. Total 33 14,330 1,459 891 1,777 Average Eeceipts per Mile of Line [ Merchandise ... j Minerals Live Stock £ 33 33 895 977 56 583 36 141 450 13 168 554 ” 66 Total \ 33 1,928 760 631 620 Average Eeceipts per Train- Mile ( Merchandise \ Minerals J Live Stock s. d. jj 2 4f 2 7f 0 If 5 10* 0 4* 1 5 5 Ilf 0 2 2 2f 7 4Jr 0*10* j Total 33 5 If 7 8 8 4 8 3 3 6 The weight of merchandise and mineral traffic is increased daring the past year by 182,704 tons, or 8*22 per cent., on the London and South Western, and the receipts are increased £55,712, or 7*77 per cent. This is the greatest relative improvement that has taken place on any of the leading lines, except the Great Western, but it is accounted for by the increased length of line. The Brighton line carried 120,787 more tons, or 7*16 per cent., and earned £24,097, or 5*80 per cent., additional receipts — a considerable improvement also. The South Eastern carried 89,298 tons, or 6*85 per cent., additional ; but derived £26,351 LESS — the result of shorter journeys or a cheaper class of traffic evidently ; and the Chatham carried less weight and earned £4,825 less receipts. The Metropolitan carried 55,971 tons less, and earned 1*60 per cent, of additional receipts. Looking a little closer into this matter, it will be found that the London and South Western and Brighton increased their merchandise traffic to a greater extent than the mineral, hence the ratio of increased receipts is well up, in each case, to the ratio of additional weight carried. The Chatham fell off in the weight of mineral traffic, but the decreased receipts are almost wholly from merchandise traffic. The latter remark applies with greater force to the South Eastern. The Metropolitan, with a considerably decreased mineral tonnage, had a slight increase of merchandise, and thereby had a* small gain in receipts. The Great Eastern increased its weight of traffic by 139,717 tons, or 3*13 per cent., and earned £19,560, or 1*55 per cent., additional receipts ; the Great Western carried nearly millions additional tons, or 15*23 per cent., and earned £577,810, or 18*40 per cent., of additional receipts. While the ratio of increased receipts to increased weight is only half in the former case, in the latter the advantage is on the side of receipts. The Great Eastern carried rather over 800,000 tons less merchandise, and fully 940,000 tons more minerals, earned £16^742 additional from merchandise, and only £2,917 additional from mineral traffic. These results are so striking that the desire is excited to pursue the inquiry further ; but the way is stopped for want of the all-important factor, the ton-mileage. Whether, therefore, merchandise rates were increased, whether merchandise was carried longer average dis- tances, or whether the merchandise was of a higher class ; and likewise of the minerals, whether they were carried shorter distances, or at reduced rates — the companies’ reports and the Board of Trade returns give no means of dis- covering. The indispensable materials for a satisfactory and conclusive investigation are not forthcoming. The Great Western increased its mer- chandise traffic by 635,447 tons, and mineral traffic by 1,860,377 tons, or nearly three times more in the latter than the former, yet the increased receipts from merchandise were £319,103, and from minerals only £248,431, — every ton of merchandise additional representing nearly four times the earning power of the additional mineral traffic. The Great Western also had an increase of £10,273 from live stock traffic. Of the Northern lines, the Great Northern carried an increased weight of 94,545 tons, or 1*55 per cent., and earned £19,827, or 1*18 per cent., additional receipts. The London and North Western carried 414,419 tons, or 1*56 per cent., more, and earned £41,431, or *76 per cent., of increased receipts. The Midland carried 198,336 tons, or *98 per cent., more, and earned £82,818, or 2*01 per cent., additional receipts. The Manchester, Sheffield and Lincolnshire carried nearly half-a-million tons less, and earned £56,906 less receipts. The Lancashire and Yorkshire carried 693,314 tons, 37 or 5 ’80 per cent., more, and earned £20,914, or 1 per cent., additional; and the North Eastern carried 2,179 fewer tons, and lessened the receipts £88,598. To analyse these results somewhat closer, also, it is found that the Great Northern carried 144,769 tons more of merchandise and 50,224 tons less of minerals, earned £25,196 additional from the former and £9,038 less from the latter, with £3,669 additional from live stock. The London and North Western Company elect to be singular in not giving the tonnage of mer- chandise and mineral traffic separately, and the officers of the Board of Trade are pleased to humour their crotchet. This company earned the nominal amount of £4,773 additional from merchandise traffic, and had £39,276 additional from mineral traffic, with £2,618 less from live stock traffic. Two-fifths of a million of tons additional carried, represented by £44,000 additional receipts, is a result that is remarkable by its dispropor- tion. The Midland carried 503,274 tons additional merchandise and 304,938 tons less of minerals, earned £152,141 additional from the former and £78,406 less from the latter, with £9,083 additional from live stock traffic. The Manchester, Sheffield and Lincolnshire carried 20,804 tons less of merchandise and 454,122 tons less of minerals, lost by the former £13,088 and by the latter £45,289, but had £1,471 additional from live stock traffic. In this instance, every ton of merchandise lost represents a sum of about 12s. 7d., but every ton of minerals represents less than a sixth of this sum, or 2s. Mineral traffic seems to be wooed by these companies for the pure luxury of crowding their lines with trains. The Lancashire and Yorkshire carried 181,371 tons additional of merchandise and 511,943 tons additional of minerals, earned £11,058 less from the former and £29,699 more from the latter, and £2,273 additional also from live stock traffic. This appears a very extraordinary result. If rates for merchandise have not been reduced, or if the merchandise has not been of a lower class, the average distance it was carried must have been very much less ; while the additional weight of minerals carried and the additional earnings from them represent less than Is. 2d. a ton. The deputy-chairman of this company lately spoke of mineral traffic as being the least remunerative — an admission that it has not been the habit to hear from such a quarter ; but merchandise traffic seems shrinking also, as well as passenger traffic, on this line. The North Eastern had a lean year. With 45,410 fewer tons of merchandise, and 43,261 tons additional of minerals, it lost only £23,636 on the former and £66,971 on the latter, and had £2,009 more from live stock traffic. Of the Scotch lines, the Caledonian carried 71,378 tons more merchandise and 293,203 tons more minerals, earned £17,766 less from the former and £3,244 more from the latter. The receipts also from live stock were reduced £2,381. The North British carried 276,451 tons of merchandise and 190,183 tons of minerals additional, and lost £8,192 on the former and £7,983 on the latter traffic, but had £878 additional from live stock traffic. The Glasgow and South Western carried 50,058 tons more merchandise and 19,799 fewer tons of minerals, earned £31,275 additional from the former and £1,228 less from the latter, and had £2,915 additional from live stock traffic. The want of the ton-mileage is such a serious defect in the railway returns that the extraordinary and variable results exhibited in these figures can have no really valuable light thrown upon them, and conjecture, however feasible, is always a doubtful resort. Through the haze iust a gleam of light may be obtained. That mineral traffic, particularly on the competing lines, is not only ques- 38 tionably remunerative, but, when all the elements of capital outlay and cost of working are brought into the account, it is extremely doubtful if a positive loss is not entailed. This matter has been so clearly and vigorously dealt with elsewhere, however, that it becomes unnecessary to say anything further regarding it except that appearances are all against it, and in favour of the views of the able writer alluded to.* But merchandise traffic on most of the lines appears to be falling off in relative income as well. The smaller increase of merchandise receipts to increased weight on the Great Northern indicates, apparently, shorter journeys, the same on the London and North Western, Manchester, Sheffield and Lincolnshire, and Lancashire and Yorkshire, as well as on the North Eastern, Caledonian, and astonishingly so on the North British. Shorter journeys would probably be too pleasant a view to take of the relative loss of earning power. It is more to be feared that competitive rates to woo traffic have been resorted to, to bring about the almost universal and unsatis- factory results. Meanwhile, the Midland and Glasgow and South Western are again exceptional — the one, with rather less than 1 per cent, increase of tonnage, has two per cent, of increased receipts, and the other, with ’67 per cent, of increased tonnage, has 5*70 per cent, increased receipts. It is clear that the Midland and its ally are not only absorbing a preponderating share of the long journey passenger traffic, but of the higher class merchandise traffic and cattle traffic to boot ! Receipts from Goods Trains per Mile of Line present a general decrease, the exceptions being the London and South Western with £78, the Brighton with £55, Great Eastern with £16, the Lancashire and Yorkshire with £69, and the Glasgow and South Western with the highest figure, £92, additional. The Average Receipts per Goods Train-Mile are increased 6fd. on the Brighton Line, 2 jd. on the Great Eastern, jd. on the Great Northern, jd. on the Midland, jd. on the Manchester, Sheffield and Lincolnshire, 2fd. on the Lancashire and Yorkshire, jd. on the North Eastern, jd. on the North British, 4 jd. on the Glasgow and South Western ; and reduced l^d. on the London and South Western, 3s. 1 jd. on the Chatham and Dover, Is. 3d. on the South Eastern, Id. on the Great Western, id. on the Caledonian. The extent of unprofitable mileage of the South Eastern is eclipsed only by the Chatham ! The train-mile test is a rude enough one at best, but, as applied to goods traffic, it is rendered nugatory by merchandise and mineral train mileage being huddled together as if they were in any sense, which they are not, representative of a kindred traffic. All that can be made out from it is that the mineral-carrying lines have the least receipts per goods train-mile ; and this leads to the impression that the mixing together of merchandise and mineral mileage is another veil thrown over the mineral question. * “ Railway Profits and Railway Losses .” — Edinburgh Review, April, 1876, and April, 1877. “ The Money Cost of the Mineral Traffic on Railways.” By F. R. Conder, C.E. — Fraser’s Magazine , July, 1877. (See also Fraser, September, 1877, and January, 1878.) 39 IV.— GROSS RECEIPTS. London & Chatham South Eastern. South Western. Brighton. AND Dover. Passenger and Goods Traffic £ 2,334,201 1,729,091 886,142 1,750,970 Miscel., Eents, Tolls, Navigation, &c.... 5» 281,969 76,289 134,148 165,787 Total ... ... » 2,616,170 1,805,380 1,020,290 1,916,757 Gross Traffic Eeceipts per Mile of Line n 3,397 4,954 5,573 5,290 Mean of Traffic Eeceipts per Train-mile s. d. 5 5| 5 7f 5 9 7 4 f Passengers 0/ /o 53-60 66-66 63-23 64-36 Parcels, &c 5-25 4-45 3-55 5-15 Mails 35 0-85 0-35 0-04 1-41 Proportion Passenger Traffic ... 33 59-70 71-46 66-82 70-92 of Gross Merchandise 21-62 16-28 11-17 15-64 Minerals 6-64 7-45 8-25 4-14 Eeceipts Live Stock 33 1-26 0-58 0-61 0-65 Goods Traffic 33 29-52 24-31 20-03 20-43 Miscellaneous V :> 10-78 4-23 13-15 8-65 GEOSS EECEIPTS — continued. Metro- Metro- Great Great politan. politan District. Eastern. Western. Passenger and Goods Traffic £ 519,922 275,512 2,609,910 6,899,780 Miscel., Eents, Tolls, Navigation, &c. ... 33 35,966 9,092 204,215 132,541 Total » 555,888 284,604 2,814,125 7,032,321 Gross Traffic Eeceipts per Mile of Line 33 37,137 34,439 3,038 3,351 Mean of Traffic Eeceipts per Train-mile s. d. 12 1 6 9 5 64 5 45- ' Passengers 0/ /o 88-79 96-80 42-75 38-99 Parcels, &c 33 0-17 3-5 L 4-90 Mails 33 0-93 1-35 Proportion Passenger Traffic . . . >> 88-96 96-80 47-19 45-24 of Gross { Merchandise 2-42 31-76 26-61 Minerals j) 2-11 10-11 24-74 Eeceipts Live Stock 33 0-04 3-68 1-52 Goods Traffic 33 4-57 45-55 52-87 Miscellaneous 6-47 3-20 7-26 1-89 33 4fr GROSS RECEIPTS— continued. Great Northern. London & Manchest North Western. Midland. Sheffield & Lincoln. Passenger and Goods Traffic £ 2,953,102 9,200,569 6,179,539 1,504,534 Miscel., Rents, Tolls, Navigation, &c. ... 5) 52,795 120,408 65,679 235,325 Total 55 3,005,897 9,320,977 6,245,218 1,739,859 Gross Traffic Receipts per Mile of Line j» 4,614 5,637 4,992 5,787 Mean of Traffic Receipts per Train-mile s. d. 5 Of 5 n 5 2f 5 10* f Passengers 0/ /o 36-24 33-99 27-39 21-38 Parcels, &c 5-03 4-66 3-68 4-05 Mails 33 0-58 1-58 0-77 0-15 Proportion Passenger Traffic ... 5? 41-85 40-23 31-84 25-58 of Gross < Merchandise 36-52 34-58 40-51 40-30 Minerals 18-11 21-63 25-39 19-48 Receipts Live Stock »> 1-76 2-27 1-21 1-12 Goods Traffic 55 56-39 58-48 67-11 60-90 Miscellaneous if 1-76 1-29 1-05 13-52 GROSS RECEIPTS — continued. Lanca- North Cale- North shire AND Yorkshire. Eastern. donian. British. Passenger and Goods Traffic £ 3,537,932 6,328,680 2,798,189 138,398 2,216,841 Miscel., Rents, Tolls, Navigation, &c. ... a 30,268 161,074 46,050 Total 55 3,568,200 6,489,754 2,936,587 2,262,891 Gross Traffic Receipts per Mile of Line S 3 8,059 4,429 3,376 2,605 Mean of Traffic Receipts per Train-mile s. d. 6 3 5 10* 5 If 5 3* Passengers 0/ /o 36-54 23-54 27-60 33-87 Parcels, &c S 3 3-10 306 313 3-78 Mails 33 0-23 0-70 1-86 0-71 Proportion Passenger Traffic ... 33 39-87 27-30 32-59 38-36 of Gross i Merchandise 5^ 39-32 31-98 27-53 30-78 Minerals 55 18-63 36-75 32-85 26-57 Receipts Live Stock 55 1-33 1-49 2-32 2-25 Goods Traffic 33 59-28 70-22 62-70 59-60 Miscellaneous V 33 0-85 2-48 4-71 2-04 *41 GROSS RECEIPTS — continued. Passenger and Goods Traffic Miscel., Rents, Tolls, Navigation, &c. ... £ Glasgow and South Western. Gt. South & West, of Ireland. Mid. Gt. West, of Ireland. Great North, of Ireland. 981,222 25,287 742,531 2,253 486,373 11,456 616,608 4,236 Total 1,006,509 744,784 497,829 620,844 Gross Traffic Receipts per Mile of Line j> 3,095 1,531 1,172 1,346 Mean of Traffic Receipts per Train-mile s. d. 4 10| 5 Ilf 5 11 5 9 ^Passengers 0/ /o 32-73 41-59 37-94 44-60 Parcels, &c » 2-89 4-29 3-69 3-19 Mails }> 1*13 4-35 3-49 5-76 Proportion Passenger Traffic ... 33 36-75 50-23 45-12 53-55 of Gross ^ Merchandise 33 28-20 37-94 37-48 40-87 Minerals 33 30-77 2-35 1-10 Receipts Live Stock 33 1-77 9-18 14-00 4-90 Goods Traffic ... ... 33 60-74 49-47 52-58 45-77 Miscellaneous 33 2-51 0-30 2-30 0-68 Gross Receipts, including miscellaneous income, are increased on the following lines : — Great Western Glasgow and South Western Metropolitan ... London and South Western , Metropolitan District... Midland Brighton Great Eastern... ... Great Northern North British ... London and North Western . Lancashire and Yorkshire Chatham and Dover . . . ,281,154, or 22’28 per cent 78,760 n 8*49 ?) 29,236 n 5-55 ii 124,271 ii 4-99 jj 11,683 ii 4-28 11 249,596 ii 4-16 11 27,268 ii D53 1> 39,149 ii 1-41 11 33,755 a 113 )1 17,210 ii 0-77 11 54,895 ii 0-59 11 8,546 ii 0-24 11 2,040 ii 0-20 11 and the following are reduced below the previous year North Eastern Manchester, Sheffield and Lincolnshire South Eastern Caledonian ... £118,007 43,878 28,681 14,498 Taking Miscellaneous REVENUE separately, the following Companies have an increase : — London and South Western ... £17,360 42 South Eastern • • • ... ... £13,003 Metropolitan ... • • • . . . • • • 859 Great Western • • • • • • ... 49,772 Great Northern • • • #M ... 6,017 London and North Western... • • • • • • ... 175 Midland ... • • • • • • 6,098 Manchester, Sheffield and Lincolnshire • • • ... 7,037 North Eastern • • • • • • • •• 7,751 North British • . . ... • •• 4,315 3 following are reduced ■ Brighton £2,463 Chatham • • • ... 6,746 Metropolitan District • • • • . . • • • 3,476 Great Eastern ... ... • • • IM 13,956 Lancashire and Yorkshire . . . # • • • ... 8,154 Caledonian ... VM • • • 5,576 As already stated, however, these miscellaneous receipts are so thrown into the official returns that no information can be got as to whether they represent a loss or a gain on canal and steamboat traffic, a point that it is very essential should be made clear. Gross Traffic Receipts per Mile of Line are generally decreased, the following being the exceptions : — Glasgow and South Western... £228, or 7 ’95 per cent., additioual. Metropolitan District 1,895 a 5-82 >> >> London and South Western ... 146 5 > 4*49 ?? ?? Great Eastern 48 J, 1-60 ,, Lancashire and Yorkshire ... 74 5 ? 0*93 7? North British 15 7? 0-58 75 >> Brighton 28 77 0*57 7 > Mean Train-mile Receipts are increased on the Metropolitan District . . . Metropolitan Glasgow and South Western Lancashire and Yorkshire Great Eastern ... Hid. 6d. 2fd. id. id. All the others are reduced : — Chatham and Dover ... South Eastern ... Brighton Great Northern... London and South Western London and North Western ... North Eastern ... Caledonian Midland... Manchester, Sheffield and Lincolnshire the North British remaining the same as the previous year 5fd. 3|d. 2id. lfd. lid. lid. lid. lid. id. id. Proportion of Gross Receipts. — It is a feature worth drawing attem tion to, that of what may be called the mineral-carrying lines, those of them V.-WORKING EXPENDITURE. London* & South Western. Brighton. Chatham and Dover. South Eastern. Metro- politan. Metro- POLITAN District. Great Eastern. Great Western. [ Great : Northern, I London & North ’ Western. Midland. Manchest Sheffield & Lincoln. . Lanca- shire and Yorkshire North j Eastern. Cale- donian. North British. Glasgow 4 South Western. : Gt. South & West oi Ireland. Mid. Gt. ’ West, of Ireland. Great North, of Ireland. /Maintenance of Way, Ac £ 252,371 121,479 78,864 122,418 24,181 13,506 269,649 920,348 306,287 1,011,033 (',.-.1,113 120,076 285,531 739,883 283, 49S 277,984 148,408 127,083 85,097 92,401 n 309,283 244,475 139,859 214,137 45,501 37,139 380,755 863,654 i 418,445 1,223,255 908,865 168,386 509,656 1,088,640 375,003 285,590 132,440 100,086 59,170 89,691 Repairs, Carriages, and Waggons „ 91,288 61,820 31,977 63,381 10,298 6,480 117,886 266,203 1 110,042 322,491 243,298 70,345 221, 4S0 466,245 137,515 120,282 67,604 32,155 22,110 23,789 443,933 243,488 157,460 220,715 61,520 34,266 468,658 986,347 548,346 1,660,594 1,142,737 273,267 732,736 886,985 414,444 339,012 139,960 89,367 64,854 73,252 General Charges „ 50,063 37,418 24,008 67,542 25,310 12,337 51,038 124,255 81,467 183,352 110,392 40,166 65,828 101,507 • 53,376 42,887 21,334 9,606 13,320 15,339 Kates and Taxes „ 58,031 55,747 28,518 68,817 20,189 6,719 50,443 129,462 63,725 161,763 124,750 29,238 82,055 135,110 02,695 35,207 16,150 23,849 10,097 12,384 dross Government duty 44,635 42,622 22,901 45,801 12,666 7,921 44,941 111,467 34,251 140,757 44,113 6,520 37,528 38,247 19,420 21,239 7,024 X X X Working Compensation — Passengers „ 4,557 3,728 9,830 3,417 7,340 9,534 4,654 27,000 65,296 62,222 17,313 10,303 33,343 15,775 13,142 6,095 4,512 382 3,406 961 Expenditure Do. Goods 10,663 8,712 3,696 9,336 30 6,990 44,155 19,130 77,629 51,850 8,814 20,507 18,678 7,142 13,225 2,858 2,773 2,614 2,779 Legal & Parliamentary Expenses 6,610 9,320 6,677 10,498 3,313 i,368 17,527 25,063 11,309 60,263 15,760 9,394 17,449 12,500 6,934 13,032 3,446 1,169 2,713 5,023 Steamboat, Canal, &c „ 172,289 22,111 59,407 50,427 134,363 128,207 8,856 118,194 2,479 140,219 6,928 49,505 38,831 42,879 7,757 4,389 Miscellaneous » 24,383 15,455 15,056 15,340 6,889 4,064 82,042 6,916 110,197 31,038 33,884 5,708 44,518 23,671 5,912 9,001 -M67 V Total ' ... ” 1,468,126 866,375 578,253 891,829 217,237 133,334 1,546,904 '3,708,203 1,674,070 5,131,750 3,343,728 910,612 2,018,749 3,553,075 1,456,518 1,221,053 558,005 395,471 267,770 1 320,086 | Expenditure per Mile of Line ” 1,886 2,419 3,263 2,542 15,517 16,666 1,644 1,739 2,602 ‘ 3,072 2,699 2,963 4,583 2,452 1,710 1,384 1,736 815 635 699 /Way, Works, &c a. 7*07 4-76 6T5 6-15 6-75 3-97 6-88 8-63 6-31 7-48 6-60 5-63 6-04 8-22 6-27 7-93 8-85 12-27 12-44 10-36 Locomotive Power 8-66 9-58 10-90 10-75 12-69 10-93 9-72 8-10 8-62 9-01 9-22 7-90 10-78 12-10 8-29 8-14 7-90 9-66 8-65 10-05 Repairs, Carriages, and Waggons 2-56 2-42 2-49 3-18 2-87 1-91 3-01 2-49 2-27 2.37 2-47 3-30 4-68 5-19 3-04 • 3-43 4-03 3-10 3-23 2-67 Traffic Charges 12-43 9-54 12-27 11-08 17-14 10-08 11-96 9-25 11-30 12-23 11-60 12-82 15-50 9-86 9-17 9-67 8-35 8-62 9-49 8-21 General Charges 1*40 1-47 1-87 3-39 7-06 3-63 1-32 1-16 1-63 1-35 1-12 1-88 1-39 1-13 1-18 1-22 1-27 0-93 1-95 ■P J* i. Rates and Taxes 1*62 2-18 2-22 3-45 5-63 1-98 " 1-27 1-21 1-31 1-19 • 1-27 1-37 1-74 1-50 1-3-t 1-00 0-96 2-30 1-48 1-39 Expenditure Government Duty ... ... ... 1*25 1-67 1-79 2-30 3-54 2-45 1-15 1-04 0-70 1-03 0-45 0-30 0-79 0-43 0-43 0-61 0-45 X X X 'i i .mi mild Compensation — Passengers „ 0-13 015 0-77 0-17 2-05 2-81 0-12 0-25 1-34 0-45 0-17 0-48 0-71 0-18 0-29 0-17 0-27 0-04 0-50 0-11 Do. Goods 030 0-34 0-29 0-47 0-01 0-18 0-42 0-40 0-57 0-53 0-42 0-43 0-20 0-16 0-38 0-17 0-27 0-38 0-31 Legal & Parliamentary Expenses 0T9 0-37 0-52 0-53 0-92 0- - 40 0-45 0-24 0-23 0-44 0-16 0-44 0-37 0-14 0-15 0-37 0-21 0-11 0-39 0-56 Miscellaneous » 0*68 0-61 1-17 0-77 1-92 1-07 0-77 0-14 0-81 0-3l 1-59 0-12 0-08 0-68 0-35 0-87 - 0-50 i Total » 36-29 33-09 40-44 42-24 60-58 39-23 36-06 33*56 34-30 36-93 33-90 36-13 42-55 38-95 31-34 33-60 32-81 3S-17 1 i 38-51 35-88 Way, Works, Ac 0 /0 10-81 7-02 8-90 6-99 1 4-65 4-90 10-33 13-34 1 10-37 10-99 10-53 7-98 8-07 11-69 10-13 12-54 15-13 17-11 17-50 14-98 Locomotive Power 13-25 14-14 15-78 12-23 8-75 13-48 14-59 12-52 14-17 13-29 14-71 11-19 14-41 17-20 13-40 12-88 13-50 13-48 12-16 14-55 Repairs, Carriages, and Waggons 3-91 3-58 3-61 3-62 1-98 2-35 4-52 3-86 3-73 3-50 3-94 4-68 6-26 7-37 4-92 5-42 6-89 4-83 4-54 3-86 Proportion Traffic Charges 19-02 14-06 17-77 12-60 11-83 12-44 17-96 14-29 18-57 18-05 18-49 18-16 20-71 14-02 14-81 15.29 14-26 12-04 13-38 11-88 of General Charges 2-14 2-17 2-71 3-86 4-87 4-48 1-95 1-80 2-76 2-00 1-79 2-67 1-86 1-60 1-91 1-93 2-17 1-29 2-74 2-49 Expendli iit6 Rates and Taxes 2-49 3-22 3-22 3-93 3-88 2-44 1-93 1-88 216 1-76 2-02 1-94 2-32 2-13 2-24 1-59 1-65 3-21 2-08 201 to < Government Duty ># 1-91 2-47 2-58 2-62 2-44 2-88 1-72 1-61 1-16 1-53 0-71 0-43 1-06 0-60 0-69 0-96 0-78 X X X Gross Receipts Compensation — Passengers 0-20 0-21 1-11 0-20 1-41 3-46 0-18 0-39 2-21 0-68 0-28 0-69 0-94 0-25 0-47 0-28 0-40 0-05 0-70 0-16 from Trtvins Do. Goods 0-46 0-50 0-42 0-53 001 0-27 0-64 0-65 0-84 0-84 0-59 0-58 0-30 0-25 000 0-29 0-38 0-54 0-45 Legal & Parliamentary Expenses 0-28 0-54 0-75 0-60 0-64 6-50 0-67 0-36 0-38 0-65 0-26 0-62 0-49 0-20 0-25 0-59 0-35 0-16 0-56 0-81 Miscellaneous 1-04 0-89 1-70 0-87 1-32 1-47 1-19 0-23 1-20 0-50 2-25 0-16 1-59 1-07 0-60 1-21 0-72 ^ Total » 65-51 48-82 58-55 48-05 41-78 48-40 54-12 51-88 56-39 54-49 54-07 ' 51-20 56-86 1 55-36 60-06 53*15 56-08 53-26 54-15 51-91 Propn. of Expend, to dross Receipts from all sources » 5612 47-99 66-67 46-53 39-08 46-85 54-97 52-73 55-69 55-06 53-54 52-34 56-57 54*75 49-59 53-96 55-44 53-10 53-79 | 51-56 f p . 43. . Lanca- shire AND Yorkshire North Eastern. Cale- donian. North British. Glasgow & South Western. ; Gt. South & West of Ireland. Mid. Gt. West, of Ireland. Great North, of Ireland. 285,531 739,883 283, 49 S 277,984 148,408 127,083 85,097 92,401 503,656 1,088,640 375,003 285,590 132,440 100,086 59,170 89,691 221,480 466,245 137,515 120,232. 67,604 32,155 22,110 23,789 732,736 886,985 414,444 339,012 139,960 89,367 64,854 73,252 65,828 101,507 • 53,376 42,887 21,334 9,606 13,320 15,339 82,055 135,110 62,695 35,207 16,150 23,849 10,097 12,384 37,528 38,247 19,420 21,239 7,624 X X X 33,343 1 5,775 13,142 6,095 4,512 382 3,406 961 20,507 18,678 7,142 13,225 2,858 2,773 2,614 2,779 17,449 12,500 6,934 13,032 3,446 1,169 2,713 5,023 6,928 49,505 38,831 42,879 7,757 ... 4,389 5,708 44,518 23,671 5,912 9,001 4*467 2,018,749 3,553,075 1,456,518 1,221,053 558,005 395,471 267,770 320,086 1 4,583 2,452 1,710 1,384 1,736 815 635 699 604 8*22 6*27 7*93 8*85 12*27 12*44 10*36 10*78 12*10 8*29 8*14 7*90 9*66 8*65 10*05 4*68 5*19 3*04 - 3*43 4*03 3*10 3*23 2*67 15*50 9*86 9*17 9*67 8*35 8*62 9*49 8*21 1*39 1*13 1*18 1*22 1*27 0*93 1*95 1*72 1*74 1*50 1*38 1*00 0*96 2*30 1*48 1*39 0*79 0*43 0*43 0*61 0*45 X X X 0*71 0*18 0*29 0*17 0*27 0*04 0*50 0*11 0*43 0*20 0*16 0*38 0*17 0*27 0*38 0*31 0*37 0*14 0*15 0*37 0*21 0*11 0*39 0*56 0*12 0*98 0*68 0*35 0*87 0*50 j 42*55 38*95 31*34 33*60 32*81 38*17 38*51 35*88 8*07 11*69 10*13 12*54 15*13 17*11 17*50 14*98 14*41 17*20 13*40 12*88 13*50 13*48 12*16 14*55 6*26 7*37 4*92 5*42 6*89 4*33 4*54 3*86 20*71 14*02 14*81 15.29 14*26 12*04 13*33 11*88 1*86 1*60 1*91 1*93 2*17 1*29 2*74 2*49 2*32 2*13 2*24 1*59 1*65 3*21 2*08 2*01 ' 1*06 0*60 0*69 0*96 0*78 X X X 0*94 0*25 0*47 0*28 0*46 0*05 0*70 0*16 ' 0*58 0*30 0*25 0*60 0*29 0*38 0*54 0*45 0*49 0*20 0*25 0*59 0*35 0*16 0*56 0*81 0*16 1*59 1*07 0*60 1*21 0*72 i 56*86 55*36 50*66 53*15 56*08 53*26 54*15 51*91 5 56*57 [ 54*75 49*59 53*96 55*44 53*10 53*79 51*56 /. V 43 . 43 that have drawn an increased proportion of their receipts from passenger or merchandise traffic, and lessened the proportion from mineral traffic, have arrived at the best result during the past year. Thus, leaving live stock and miscellaneous receipts aside, the Great Northern, with *21 per cent, less from passenger traffic and *51 per cent, less from mineral traffic, had ’43 per cent, more from merchandise, and earned 1*13 per cent, additional of gross receipts. The London and North Western, with *09 per cent, less from passenger traffic, T5 per cent, less from merchandise, and '29 per cent, more from mineral traffic, increased the gross receipts by only ’59 per cent. The Lancashire and Yorkshire, with '22 per cent, less from passengers, ’40 per cent, less from merchandise, and ’79 per cent, more from minerals, had only *24 per cent, of increased gross receipts. The Manchester, Sheffield and Lincolnshire, although it had ’97 per cent, more from passengers, '26 more from merchandise, and 2' 05 per cent, less from minerals, had such a serious falling away of traffic (the passenger traffic only was slightly increased) that its gross receipts were actually less. The latter remark applies also to the North Eastern — it fell off in every class of traffic, although it relatively earned '07 per cent, less from passengers, *21 per cent, more from merchandise, and *36 per cent, less from mineral traffic. The Caledonian, with *43 per cent, more from passengers and '27 per cent, from minerals, had ’46 per cent, less from merchandise, with reduced gross receipts also. The North British, with *96 per cent, more from passengers, '60 per cent, less from merchandise, and '56 less from minerals, earned ’77 per cent, of increased gross receipts. The Midland, with 1'34 per cent, more from passengers, '85 per cent, more from merchandise, and 2*36 per cent, less from minerals, had 4T6 per cent, of increased gross receipts ; and the Glasgow and South Western, with 1'74 per cent, more from passengers, '97 per cent, more from merchandise, and 2 '74 per cent, less from minerals, had 8 '49 per cent, of increased gross receipts. In like manner, also, the Great Eastern had '54 per cent, more from passengers, '15 per cent, more from merchandise, and *03 per cent, less from minerals, and earned 1*41 per cent, additional receipts; and the Great Western, with 1*28 per cent, more from passengers, '08 per cent, less from merchandise, and 1*20 per cent, less from minerals, had 22 ‘28 per cent, additional gross receipts. But this result of the Great Western has to be qualified by taking the greatly increased length of line into account : with this qualification, however, it is not an unfavourable result. It would appear to be of primary consequence for the companies, especially those having severe competition, to use every endeavour to encourage and develop passenger and merchandise, rather than mineral traffic. An immense weight of the latter is carried, a fearfully disproportionate number of trains are run, and, from the low rates prevailing for the carriage of it, for relatively little money. Working Expenditure will be more readily and thoroughly grasped if indicated in its relation to increase or decrease of gross receipts. In handling a subject of this kind, the same quantities have to be brought forward now and again to convey anything like a clear idea cf the correlation between one part and another, and each part to the whole. In the present stage of railway accounts, there are positively no means of conducting an investigation but by comparative analysis. Of the Southern lines, there is an increase of £76,429, or 5 '49 per cent., on the London and South Western, against an increase of gross receipts of 41 4*99 per cent. ; on the Brighton, an increase of £7,317, or *85 per cent., against an increase of gross receipts of 1*53 per cent. ; on the Chatham there is a decrease of £12,290, against an increase of gross receipts of *20 per cent. ; and there is also a decrease on the South Eastern of £23,909, coinci- dent with reduced gross earnings of a larger amount. The expenditure of the Metropolitan was increased £10,563, or 5T1 per cent., against increased gross receipts equal to 5*55 per cent. ; and the Metropolitan District was increased £3,774, or 2’91 per cent,., against 4*28 per cent, of increased gross receipts. The Great Eastern expenditure was reduced £40,184, against an increased gross revenue of a nearly equal amount, or 1*41 per cent. ; and the Great Western increased £691,423, or 22*92 per cent., against increased gross receipts equal to 22*28 per cent. Of the Northern lines, the Great Northern increased £68,918, or 4*29 per cent., against increased gross revenue of half this amount, or 1*13 per cent. ; the London and North Western increased £12,923, or *25 per cent., against an improved gross revenue of *59 per cent. ; the expenditure of the Midland increased £159,702, or 5*02 per cent., against increased gross revenue of 4*16 per cent. ; the Manchester, Sheffield and Lincolnshire expended £38,056 less, against a decreased gross revenue of £43,878 ; the Lancashire and Yorkshire reduced their expenditure £37,902, and improved their gross earnings *24 per cent. ; and the North Eastern expended £38,753 less, and earned £118,007 less. Of the Scotch lines, the Caledonian expended £1,431 less, and earned £14,498 less ; the North British increased the expenditure £28,159, or 2*36 per cent., against a revenue improved by *77 per cent. ; and the Glasgow and South Western expended £19,586, or 3*64 per cent., additional, and earned 8*49 per cent, additional gross receipts. Expenditure per Mile of Line, like the gross earnings per mile of line, is generally reduced ; but the London and South Western is increased £88, the Metropolitan District £471, the Great Northern £52, the North British £33, and the Glasgow and South Western £51 ; and while the two first and the last earned more than a corresponding revenue (the London and South Western had £146, the District £1,895, and the Glasgow and South Western £228 additional per mile), the North British earned only £15 additional per mile, and the Great Northern had £59 less per mile. Expenditure per Train-mile is increased on the d. Metropolitan District 4*64 Metropolitan 207 Great Northern • . • *18 North Eastern *13 North British • • • *61 ed on the other lines — Chatham • • • 4*93 South Eastern • • • 2*30 Great Eastern ##l 2*07 Brighton • •• 1*39 London and North Western • • • c. -97 Lancashire and Yorkshire ... • . • *78 45 d. London and South Western *68 Caledonian ... ... ... ... ... *48 Manchester, Sheffield and Lincolnshire ... # 38 Great Western ... ... *26 Midland ... ... ... ••• ... *04 while the Glasgow and South Western is at the same rate as the previous year. The Proportion of Gross Expenditue to Gross Receipts from ALL SOURCES is increased on the London and North Western ... ... • • • •27 per cent. Great Western • • • ... •28 >> Great Northern • • • • >x 1-69 >> Midland • • • ... •44 5 1 North Eastern • • • ... •39 11 Caledonian • • • . . • •19 11 North British ... • • • . . . •84 11 and reduced on the Brighton • • • • • . •32 11 Chatham • • • 1-33 11 South Eastern ... • . • • • • *54 11 Metropolitan ... • • • •16 11 Metropolitan District ... ... • . « •62 V Great Eastern ... • • • 2*22 11 London and North Western ... ... Ml •18 If Manchester, Sheffield and Lincolnshire %%• •84 U Lancashire and Yorkshire • • . • •• 1*20 1 ) Glasgow and South Western ... ... 2*60 if These figures indicate, in a very rough fashion, the external results of the year, as applicable to the several lines ; but it is unfortunate that no material is supplied, either in the companies’ statements or in the Board of Trade returns, whereby a closer and more direct analysis could be made of the relative cost and gain of the several leading branches of the business of the lines. Nothing short of this can be considered satisfactory, for it is of the last importance that the receipts and expenditure of passenger, merchandise, and mineral traffic respectively should be given ; and, notwithstanding all that has been said, and all that can or may be said, by those apparently interested in keeping the public in ignorance of these essential facts, there is no insur- mountable difficulty to be overcome in doing it. That the companies do not choose or do not wish to give it, and that the Board of Trade is lukewarm on the subject, is the only reason why it is not obtainable — not by any means that it cannot be given. Taking the material at hand, however, it may be of some consequence to draw attention to the variations under the several heads of expenditure on the different lines ; and to do this it is better to take the expenditure in PROPORTION TO receipts, putting aside the train-mile test as a doubtful and antiquated one, existing rather by tradition, like the glory of unreformed corporations, than by any inherent importance that can be attached to it in the present imperfect form of the railway returns. Train-miles would be right enough if they were given for each class of traffic, if the average number of vehicles in each train was known, if the average gross weight of each train 43 and the average dead weight to paying weight was also known — if correctives such as these were given, train-miles would assume that importance which in reality they should deserve, but which cannot be given to the current indefinite article. Expenditure shown in relation to receipts, therefore, is the only alternative left. To take Maintenance of Way and Works, Locomotive Power, and Repairs of Carriages and Waggons, the proportion of revenue cost to gross receipts is in the following order for the different companies : — Way, Works, &c. Metropolitan ... ... 4*65 per cent, of gross receipts. District ... 4*90 9 J 9 9 South Eastern... ... 6-99 9 9 9 9 Brighton ... 7*02 9 9 9 9 Manchester. Sheffield and Lincolnshire 7*98 99 7 9 Lancashire and Yorkshire ... 8-07 9 9 9 9 Chatham ... 8-90 9 9 5 9 Caledonian ... 1013 99 9 9 Great Eastern... ... 10-33 9 ) 9 9 Great Northern ... 10-37 9 9 99 Midland .., 10-53 99 9 9 London and South Western ... ... 10-81 9 9 • 9 London and North Western ... ... 10-99 9 9 9 9 North Eastern... ... 11-69 99 9 9 North British... ... 12-54 9 9 9 9 Great Western ... 13-34 9 9 99 Glasgow and South Western... ... 15-13 99 99 Locomotive Tower. Metropolitan ... ... 8*75 per cent, of gross receipts. Manchester, Sheffield and Lincolnshire 11*19 it 9 9 South Eastern ... ... 12-23 J, 99 Great Western... ... 12-52 ? J 99 North British ... ... 12-88 J, 99 London and South W estern . . „ ... 13-25 J, 9 9 London and North Western ... ... 13-29 it 9) Caledonian ... 13-40 it 9 9 Metropolitan District ... ... 13-48 It 99 Glasgow and South Western ... ... 1350 J, 91 Brighton ... 1414 it 99 Great Northern ... 1417 It 99 Lancashire and Yorkshire ... 14-41 it 99 Great Eastern .. , ... 14-59 it 99 Midland ... 14-71 it 9> Chatham ... 1578 it 99 North Eastern... ... 17-20 it 9> Repairs op Carriages and Waggons. Metropolitan ... l - 98 per cent, of gross receipts, Metropolitan District ... ... 235 it a London and North Western ... ... 3-50 it a 47 Brighton ... 3-58 per cent, of gross receipts. Chatham ... 3*61 n tt South Eastern ... ... 3-62 a Great Northern ... 3-73 n it Great Western... ... 3*86 H a London and South Western ... ... 3*91 » a Midland ... 394 11 tt Great Eastern ... ... 452 tt 1 1 Manchester, Sheffield and Lincolnshire 4 -68 it a Caledonian ... 4-92 ?> a North British ... 542 tt n Lancashire and Yorkshire ... 6*26 It 1 1 Glasgow and South Western ... ... 6-89 11 it North Eastern*.. ... 7*37 11 it next, and heaviest, item is Traffic Charges. Metropolitan ... ... 11*83 per cent, of gross receipts. Metropolitan District ... 12*44 11 South Eastern ... ... 12*60 9 9 99 North Eastern ... ... 14*02 91 91 Brighton ... 14*08 9 y 9 9 Glasgow and South Western ... ... 14*26 1 9 9 9 Great Western ... 14*29 99 D Caledonian ... 14*81 99 > j North British ... 15*29 9 9 9 9 Chatham and Dover ... ... 17*77 9 9 9 9 Great Eastern ... 17*96 9 y 9 9 London and North Western ... ... 18*05 9 9 9 9 Manchester, Sheffield and Lincolnshire 18T6 9 9 9 9 Midland ... 18*49 9 9 9 9 Great Northern ... 18*57 9 9 9 y London and South Western ... ... 19*02 99 9 9 Lancashire and Yorkshire ... 20*71 99 19 Putting these primary working charges in their aggregate form, the companies appear in the following order : — Primary Working Charges. Metropolitan ... 27*21 per cent, of gross receipts. Metropolitan District ... ... 33*17 99 91 South Eastern ... ... 35*44 99 9 9 Brighton ... 38*82 ly 99 Manchester, Sheffield and Lincolnshire 42 01 99 99 Caledonian ... 43*26 99 99 Great Northern ... 44*01 91 9 9 London and North Western ... .., 45*83 9 9 9 9 Chatham ... 46*06 99 99 North British 46*13 99 9 9 Great Northern ... 46*84 99 9 9 London and South Western ... ... 46*99 19 48 Great Eastern ... Midland Lancashire and Yorkshire Glasgow and South Western North Eastern 47 '40 per cent, of gross receipts. 47 67 49-45 49- 78 50- 28 Looking into these remarkable and widely divergent results of the primary cost of working the several lines, under each head and in the aggre- gate, it cannot be wholly lost sight of that the sums charged against revenue are not necessarily, in every instance, all that should be so charged : there are suspense accounts and elastic capital accounts always open to meet a difficulty and — a dividend ! Assuming, however, that these charges are all above sus- picion, and searching for a reason that will account for the variations, there appears only one means of solution, and that is, to refer to the source of the receipts of the several companies. Doing this, it is apparent at once that the passenger-carrying lines are worked much more cheaply than the goods lines ; and again, of the latter it also appears that the greater the proportion of their receipts that are derived from mineral traffic, the higher still the working charges run up. How much of this can be put down as an absolute, and how much of it as a contingent result, cannot be ascertained with any degree of certainty. The heavy mineral- carrying lines carrying that traffic with a smaller margin of profit than other traffic thus primarily increase the propor- tion of their working charges ; and the farther consequence of having their lines filled with a heavy mixed service, of passenger, merchandise, and mineral trains, tends to still further swell their working expenses, from the extra pre- cautionary measures that have to be adopted to ensure anything like safety from accidents. Both causes, therefore, are in active operation eating up the profits. The dearer working of lines having a heavy mineral traffic is palpable. This, coupled with the fact that the mineral-carrying lines have the least receipts per goods train-mile, opens up the question again whether the mineral traffic, in the event, — first and last and all collateral costs being duly taken into the reckoning, — is really remunerative ; and further incites the desire to know exactly, as it should be clearly known and put beyond doubt, the rela- tive gain derived from it, and from merchandise, and from passenger traffic respectively. The means of solving these questions authoritatively and con- clusively are not vouchsafed to us. The question of mineral traffic in all its various aspects, however, is one of too great magnitude to discuss further here. Nor is it necessary ; it has been ably and exhaustively dealt with, — so far as a skilful use of the scant available data, aided by elaborate and careful comparative analysis by an expert hand, can be termed exhaustive, — in the series of articles, already mentioned, in the Edinburgh Review and Frasers Magazine , which it would be well if all those interested in the present and the future of railway property would read and carefully study. It would be the means of forming a public opinion that might arouse the Board of Trade from their lethargy to put the railway returns (their own and the companies’) into such a form that everything worth knowing about railway business would be clear, and straightforward, and definite. As considerable publicity has latterly been given to the question of PASSENGER Duty, it may be of some interest to set out the incidence of it in the double form — in proportion to gross receipts, and in proportion to passenger receipts — in the order in which it fell upon the companies ; — 49 In Proportion to Gross Receipts. Manchester, Sheffield & Lincolnshire Per cent. •43 Great Western Per cent. ... 1-61 North Eastern ... ... *60 Great Eastern ... ... 1-72 Caledonian ... *69 London and South Western ... 191 Midland ... ... -71 Metropolitan ... 2-44 Glasgow and South Western ... -78 Brighton ... ... 2-47 North British ... -96 Chatham ... ... 2-58 Lancashire and Yorkshire ... 1-06 South Eastern ... ... 2-62 Great Northern ... 1*16 Metropolitan District ... ... ... 2-88 London and North Western ... ... 1*53 In Proportion to Passenger Receipts. Per cent. Per cent. Manchester, Sheffield & Lincolnshire ... 1-75 Great Northern ... ... ... 314 Glasgow and South Western ... ... 2-31 London and South Western ... ... 3-18 Caledonian ... ... 2*39 Brighton ... ... 3-54 North Eastern ... ... 2-50 Chatham ... ... ... 3-55 Metropolitan ... 2-56 South Eastern ... ... 3-71 Midland ... 2*58 Great Eastern ... ... 3 73 North British ... 2-77 Great Western ... ... 4-06 Metropolitan District ... 2-87 London and North Western j.. ... ... 4-44 Lancashire and Yorkshire ... ... 2-88 The incidence of Rates and Taxes is highest on the Southern and Metropolitan lines ; and Compensation, particularly for personal injury, is highest on the Northern and the Scotch lines — the latter, of course, the result of mixed passenger, merchandise, and mineral traffic. VI — NET RECEIPTS. Net Receipts from all sources £ London and South Western. Brighton. Chatham and Dover. South Eastern. 1,148,044 939,005 442,037 1,024,928 Do. from Trains 33 1,038,364 884,827 367,296 909,568 Do. do. per Mile 33 1,511 2,535 2,310 2,748 Do. do. per Train-mile s. d. 2 5 2 10* 2 4* 3 9* Propn. of Gross Receipts to Parent Co.’s Capital % 13-03 9-27 4-72 9-84 Do. Expenditure do. do. 33 7-31 4-45 2-68 4-58 Do. Net Receipts do. do. 33 5-72 4-82 2-04 5-26 Do. do. from Trains do. 33 5-17 4-54 1-70 4-67 Do. Gross Receipts to Gross Capital 12-21 7-84 4-54 9-25 ; Do. Expenditure do. 33 6-85 3-76 2-57 4-30 Do. Net Receipts do. 33 5-36 4-08 1-97 4-95 Do. do. from Trains do. 33 4-85 3-84 1-63 4-39 D 50 NET RECEIPTS — continued . Metro- Metro- Great Great politan. politan District. Eastern. Western. Net Receipts from all sources £ *386,940 151,270 1,267,221 3,324,118 Do. from Trains 55 302,685 142,178 1,197,369 3,319,784 Do. do. per Mile... ... 55 21,620 17,773 1,394 1,612 Do. do. per Train-mile s. d. 7 0| 3 5f 2 64 2 74 Propn. of Gross Receipts to Parent Co.'s Capital % 6*79 5-20 9-22 11-78 Do. Expenditure do. do. 55 2-65 2-44 5-07 6-21 Do. Net Receipts do. do. „ 4*72 2-76 4-15 5-57 Do. do. from Trains do. 55 3-70 2-60 3-92 5-56 Do. Gross Receipts to Gross Capital 55 6-31 ... 7-94 9-21 Do. Expenditure do. 2-47 ... 4-36 4-85 Do. Net Receipts do. 4-39 3-58 4-36 Do. do. from Trains do. 55 3-44 3-38 4-35 NET RECEIPTS — continued . Great Northern. London Manchest. and North Western. Midland. Sheffield & Lincoln. Net Receipts from all sources £ 1,331,827 4,189,227 2,901,490 829,247 Do. from Trains 55 1,287,888 4,187,013 2,838,290 734,141 Do. do. per Mile 55 2,012 2,565 2,293 2,824 Do. do. per Train -mile s. d. 2 2 \ 2 6£ 2 4£ 2 104 Propn. of Gross Receipts to Parent Co.’s Capital % 10-99 13-55 10-51 8-25 Do. Expenditure do. do. 55 6-12 7-46 5-63 4-32 Do. Net Receipts do. do. 55 4-87 6-09 4-88 3-93 Do. * do. from Trains do. 55 4-71 6-08 4-78 3-48 Do. Gross Receipts to Gross Capital 55 11-02 11-95 10-83 10-65 Do. Expenditure do. 55 6-14 6-58 5-80 5-57 Do. Net Receipts do. 55 4-88 5-37 5-03 5-08 Do. do. from Trains do. 55 4-72 5-37 4-92 4-50 NET RECEIPTS — continued . Lanca- North Cale- North shire and Yorkshire Eastern. donian. British. Net Receipts from all sources £ 1,549,451 2,936,679 1,480,069 1,041,838 Do. from Trains 55 1,526,111 2,825,110 1,380,502 1,038,667 Do. do. per Mile 55 3,476 1,977 1,665 1,221 Do. do. per Train-mile s. d. 2 8* 2 7£ 2 6J 2 5£ Propn. of Gross Receipts to Parent Co.’s Capital 0/ /o 12-53 12-22 9-41 8-33 Do. Expenditure do. do. 55 7-09 6-69 4-67 4-50 Do. Net Receipts do. do. 55 5-44 5-53 4-74 3-83 Do. do. from Trains do. 55 5-36 5-32 4-42 3-82 Do. Gross Receipts to Gross Capital 55 12-12 12-25 8-83 8-12 Do. Expenditure do. 55 6-86 6-71 4-38 4-38 Do Net Receipts do. 15 5-26 5-54 4-45 3-74 Do. do. from Trains do. 55 5-18 5-33 4-15 3-73 * Including £48,289 from Rents of Houses, &c. 51 NET RECEIPTS— continued. Glasgow Gt. South. Mid. Gt. Great and South & West, op West, op North, of Western. Ireland. Ireland. Ireland. Net Re -fipts from all sources £ 448,504 349,313 230,059 300,758 Do. from Trains 99 430,974 347,060 222,992 296,522 Do. do. per Mile 99 1,359 716 537 647 Do. do. per Train-mile s. d. 2 If 2 9£ CO 2 9f Propn. of Gross Receipts to Parent Co.’s Capital 0/ /o 11-13 10-86 12-16 12-65 Do. Expenditure do. do. 99 6-17 5-77 6-54 6-52 Do. Net Receipts do. do. 99 4-96 5-09 5-62 6-13 Do. do. from Trains do. „ 4-76 5-06 5-45 6-04 Do. Gross Receipts to Gross Capital 99 11-51 10-57 9-18 10-36 Do. Expenditure do. 99 6-38 5-61 4-94 5-34 Do. Net Receipts do. 99 5-13 4-96 4-24 5 02 Do. do. from Trains do. a 4-93 4-93 4-11 4-95 Net Receipts from all Sources are relatively increased beyond the increase of capital on very few of the lines, this favourable result being attained only on the London and South Western, with an increase of £47,842, or 4'35 per cent., against an increase of 1*21 per cent, of parent and '45 per cent, of gross capital ; on the Brighton, with an increase of £19,952, or 217 per cent., against an increase of 1‘49 per cent, of parent and 1*84 per cent, of gross capital ; on the Chatham, with an increase of £14,330, or 3 ’35 per cent., against an increase of *21 per cent, of parent and *33 per cent, of gross capital ; on the Metropolitan, with an increase of £19,685, or 5*36 per cent., against an increase of 1*72 per cent, of parent and ‘31 per cent, of gross capital ; on the Metropolitan .’District, with an increase of £7,909, or 5*52 per cent., against a decrease of capital ; on the Great Eastern, with £79,333, or 6*68 per cent., against an increase of *22 per cent, of parent and ‘65 per cent, of gross capital. The Great Western has an increase of net receipts amounting to £587,731, or 21‘57 per cent., to contrast with an increase of 15*28 per cent, of parent capital, but the gross capital involved in the under- taking is increased 26*92 per cent., consequently the increased net receipts do not meet the corresponding increase of capital. The Glasgow and South Western presents the best features of the year, with an increase of £59,174, or 15*20 per cent., of net receipts, against an increase of 2*74 per cent, of parent and 2*83 per cent, of gross capital. The second group of lines having an increase of net receipts LESS THAN THE INCREASE OF CAPITAL are: the London and North Western, with an increase of £41,972, or 1*01 per cent., against an increase of 2*94 per cent, of parent and 2*21 per cent, of gross capital ; the Midland, with an increase of £89,834, or 3*16 per cent., against an increase of 7*71 per cent, of parent and 5*86 per cent, of gross capital ; the Lancashire and Yorkshire, with an increase of £46,448, or 3*09 per cent., against an increase of 3*97 per cent, of parent and 3*84 per cent, of gross capital. The third group of lines having an actual DECREASE OF NET RECEIPTS are ; the South Eastern, reduced £4,772, with an increase of capital of 52 about 2 per cent. ; the Great Northern, reduced £35,163, with an increase of 8’92 per cent, of parent and 7'54 per cent, of gross capital; the Manchester, Sheffield and Lincolnshire, reduced £5,820, against an increase of capital amounting to 2} per cent. ; the North Eastern, reduced £79,254, against an increase of capital of about 4J per cent. ; the Caledonian, reduced £13,068, against an increase of capital of 1 j per cent. ; and the North British, reduced £10,949, against an increase of 4T8 per cent, of parent and 3'02 per cent, of gross capital. Net Receipts per Mile of Line are increased £58, or 3’99 per cent., on the London and South Western, 37 „ 148 „ 11 Brighton, 115 „ 5-24 „ It Chatham, 1,424 „ 871 1) Metropolitan District, 124 „ 976 it Great Eastern, 3 „ O il tt London and North Western, 189 „ 416 tt Lancashire and Yorkshire, 177 ,,14-97 „ it Glasgow and South Western, and reduced £31 on the South Eastern, 293 „ Metropolitan, 114 „ Great Western, 111 „ Great Northern, 123 „ Midland, 75 „ Manchester, Sheffield and Lincolnshire, 120 „ North Eastern, 15 „ Caledonian, 18 „ North British. Net Receipts per Train-mile are increased and decreased 4a. on the Metropolitan, 6 jd. „ Metropolitan District, 2£d. „ Great Eastern, Jd. „ Manchester, Sheffield and Lincolnshire, ljd. „ Lancashire and Yorkshire, 2f d. „ Glasgow and South Western ; on the London and South Western, Brighton, and Chatham, „ South Eastern, „ Great Western, „ Great Northern, ,, London and North Western, „ Midland, „ North Eastern, „ Caledonian, „ North British. The Proportion of Gross Receipts to Parent Capital is increased *47 per cent, on the London and South Western, •25 „ „ Metropolitan, 53 '23 per cent, on the Metropolitan District, •11 >> 11 Great Eastern, *67 11 1 1 Great Western, •59 11 11 Glasgow and South Western. The Brighton and Chatham have maintained their ground with the previous year, but the gross receipts of the following lines have shrunk in proportion to their capital : — •35 per cent, on the South Eastern, *85 y i ii Great Northern, •32 19 11 London and North Western, •36 11 19 Midland, •44 99 91 Manchester, Sheffield and Lincolnshire, •47 91 11 Lancashire and Yorkshire, •78 11 11 North Eastern, •26 11 11 Caledonian, •31 11 11 North British. The Proportion of Gross Receipts to Gross Capital follows very closely upon the foregoing, except that the Great Western appears with a shrinkage of *34 per cent. The Proportion of Net Receipts to Parent Capital is increased *18 per cent, on the London and South Western 03 it ,, Brighton, ,, Chatham, ,, Metropolitan, 06 ii 16 ii 15 ii ,, Metropolitan District, 25 ii ,, Great Eastern, 29 ii ,, Great Western, 54 ii ,, Glasgow and South Western. The Brighton and Chatham, it may be remarked, had an increased propor- tion of net receipts merely by a relative saving in expenditure, and the Great Eastern also had a relative saving in expenditure of T4 per cent. The following lines show a reduction : — 13 per cent, on the South Eastern, 58 12 22 14 05 40 15 23 Great Northern, London and North Western, Midland, Manchester, Sheffield and Lincolnshire, Lancashire and Yorkshire, North Eastern, Caledonian, North British. The Proportion of Net Receipts to Gross Capital agrees also very closely with the above in respect of parent capital, excepting again the Great Western appearing for a reduction of the proportion of net receipts of ‘IS per cent. The swelling of the capital accounts of the companies goes on, as a rule, at a more rapid rate than traffic receipts increase, consequently the profits 54 are being decreased year by year, particularly on the goods lines. This will be rendered clearer by tabulating the results for the past three years. Proportion op Gross Receipts to Capital. First — lines that are improving : — Glasgow and South Western London and South Western Metropolitan Metropolitan District Great Eastern 1876, 1876. 1874. Per cent. Per cent. Per cent. 11- 51 ... 10*91 ... 10*57 12- 21 ... 1168 ... 12*05 6- 31 ... 5-99 ... 5-68 5-20 ... 4-97 ... 4-22 7- 94 ... 7*88 ... 8-15 The Great Eastern improved in the past year, but is not equal to its position in 1874; and the London and South Western was not equal in 1875 to its position in 1874, but made a substantial advance in the past year. Second — lines nearly stationary the past year : — 1876. 1875. 1874. Per cent. Per cent. Per cent. Chatham ... ... ... ... 4-54 ... 4-54 ... 4-31 Brighton 7-84 ... 7*86 ... 7-66 Third — lines falling off in relative value : — 1876. 1875. 1874. Per cent. Per cent. Per cent. South Eastern 9-25 ... 9-56 ... 9-39 Great Western 9-21 ... 9-55 ... 9-43 Great Northern 11*02 ... 11*72 ... 12-05 London and North Western 11*95 ... 12*14 ... 12-18 Midland 10-83 ... 11*00 ... 11-47 Manchester, Sheffield & Lincolnshire 10-65 ... 11*10 ... 11-39 Lancashire and Yorkshire ... 1212 ... 12-55 ... 12-51 North Eastern 12*25 ... 13-04 ... 12-91 Caledonian ... 10*50 ... 10-73 ... 10-79 North British 8-88 ... 9-08 ... 8-32 The Great Northern is very decided in the falling away of receipts rela. tively to the yearly additions to capital. Proportion op Net Receipts to Capital. First — lines that are improving : — 1876. 1875. 1874. Per cent. Per cent. Per cent. Glasgow and South Western 5T3 ... 4-58 ... 403 Metropolitan 4-39 ... 4-18 ... 3-43 London and South Western 5-36 ... 5T6 ... 4-95 Metropolitan District 2-76 ... 2-61 ... 2-21 Chatham 1-97 ... 1-91 ... 1-76 Brighton 4-08 .... 4-06 ... 3-83 Great Eastern 358 ... 3-37 ... 3-50 55 Second — lines falling off in value — South Eastern Great Western Great Northern London and North Western Midland Manchester, Sheffield & Lincolnshire Lancashire and Yorkshire ... North Eastern Caledonian ... North British ... 1876. 1875. 1874. Per cent. Per cent. Per cent. 4-95 .. 5*06 ... 477 4-36 ... 4*54 ... 4*53 4*88 ... 539 ... 5*46 5-37 ... 5*43 ... 5-47 503 ... 5*16 ... 5-28 5-08 ... 5*20 ... 545 526 ... 530 ... 5 42 554 ... 5-95 ... 5*86 5*29 ... 543 ... 4-92 4-09 ... 426 ... 3*49 The Great Northern appears again as the most rapidly depreciating property. The London and North Western, Midland, Manchester, Sheffield and Lincolnshire, and Lancashire and Yorkshire are continuous in their downward tendency, but to a much lesser extent. The North Eastern during the past year fell off more than any of the companies, except the Great Northern. There are three railway questions that have been before the public for some time — the fusion of the Chatham and South Eastern Companies, the amalgamation of the Great Northern and Great Eastern (now broken off), and the joint arrangement of the Manchester, Sheffield and Lincolnshire, the Great Northern, and the Midland (also broken off) ; and it may be interesting to draw attention a little more to the several conditions of these lines. First, the fusion of the Chatham and South Eastern. The Chatham improved nothing in earning power during the past year, but, by relatively curtailing revenue expenditure, improved its profits a trifle. Compared with 1874, however, it improved oneffifth per cent, in value. The South Eastern is among the delinquent companies — increasing its capital beyond the earning power and ultimate profits alike. In earning power, during the past year, it fell *31 per cent, below 1875, and T4 per cent, below its figure in 1874. And so in net receipts, in the past year it was T1 per cent, below the previous year. Of the two Companies, therefore, the improvement is on the side of the Chatham. Although the amalgamation of the Great Northern and Great Eastern has apparently fell through, their respective appearances may be noted. The Great Northern, in earning power, depreciated during the past year *70 per cent., and, compared with 1874, L03 per cent, relatively to its capital in those years. In net receipts, during the past year, it fell off *51 per cent, upon the previous year and *58 per cent, upon 1874, relatively to the capital involved. The Great Eastern, during the past year, in earning power, is *21 per cent, below its relative value in 1874, but is slightly improved upon 1875. In net receipts, during the past year, it is improved even upon 1874, and *21 per cent, better in relative value than in 1875. The Great Eastern is, consequently, as a property, in the better condition. The latest project — the joint arrangement of the Midland and Great Northern to take up the Manchester, Sheffield and Lincolnshire — has also been abandoned. The Great Northern, being disposed of already, need not be repeated. The Sheffield line is a depreciating property also, during the past 56 year having fell off in earning capacity, relatively to its capital, *45 per cent., and *74 per cent, upon 1874. In net receipts it fell off ‘12 per cent, upon 1875 and *37 per cent, upon 1874. The net receipts, in this instance, do not show the losses involved in the 4 j millions sterling subscribed to other under- takings, but they are too serious to be left out of account. The Midland also has depreciated in earning capacity, relatively to its capital, regularly year after year, but to a less extent than the Great Northern or the Sheffield line. The depreciation amounts to T7 per cent, in the past year upon 1875 and ‘64 per cent, upon 1874. In net receipts it is T 3 per cent, worse in the past year than in 1875, and ‘25 per cent, worse than in 1874. The Midland line as it stands, however, is in a better position than either of the other two Companies, and, as has been already shown, the expectations that may reasonably be anticipated from it are infinitely superior. There is no external drawback now, as heretofore, to retard its vigorous development. To return, however, to the general question of the growth of capital : that it should outrun the growth of revenue, gross and net, is surely indication enough that deterioration has set in, and in some instances to a very marked extent. Moreover, it is not confined now to the goods lines. The passenger lines are proceeding, but to a less extent, except in the case of the South Eastern, which is prominent, in the same direction. What appeared like an epidemic in the form of capital expenditure with the national prosperity in 1871 and the following year or two, the contagion of which affected the general railway system, appears now to be endemic, having outlived the real or apparent cause of it, for each year tells plainly enough of a falling-off in the ratio of increased receipts. Not so the capital expenditure. In a period of comparative cessation in railway extension, with no tangible prospects of greatly enhanced receipts, it is carried on as recklessly as if railway administration meant to “ Sow the sands — Throw seed to every wind that blows.” It is only a question of time and a little longer continuance of the present depression of trade, to bring dividends down. Dividends even now are inflated and upheld at about the same rate half-year after half-year, and it must be apparent to any one who reads between the lines that this can only be done by increasing the railway debt — the burden of capital. To continue to uphold the dividends, to a greater or less extent, out of the accumulations of capital cannot be possible. It is an abnormal condition of things that cannot last. The national investor has lately suffered sharply enough from the failure of foreign investments, American railway and other securities, to make it very undesirable that anything similar should overtake him at home. The present indications are not pleasant ; and if stockholders are not to drift into a state of panic, sooner or later, the question should be grappled with, and measures devised to bring about a cessation of the perennial destruction of capital, and to ensure, for the future, accurate and trustworthy balance-sheets. In further proof of these remarks, the one item of working stock alone is sufficiently startling to arouse earnest attention and inquiry into the depths of the prevailing evil. 57 VII — ROLLING STOCK. C Locomotives ^Stock® ] Coaching Stock (Waggon do No. 99 99 London & South Western. Brighton. Chatham and Dover. South Eastern. 359 2,148 6,006 283 1,962 5,341 150 792 1,727 278 1,905 3,861 Average Earnings per Engine £ 6,502 6,109 5,907 6,298 1 Do. Train-mile* do. No. 23,870 21,638 20,528 17,196 ROLLING STOCK — continued. Working (Locomotives StSck 8 ] Coaching Stock (Waggon do. No. » 9) Metro- politan. Metro- politan District. Great Eastern. Great Western. 44 180 15 30 152 3 496 2,012 10,791 1,471 4,177 32,310 Average Earnings per Engine £ 11,816 9,184 5,262 4,690 Do. Train-miles do. No. 19,559 27,192 18,957 17,402 ROLLING STOCK— continued. Working { Locomotives Stock jewing Stock Waggon do No. 99 99 Great Northern. London & North Western. Midland. Manchest. Sheffield & Lincoln. 1,083 1,734 16,822 2,213 5,095 42,587 1,322 3,454 31,164 397 723 10,717 Average Earnings per Engine £ 2,727 4,157 4,674 3,790 ; Do. Train-miles do. No. 10,759 14,724 17,890 12,888 ROLLING STOCK — continued. Working (Locomotives Stock 1 Coaching Stock (Waggon do. No. 99 99 Lanca- shire and Yorkshire North Eastern. Cale- donian. North British. 675 2,133 18,336 1,364 2,589 76,030 649 1,544 34,953 467 1,578 24,065 Average Earnings per Engine £ 5,241 4,640 4,311 4,747 Do. Train-miles do. No. 16,810 15,826 16,722 18,018 58 ROLLING STOCK — continued. Working (Locomotives fegon 8 do ook ... ::: ::: No. Glasgow & South Western. Gt. South. &West. of Ireland. Mid. Gt. West, of Ireland. Great North, of Ireland. 260 717 10,514 145 421 2,530 98 260 1,943 118 382 2,197 Average Earnings per Engine £ 3,774 5,121 4,963 5,225 Do. Train-miles do. No. 15,479 17,149 16,748 18,145 Working or rolling stock has been largely augmented during the past year, and, with some very rare exceptions, out of all proportion to the increase of traffic receipts. This will be readily understood when both are set out in tabular form : — Increase of Increase of Engines. Gross Receipts. London and South Western ... 4*97 per cent. ... 4-99 per cent. Brighton 4-81 a ... 1-53 „ Chatham 5*63 ... -20 „ South Eastern 9-02 . . . reduced receipts. Metropolitan ... — ... 5 "55 per cent. Metropolitan District ... 25-00 » ... 4-28 „ Great Eastern 4-42 a ... 1-41 Great Western ... 20-28 a ... 22-28 Great N orthern ... 12-00 a ... 113 „ London and North Western 1-10 ... -59 „ Midland ... ... 10-53 >t ... 416 „ Manchester, Sheffield and Lincolnshire 6T5 a . . . reduced receipts. Lancashire and Yorkshire .. •75 }i ... *24 per cent. North Eastern 2-48 >> ... reduced receipts. Caledonian ... 1-72 a ••• a t ) North British 3-09 a *77 percent. Glasgow and South Western 4-00 tt ... 849 „ The Metropolitan, with 5*55 per cent, of additional receipts, did its work without any additional engine power ; the Glasgow and South W estern earned 8*49 per cent, additional receipts, and only added 4 per cent, to its stock of engines ; the London and South Western very nicely balanced the two quantities — increase of engines and increase of receipts. With all the others, it is a question of degree how far they have outrun the gauger. The South Eastern, Chatham, Metropolitan District, Great Northern, Manchester, Sheffield and Lincolnshire, North Eastern, and Caledonian are very glaring. The Midland, of course, had its new line, but it seems to have stocked it well. The Brighton and Great Eastern have added three times to their number of engines the proportion of increased receipts, and the North British equal to four times the receipts. The London and North Western and Lancashire and Yorkshire have erred in milder form. Attention may be directed also to the fact that the maximum earning power per engine is reached on the Metropolitan line, with £11,816, the •f eJM je pimoj gq IltM ‘sqoojs yEdioiiTjd gqj ui suoijEjonb guisop eq; qjiM jgqjggoj ‘sysiqy gjEqg puE qoojg gqj, : SEA 1 Jl UEqj J 9410 J SI ‘spOO§ puB SJ 9 §II 9 S •s^d joj qaoq ‘sifEMpEj gqj jo J 9 Aiod SuiuiBa oqj .-eq; uoijsonb ou gq A'yjuojEddE ueo gjgqj sosueo aqj C 0 A 9 ^q^ *qjjou oqj oj Suiutiru suiajs^Cs ^EAqiEJ >q^ jje no soiej 9 AISS 90 X 9 pus ifjEJjtqjB jo uiojsXs qo aqj OJ Moyq jeojS e U 9 atS SaiAEq ssejo puooas •qj jo uoiyijoqE sji puE puEypij^; gqj jo sojej uuoj iuii gqj ‘uoijijgdraoo si gaaqj 9jaqA\ J9 Moj jqnop *u osje 9 je soje^j *Saiy[ 9 AEjj ssEjo-pjiqj oj uaqEj JE9A 9JEJ JO 9AEq SJ9JJ9AEJJ qOiqAi OJ JU9JX9 9qj A(± ) 9 siieo si sjdxooaj eqj ui osEgjoap eqj jEqj uinssE ui jqSiJ 9 q ^yqEqoad yjEqs oav ‘soiuEduioo ^{jo oqj jo 9 seo 9 qj uj ‘^jettijoj UEqj otjjejj [S nojqj 9 qj jo 9 JEqs jagjEy qonui e suiEjqo Uou ji 9 oiy QISijjeq puE gyjjgg sji qSnojqj jEqj 3 EJ 9 qj oj anp jqnop ou si puEypiy^' gqy jo uoijisod suoijdaoxo oqj, *p 9 ijjEo sjgqumu gqj ui UEqj sjaS I LigssEd uiojj sjdi 909 j 9 qj ui 9 SE 9 J 0 UI jojjeuis qonui A\oqs saiuEduioo eqj jo eyoqM gqj ‘puEjpip^ gqj ) uoijdooxa aqj qjiAv ‘jEqj raaqi uiojj U 99 s oq jjim. [ -pgppE 9JE ‘oqjEJj J9§U9SSEd aqj JO OAIJEJJSnpi hajuoi; SuiMoqoj gqj ‘ajayduioo uoijsanb ui satuEd uoo eqj jo uoijisod 9qj jo moia oqj eqEiu o^ •papps " esipn'BqojQtn rBisnaS pire Bpsjatntn bboj» „ | * "ajnqkt m ps^iBcIas # j begun. Any donation. Messrs. Ooutts and Co., 59. Strand. U 1 ; CONCERTS, TO- >1 UL.LH. SIELLA. FAUSTINA (her second appear- Una voce (11 Barbiere), and tinale, -PROMENADE CONCERTS, TO- ;adyC ADAME ANTOINETTE STERLING will SING ▼ ft The Last Chord (Sullivau), and When the Tide oomea in ruby). -PR OMENADE C ONCERTS, JTOkNIGHT. _ OROMENADE CONCERTS.— Mr. FEDERICI L will SING Oh. hear the wild wind blow (Mattei), and Were I ’ band iOeUier), TO-NIGHT. X>1 FAUX. VlAKDUT will PERFORM Andante and 'Finale from Mendelssohn’s Violin Conoerto, and (a) (Mario is). (hi Tarantella (Viardot).— PROMENADE CON- EKl’S, TO-NIGHT. OHOMENaDE CON CERTS. — Mr. HOWARD ■ REYNOLDS will PERFORM on the oornet-4-pistons the soloe ■** Section from Sull.vau’s H.M.3. Pinafore, TO-NIGHT. EJKO.llENADE CONCERTS.— Xhe ORCHESTRA II will PERFORM overture, Siege of Corinth (Rossini) ; scherzo ^ t N Ight’s Dream (xMandelssohn) ; ballet music, erture, Der Freischutz (Weber) • overture. La s-nlltro lAuberj ; .election from Sullivan's Oomlo Opera, H.M 8. flnatore. with tne Band of the Coldstream Guard. : raise, IdjrUen Strauss) ; mar ch, Prophete (Meyerbeer) ; galop, &c., TO-NIGHT. DKuMNAUE CONCERTS.— Mr. EDWARD t LLOYD Friday and Saturday next ; Beethoven’s Symphony ^ inor, No. 5 loomplete work), Monday next. Mr. Santley wUl ma ]In XITE ““^"GSTC EKTS. ENGLISH NIGI1T, To-roorrow (Friday). Miss Mary Davies. Mr. Edward d .Sic. Early in Septomber Mr. Charles Halle will ajjpear, -othoe open daily, from lb till 5. Prices (—Private boxes, £2 2a, 11s. 6 ‘ P RINCE OF WALES’S ROYAL THEATRE.— Lessees and Managers. Mr. and Mrs. Bancroft (Miss Marie Wilton) —THIS EVEN IMG. punctually at8o , clook,will be acted the newplaj DIPLOMACY, adapted for the English htage from Sardou’s cornea . Deane. Mr. New Clayton^; Miss Amy^. . Forbes-Robert- , Opening Niglit, Saturday next, August 3 Niklits. Production of an entirely new domestlo drama, in two a by J. Macaay, E,q.. entitled, MAYFAIR AND RAGPAIR. Spj «... » -« eZi auyported by U Emma Chambei . . After which, at 8.30, the enlarged scale and in a more in^pi e^eo'tsyLE^C^LOCHES^DETtJORNEVlLLE! Musio by^Plsuqu Adapted to the English stage by Reece and Farnie Supported by -- v *— a Chambers ; Messrs. « Shiel Barry, F. ,ppoarance),0. Ashford, 1 w T ,r * ,, baud. Box oftlcenow o L WHIRLIGIG. After which, at 8 o’clock, the new and y. in three ucts.;entitled OUR BOYS (1,168th night), by t. Garthome, H. Naylor, J. nes Marie Illlngton, Kate Palmer , a nd So phie Larkin. Bishop, Myra_Holuie,_t_ UR BOYS.- A Morning Paper says “ So O PERA COMiyUE.— H.M.S. PINAFORE that Loved a Sailor, an original Nautical Comic Opera, S. Gilbert and Arthur SuUlvan, THIS EVENING, at 8.30. At 7.45, GUPS AND SAUUERA Doors open at 7.30. Carriages quarter U.— ROYAL COURT THEATRE. OOYAL COURT THEATRE.— Mr. Hare.Lessee and ftV Manager. -THIS EVENING, at 8 o’olock, will be perfori ' - ‘ • play, in four acts, written by W. G.WUls. Oharac Terry, _Mrt. Gaston Murray, Mesdames Kate Aubrey, . R. Cathcart, Mr. Denison. I OLIVIA, anew play, by Miss Marion Terry, Neville, M. Cathcart. Turtle. K. Nicholls ; M W. Terris*, Mr. Frank Aroher, Mr. R. Catl Forbes. Mr. Franks, Jkc. hox-ofllce hours 11 to* uuma «w»- i lng seats. Acting Mana ger. Mr. Huy. | 4 LHAMBRA THEATRE.— FATINITZA, Comic / \ Opera, by Franz von Supp6, adapted from the German by Henry S. Leigh. Millies. Pattie Laverue, Rose Lee, A. Newton, and Marcus ; Messrs. F. Mervin, W. H. Leigh, H. Lewens, J. Dallas, and Aynsley C ook. Last thre e weeks. A t 8A0, TO-NIGHT. A L1IAMLBRA.— THE GOLDEN WREATH, Grand Indian ballot, by J. Albcry. " The whole scene of revelry Is as artistically deligntful as It can be. It is. In fact, a dream such as some painter might form after surfeit tug on the ‘ Arabian Nights. *’ — Globe. TO-NIGHT, at 10.1S._ C RITERION THEATRE — THE PINK DOMINOS J (456th ulght). with uew scenery, specially painted. Preceded, at 7.30, by THE PORTER'S KNOT. _ 1 1 HE PINK DOMINOS (456th Night)— Mesdames Rose Saker, Clermont, E. Duncan, Bruce. Davis * Mes rs. H. Staudlug, Elwood, Harris, Francis, and Henry Ashley.— CRITERION THEATRE, overy evening. i STLEY’S.— MAZEPPA and ROOKWOOD ; or, Turpiu’s Ride to York. Enormous success.— Miss J09EPHINE FluDES (the new Max*ppa). the really wild black horse Ukraine ' in its terrific ascent. Mr. Aug. Glover, the Flora Ballet Troupe (nightly eu cored). Secure seaM atlibraries orBox-oliice. B RITANNIA, Hoxton. — At G.45, FAIRLEIGH’S BIRTHRIGHT . Messrs. Newbound. Howe. Draytou. Lewis, Reeve. Towers-; Mdlles. Bellalr, Kayner, Miss M. Henderson. Con- cert ; Cyrus Bell. M illy Howes. Brothers Dare. WOLF OF HORNSEY i WOOD ; MM. Reynolds, Big wood Rhoyds are 8om^_ _ _ ^ power of railways in possession of a Jargi mineral and goods traffic. The correspondent to whom we are indebted for them also offers the fol- lowing observations : — 11 It will be seen that, with one single exception, the ton- nage has increased in a greater ratio than the receipts. Thus in the London and North-Western the increase in weight is 23 - 2 per cent., while in the money it is only 10T, or not ^uite half ; and in two instances— Lancashire and Yorkshire geods and North Staffordshire minerals although there is in both instances an increase in weight, yet there is in both a loss of money. The smaller receipt in proportion to the weight may arise from three causes — 1, lower rates ; 2, shorter distances carried ; 3, more of a cheaper class of goods carried. The third could scarcely arise in the case of coals, which it is believed are all of the same class ; nor could it be supposed that in the aggregate it eould materially affect the general merchandise ; and the same observation may be made as to the second -in the aggregate and on the average the distances of the goods carried on the same railway with the same or nearly the same mileage in work can scarcely materially vary in different years. The bulk of the smaller receipt must surely be attributable to lower rates. The only instance of the increase in the money being in a greater proportion than the increase in the tons is in the minerals ont‘ Lancashire and Yorkshire. Altogether the figures are markable, and appear to open issues of considerable terest." Railway Capital and Income. (from board of trade returns.) Railway. London & North-/ £24,453.743 Western (. I £10.044,735 Midland | 11,219.941 Man.. Sheffield, &/ 3.980,239 Lincolnshire 1 4.580.758 G'“> Northern { { l&ll North-Eastern { North Stafford- Mercbandise. incr. Not separated in return Receipts ' Decrease. To make the view of the position of the * com- panies in question complete, the following figures, illustrative of the passenger traffic, are added. It will be seen from them that, with the exception of the Midland, the whole of the companies show a muoh smaller increase in the receipts from passen- gers than in the numbers carried. The exceptional position of the Midland is no doubt due to the fact that through its Settle and Carlisle line it now obtains a much larger share of the through traffic than formerly. In the case of the other companies, we shall probably be right in assum- ing that the decrease in the receipts is caused by the extent to which travellers have of late years taken to third-class travelling. Fares are also no doubt lower where there is competition, the uni- form rates of the Midland and its abolition of the second class having given a great blow to the old system of arbitrary and excessive fares on all the railway systems running to the north. Whatever the causes there can apparently be no question that the earning power of the railways, both for pas- sengers and goods, is lower than it was : — (FROM BOARD OF TRADE RETCRNS.) ?i!|i,'fJsi|i ill ■f 1,594.. -..41,984,759..— .,£3.607.590.. i 1,661. . 4*2. .47.660,499. .13’5. ! 3.764;705. ! 1.659,348.. .20*9.. 2, 032.671.. 22-S . 1-2.. 11.163,690.. 12*6.. 1877 Northern { M -..31.888,712..-. 3-S.. 37.297. W7.. 16-9. -..25.074,377.. - . 1.158.743.. 1.271.904.. 1.229.505.. 195.. 6-6.. 5. 070.579.. 31 -8.. 1877 } North-Eistern • 1573 ) North Stafford-, The Stock and Share Lists, together with closing quotations in the principal stocks, be found at page 4. joined are some furthei^Z^f^^reiat earning power of railways in possession of a large mineral and goods traffic. The correspondent tc whom we are indebted for them also offers the foil lowing observations : — “ It will be seen that, with one single exception, the ton ] nage has increased in a greater ratio than the receipts Thus in the London and North-Western the increase ii weight is 23'2 per cent., while in the money it is only 10T‘ or not quite half ; and in two instances— Lancashire anc Yorkshire goods and North Staffordshire minerals— i although there is in both instances an increase in weight, yel . there is in both a loss of money. The smaller receipt iij x proportion to the weight may arise from three causes— * 1, lower rates ; 2, shorter distances carried ; 3, more of £ ‘ s cheaper class of goods carried. The third could scarcel) S arise in the case of coals, which it is believed are all of th< . same class ; nor could it be supposed that in the aggregate it could materially affect the general merchandise ; anc a the same observation may be made as to the second -in the *j aggregate and on the average the distances of the good.* carried on the same railway with the same or nearly the 5 same mileage in work can scarcely materially vary ir '1 different years. The bulk of the smaller receipt inusi B surely be attributable to lower rates. The only instance o the increase in the money being, in a greater proportioi c than the increase in the tons is in the minerals on th< * Lancashire and Yorkshire. Altogether the figures are re ! • markable, and appear to open issues of considerable in ( terest. 5 ’ ! Railway Capital and Income. Year end?. Dc.31. ^JETtOM BOARD OE TRADE RETURNS.) General Per- Merchan- Railway. Minerals.,. centage dise. Tons. increase. Tons. Per- centagt increase 18731 London & North- < 1877 f Western { 18731 1877 1 Midland £24,453,743* 30,128,210* £10,044,735 .. — ..£7,682,656 1873 \ Man., Sheffield, & j 1877 / Lincolnshire Great Northern j 1873 1 Lancashire and J i j Yorkshire I 1877 1873 1877 } North-Eastern { 18731 North Stafford- f 1877 / shire J. 11,219,941 .. 117 3,980,239 .. — 4,580,758 .. 151 2,625,939 .. — 2,923,679 .. 11*3 6,958,007 ... — 8,830,915 .. 27-0 22,389,419 26.302,203 2,240,215 2,346,583 8,765,718 3,858,706 4,352,916 3,344,636 3,650,809 4,157,589 4.282,976 . 7.505,390 . 17-5 .. 7.715,794 47 Year Dc ig. s.31. Railway. Receipts (gross; from Minerals. 706.306 857,106 , Receipts (gross) from centage General inor. Merchandise. Per- Per- centag incr. 18731 London & North- 1877/ 18731 1877 Western Midland { £4,833.774+ 5.322,769+ 1873 (Man., Sheffield, & f 1877 / Lincolnshire 1 Lincolnshire 1877} Great Northern j 18731 Lancashire and 1877/ ^Yorkshire { ifyj} North-Eastern j 18731 North Stafford- 1 18i £1,498,608 1,622,712 315,388 .. — 357,009 .. 13*2 552,250 553,124 545,004 707,893 2,213,809 2,356,883 200,141 - ..£2,430,780 8 3 .. 2,539,343 01 29-9 .. 6-5 680,360 713,811 974,208 1,123,745 1,404,928 1,388,058 1,994,755 2,023,528 143,002 59 Metropolitan District and the Southern lines following, the minimum of £2,727 being shown on the Great Northern — engines on the latter line earning the same as ONE on the Metropolitan. The Metropolitan and Southern lines, excepting the South Eastern, have also a greater average train-mileage per engine than the Northern lines — the least work being again shown against the Great Northern. London and South Western Increase of Coaching Stock. ... 1*51 per cent. ... Increase of Receipts from Passenger Trains. 3'39 per cent. Brighton 2-31 ••• •44 „ Chatham *89 M • • • 204 South Eastern 331 9 9 • • • reduced receipts. Metropolitan • • • 6'00 per cent. Metropolitan District ... — • • . 5-82 „ Great Eastern 8-93 9 9 • • • 259 „ Great Western ... 21-88 9 9 • • • 25-85 Great Northern 1-22 •63 „ London and North Western *95 99 •• • •35 Midland ... 10-49 9 • • • 8-79 Manchester, Sheffield and Lincolnshire 3*73 137 Lancashire and Yorkshire ... 19 99 • • • reduced receipts. North Eastern 3-60 9 9 • • • It tt Caledonian ... 1-31 99 •• • •84 per cent. North British •77 9 9 • • • 3-36 Glasgow and South Western 717 99 • • • 13-88 In this instance the Glasgow and South Western, the Metropolitan lines, Chatham, London and South Western, North British, and Great Western appear on the favourable side, but the South Eastern, Great Eastern, Man- chester, Sheffield and Lincolnshire, and North Eastern are prominently un- favourable ; the others, to a lesser extent, are in the same direction. London and South Western ... Increase of Waggon Stock. ... 2 ‘30 per cent. Increase of Goods Traffic. ... 7*77 per cent. Brighton ... 16*97 tt ... 5-80 Chatham ... 46*35 tt ... reduced receipts. South Eastern ... 0-26 a ••• tt tt Metropolitan ... ... — tt ... 1'60 per cent. Great Eastern ... 2-99 a ... 1-55 „ Great Western ... 16-92 tt ... 18-40 Great Northern ... 273 it ... 1T8 London and North Western... ... 0-90 it ... 0-76 „ Midland ... ... 0-40 tt ... 201 „ Manchester, Sheffield and Lincolnshire 3 "2 9 it ... reduced receipts. Lancashire and Yorkshire ... ... 204 it ... 1*00 per cent. North Eastern ... — a ... reduced receipts. Caledonian ... 6-75 a • • • a tt North British ... 6-92 tt ••• it tt Glasgow and South Western... ... 0-51 tt ... 5 -70 per cent. Here, again, the London and South Western, the Metropolitan, and Glasgow and South Western, as well as the Midland, are on the right side, with increased receipts beyond the increase of waggon stock ; but the disparity 60 in the opposite direction on the Chatham and Brighton is astounding, and striking enough also on the Caledonian, North British, and Manchester, Sheffield and Lincolnshire. The South Eastern, Great Eastern, Great Northern, Lancashire and Yorkshire, and London and North Western (the latter but little) are all stocking their lines with waggons beyond the additional earning power. To throw a little more light on this matter, so serious in its appearances, the subjoined figures have been gathered from the companies’ reports, as it strangely enough happens that such important information, or, indeed, any information about capital expenditure, cannot be obtained from the Board of Trade Railway Returns : — WORKING STOCK EXPENDITURE During the Year 1876, as derived from the Companies’ Eeports. Company. Total Capital of Company. Capital Cost of Working Stock. Proportion of Capital Cost of Working Stock to Total Capital. Amount added to Capital for Working Stock during the Year. Amount expended in Repairs and Renewals of Working Stock during the Year. Proportion of additional Cost of Working Stock charged to Capital during the Vear. Proportion of cost of Repairs and Renewals to Total Capital cost of Working Stock. London & Sth. Western £ 19,992,781 £ 2,230,588 Per cent. 11-16 £ 146,924 £ 215,188 Per cent. 6-59 Per cent. 9-65 Brighton & South Coast 18,796,555 1,476,926 7-86 142,719 126,280 9-66 8-55 Chatham and Dover ... 22,100,815 1,203,016 5-44 73,159 80,878 6-08 6-72 South Eastern 19,814,178 1,511,189 7-63 82,111 120,863 5-43 8-00 Metropolitan 8,248,800 263,747 3-20 1,031 18,767 •39 7-11 Metropolitan District. . . Great Eastern 5,497,312 30,968,095 137,273 Insufficiently stated. 2-50 15,887 157,743 11,713 248,106 11-57 8-53 Great Western 60,645,217 7,154,368 11-79 122,916 628,743 1-72 8-79 Great Northern 27,334,125 3,327,691 12-17 186,386 246,417 5-60 7-40 London & Nth. Western 69,354,275 7,263,769 10-47 88,502 702,104 1-22 9-67 Midland 59,814,058 6,963,167 11-64 535,175 575,010 7-68 8-26 Manch. Sheffield & Lin. 21,567,468 1,975,374 9-16 102,603 178,459 5-19 903 Lancashire & Yorkshire 29,634,047 3,601,595 12-15 53,582 414,309 1-49 11-50 North Eastern 53,372,675 9,030,968 16-92 315,190 877,827 3-49 9-72 Caledonian 32,706,500 4,380,447 13-39 165,812 271,363 3-78 6-19 North British 27,379,647 3,413,478 12-47 161,694 228,088 4-74 6-68 Glasgow & Sth. Western 9,337,750 1,396,315 14-95 51,043 119,682 3-65 8-57 20. — The London and North Western and Lancashire and Yorkshire Companies show- in their reports the separate cost of Engine Stock, Carriage Stock, and Waggon Stock. The other companies only give the collective amount. The separate cost of Passenger, Merchan- dise, and Mineral Engines, the separate cost of Coaching Stock, the separate cost of Merchandise Plant and of Mineral Plant should he given, also the cost of repairs and renewals separately for each class; and then the relative cost of maintenance and the relative earning power of each class would be readily discoverable — very desirable and very needful information to have. There is a great deal of suggestive matter in this table, but it is not by any means of a cheering kind. In the first place, it will be observed that the proportion of the capital cost of the working stock to the total capital of the passenger lines is very 61 much less than on the goods lines, the extremes being the Metropolitan District, with 2 50 per cent, of its total capital invested in working stock, and 3*20 per cent, on the Metropolitan, as against 16*92 per cent, on the North Eastern, 14*95 per cent, on the Glasgow and South Western, and 13*39 per cent, on the Caledonian, the first being the extreme of passenger lines and the others the heaviest mineral carriers. The cost of equipment, therefore, seems to rise rapidly with mineral traffic. Moreover, there are numbers of traders’ waggons on the mineral-carrying lines that are not included, but which, when they are purchased up, will further swell the capital cost of their working stock. The next point of interest is to find out the relative earning power of the working stock of the several companies. 1st. The lines of which the working stock earns in gross receipts MORE than the capital cost, during every year : — Capital Cost op Working Stock. Metropolitan District £137,273 Metropolitan Brighton South Eastern London and South Western London and North Western 2nd. The lines of which the working stock earns than the capital cost, during every year : — Capital Cost of Working Stock. 263,747 1,476,926 1,511,189 2,230,588 7,263,769 Gross Traffic Receipts. £275,512 519,922 1,729,091 1,750,970 2,334,201 9,200,569 in gross receipts LESS Gross Traffic Receipts. £6,899,780 6,179,539 3,537,932 2,953,102 1,504,534 886,142 2,216,841 6,328,680 981,222 2,798,189 Great Western ... £7,154,368 . Midland ... ... ... ... 6,963,167 . Lancashire and Yorkshire 3,601,595 . Great Northern 3,327,691 . Manchester, Sheffield & Lincolnshire 1,975,374 . Chatham ... ... ... ... 1,203,016 . North British 3,413,478 . North Eastern ... 9,030,968 . Glasgow and South Western ... 1,396,315 . Caledonian ... ... ... ... 4,380,447 . What a difference between the working stock of the Metropolitan lines earning nearly double their value in gross receipts every year, the Brighton and South Eastern earning 17 and 16 per cent, respectively over the value of their working stock, and thence attenuated down to 30 per cent, less than the value on the North Eastern and Glasgow and South Western, and 36 percent, less on the Caledonian.* The Chatham, as a passenger line, takes an anomalous position — the mere mention, however, is sufficient, the cause will be understood. Of the goods lines, the London and North Western takes a very good position in the earning power of its working stock, nor does it appear so disproportionate as some of its neighbours in the current charges to capital. By referring to the table again, it will be seen that the only two companies that have dealt fairly with capital during the year are the Metropolitan and the Glasgow and South Western. The Metropolitan District, Brighton, Chatham, South Eastern, Great Northern, Manchester, Sheffield and Lincoln- shire, North Eastern, Caledonian, and North British have been excessive in ... - . .. ___ __ * Those who care to follow this matter further will find it very suggestively and ably dealt with by Mr. F. R. Conder, C.E., in Fraser's Magazine , September, 1877. 62 capital outlay ; the other companies have been more temperate, but still in excess of what increase of gross receipts would warrant. (Although gross receipts have been the criterion used, it will be readily understood that it is one more favourable to the companies than correct in itself. The increase of net receipts from traffic would be a better ultimate test to apply of whether capital outlay on rolling stock, or any other addition to lines open for traffic, was proper and legitimate.) All the lines are having capital freely expended upon them for working stock — both passenger lines and goods lines— in some instances exceeding and in others nearly equalling the amounts charged to revenue, and the estimated further expenditure shows the same process is to be continued. According to the rate of expenditure on the Metropolitan District, for example, putting what is charged to capital and revenue together, the whole rolling stock would be renewed in something less than FIVE YEARS, in a trifle longer period on the Brighton, in something over six years on the London and South Western, and so on. At the current rate of annual outlay, in a very few years, a line, the working stock of which earns its own value in a year, will be regarded as a phenomenon. The number is already very limited. One company (the Caledonian) is understood, for some years past, to have based its expenditure on working stock on the train-mile principle. If, with the third largest proportionate capital cost of working stock, to expend, by way of upholding it, little over 6 per cent, annually of its value out of revenue be the result of that plan, the prudence and policy of it is very open to doubt ; and a continuance in the same groove will mean either deterioration of the plant or the usual resort — large capital outlay. This capital outlay is inexplicable on any reasonable supposition of revenue bearing its fair and proper burdens. Or, if it does, if it is to be accepted as incontrovertible that any sums fairly chargeable to revenue, for the mainte- nance and renewal of rolling stock in good working order and condition, are so charged, and yet that the companies, to meet their increased weight of traffic (in contradistinction to increased receipts, gross or net), are forced, by the strain upon the resources of their existing plant, into investing in a large further supply, and, being additional, charge it to capital ; then it must be concluded that they are indulging in the luxury of increasing their weight of traffic at a very decided loss — keeping revenue expenditure at a high rate, and at the same time having to relieve it by mulcting capital severely. If increased traffic is carried, and yet practically does not pay, it must be taken for granted that there is an object involved in it, and that object seems to be to use the increased gross receipts as a decoy to take shareholders off the scent of the increase — and very disproportionate increase — of capital, while a daring, wasteful, and radically vicious policy is being carried on, — “ The bottom poison, and the top o’erstrawed With sweets.” All this only tends to show more clearly how absolutely necessary it is to have fuller and more explicit information than is now obtainable into the length and breadth of railway polity. The veil must be thrust aside, the mystery dissipated, the household examined in every corner, and some drastic measures taken whereby every feature can be thoroughly scanned and every movement be understood. It now only remains to say a few words regarding the train-service and cognate questions of accidents, and the extent of the precautions taken to prevent them in the form of the Block and Interlocking systems of working. 63 VIII.— TRAIN SERVICE, BLOCK SYSTEM, ACCIDENTS, &c. London & South "Western. Brighton. Chatham & Dover. South Eastern. Trail ("Passenger Trains l-miles ) Merch. & Mineral Trains Miles 99 6,065,139 2,504,367 5,076,910 1,046,617 2,534,260 544,964 3,829,183 951,264 (. Total „ 8,569,506 6,123,527 3,079,224 4,780,447 Prop on mil M^le ortion ("passenger Trains hain- 1 Merch. & Mineral Trains No. 99 8,829 3,645 14,547 2,999 15,939 3,427 11,568 2,874 es per ) of Line Total 99 12,474 17,546 19,366 14,442 Average interval between Trains (say ") 330 days in the year, § off for Sundays) ) Mins. 38 27 25 33 Proportion of Signal and Point Levers ^ interlocked ) % 75 71 57 41 Do. Passenger Line on Absolute Block 99 94 100 100 97 Accidents No. of Train Accidents No. 4 7 1 1 Pass. Killed From causes beyond ( Do. Injured) their control ( 99 99 6 ’* 51 1 ” 17 Propn. of Accidents to No. of Trains Do. per million Passengers carried 1 in 99 3,118 5*60 2,506 4-13 19,366 22-21 14,442 23-63 Proportion Killed ") per million of ( „ Do. Injured) Passengers ]( 99 99 3*74 0-57 *22-21 *1-39 TRAIN SERVICE, BLOCK SYSTEM, ACCIDENTS, &c .—continued. Miles Metro- politan. Metro- politan District. Great Eastern. Great Western. Trai (■Passenger Trains n -miles ) Merch. & Mineral Trains 860,597 815,765 5,694,658 3,708,027 12,158,899 13,440,379 (_ Total 860,597 815,765 9,402,685 25,599,278 Pro] of' mil Mile portion f passenger Trains Train- ^ Merch. & Mineral Trains No. 99 61,471 101,971 6,629 4,317 5,905 6,528 les per j of Line ( Total 99 61,471 101,971 10,946 12,433 Average interval between Trains (say ") 330 days in the year, § off for Sundays) ) Mins. 8 5 43 38 Proportion of Signal and Point Levers \ interlocked ) 0/ /o 100 100 41 66 Do. Passenger Line on Absolute Block 99 80 100 35 65 Accidents ^No. of Train Accidents No. 1 2 8 19 Pass. Killed > From causes beyond J Do. Injured S their control ( » *’* 36 1 48 25 ” 58 Propn. of Accidents to No. of Trains Do. per million Passengers carried s 1 in L „ 61,471 50-67 50,985 13-70 1,368 4-69 654 2-22 Proportion Killed ] p er million of ( V Do. Injured) Passengers; „ 99 1-41 27-41 0-57 * ”l-50 *’b-73 64 TRAIN SERVICE, BLOCK SYSTEM, ACCIDENTS, &c .—continued. r Passenger Trains Merch. & Mineral Trains Miles 99 Great Northern. London & North Western. Midland. Manchest. Sheffield & Lincoln. 5,657,670 5,994,527 15,577,170 17,006,343 8,858,034 14,793,512 1,856,792 3,259,879 l Total 99 11,652,197 32,583,513 23,651,546 5,116,671 Proportion of Train- miles per Mile of Line "Passenger Trains | Merch. & Mineral Trains No. 99 8,840 9,366 9,545 10,420 7,155 11,950 7,141 12,538 ^ Total 99 18,206 19,965 19,105 19,679 Average interval between Trains (say 330 days in the year, § off for Sunday s) j Mins. 26 24 25 24 Proportion of Signal and Point Levers ) interlocked \ % 74 73 72 39 Do. Passenger Line on Absolute Block 99 58 66 74 29 Accidents ^No. of Train Accidents No. 6 17 9 3 i Pass. Killed Do Injured | From causes beyond f their control (_ >> »> 17 184 ”*109 "* 48 15 Propn. of Accidents to No. of Trains Do. per million Passengers carried 1 in 99 3,034 3-02 1,174 2-75 2,123 3-19 6,550 3-70 Proportion Killed \ Do. Injured ) per million of f ( Passengers ^ » 1-07 0-10 0*43 0*60 *0-74 TRAIN SERVICE, BLOCK SYSTEM, ACCIDENTS, &c.— continued. Train-miles j 'Passenger Trains | Merch. & Mineral Trains Miles 99 Lanca- shire & Yorkshire North Eastern. Cale- donian. North British. 5,712,559 5,634,287 7,712,313 13,874,995 4,346,680 6,506,177 3,790,127 4,624,326 ^ Total 99 11,346,846 21,587,308 10,852,857 8,414,453 Proportion ( of Train- ' miles per j Mile of Line' ’’Passenger Trains Merch. & Mineral Trains No. 99 13,013 12,834 5,397 9,709 5,243 7,848 4,454 5,434 Total 99 25,847 15,106 13,091 9,888 Average interval between Trains (say ^ 330 days in the year, § off for Sundays) ) Mins. 18 31 36 48 Proportion of Signal and Point Levers interlocked j 0/ 87 84 95 29 Do. Passenger Line on Absolute Block 99 67 73 52 21 Accidents No. of Train Accidents No. 11 11 8 4 Pass. Killed "j Do. Injured) > From causes beyond j l their control ) 99 99 3 104 **’ 24 67 ’*’ 32 Propn. of Accidents to No. of Trains Do. per million Passengers carried 1 in 2,350 3-34 1,373 2-68 1,636 1-77 2,472 3-60 Proportion Killed ) . Do. Injured £ Per million of ( Passengers ^ 99 99 12-26 0-35 1*23 0*21 0-45 65 TRAIN SERVICE, BLOCK SYSTEM, ACCIDENTS, &c .—continued. Miles Glasgow & South Western. Gt. South. & West, of Ireland. Mid. Gt. West, of Ireland. Great North, of Ireland. Tra /’Passenger Trains in-miles ' Merch. & Mineral Trains 1,654,039 2,370,713 1,526,359 960,335 1,013,937 627,421 1,453,077 688,040 (. Total 4,024,752 2,486,694 1,641,358 2,141,117 Pro of r mil Mile portion ("Passenger Trains Lram. j Merch. & Mineral Trains No. 5,218 7,478 3,147 1,980 2,443 1,512 3,173 1,502 les per j — of Line k Total 3) 12,696 5,127 3,955 4,675 Average interval between Trains (say ■) 330 days in the year, §. off for Sundays) ) Mins. 37 92 120 101 Proportion of Signal and Point Levers interlocked j 0/ /o 50 23 32 16 Do. Passenger Line on Absolute Block 33 17 ... 5 Accidents [ No. of Train Accidents No. 3 1 1 2 1 Pass. Killed ^ From causes beyond f J Do. Injured j their control ( 33 33 1 ... 1 8 Propn. of Accidents to No. of Trains Do. per million Passengers carried 1 in 33 4,232 1*98 5,127 2-29 3,955 1-03 2,337 1-74 Proportion Killed ] Per million of ( s. Do. Injured j Passengers ( 33 33 ”5*95 ... ”l-03 ‘b-43 Train-miles.— -The increase or decrease of the mileage of trains does not strictly follow the rise or fall of the earnings of the lines. The tendency during the past year has been rather to increase the running beyond the earnings, hence, as already shown, most of the companies have reduced their train-mile receipts. It would be practically going over the same ground again, dealt with in passenger and goods earnings, and mean train-mile receipts, and net receipts respectively, to go into any further detail, however. The great increase of train-miles of the Chatham may be noted. The Managing Director of this line has pronounced himself in favour of “touting” with train-service. His experience must be accepted as worth having; and acknowledging the advantage of it, therefore, as applied to competing lines serving a populous suburban district, it must be taken, subject to the condi- tions being healthy, — while suiting the public and adding to the revenue, that the ultimate profits are beyond question. Touting, at all events, can have little effect or none upon merchandise or mineral traffic; and it was in the latter that the Chatham had the greatest relative increase in running during the year beyond all the lines, and, as a consequence, showed the greatest depreciation in goods train-mile earnings ! The Proportion of Trains per Mile of Line is increased on all the Southern lines, and on the Great Eastern, Great Northern, London and North Western, Lancashire and Yorkshire, and on the Scotch lines ; reduced on the Metropolitan lines, the Great Western, Midland, Manchester, Sheffield and Lincolnshire, and North Eastern ; consequently The Average Interval between Trains is lessened on three of the E 66 southern lines— the South Eastern virtually retaining the same interval as in the previous year, lessened also on the Great Eastern, slightly on the Great Northern, Caledonian, and Glasgow and South Western : the others either remain the same or have stretched the time a little. These averages of time between trains, however, are but dim lights, and convey no adequate conception of the short intervals between trains, during the busy hours of the day, on crowded sections of the lines. Number of Train Accidents, and Passengers Killed and Injured.— This subject is a popular if not a pleasant one. A glance will show that the principal delinquents are the companies having a crowded and mixed train service — passengers on the Metropolitan and Southern lines enjoying an immunity from danger that is not obtained on the Northern lines. But, “ La carriere ouverte aux talons ” — the implements to him who can handle them — the author of “The Battles of Peace”* has so dexterously done his work that further comment, in this direction, is unnecessary. The accident returns are capable of improvement. It is exceedingly difficult to glean final results of the actual number of passengers killed and injured, from the different causes, on the different lines ; and of the servants of the several companies killed and injured. These should be easily derivable, whether or not inquired into by the inspecting officers. The number of servants of each company, and of each class, actually engaged in traffic working should be given ; not necessarily the whole staff of the companies, for there are numbers of men who have no connection with railway work, as such, and these, if given, should be classed separately. It is of consequence to know the proportion of accidents to the men of each class concerned in the working. Accidents to servants and' accidents to passengers are too seriously and too closely allied — like causes being in operation in each case, and con- tributory one to the other — to be lost sight of, as, comparatively speaking, they are, from the insufficient data supplied in the official returns. Rather sharp practice, also, is followed in classing accidents under two main heads — “ Beyond their own control,” and “ Want of caution or their own misconduct.” When passengers are killed or injured from falling between carriages and platforms, should they be classified under the head of “ Want of caution or their own misconduct ?” when the whole difficulty would be met and the danger eliminated by continuous footboards and uniform height of station platforms. In like manner, should servants killed or injured in coupling or uncoupling engines and carriages or waggons in motion, or in fly-shunting — should they be INVARIABLY classed under “ Want of caution or their own mis- conduct?” when want of siding accommodation, want of time, and the exigencies that hourly arise when there is a heavy service of trains, running at different rates of speed, is the primary cause ; moreover, from practices in which railway men have been trained — under the eyes of their superior officers — notwithstanding the stereotyped rules to the contrary ! The Absolute Block System of working may be said to be universal on the Southern and Metropolitan lines, but of the other Northern lines, the highest proportion is 73 per cent, of the North Eastern and 74 per cent, of the Midland. The least proportion is still on the Manchester, Sheffield and Lincolnshire, with 29 per cent., notwithstanding a train service as heavy as * The question of accidents is a prominent one throughout the series of articles already referied to, hut is dealt with specifically, under the above title, in Fraser’s Magazine , June, 1877. London and South Western. Brighton. Chatham. South Eastern. Metro- politan. Metro- politan District. Great Eastern. Great W BSTERN. Great Northern. London and North Western. Midland. Manchest. Sheffield & Lincoln. | Lanca- , SHIRE and Yorkshire 1 North Eastern. Cale- DON IAN. North j British. Glasgow and South Western. Gt. South. & W EST. ot Ireland. Mm. Gt. j West, of Ireland. (1 I. Increase of Parent Capital -s o5 tbS? cb 1 230,905 286,846 119 44,592 •21 388,560 2-03 138,601 1-72 22,920 ] decrease ) 78,343 7,908,231 15-28 2,239,260 892 1,962,454 294 4,254,648 7-71 ' 559,967 2-73 1,087,440 3-97 2,261,969 4- 45 452,564 1-78 995,285 4-18 ! 241,051 I 2-74 ! 157,180 2-34 99,906 2*50 >1 Increase of Gross Capital 96,587 •45 416,155 1-84 75,078 •33 386,560 1-90 26,851 •31 229,386 ■65 16, 198,283 26-92 1,913,393 751 1,689,G68 2-21 3,193,937 5-86 1,087,680 3-84 2,337,356 4-61 471,682 1-71 1 747,482 302 241,051 2-83 157,468 2-29 121,291 2-29 Proportion of Ordinary Stock, Parent Co. (pins or minus) + — -53 — -li — -28 -f 1-00 + -17 — -09 4 — 1-65 460 — 3-53 14 — 1-33 28 — 2-44 99 — -71 — 1-96 decrease J | + I 23 + 4-07 3 •36 + 7-15 — 1-45 — -41 — 1-45 b Increase of length of line i»l 1 J < ‘ S % £ % •29 1‘1 6 1-27 7-70 •47 28-77 2-23 1-74 8-69 1-63 ::: •63 4-30 h Increase of Gross Capital per mile of line 50 •16 442 •67 1,324) decrease ) 1,168 1-90 46,463 ] decrease ) 2,865 } decrease ) 76 •18 539] decrease j 2,103 5T9 220 •46 1,243] decrease j 1,037 1-68 2,771 4-31 1,055 2-93 449 1-35 3-02 590 218 286] decrease ) 292 2-29 II. Increase of No. of Passengers No. % £ % 1,431,793 6-82 3,511,320 13-82 1,581,106 7 66 167,274 •71 7,064,551 16-20 1,559,032 603 2,981,769 862 6, 255,655 17-36 468,704 2 05 1,917,399 4-28 951,923 3-43 745,621 7-19 2,036,921 5-86 161,453 ] | loss ) 418,920 ‘3-04 244,293 1-72 239,972 4-20 1 1 78,435 3-53 50,209 5-08 a Increase of Receipts from Passenger Trains 51,199 3-39 6,684 •44 13,611 2-04 15,333] less ) 27,976 600 15,159 5-82 33,545 2 59 653,572 25-85 7,911 •G3 13,289 •35 160,680 8-79 5,991 1-37 4,214 ) less ) 37,160] less j f, 980 •84 28,192 3-3G 45,094 13-88 1,043 ] less ) 36) 1,945 •87 Do. do. do. per mile of line £ 68 27] 32 47) 565] 1,895 32 36] 32] 32} 2 24 5 47] 6 33 136 5 % 3 08 less S *75 less ) less J 5-82 211 less ) less ) less j •12 1-42 •15 loss S ■52 3-34 1319 less) ■93 c Passenger Train-mile Receipts (plus or minus) d. — 1} - S) — ii — i + 6 + iH — ii — 4 — If — 2* ~ i — U — 3 — 2* - i - i + li III. Increase of Tonnage Tons. 182,704 120,787 36,361 ] 89,298 55,971 ] 139,717 ',495,824 94,545 414,419 198,336 474,926 } 693,314 2,179] 364,581 466,634 30,259 67,440 52,547 % 8-22 7-10 less ) G-85 less ) ... 313 15 23 1 55 1-56 •98 less j 5-80 less j 2-94 4-95 •67 10-53 10-26 a Increase of Receipts from Goods Trains £ % 55,712 7-77 24,097 5 80 4,825 ) less j 26,351 ) l°ss | 40 L 1-60 19,560 P55 577,810 18-40 19,827 1-18 41,431 •76 82,818 201 56,906] less} 20,914 1-00 88,598 ] less ) 16,903 ] less ) 15,297 less 32,962 5-70 24,870 7-24 15,367 6-24 b Do. do. do. per mile of line £ 78 55 47 ] 79] 109) 16 158] 27) less f 33} 221] 219 ) 69 U5, 28) 18] 92 22 37 % 7-46 4-57 less ) less ) less j 1-08 less j less j less ) less ) 1-45 less j less J less S 501 2-98 6-23 0 Goods Train- mile Receipts (plus or minus) ... ... d. - li + c } — 37* — 15 ... + 2J — 1 + 4 ... + i + i + 2f + * — i ! + * + 4} + 1 + n IV. Increase of Gross Receipts from all sources £ 124,271 27,268 2,010 28,681 ) 29,236 11,683 39,149 1,281,154 33,755 54,895 249,596 43.878] 8,546 118,007] 14,498 ] 17,210 78,760 23,143 18,521 1 4-99 1-53 •20 less J 5'55 4 28 1-41 22-28 1-13 •59 4-16 less ) •24 less) less ) •77 8-49 3-21 3-86 b Do. do. per mile of lino 146 28 15 ) 126/ 674] 1,895 48 194] 59] 65} 2!9} 195 ) 74 162] 22) 15 228 14] 42 % 4-49 •57 less j less \ less ) 5-82 1-60 less ) less ) less J less ) less j •93 less \ •58 7-95 less \ 8-71 c Mean of Train-mile Receipts (plus or minus) d. - li - 2± — 5J - 3i + 6 + Hi + 4 - H — 1} - H — i — 4 + i 1 “ H — H + 2J + 2* + i a V. Increase of Expenditure £ 76,429 7,317 12,290] 23,909 ] 10,563 3,774 40,184 ) less , 691,423 68,918 12,923 159,762 38,056 ) 37,902 ) 38,753 ] 1,431 } 28,159 19,586 2,934 10,699 0/ 6-49 •85 less ) less ) 511 2-91 22-92 4-29 •25 5-02 less j less 1 It SS ) less 5 2-36 8-64 •75 4-16 i Do. do. per milo of lino £ 88 130] 95 ) less ( 381] 471 76] 80] ' 52 68] 96] 120] 65 ) 42 ) til 33 51 29) 25 % 4-69 | less ) less ) less \ 2-91 less ) // ,S\S’ \ 2-04 less) less ) less S less ) less j less C 2-44 303 lees) 4-09 c Expenditure per Train-mile (plus or minus) d. — -68 1 — 1-89 — 4-93 — 2-30 + 207' + 4-61 1 — 2-07 — -26 + -18 — -97 — -04 — -38 — -78 + -13 - -!8 + -ci -f 17 + -62 Proportion of Expenditure toGrossReceipts (plusorminus) % + -27 ! — -32 1 — 1-33 — -54 — -16 - -62 — 2-22 + -28 + 169 — -18 + -44 — -84 — 1-20 + -39 + -19 -j- *8 A — 2-G0 — 1-29 + -15 a VI. Increase of Net Receipts £ 47,842 19,951 14,330 ' 4,772 ] 19,685 7,909 79,333 l 589,731 35,163] 41,972 89,834 5,820 } 46,448 1 79,254} 13,068 ( 10,949 ) 59,174 20,209 7,822 Do. do per mile of Line % 4-35 217 3-35 less \ 5-36 5-52 6-68 i 21-57 less S 1-01 3-16 less j 3-09 less j less \ less) 15-20 6-14 3-52 b £ 58 ! 37 115 31] 293] : 1,424 124 H4] HI] 3 123] 75) | 139 120 ) 15] 18 ] 177 15 17 Net Receipts per Train-mile (plus or minus) % 3-99 P48 5-24 less j less ) 8 71 976 less ) less \ •11 less ) less\ 4-16 less ) less ) less ) 14-97 2-14 3-27 c d. — i a — 5 ~ 1* + 4 + 6* + 2i — 4 - 14 - i — i + i + H ~ lj — i - i + 2J + 2 + i Proportion of Gross Receipts to Parent Capital do. % + -17 — -35 | + "25 | + -23 + H + -67 — -85 — -32 — -36 — -44 — -47 — -78 — -26 — -31 -f -59 + -09 + -16 Do. Expenditure do. do. + -29 — ’-03 — -06 — -22 -f- -08 + -08 — -14 -30 — -27 — -20 — -14 — -30 — -42 — -38 — -11 — -08 4- *05 — -09 + -10 a Do. Net Receipts do. do. + -18 -f -03 -f -06 — -13 + -16 + -15 + -25 -f -29 — -58 — -12 - -22 — -14 — -05 — -40 — -15 — -23 -f -54 + 'I® + -06 Do. Gross Receipts to Gross Capital do. 4* — -02 ... — -31 + -32 4- -06 — -34 — -70 — -19 — -17 — -45 — -43 — -79 — -23 — -20 -f- -60 + -09 + -14 Do. Expenditure do. do. jj -4- -33 — 04 — -06 1 — -20 + -12 — -15 — -16 — -19 — -13 — -04 — -33 — -39 — -38 — -09 — -03 -f -05 — -09 + 09 a Do. Net Receipts do. do. >• + -20 + -02 -f- -06 — -11 + -21 ... + -21 — -18 — -51 — -06 — -13 — -12 — -04 — -41 — -14 — -17 + -55 + -18 + -05 c VII. Increase of Train-miles No. 573,377 294,749 261,940 76,730 1 12,901 83,238] 116,137 1,956,940 423,080 692,142 1,136,312 153,049 ) I 5,165 ) 1 86,396 ] 163,167 47,735 142,481 7,614 37.1S3 b Increased proportion of Trains per mile of line % 7-17 6-86 5-06 3-80 9-30 7-92 1 63 1-63 1-52 ! less 3 1-58 111 2401 3-77 1-49 2-17 •42 6-04 less J less J ; •41 less) 1-53 116 •57 •58 3-67 301 •31 2-32 2-32 a VIII. Increase of No. of Engines No. 17 13 8 23 ... 6 21 ! 248 116 24 1 120 23 5 33 11 14 10 6 6 a Increase of Coaching Stock ... ... ' 4-97 32 4-31 44 5-63 902 61 2500 4-42 j 165 20-28 750 12-00 21 1-10 48 ; 10-53 328 6-15 26 •75 4 2-48 90 1-72 20 3-09 12 4-00 48 4-31 6-52 a Increase of Waggon Stock No. 1-51 135 231 775 •89 547 331 10 8-93 313 21-88 | 4,676 1-22 448 •95 | 379 | 10-49 125 3-73 341 •19 , 366 3-60 128] 1-34 2,211 •77 1,558 717 54 • "’go **219 % 2-30 16-97 | 46-35 •26 2-39 16-92 273 •90 •40 3-29 2-04 j less) 6-75 j 6-92 -51 2-43 12-71 /. p. 67 London and South Western. L Gt. Brigii ST op LAND. I. a Increase of Parent Capital £ 239,905 236, sj, 906 % 1*21 1 12-50 a Increase of Gross Capital £ 96,587 416,1,291 0 / /o •45 12-29 Proportion of Ordinary Stock, Parent Co. (plus or minus) + 'll — 11-45 b Increase of iengtli of line Miles 2 % •29 ir b Increase of Gross Capital per mile of line £ 50 4*292 0 / /o •16 12-29 II. Increase of No. of Passengers No. 1,431,793 13,511, 3| 209 0 / /o 6-82 | I 3 -I 508 a Increase of Receipts from Passenger Trains £ 51,199 915 0 / /o 3-39 1 -87 b Do. do. do. per mile of line £ 68 5 0/ /o 308 Jj -93 c Passenger Train-mile Receipts (plus or minus) d. — If 4 III. Increase of Tonnage Tons. 182,704 120,7,547 0 / /<> 8-22 7*0-26 a Increase of Receipts from Goods Trains £ 55,712 24,0,367 0 / /o 7-77 5 6-24 b Do. do. do. per mile of line £ 78 37 0 / /o 7*46 4*6-23 G Goods Train-mile Receipts (plus or minus) ... ••• ... d. — H + 2 a IV. a Increase of Gross Receipts from all sources £ 124,271 27, 2j, 521 % 4-99 1-3-86 b Do. do. per mile of line £ 146 ! 42 0 / /o 4-49 18-71 C Mean of Train-mile Receipts (plus or minus) a. — H 3 4 V. a Increase of Expenditure £ 76,429 7,3,699 0 / '0 5-49 "4-16 b Do. do. per mile of line £ 88 25 0 / /o 4-89 %09 C Expenditure per Train-mile (plus or minus) d. — -68 ! - 1*| -62 Proportion of Expenditure to GrossReceipts (plus orminus) 0 / /o + -27 ' -15 VI. a Increase of Net Receipts £ 47,842 19,91822 0 / /o 4-35 2*8-52 b Do. do per mile of Line £ 58 1 17 0 / /o 3-99 l'S-27 C Net Receipts per Train-mile (plus or minus) d. n 4 - i Proportion of Gross Receipts to Parent Capital do. 0 / /o + -47 ••• -16 Do. Expenditure do. do. + -29 — ‘ *10 a Do. Net Receipts do. do. J> + -18 + ’ -06 Do. Gross Receipts to Gross Capital do. )J + -53 — * -14 Do. Expenditure do. do. 93 4- -33 — " -09 a Do. Net Receipts do. do. J» -j- -20 + 1 -05 VII. c Increase of Train-miles No. 573,377 2 91a 7 4s3 % 7*17 3*u-32 b Increased proportion of Trains per mile of line 55 G-86 3|-32 VIII. a Increase of No. of Engines No. 17 1 6 0 / /o 4*97 4 js-52 a Increase of Coaching Stock No. 32 % 1-51 2f a Increase of Waggon Stock No. 135 7*219 0 / /o 2-30 16 t7l 67 the London and North Western, which has 66 per cent, of line worked on the block system. Of the Scotch lines, the Caledonian has 52 per cent., and the Glasgow and South Western, with nearly an equal train service, has but 17 per cent., and the North British has only 21 per cent, of line worked on the block system. The rapid extension of this method of working on the main passenger lines of the mineral-carrying companies is a necessity of the most vital importance, with a view to the reduction of the proportion of accidents, and the consequent odium and loss in compensation. The Interlocking op Signal and Point Levers is complete on the Metropolitan lines, and all the other companies have increased the proportion during the past year, the Caledonian heading the list with 95 per cent., the Lancashire and Yorkshire following with 87 per cent., the North Eastern with 84 per cent., down to the South Eastern and Great Eastern with 41 per cent., the Manchester, Sheffield and Lincolnshire with 39 per cent., and the North British with 29 per cent. It would be of interest to know the proportion of SAFETY Wheels under the carriages of the different companies ; and by-and-by, also, some authori- tative statement should be forthcoming to show the extent to which CONTINUOUS Breaks are in use. This additional information could be included in the Interlocking and Block (more correctly, the “ Signal Arrange- ments and Systems of Working ”) return, in the future. The following table gives a SYNOPSIS of the outcome of the various lines during the past, compared with the previous year, and may serve the purpose better than any recapitulation of their leading features. It can be read as a whole or in sections, and the marginal letters will facilitate reference to the corresponding parts. The primary object to be followed out is — (a) the relative increase of Capital — parent and gross, Revenue, Expenditure, and Net Receipts ; and, following out the same results, in their secondary aspects, ( b ) as per mile of line, and (c) as per train-mile. In commencing to make the circuit of the railways, to learn in detail, as far as it is permitted to be known, what had been doing during the past year, it was postulated that the expenditure of capital was in excess of the Sow of traffic and the growth of revenue. This has been proved to demon- stration, a conclusion by no means pleasant ; nor is it relieved by any reassuring appearance of returning better conditions. On the contrary, the reasons for despondency are paramount. Capital being lavishly expended ; certain traffic apparently forced to keep up appearances of increased receipts to counter- balance the capital outlay ; a high rate of working expenditure the conse- quence, and yet not a complete and true statement of the expenditure, G8 relieved, apparently, by part of the burden being borne out of capital ; profits reduced, and those profits, like working expenditure, necessarily questionable withal, — there is no escape from the conclusion that the existing conditions are unhealthy. Everything is in a state of tension, and evil consequences may be precipitated by the slightest further depression in the commercial atmosphere. Yet little apparent heed is taken of it, or at least any that is, is of a fitful and desultory kind, in no way commensurate to the evil, or likely to lead to any practical measures for amendment being adopted. Meanwhile, the very backbone of the railway system is yielding under the rapidly accumulating load of capital. Surely it is possible, it certainly would be better, to diagnose the disease without delay, before it assumes a more virulent form : the more chronic it becomes the more difficult it will be to effect the cure, and the longer the period of recovery. The primary necessity is light. Instead of the fragmentary, and confused, and hazy kind that is so sparingly doled out now, what is required is light such as will permit of an intelligent and systematic inquiry being undertaken into every department and function of railway life ; and thus bring about such a reaction in railway administration as will cause a thorough overhaul of itself and a rearrangement of the lines of conduct hitherto pursued ; a giving up of arbitrary methods, and a studying of the minutest detail of the cost and gain involved in each operation ; thence arriving at, and making practical use of, that exact knowledge which, it can safely be affirmed, defiant of contradiction and incredible as it may appear, they are ignorant of at present. A complete change, therefore, is necessary in the amount and the kind of information that must henceforth be supplied purporting to guide to any fundamental insight into the interior economy of railway management, and to promote those healthy habits so essentially neces- sary to be maintained in all public functions affecting, as railways do, such wide national interests. To assist towards that object, prompted by a desire to arouse an interest that will be for the ultimate advantage of the railway stockholder, and that will also lead to a fuller and wider extension of the benefits yet to be derived by the nation from the railway system, a draft of the data necessary to be collected and supplied is formulated and appended hereto. It is not put forward as an exhaustive statement, but rather as tentative towards a better. The subsequent remarks will probably dispose of, by anticipation, the almost inevitable objections that will be urged by those having interested mo- tives in keeping shareholders and the public in the dark — the wild assertions regarding the impossibility of collecting such data, the absurd superfluity of it, and its uselessness even if it could be got. Meantime, it may be stated that, what is demanded falls far short of what has been done, with great care and patience, in the “ investigation into the cost of transportation on American railroads,” by Mr. Albert Fink, of whom Sir Henry Tyler spoke recently as having obtained confidence in America, and as the highest inde- pendent authority on how railway business should be conducted. 69 GENERAL OBSERVATIONS. From the earliest dawn of railways, the vigilance of the inspecting officers of the Board of Trade, and the publicity given to their reports, has had a very salutary effect in promoting measures for the greater personal security of travellers ; but no kindred steps have been taken by the depart- ment to promote the pecuniary security of investors in railway property, or to secure to the utmost their economic value to the nation. This action, indeed, even in the limited sense of securing greater safety in travelling, would be the necessary complement to the interest displayed in external matters. Laissez-faire has been applied to their internal economy to the most unbounded extent. The legitimate safeguards of a keen scrutiny into their internal affairs have been entirely abrogated and wholly wanting, and the wonder is, not that the present conditions of our railway system are unsatisfactory and doubtful, but that the descent into license has not been more thorough and rapid than it has been. It is the proud boast of the British people that they are thoroughly practical, and, in the main, it is undoubted. But a little more of the method of the German would occa- sionally be of service. This very sense of being practical, seeing the great benefits conferred by the railway system, and the nation itself growing apace during the past half-century, perhaps dulled the susceptibilities to any possible evil being latent in the system of railway administration — hid the snake in the grass. But it has been rather by virtue of the concurrent development of our commercial and industrial activity, than by any inherent superiority in the system of management, that has rendered railway enterprise in any degree a success. Notwithstanding that the line of conduct pursued was loose and based on no fixed principle, it succeeded because it had a wealthy, an active, and a flourishing nation to deal with ; and would have long since ended either in complete bankruptcy or an entire reversal but for these circumstances. Even now the slightest lull in the national progress throws a cloud over it, the tendency always being, so far as prodigal outlay is concerned, to outstrip the volume of the business that flows to them. Now, however, that a comparative cessation has taken place in the extension of the railway system ; that a free outlay of money is being indulged in upon the lines already built and equipped ; and seeing that every attempt to get behind the scenes to learn anything tangible regarding the internal affairs are frustrated, and at the same time contemplating the huge pile of 658 millions odd invested in railways — a colossal debt (amounting to nearly £20 per head of the whole population,* and a little over a million sterling, for which every Member of Parliament is morally responsible for the proper and legitimate application of to the benefit of the nation — the greatest good to the greatest number) ; the next feeling that arises is, how is the nation to continue to bear this burden, growing at the rate of 105 millions in five years 1 When the country suddenly awakes to the magnitude of this Second National Debt ; when it discovers and fully realises that the economic advantages that ought to be derived from it are not forthcoming ; when it finds that, compared with other countries, absurdly high fares are charged for the movement of travellers to and fro ; that manufacturers have to pay so much for the carriage of their * See Table IYa., page 15. 70 merchandise and their wares that no margin is left for them to compete in foreign markets ; and when the nation in return is told that it cannot be helped, that the holders of stocks must get a dividend, that too much money- had been put down as spent on the lines in former times (probably, it may be added, paid away in dividends that were not earned) ; and that if the Board of Trade had done its duty to the nation, and acted the part of a vigilant censor instead of standing by, Pilate-like, washing their hands of the game which they were well aware was being carried on, it could not have happened, — recrimination and heart-burning will set in. But it will be poor satisfaction to see the nation handicapped in this manner, as, in the event, it doubtless will be, if a vigilant censorship and keen scrutiny be not instituted upon further capital expenditure. True, the recuperative power of the railway system, any more than of the commercial and industrial life of the nation, is by no means spent ; nevertheless, regarding both one and the other with pride, there is the greater reason why dilligent and unceasing efforts should be made to conserve the former against the inroads of any insidious disease that would operate to the prejudice of the latter, remembering that, in the future, to continue to hold the same pre-eminent place in the markets of the world will tax the power of British energies to the utmost.* The next question likely to be asked is, What can be done \ And the answer is, “ that many of the railway companies in America, most of them in France, and all of them in India, supply the information which the English companies refuse to give, and which the Board of Trade fails to obtain.” Ten years ago, Mr. Juland Danvers, in his annual report on the Indian Railways, was writing apologetically because he could not, from the want of complete returns, present his statement entirely after the manner of that of the Board of Trade for the railways of the United Kingdom ; but, since 1874, his returns have been models of detail, far and away excelling those of the Board of Trade ; and his whole object seems to be to throw light on every movement of the Indian lines. And he has had his reward. In a highly interesting and suggestive paper read by him at the Society of Arts early in the present year, he said : “ Although it may not be in railways to command success, while they may deserve it, results, for our present purposes, must be the test of superiority, all due allowance being made for disadvantages attendant on age and position. The East Indian Railway stands out pre- eminently as a valuable, well-conducted, and prosperous line. Its advantages are great, and the company is now making the most of them. The results of last year show that it yielded nearly 7 'per cent, on a capital of £30,500,000 ; the gross receipts were upwards of £3,000,000 ; the working expenses about a third of that sum. The East Indian Railway has thus beaten all the English lines, some of which, by dint of debentures and debenture stock, guaranteed and preference stock, raised on favourable terms, have been able to squeeze out a dividend at the same rate, or sometimes a higher rate than the above, to the holders of a third of the whole capital expended. If the capital of the East Indian Railway had been divided in the same proportion of ordinary stock, preference stock, and loans , as the average of English lines is, the dividend to the shareholder would probably have been about 11 per * The thoughtful and suggestive article by Mr. Parsloe, in the New Quarterly Magazine, Oct., 1877, may he read with great advantage regarding these and kindred considerations. « One of the greatest needs of this country,” he says, “ in the existing lassitude of business, is the acquisition of some new and powerful impetus that shall revive our trade activities and improve and strengthen our commercial status.” 71 cent., and this , too, he it remembered , with average charges for conveyance , talcing goods and passengers together , one -half those in England There is no railway undertaking, of anything like equal extent, that can show such a result as this within the bounds of the British Empire ! Mr. Danvers goes on to tell how it has been done. “ I do not forget that,” he also said, “ to enable this to be done, thrift and skilful management is necessary, and we have seen on the East Indian Railway how it is possible for an Indian line, by these means, to carry its freight cheaper than any English railway. Besides the usual obvious measures for attracting traffic by good accommodation, punctuality, and all reasonable conveniences, care in the selection and economy in the use of materials must be exercised, and every effort should be made to reduce the dead weight and unprofitable work, b}^ running as few trains as possible, and filling them up to the brim ; in other words, by reducing the train-mileage and increasing the train loads. There is nothing so objectionable in railway returns as a ‘ a beggarly account of empty boxes*’ Lessons may be continually learned by a careful study of statistics. The very word, I am afraid, brings to some minds the idea of mystifying doubts and suspicions, but however much a mass of ill-arranged figures may confuse and deceive , properly pre- pared statements furnish the most instructive information for future guidance. Rates and fares , for instance , should be regulated chiefly by the cost of transport , and as such charges are made by the ton , and for the passengers per mile , it is most important that the cost of conveying a passenger and a ton a mile's length should be ascertained. This has been done by Mr. Rendel , who , by an intelligent analysis of the traffic returns, has from time to time prepared tables which show , not only the cost , hut the amount earned from each passenger and each ton of goods carried one mile. The East Indian Railway Board were thus enabled to explain, in their last report, that the average sum received for carrying a passenger one mile was *38d., the average cost *14d., and, consequently, that the profit on each passenger was *24d. ; that the average sum received for carrying one ton a mile was '91d., the average cost *26d., and the profit *65d. This is turning statistics to good account, for a unit of great value is arrived at, and the secret of success is revealed.” In the course of the discussion which followed the reading of the clear and comprehensive paper by Mr. Danvers, the Chairman of the East Indian Railway (Mr. Crawford) remarked that <£ a very different state of things existed now from what there had been , and this was mainly owing to the extremely accurate and exhaustive statistics which had been prepared by Mr. Rendel, and the method which the companies vow had of ascertaining the exact cost of doing every item of their work. Formerly it had been thought impossible to bring grain from the upper parts of India, where large quantities were known to be stored, to Calcutta, at a profit ; but this had been done, and recently grain had been brought from Cawnpore to Calcutta, a distance of 684 miles, at a cost of 6s. 4d. per quarter, and arrangements had recently been made by which a large quantity of wheat, which was raised in more distant parts of Delhi and Lahore, would be brought to Calcutta for 12s. 6d. per quarter. Was there any railway in England which could, afford to carry a commodity like that such a distance, at such a cost , with profit to it 1 Bui for Mr. Rendel’ s method of ascertaining the cost of working , and what they could really afford to carry their goods for , these things could not be carried 72 on successfully. It was this which made the difference "between the English and Indian railways . Rates of a halfpenny per mile were unheard of in this country, and there was no limit to the amount of profit which would be opened up in time to come.” Well might Mr. Scott Russell add : “ There was much in the administra- sion and utilisation of railways in India which might be followed with great advantage in England, if in nothing more than in knowing the exact cost of carriage of, and the profit and Joss on, each item of goods.” The protracted discussion did not give Mr. Hyde Clarke the opportunity of speaking, but he afterwards wrote : “It was gratifying to me to find Mr. Danvers enforcing — as I have done so often, and. for so many years — the importance of the statistical study of the traffic, which is so well attended to in France, and so ill attended to in this country/’ Going on to mention the reasons why Indian railways had been so long in reaching a remunerative return, he says, “ Another cause is that ingenuously intimated by my friend Mr. Crawford, that it was ‘ only four years ago that his administrators or the government found out the right way of determining the rates.’ ” He concluded by saying, “ All these questions can only be decided , as Mr. Danvers has laid down , by statistical investigation , and it is of great importance that estab - lishments for this purpose , which cost little money , should be adequately organised What a difference there is here. On the one hand the lines of the United Kingdom are managed year after year in the same groove, with nothing to guide the administration but arbitrary methods — the intrinsic cost and gain involved in every part, or any part, of their business they have no conception of, nor are any steps taken to arrive at this all-important know- ledge ; while on the lines of the Indian Empire a vigilant supervision, in every respect worthy of our admiration and praise, has brought together, as into a focus, the necessary light whence have been evolved those fundamental principles that obtain in their administration and lead them to success. They have enunciated laws, as it were, and put them in the stead of empiric methods. To attempt to compare the conventional system of administration of the home, to the positive methods pursued on the Indian lines, therefore, would be to compare Bode’s empiric law of the interplanetary distances to, and further to suppose that any application of it could have superseded, the elaborate computation and profound analytic research that led to that brilliant achievement of exact science — the discovery of the planet Neptune ! Wherefore, it may naturally be asked, should such a difference exist? How does it come that by a constant and unceasing solicitude the Government of India, acting in concert with the railway administrators, have been able to collect such useful data, increasing it in extent, in minuteness, and in useful- ness year after year, until now all have so much reason to be satisfied with the result ; while the Board of Trade, apparently apathetic and indifferent, does practically nothing ? Is it that the Government have guaranteed the interest on the capital of the Indian lines and paid away a few millions sterling, or is it that they desire to see the railway system of India serve their purpose as rulers there and bring it down to the wants and capacities of the people, that they exercise a fostering care over it ? It is immaterial whence their solicitude has sprung ; it has been judicious and salutary, and its success bespeaks its merits. But surely the interests of the parent country are of as much consequence as those of India. Yet no parallel action is 73 taken. Nay, a directly opposite course is followed. The railway companies in the United Kingdom are treated rather as private enterprises with which the State has little or no concern, and they are asked merely to furnish the rough results of their working, as an act of grace on their part, to be thrown as a sop to the public to satisfy some idle curiosity, a popular priggism, that is reluctantly gratified. The information the companies furnish and the Board of Trade issue cannot, however, be accepted as a favour ; it is unworthy to be received as a gift ; and something very much more tangible and definite is demanded as a right. Contrasted with the vigorous, and watchful, and successful policy pursued elsewhere, the mawkish and pusil. lanimous course followed by the Board of Trade has been a transparent evil to the country and to the railway interest alike. Our railway administrations are yet groping in the dark, while those of India are proceeding upon systematic, broad, and well-defined rules of conduct. And this has been attained, as boldly and frankly proclaimed on all sides, by careful collection and minute analysis of the statistical data supplied by the companies at the instance of the Government Director of the Indian Railway Companies. The Indian official returns, therefore, being models of detail, and those of the Board of Trade having outlived their era — if they were ever worthy of any era — “ these anomalous forms, ” to adopt the simile of the great naturalist, “may be called living fossils;” they must, consequently, on the principle of natural selection — the survival of the fittest — give place to the younger and more vigorous type, just as, Mr. Darwin says, “ a dominant species spreading from any region might encounter still more dominant species, and then their triumphant course, or even their existence, would cease.” To pause for a moment and consider that, after the experience of half-a- century, the true principles of railway administration should have been developed on the Indian system, which has been so much shorter time in existence — weighted, too, in the earlier days with the prestige and example of the benighted and vicious system followed in the home country — this must appear as the most derogatory fact that could be adduced against the Board of Trade, which has trodden a mere beaten course, made no effort after excellence or utility, and performed its functions in a somnolent and perfunctory manner. But not in India only has different action characterised the functionaries of the State. From the colony of New South Wales a report has been issued by Mr. Rae, the Commissioner of Railways, that equals anything yet produced, and, for the first time in any official paper, he has tabulated the ton-mile-gross, thus adding another important factor to assist in the analysis of railway working, namely, the proportion of dead weight to paying weight — in other words, the tare. Progress is visible everywhere around us, but we have none of it. There is yet another point to which it is right to draw attention. The East Indian Railway, that Mr. Danvers, with so much just pride, calls all to witness as the type of a well-managed line, producing a dividend equal to 11 per cent, on the open stock of our English lines, earns a yearly average of about £1,800 a mile — two-thirds from goods, and the remainder from passenger traffic. The lines of the United Kingdom average £3,551 per mile, with the additional advantage of a larger proportion from passenger traffic than the Indian line — and passenger traffic is notoriously more profitable than goods traffic. Here again is a forcible endorsement of the words of Mr. Danvers : “ As with men, the better trained and more cultivated will surpass 74 their more gifted competitors, so with railways, economy of working and CORRECT PRINCIPLES OF MANAGEMENT will ensure success more than natural advantages;” and, when he further adds, “As I believe some of the most successful commercial enterprises have been conducted so as to secure a large aggregate profit by numerous small gains , so should railways be managed as to produce large receipts from the small earnings of a multitude of transac- tions,” the irony of the picture is complete as applied to the home lines. Few of our leading lines but have double, some three times, others four times and more the earnings per mile of this Indian line ; but where are the corres- ponding profits ? where is the economy in working ? where the correct prin- ciples of management ? If the correct principles of management had been applied to our home railway system, with double the value of traffic of this favoured Indian line, what a large aggregate profit by numerous small gains would have been earned, and to how much greater extent would our railway system have come down to the wants and capacities of the country, and not only earned a greater profit, but at a less capital outlay? “ Expressive silence,” however, is the best commentary on these circumstances. The necessity for carefully- prepared details, complete statistical data, regarding every movement in rail- way operations, may probably be considered proved, and are demanded, there- fore, in the interests of shareholders and the investing public, in the interests of the commercial and social wants of the country, and in the interest of railway administration itself, if it is ever to advance beyond the stage of empiricism and have anything like scientific method applied to it. Whatever will turn railway administration in upon itself, and cause a severe study to be entered upon, to sift to the uttermost the fundamental elements of the business, will be of untold advantage to administrators themselves, their constituents, and the public. Hitherto they have had neither chart nor compass to guide them, except the wealth of the nation, which they draw freely upon, and the credulity and helplessness of the public. Moreover, these details, and the results to be derived from them, are necessary in the interests of the Govern- ment itself, for it cannot be supposed that a closer connection will not become a necessity, a few years hence, between the State and the railways.* The State cannot always continue to so entirely abdicate its functions in leaving a practical monopoly of such extensive proportions affecting the very life of the commonweal, to exist without at least owning the lines, settling the question of rates and fares, and supervising the management, which, subordinate to the State, would be purely executive ; and, whether in the hands of joint-stock companies or professional managers as lessees, the only test that would remain to be applied to them would be degrees of excellence in the performance of those executive functions. If the Government, when the time arrives for * “ In process of years tlie nation will probably desire to enter into the possession of many of its highways, and then the question of valuation will acquire enhanced importance. The State purchase must be based on four principles: (1) the satisfaction of the legitimate expectations of the stockholders of various orders, especially as regards giving them a higher order of security; (2) perfected organisation in one body of the able managers, officers, and men who conduct the business of the consolidated lines at the time of purchase, who should also obtain greater security of tenure ; (3) more equal extension of the benefits of railway transport, on the lowest practicable terms, to the whole trade and population of the kingdom ; (4) and finally, on the principle that the country should pay the real ascertained value of the property , and not a value estimated on a fictitious basis .” — “ On the Valuation of Railways, Tele- graphs, &c., &c.” By 'William Farr, Esq., M.D., F.R.S., &c. — Journal o f the Statistical Society , September, 1876. their becoming owners of the railways, are not to perpetrate a similar blander, on a much vaster scale, to that which they perpetrated in the Telegraph purchase, they must be up and doing, and set to work earnestly and vigorously to redeem past shortcomings and misdeeds. j Laissez-faire has been applied to railways to its farthest extent in nearly all internal affairs, and the result is far from being satisfactory : it is time, late as it is, to begin to temper it with a wholesome censorship, and try the effect of it. The days of a temporising policy, it is to be hoped, are doomed. The end so much desiderated is easy of attainment. The necessary capacity is available : the statistical department has but to be put in motion. The Board of Trade should no longer be allowed to remain merely to “ have the honour to be ” — Obstructives ; as if exclaiming, like another illustrious incompetent, J’y suis ! J’y reste ! 76 DRAFT FORM OP BOAED OP TEADE EAILWAY EETUENS. CAPITAL. Ordinary Preferential ... Guaranteed . . . Debenture Stock Debenture Loans Various amounts at different rates of interest. CAPITAL EXPENDITUKE. Parliamentary Engineering Land Permanent Way ... Works and Bridges Stations (No. ) Sidings Signals (No. ) Workshops — Locomotive Department Carriage „ Waggon „ Permanent Way „ Signal „ Tool 8 and Machinery — Locomotive Department Carriage „ Waggon „ Permanent Way „ Signal „ Working Stock — Locomotives — Passenger, (No. Merchandise ,, Mineral „ Coaching Stock — Eirst Class Carriages, Composite „ Second Class „ Third „ „ Mail Vans Horse Boxes Carriage Truck* Parcel Vans Break „ Waggon Stock — Merchandise Mineral Live Stock Waggon Covers or Sheets Horses for Shunting „ for Carting Cartage Plant — various Parcel Delivery Vans Amount expended to Dec. 31, 1876. (No. Amount Expendei during year 1877. On Lines open for Traffic. On New Lines. Total. * In the Keports of the Companies this expenditure would be shown > on lines open for traffic, and for the several lines or branches under construction, separately. 77 DEAFT FOEM OF BOAED OF TEADE EAILWAY EETUEN S — continued. CAPITAL EXPENDITUEE — continued. Service Plant— Ballast Engines (No. ) „ Waggons „ Locomotive Coal W aggons (No. ) . . . Stores Waggons „ Travelling Cranes „ &c., &c. Canals — in detail Steamboats (No. and tonnage) Harbours — in detail Subscriptions to other Companies — Bail way — in detail Canal — do. &c., &c. Gross MILES OF LINE. Double line (if more, give details) Single „ Totals Sidings — in single miles Amount Expended Amount during year 1877. Expended to Dec. 31, On Lines i ~ 1876. I open for 0nNew Traffic. Lines. Total. * IntheBeports of the Companies this expenditure would be shown , on lines open for traffic, and for the several lines or branches under construction, separately. Owned. Leased. Worked. Under C’nstruct’n NUMBEE OF TEAINS. Passenger... Live Stock Merchandise Minerals ... Total Loaded. Empty ’ I This is necessary, to arrive at the ( average load — dead weight and ( paying weight — in every train, | of each kind. TEAIN-MILES. Passenger... Live Stock Merchandise Mineral . . . Total Loaded. Empty. PILOTING OE ASSISTING MILES. Passenger... Live Stock Merchandise Mineral . . . SHUNTING. Gross number employed in Gross number employed in Gross number employed in Gross number employed in Gross number employed in Gross number employed in of hours as of one engine Passenger Stations and Yards of hours as of one engine Goods Stations and Yards ... of hours as of one engine Mineral Depots of hours as of one horse Passenger Stations and Yards of hours as of one horse Goods Stations and Yards ... of hours as of one horse Mineral Depots specially specially specially specially specially specially The relative amount of piloting and of shunting to the actual train-mileage will vary accord- ing to the circumstances of a line, the traffic, and the charac- ter of the management, hence, being an element of tare, is necessary to be considered. 78 DRAFT FORM OF BOARD OF TRADE RAILWAY RETURNS— continued. NUMBER OF VEHICLES MOVED. > Loaded. Empty. Passenger ... Livestock Merchandise Mineral Total ... Live Stock Vehicles by merchandise trains to be so noted. DEAD WEIGHT OF VEHICLES MOVED. Loaded Empty Vehicles. Vehicles. Passenger Live Stock Merchandise Mineral Total ... DEAD WEIGHT OF VEHICLES MOVED ONE MILE. Loaded Empty Vehicles. Vehicles. Passenger Live Stock Merchandise Mineral Total ... ... / DEAD WEIGHT OF ENGINES AND TENDERS WITH TRAINS. Loaded Trains. Empty Trains. Passenger Live Stock Merchandise Minerals Total ... DEAD WEIGHT OF ENGINES & TENDERS WITH TRAINS, AS FOR ONE MILE. Loaded Trains. Empty Trains. Passenger Livestock Merchandise Minerals Total ... NUMBER OF PASSENGERS. First Class Second Class Third Class Season Ticket Holders — First Class r equivalent Second „ \ annual Third „ j number to be Workmen ... 1. given. In the case of Mineral Traffic, the number and weight of ’ Traders’ Waggons, loaded or empty, to be shown separately. 79 DEAFT FOEM OF BOAED OF TEADE EAILWAY EETUENS —continued. OTHEE TEAFFIC BY PASSENGEE TEAINS. No. of Parcels Weight of Parcels ... Number of Carriages „ Horses ... „ Dogs ... „ Mail Vans „ Fish Vans &c., &c. LIVE STOCK. By Live Stock Trains. Heads of Cattle „ Sheep » ^gs Waggon Loads — Cattle Sheep Pigs... TONS OF MEECHANDISE. First Class Second „ Third ,, Fourth „ Fifth Special and Sundry By Mer- chandise Trains. TONS OF MINEEALS. InEailway Waggons. In Traders’ Waggons. Total. Coal Ironstone or Iron Ore Pig Iron Limestone Other Minerals NUMBEE OF PASSENGEES CAEEIED ONE MILE. First Class Second „ Third Season Ticket Holders — 1st Class 2nd „ 3rd „ Workmen say, take the No. of each class as for a year (the several dis- tances they re- present being known), and assume the journeys at 10 per week, or 500 a year. 80 DRAFT FORM OF BOARD OF TRADE RAILWAY RETURNS — continued. OTHER PASSENGER TRAFFIC CARRIED ONE MILE. No. of Parcels Weight of do No. of Carriages Do. Horses Do. Dogs Do. Mail Vans Do. Fish Vans &c., &c. NUMBER AND WAGGON LOADS OF LIVE STOCK CARRIED ONE MILE. By Live By Mer- Stock Trains, chandise Trains. Heads of Cattle Do. Sheep Do. Pigs Waggon Loads — Cattle Sheep Pigs TONS OF MERCHANDISE CARRIED ONE MILE. First Class Second ^ ... ... ... ... ... ••• ••• ... ... ... Third „ ... ... ... ... ... ... ... ... ... ... Fourth „ Fifth jj ... ... ••• ... ... ... ... ... ... ... Special and Sundry TONS OF MINERALS CARRIED ONE MILE. In Railway In Traders’ Waggons. Waggons. Coal Ironstone or Iron Ore Pig Iron Limestone Other Minerals RECEIPTS FROM PASSENGER TRAFFIC. First Class Second „ Third „ ... Season Tickets — 1st Class 2nd „ 3rd „ Workmen’s Tickets Parcels Carriages Horses Dogs ... Mails Fish ... Excess Luggage &c., &c. ... Tn the Companies’ Reports, (and, if thought necessary, also in Board of Trade Reports), the Receipts under the several heads would he shown in detail for — Parent line, Leased lines, Worked lines, &c., &c. Whether this should he ex- 's tended to embrace every detail of working, earnings, and ex- penditure alike, is a question that may be left for the weight of opinion to decide. If done, it would take away all the mystery that surrounds the question of profit or loss involved in the several agreements of one com- ^ pany with another. 81 DEAFT FOEM OF BOAED OF TEADE EAILWAY EETUENS — continued. EECEIPTS FEOM LIVE STOCK. By By Live Stock Trains. Merchandise Trains. Cattle ... Sheep . . . Pigs ... EECEIPTS FEOM MEECHANDISE First Class Second „ Third Fourth „ Fifth „ Special and Sundry EECEIPTS ^FEOM MINEEALS. In Eailway In Traders’ Waggons. ' Waggons. Coal Ironstone or Iron Ore Pig Iron Limestone Other Minerals In the Companies’ Eeports (and, if thought necessary, also in Board of Trade Eeports), the Eeceipts under the several heads would be shown in detail for — Parent line, Leased lines, Worked lines, , &c., &c. Whether this should be ex- tended to embrace every detail of working, earnings, and ex- penditure alike, is a question that maybe left for the weight of opinion to decide. If done, it would takeaway all the mystery that surrounds the question of profit or loss involved in the several agreements of one com- pany with another. / Like details of UP and DOWN traffic. EXPENDITURE. MAINTENANCE OF WAY, WOEKS, &c. Permanent Way Bridges and Works Stations and Buildings Signals Workshops — Permanent Way Signal Tools and Machinery — Permanent Way Signal LOCOMOTIVE POWEE. W eight of Fuel used . . . ~\ Cos!! of Oil, Tallow, Ac." [ Pa8sen g er Engines. Salaries and W ages . . . j Same details for Engines with Cattle Trains „ „ ' Merchandise Trains „ „ Mineral Trains In the reports of the Companies, the Salaries and Office Expenses, Wages, Materials, would be given separately, in r the several cases. The cost of Stores management is met by a percentage being added to the price of the stores sup- plied to the several depart- ments. LOCOMOTIVE EEPAIES. Passenger Engines Merchandise „ Mineral „ 2 ? 82 DRAFT FORM OF BOARD OF TRADE RAILWAY RETURNS — continued. COACHING PLANT REPAIRS. First Class, Composite, and Second Class Third Class Mail Vans Horse Boxes Carriage Trucks Parcel Vans Luggage and Break Vans \ In the Reports of the Companies, the Salaries and Office Expenses, Wages, Materials, , would he given separately, in ? the several cases. The cost of Stores management is met by a percentage being added to the price of the stores sup- plied to the several depart- ments. /The Reports of the Companies would give the Salaries and Office Expenses, W ages — Of Stations and Y ards, Crossings, Signals. Cost of General Stores — Greasing, Clothing, Printing and Advertising, Waggon Covers and Ropes, Horses Shunting, Engines Shunting, of each class of traffic. Mileage and Demurrage of Car- riages, Merchandise, and Mineral Waggons^ to be given in form of Dr. and *Cr., and the balances added to or deducted from each \class. LITE STOCK PLANT REPAIRS. MERCHANDISE PLANT REPAIRS. MINERAL PLANT REPAIRS. REPAIRS OF WORKSHOPS & MACHINERY. Workshops \ E : Tools and Machinery j mes ‘ Same for the Coaching Plant „ Merchandise Plant „ Mineral Plant TRAFFIC CHARGES. Passenger Traffic Merchandise „ Mineral „ AUDIT, CLEARING HOUSE, AND TELE- GRAPH EXPENSES. Passenger Traffic Live Stock „ Merchandise,, Mineral „ Telegraph to mean the general Telegraphic system, if any exist. The Telegraph in connection with Block working would be in- cluded, under Signals, and in its proper class, in Traffic Charges. COST OF COLLECTION AND DELIVERY. Passenger Train Parcels Merchandise /Over and above the salaries and wages of the staff employed, this would include all the ex- penses incidental to the duty — Harness, Provender, Stabling, Repairs of Lorries and Vans, &c., &c., which would appear in detail in the Reports of the Companies. 83 DRAFT FORM OF BOARD OF TRADE RAILWAY RETURNS — continued. COMPENSATION. /Legal Expenses Personal Injury I incurred in con- Damage to and Loss of Parcels ...j nection therewith „ „ Merchandise \ to be included Injury to and delay of Live Stock .../ under the several \heads. GOVERNMENT DUTY. RATES AND TAXES. Poor Rates Borough Rates County Cess &c., &c. ESTABLISHMENT CHARGES. NET RECEIPTS (TOTAL). The Companies are complaining of the increasing burdens of local taxation they have to bear, and it would help to open / up the question if more par- ticulars were forthcoming, that the direction of the pressure might be traced, and more s publicity given to it. /In the Reports of the Companies this would include — Directors’ Fees and Expenses, Fees to Shareholders’ Auditoi s, Do. Public Accountants, Cost of Secretary’s Depart- ment — including Account- ant, Registrar, Treasurer, — all performing statutory and (final) financial busi- ness of the Compary, hut none other, Legal (corporate) expenses, Parliamentary do. Fire Insurance, Superannuation and Provi- dent Funds, Banker’s and General Interest (Revenue) Account, Debtor or Creditor. The reports of the Companies would show the several rents paid for leased lines, and the percentage of receipts paid to owning Companies for lines worked, and like payments for s joint lines, stations, &c. { The Companies’ statements of account and the Board of Trade Railway Returns in this, as in other salient features, would he in absolute agreement, which they are not at present. 'The Reports of the Companies would show- interest on — Debenture Loans — in detail, Debenture Stock do. Guaranteed Capital do. Preferential Capital do. Overdrawn Capital Account FIRST CHARGES UPON NET REVENUE. Interest on Debentures, Debenture Stock, Guaranteed\ and Preference Capital, &c CHARGES UPON REVENUE FOR LEASED AND WORKED LINES. 84 DRAFT FORM OF BOARD OF TRADE RAILWAY RETURNS — continued. NET RECEIPTS from Traffic available for Divi- dend on Ordinary Stock. MISCELLANEOUS RECEIPTS and EXPENDI- TURE, other than Railway Traffic. Canal Receipts— in detail Do. Expenditure do Steamboat Receipts do. Do. Expenditure —in detail ’"Harbour and Dock Dues do Rents of Houses, Lands, Stores — in detail Less Expenditure do. &c., &c. Dividends from Stock in other Lines — in detail In these final results the Reports of the Companies and the Board of Trade Railway Re- turns would be in perfect cor- ^ respondence, dealing with the same figures, and giving the same results, which it is so desirable to have. There should be a perfect community of type *If incidental to railway traffic arrangements, to be included under this head, in traffic charges — passenger, merchandise, or mineral, as the case may be. throughout. NET RECEIPTS from all sources, available for Dividend on Ordinary Stock. 4 In the present form of the Board of Trade Returns, it is an impossibility to arrive accurately at the amount of gross capital involved in the several lines, or to obtain, with that precision which is necessary, the proportion of net receipts to capital, parent or gross. By means of the last, six headings being duly attended to, and taken in connection with the primary statements of capital, the following definite results would be readily derivable : — (1.) The amount of capital represented by leased and worked lines, &c., would be put out of the calculation entirely — the amounts severally and collectively paid as rents, percentages of receipts, &c., would be all that need be considered (except, of course, collaterally in respect of the loss or gain in regard of each of the leased or worked lines ; but to arrive at this the earnings and expenditure of each of them should be given separately from the parent line. This is a matter of detail and a very important one). (2.) NetReceipts (total), therefore, would then be the actual mean value of the parent capital. (3.) Interest on Debentures and Debenture Stock and Dividends on Guaranteed and Preferential capital being shown ; (4.) Net Receipts from traffic would show the value of the undertaking, as a railway, to the ordinary stock- holder. (5.) Canal capital being shown (in the capital account), and receipts as well as expenditure being shown, the value of the canals to the companies would be ascertained. So also of Steamboats, &c. Dividends from stock in other undertakings being also given sepa- rately would show — relative to the amount given in capital account — whether the invest- ments were profitable. (6.) The final net receipts, from all sources, would give the ultimate actual value of the undertaking to the ordinary stockholder. These several elements would appear clearly in all their relations and bearings, and the results derivable would be positive, instead of being, as now, surrounded with indefiniteness and doubt, and only approximate. THE BIRMINGHAM WAGON COMPANY, Limited, MANUFACTURE RAILWAY CARRIAGES & WAGONS of every description, For HIRE and SALE , by immediate or deferred payments. They have also Wagons for Hire, capable of carrying Six, Eight, and Ten Tons, part of which are constructed specially for Shipping purposes. Wagons in Working Order maintained by Contract. Manufacturers also of IRONWORK, WHEELS, and AXLES. EDMUND FOWLER, Managing Director. WORKS: SMETHWICK, BIRMINGHAM. WORKS PUBLISHED BY M'CORQUODALE & CO, CARDINGTON STREET, LONDON, N.W. THE RAILWAY & COMMERCIAL GAZETTEER OF ENGLAND, SCOTLAND, AND IRELAND. Eighth Edition. Royal 8vo., Cloth, 7s. 6d. THE GENERAL CALCULATOR, to Facilitate the Invoicing and Checking of Accounts, Strongly bound in Canvas, 4s. 6d. THE CARRIERS’ IMPROVED READY RECKONER, for Cwts., Qrs., and Lbs. By Isaac Clapham. 3s. THE INDEX TO OUR RAILWAY SYSTEM. Second Number. By William Fleming. 2s. 6d. THE WAGES CALCULATOR, for 54 Hours per Week. Printed on Cloth Paper, 2s. THE RAILWAY DIARY AND OFFICIAL DIRECTORY (Annually). Limp Cloth, Is. THE RAILWAY ALMANACK. In Sheet, 6d. HAND-BOOK OF ALL THE STATIONS, JUNCTIONS, AND SIDINGS IN THE UNITED KINGDOM. By Henry Oliver and John Airey. Price — Boards, 4s. 6d., by post, os. ; Cloth, 5s., by post, 5s. 6d. AIREY’S NEW RAILWAY MAP OF ENGLAND. Forming a cheap and reliable Map of the whole of England and Wales, on a scale of 11 Miles to an Inch. Size, 3 ft. 6 in. by 2 ft. 6 in. Price — In Sheets, os. ; Mounted on Linen, in Leather Case, 9s. 6d. ; Mounted on Rollers, Varnished, 10s. 6d. Postage or carriage extra. THE RAILWAY CLEARING HOUSE : Its Object, Work, and Results. The only published description of this National Establishment Fourth Edition. Price 6d. ; by post 7d. THE RAILWAY SHEET AND OFFICIAL GAZETTE. Published on the 15th of each Month. Price Id. 85 iirfanir feat W&mUxvl §jlaUfoag OF IE/ELAITD. THE MOST DIRECT ROUTE FROM DUBLIN to tie lest and North-West of IRELAND, And forming Connections with the following Railways: At ATHENRY, with the ATHENRY and ENNIS, and ATHENRY and TUAM COMPANIES ; At ATHLONE and CLARA, with GREAT SOUTHERN and WESTERN COMPANY; At CAVAN and NAVAN, with the GREAT NORTHERN COMPANY. CHEAP CIRCULAR TOURS, TOURIST RETURN TICKETS Are issued from Broadstone Station, Dublin, during the Season, available for One Month, enabling the holders to view the magnificent and picturesque Mountain and Lake District of GOIOTEMAE/A, The bold Cliffs and curious Caves of the COASTS OF ACHILL AND CLARE, The celebrated Chalybeate Spas of LISIDOOAT'VALFATAL, And the Romantic Scenery of the LAKES OF KILLARNEY, Offering unusual facilities to TOURISTS, ANGLERS, and SPORTSMEN. N.B . — Tickets are also issued at Kingsbridge Station, Dublin, for the Round going first to Killarney, en route to Connemara. # # # A considerable reduction is made in Piice of Tickets for parties of Two to Six Passengers. RETURN THROUGH TICKETS to Connemara, available for Two Months, are issued in all the principal Towns in England and Scotland. — (See Tourist Programmes of the respective Railways and Steam Packet Companies for Fares and Conditions.') Tourists holding Through Tickets for Killarney and other parts of Ireland, may obtain, on arrival in Dublin, Supplemental Coupons at Reduced Eares, for the Connemara Tour, on appli- cation at Broadstone Station. An illustrated Hand-book of all the Circular Tours in connection with the Midland Great Western System, containing Skeleton Routes for Tours of a week or fortnight, a “Descriptive Guide” to the places named, and “Angler’s Companion,” with Colored Maps and Pictorial Charts of the Districts, may be obtained, with every further infor- mation required, on application to the Manager’s Office, Broadstone Terminus Dublin— price is., post free. Broadstone, Dublin, 1878. J, E. WARD, Manager. 86 Great Northern ; and Manchester Sheffield & Lincolnshire Railways. I RELAN D AND EN GLAN D. GOODS AND LIVE STOCK Can be forwarded by the above-named Companies in connection with the Steam Navigation Com- panies trading between LIVERPOOL and DUBLIN, DROGHEDA, DUNDALK, NEWRY, BELFAST, LONDONDERRY, WATERFORD, and CORK, to and from the following places Ardsley Ashby Alford Ashton Barnet Bardney Barnsley Batley Bawtrey Bingley Biggleswade Bingham Boston Brigg Bradford Bury St. Ed- Gildersome Holbeach 'Manchester monds Gt. Yarmouth Horncastle Market Rasen Cambridge Gainsborough Huntingdon Mexboro’ Chapeltown Glossop Hull Newark (Yorks) Gorton Ipswich Newmarket Chelmsford Grantham Kirkton-Lindsey Norwich Colchester Grimsby Knottingley Nottingham Conisboro’ Guide Bridge Leeds Northwich Dewsbury Halifax Lincoln Oldham Doncaster Halstead LONDON— Ossett' Duffield Harwich . King’s Cross Peterborough Dunstable Hatfield Louth Retford Dereham Haverhill Luton Rotherham Ely Hertford Lowestoft Sheffield Fakenbam Hitchin Lynn Sleaford Staleybridgo Stamford Stowmarket St. Albans St. Neots St. Ives Spalding Sudbury Surfleet Swaffham Tuxford Ullesthorpe Warrington Wakefield Worksop South Yorkshire, and Great Eastern Railways. Goods can also be forwarded to and from places on the Continent, to be shipped via Hamburg, Rotterdam, or Antwerp, by the Manchester Sheffield and Lincolnshire Co.’s Steamers sailing between Grimsby and these Ports. Note.— Quick Trains are now run on Week Days between Liverpool (Central Station) and Manchester, and vice versa, in 45 minutes, commencing at 8.30 a.m. and at 30 minutes past every hour till 7£ p.m., and at 9J and 11 p.m. Are also BOOKED at THROUGH PARES by the City of Dublin Steam Packet Company’s Steamers between DUBLIN, VIA LIVERPOOL, AND THE ABOVE STATIONS. PASSENGERS, GOODS, CATTLE, ETC., Booked by the above-named Companies will be sent by the Cavan, Leitrim, Longford, Mullingar, Kildare, St. Patrick, Windsor, Iron Duke, Eblana, or Trafalgar, one of which, or other first-class Steamer, appointed to sail between DUBLIN and LIVERPOOL, in connection with the above Railways, weather permitting, as under • DUBLIN TO LIVERPOOL. I LIVERPOOL TO DUBLIN. EVERY EVENING (Sundays excepted at 7 o’clock). I AS PER PACKET COMPANY’S BILLS. B3T Goods and Cattle to be alongside THREE HOURS before the time of sailing. Rates and all further information may be obtained from Charles Scotter, Goods Manager, Manchester Sheffield and Lincolnshire Railway, Manchester; J. Ashley, Goods Manager, Great Northern Railway, King’s Cross, London ; W. English, Manchester Sheffield and Lincolnshire, Great Northern, and Midland Joint Railways, Central Station, and W. Oates, Brunswick Station, and 45, Old Hall Street, Liverpool; and Messrs. Thomson, M‘Kay &Co., Temple, Dale Street, Liverpool; W. Sloan, Great Northern Railway, and J. Harding, 2, Park Place, Leeds ; W. Cook, Great Northern Railway, Bradford ; J. Smith, Great Northern Railway, Halifax; W. Wiggles- worth, Great Northern Railway, Batley ; W. Wigglesworth, Great Northern Railway, and Mr. Cross, Manches- ter Sheffield and Lincolnshire Railway (Westgate Station), Wakefield ; W. Altjss, Great Northern Railway, Nottingham ; McCrea and McFarland, Donegal Street, and J. McKee, Donegal Quay, Belfast ; Daniel Martin, Dundalk; John O'Neill, Market Square, Navan ; G. R. Donovan, 10, Academy Street, Cork; John Wallis, 33, Bachelor’s Walk, Dublin ; or from the undersigned. Chief Offices in Ireland, 6 and 6, North Wall, Dublin. JAMES HESKETH. MANCHESTER SHEFFIELD & LINCOLNSHIRE RAILWAY. QUICK AND REGULAR SERVICE OP FIRST CLASS STEAMERS FOR GOODS & PASSENGERS FROM THE ort of drimsbjr to Jamkrg, flotfirhm, aittr ^ntkrjj. QTEAMERS are despatched from Grimsby (weather and other circumstances permitting) £3 every WEDNESDAY and SATURDAY for HAMBURG, ROTTERDAM, and ANTWERP, after the arrival of the Train due at GRIMSBY DOCKS at 3.40 p.m. Returning from HAMBURG every Tue day and Friday ; ROTTERDAM every Tuesday and Saturday; and from ANTWERP every Wednesday and SATURDAY. These Steamers are of great carrying capacity, power, and speed, and the Saloons are fitted up with every convenience, affording the utmost comfort to Passengers. Every information as to Rates of Freight, Fares. &c., will be given on application to Mr. J. HESKETH, 6, North Wall. Dublin ; Messrs. McCREA & McFARLAND, Donegal Street, Belfast ; Messrs. JOHN SUTCLIFFE & SON, Shipping Agents, Grimsby; or to Mr. C. SCOTTER, Manchester Sheffield and Lincolnshire Railwav, Manchester. R. G. UNDERDOWN, General Manager. THE SHEFFIELD STEEL AND IRON WORKS. PQ < 88 89 LONDON OFFICE: SO, WALBROOK, E.O. Tie Elbw Vale Steel, Iron, & Coal Company, Limited, EBBW VALE, MONMOUTHSHIRE, Resident General Manager - - - JOHN F. ROWBOTHAM. MANUFACTURERS OF IRON aid STEEL RAILS, BAR and SHEET IRON, t. PROPRIETORS OF EBBW VALE STEAM COAL. ABERCOKN BLACK VEIN STEAM COAL, ABERSYCHAN and PONTYPOOL HOUSE and STEAM COAL. SHIPPING POET, NEWPORT, MONMOUTHSHIRE. Wharf Agent, THOMAS JONES. Coal Agent, THOMAS B. BELL. London Agents: JOSEPH ROBINSON & CO., 7, Lawrence Pountney Hill, E.C. MANCHESTER HOUSE : 86, King: Street. .THE ORIGINAL SOCIETY. — ESTABLISHED !840. THE GUARANTEE SOCIETY, No. 19, BIRCHXM LAME, COEMMXLL, LONDON, E.C. Empowered by Special Act cf Parliament, 5 Victoria — Session 1842. Stiretisliip undertaken for the fidelity of Persons in Situations of Trust, on the Yearly Payment of a small sum at a stipulated rate per centum. CAPITAL, £100,000, fully Paid-up and Invested. This Society was the first Public Company established in Great Britain to obviate the inconvenience and defects of Suretiship by Private Bondsmen, its Security being: adopted by S3CE33ES. S by the Bank of England, the Bank of Ireland, the Council of the Duchy of Cornwall, the Secretary of State in Council for India, the Court of Chancery, the Local Government Board, the Corporation of the City of London, the Principal Bankers, Railway Companies, Public Companies, and Commercial Eirms in the United Kingdom. All necessary information can be had of the Secretary and the respective Agents of the Society. JAMES MUZIO, Secretary. THE MERSEY WHEEL AND AXLE WORKS CO, STOURBRIDGE, MANUFACTURERS OP WROUGHT AND CAST-IRON BOSS RAILWAY WHEELS AND AXLES; ALSO, FOUGEDSTG-S AND OAlSTHSTGPS. REPAIRS DONE TO WHEELS. London Office: 63, Queen Victoria Street, E.C. TAITE & CARLTON, Agents. 90 The Gold Medal, Paris Exhibition, 1867, and Diplome d’Honneur at Havre Exhibition, 1868. IB JL IR, IR, O W MATITE STEEL COMPANY, LIMITED. HEAD OFFICE AND WORKS: BARROW-IN-FURNESS, LANCASHIRE. LONDON OFFICE : 14, Great George Street, Westminster. git-triors. His Grace the DUKE OF DEVONSHIRE, Chairman. LORD FREDERICK C. CAVENDISH, M.P. HENRY WILLIAM SCHNEIDER, Esq. WILLIAM CURREY, Esq. FREDERICK ILTID NICHOLL, Esq. JOHN FELL, Esq. SIR JAMES RAMSDEN, Managing Director . Stattarg. i JpaiutJjtr. JAMES BIGG, Esq. j J. T. SMITH, Esq. THE BARROW HMATITE STEEL CO, LIMITED, MANUFACTURE Steel Rails, Weldless Tires, Axles, Plates for Shipbuilding, Boilers, Girders, Bridges, Roofs, Bars, Angles, Guns, and Forgings of every description in steel; and in addition supply the Haematite Ore and Pig Iron from which the Steel is exclusively made. 91 THE AMERICAN PREMIUM DOOR AND GATE SPRING. pq a © od p ^ T=5 0 6D ctj a f-I £3 cd .y p t> ■+^» 0 JP-I 02> ■s g ts» i“H O 02) P ^ “oo ^ P _c=a "§ 2 s P P CO cl LU Q CL O *0 0 CO s S=J <0 'I _J ll < fej 0 Q 2 Kl < tq H Es N 1 _J CQ CL CL O < *~N Eh O O fq H P4 _l pq <£& P=< PO ►-23 co CO co CO ■*2 L 03 <43 1 ^ ■£ ^ j£ ^3 «. »*5» <5j o v> §£■* 8 £ •' I ^ ^ 1^5 osi S •2 5 s g *8 ^ S f2 ^ ^2~'g .1*1 1 ^ ^ g a 12 o 1 s HO 5 « §> -8 s ^ s pq 53 03 * |i e g r <43 t* "*>*a m « g js h ^ ■< _ Ph ^ .o s 53 <43 42 ^ 03 Q .*Q CLP ,pcj c^ O ^ N i-l K -< ^ h-J o Ph c ' s f: p w s* H ^ to « ■*: w Q C 5 fc 5* g f 1 s c> o r-o o W P$ pH t-J w o . CO Pi .22 rO P> QD CD ■4^ QQ CD p4 O CO Pi

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