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John May,

J. J. Williams,

A. H. Mandeville,

George Stoddard,

George Wolcott, and
H. T. Stow.

The following gentlemen, are also attached to the
party viz:-Geo. W. Brown, W. Geo. Norris, W.
J. Gaul, Henry M. Minlor, Clarkson P. Hale,
Benjamin Burns, Jas. O'Brien, Geo. E. Burr, John
Wright, Wm. S. Ogden, Charles H. Ehrman, John
H. Ballman, Robt. B. Jarvis, Win. J, Corcoran,
H. H. O'Callaghan, K. Dunglison, Washington
Hopper, and several others.

Most of the party left on the 22d inst., in the
schooner Templeton, for Chagres, and others are to
leave on the 1st and 5th of February.

parties on the Pacific, and Mr. Norris of those on

the Atlantic side; and there can be little doubt bu

that the entire line will be thoroughly examined, and

mainly located, by the end of May next, when the

"This is encouraging, and the prospect ahead, on work will, we understand, be put under contract,

It is not easy to imagine how a passage, so much
at variance with the copy, could have got in type.

It should have read as follows:-

The Balt. American said, some time since, that
On Wednesday an excursion to various points on

the line of the Hudson River railroad was made

by the Directors and a number of stockholders.

The route of the road is along and near the east

bank of the Hudson, and the party went up in a

steamboat, landing at various points in their course.

Between New York and Poughkeepsie there are

now five thousand men at work. The road is, we

believe, the broadest in the country. A single track

only will be laid at the commencement. The cost,

of the road to Poughkeepsie, graded for double, but

laid with a single track, and all necessary turnouts

or switches, the erection of depots and the supply of

the necessary carriages and locomotives, will be

four millions of dollars. The loss of distance by

this road upon a direct line is only six and three-

quarters per cent.-less than upon any railroad in

the country."

We republish this paragraph mainly to correct

an error of the writer in relation to the width. He says
"the road is we believe the broadest in the country;"
not so, the N. Y. and Erie is the widest, being six
feet-while this is of the ordinary width, or 4 feet 8
inches; and the Portland and Montreal is the next
widest, being 5 feet 6 inches.

Philanthrophic Society's Farm School for Vagrant
Boys.-The selected design for the farm school for
vagrant boys, at Potter's-bar, near Barnet, to be
founded by H.R.H. Prince Albert, consists of eight
houses, each for about sixty boys, arranged on the
sides of a chapel, as at the schools of reformatory
liscipline at Metray, Hamburg, and elsewhere on
he Continent. Each building is to be adapted to the
instruction of a separate family of the boys, in do-
nestic occupations and mechanical arts, as well as
lausbandry and gardening.—Arţizan.

A new Method of Extracting Pure Grid from Althus reaching a speed nearly equal to 60 miles an To show how small this tratie is relatively to the loys and from Ores.-Mr. C. T. Jackson communi- hour. On the introduction of heavier and more. total carried, the following items in the consump cates the following process to Silliman's Journal-powerful engines, the Rocket' was laid up in or- tion of the people of this island, in tons, may be A method of obtaining pure metallic gold in the dinary in the yard at Kirkhouse, where it now noted: form of a spongy mass, has been practised by me stands, no less a monument of the genius of the infor several years, and no account of the process bas, venter than as a mark of the esteem in which his to my knowledge, been published. It is very useful memory is held by Mr. Thompson. Such an ento the chemist and to the manufacturer, and is more gine, says the same Journal the first constructed economical than any other method that I am ac-on the principle which has brought railways to such quainted with. a height of perfection in this country and throughout the world-ought to have its abiding place in the British Museum."

Railway Signal.
The railway Chronicle, gives the following ac-
count of a new signal.

Spirits.

Paper

Corn.....
Potatoes.

Sugar.

.3,000,000 .3,000,000 300.000

Tea, coffee and tobacco....:

50,000

Malt..

400,000

100,0.0

40,000

Soap

90,000

Candles..

100,000

Cotton goods.

250,000

Woollens.

100,000

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After separating the gold from silver, by means of a mixture of nitric and hydrochloric acids, as is usually done, the solution containing gold and copper is to be evaporated to small bulk, and the excess of nitric acid is thus driven off. A little oxalic acid is added, and then a solution of carbonate of potash sufficient to take up nearly all the gold in the state "The Southeastern have been experimenting a of aurite of potash is gradually added. A large NEW SIGNAL, to effect an instantaneous communicaquantity of crystallised oxalic acid is now added, so tion between the guards and the engine drivers, or as to be in great excess, and the whole is to be quick- from any station or post of watch to a train. The ly boiled. All the gold is immediately precipitated machinery is said to be so simple that it is in the in the form of a beautiful yellow sponge, which is absolutely pure metallic gold. All the copper is the forcible expuision of air striking upon the expower of the slightest touch to render it effective. By taken up by the excess of oxalic acid, and may be trme edge of a bell-shaped contrivance, sound is washed out. Boil the sponge in pure water so long conveyed four miles round. It has been found that mark, and only gives the total consumption of this as any trace of acidity remains, and the gold is then in dense foggy weather its shrill cry penetrates the island, reekoning the articles as only carried one to be removed from the capsule, and dried on filter-atmosphere with a facility unknown to the whistle way, and not including many articles of agricultuing paper. It may be formed into rolls, bars, or raised by steam; and as it does depend upon the ral produce-manures, leather, 60,000; fish, stone, thin sheets, by pressing it moderately in paper. I later agency, its small and compact machinery may lead, copper, earthenware, oil, 60,000, fruits, etc;have made several useful applications of the gold be fixed inside any one of the carriages far removed bark, 50,000; dyestuffs, 70,000; Lemp. 50,000; easponge thus prepared, and had a tooth plugged with from the engine, and there worked by hand if desir-biret woods, 30,000; rice, 20,000; tar, 20,000; turit in October, 1816, to which purpose it is well ed, or acted upon by gear attached to the axle. The pentine, 20,000, etc. The railways at present do adap'ed. By moderate pressure the spongy gold patentee is a Mr. Wells; and Mr. Farniough, the not carry more than a fourth of the traffic of the becomes a solid mass, and burnishes quite bril-chief locomotive engineer, and the rest of the offi- country, if so much. liantly. cers of the Southeastern line, have afforded facilities for its trial and adoption. The largest tonnages in 1847, were the following York and Newcastle... Ballochney. Midiand.

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The jeweller or goldsmith will find spongy gold to be quite convenient when he requires it for a sol der, and it is a convenient form of the metal for Messrs. Smith, of the Strand, have concluded a making an amalgam for fine gilding. I have used contract with the MIDLAND and CHESTER and HOLYit for some years in soldering platina, and prefer &c., at the various statiens. As we have previousHEAD. for the privilege of selling newspapers, books, to the filings or gold foil for that purpose. method of separating fine gold from coarse is very with the London and Northwestern, they have now ly aunounced they already hold a similar contract simple, and cheaper than the usual processes. It is applicable in the separation of gold from ores that secured the right to supply periodical literature to may be treated by acids, and is vastly preferable to passengers over 1,000 miles of rail. In case of irthe method commonly used by chemists and assay-the present arrangements of this important service, were £2,600,000, of which for minerals, 750,000. regularities of any description, or of deficiencies in ers. When making oxide of gold for dentists' use, the pulle will know to whom in future to apply for the chemist will find that oxalic acid, added to this

remedy.

610,235 548,813

The total receipts for minerals and goods in 1847

AVERAGE RATE AND LAGE.

potassic solution, will at once recover all the gold "Mr. Hudson is reported to be ready to lease the It is of importance for engineers to know the avthat is dissolved in an excess of the alkaline solu- STOCKTON and DARLINGTON, which has always paid erage distance that each class of produce is carried, tion, much gold being lost by the usual method of 40 per cent., since its opening in 1835, and is al- and the average receipt, which are far below what preparing the oxide. Many other applications of this very simple method will occur to chemists and most exclusively devoted to the convevance of coals is believed. artizans."-Artizan. from the coal-fields of Durham and Stockton, at from 10 to 15 per cent."

TRAFFIC ON THE ENGLISH RAILWAYS.

Electric Telegraph from Vienna to London. In a lecture, delivered on Thursday evening, at the Western Literary and Scientific Institution, by Mr. Partington, he stated, as a fact, that it was the in- The following extracts from the railway statistics tention of the Emperor of Austria, before the late of England, by Hyde Clarke, Esq, may be both troubles broke out, to have established a telegraph-useful and interesting to our readers, and therefore ic communication between Vienna and London, by means of a single wire. we give them from the Civil Engineer and Architect's Journal.

The Rocket Locomotive.

We give place to the following paragraph, as it gives us the latest account of a machine which astonished the world when it was exhibited on the Liv-| erpool and Manchester railroad, but not allowed to compete for the prize of 5007, in October 1829, because it weighed, with wood and water on board,over five tons! many changes have occurred since that date-especially in railroads and locomotive engines.

The Carlisle Journal gives the following particulars of Mr Stephenson's first celebrated engine, the 'Rocket,' which was bought in the year 1837 from the Liverpool and Manchester, by Mr. J. Thompson, of Kirkhouse, the lessee of the Earl of Carlisle's coal and lime works. Here the engine was worked for five or six years on the Midgeholme line, a local line belonging to Mr. Thompson, for forwarding his coals from the pits towards Carlisle Soon after the engine was placed on the line the great contest for East Cumberland took place, when Šir J. Graham was superseded by Major Aglionby; and it was used for conveying the Alston express with the state of the poll from Midgeholme. Upon that occasion the Rocket' was driven by Mr. Mark| Thompson, and accomplished its share of the work, a distance of upwards of 4 miles, in 4 minutes;

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Passengers. The average mileage of all the pas sengers in 1847, was 16, and the average receipt 2s. The average receipt on the London and Northwestern is 4s; Great Western 4s 6d; Midland, 2s 7d; Southeastern, Is 6d; Brighton, 2s 4d; eastern counties, 3s; Southwestern, 3s; and Lancashire and Yorkshire, Is 43.

Beasts. The average receipt for beasts on the London and Northwestern is, 42d, ini'e 57; Eastern Counties, 68, miles 75; Great Westerr, 31d,miles 45. Sheep.-London and Northwestern, 10d, 70 mile; Estern Counties 9d 75 miles; Great Western, 100, 66 miles.

Swine.-London and Northwestern,18d, 120 miles; Eastern Counties' 6d, 58 miles; Great Western 120, 75 miles,

Coales-York and Newcastle, 16d; Stockton & Darlington, 18d: Midland, 27d; London and North

The following shows the distribution in traffic in western, 204.
in tons:

1847,

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Ironstone.-Ballochney, 9d; Taff Vale, 28d, 25

miles.

Limestone and Lime.-Midland, 22d; Newcastle and Carlisle, 20d, 16 miles; York and North Midland, 14d, 9 miles.

Building Stone.-York and North Midland, 24d, 24 miles; Midland, 20d; Newcastle and Carlisle, 2≥ત.

Sand-Bodmin and Wadebridge, 24d, 8 miles. Fish.-York and Newcastle, 2is. 50 miles; Norfolk, 13s, 68 miles; Whitby & Pickering, 6s, 25 miles.

Parcels. Average of enumerated lines, 3-98. Horses.-Average of all lines, 16s. Carriages, ditto, 25s.

Horse Traffic-The total number of horses carried in 1847, was 99,405, and the total receipts 80,216.

The greatest horse traffics are the following:

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York and North Midland.

5,813 2,613

5,447 4,335
3,782 3,576
3,456

Southwestern....

Southeastern...

York and Newcastle..

.....

The charge for horses per mile is, London and Northwestern, 3d; Great Western, 54d; Midland, 4.25d; Eastern counties 3.6d.

Railway Amalgamation on a large scale.

Jand Manchester £40 shares, £25 paid, and £15 due; of the latter. The Great Western shareholders, on" 30,000 Manchester and Birmingham £10 shares, the other hand, believe it would be advantageous to marked A. upon which £9 are paid; 60,000 ditto. them to amalgamate, and, as a proof, the prices of marked B, 9 paid; 70,000 marked C, 1 paid; their shares have risen considerably since the an consequently the company have power to call upon-nouncement. Some of the Liverpool shareholders 55,000 Quarter shares, at £4 each.....£165,000 of the London and Northwestern look with consid168.380 New ditto, at £18 each.

66,879 £20 shares, at £18 each 120,090 £40 shares, at £15 each. 30,000 £10 shares, at £1 each.... 60,000 £10 shares, at £9 each.......

.3,040,840 erable dismay upon the scheme; they say the ob1,203,822 ject for which it is proposed to amalgamate-rame181,350 y, to avoid expensive Parliamentary contests30,000 would be much better effected by a commitee com630,000 posed of equal numbers of directors or shareholders in the three companies, with power to decide any £5,251,012 question or dispute which may arise between the The capital of the Great Western is £11,457,277; respective boards as to branches or extensions.-£6,478,221 being raised by shares, and £4,979,056 They are alarmed at the probable consequences of We have for some time past noticed in the Eng- by loan. The share capital is divided as under: further amalgmation, which hey say can only have lish railway papers, indications of a movement 25,000 shares of £100 each, £90 paid up; 28,000 the effect of permanently reducing the dividend, among the powerful companies, between London, £50 shares, all paid; 93,00 £25 shares, upon stating as a case in point that the Liverpool and Winchester, Liverpool, Bristol, Exeter, and that which £4 are still due; 37,500 £20 shares, paid up; Manchester from its opening in the year 1830 to the and 69,700 new £17 shares, on which £13 have been amalgamation with the Grand Junction and the Birportion of England northeasterly, or including easpid. This company has still power to call upon-mingham in 1846, paid a dividend of 10 per cent, terly and southeasterly from London, tending to- 35,000 original shares, at £10 each... .£250,000 per annum, that the Grand Junction paid at one pewards an amalgamation--or a combination of in- 93,000 £25 shares at £4 each.... .372,000 riod 13 per cent, and never less than 9 per cent, per. terest and action. 69,7000 £17 shares, at 2 each. 139,400 annum, until after the amalgamation in 1816 with the We have always encouraged amalgamations London and Birmingham company. The last div 761,400 idead of the amalgamating or London and Northwhen we thought the interest of the shareholders The Southwestern company has raised from western company was at the rate of 7 per cent per anand the public would be promoted thereby—as for shares 6,075,3874, and by loans 1,609,350, or a total aum. These who were in the habit of receiving instance, from Boston to Albany-from the Hudson of 7,684.7371. The Southwestern shares may be 10 per cent dividend for the past 16 years, feel the river to lake Erie, from Boston via Concert to Bur: 000 new 50% shares, upon which 42; 10 have been in the London and Northwestern at a high premium, classed as under :--23,840 50% paid up shares; 60-reduction, as well as those who purchased the shares lington, Vt. and also from Boston via Fuchburg and paid; 46,500 40 shares, upon which 34 have been expecting that it would continue to pay a 10 per Rutland to Burlington-and in most other similar paid 9,266 50 consolidated tenths, paid up; 12,000 cent dividend, and of course anxious to avoid fu lines, including branches dependent mainly on such 40 consolidated tenths paid up; 020,560 16-13.4 ter reduction. The amalgamation scheme is looklines; but we much doubt the policy of uniting thirds, upon which 13-6-8 have been paid; 147,766 ed upon with much distrust, its magnitude being new 7 per cent, scrip upon which 1 13 4 only have likely to create public jealousy, and thereby render three, or even two, snch powerful companies as been called up those named and described in the following article, er to call uponThis company has therefore, pow.it liable to re-trictions which might tend to still further injure the property and reduce its value. The which we take from the supplement to the London 6,000 50 shares, at 7 10 each.. general opinion is, that the scheme will result in no "circular to bankers" of Nov. 10th-for which we 46,000 407 shares, at 91 each... good to the shareholders gener lly, and that it has are indebted to a kind friend resident in London. 120,560 167 13 4 shares, been concocted more with a view to promote the 3 68 each... great ambition of a few individuals, than to effect The aggregate amount of capital of the three 147,766 167 12 6 shares, at any substantial benefit to the shareholders or advancompanies will be over forty-two millions sterling, or 141 19 10 each. tige to the public. more than $200,000,000!! and those who may be entrusted with its management may possibly, in the 2,815,789 6 4 Dublin and Kingstown Railway, The amalgamated companies will,by their present We have published many of the reports of this consciousness of their own power, forget the righis powers, be entitled to call up, within the time allow of others, and become too strong for the government ed by the act for doing so, the sum of 8,819 201 68. company, and often quoted its management for the itself; therefore for these and other good reasons, The entire weekly receipt of the three companies, benefit of others; therefore we give its last report, we should oppose such an amalgamation in this should they not exceed their present average, will telespecially as the last half year's dividend was only 70,000 per week, or 3,640,000 per annum. The 4 per cent. It has usually, for several years, been

country.

45,000 0 O 279,000 0 0 281,306 13 4 2,210,482 13 4

"The Amalgamations.-The officia! announce- number of miles of railway over which the compa-5 per cent., or 10 per cent., per annum. We give ment promulgated yesterday, of an intention on the nies will have control will be nearly 2,000, upwards the report entire, with the remarks of some of the part of the London and Northwestern, Great Wes-1,000 of which they will have in their absolute possestern, and Southwestern railways, to apply to Par- sion. The Northwestern consists of London and Bir- managers. It shows well— liament in the ensuing session for powers to ama'-mingham, 112 miles, Birmingham to Newton 83 Dublin and Kingstown Railway Company. gamate, has been the subject of more than ordinary miles. Macclesfield branch 10 miles, Northampton General Meeting. conversation and comment. Divested of its vari and Peterborough 474 miles, Bedford ard Bletchely The half yearly meeting of the sharehold ous technicalities, the notice is a comprehensive 16 miles, Leamington and Coventry 9 miles, Aylesproposal for consolidating the three railways, hith-bury seven miles, Bolton and Leigh ten miles, ers in this company was held at the Offices, erto in a state of perpetual hostility, into one great Chester and Crewe 21 miles, Trent Valley 49 miles, Dublin; George Roe, Esq., in the chair. working corporation, under some name yet to be de- Dunstable seven miles, a po.tion of the North Mr James Pim (the treasurer of the com cided on, provided that all these are to become one; Union and Preston 16 miles. The Great Western but in the event of any one being dissentient, the from Paddington to Bristol 1184 miles, Didcot to Ox-pany) read the following abstract of receipts other two may coalesce, it being agreed that the ford ten miles, Swindon to Glocester 37 miles, Kem- and expenditure for the six months ended third, which shall not have so amalgamated, "sub-ble to Cirencester four miles, Bristol to Exeter 75 31st August, 1848, together with the subsequently" may come tn. The bill proposed to be Glocester to Cheltenham 73 miles, Reading to Hunjoined half yearly report:-applied for also contemplates an alteration in the gerford 25 miles, Wilts, Somerset, and Weymouth "Gentlemen,-We now submit a short tolls and fares. Both the London and Northwestern 13 miles opened, Reading and Basingstoke 20 miles. and Great Western have issued notices convening The Southwestern main line is 106 miles; Bishop- abstract of receipts and expenditure for the special meetings of their respective proprietors for stoke to Sailsbury 22 miles, Southampton to Dor-six months ended 31st of August last, and the 13th of Decembe, to consider and decide upon chester 61 miles, Weybridge to Cherisey three miles, although it shows a trifling decrease of inthe subject. Poole branch two miles, Windsor and Datchet 14 "The Great Railway Companies. The proposed miles, Waterloo extension two miles. The great come, yet it may be considered rather as a amalgation of the London and Northwestern, Great companies will thus by means of their own aud cause of congratulation that there is not a Western, and Southwestern railways, will, if effect other lines, in which they are beneficially interested, much greater falling off, when you recollect ed, create the most powerful combination ever have the entire trattic from Plymouth to Perth. the extremely unfavourable weather which known in this country, and bring to one undertak- The proposed amalgamation of the London and ing an amount of capital larger than any of our Northwestern, the Great Western, and the South- prevailed during the summer months. great national undertakings. The total amount of western railway companies has since its public an- "During the half year we have made a the capital of the amalgamated company will be nouncement engaged the attention of several share-considerable reduction in the fares on the £42,371.239, divided as under:-London and North- holders in those companies, and has given rise to Dalkey line. We have also tried the experiwestern capital, raised by shares £14,044,573; by much conversation on the subjeci. A great practi- nent of occasionally reducing all the fares loans, £9,186,672; total, £23,231,245. The shares cal difficulty presents itself to them respecting terms

in this company are 10,181 original shares of £100 upon which it is propo-ed to amalgainate. Share-one half, and we have revised and remodelled each, which are paid up, 55,000 London and Bir- holders of the London and Northwestern contend the fares between the intermediate stations; mingham £25 shares, upon which £22 have been that it would be exceedingly unjust to them to unite and so far as we can judge, we have reason paid 163,380 new quarter (£25) shares, upon which at par with either the Great Western or the South£7 only have been paid, 66,879 fifths or £20 shares, western, the stock of the former being considered to be satisfied with the result.

on which £18 have still to be paid, 12,090 London more valuable in every respect thon that of either "We have the satisfaction to state that the

line of railway and the working stock is in Mr James Perry-I have great pleasure now employed, the "life" of a rail is not excellent order. in rising to second the motion. There is one above twenty, or at the most thirty, years.— "The rates and taxes on the line have trifling question, upon which, perhaps, it The difference then is this-rails cannot be been still further increased, and are now would be satisfactory to the meeting and the repaired; they are all used together and quadruple what they were two years since. public that some explanation should be given. equally; the decay of each is therefore proThe important subject continues to occupy We are all aware that there has been a re- ceeding in the same ratio, making a trifling the anxious attention of the Board, and we duction of one-half in the fares on the Dalkey allowance for the different texture of the bars; are now seeking to obtain a more equitable line, in addition to further reduction on par. and they, consequently, will all wear out valuation. ticular days. Now, it would be gratifying about the same time. To prevent, therefore, "In our report of October, 1847, we ap- to know how the concern has worked since the whole renewal falling in one year, the prised you of a new and amicable arrange- the reduction was made. (Hear, hear.) That annual estimate of "depreciation" (a term ment into which we had entered with the there has been some falling off, I anticipate; very properly applied in this case) is put Waterford, Wexford, Wicklow, and Dublin but it would be an interesting fact to know aside till a fund has accumulated, which railway company, modifying in some im what is the exact result (Hear, hear.) shall do at once that which, with the plant, portant respects the original agreement; and The Chairman-We have stated gene- has been daily and hourly going on for in last April you were informed that the rally that the result of our experiments has years.

you.

"GEORGE ROE, Chairman." Abstract of Receipts and Expenditure for the Six Months ended August 31.

DEBTOR.

Expenditure on management, maintenance, and working of the Dublin and Kingstown and Kingstown

and Dalkey railways, in the six months ended 31st of August, 1848.....

Taxes and rates

Interest on debenture loan
Net balance

quired to fill up deficiencies arising from work, it has (at least, in our case) not proceeded in the ratio of additional mileage and increased receipts. It will at once be adinitted that, for both these, capital should, in the Some light will first instance, be debited. to

Mr. Pim observed that the circumstances under which they met on the present occa

company had brought a bill into parliament been satisfactory; but it has been particulerly There can be no doubt that the system of to legalize this arrangement. We have now so with regard to the Dalkey line. (Hear, writing off a certain amount periodically to announce that this act has been obtained, hear.) There has been no falling off what- from the working capital has found favor and that it authorises the South Wales rail- ever in the receipts; on the contrary, there with many who regarded the continual outlay way company to subscribe 250,000l. to that has been an increase. (Hear, hear). on new and additional engines, carriages, and undertaking. Mr. J. Pim-Yes; although there has waggons, as an indication that the repairs "The abstract of accounts shows a profit been a trifling reduction of about 2501. in the were not keeping pace with the wear and from the six months of 11,156. 7s.; from receipts of the company for the half-year, tear. In this I think they were mistaken, which, in pursuance of the 9th section of the there has been an increase of 30%. in the and that so far from the new stock being re Extension Act, the board have apportioned Dalkey line, for the same period, at reduced the sum of 9,800l. for dividend for the past fares. (Hear, hear.) half-year, being at the rate of 41. per cent. on The report and statement of accounts were your paid-up capital of 245,000. This will then received and adopted. leave a balance of 1,656/. 7s. to the credit of the next half-year, when the detailed and mentary to the directors of that company Alderman Boyce said, it was very compli comparative statement for the whole year will be enabled, in the present depressed state of be thrown upon the point in a subsequent affairs, to declare so good a dividend as 4 per part of the report. cent. for the half-year; if the same care which Again, apprehension was caused in conwas paid to that company were observed with sequence of observing a deterioration in the regard to others, he had no hesitation in say-performance of the public service. There ing that different results would be the conse- was, doubtless, some time ago, a falling off quence. (Hear, hear.) in this respect; but this proceeded from no depreciation of the stock-it arose from the altered circumstances and demand of the times, from a large increase in business sud£14,761 91sion were very gratifying; but particularly denly produced by a reduction of fares, and 2,199 43 so when they recollected that that company from applying that stock to duties for which 1,400 00 had no engagement for guarantees of any it had never been originally calculated and 11,456 7 0 kind whatever, nor did they hold any shares The market value remained un£29,820 1 4 in the stock of other companies. Their loan from the board of works was being gradually changed, but the effective value, though imliquidated; aud, so long as they paid 4 per proved, was unequal to the additional and uncent. interest on their debenture loan of expected duty imposed on it. £29,507 19 4 70,000l., the principal could not be demanded; But the ability of a company to maintain, 173 165 and they had no other pecuniary engagement at its full "market," and therefore above its 138 57 of any kind. On the whole, he considered first "effective," value, the whole of its £29,820 1 4 the concern to be in as sound and healthy a plaut, must, of course, depend on the means The chairman then briefly addressed the state as possible. (Hear, hear.) at its command for repairing and renewing meeting. He said-Gentlemen, I have Mr. Gresham said, that in the course of his it; and in this respect the London and Northscarcely a word to add to the report which life he had never seen a railway so well and Western company stands very favorably.you have just heard read. We have endea- efficiently conducted as the Dublin and vored to make it as short and as clear as pos- Kingstown. (Hear, hear.) sible; and I have only to congratulate you upon the result of the last half-year's operations. (Hear, hear.) We have laid the accounts before you in the most simple and intelligent shape, and have endeavored to re- captain saysmove all complication from them, so that any But it may be urged, if an allowance for is possessed by any other company in the kingdom. It is from no lack of means, person can understand them without the "depreciation" is not absolutely necessary for slightest difficulty. (Hear, hear.) It is now the due maintainance of the working stock, therefore, to prevent it, if depreciation is permy duty to move that the report and abstract why adopt it for the rails? of accounts which have just been read be be a stronger illustration of the correctness of The outlay of the three principal factories. received, adopted, inserted on the minutes, the above remarks than is thus afforded. The belonging to the company, together with the printed, and circulated among the proprietors. wear and tear of the rails was long considered cottages, I find to be as follows :— (Hear, hear.) The dividend which we have so very slight, that the question of renewing announced will be payable on and after Mon was altogether overlooked. Experience has day, the 23d inst., at this office.

CREDITOR.

Income of the Dublin and Kingstown
and Kingstown and Dalkey rail-
ways, for six months ended 31st of
August, 1848...

Balance to credit of interest account.
Balance from last half-year's accounts

The meeting then separated.

Railway Accounts by Captain Huish.
We continue this valuable document. The

There cannot

proved, that with the speeds and the weights

provided.

The establishments at Crewe, Wolverton, Longsight, Liverpool, and London, are amply sufficient to overtake the repairs and renewals of a stock of engines which has only cost 700,000/.; and the capacity and accommodation afforded are much larger, in pro-portion to the stock to be kept in order, than

mitted to arise.

Crewe,

Wolverton,
Longsight,

£242,759

170,988

35,281

The rental from cottages is 6,605l. per supposing no new branches or increased and wagon, and all materials, and machinery annum, representing, at 4 per cent., the sum traffic to have demanded additional stock, the which had been charged against this account, of 165.125, and leaving 283,903. as the system of writing off ten per cent. annually, or paid for out of revenue. This work has cost of the buildings, and fixed machinery over and above the expense of repairs, must, been accomplished with the valuable assistemployed in the repairs and renewal of stock. in time, have reduced the cost of the stock in ance of Mr. Watkin, and the estimate of the The interest on this, at the current rate of the books to a very small figure indeed.company's officers, who valued on the prethe day, is an item fairly chargeable to the Such a process argues nearly an annihilation vious occasion, is attached to every item. stock. It has, however, always been debited of the whole plant in ten years; instead of

to construction; and its transference to its which we see everywhere an improved stock Railroad from Pittsburg to the Mississippi. proper account would only prove how much with increased durability. Unless the preWe published, in a previous number, a. more has, in reality, been done for the main ceding arguments and the subsequent calcu synopsis of the report of the Pennsylvania tenance in full efficiency of the working lations and estimates are fallacious, this has railroad company-and we now publish an plant, than has generally been imagined. led to a positive extinction of capital for the extract from an article from the Louisville Again, the possessions of the extensive benefit of futurity. If it is answered that Journal, with comments upon it by the Pitts. factory of Crewe (where, in addition to the each year would place the concern so regu- burgh Gazette, showing the deep interest takdaily repairs of extensive stock, there is the lated on a safer basis, I reply, that this argu

capacity of turning out a new engine every ment, if sound, may be pushed to any extent, en by the several cities on the Ohio in its week) has enabled the company to supply but at the expense of the dividends; and that early construction. It is only by watching the itself with all the engines, carriages, and not, as with a reserved fund, where every pro- increasing movements of the people,in all the wagons required for the northern division, prietor can judge for himself of the security different sections of the country, that we can including the working of 50 miles of the which it presents for the maintenance of his estimate the future growth of the railway in

Trent Valley, 90 miles Preston to Carlisle, interest, but silently and unknown to all, ex

and 60 miles Chester to Bangor (in all 200 cept to those who may narrowly investigate terest in this country. And there is one peadditional miles), at cost price; and the ma- the subject. If proprietors would consent to culiar feature, connected with the subject, nufacturer's interest on his capital, and profit waive their dividends altogether, not only the which insures their rapid, and continued exon the large increase of stock of every de working stock but the entire capital of the tension; and that is, the people, in the large scription (of which, excepting a small order railway might, on an 8 per cent. return, be cities, and in the small cities. and in the towns of wagons, none has been purchased), has redeemed in 12 years, and a private partnerbeen saved to the company; it will be found ship might possibly chose so to pay off its and villages, and in the agricultural regions, that this amount, taking at 20 per cent. (the first outlay; but this is contrary to the whole cannot afford to do without them. Every manufacturer's usual calculation), amounts theory on which a corporate body is managed, part of the country must and will have their to a very large sum, which should, in fair and the extinction of capital representing railroad facilities.

ness, be charged to the stock, and credited to the factory. I mention it now, because, in any "market valuation, it tends greatly to enhance the present relative condition of the plant.

working stock, forms no exception to the rule.
I now proceed to apply this reasening to
the facts as they present themselves:-

First, comparing our past and present con
dition; and, secondly, considering our relative
position with other companies.

A GREAT CENTRAL RAILROAD.

"We referred, on Wednesday, to the anx iety with which Cincinnati viewed the rail. road movements of Pittsburgh, and to the important idea, that the Pennsylvania and Ohio I have alluded to the diversity of practice railroad about to be built, would form the adopted by railway companies in regard to The last valuation was made in 1816, in main trunk of a great central railway, be"depreciation." The great majority have accordance with the instructions already tween the Lakes and the river, from Pitts never recognised the necessity of any specific quoted. At that time, the total cost of the burgh to St. Louis. Since then we received provision for this purpose, and among these moving capital, reduced as it had been by the the Louisville Journal, of Nov. 25th, which the South-Western company, through its depreciation theory, stood at 1,130,899.; and contains the following article, which is worchairman, have strenuously denied the pro- the result of the valuations gave a return of thy of the attention of our readers as show. priety of any allowance. Mr. Chaplin, 1,117,272, or an apparent falling off of ing how strong a competition exists for the acting on analogy drawn from the old coach 13,6297. trade of the great West, and that longer de

ing system, contended that to repair an engine It appears, however, that a very large lays would be highly detrimental to the inwhen damaged, and replace it when worn amount of stores, material, and stock (already terests of this city and of the state: out, constituted all the claims which the paid for and charged), was altogether omitted "Railroad to Connect Louisville, and St. stock had upon the company. The present in the valuation, which, if inserted, as it is Louis-Ten or twelve years ago a charter state of the South Western stock, it is be- now, in the following inventory, would have was granted in Illinois to construct a railway lieved, is evidence of the practicability of greatly increased the market value beyond from Alton to Mt. Carmel, on the Wabash, carrying out this theory. Again, the Liver. the original cost. Again, the estimate was and one in Indiana for a railroad from M. pool and Manchester never established a de- in many respects manifestly too low; for in Carmel to New Albany, Indiana, two miles preciation fund, nor deducted any amount stance, 22 engines taken indiscriminately, below Louisville. These charters have refrom the capital account to represent an as which were of too small a class for our use, cently been renewed, and the directors of the sumed "wear and tear." The London and and the aggregate valuation of which was two roads are now making vigorous efforts Birmingham company, at a very early stage 12,711, have since been sold in worse times, to procure means for their construction, and of its career, commenced the practice of and have realised 16,2201, or nearly 25 per with the best prospects of success. General writing off 10 per cent. from the cost of its cent. above the valuation. Other marked de- Pickering, the president of the first named stock annually, and continued it systemati- crepancies might be quoted. There is every road, has recently passed along the line, and cally for a long period. A few other compa-reason, therefore, for being satisfied that we procured handsome subscriptions from some nies timidly and partially followed the prac-j were at that time considerably in advance of of the corporations, and he is now applying tice; but the Great Western and the Man the original cost. for aid to New Albany and Louisville. He chester and Leeds alone continued it for any Having ventured at the time to express is on his way to the east to lay his schemes time, and they, at length, abandoned it. The very strong doubts of the propriety of de before the capitalists of that region, and will Grand Junction adopted a mixed plan (based ducting anything for depreciation last half early in the session apply to Congress for a on an annual valuation of its stock) of con year, more especially in the absence of any grant of alternate sections, six miles on each tinually infusing a certain portion of new and data for our guidance, I turned my attention side of the road, from New Albany to Alton, additional plant, and making up any defi-again to the subject, and attempted to obtain with the right to locate other sections in lieu ciency by a depreciation fund."" a more complete list of our existing stuck, of such as are taken up by individuals. A

It requires no argument to show that, and a valuation of every engine, carriage, bill making this grant passed the Senate at

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