The Dorset County Express and Agricultural Gazette.
Dorchester, Dorset, England, 1865-11-28 00:00:00

"As a general indication of the amount of biainess probably not less important than that finding its way you any further. (Hear, hear.) I should like to make
done at Chicago it may be stated that in the year endin W g over the Atlantic and Grea eefern and Erie Railway oue other statement on tee consoliuetion of the cow
the list hferch, 1865, 1,228,000 barrels of flour, to New York, will be secured to the Atlantic arid Great Only. It tree thought deeirable that as . great portion
10,250,000 bushels of wheat, 12,740,000 bushels of Western system. , of the capita/ Was held le England, we BhOnld have •
Indian corn, and 16,470,000 bushels of oats were ex- I "In reference to the co3t and receipts of the Atlankje board of control in London, and I have had the honour
ported from that city by the lakes and various rail were ; and Great Western floe and the results to the bond sal of being appointed chairman of it, and I undertake t)
'ln addition to being one f the largest centres of shareholders, I think that sound ',Melons iayba fortned ssy that no extension shidl be mede involving an expen-
the grain trade, Chicago is the chief seat of the prom- by considering what results have elreadyttplatrided the (Mere of your capital without your being fin* oaled
slots trade, The report before alluded to states that partial opening, and development of the system; end togetheriu this ruin to sanotion it. (Cheers.) I mention
' The development of the great north west, and the by comparing these with whet has beer, done on the two this inasmuch as I have received two letters since I
rapid extension of the lines of railroad which centre in great lines, which are in a certain degree identified with entered this room ; that is the reason why I give these
this city, have rendered it the chief collecting point for the Atlantic and Great Western, the one ai an allye the waivers. The arrangements are all made for the pay-
the immense herds of beeves which annually graze on other SIA a comnetime. , went of the dividends. &nos I took a prominent so
the western prairies, and for the enormous crop of hogs I "The accounts of the New York and Erie line fen tercet in your oempany.l have talkie great pains to put
which is raised by the farmers and stock breeders; and 1864 show that that 'company owned • lentk.of"s&f'l every Manor beferwyou. WOlllO,ll Call on yoe every
wherever the hogs and cattle are, there will concentrate miles constructed at • 004 Of 43,000,000 dolroInt& yeret on the eeceipw of the report froin the prestdent,
the capital to purchase, to pack, and to ship the pro- periol when the rate of exchange was 5 4411p4 to I 4 MA L'doingtediett, 'and plias before yet trees/thing in
duet to the eastern states and to Europe.' The number pound, or equal to £15,400 per mile. • ,r nnectiou, with yogi lase I alien elweyg be beppy to
of hogs killed and peaked in Chiemo in 1862 was "The accounts ot the New. 'York' Gad aleffhael oemmudfcatti with any proprietor who tney deore it
970,000; in 1863, 904,000 ; and in 1864, 760,000 The the seine period show that that company owned 559 lat any time. (Hear, hear.) The second later asks me
number of oxen killed and packed was, in 1862, miles. which ccet 37,547,000 dollars in a period when how is it that, if the affair is so good,
59,000 ;in 1863, 70,000, and in 1864, 92,000. The the rate of exchange was 5 dollars to the pound, on the Americana have not fovea ed in it? It
qiaotity of provisions exported from Chicaeo by lake equal to £13,500 per mile. happened that I went to America with one of the most
and rail in 1864 was 140.800 barrels of beef, and "In comparing the coat of these lines with thomeade talented men to: America, Mr. Aspinwall, the. principal
298,000 barrels of pork, ho-ides 91,000 tons of lard', the Atlantic and Great Western, it is neeeesary to pay I proprietor of the Panama Railway, and he said he was
2,900 tons of tallow, and 25,000 tons of cut meats for parti tiler at,ention to the fact that in accord aloe with so satisfied with what he saw of our new line that he
Enelmed. The existence of this trade at Chicago, at- a ~y,tem common with American railway couipaniepa 'had invested 300.000 001 s. in our beads. Another
tracts to it the largest cattle business of the States, aro i tho Nese York and Erie and New York Central have gentleman, the Hon. It. Walker, late Secretary of the
In the'year 1864 there were received into the Chicago ov r a series of years applied large annuel sums to United States Treasury, bad Invested42o,ooodols., and it
markets 343 000 head of cattle and 1,400,000 hogs, and extensions ed improvement' of the way and works. is • fact that one-third of our bonds have already peened
of these were re-exported 262,010 cattle, and 536,000 This expenditure, which in both cares most reach a very to America; but it is a fact that, in the eery history
hogs. The whole of this enormous traffic in cattle je considerable aggregate amount, has been paid out of of this undertaking there were great difficul lea, but tray
conducted by the railways centering at Chicago, • revenue, ineteed of being criarged to the eripital account, have been overcome; it has been by energy and parse-
s cattle market of over 100 acres in extent, and with 57 to which it properly belongs. The influence of tile variance that they have been overcome; and it so
acres of pens and landing gages hes been oonstruoted by system upon the working expenses and divisible profits happens now that Providence has giveu as the
them. Without going into farther details, r think must also be borne in mini, seeing that it has the advantage of the enormously productive oil districts in
these figures will sufficiently indicate the great import- effect of unduly swelling the former and of unfairly , the neighbourhood, of which it is our dety to avail
anoe to the Atlantic and Great Western Railway of the diminishing the latter. ourselves. (Hear; hear.)
access to Chicago, which has already been seemed "I need not here enter upon details of the existing ' Mr. Hartridge thee moved • vote of thanks to Sir
through the friendly co-operation of the several corn- position of Atlantic and Great Western Company. It is Morton Foto and the gentlemen who had accompanied
lames owning the line between Cleveland. sod Toledo andicient for my purpose to be asmred thet Mr. him to inspect the line.
and of the Michigan Southern Railway Company he: hi-Henry is prepared to complete the lines already Time minion was seconded and carried ; and after a
twean Tole .0 and Chicago; as also of the Chicago and opened and in (aurae et construction, reserving • autil- , few words from Mr. Satterthweite, in which he spoke
Great Eastern Railway at Dayton and the p,ttehurg, Meat sem for reamosb'e extensions and improvements ; most highly of he prospects of the lhat
Fort Wayne, and Chicago Railway at Mansfield. • of the stations, do., and td provide the additional rolling Sir Morton Pete said I beg to thank you very
"With reference to the through traffic, it is most stock required, so that when completed and equipped • sinoerely, and in return &sic that I may be allowed to
important to observe that upon the other mein lines of the whole cost will be 82,000,00 As shown in give you one piece of advice. Next year, when you
communication between the east and the weet, it forms the first pages of this report, the entire length of line j take your autumnal trip, instead of visiting Switserland
• muoh larger element in the receipts thee even the owned by the company *ill then be 607 miles; the cest and places you have all aim before, all yeti go over to
local traffic. when thus erimpleted will, therefore, have been at the drearier; you will there meet with a most hospitable
"The Atlantic and Great Western, in connection with rate of 100.000 dollars per mile, or taking the average ream‘ion and the greatest kindness; you will satiety
its allies as its eastern and western extremities, -rate of exchange during the period of construction at 7 yourselves, and 1 shalt be saved much trouble in my
affords the best communication between New York, dollars to the pound, equal to about £14,300 per mile, future explenation, for you will know what we know.
Cincinnati, and St. Louis, and by way of Cleveland, being somewhat less than that of the Erie, and some- (Hear, hear.) •
between New York, Toledo, and Chicago. The pas- what mere than that of the New York Central. ' The meeting then terminated.
&eager traffic between these cities and the important "The Erie Company in 1864 worked 797 miles of •
districta, of which they are each the centre, is very line, 657 m lee owned and 240 milee leased by them. LONDON AND SOUTH-WESTERN
valuable, and in my opinion it is in the power of the The gross receipt,' amounted to 13,430,000 dollars, . RAILWAY.
associated companies to conduct the service both in pea- cal to 17.000 dollars, or at the present rate of ex.

rhere f

sengers and light goods in etush • manner, and upon such
terms, as must distanoe all competitor-. The gauge
being six feet, the companies have been able to put upon
the line rolling stoak of a character superior in its ac-
commodation and comfort to that of any existing on
other lines. Thie advantage is all important in journeys
over such great distances, and where travellers are fee-
quently obliged to spend 24. 36, and even 48 hours, in
continuous travelling. A sufficient number of trains
between New York and Cleveland, Toledo, and Chicago,
and between New York and Cincinnati and St. Louis,
running at a good speed and with unfailing punctuality,
would, I have no doubt, secure to the associate,. com-
panies, alinost a monopoly of the passenger traffic be-
tween these cities.
" For the carriage of through frieght the position of
the associated lines is also exceedingly favourable. Good
arrangemerts, enturing, to the traders quick carriageand
certainty of delivery within speoified times, must bring
to the companies the more valuable and best paying
articles embraced in the enormous traffic passing in both
directions between the east and west, it present, in
conseqnenoe of the more favourable rates by water than
by railway, the great bulk of the heavy trade in flour,
provisions, and general produce is carried from Chicago
by • most circuitous route, via, Lake Michiga ,a Lake
Huron, and Lake Erie to Buffalo, there to be tran-
shipped either to the canal or railway for conveyance to
New York or the eastern cities; or to pass on by the
Welland and Lake Ontario to Canada and the St. Law-
rence. This water communication will no doubt,
always continue to attract a considerabl, quantity of
traffic at low rates, but there are • few months in the
year when it is uncertain or impossible. The traffic
must then be given to the railway companies, who are
not uncommonly at snob periods aubjeot to an und.sir-
•able pressure of business. The companies, however, by
• thoroughly good organisation' by rigid control of the
„detaila of cost in the receipt of the goods at one end and
their delivery at the other (so as to reduce the charges
made to the public for these services to the lowest
pos-dhle sum) by moderate rates, and regular and rapid
transport, would be enabled to realise for the mercantile
community the great advantages which result from
certainty of transit and saving-of time, which is in fact
saving of interest upon capital, and would induce th-in
to use railway all the year round instead of for * short
part of it. I feel quite sure that by following out •
policy of this kind the American railways would meet
,with the same suosess whioh has attended it in the owe
of the railways running along the banks of the Rhine,
Upon which river exists, perhaps, the largest traffics in
Europe. These companies have stioceeded in abotracting
considerable quantities of traffic from the water, deco fit
much higher rates, and have secured for themselves
handsome preeta.
"To give effect to this policy an absolute identity of
interest on the part of all the companiea concerted in
such • combination must exist; and the relations be-
t Ween thetri Must beet cordial as to enable the comoany
receiving the traffic in the west to oder such facilities
and rates as will secure the carriage of freight to the
east, each company participating in the gross rate
according to the length carrii.ed over its line. In like
mintier the ocimilany receiving the traffic in the east
mast be enabled to make oidilar eirisiirments with
respect to its transit to the west on the same prindiple
of mileage division. This is a most important point to
be kept in view by the Atlantic and Great Western in
their negociations with other couipanies, as without it
much valuable traffic which can be carried in large,
regular, and paying quantities will be lust to it.
'The two brawls lines whieh the company have
undertekett to Corlett-dot, are highly important in their
bearing upon the interests of the undertsAing generally,
The line from Randolph to Buffalo Will complete the
broad gauge railway communication to that important
city, which is not only the chief seat of the trade of
hake Brie; but is also the tertiiinus of the New York
and Erie Canal, over which a considerable amount Of
the products of the west finds its way to New York.
This line will open out a direct route from the large and
populous cities of the south and west to Niagara Falls,
• great source of attraction to and resort of pleasure
travellers. By means of the International Bridg i at
Buffalo, the erection of which will, I understand, be
forthwith carried out by the companies into sated work-
ing in conjunction with each other, this railway will be
brotight intd direct einarliunication with the Great
Western of Canada, and with the Grand Trank system.
This connection is of the greatest, possible value,
especially in referenoe to the large importation of octal
into Canada, which will certainly result from the
facility afforded for sending the coal by railway direct
from the pits on the lines of the Atlantic and Great`
Western. It will be easily apparent to those who
reflect upon the severity of the Canadian climate how•
important to the inhabitants is a supply of good coal at
a reasonable prim.; and as the quantity of coal in the
districts of Ohio and Pennsylvania, immediately
abutting on the Atlantic end Great Western Railway,
is inexhaustible, end the coal is of atcellent quality and
moderate in price, whilst the contiguity of the fields
admits of its being carried over a comparatively shcrrt
mileage, there can be no doubt that most of the coal in
'future consumed in Canada will find its way over these '
lines.
Beside' the outlets afforded to the company's traffic
by their own branoh railways and by their existing I
alliances with the New York and Elie Railway, the
_Ohio and Mississippi Railway, and the companies !
-between Cleveland, Toledo and Chicago, the face of
the Atlantic Greet Weef.diin Line being crossed at
great nunlber ofieointe by other important systems of
inialway will afford the opportunity of cellavating
Amicable arrangements with the owners of those systems I
for the interchange of traffic and the furtherance of
_mutual interest.
"The following are the principal places where such
interchange *veld be most advantageously effected :
At Grentille With Erie and Pittsburg Railway:
i; Ravenna with Cleveland and Pittsburg Railway.
'thy Cleveland, Zanesville, and :
It Akron /r I Cincinnati Railway.
Pittsburg, Fort Wayne, and
„ Mansfield with
aChuio:y, Mansfield, Chicago Railway,
smd and Newark •
Railway.
„ Gallon Cleveland, Colunibue, and Cincin-
and }. tn.{ nail
„ Marion , Bellefontaine Railway.
Great Central Railway.
„ Urban* with Sandruky, Dayton, and Cincinnati
Railway.
(Springfield and Columbus Railway.
,i Springfield, Mount Vernon, and
~Spritigfield with Pittsburg Railway.
Sandasky, Daytdri. and ClnninnaTi
Railway.
Ihtytou and Miohicran and Chicago
44; ' and Great Raetern Railway,
riaii" w"'"1 Indiana Central arid Dayton and
Weatern Railway.
(Indianopolis and Cintriffnatteltail-
way.
„ Cincinnati with -{ Kentucky Central Railway.
Memphis, and New
Orleans Steamer'.
"tit addition to these, there id arlieonioninieetion
of sufficient interest to deserve upeai&h monad's The
'manufacturing trade of the United States is
which may be described aa
of America; and as the demand for
,r 1 provision,

eq_
change, eh iut C 2,444 per mile per annnm. The expenses
were 8,835,000 dollars' equal to 65 per cent, of the
receipts. The dividend, after payment of rent-charges,
was 7 per cent, on the bonds and preference shares,
and 8 per cent. noon the ordinary capital.
"The New York Central Company worked 658 railed
of line, 559 iniles owned, and 99 Mies leased, by them.
The gross receipts amounted to 12,998,000 dollars, equal
to nearly 20,000 dollars, or, at the present rate of ex-
change, aticeite£2,B6o per mile per annutn, The expenses
were 9,346.000 dollars, equal to 72 per cent, of the
receipts. The dividend, after payment of rent charges,
ho., was 6 per cent, upon the bonds, and 9 per cent.
won the ordinary °spina,
"The receipts of the Atlantic mid Great Western, as
at present existing, seem to me to afford every assn.
ranee that the results to the bond and stook holders of
that line will be at least in good, if they do not mush
alined, those of the above companies.
1 "Taking the published receipt. of the company for the
An months of the present year, Jaimary to June, I find
*et they were upon 322 miles, 2.679.737 dollars, equal
td 16,424 dollars, or at the present rate of exchange
shoat £2,370 per mile per annum.
'ln the in nth s of July, August, and September,
the publish° 1 mileage had increased from 322 to 490,
and the receipts were 2,011,6/6 dollars; so that this
censiderable revenue, at the rate of £2 370 per annum;
has been maintained, notwithstanding the large addition
to the mileage, and the foot that the arrangements for
the conduct of t rough and local traffic' over • newly'
opened line must always be very defective, and espeedally
when there is a scarcity of rolling stook.
"With respect to the working expenses of the com-
pany over this period, I have not had the means of
accurately ascertaining what they amount to. I have
alr.vly adverted to one or the resume why the ratio of
working expenses to receipt, upon the Brie, and New
York Central llailwitys, and indeed upon most otlier,
American railways, so greatly exceeds the ratio of
working expenses to receipts on English railways. As
I have said, it arises in a great measure from the fast
that large sums are yearly paid out of earnings to pro-
vide additionel sidings, to improve strnotures, to furnish
new engines and rolling stock, and to meet the eat-
gencieS of a business which is continually increa-ing.
This is not a sound print/mho of dealing with such expel'.
&tare, which ought to be provided by raieit,g further
respitsl, and it is one which, I preerime, will not be
followed by the Atlantic and Great Western Cchtipany.
Is-that case, although becanios of the mach larger pro,
portion which the heavy traffic bears to the passenger
and light traffio in Americo than it does with us, I do
not think that the working expenses will be so low as is
Ragland, yet when the line has been opened for its full
length of 607 wiles; has been hang enough in operation
to become, so to speak, nett ed downy when time
sttfficient has elapsed for the a aft to he thoroughly
organised, and when that amount of additional trail%
which the present establishment is capable of dealing
I with is brought non the railway, I believe that the
expenses may be fairly estimated not to exceed 6,000
dollars per mile per annum.
"Ap dying these figures and opinions to the capital
expenditure of the company, the following would appear
to he the result :
" The whole amount authorised to complete the lineal
im611,000,000 dollars, half in bonds, bearing interest at
' the rate of 7' per cent, per annum, and half in ordinary
shares.
"The interest on the bond., payable EC the rate of 4s.
I to the dollar, will require a net receipt of 2,800,000
dollars per annum. The working expenses for the whole
litegth of 607 miles should not exceed 3,642,000 dollars
'per annum ; and any ernes' earned upon the sum of
the,e two aniounte. via., 6,442,000 dollars, would be for
thelsenetit of the ordinary shareholders.
"The reei ipts for the first six months alba,
year earned epos' the 322 miles then open were 2,M43,7347
doilansj and for ihe inentheof July, Augestand 8-ntrilib.r
upon the 490 miles then in work, they were 2 011,676
dollars. If the receipts for the Monthe of October,
November, 'and December equal those of the precedhst
*twee months, as it is &seemed they will, then the gross
receipts for the year 1865 will be 6,603.089 dollars.
Hid the whole of the 480 miles been opened throughout
the year, the receipts, at the rate earned for the lent
three months, would have amounted to 8,046,704
dollars,
Bat an additional length of 117 miles of the com-
pany's lines remains to be completed or brought into
dee; and when this shall have been dcne it is only anti-
cipating a *cry small growth in the traffic of the main
line to suppose that the total 607' miles of lines then in
Work will earn as mach per mile per annum as that
' Which has in the present year been obtained upon the
sandier mileage already open. In that cam the veal
annual receipts will not fall short of 10,015,000
and after deducting the interest upon the bond debt.
and the working expenses, as above stated, • balantie Of
5573,500 dollars would remain in favour of the holders
of the ordinary etoek.
"The remits already achieved are extraordinary for ir
line recently opened, and before it is possible that the
amangements for the conduct of the through traffic can
have been so far perfected, or Its existence as a new
, route so widely knciwn se to have attracted to it more
.than an inconsiderable part of the bueiness which must
ultimately flow on to it.
"Looking at all these facts, and at the eaperienoe
already attained of the amount of local and through
traffic which the line command., it appears to me to be
perfectly certain that the interests of the bondholders
hi the Atlantic and Great Western Railway are from
this time pia° secure, and that after their claws ire
satisfied, the ordinary shareholders may look to be im-
mediately rewarded with a consi.terable dividend, which
must grow with the extending business certain to eon'.
neon their railway from year to year,
"I have the honour to be, Gentlemen, your obedient
servant,
• "London Nov. 22. "J. S. FORBES."
No questions being asked in reply to the invitation of
Sir Morton Peto.
Mr. Hull, of Liverpool, said he did not rise,to add
anything to the report of Mr. Forbes, but he had had
the pleasure to go with Sir Morton Feto and Mr.
51 Henry over the whole of this line, and when he went
to America he new as much of that country as those
present did when they looked on the map before them.
V they had been with Sir Morton's party they would
hive teen the nature of their property. the found the
Mil the richest and the most fertile, and all
thee was reoteired was population. The popu-
lation was 2500,000, and there was a quantity
of the best land atepasle Of cultivation equal
to' tire whole of the British •isles, where there wise
population of 29 000,000. This showed how much
. truffle might be increased by an addition to the
repOitioe. He then urged the proprietors to promote
the-ktereets of the company end their own by encourag-
ingemigratiOn to the Far West, where there was a fine
repening for it, instead of to Australia and New Zealand.
After a few words from Mr, Robinson,
I Mr. Hartridge wished to knoW If s second line would
ndt be reciaired to accrimmodate the anticipated
additional traffic, and Wedld it not be neceseary to raise
additional capital; rind if this 'Poem° necessary would
it be best to borrow from the shareholders?
Mr . Forbes sal": As to a single line, they mast remember
that on this railway there was a mush larger ratio of
geode than passenger traffic. The difficulty in Ai.
ceidstry was that they ion much 11101.13 frequent and
' passenger trains than in America. they could
over the Atlantis end Great Western a traffic
` which it now curried. It was now earning
- • the Holland and Ase-
, single iii.
ulna

ciao- t oo,A