The Sun.
London, England, 1864-08-31 00:00:00

STOCKTON RACES:-TuESDAY.

The Trial Stakes of 5 sous each, with 25 added; two-yr-
olds, Gst ; three, Set; four, 9st ; five and upwards, 9st
516; selling and other allowances, 6 subs, or no raco.
one mile.

Mr John Osborne's Dubiety, 2 yrs, Set 111 b (£300)

(Carroll) 1
Mr H. Wilkinson's East Lynn, 2 yrs, 6st 71b (Z 500)
. _

((irons'Jaw) 2
Mr Watt's Miss Armstrong, 4 yrs, Bst 11Ib (£3OO)
(J. Snowdon) 3

Risk and Chesterfield also ran.

13etting-2 to 1 agst Dabiety-5 to 2 aget East Lynn--
4 to 1 ngst any other.

Won by two lengths; three lengths between second and

Second Year of the Seventh &Maud Biennial Stakes of 10
sous each, h ft, with 50 added, for three-yr-olds ; the
second to save his stakes; colts, Bst 101 b; fillies and geld-
ings, Sat 71b; certain winners extra; allowances. One
mile and a half. 37 subs.

Lord Anticsley's Finesse, BsE 71b (Ashman) t w .o.
Captain Gray's Windham, Bst 71b (Aldcrott) t
Mr W, Stewart's Major, Bst iolb (J Snowden) 3
Betting-6 to 4 each aget Windham and Finess6-2 to 1
agat Major.

A dead heat. Finesse afterwards walked over, and the
stakes were divided.

The Cleveland Stakes of 5 Novo each, with 100 added, for

TUNBRIDGE RAiiES—TUESDAY.
The Two-year-old Stakes of 5 Boys each, with 40 added ;
colts Bst 101 b, fillies Bsi 71b, winners extra. The winner
to be sold for £3OO, or carry 51b extra ; certain allow-
ances. Five furlongs.
Mr Montague's Maud, Bst 41b .......... (J. Smith) 1
Mr Fleming's Scylla, Bst 41b (T. Carter) 2
Mr W. Day's Sis to Signalman, Bst 41b (Flemington) 3
Mr Montague's Horace Walpole, Bst 101 b (Hibbard) 4
Betting-5 to 4 agst Scylla, 9to 4 agst Horace Walpole
and 6 to 1 agst the other two.

, Scylla jumped off in front, but was soon passed by Mand,
who took a commanding lead, Horace Walpole going on
second, W. Day's filly last. In this order they ran to the
straight, where Scylla took second place, but could not get
up to the leader, whe won easily by six lengths; two
lengths separating second and third, and Horace Walpole
was a bad fourth.

The Tunbridge Handicap of 10 sovs each, 6 ft, with 70
added; the second to save his stake; winners extra.
About a mile and a half.
Mr Breary's Telscombe, 3 yrs, 7st 101 b (llibberd) 1
Mr T. Hughes's Harvest Moon, 4 yrs, Bst 41b

_
(Humpage) 2
Mr J. Read's Bosh, 5 yrs, Bst 41b (Prior) 3
Lifebuoy also ran.
Betting—Even on Harvest Moon, 2 to 1 agst Lifebuoy,
5 to 2 agst Telscombe, and 10 to 1 agst Bush.
The favourite made play, followed by Telscombe and
Lifebuoy, Bosh lying Of. After going half a mile Tels-
combo went 'up to the leadei; and they raced together into
the straight the first time. Opposite the Stand Harvest
Moon again took the load, Telsoombe going on second,
Lifebuoy third. At the tar side of the course Bosifpassod
Lifebuoy, and at the distance Telscornbe rushed past Her •
vest Moon, carried on the running to the end, and won
cleverly by a length and a ha!f, , a length separated second
and third; Lifebuoy was a bad fourth.

The Sevenoaks Stakes of 5 sous each, with 30 added;
weight for age, with selling and other allowances. Five
furlongs.
Mr Peulson's Buckhound, 3 yrs (£ to), 7st 10Ib (Hibberd) 1
Mr Harley s Budworth, 4 yrs (£10) Sat 51b (Prior) 2
Mr England's Michel Grove, 5 yrs (.C4O) Bat 9tb
(J. Nightingall) 3
The following also ran :—lmpression, Yellow Retainer,
Magic, and Princess Bagman

Betting-6 to 4 agst Buckhound, 7to 2 agst Impression
filly, 4 to 1 bar two.

Michel Grove, attended by Buckhound, made the running
until entering the straight, where Budworth went into
second place; half-way up the distance he made his effort,
but failed to get up, and was defeated easily by a length,
Budworth beating Michel Grove by two lengths for second
honours. Princess Dagmar was fourth, and the others
passed the post in a cluster.

The winner was sold to Mr Fleming for 71 guineas.
The Ladies' Plate (Handicap) of 40 BOYS; winners extra.

Half a mile.
Mr B. Land's Neilgherry, 4 yrs 88t.. (Jas. Nightingall) 1
,
Mr W. W. Baker's Bolero, 6 yrs, Bst 91b
(John Nightingall) 2
Mr G. Buchanan's Mtna, 4 yrs, Bst 3ib (J. Covey) 3
Mr Lt. Wales's Lady Warwick, 3 yrs, let 121 b (J. Smith) 4
The following also ran :—Confusion, Batsman, Lady of
the Manor, Linus, Buckhound, Mysterious Lady, Frog-
more, Tadmor filly, and Catenus.
Betting-3 to 1 agst Bolero, 4to 1 each agst Batsman
and Neilgherry, 6 to 1 agst Linus, 10 to 1 apt any other.
After a tedious delay of nearly an hour, the flag fell to
one of the worst starts ever seen, Neilgherry getting away
with full a dozen lengths start, Bolero being next, some
distance ahead of the others, while the Frogmore colt and
Buckhound were quite 100 yards behind the leaders. In
this order the race was run throughout, Neilgherry win-
sing by two lengths; aEtna was a bad third ; Lady War-
wick fourth, Liana fifth, and the rest beaten off.
The Medway Stakes of 5 sous each, with 25 added ; weight
for ago, with selling and other allowances. About one
mile.

Mr George's Corinthian Toro, 3 yrs (DO), 7st 91b
(Ilibberd)
Mr Baines's Vision, 4 yra (£3O), Bst 61b (S. Ntordan) 2
Mr E. Elphiek's Parchment colt, 2 yrs (130),55t I.llb
(Hlphick)'3

Aunt Judy also ran.
Betting-6 to 4 agat
2 to 1 agat Corinthian
5 to 2 agat AuCorinthian Torn,

Corinthian Tom mado the running, followed by Aunt
Judy for half a mile, when Vision ran into the second place,
and at the distance made her effort, but could not get up,
and Corinthian Tom won by a length; a bad third.
The winner was bought in for 60 guineas.
The Tunbridge Wells Stakes (Handicap) of 3 soya each,
with 25 added ; winners extra. About one mile. 14 subs.
Mr Nightingall's King Cotton, 4 yrs, Bst 121 b
(J. Nightingail) 1
Mr Harley's Budworth, 4 yrs, Tat (Ruscoo 2
Mr G. Egerton's Roseneath, 3 yrs, Gst 121 b.. (Wibburn) 3
Pixie, Professor, Confederalist, and Miss Pickles also
ran.

Betting—Even on Pixie, 3 to 1 agst King Cotton, 6 to 1
each agst Miss Pickles and Confederalist, 10 to 1 agst
any other.

After several false starts the lot were got well off, Bad-
worth making play, followed by King Cotton, Rosoneath,
and Pixie. Going along the far aide of the course Pixie
ran into the third place, and at the same time King Cotton
went to the front, was never afterwards caught, end won
by two lengths, the same separating second and third, Pixie
a bad fourth.

Match-100 soya; Bst 71b each. One rape.
Mr Marsh's Mysterious Lady, Bst 71b .. (H.ibberd) 1
Mr J. Walker's Bandboy, Bst 71b (C. Searle) '2
Botting-7 to 4 on Mysterious Lady, who' wou easily by
three lengths.

DEVON AND EXETER It,A.CE6—TUESDAY.
Tho Devonshire Stakes of 20 sous each, 10 ft, and only 5
if declared, with 100 added if three start ; winners extra,
Two miles. 18 subs, 15 declared.
Mr Brayley's Pearl Diver, 3 yrs, 83t 10th (A. Cowley)
walked over fur the forfeits.
The Great Devonshire Produce Stakes of 10 soya each,
h ft, with 100 added, for two-yr-olds ; colts, Bst 101 ;
fillies, Bst 61b ; winners extra. T.Y.C. 38 subs.
Lord Portsmouth's Sydmonton, Bst 71b (Wells) 1
Duke of Beaufort's Todleben, Bst 131 b (Judd) 2
Captain Gray's The Swift, Bst 121 b (F. Adams) 3
Mr F. Rowland's Desiree, Bst 51b (J. Mann) 4
Mr B. Starky's Vera Cruz, Sat 31b (Cowley) 5
Betting-6 to 4 on Sydmonton, 4 to 1 agst Todleben, 5
to 1 agat Desiree, 100 to 8 agst any other,
The Swift and Vera Cruz went away together, the fa-
vourite lying off until approaching the distance, where
Wells called on his horse and won easily by two lengths;
three lengths between second and third ; a wretched fourth.
'ii Ladies' PlAte of 25 soya, added to a Sweepstakes of 5

On Sunday afternoon Dr. Goss, the Roman Catholic
bishop of the diocese of Liverpool, laid the foundation stone
of a new Roman Catholic chapel at Ruston, a village a few
miles from Preston. The chapel will cost about £3,000, and
will accommodate upwards of 400 people. Mr Pugin, of
London, is the architect of the
After the ceremony the bishop addressed the concourse of
people present, about 2,000. In the course of his speech he
said—Do not let any one suppose that this is a vain cere-
mony which we have been performing. No doubt there are
some who will tell you that they saw the ceremony, saw the
procession, saw the priests walking round the building, saw
them headed by a cross, and even saw the bishop himself
bow down and worship it. Worship it I Why, my brethren,
we no more worship that cross than we worship the pillars
and the scaffolding which have been raised for the erection
of this building—but we honour it, love it, and bow down
to it because it contains the sacred image of Him who died
for the redemption of man. Who is there who does not love
and honour the image of a good friend, a brother,or a sister ?
In these days, after photography has multiplied portraits of
almost every created thing, there is hardly a matt so poor
who does not wish to have the image either of his children
or his wife—not a woman hardly who does not wish for the
portrait of her husband or her children, of her mother, or of
some loved ene—and look upon them in their hours of trial,
in their times of trouble, and call to mind the lessons which
in life they gave them,and derive some comfort, some hope,
some pleasure from the contemplation of them. There is
many a man who has been cheered and made happy for the
time by looking upon the portrait of his mother—of that
mother whose body is decaying in the ground, whilst her
eyes seem to look upon him as in the happier days of the
past. So we feel a reverence and a love for the cross—for
that image of Jesus Christ to whom we feel that we owe
. .

everything we possess. He has redeemed us, saved us, and
broken open the gates of heaven, and given us a title to the
regions of the blessed. Therefore vain are the slanders used
against us as to falling down and worshipping images. And
there are those who will tell you that this ceremony is a
piece of Popish mummery, that it is a foreign superstition,
and that we are Italian in our notions and feelings; that we
aro not genuine Englishmen; that we are pervarts to our
country ; that our allegiance is divided ; that we du not obey
the Queen as our legitimate sovereign; that we place the
Pope of Rome above all the powers of this cuuutry ; and that
our allegiance to our sovereign is spurious, and our loyalty
without foundation. If those who bring such chergcs as
these against us had studied the history of this country—it
they had examined the events of the past—they would find
that fur 300 years we have stood faithfully to the throne of
the country, even at the expense of out lives, and that we
have risked our fortunes in defence of the Crown. Why
was it that we stood by the Stuarts P Was it because they
were Catholicly inclined ? Yet we have never been so de-
serted as by the Stuarts. It was through them and whilst
standing up in defence of the country that we lost much of
our properity, that many of our priests lost their lives, that
they were hunted like wild beasts, that they had to fly from
their houses and their homes. We were aliens in our own
country. We were /mated down as traitors and robbers.
And why ? Because a change had come over the country ;
no longer was the old religion allowed; and although Eliza-
beth bore a hard hand upon us—long she had been cruel—
we did not suffer as much from her persecution as from that
in the time of the Stuarts. How did the Catholics conduct
themselves when Cromwell with his iron warriors arose to
crush the injuries which were then supposed to exist? The
Catholics, up to a man, were found faithful to the side of the
Stuarts. And why ? Because it is the very principle of their
religion—they cannot, and they dare not be otherwise—they
must be loyal, as they must be honest and just, and observe
all the other Christian virtues. For we believe that loyalty
is a duty that we owe to the Crown, just as much as we hold
it necessary that we should observe the virtues of justice, of
chastity, of temperance, and of prudence. Therefore, I
say, away with accusations brought against Catholics that
they are not loyal. We are not Italians, but Englishmen.
And let me tell you that our ritual and doctrines are not
new—we are not the followers of a new ritual, of new ser-
vices; our ceremonies and principles are not the product of
modern imagination and recent enactments ; but they come
down to us from antiquity, and there is no Catholic church
in the land whose doctrines and ritual are not of pre-refor-
mation origin, and whose operations have not been blessed
with the same creed as that which need to exist among our
ancestors. If your ancestors were to rise up from the dead
and saw any of you bowing to a different creed they would
ignore you—if they saw any of you worshipping according
to the present Catholic creed they would at once recognise
your fellowship and fall down before the same altar and bow
to the same saintly names as yourselves. I know it is gene-
rally said that the grandness, the greatness of England has
been dependent upon the change of religion which has taken
place in the land. But why has not the same thing made
Holland great? There was a time when she threatened
even our land—when a Dutch admiral sailed up the Chan-
nel with a broom at his masthead, intimating thereby that
he had swept the English out of the seas. Yet Holland has
fallen—fallen from a great country to something less than
a second-rate Power, and yet Holland has always remained
true to her principles of religion. And there was a time
when the Gustavus Adolphus of Sweden came down upon
the peoples of , the western nations, and crushed many in
the very midst of his might. Yet where is Sweden now?
She has almost passed away from the flagons ; she has
stood by and soon that poor little kingdom of Denmark
actually devoured and worried by the groat Powers of Ger-
many, and has not dared to lend a helping hand. And yet
Sweden has remained always constant, always firm to
the principles of the Reformation—to the religion which
England has changed for that of her forefathers, If
the changed religion —if religion at all, as advo-
cated by many in these times made a nation
great, if it has made England great, the countries I have
named would surely have been great indeed. Has religion
anything to do with it ? No, my brethren ; it is not on ac-
count of religion, but on account of the discoveries of coal,
and iron, and cotton, which have made this country great.
Is it the religion of the Reformation that has made us great
and prosperous ? Is it not rather through our discoveries
and experiments, and trade in coal, and cotton, and iron,
which have made this country known to the utmost bounds
of the earth ? No, believe me, religion has nothing to do
with the depression of one country or the elevation of
another. The religion wo profess is not, I need hardly say,
new, or strange, or foreign. It is the religion which the
country professed, which our ancestors loved, from the
days when the, great Gregory, the Pope, sent forth mis-
sionaries to convert our Saxon forefathers. There was a
time when our poor ancestors roamed over the fields and in
the woods, more like savages than men. 'I hen the Roman
legions came and invaded the country; they reduced our
ancestors, or rather raised them, to a point of civilisation.
Then the Rennin empire gave way, and savage persons
from Denmark and Saxony came down upon the country
and conquered its inhabitants, and reduced it again to a
state of servitude. Some of the inhabitants were cold as
slaves, end carrierl to Rome. Thcre they attracted rho at ten-
tion of the great Ciressory. Ile saw them, inquired from
what nation they came; ho looked upon their fair faces,
and saw their long, flowing, comely locks; ho was told that
they were Angles; and when he heard this he said, "Non
Angli sod angeliforent, si essent Chrisfiani"—They would
not be Angles, but angels, had they been Christians."
Gregory sent missionaries to England from Rome, and
they remained amongst our forefathers until the lust of

Henry VIII. burst through the bonds of the law, and be-
cause the Pope would not allow him to be divorced from
his wife, he separated himself from the Church of Rome.
But he only separated from her jurisdictioc. lie believed
in the same doctrines, and he sent men to the scaffold
because they dared to profess what were called the prin-
ciples of the Reformation. But floury passed away, and

ment under which we now live. We believe it to be the
best, the most perfect form of government in the world. It
is a constitutional government. On °Re side, it avoids the
absolutism of the Crown ; on the other, it prevents the level-
ling powers of a democracy and a republic. Think you that
the imperialism of Russia is more tyrannical, or that it

crushes more people than Abraham Lincoln, who is the
representative of a Liberal Government in the Republic
across the ocean ? No ; there is no tyranny more terrible
than that which bears the banner of liberty—that banner
which crushes the liberty of others whilst it raises up
itself, which brings itself into fame because it has trodden
down almost everything else that may be near it. No ;
believe me, the Catholics in this country are the same as
other men. We belong to the nation ; we are English in
heart and loyal in purpose ; we wish for its progress and
hope for its prosperity; and, in religion, are faithful to the
doctrine of our ancestors and the ritual of ages, which has
the blessing of God upon it, and which no human power
can uproot.

The bishop then made an appeal for funds on behalf 01
lo new church, and shortly afterwards cuncluded,—liver•

pool Daily Post,

The Great English Railways.

THE MIDLAND.

We have now disposed of the two giants of the British
railway world,and we are approaching undertakings of lesser
but still respectable magnitude. The Midland, which comes
under notice in succession to the London and North West-

ern and Great Western, is a powerful and prosperous en,

terpriso, which is intimately bound up and associated with
British life and commerce, since we find it at Glocester in
the west, Pohetileld in the north-east, and Peterborough in
the east ; while, not content with remaining in the pro-
vinces the directors have now boldly ventured upon a direct

independent line from Bedtord to London. The task of re-
viewihg the progress of the Midland in 1861-62.63 is a com-
paratively easy one, as the system has become thoroughly
consolidated, while simplicity characterises its manage-
ment and its relations with minor concerns which have
associated themselves with their prosperous neighbour.
Thus, when we speak of the Midland wo have only to
mention also as part and parcel of it, in respect to working
arrangements, &c., the North-Western—styled in the rail-
way world with a certain sober facetiousness the "Little
North-Western" in contradistinction to the mighty London
and North-Western—the Redditch, the Ashley Canal, and
the Manchester, Buxton, Matlock, and Midland Junction.
The extent of way worked has made some but not very
rapid progress during the last three years. Thus the sys-
tem comprised—Decamber 31, 1861, 633 miles (583 miles
double and 50 miles single); December 31, 1862, 647 miles
(597 miles double and 50 miles 'single) ; and December 31,
1863, 658 miles (608 miles double and 60 miles single).
The system thus expanded in 1862 and 1863 to the extent
of 25 miles. The traffic acquired, the working expenses in-
curred, and the profits realised upon this mileage in 1861,
1862, and 1863 were as follows :-
1861 £2,214,456 £922,386 £1,292,070
1862 2,228,656 971,125 1,257,531
1863 2,364,395 1,017,198 1,347,197

The proportion of the working charges to the receipts was
thus in 1861, 42 per cent; in 1862, 43; and in 1863, 43.
Few railways in the United Kingdom appear in a better
position than the Midland in respect to working expenses,
the ratio on the 11 other great systems of the empire having
been as follows in 1863 :—Caledonian, 43 per cent; Great
Eastern, 52; Great Northern, 50 ; Great Western, 48 ;
Lancashire and Yerkshire, 47 ; London and North- Western,
46 ; London and South-Western, 51; London, Brighton,
and South Coast, 53 ; Manchester, Sheffield, arid Lincola-
shire, 50 ; North-Eastern, 48; and South Eastern, 48. In
no case was the Midland thus surpassed in respect to eco-
nomy of management, and in only one instance—that of the
Caledonian—was it equalled in that highly important matter.
The finance of the Midland appears to be administered
on equally sound principles. The present directors had
rather a heavy legacy of folly bequeathed to them when
Mr Hudson quitted the concern, but they have since
steadily and successfully applied themselves to the task of
placing the concern on a satisfactory and substantial foot-
ing. Thus, of the total of £23,377,447 raised by shares and
loans at the close of 1863, no less than £11,230,736, or
nearly one-half, was ordinary stock, and it is worthy of
remark that at the close of 1861 the corresponding total was
only £10,702,602, showing that the directors succeeded in
placing ordinary stock of the company during 1862 and
1863 to the extent of £528,234, the total growth of share
and loan capital during the same period having been
£1,583,373. Considering that 1861, 1862, and 1863 have
been years—the remark applying particularly to 1862—0 f
ssmo commercial depression (although John Bull has
tided over his difficulties much better than might
have been expected), the fact that in 1862 and 1863
ordinary stock of the Midland was taken up to the extent of
£528,234 speaks volumes for the confidence entertained by
the monied public in. the stability of the enterprise. After
alt, however, it is not perhaps a matter of surprise, since in
1861, 1862, and 1863. the following excellent dividends were
paid by the Midland upon its ordinary stock-1861, 61 per
cent. on £9,714,019, 51 per cent, on £978,533, and nil on
£9,950 (cancelled shares) ; 1862, 6 per cent. on 0,950,045,
41 per cent. on £978,533, and nil on £9,577 (cancelled
shares); 1863, 6a per cont. on £10,242,626, 5 per cent, on
£978,533 and nil 0n£9,577 (cancelled shares). These results
were achieved in the presence of a very large amount of
preference stock, £7,216,118 figuring under that category
at the close of 1863. The bulk of this preference capital
was outstanding at rates ranging from 4 to 6 per cent., the
let ter rate having been paid upon £1,919,903, 41 per cent.
upon £1,853,087, and 4 per cent. upon £2,475,000; 8 per
cent. was paid upon £140,000, 61 per cent, upon £145,000,
and 8 per cent. upon £140,000. As to the rate paid upon
£628,128 of new preference stock, we have no precise infor-
mation. The directors have also succeeded in converting
a large portion of the debenture debt of the company into
debenture stock. £024,907 figuring under that head. at the
close of 1863; the rate of interest paid upon this portion of
the capital is fixed at a steady, invariable 4 per cent. The
Midland debenture stock is, doubtless, a solid and reliable
investment, but it may be doubted whether the issue of de-
benture stock will not lead to irregularities and confusion
lon the part of some undertakings. Anyhow, the public does
not respond with much alacrity to the constant appeals made
to it to exchange debentures for debenture stock ; and oven
the Midland had a larger amount of loans outstanding at
the close of 1863 than at the close of 1861. Thus the deben-
' turn debt of the company on Dec. 31, 1863, amounted to
£1,005,686, which was floating at the annexed rates of in-
terest:—£l,6oo at 5 per cent., £220,000 at 41 per cent.,
£222,108 at 41 per cent, £3,460,203 at 4 per cent., £98,835
at 31 per cent., £2,950 at 31 per cent., and £4OO at 2 per

cent. At At the close of 1861 the loans Nom Minted' .
Xe ') at At
to £3,997,965-namely, £l,OOO at 5 tt bOt 4
)
per cent., £410,398 at 4i per cent., pea • 'eats;
£3,151,467 at 4 per cent., £177,342 at s .
£22,800 at 31 per cent. On the whole, the Aid it th.
company has thus steadily improved, the bulk of tht esiaben-
tare capital having been made to float at 4 per cent.,. a nd a
larger amount being now in that position than in 1851. It
should be added that the amount which the company was
authorised to subscribe to other undertakings at the dos 9 of
1863 was £484,500, and the amount actually paid up u as
£313,625.
The Midland would not have secured the excellent posi-•
tion which it now enjoys had not the traffic been cultivated
and developed with assiduous ability. In 1862 the efforts
of the management could not, of course, avert the loss of
business occasioned by the distress in Lancashire ; but in
spite of this the traffic of the network slightly expandeo,
although the working expenses rolled on still faster. In 1863
the net revenue of the company again resumed its progres-
sive course, and the total number of passengers conveyed was
9,946,465 (against 9,020,764 in 1862), while the quantity of
minerals transported was 4,225,790 tons (against 3,804,153
in 1862),and of general werchandize 3,299,634 tons (against
2,985,071 tans in 1862). The total of 9.916,465 passengers
was made up thus :-First class, 707,313 ; second
2,235,614; and third class, 7,003,508. There wore besides
1,610 holders of periodical tickets. The number of carriages
conveyed by the quick trains in 1863 was 3,451; of horses,
17,517 ; and of dogs, 27,898. Tho total distance traversed
by the 153,334 quick trains run during the year was
3,984,320 miles ; and the total amount acquired by •
the coaching department was £809,641, made up thus :-
First clam passengers, £131,338; second class, £240,902;
,
third class, 021,448 ; season and periodical tickets,
£9,077 ; excess luggage, parcels, dogs, &0., £71,808 ;
and
.E. 35
£765,825, of 068. In 1862 the corresponding total was
which first class passengers yielded £125,697-
second class, £1,31,116-third class, £297,612--seaeon and
periodical tickets, 49,485-excess luggage, parcels, dogs,
&c., £G6,877-aud maf1e,£35,038. The passenger fares
charged on the Midland proper in 1863 were 2•37 d per roils
first class, 1•724. per mile eecendelass, and,o•97d per mile
third class; on the affiliated lines the rates charged were
rather higher, but not very materially so. The 155,376
goods trains run in 1863 traversed between them 5,820,947
miles (making the total traini
mileage fot the year 9,805,767
tenet), and the amount
which we discompose thus :-es
re stock, £32,600-coal,
coke, .lam thorn was X 1,554,754,
coke, and minerals, £486,171-and general merchandise,
£1,037,083. In 1862 the corresponding total
was £1,462,831,
made up thus-Live stock, £32,587-coal, coke,otre and mine-
rale, £454.444-and general merchandisesoses,-.
Of the
general augmenustten or £135,739 establishes In the traffic
receipts in 1863, as compared with 1862, £43,816 was
ob-
tained by the coaching, and £91,923 by the goods depart.
meat, showing how accurately a great rail way eyatena
reflects the comparative commercial activity of the country,
and also how greatly dependent its own prosperity is upon
a more or less animated movement of goods. The working
charges showed a gradual expansion last year under every
head, as, indeed was to be expected, considering the
increased business done. Thus the amount expended last
year in the maintenance and renewal of way and works was
£166,294 (against £161,645 in 1862)-in locomotive power,
£315,935 (against £307,459 in 1862)-repairs and renewals
of carriages and waggons,£B2,3ss (againstX7s,46o in 1862)
-traffic charges (coaching and merchandise), £277,280
(against£26l.l69 in 1862)-rates and taxes £40,969 (against
40,498 in 1862)-Government duty £20,496 (against
£17,818 in 1862)-compensation for personal injury, &c.,
£17,794 (against £10,520 in 1862) ; compensation for dam age
and loss of goods, £4,951 (against £9,615 in 1862) ; legal
and Parliamentary expenses, £16,938 (against £13,065 in
1862) ; and miscellaneous working charges, £74,186 (against
£73,876 in 1862). The only item of expenditure which
showed a decrease last year was thus the compensation
paid for damage and loss of goods, and the reduction under
this head atoned to some extent-so far as it was an indi-
cation of the care of the management-for the very large
sum paid in respect to the personal injuries sustained by
passengers. The directors will no doubt use their utmost
exertions to reduce this last extremely regretable feature
in their accounts. The rolling stock upon the system in
December, 1863, comprised 499 locomotives, 907 carriages
used for the conveyance of passengers only, ;438 other
vehicles attached to passenger trains, 10,282 waggons, of
all kinds used for the conveyance of live stock, miners Is,
and general merchandise, and 552 other vehicles, makis ig
a total of 12,678. The additions made to the rolling
stock in 1863 comprised 20 locomotives, 69 carriages
used for the conveyance of passengers only, 32 other vehi-
cles attached to passenger trains, 76 waggons used for the
conveyance of live stock, minerals, or general merchandise,
and 51 other vehicles. The Midland is thus liberally sup-
plied with rolling stock, having nearly 19e carriages, trucks,
and locomotives per mile worked at the close of 1863, while
the corresponding average in the case of the Great Western
was not quite 14. Thera can be no doubt that a large sup-
ply of trucks is ono great means of developing a fine goods
traffic, such as the Midland has so successfully cultivated.
Such is a general outline of the position of the Mi dland.
Wu ought also to append a few details as to the position of
its allies, and it tuey be observed accordingly that the Norte.-
W eetern had raised at the close of 1863 £1,182,719, anti, after
providing for fixed charges, £785,560 of ordinary stoat re-
ceived 3 per cent.; the Manchester, Buxton, Matlock, and
Midland :inaction had raised £545,378, and, after pie-
viding for fixed charges, £436,259 of ordinary stock re-
ceived £2 Bs. 63. per cent. ; and the itedditch
had raised £16,740, 2± per cent. being paid on £36,000
of ordinary stock, after vroviding for fixed charges. Th
total capital raised by lines worked in connexion with the
Midland at the close of last year was thus £1,774,837.
Adding this amount to the £23,377,447 raised by the Mid-
land proper, we arrive at a total of £25,152,284; and at the
close of 1864 it appears probable that the aggregate capital,
reps. ..wed by what is popularly known as the Midland
Railway will not be far short of £26,000,000. The position
of their property must be highly satisfactory to the Mid-
land shareholders, and it is interesting and instructive to
the railway world at large. When discretion took the
place of recklessness at the Midland Board-and the happy
transition may be dated from about 1850-the position of
the undertaking was deplorable. Its credit wars at a low
ebb. and its ordinary stock stood at somewhere about 30,
while the concern was in general bad odour with the
public. How is it that the present directors can now
proudly say that they have changed all that I" The answer
is plain and obvious. The apparent miracle has
been wrought by a careful development of traffic, an
intelligent utilisation of the resources or a naturally fine
district, and rigorous economy in the working ch arges.
Under any circumstances the Midland would probably be
a fine property, but it owes no inconsiderable portion csf its
present exceptional prosperity to moderation of the work-
ing expenses. Thus the difference between a ratio of 43
per cent. and 50 per cent. represented last year, on the rough
receipts acquired by the,Midland, a round sum of £165,608,
The whole amount was applicable, it should be re-
membered, for division among the holders of the or-
dinary stock, who received, is consequence, a divi-
dend at least ii per cent. in excess of that which
would otherwise have been paid. This is a practical
illustration deserving of the attention of all interested in
railways. Another point worthy of notice in connexion
with the Midland is what the French would call the soli-
dartte of the concern. It is probably the most unassailable
railway enterprise in Great Britain, as ft extends in almost
all directions and embraces almost all interests; and if wisely
administered, as it appears to be at present, it bids fair to en-
joy a long period of prosperity. It may be interesting be-
fore closing an already long article to recall the fact that it
was at one time seriously proposed to transfer the under-
taking to the London and North Western in consideration
of the latter assuming all fixed liabilities and taking the
ordinary stock at £62 19s per £lOO. The negotiation went
off, and happy is it for the Midland shareholders that they
held on to their property pure and simple. That such
terms should ever have been propsed shows how inade•
quate were the estimates formed as to the future of a
system which has since worked itself into a foremost
place among the railways of the empire.-Times.

The Price of Gold.

The quotation of gold at Paris is about 21 per mille pm., and
the short exchange on London is 25.271 per SI sterling. On
comparing these rates with the English Mint price of .£3
17s. 101 d. per ounce for standard gold, it appears that gold is
nearly 2-10ths per cent. dearer in London than in Paris.
By advicts from Hamburg the price of gold is 425 per mark
and the short exchange on London is 13.51 per Z 1 attrlin.%
Standard gold at the English Mint price is, therefore, 2-10thn
per cent. dearer In London than in Hamburg,
The course of exchange at New York on London for bills at
60 days' sight Is quoted 276 f to 278 per cent., and the pre-
mium► on gold 155# to A 57 per cent. Gold still continues to
arrive in moderate quantities.

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