The Sun.
London, England, 1849-02-16 00:00:00

ner to afford a medium of communication
such as would convey the mails in one direction to
Canton in fourteen days, and in the other direction
to London in nine days—travelling the entir distane(
between Macao and f hanet in the astoundi gly short
period of twenty-three days !
Having stated the nature of the intend .d line be-
tween Frazer's River and Nova Sco a--having
insisted upon the urgent requirement of some more
secure bond of union between the Home Government
and the dissevered Administrations in our Colonies—
having, moreover, endeavoured to stimulate the
energies of his countrymen, by announcing the
rival determination of the inhabitants of the
United States, the author of the pamphlet relating
to railway communication between the Pacific and
the Atlantic recapitulates some of the innumerable
and inestimable benefits which would flow from the
undertaking. Foremost among them are unquestion-
ably the following :—The North American Railway
from the Gulf of Georgia to the Gulf of St. Lawrence,
running from Nova Scotia by St. John's, through
New Brunswick, across the, St. Lawrence and Otawa,
traversing Upper Canada along the shores of Lake
Huron and Lake Superior, through the dominions of
the Hudson's Bay Company to the south
of Lake Winnipeg►, over the chain of the
Rocky Mountains to the coast of the
Pacific confronting the island of Vancouver—
this enormous line of railway would then be the first
substantial employment of that felicitous fact which
has been intimated in the expression that the shores
of the Pacific constitute "the end of the West and
the beginning of the East." It would enable the
busy population " from Halifax, from Toronto, from
Montreal, from Quebec, from New Brunswick, from
Byetown, from Kingston, from Hamilton, and from
the Red River settlement; to pour across the rocky
mountains of Oregon the produce of the West in ex-
change for the riches of the East." It would
render the whole Pacific alive with all descriptions
of vessels, sailing and steaming from our mag-
nificent Colonies—New Zealand, Van Diemen's Land,
New South Wales, New Holland, from Borneo and
the West Coast of China, from the Sandwich Islands,
and from a thousand other places, all carrying the
rich productions of the East, and landing them at the
comm encement of the West, to be forwarded and dis-
tributed throughout our North American provinces,
and to be delivered in thirty days at the ports of
Great Britain." It would bring Halifax within a
a distance of merely fifteen or twenty days
from the north-west coast of North America.
It would form "the great link required to unite in one
powerful chain the whole English race." It would
penetrate the enormous barrier of the Rocky Moun-
tains. It would, in a particular manner, bind toge-
ther the interests of England, of the Hudson's Bay
Company, and the Canadas. It would present a
magnificent field for the employment of gangs of con-
vict labourers—criminals who by clearing and en-
closing lands, by constructing roads and building
bridges, would be withdrawn from the diabo-
lical contaminations of the penal settlements,
and would unconsciously be instrumental in for-
warding the grand labours of civilization. It would,
by erecting a terminus in the vicinity of Quadra,
bring within fifty days sail of that point—Australia,
Canton, Pekin, Borneo, New Guinea, and New
Zealand. It would pass through regions "rich in
mines of silver and copper," such as the vicinity of
Lake Superior. It would draw into use the abundant
timber of the Oregon, the plentiful coal of Van-
couver's Island, the iron, lead, and tin, the granite,
slate, and sandstone, the oolites, the cattle, wool,
hides, and tallow, the salted meat, the beef, the pork'
the wheat, the barley, the Indian corn, the apples'
and the rest of the nutritious ♦egetation which now
flourishes unconsumed in the length and breadth of
;he North American Continent.
Such is the noble project of a colonial railway
uggested by this patriotic pamphleteer.

Three important Railway meetings have just been
held. The directors of the Great Western, South-
Western, and Midland Companies have met their
respective shareholders, and presented reports con-
taining the fullest information on every point on
which it could be desired. Many important matters
were introduced that may materially influence the fu-
ture prosperity of the several undertakings. Complaints
were most justly made of the enormous burdens
imposed upon the industry and enterprise of
the community by the enormous charges levied
upon the property of the proprietors in the
shape of parochial and other rates and
taxes, and also of the tax on the passenger traffic.
It will be found in every instance that these charges
not only constitute heavy items in the working ex-
penditure—which is materially increased thereby—
but that it practically amounts to a very heavy in-
come-tax on their dividends. The question may
speedily arise how far the Legislature are justified in
subjecting railway property to imposts so heavy and
burdensome, by some of which they are almost exclu-
sively effected. Some time since a clamour was excited
against " the inordinate profits of the railway compa-
nies." It appeared to be considered a meritorious act to
place any charge or incumbrance for which there was
the slightest pretext upon them. It was as if they
had exclusive access to some ideal California, from
whence they could gather immense stores of wealth
at their mere will and pleasure, that it was only ne-
cessary to squeeze them sufficiently in order to obtain
benefits for the community at large, not only in the
shape of increased accommodation and diminished
fares, but also in obtaining fourfold payments
for everything required by the companies, and
casting upon their shoulders an undue proportion of
public burdens. These days have, however, gone by.
The railway companies have seen adversity as well
as others, and although they can still return a reason-
able dividend to their shareholders, they are bound to
exercise a strict and vigilant economy, and to re-
strict their expenses within the narrowest limits. They
will no longer patiently submit to these wrongs
—they will no longer suffer in silence; but where
they feel themselves to be aggrieved, they will appeal
boldly to the honour and integrity of the British
Parliament and the British people, and demand that
justice which cannot be denied when a fair case is

made out.
Although these complaints were justly preferred,
there was full reason to be satisfied in every other
particular with the prospects of the several com-
panies. The dividends declared were not as high
as there is just cause to believe they will be
when the lines in course of construction are com-
pleted, the traffic fully developed, and the savings
and reductians indicated by the directors carded into
execution, still they offered fair and reasonable re-
turns for the capital invested, and none but those who
had participated in the general delusion, and expected
enormous profits, could justly complain thereof.
These dividends will be at the following rates for the
half-year ending 31st December last—that is to say,
on the Great Western Stock 3 per cent., being at the
rate of 6 per cent. per annum; on South-Western
Stock 24 per cent., or 5 per cent. per annum ; and the
same on Midlands. We shall now allude to the
several statements more in detail.
It appears, then, that the Great Western
Company have received, on account of capital, sums
amounting in the whole to 11,643,357/. ss. Sd., of
which the sums received on calls amounted to
7,010,7651. 103., and by debentures and advances in
anticipation of calls on x 0
404,264/. 6s. sd.
These sums, together, 7,415,029/. 16s. 51, may be
regarded as the paid-up capital of the company, on
which the dividend is to be declared. There has also
been received on debentures, which constitute mort-
gages of the various railways, 3,240,3171. 95., and
on loan notes, loans, &c., 988,0101., making alto-
gether 11,643,357/. ss. 5d., to be accounted for.
Against this, the expenditure of every descrip-
tion fairly chargeable against capital up to the
31st of December amounted to 11,608,815/. 3s. 9d.,
leaving a balance in hand of 34,5421..15. Bd. From
the revenue account it appears that the gross receipts
from every source of income for the half-year
amounted to 547,916/. 15s. ld.; that the working
expenses of every description for the same period
amount to 215,095/. 1 ls. Bd., being at the rate of
39.691 per cent. on the gross receipts for traffic, of
which the Government duty on passengers amounted
to 15,332/. 17s. 103., being 2.944 per cent., and the
rates and taxes to 16,163/. 17s. 9d., being 2.713. per
cent. We thus find that the charges levied,
exclusive of the regular income-tax of 2/. 18s. 4d.
per cent. on clear profits, amount to 5.657 per cent.