The Sun.
London, England, 1848-10-25 00:00:00

RAIL WA/„ INTELLIGENCE.
RZILWAY CALLS.
We find that much alarm has been created in the
public mind by a leading article of a contemporary of
October 12, which represents that 131 millions of
pounds have still to be raised to complete the railway
schemes already sanctioned by Parliament. The
writer has taken the sum authorized by Parliament to
be raised, 326,643,2171., and deducted the amount
already called, 195,317,1064 which leaves 131
millions to be called; but he has forgotten that
the first sum contains the amount the com-
panies are empowered to barrow, which is
generally one-third of their 1,0.4 re capital. He
has made no allowance for the sum thus raised,
although it is known to be immense. It is impossible
to form an opinion on this subject by reference to the
amounts authorised by Parliament, ,for such amounts
include loans, which there is no ready method of
ascertaining to what extent contracted. Many Bills
for lines were passed which the projectors never in-
tended should be made, and were originated simply
with the view of being sold to existing companies ;
these schemes are now defunct. The Parliamentary
returns also include many duplicate entries, which
arose thus—nearly all the old companies agreed to
take shares in one or more of the new schemes.
The Bill for the new company took powers to raise
the full amount, and the old company also had to
apply for power to raise their contributions ; this last
amount should not have appeared in the returns.
Satisfied that this calculation of our contemporary
is very erroneous and calculated to mislead, we have
prepared an accouneof the calls remaining to be made
upon all shares named in the London daily share list,
and have also added the shares of various lines which
are not known in the London market. We are not
aware that we have omitted any line which is likely
to make a call. This appears to be the only method
by which any proper idea can be got of our
existing railway liabilities. Some campanies per-
haps will not be able to get their calls on their
present shares, and may have to issue preference
shares in lieu of them ; others may have to issue new
shares as they cannot .borrow money ; ,but we think
this will not be to any serious amount, as most compa-
nies will rather abandon some of their branches, or
curtail their magnificent stations, than raise money
upon such terms. Any excess of expenditure over
the estimates will most probably be met in the same
way, by curtailing the works, which in many cases
can be done with benefit to the shareholders, and little
loss to the public.
We believe that the arrears on calls already made
are much smaller than generally supposed. The
works hare progressed rapidly, which could not have
been the case except money had been provided. It
is well known that directors have used the most
vigorous means to compel payment, and they have
been greatly assisted by the clause inserted in all the
new Bills, that interest on all previous payments
should be ferfeited during the time any call was in
errear.

The following statement shows the amount of calls
still to be made on existing shares, including ab.xn.
Boned schemes, &c.
Ambergate and Boston
Ayrshire and Galloway ...
B Nast and County Down • • •••
Birmingham Wciverhanipton, and Dudlay
L'- irks Lant-!ashire and Cheshire Jun.
Boston, St ur,f ,rd, au I Birmingham
Btistrl/old EKeifrr ••• •• • •••
Bri.tol Emotcr, Thirds ••• •••
Buckin,,hanishire ••• ••• •••
Caled.mian, half Shares
Ditto Preerence
Chester and Ill) head •••• •.• •••
Direct Landon and Portsmouth ... •••
Dobl:n and Belfast Junction •••
Dandalk and Eitnimskitlen •••
Ettitt,rn Counties, Gi. Guaranteed
Northern and Eastern, New .•• ••1
E.-totem Union, Class A ... ••,
Ditto Class B „, ••,
Ditto C ••• ••,
Ditto Scrip. •••
Eist Lancasbir,,, Ne •.,
Ditty .1); e'erenco
Etst Lincolnshiro ..• ••,
E tinburgh and GI.SO),T, Half Shares ...
Edinburgh end Ne*, port,

... Z 1,543,750
82 000
325,000
350,000
215,000
189,000
225.000
125.000
149 912
414,000
558,885
105,000
1,342,500
373,423
150,000
337,960
166,212
86 4•.30
80,000
165,000
75 000
1:9,660
92 280
43,000
190,200
312,:;09

:",,S,(100

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