The Sun.
London, England, 1867-08-28 00:00:00

AMERICAN RAILTVAI S.

Large as are the dividends paid by the great
majority of the American Railways, there can be no
doubt that an honest system of management would
have increased considerably the sums available for
division among the proprietors. It is not to be ex—
pected that railway administration would prove an
exception to the general rule. Indeed it might be
conjectured that where large sums were entrusted,
and checks to dishonest expenditure so difficult,
much irregularity would ensue. A vicious system
has an invincible tendency to increase until arrested
by radical measures. The Direction starts pure
and with excellent intentions, till the seeds,
always ready to sprout up, begin to take root.
It is necessary that the principals and the servants
of the Company should travel along the line free.
By degrees passes are extended. If one Direc-
tor obtains an advantage for a friend, others claim
equal rights—thus the weed rises from the soil, and
it is surprising how rapidly the unwholesome
fungus spreads. Insensibly the Board becomes
a centre of jobbery and corruption. Bribes
influence contracts ; unnecessary works are un-
dertaken to put money into the pockets of allies,
and by degrees the dividends of the stockowners
dwindle till they reach a point, where, in alarm
and indignation, the property is taken hold
of by the owners, and a clean sweep made of
the offenders. Of course, it is the interest
of those who have grossly mismanaged the pro-
perty entrusted to their charge to excuse them-
selves by decrying the line. It will always
be found that their energy has been untiring,
their ability unequalled, their intentions most
honourable, and it is these professions which induce
shareholders to suffer so long in the hope of im-
provement and reform. Such management has
brought railway property in England to the verge
of ruin, and prevented railway property in America
from attaining that high place in public favour to
which it is entitled. The American lines best
known in England are the New York Central, the
Illinois Central, the Erie, tho Atlantic and Great
Western, and the Pennsylvania Central, of which
the latter is the only one that has been really well
managed. Among the rest there has lately been a
great commotion. The New York Central and the
Erie have given rise to much discussion on the other
side, and the Atlantic and Great Western on this.
A total change of management has been effected in
the New York Central, General Baxter of Ver-
mont, being elected to the presidency. The road is
now conducted for the benefit of the stockholders,
who have hitherto been sacrificed to the interests
of contractors and stockjobbers. Bad as ap-
pears to have been the management, the road is
said to have fairly earned 12 per cent., while just
half this sum has been divided among the proprietors.
A similar movement is expected to result in a like
change in the management of the Erie. That rail-
way last year earned $16,000,000, and it is thought
will shortly increase these earnings to $20,000,000.
But little good can result to the shareholders from
such success so long as their profits are inter-
cepted, which has been the case for a long period.
In the month of October the elections will take place,
and the English and other foreign stockholders are
uniting with the reformers in America to make a
radical change in the management of the line. The
example set by these leading railways is being
generally followed throughout the country, and has
already revived the value of railway property in
America, and given a spur to investment in this
most profitable direction. The Atlantic and Great
Western has been generally taken by the English
public as a sample of other American lines,
prejudicing American railways as investments
for IJnglish capitalists. People might, with
more truth, take the London, Chatham, and
Dover, as a fair sample of English roads. The
Atlantic and Great Western is likely to prove what
those who best know American railways confi-
dently assert, that it is next to impossible to
construct a line in the United States that will not
pay. However stupid or even dishonest may have
been the mismanagement of some of these under-
takings —put them into able and competent hands,
give them time, supply any pressing need, and
we doubt whether a railway can be named in
the United States which will not remunerate the
investor. Nothing stronger could be advanced in
favour of such property in America. In spite of
the high price of labour and of railway material
which has lately ruled in America, the construction
of new lines proceeds with the greatest rapidity.
The South is actively engaged in re-making
the roads destroyed during the war, and grading
new lines. In Maryland and Virginian great
energy is displayed. At St. Louis a railway bridge
over the Mississippi is about to be constructed at
an estimated expense of $5,000,000. The Utica
and Black River Railroad has contracted for extend-
ing the line to Lowville, to be completed by the Ist
August, 1868. The Warren and Dunkirk Railroad
will be commenced on the Ist September. The
Schoharie and Catskill has just been projected.
Subscriptions have been raised for a line from Bel-
fast (Maine) to Newport. The Iron Mountain
Railroad is being completed to Belmont. The Baton
Rouge and Pontchatoula (Louisiana) Railroad is
marked out. The Oregon people have been raising

subscriptions for 175 miles of a central trunk road.
'The New Orleans and Ohio Railroad Company
have contracted for a line from Mayfield, Graves
County, direct to Jackson, Tennessee. Ground, has
been brokn on the Lebanon Springs Railroad, to be
completed by June next. These are the items from
a page of the Wall-street Journal, and are merely
quoted in proof of the enterprise which animates
Americans in this most profitable branch of indus-
try. As we announced in our last issue the Messrs.
Bellot des Minieres have succeeded in raising in
Europe £1,600,000 towards the construction of the
magnificent line for which they are general contrac-
tors. All branches of the Pacific Railroad are pro-
gressing with unexampled vigour. From Omaha
the road is in operation for traffic to Julesburg
377 miles, the track laid 410, the grading completed
450, the length in active progress being 517 miles to
Cheyenne, near the base of the Rocky Mountains.
On the Eastern Division of the Southern line
from Kansas, an additional section of twenty miles
is reported as completed, making 230 miles of the
track. The last and longest of the tunnels of the
Central Division, across the Sierra, was Nevada,
finished on the 15th August. A locomotive and
service cars have been hauled across the summit to
the Eastern slope, where they are used in lay-
ing the rails upon portions of the track previously
graded. Thirty miles will, within a month, be
added to that now built, which will bring the way
to the Truckle Valley, whence the further construc-
tion will be very rapid. Despite the high duties
the exports of railroad iron from England to the
United States continues to increase. The value for
the first four months, ending with May, amounted
to £1,104,416 compared with £1,094,278 in 1866,
and £746,342 in 1865 for corresponding periods.
Cheap money, and a very bountiful harvest, cannot
fail to have a beneficial effect in increasing railway
enterprise, and now that the United States have
again fairly entered the paths of productiVe industry,
we have little doubt that she will endeavour to com-
pensate herself for the temporary check from the
war by the most vigorous action. There are those
who endeavour to impress on others that the United
States intend to shake off the public debt by repu-
diation ; but we honestly believe that there is
greater danger of the national debt of Great Britain
being thus dealt with than that of the United States.
We know what Democracy means in America, but
not in England. There they have taken no leap in
the dark—here we have. There wealth is more
generally distributed, and if all feel the burden, more
feel the responsibility of property. Such a course
would be suicidal, and the people are too intelligent
not to know it. Nor does the debt weigh there as
here ; for, though it chafes and galls just now, it
will in truth hereafter be but a light load for such
prodigious resources as the uti=►u is developing.—
Anglo-American 2 bites.

THE HOP GARDENS.

MAIDSTONE AND ADJOINING PARISHES, August
26.—During the past week the weather has been to
the satisfaction of the hop growers, and if it con-
tinues so we may be in better hopes. Some of the
forward plantations will commence picking this
week, and picking will in about three weeks become
general. There are some plantations where there
is not a hop to be seen, and others are as full as
ever they can be. The latter plantations, however,
are only in the possession of a very few growers,
who will get a small fortune if they keep progress-
ing. The beginning of this week is very dull and
rainy, which is not very favourable for hop-picking,
as when hops are gathered wet they sometimes be-
come mouldy after they are stored away in the hop
warehouses in London. We still want about six
weeks' fine weather to get our small crops in.
BIZENCIILEY.—Some of our plantations will yield
a moderate crop, while others are so affected by
blight that there will not be any.
CRANBROOK, August 26. —The weather has been
suitable for the flowering of the hop-plant, and
some of the clean grounds ROW exhibits a magni-
ficent appearance. An excellent crop will be grown
in the best gardens, and in those which were
hardest " bit" with the blight more will be pro-
duced than could at one time have been thought
possible. Altogether our yield will be by no means
an insignificant one. The picking will not be so
late as was anticipated. Some of our prolifics will
probably be gathered ere another issue of the
Journal comes from the press.

FAIZNIIAM.—The grounds in this district present
an improved appearance, and in several pieces We
shall have a fair yield. Picking is expected to
commence in about three weeks.

OTFOED.—Even in the best grounds the crop
here will be exceedingly light„and in some places
no bins will be placed.

TUDELY AND CAPEL.—In these parishes there is
slight improvement to report in those pieces where
the blight has not been in its worst stages, and there
have been repeated washings. On the other hand,
in those plantations where they have been VI
bad, and but little sap left in the bine, the last
week's sun has completely scorched them up, and no
hopes of any hops left. Our average growth must
be very small indeed, possibly as low as 2 cwt. to
the acre.

UCKFIELD.—A great improvement is visible here.
Some gardens will grow a ton per acre, and one
grower, Mr. John Kenward, is likely to grow 23
cwt. an acre on his Colgates, and about 15 cwt. on
the remainder of his plantations.
WATERINGBURY AND NETTLESHEAD.—We have
two or three good looking grounds coming on well,
but our general crop will be very small.
WESTERHAM AND THE VALE OF HOLMESDAL.
—Those hops which escaped the blight are doing
well, but where there is or as been vermin thei
are going worse.

YALDING, August 26.--There is a great improve'
ment, owing to the fine weather, in all kindly piece°
of hops ; even the blighted ones threw out a fell
hops, but they are gone too far to do much. There
must be a short crop this season, most of it poor
and mean, as is ever the case in an aphide blight.-.'
.Maidstone and Kentish Journal.