The Sun.
London, England, 1867-08-13 00:00:00

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rgICE...., 4d.
STAMPED sd.

venue and oxpondituro of India for the year ending the
30th April, 1866.
Mr. URAWFOI3D, after complimenting Sir S. North-
coto upon the lucidity of his explanation, averted to the
system of raising a largo portion of the revenues of India
by means of an export duty on grain, which he strongly
condemned as opposed to every just principle of taxation.
Mr. LAING was of opinion that if any increaso of taxa-
tion was necessary it ought to he provided fur by means of

a succession duty.
Tho discussion waq continued by Mr. Fawcett, Mr.
and Mr. Bazley, and the rosolution was agreed

BELLOT DES MINIERES, BROTHERS, of Greshan►.
house, London, we premised to discuss more fully
the advantages of American railways over those of
Europe. lloSt of these advantages arc natural
gifts ; some arise from the state Of society, but
many are due to the administration. A railway is.
but the highest development of a track —the moans
devised by science and ingenuity fJr obcaining the
ends which the Red Men achieved when in ►ile they
moved along by a 'with through the primeval forest,
striking rivers where they were fordable, and moun-
tain ranges by the easie-st pasms. Before the
country has wasted its energies by a general
construction over its surface of macadamised
roads, it was in the highest degree important
that the great disc:►very of the locomotive should
be made. That discovery came in the happiest

The Contagious Diseases (Animals) Bill was considered
in committee. Several clauses were agreed to, and the
Chairman was ordered to report progress.
The Appropriation Bill was read a second time.
A inef;sage was received from the Lords stating that their
lordships did not disagree with the Commons'. amend-
ments, with two exceptions; and, on a motion of the
CIIANCELLoR of the Exotr:Qtmit, a resolution WAS agreed
to declaring that the_Cotmuons• did not insist upon their
own view in these pArticularS.

Some other orders were forwanled• a stage, and the
howie adjourned at Bre_ minutes'to three o'clock.

Railway and Other Companies.

STAINES; WOKINGIIAM, AND. WOKING.
The directors of this company have decided on
recommending the shareholders to declare, at their
ordinary meeting on the 28th inst., a dividend on
the ordinary shares of 53. 6d. per share, being at
the rate of 24 per cent. per annum for the half-year
ending the 30th June last.

DUBLIN, WICKLOW', AND WEXFORD.
The report of the directors states that the avail-
able balance of revenue amounted to £19,170, which
was sufficient to provide dividends on" all the pre-
ference stock and shares, and the directors recom-
mended the
~payment of those dividends, but they
had still to regret their inability to pay any divi-
dend on. the original stock of the company. The
directors thought they were safe in hoping they
would have the pleasure of advising the payment of
a dividend on the original shares at the February
half-yearly meeting. The expenditure on revenue
account exceeded that of the corresponding half-
year by £5,155. This excess iu expenditure chiefly
belonged to the item of renewal of permanent way
and works. Of interest, not one penny had in the
present accounts been charged against capital, not
even where the outlay on works was still unprodUc-
tive. The principal part of the increased revenue
was derived from passengers. The gross increase
on goods and cattle amounted to only £258, while
in minerals there was a falling off of 3,006 tons,
representing in money £2lO. The number of horned
cattle carried during the half-year was 2,781 more,
while that of sheep and pigs was 2,932 less, than iu
the corresponding period of 1866. The directors
had not made any attempt during the past half-year
to proceed with the works of the extension from
Enniscorthy to Wexford. The available and still
unexercised capital powers of the company would be
sufficient to complete those works, if public confi-
dence in railway securities were so far restored as to
enable the directors to issue the shares-of the com-
pany. Pending the time for doing so on favourable
terms, the directors had considered that their wiser
course was to devote their attention to developing
the traffic on the portion of the undertaking
already is operation. As to the movement
that had been on foot for some time to urge
the Government to purchase the Irish rail-
ways, the directors wished to offer no opinion.
In any event, their anxiety woul l be to ascertain
the wishes of the shareholders, and to comply With
them. But the d rectors thought there was still a
way in which Irish railways might be materially
served, and that was by the State becoming the
creditor of all the Irish lines to . the full axtent of
their several Parliamentary borrowing powers. This
could be effected for every railway hi Ireland for
£7,000,000, and if it were done b' the creation of
terminable annuities on easy terms it would, in the
opinion of the directors of this company, render
railway property in Ireland reasonably remunera-
tive to those who had embarked their money in it.
The expenditure on capital account to June 30 last
amounted to 11,802,432. The revenue account
showed that the receipts for the half year ending
June 30 last amounted to £78,912, and the expenses
to 135,131; the rent to the Kingstown Company
to £1.8,044, and the interest on debentures to
£ll,ll2—together, £61,320—leaving a balance of
£14,622, to which was added.£l,slB from the pre-
ceding half-year, making £19,170:

time to advance the interests of the United States,
and has been a powerful means of promoting immi-
gration and spreading population over the wide
beenp ra iriesof
manifestlytlie great
impossiblee entra
for
-oTattieies.
firstlt l'ohualbdi inhabitants
of a settlement to construct lines of rails as they are
built in England or France. If a more simple and
inexpensive mode had not been practicable, railroads
could not have been the pioneers of emigration but
the luxuries and necessities of a high civilisation.
Fortunately however, for the United States, a
detf
oematrhlaeinlverliawet hproi itutnalildi :0
1 the railway
system of construction was devised adapted for
the traffic required, which cost less than a
third of the average sum paid for lines in
Europe. But this did not represent the main
advantage offered to the enterprising capital-
ists who undertook to form these highways.
Except in the older States the right of way was-
the gift of the Government, and therefore the line
became possessed of the freehold of the ground
over which they ran, either -for nothing, or at a
comparatively trifling charge. It will be found
that these two points involve the esience of Railway
Success. If the right of way costs nothing, and
construction and equipment the least sum for
which the road can be :5o substantially built as to
bear in safety the traffic that will pass over it, it
must pay, unless its termini and course be such
as none but the insane would select. An in-
vestigation would prove that every great railway
failure is owing to a wasteful expenditure,
either in construction, parliamentary or other
thearight
ill
actually
atshesatohfisfiu'entahaancing is a
bwraibye.ryitoirnuisut
bNevrboeckrnleessinpmurinchd
mach
expended
saepevrueernt ebdde eertindon '
corsiatiagi srnetgihdefe.y
against
signifying the
sl
be manifestly
the gross sum of the stock estimated at £lOO per
share, if £25 only of that £lOO bad been paid.
If £2 be annually paid on stock so raised, although
it might appear that the line was only yielding 2
per cent., 8 would be the true figure. With
such attempts to delude the unwary that they are
obtaining bargains, we have nothing to do. The
real question is to ascertain the exact sum ex-
pended on the road, and the net returns given.
When, after such a calculation, the railways
of the United States are compared with those of
Europe it will be seen how admirably the mode
adopted in the Union has been to secure for inves-
tors the greatest advantage. A few of the best
paying lines have been selected to give an idea of
the enormous profit reaped in America, where the
full benefits of the two points we have noticed have
been obtained for the owners.

Dividends

Per Cent.

Railways.
ck 11.11. (Connecticut) paying .................. 23
Naugatuck
Macon and Western R.R. (Ge ) Georgia) 27
South Western R.ru (Georgia 2O
Chicago, Burlington, and Quincy R.II. (Illinois) 27
20
Terre haute and Indiana R.R. (Indiana)
Camden and Amboy, R.R. (New Jersey)
43
Long Island R.R (New York) ............................ 2
20
Cincinnati and Hamilton R.R. (Ohio) f
ClevAand and Columbus R.R. (Ohio) .........
Cleveland and Painesville R.R. (Ohio)
Columbus and Kenio R li. .....................
Little Miami R.R. ..................
Delaware, Lackawua, and Western R.R.(Pounsylvania) 22
Pittsburg-, Fort Wayne, and Chicago R. r..(Pennsylvania) 20
N.T. Pcovidcnca and Boston R.R. (Rhode Island)
Find th-'re arc a gr,.at m.tny more that do not pay
less than 18 per cent., with every requirement neces-
sary to increase this revenue.
Although it would be impossible to secure such
results in England, yet scarcely a line has been
constructed even there that would not have paid
a satisfactory dividend had the common rules
of prudence been observed. The cheapness of
the right of way in the States was an adven-
titious circumstance arising from the sparsely
peopled districts ; and the cheapness of construc-
tion was in a measure forced upon the people
by their inability to obtain the gigantic sums
in which English directors have been wallowing.
The legal and financial system, however, pursued
in America shows the shrewder and keener judg-
ment of the people. The bonds are of longer date,
and batter provision is therefore made against large
sums falling due ia a period of panic or severe depres-
sion. The Atnerican law con cedes to these bondholders
the indisputable right of selling any line that does
not pay the interest promised, and at the same time
facilitates the exercise of this right by every
available means. Thus giving, not only a nominal
power, but encouraging the exercise of it by a simple
and inexpensive mode of procedure. This circum-
stance of itself accounts for the superiority of rail-
way management and finance in the United States.
English directors acted with the security that they
could not be dispossessed though they failed to meet
their obligations, and it is as little encouraging
to the public invited to advance money as to pre-
ference holders when bills are introduced into Par-
liament, with the object of creating Pre-Preference
Stock. A railway in America grows from small
beginnings into a great line. Its increase in
magnitude is in proportion to the increase of
population. A frail line may run between
stations placed widely apart from each other,
the trains moving at distant intervals of time.
Bat the way becomes more solid as the weight of
traffic increases ; other stations are erecterea d as
localities along the road become peopled ; greater
travel demands more frequent communication, and
thus it keeps pace with the requients of the
inhabitants, fulfilling all the necessary functions,
until, from a mere tramway to an isolated settle-
ment, it has grown into a main link of a Grand
Trunk road. The go-ahead spirit of the American
is, perhaps, more strongly exemplified in his iron
roads than in aught else. It is not generally known
that the length of railways laid down in the United
States exceeds that of the United Kingdoemr ieneant.or
world.
pro-
portion little less than 3 to 1, while to France it is
more than 4 to 1, being, indeed, 38 p
over one-third of the whole mileageToifie
the
engineers
Very few of these lines arc double.
are not tied to wide curves and gentle gradients.
Of the former, 500 feet radius, and even less, aro
frequent, and of the latter one foot in a hundred is
a moderate ascent. The cost, therefore, of earth-
work bridges and viaducts is much reduced, the line
maintaining its place on the natural surface. T rails
are laid ou cross ties or sleepers about two feet
apart. The bridges are generally of wood, and it is
only in the thickly peopled districts that the way is
fenced. Au American locomotive looks strange
to an English ey., guarded by its wedge-
'shaped iron framework, called " a cowcatcher,"
its open-mouthed funnel, and the hoarse scream
of its whistle sounds strangely to an ear accos-
t amed to the shrillness of an English engine.
The tariffs of the American roads arc higher than
in Europe, the people travel more and consume
more, therefore in proportion to population they
furnish their road with a greater weight of traffic.
The average estimate of cost per mile isbut £7,000,
while on• the prairies tat average is reduced to
£4,000. The field in theh United States is immense,
and not the
essemntaidaln thatt the
and there is no other countriyatitthaitsobffrearnseshueolfa
in-
ducements for placing money
vestment. It is, however,
Grandess oT
rsuunpl:
American system of constratittieltidi:tnh,e
English, should be adopted. If the latter system
s of Canada—so built—furnish
pay Greatelsewhere, r
ails
o
6tit other
irrioa7oliglivicoa.f3:4
theilor
oifm
Times,
sup-
pose ti
wouldp ayin
ican
introducing it into
abundantaAll2id e toif
•

BELFAST AND NORTIIERN COUNTIES.
The half-yearly meeting of this company was
held on 'Thursday at Belfast—Mr. It. Gritnshaw,
the deputy-chairman, presided.
The report, an abstract of which has appeared in
The Sun, was taken as read.
The CHAIRMAN, in moving its adoption, said he
thought it was a very satisfactory report. There
was a considerable increase in the traffic, and in
every respect they had reason to be satisfied with
the working of the line. The most important thing
in the accounts was that they had a dividend at the
rate of 1 per cent. more for the past half year than
in the preceding half year.
Mr. E. WNEILL seconded the motion for the
adoption of the report.
Mr. J. BROWN was glad to see that they had a
dividend with which both the directors and share-
holders were satisfied. lie thought if the share-
holders in English lines had made themselves bet-
ter acquainted with their affairs there never would
have been the collapses that had taken place. It
appeared that manyshareholders were satisfied when
they got a dividend, and never looked whether it
was honestly earned or not. In the present case he
believed the dividend had been honestly earned. If
the receipts on the line from the junction to Cooks-
town were taken separately he believed they would
not pay more than lor 11 per cent. The main line
to Ballymena was making from 10 to 12 per cent.
before the present branch lines were formed.
Mr. E. WNEILL said if the Cookstown branch,
per se, did not pay a great dividend, they no
h,
that it had served as a good feeder to their line.
When the Belfast and Ballymena was
open
;but
ed they
were only in receipt of £3OO or £lOO per week
since then the traffic had increased so
much that it
was now upwards of £2,000 a week,
which they
would not have had if it were not for the
working
feeders.
rofit from
If they did not get a shilling of p
the branch itself, they had had a large amount of
extra traffic from it over their main line. They
could not separate the branches from to he
le. main line,
but consider the undertaking as wh
After some further observations, the report was
adopted. A dividend at the rate of 5 per cent. per
annum on the ordi retiringres was declared for the
past half-year. The directors were re-elected,
and the proceedings terminated.

[Anvaarrssefax, r.)—Du Barry's.l Delicious Health Restoring
lt
evaleuta Arabica Fool, W. 11.. contains three times the
nourishment of the best meat, saves fifty times its cost in other
remedies, restores perfect digestion, strong tier ves, sound lungs,
healthy liver, refreshing sleep, functional regularity, and en lr:#
to the most disordered or enfeebled, removing speedily and
effectually indigestion (dyspepsia), habitual constipation,
diarrhoea, haemorrhoids, liver complaints, flatuleney, nervous,
noes, biliousness, fevers, s' throats, catarrhs, colds, influenza
noises in the howl and ears, rheumatism, gout, impurities, erup-
tions, hysteria, neuralgia, irritability, sleeplessness, acidity, pal-
pitation, heartburn, headache, debility, dropsy, cramps, spasms,
nausea, and sickness, sinking fits, coughs, asthma, bronchitis,
incipient consumption, scrofula, tightness of the chest, pains at
the pit of the stomach, between the shoulders, &c. We quote a
few out of 68,000 cures :—The Pope's health restored by Du
Barry's Food.—Cure No. 68,413. " Rome, July 21, 1866—The
health of the Holy Father is excellent, especially since, aban-
doning all other remedies, he has confined himself entirely to
Du Barry's Revalenta. Arabic.% Food, of which he consumes a
plateful at every meal. It has produced a surprisingly benefi
cial effect on his health, and his Holiness cannot praise this
excellent food too highly."—From the "Gazette du Midi." July
25. Cure No. 49,832.—" Of fifty years' indescribable agony from
dyspepsia, nervousness, asthma, cough, constipation, flatulency,
spasms,. sickness at the stomach, and vomiting." Maria Joly,
Wortham, Ling, near Diss, Norfolk.—Cure No. 47,121.—Mi5s
Elizabeth Jacobs, of Nazing Vicarage, Waltham Cross, Hells,
of extreme nervousness, indigestion, gatherings, low spirits,
and nervous fancies. Important Caution—Beware of the many
unsavoury and more than sloppy imitations to which, without
uthority, Baron Liebig's name is most audaciously attached.—
In tins at ls. lid .• 1 lb., 2s 91 2 lbs., 4s. 61; 5 lbs., Ils.;
12 lbs., 225.; 24 lbs 40s.—BARRY Do' BARRY and to.; No. t 7
ategent-street, London; also Fortnam and Mason, 182, Pic ca lily;
and at GI, Gracochurch-street; 4, Cheapside; 63, 150, and 289,
I Oxford-street; 330 Strand; and all grocers_and chemists.

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