The Sun.
London, England, 1835-11-13 00:00:00

THE MARKETS.-THIS DAY.)

CORN EXCHANGE.
There are moderate arrivals of Wheat and Barley this week, and
a good return of Flour. The Wheat trade remains as reported on
Monday, and for fine samples miy Le noted fir n. Barley steady in
price. Beans and Pease unaltered. Oats flail buyers slowly at
Fast terms. Flour unaltered. _

ARRIVALS.
Wheat. Barley. Oats. I Flour.
Eleg,lish
irish - 160 11,450 -
Fel eign - - - -

SMITHFIELI
This day's supply was moleratel
what dull, at the following

D MARKET.
:I y good, and the trade was s Knc.

PRICES P. 1311. STONE OF Sr.
8. d. to s. d. s. d. to 5 d.
In!erior Beasts ............ 2 0 2 2 Inferior Sheep 2 4 2 6
Second quality ditto...—. 2 6 2 S Second quality ditto
Prime large 0xen........ 3 6 3 S Coarse-weolled ditte 3 4 3 8
Fame Scots. &r '3 10 4 0 Southdown Wethers ... 310 4 0
Larize coarse Calves 3 G 4 2 Large Hogs 3 3 4 0
Prime small ditto
Slek ling Calves each ...12 i 32 01 Quarter old Pigs each; 10 0 14 0

1. TO SINK THE OFFALS.

Beasts.
523

surPix, AS PER CL
Sheep
4, 23

STATEMENT.
I Calves. I Pigs.
9,45 5

DENIIALL MARKETS.

NE \VGA'IE AND LEA _ _
S el. to s d S d. to s d.
13eef, infrior-. ......... ... 2 n 2 2 Mutton, inferior
-- midd1ing............ 2 4 2 ti
..--- pzmm large
.- prime sxlal - 2 3 4 Pork, large ..... ...... 42 ti 3 0
Veil

RAILWAYS.

From the Edinburgh Evening Courant.)
Without entering into minute details, it may be stated
generally, that the railway affords a cheaper and far more
cxpedtious conveyance for goods and passengers than any
of the modes of carriage at present in use. So much less,
indeed, is the expellee of this conveyance, that the difference
where there is any degree of intercourse, constitutes a re-
venue, which, after defraying all charges, leaves a large sur-
plus to the projectors of the undertaking. The railway
hetWeen Liverpool and Manchester pays a dividend of nine
per cent., and the 1001. shares now sell for 210/. ; this rail-
way, however, passes through the most densely peopled and
wealthiest portion of England, bat, on the other hand, it
was constructed at a most prodigal expellee. There are
other railways, however, such as our own railway to Dal-
keith, which has not such advantages, as, though it proceeds
from the metropolis of Scotland, it leads to no other popu-
lous town., and yet it yields a dividend of five per cent., and
its stock has risen from 501 to 70/. Such being the suc-
cess of a railway which has only a populous town at one
end of it, we need be at no loss to estimate the profit of
such improvements under more promising circumstances. We
have here certain data on which to proceed ; and accord-
ingly it will be observed, that vast projects arc on foot for
intersecting all the most populous districts of the country
with railway communications. It is estimated that the
stock of the new railways already projected amounts to 23
millions sterling.
An alarm has been excited lest speculation; in railway
shares be carried too far, and end in some commercial con-
vulsion ; and there is no doubt, when the original share-
holder has no intention of a bona fide investment of capital,
but merely intends to speculate on the rise of stock, and,
farther, when railways arc carried through unproductive
districts, and the stock is artificially raised above its value,
that loss will ultimately ensue. In short, though under-
takings of this nature, when managed with caution and
foresight, present a fair prospect of profit, yet they afford
no guarantee against the folly and avidity of speculators.
Capitalists who are rich, will always be the dupes of de-
signing knaves who arc poor, whose natural prey they are ;
for poverty tends much to sharpen the wits, and there are
blacklegs in the commercirl world as well as at the gaming
table ; so that money may be lost by rash speculations in
railway stock, as well as in South Sea stock, or in joint
stock Companies for mining in South America, or in any
other of those extravagant projects. But there is this
difference between the railroad and those projects, that,
however the stock may be raised by speculation, the origi-
nal scheme presents a reasonable prospect of profit, which
was not the case either with the project of the South
Sea Company, or the South American Mining Com-
pany, or the Dairy Company of this place, or any
of the other wild schemes which sprung up, and withered
in a day, during the mania of 1825. The railway is a solid
improvement, out of which a profit is sure to be realised,
and thence it opens a vast and profitable outlet for the
daily accumulating capital of the country. It is at present
extremely difficult to find any profitable investment for ca-
pital ; all classes complain ; the :nnuitants of the low rate
of interest ; the merchants of the low rate of profit, in con-
sequence of which they require to do double the quantity
of business in order to obtain the same return. The banks
overflow with money, and money to lend is advertised in all
the newspapers. Now, the railway undertakings present a
vast field, into which this capital may flow with profit for
many years to come ; and one certain effect, therefore, of
the opening of new rail Ways will be, in absorbing so great a
quantity of capital, to raise the value of what remains ; to
raise the rate of profit, and thus, besides the specific ad-
vantages which they confer, to give a general impulse to
commerce and industry throughout the country. In a
time of peace capital tends to accumulate and overflow in
all the channels of trade ; because soldiers and sailors, who
formerly consumed the stock of the community, without
producing any return, are now disbanded and set to work,
and consume nothing without providing:in equivalent ; and
the effect of this is every where felt in the increasing com-
petition of capitalists. Now the capital which is sunk in
the Construction, of a railway, a bridge, or a canal, is
.fO3.
ever taken away from any competition with other capitals ;
it can never again make its appearance in the money market,
any more than the money which is lent to Government, and
is consumed by sailors and soldiers ; nothing remains in
either case but the annuity, which is no doubt capital, but
of a much smaller amount than the principal sum. The
capital which it will require to construct the railways al-
ready projected is estimated at 23 millions sterling. But
the improvement is scarcely begun. Railways will yet issue
from the metropolis in all directions, as from a common
centre, and the populous districts of England will be inter-
sected by them. With the exception of the Dalkeith Rail-
way, and a railway from Dundee some distance into the
interior, and several inconsiderable railways in the west,
there is not another in Scotland. There is no railway be-
tween the two populous cities of Edinburgh and Glasgow,
notwithstanding that the daily traffic and intercourse would
insure a return. The northern counties of Scotland display
greater alacrity in those useful proceedings. A railway is
at present proposed between Dundee and Arbroath, and
between Dundee and Perth—in both cases with a fair
prospect of profit. The improvement, however, as we have
already stated, is in its infancy ; but, as it gradually diffuses
it self, it will open new and unexpected outlets to superflu-
ous capital, and will yet effect a great revolution in all the
existing interests, and in the aspect and general condition
of the country.

,
NORTH WESTERN OR CALEDONIAN RAILWAY.
—Among the numerous railway announcements in all quar-
ters of the United Kingdom, it is curious to remark, that
so far back as the year 1822, when the value of this mode
of conveyance was comparatively little known to the public,
Sir John Sinclair, in the course of his agriultural pursuits,
conceived the idea of a railway between the two British
capitals ; and at that period obtained a professional report
on the practicability of the measure from Mr. Robert Ste-
venson of Edinburgh, Civil Engineer. It must of course
be highly gratifying to the venerable Baronet to observe
that a company has been recently organfr.ed for the forma-
tion of a railway between London and York, and that the
most active measures are now in view for continuing the
same line of traffic to Leeds, Newcastle, Edinburgh, and
Glasgow, under the general dedeminatiOn of the ".
Caledo-
nian Railway."

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