The Sun.
London, England, 1857-03-24 00:00:00

IRISH SOUTH-EASTERN.

The directors of this company state that the arrange-
ments entered into with the Great Southern and Western
Company for the working of their line have proved
highly satisfactory, and enable them to declare a divi-
dend at the rata of 34 per cent, per annum, after the
payment of which there will remain a sum of 4061., out
of which they have placed 2001. in the depreciation fund,
and carried 1061. to the credit of the next half.year.
The capital account shose that since the formation of
the company the sum of 234,5681, has hem received en
shares, 29,1001. from the Public Works Loan Com-
missioners, and 9,200/, on the security of the com-
pany's bonds.

BAGENALSTOWN AND WEXFORD.
• The works on this line are progressing in a satisfac-
tory manner, and it is expected that the first division, to
B,n-ris, will be opened for traffic in tin course of the pre-
sent year.

RAILWAYS IN INDIA:

Lieut.-Colonel Kennedy, in a report to the share-
holders of the Bombay and Baroda Railway .Company,
calla attention to the advantages of a judicious mode of
proceedings in carrying out railway undertakings, par-
ticularly in India. He complains of the delays to which
the company has been suisjected in carrying out the con-
struction of a line from Bombay to Baroda. and Ahme-
dabad, a length of 335 miles, which might have been
completed in two years, under the judicious arrange-
ments sanctioned by the directors of the company, and
approved by the local authorities in India ; but, owing
to a decision of the Home Government, the construe.
tion of the best portion of the line from Bombay to
Baroda, 180 miles in length, is to be delayed until after
the section from Benda or Surat to Ahmedabad, 155
miles in length, is completed for traffic. The disadvan-
teges of this course, in a commercial point of view, are
shown. The longer the works are kept on hand the
larger will be the araount of debt against the company in
the shape of interest, and the cost of the railway to the
Government will be increased in proportion. If the com-
pany had been allowed to proceed with the whole line
from 'Bombay to Ahmedabad (335 miles), it could have
been completed in two or three years, and the charge for
interest would have been paid off out of a moiety of the
surplus earnings above 5 per cent in the course t f three
or f :ur years from the opening of the line, which is esti-
mated not to exceed a cost 06,0001. a-mile, including
working stock and everything. He compares the posi
tion of India, having an enormous population, fertile
cultivated lands, valuable natural productioi s, fine archi-
tectural cities, and manufacturing communities, and the
rental of the htncle flowing into the treasury as public
revenue, with that of America in 1782, which was des-
titute of everything except expanse of waste territory
and energy in the small population. The latter had
advanced to great commercial rank in the world, while
India had remained pretty nearly in the same position
as when precession of it was obtained. He contrasts
the progress made by India and the United States
of America as exhibited in the cotton trade carried
on between England and those countries respectively.
The returns show that England imported in 1820 from
America 89.909;17416. of slave-grown raw cotton, and
from India 23,125,8251 b, of free-grown raw cotton ; and
in 185.5, front America, 681,629,4241 b. cf slave-grown
raw cotton, and from India 145,179,2661 b , showing an
increase of 591,630,2501 b. in the weight of cotton im-
ported from America, and of 122,053,4411 b. imported
from India, or about one-fifth of the American increase.
England in 1820 exported to America manufactured cot-
ton to the value of 1,194,5311,, and to India to the value
of 850,9061. ; while England in 1855 exported to Ame-
rica manufactured cotton to the value of 3,649,8621., and
to India to the value of 6,532,4591., showing en increase
in the value of manufactured cotton exported to America
of 2,455,3311., and io the value exported to India of
5,681,5431, or more than double the increased purchases
made from England by the American Statee. He re-
masks that cotton wool, a staple produce of India, is
purchased front the slave owner in America, brought to
Manchester for manufacture, and thence rent to India
for sale. It was impossible for Indian produces to com-
pete with American producers, owing to the Indian Go-
vernment withholling from their subjects railway coxi.
munication, which the American Government songht
w1;11 all its power to supply. The first locomotive engine
exhibited on the Manchester Railway, in 1830, 'was the
igral at once responded to throughout. England and
the United States ; and before the first sod for an "ex-
perimental line" was cut in India there were 6,000 miles
of railway open in England, and 8,856 in the United
States of America. At present the length of railway
opened for traffic in England is 8,297, in India 353
miles, and in the United States of America 26,000
miles. The maasures taken for the extension of rail-
ways in the United States of America are calculated to
insure an annual increase of 2,000 miles, till the ag-
gregate mileage shall have reached 35,000 miles.
The value of British iron exported to the United
States in nine years, from 1847 to 1855 inclusive,
amounted to 27,155,1531,, and from England to India in
the same period since the commencement cf railway
construction there were 3,840,230/. He states that 8,000
miles of railway constructed on well-selec'ed lines in
India, although far short of the ultimate requirement,
.would place that cour try in a very different commercial
position from that which she at present occupies, and
this might be effected in four years, for an investment of
48,000,000/., which ought under proper arrangements to
give a return of 10 per cent. upon the outlay. The net
rent of the land, now exceeding 13,000,000/. a-year,
goes to the Government of India; in other countries
the rent goes to land proprietors, from which class spring
various capitalists. He maintains that the Government
as the sole land proprietor there ought to execute the
duties as well as enjoy the privileges of the three classes
it represents—viz., Government, land proprietor, and
capitalist. 8,000 miles of rail nay, costing 6,000/. per
mile, woull only charge the lend revenue to the extent
of 2,400,000/. annually, or under one-fifth of the present
rent, supposing the entire dividends to be disbursed by
Government; but that if a judicious and rapid principhs
of construction were adopted the guarantee would be
merely nominal. The public revenue would improve,
and the industry of 152,000,000 of subjects would be
promoted. He concludes by stating that the establish-
ment of a just and energetic Government of India,
having as a chief object the development of her vast indus-
trial resources, ought to be the first question of British
policy. The commercial and trading communities of
England would readily understand how such a develop-
ment would act and react on their home industry, incom-
parably beyond all the other subjects that could possibly
be imagined, and that it was difficult:to over-estimate the

enormous effect upon home produce of transforming
152,000,000 of miserably poor customers rapid:y joto
rich ones.

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