The Sun.
London, England, 1857-08-04 00:00:00

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[ PRICE 4D. STAMPED 5D .]

after the full discussions upon this subject which
have taken place by correspondence, in committees,
and in Parliament, I trust that this great work
(which will certainly be the most perfect of its kind
ever executed) will now be pushel on steadily and
rapidly, and without any further ma•erial
changes."

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BAIL WA Y ./.7047:43Yett-
RAILWAYi At,
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4
Mr. C. FRESHFIELD, Nvgiiß.rs,c,,,:.
tion made to the chairman nod;`
Li
India Company for a gon,.4.r.riv .oderiliasod.
Onde Railway, advanced t,Wi11T.N6h....11- n'tilii• ar-
-9 ranrreme u t s bet weeu the East ind i ii, Coup* nyand the
various companies for making railways io India em-
bodied in the gnarant ee of inter() ,t, had ii:.t, up to tho
point, involved present burlfrn on the revenues
and resources of India, and that the e:perience of
the working of railways was korfneient to dispel the
apprehension that there w(nild be any ultiniat •
charge on those revenues and res ure s, resulting
from the guarantee. He adv,rts in hit statement
to the past history of railways in lii,lia, the un-
satisfactory nature of the contrac.,R, and too impos-
sibility of estimating the. profit ~.fa raiway where
the course of tho line, the mole of e-nstruction,
the cost of the railway, the w.rl:-.'n,-; and the fares,
were all to be prescribed by an cite 31 d authority,
whose interests must in many le Tcets be at
variance with those of the rail vay co•ni,any. The
appo,ntrnent.by the East Indi,', Company of an
ea; officio direc or, with a ve.o on the proceedings
of ihe board, then the obligat'on to submit tho
matter to the directors of the &tat lodi . Company,
and afterwards to the Board of (.J ntr .1, had ciused
much delay and complications ia the nrogress of
the various undertakings in couis.3 of ex,eution.
He l:elievod that the following propo&t ons would
be found to be substantially correct—Da-a:fly
"1. That the East India Company (under the
stipulation by which all the capital rai ed by the
railway companies has been, and must be paid into
the treasury of the East India Company) have
always been in possession of a much larger sum
than the aggregate interest advanced by them under
their guarantee.
"2. As to the East Indian Railway Company,
that the East India Company have now about
1,250,0001. or thereabouts, of -0.7,e capital of that
company in their hands, while the ag:4r,g .te amount
of interest paid to that company does not exceed
600;0004.--or-tbereabouth. -
"3. As to the Bombay Railway Comp4.ny, that
the East India Company have now in t leir hands
about 2,000,0001. of the capital of that company,
while the aggregate amount of interest.paid to that
company does not exceed 220,0001., or there-
. &bouts._ - -. •
"4. As to the Madras Railway Company, that
the East India Company have now 1,G0j,000/., or
thereabouts, of the capital of that comp.ny in their
hands, while the aggregate amount, of interest paid
by the East India Company to that company does
not exceed 150,0001.

" 5. During all the time that the railwayicapital
has hid in the hands of the E .st India C unpany it
has been employed at interest, or with equal advan-
tage, for the purposes of the East India Company."
He stases that it is quite clear that up to this
time, not only have railway companies not been a
burden on the revenues or resources of India, but
that the East India Company has actually, during
the period of seven years which has intervened
since their establishment, been in possession,
through means of their capital, of ?,onsiderable sums
over and above the sums advanced f r interest,
which have been available for their own purposes ;
that this state of things would continue at all times,
so long asthe capital of the railway companies was.
in course of subscription, and uutl their capital
accounts were closed. The railway companies
were always ready and willing to call up capital in
order to secure the guaranteed in'eres , and the
East India Company,as their self-stipu' atA bankers
had at all times the control and use of the money
subscribed.

With respect to one observation by the Chairman
of the East India Company, doubting whether
future railways should not be left t thor own in-
herent prospects, Mr. Freshfield sta es that he had
given much consideration to the question, and bad
arrived at two main conclusions, viz :
" 1 That the railway companies, as individual
enterprises, would do better without the guarantee
of the East India Company if its PI) once would
secure them immunity from the control anti restric-
tions imposed in the contract, and submittel to for
the sake of the guarantee, assuming always that the
capital could be raised without a guarantee.
"2. That the East India Company derives a
large benefit from the guarantee through the con-
ditions which it enables the Court to impose upon
the railway companies, and through the means
which it affordsof obtaining the necessary capital,
and that it is neither their interest n ;r their policy
to resign it.
"In arriving at these conclusions he musses'
that the restrictive stipulations in the contract sub-
mitted to by the railway companies wt re the price
of the guarantee, and that if the guarantee were
not given those conditions could not be exacted,
but that the railway companies must b-, in Eng-
land, free and unfettered ; and, further, that the
interests of India required that the railway system
should have full scope in that country at the earliest
period, and that there was no cl tss of public works
there which was of such primary importance as the
establishment of roads through the country."
The stipulations in the contract n•;t only involve
great advantages to the East India Company, but
leave the railway company tied and b :unit in their
hands. After adverting to the ind neon ents held
out for large investments of English capital in
foreign railways, he states that it is for the East
India Company, as the Government of India, to
consider whether they should b 3 I ackward in un-
dertaking and encouraging these great works, and
lose the opportunity of securing the capital for the
purpose, while it is open to them.

OXFORD, WORCESTER, AND WOLVER-
HAMPTON. _ _

In the account of the proceedings at the half-
yearly meeting of this company, which appeared in
The Sun of Friday, Mr. Fenton, the chairman, was
represented to have said that ill the fixed charges
of the undertaking would be met by a weekly
traffic of 5,0001., " and working expenses at 40 per
cent. ;" it should have been " working expenses at
45 per cent."