The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-06-28
SCHEDULE x.
Railway Speculation In England.
From the London Post, June 81

&c
A formidable array 81 railway shareholders waited
the other day upon the President Of the Board of
Trade with tho view OF calling hs attention % Ger
tain grievances, OF which they loully complain.
They truly informed him tina. they represented pro-
perry to an enormous amount, namely, upwards Of
three hundred millions scrng, and that therefore
they were well entitled to be heaid-a proposition
which cannotbe disputed. We shall not go through
the catalogue OF their complaints. Suffice IL IN saw
thst the points which they chiefly pressed upon the
confederation OF the Minister were-frst, that their
property had been greatly deprec ated in value of
recent years; and, secondly, that Is was unfairly
taxed They complained too of the operation OF Lord
Campbells excellent act, which gives compensation
10 the relatives OF persons killed thrngh the negi-
gence OF railway companies. But ~ 10 remedies
they were wholly silent. Lord StanlSy OF Adorley
wa onXious TO know the views " tie depuaton
upon this essential point, but he failed 70 elicit from
them any thing ike Plan. Their object apparently
was 10 let Their grievances be known ind 10 lave IL
TO the Legislature 70 devise q remedy.
That. We fear, will te no easy u.attr. But how
ever difficult II may he 10 satisfy the lilw3y share
holders, IL Is not difficult 10 indicat the ca1se Of
that deterioration in the value OF heir property,
which IL the oniy Substantial grievance II epDeals
TO us, Of which they hate TO complain. That has
arisen from cause 50 Obvious that Thrust be per
ceptibe to everybody. IL Is nctori0m that British
railwayf paw woHc than those OF any dheg cJuntry.
II is notorious ths, while the great iiits Of France
and Germany pay Ten per cent, and frequently more,
10 the original sharehc strs, few, u ay, Of our own
pay half that amount. Many pay nothing AT all. The
reason os this striking dir<chee IL at nee expla ned
by q reference 10 the different Circumstances under
which railways were constructed m thii and in other
| countries. Here everything was left o individual
enterprise, while on Tie Continent nothing was done
without tie sanction of the government. TIE resuls
in this country was excessive competition and specu
lation, as everybody recollects, and VIZ many to
| Their cost. Rival companies sprang ~ on every
ride, aud rival lines speedily interested the length
ana the breadth Of The land 10 the sre proit, in
most instances, OF their projectors, Az 70 the no
less certain loss OF the deluded shareholders Rail
way attorneys, counsel and engineers .cquired for
| tunes with rapidty uneQ Jailed sine, the days OF
the South Sea bubble Tls success OF tie few stimu-
lated toe love Of gain among the many and all pro-
fessions and all ranks were for time smitten with
the intoxicating desire OF suddenly booming rich.
How the delusion ended we need mt tell. But,
unlike other decisions OF a similar Kind. u left
something substantial behind IL. Although our
monetary system had been seriously leranged, 81.
though thousands had been ruined both IN for.
tune and in character. and the nato,sl morality
had been sensbly furnished, we had, nevertheless,
in the interval accomplished a great rnrpose. We
had covered the country from norib TO outh with a
vast network Of railways. We had Ion this with a
rapidity which would have been impossible in any
other country, because no other country possesses
such combination Of capital and enterprise as this.
But we discovered-at least we now dicover---that
we bad made great mistake in encouraging too
ar the popular principle OF competition. IL is true
hat Lord Dalhousie, with thgt sagaciy which has
ever distinguished his public condud, proposed,
when he was at the head OF the Railway Department
Of the Board of Trade in 1874, that tbegoyernment
hould restrict this principle, far as egarded the
ormation Of railways in order 10 prcv8t the conse.
euences, which he then foresaw, Of excessive com
petition. But Sir Robert Peel unforhnately for the
railway interest and for his own repuotion for fore
tight, took the opposite view OF the question; and
the weight Of his great authority, thee be little
doubt led 10 on aggravstion Of those evils Of which
we now hear no much.
In France and In other continental Countries the
government interfered and nterfered successfully 10
prevent the occurrence OF such evils. BY preventing
excessive competition great Swing wa effected m
the construction Of foreign railways. This is one
reason WHY they have fad better thanthe English
lines. But the principal reason Is undoubtedly the
absence OF rival lines, which, in this country, abound
on every side, and which always diminish and some
times annihste the profits Of the shareholders. This
ia the master grievance OF our railway interest, and
we naturally ask In reference TO the recent deputa
top, whether IL IL one with which the Legislature IL
competent TO deal? That IL might have efectually
prevented IL by timely intervention during the
growth OF orr railway system IL obvious enough.
pui bow n correct tse pschief, now that II ~ done