The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-08-04

respects are utterly vaueess In the ma,kef, tneo We
shall expect that consideration the offer Of the Eng
lsh government will be declined.
Is sasy 70 praise these lands when the object to
up colonial grievance, but quite different thing 70
act as II toe alleged grievance was reality aud prove
your sincerity by the investment Of oney, which will be
lcst II the grievances turn out TO be unsubstaatial
Canada 49, possesses $50 900 square miles Of terri
tory OF which only 900 square miles pied
great part IL superior In SOIL all OF 1t Is equal In eli
mate far better stusted than the parts OF the
nuosons Bay territory raxe for Instance, tbs valley
complete system OF navgable rivere, counected with
the port Of Montreal by railway, fertile in soil, covered
The Red river Yet this vast sogon far from being
settled, bias never yet been fully surveyed. II
reasonable 70 suppose that emgrsnts VIII pss, oy
selves IN a region cut of from The resi OF 0anknd,
without imports and exports. and in every respect
inferior natural advan,ages2 We believe not, and
Their efcre we suspect thai shrewa Canadiaos wi not
invest their money with which, like all other new couu-
tries, they are BY no means overourdensd, very nis
ri0r land, of which they already possess moro than
enough Should this BIO the case, Is will remain to be
whether the home government Is prepared TO under
better opportunities viii have renounoed as unprOataoo
When como to look the expenss IN the face We per
hays may come to the conclusion that 1t quite IN our
power to make matters great deal worse than thsy are
Captain Shepherd is about 70 reign the of,e Of Cover
by Mr.. Behring's the Earl Of 5ekrk has offered the
pest OF Deputy Governor, and Mr. Thomas Fraser has
leen appointed Secretary.
American Railway Stacks In Eurcps-PSsi.
tiU0 Of tns Illinois CcnGrnl I'm Lond0n-
From the London Times (Ci!y Att.cle) July %
great experiment, which was expected TO have gone
restore the popularity American railway invest
ments, for the present TO have resulted dap
poinmen. Illinois Central Company was started upon
q eystem which vital element OF hitherto
eeited 10 be brought into full play Previously thsre
had been eoab 10 The great increase OF seah
fsrred upen the United States by these enterprises bat
after experience to investors, was found that the
the land through which each line carried.
and the proprie.ors OF the lines themselves,
those who made their fortunes. The remedy Appeared
OBVIOUS If the interest in the land and the railway could
be combined the body, there could be DOUBT
of the gains that must ensue Accordingly when II vas
announced about years ba,k tina! he Illinois Cen
trail Company had obtained free grant OF bO eco ares
rich prairie lands Of that rising State, through
which TO run railroad OF seven hunared miles from
north to south, to connect tbs lake navis alton al
deemed the hour had come when those marvell,a
examples often quoted Of the RAPID increase IN value
Of farming and city locations in the West might, in
the best possible manner, be brought home the
conception OF any persons disposed to participate In the
protected enterprise It was estimated the railway would
400 O0O that with The progress Of construction
the lands would realize much more than that total The
plan, therefore, 10 issue bonds secured by these
unnecessary call upon the shareholders for anythog
much beyond . nominal contribution. Five per cent
oil that Wac called up OF tho share capital Bonds !or
stipulation that these bonds to be receivsd al par
from the purchasers Of ands and that no sales OF Aud
10 be effected without prcporHonsts amount
OF bonds being cancelled there WAS good prospect Of
their being In constant demand, and ultimately the
course Of extinction went on OF their cammsnsios
promised well. The sales OF land, which are
made on credits OF two aud three years, have
reached abot Cd 900 0o0 although only halt the quantity
belonging the company has been parted wlh, while,
owing the influence OF population, the remainder
the sum put upon the whole the commencement Ua-
happily instead OF the railway costing f3 400 ooo the ex
pendure mounted to Is 900 O0o but still supposog the
calculations regarding the aros be well founded there
prospect that their saie would not only pay the
whole but leave large bcIus to the srehodss,
entire line Of railway The difference betaseu tho
0C0 raised by bonds and the Is 600 really
pended had obtained partly by calls on the propre
tors who found themselves required to pay thirty hse
instead OF five per OF each share originally
templated and partly by obtaining caDs in the Ne~ York
money market the promssory notes Of the CO rpany
Yet such was the confidence the representa-
that this time last the shares vito ESQ PAID
soueht in the Stock Exchange at about EOS.
Then the American pauc, when II vas found that
the promssory notes OF the company which were IN cir
custion at short oa,ea, aud which amounted to aosut
f5c0 600, could not be Set en- any terms there
vas 70 time to make a suici mt ca the shares tyo
thirds OF which held ~ England, aad the compa1ys
paper was ther efore ut ra,uIy eishonored. r. ore
vent seizure OF The line by The holders or these obga
the directors ade mont Of the whole pro
perry trrstees, who bound TO Tsnrze equally
for the benefit OF all clamaats This this director,
time avoid tacrhces aod 10 coec, eau OF 20
cent to meet the pCst pre-aog esmancs, aud 10 maSs
arrangements for tbs remarder in proportion rs The
credit Of the company nigh. recover The Sas
therefore, thought 10 be over, aat the shsres Witch
With $50 raid, had fallen " ABOUT tlS, returnBi al
some periods to par Asar~hile the Eag,!ih IN
out agent to ascertain tbs entire pason OF
the affair. boh regarded the ccpdon OF the line and
its enanoial prospects, Ibis agent recently feurned and
last month hts report printed. Its deais
rabe in almost respect The road Jronounce1
10 be IN excellent condhoh there seemed hle apprehen
zion that the settlers the would tail I'll
obligation for the land. they hat purchased and an
preston likewise created that the directors 40 aid be
able 10 provide for all immediate claims without coming
suddepy on The shar. ho1ers large DUAL
contribution. Ths port no xever instead Of leading
any recovery in Quotations vas followed by increa"d
notification received that fresh pay ment OF 20 per
cent each share would forthwith he required when
tie price at went down 10 aboct % d.c0unttas
Is Sto cay, the shares with tt0 paid, ~hch al the
rates year ago should have been S0th Sis could nv
now be sold for Than cir The reason for the
call IN understood 10 conssi In the failure Of plan
Gently proposed 10 Induce slch proprlet)rs "a mRnt
willing voluntarily odo so to urosh specific amount on
no bsue OF goods III certain exceptooabe pr,St
leeee. Az the time feynris Of the nDos 10 tic
west together With exagsefaed descriptions Of damaSs
dore to VARIABLE properly OF the company their Col
trmpls. The hnfic OF the line Hhica presously
insufficient to tue interest " ios bonds for 400 Go
iseued for s conetrncii and ~hco interest, uul tbs
two yeats purchasers Of aoss, uay have be-
~ provided by the shsreholsrs was further A.otea by
this cause.
Hence an accumulation Of misfortune has fslisu juy
the momeut when ever VINO may have already pad
up $40 600 20 the cempsvy called upon 70 supply 600
ard toe ana ia cjnsrquen, eT CO
tie MARIE, may easily be conceived. Yet unless
extraordinary msskos or decep,ous bave - be so,
srort Of that which held cut NJ s,ariog All TIE
ca.uauts pressing are mainly Of scciteoa' sod
TEMPORARY character and those -ho TAM liar with
changes witch few years will eject Una o. rail-
way through such state 1lioos stil, SCARCELY
hesitate 70 indulge reu sutclpsuona ~ 70 the
property, which hardly HOG but gross oia-
hores'y d:ssppcint. AZ ali events, ths
work proves to oe n dsusiop the fsos mas, be
held es,ab isbed that under n, conceivsoIs crcup
frances American rail rays be made 10 pay, ant tn
benefit will have been asiaocd Of patting 10 all
further loses 10 o.recion With them Upen Ne results
therefore OF wider scope depend thai coul1
attach toll ordinary proceedings u single undsstakng
however large Is htnry will thus 20 ~atrhed by Eng
ish investors, and nay 10 hoped some further dove
Opponents will soon he arrived a. This afternoon (21)
meeting has been hslc ~ thu I7ndon Tavern, at Witch
10 has eeeu resolved to appoint permanent L,noou
mttee and alec TO ecceavor ~ MAKE provision fot
guar audit nj New YORK, on behalf CT the Europeso
Shareholders. II has lkesise bees deermioed tina, q
oepuatcn OF shareholders Shouts proceed ~ New York
prevent the company beng pledged 10 further
oture without the previous OF the London
committee; and finally general opinion expressed
that the railway Do~ 10 condition IN which. after the