The New York herald., 1868-05-03

The Finance Minister of the New Dominion has
recently made statement the Parliament in which
he states that the total debt Of the Dominion is
sos, 100000 made up as fOllOws:-The Canadas,
sos 900; Nova Scotia, $s,OOo0oO; New Brunswick
s7OOO,OOO; Intercolonial Railway, $15,OOO,O0O The
interest on this debt is s. 1927 62 The expenditure
for the fiscal year ending June 3O 1Sss is only
sle,OoooOO and the chief items of the expenditure
are:-Interest public debt, s4s27, 7,e27 militia and
gunboats $l45S,547 public works, s1,9O6,e55: COL
lection OF customs, $4,000 Post ONCE, $735, 900;
expenses of public works, $73O,742.
1t is announced that by the Free Railway act which
became law In Pennsylvania short time since, any
number Of citizens, not less than nine, may form a
company for the purpose Of constructing running
q railway wherever one may be needed throughout
the State, except within the limits of any incorpo-
rated city, in which case special charter is required
To prevent the misuse OF this general authority and
permission by irresponsible parties the prospectus Of
each new company and the names Of its officers and
incorporators must be filed with the Secretary of the
Commonwealth when nine-tenths Of the capital
Stock OF which $4,000 per mile Of the proposed
road Is the legal minimum, shall have been
subscribed in good faith and secured by the
collection Of ten per cent Of the subscription.
When this statement, properly attested, shall
have been acknowledged by the Secretary Of State,
the company shall possess the following powers and
privileges under the new act-First-To have success
sion by Its corporate name for the period limited in
its articles Of association. Second-To sue and be
sued complain and defend, IN any court Of law or
equity. Third-To make and use common seal, and
alter the same at pleasure. Fourth-To hold, pur.
chase and convey such real and personal estate as
the purposes Of the corporation shall require, not
ceedhg the amount limited In the articles of associa-
tion. Fifth-To appoint subordinate officers and
agents. the business Of the corporation shall re-
quire and to allow them suitable compensation
Sixth-To make bylaws, not inconsistent with any
existing law for the management of Its property and
regulation of It's affairs and for the transfer of it's
stock. BY this they are authorized to carry into
effect the objects named in their prospectus as fully
as any corporation created by special act of the
Legislature and such companies entitled to have
the rights and privileges and are subject to all the
restrictions and liabilities granted or imposed by
the old Railway law OF February 10, ls49 Thus
chartered, the companies are required to open and
complete the first fifty miles OF the road within five
years, six months more being allowed for each ad.
ditional twenty 1--we miles, Branch roads, connect
ing with the main line are also authorized under
this act; and when the directors of two companies
cannot agree on mutually satisfactory terms respect
ing the junction OF the roads the Court of Common
Pleas OF the district in which the connection Is 70 be
made shall have the final arbitration Of the oues-
ton.
The State Treasurer Of North Carolina thus de
scribes the condition OF the debt Of that State on
October 30 last