New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-02-04
THE RAILWAY SYSTEM.
HISTORY OF RAILWAYS IN GREAT
BRITAIN

pits mouth to the riverside at Newcastle-on-Tyne,
and poor Solomon de Caus, confined as mailman in
the Bcetre at Paris in 1910 by Cardinal Richelieu,
because he declared that he had discovered a
by which he could use steam principle OF locomo-
tion could have had no possible conception of the
results which have ensued from the employment OF
steam locomotives on iron railways. Had they. how
ever, in their widest dreams contemplated such
results, could they have believed il possible that
invention, morally certain to contribute largely to
the progress and civilization of mankind should in
commercial sense in the very land of its birth and
early development appear only too likely TO termi-
nate in of the most gigantic and disastrous
failures that the world has known.
This is, however, only too true There is scarcely
a line of railway in Great Britain whose dividends
and marketable value, have not experienced re-
markable decline during the past four years. Many
are earning no dividend, several actually bank
rupt and their lines in the charge Of receivers APP
pointed by the Court of Chancery, and such is the
sorry position Of investors in British railway secur
ties that it would at this moment be virtually mpos
sible to obtain the necessary powers and funds for
making new railway in that country, under the
existing regime.
British railway enterprise, which had been re-
strained within moderate limits for 20years after the
opening of the Stockton and Darlington line in 1925,
suddenly began to attract the notice Of spectators in
1874. From that date it made such rapid, unhealthy
strides that its first promoters and real friends be-
came seriously alarmed for the consequences In tho
year 1874 the net capital for new railway schemes
authorized by Parliament to be raised was fl4.79S,-
9H in 1915 the amount grew to f43,sA,90, and in
1916 it reached the sum of ELI 100000. In
this one year, 1916, applications were tmade TO
Parliament for powers to construct lines OF railways
involving an outlay of capital amounting to the fabu-
lous amount of s4OOOOO,OOO. This was, however not
all granted, and schemers obliged to content
themselves with the authority to raise the sufficiently
! large sum of fl21. 100000.
| Then sprang up mania for gambling in railway
shares alike degrading to individuals and injurious
to the nation. All classes Of society, from tho
highest to the lowest suddenly became Immersed IN
speculation, and had only one object in view-that
of growing rich in few months. Such scenes as
took place every day in the neighborhodd of the
| Stock Exchange had not been Witnessed since the
excitement attending the initiation Of the South Sea
| scheme in l120 Peers, members of the House OF
| Commons land owners, commercial men, clergymen,
and old maids joined, one and ALL In this fearful
mania Ii is avey asserted that in 1916 no less than
157 members of Parliament were interested IN or had
subscribed money to the proposed new railway
schemes. I'm the year 1865. Ill members of Parlia-
ment were directors of railway cOmpanies) 1t Is
not surprising then that many schemes of doubtful
nature should have passed through both Houses of
the Legislature.
People thought little If at all, of the probable re-
sult of these schemes as commercial speculation.
They had not the remotest intention of making
permanent investment in them. Their only thought
was to secure the premiums which the shares COM
manded in the market, which, from able manipula-
ton were often ridiculously high, especially when
we consider that the works not even commenced
Many of them foresaw that crash must come sooner
or later and cooly calculated their chances of getting
out at the right time. One man, however, stood
prominently aloof at this time and steadily refused
all temptations to mix himself up with unprincipled
spectators; again and again warning the unfortu-
nate dupes who thinking they had really discovered
an FL Dorado came to ask his advice, of the only
and inevitable result. That man was George Ste
phenson, the father and originator of railway
enterprise, but who practical and far-seeing
by nature. was anxious to sec the child OF
his creation learn how to walk before it
tried to run. OF course, amid all this wild excite
ment and imitation, promoters, lawyers, and con-
tractors were busy enough, and expenses soon as
sumed ratio of magnitude equivalent TO, If not
greater than, the magnitude of the schemes them
selves The cost of obtaining the passage Of the act
for the Liverpool and Manchester Railway was f21,
Co., nearly Il 900 per mile. But tins cost tring
TO what followed. Opposition wars were waged, and
all sorts of expenses for compensation for Withdraw
Ing opposition multiplied to such extent that the
costs became perfectly astounding The total costot
passing one particular railway acts said to have
amounted to Gi360O0 and one instance Is recorded
In which the solicitors bill $4,000 for promoting
and conducting scheme which never even got so
| far as the House of Commons.
1t was under such auspices these that the British
/ railway system was naugurated.
| Much valuable information and detail is to DO
| gathered from the official returns of the Board OF
trade and some interesting facts elected in tho
evidence given before the Royal Commission on
Railways appointed by the Government
| There are now 14247 miles of railway in Great
Britain constructed at outlay of capital of
! ejO3 2G2, SS7. covering go square miles of land,
| occupying one of every 273 acres in England and
Wales one of every Sl3 in Scotland, one OF every S3
in Ireland giving an average of l232 acres for every
! lineal mile and an average width of lO' feet for
! every line of railway. These lines of railway carry
| nearly 350OOOOO0 passengers in the course OF the
! wear or at the rate Of nearly 100000 day. The
returns show that in the year 1866 31ilOe6 trains
carried 3l3 696S passengers Including seasontlcket
hoders) 733S3S56 miles in 10 DDS covered carriages.
The total traffic both goods and passengers was car
RED in this year. in GOOOOOO trains over lG3OoOOC9
miles In the year 1861 2s76SS ll3 ordinary passen
gers were carried If we add to this number one
journey every day in the year by 49, 9l seasonticket
holders, We have total of S5 S passengers. al
the rate of 81 542 passengers per mile of railway Bus
in 1866 the rate of passengers per mile was o43 on
length of line of ID S54 miles This should give an
increase of sos Gl passengers TO that of 1867 over
1866 The real increase however was q, III AGO. and
vet the companies IN spite of this increase of bust
nass nav fractionalv less rate of dividend. Taking