The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-09-14
THE ENGLISH RAILWArs.

Tho report OF the British Board Of Trade,
recently issued, gives exhaustive and very in
struciivc statistics touching the railway interest
Of the United Kingdom during the year ending
with December last. They show that the roads
are in healthy condition, though their profits
were not 80 great as in the year Just previous.
Tho total mileage for the United Kingdom in
1877 was 1907 0oS miles in England.
2.77G in Scotland, and 2203 in ireland. Tho
total increase OF 1877 over 1876 was 205 miles.
which is about the rate during the two pre-
cedng years The total nominal capital Mt the
end Of December. calculating the pound at nvo
dollars. was $3.50. 295.2 i0. against 80 29l 073.
$50 for 1876. giving an increase OF s7g. 221 800.
which Is n smaller rate OF increase than that OF
the previous year But tho capital per milo Of
railway open shows m incrcasc both large and
steady In 1871 it was s179715. and went on
augmcntng each year until 1876. when 1t
amounted to t19j 0G0. and in 1877 to sl97, $50.
considerable part OF this increase may be
traced to the necessity Of laying down new
sidings and other line accommodations to meet
the constantly growing traffic.
The increase Of capital WIS chiefly In guaran-
tecd and preferred stock. MS distinguished
from ordinary stock. and in loans and de-
benturcs-that is. In fixed and floating debt.
The amount OF capital derived from guaranteed
and preferred stock reached the high figures OF
s11Sj.2iO. 7G5. or about third Of the whole
sum. and the total OF tho loans and debcnturo
stock was ss59.sis. $40. Tho railway receipts
or earnings for 1877. excluding miscellaneous
receipts. amounted to 1908. 220. 2s5. an increase
over 1876 OF between three and four millions Of
dollars. and the working expenditure was
sl6i .l00.47j. an increase Of about n million and
thrce-quartcrs. Thus tho net earnings
10,
S1.S00,000 more than in 1876
But railway Investments in the aggregate
were less profitable in 1877 than in 1876 since
while tho net earnings increased IA. the capl-
tai sweIled by "a. The consequence was that
the percentage Of earnings to the total share
and loan capital was 1872 In 1871 against 4. SO
In 1876. But II we compare last year with 1872
and 1873. two years OF great prosperity. the de-
cline is still more important. The total interest
and dividend for 1877 was $40 277 O75 and of
this $4,000 COO was paid to loans and deben-
ture stock, $50 024.jO5 interest, ,kc. on guar
antecd and preferential capital, and 500 7I2, $40
on the ordinary capital. or i.5l per cent
against 4.52 per cent. in 1876. The average
payment is thus about four and half per cent !;
but tho greater part OF the capital receives q
dividend ranging from three to four per cent
rs minimum, and rising 10 six and seven per
cent ms maximum. These figures indicate
that ut present railway Investments. as whole
nre more profitable In England than In tho
United States.
such are the results In year In which tho
increase OF traffic WIS ut lower rate than at
any time since 1858 the average ratio having
been in that period 4.65. while last year IL was
only l.2l per cent; and MS thcy occur when tho
rate Of working expenses is at q high level
compared with the whole period prior to 1872.
they are Justly accepted in England as showing
a very favorable condition OF the railway busi-
ness on the average.
The increase OF receipts for 1877 was divided
in nearly equal proportions between the pas
senger fares and the freiIhts. II is interesting
TO observe that while tho number % first class
passengers decreased In 1877. and tina. Of the
second cHss WAS stationary. tho number OF
third-class passengers increased about three
per cent over 1876. The growth In tho number
Of the cheapest class OF fares. which has beon
going on for several years is thus out Of all
proportion TO that Of the others and it is likely
to continue at the same rate. 1t is curious. how
eyer that in Scotland. contrary to the expert
cnce in England and ireland. there was nm in
crease of receipts from hrst-cass passengers
The earnings from the carriage OF frcights
were somewhat in advance OF 1877. the mineral
merchandise traflc. taking an average from
1872 to 1877 inclusive
When business rcvives. in spite OF the greater
cost Of running them. compared with seven
or eight years ago, tho English railways as a
whole. arc likely 10 satisfy their shareholders
II the way Of dividends.