188 RAILWAYS AND CANALS. 



at the abundant rate of twenty shillings per horse, intending that 

 sum amongst so large a number, to cover the expence of feeding, 

 stabling, attendance, and other incidental charges. This amounts to 

 the sum of 480/. per week ; and the annual charge for an establish- 

 ment of four hundred and eighty horses is, therefore, 23,040/., which 

 sum deducted from 70,000/., leaves a balance of 46,960/, for paying 

 the interest upon the stock, the expence of management the pur- 

 chase and repair of waggons, and all the general expences of the rail- 

 way. The stock upon which interest is paid, amounts to about the sum 

 800,000/., the annual interest of which is 40,000/. at the rate of five per 

 cent., which must be allowed to be a good return from a concern 

 more substantial, certain, and unfailing, than any real property 

 whatever. Thus, after paying a dividend of five per cent., we have 

 a clear sum of 6,960/. remaining for other expences, from the carriage 

 of goods alone from Liverpool to Manchester. To this sum of 

 6,960/. is to be added the entire revenue derived from passengers, 

 which Mr. Grahame asserts, now pays the entire expences of the 

 railway, covering also a loss upon the conveyance of goods, and yet 

 affording the shareholders a dividend of seven and ten per cent. The 

 entire receipts from passengers we find accordingly to exceed the 

 sum of 200,000/. per annum; but as we have already, by the sub- 

 stitution of horses for the conveyance of goods, converted the present 

 loss into a dividend of five per cent, with a balance of 6..960Z. re- 

 maining for the general expences of the railway, it follows, that less 

 money will now be required to be made by the conveyance of 

 passengers, and therefore, a corresponding reduction may be made 

 in the rate of passage. We propose, then, to convey the carriages by 

 horses, at the rate of twelve miles an hour, whereby the diminution of 

 the cost by the disuse of steam, added to the vast increase of pas- 

 sengers by the shutting up of the canal, will allow the rate of passage 

 to be lowered from seven shillings, and three shillings and sixpence, 

 to two shillings and one shilling, for each individual ; one or two steam 

 carriages being still maintained for the conveyances of the mails and 

 passengers at a superior fare. Thus at this low rate of passage we 

 may reckon upon the receipt of an additional 70,000/. per annum, 

 which will give the sum of 40,000/. for an additional dividend of five 

 per cent. ; (the stock of this railway having risen about one hundred 

 per cent, above par, ten per cent, is required in justice to the recent 

 purchasers,) with a balance of 30,OOOZ. remaining to be added to the 

 sum of 6,9607. cleared by the carriage of goods. Thus, after paying 

 the shareholders a dividend of full ten per cent., we have the sum 

 of 36,900/., finally remaining for upholding the railway, being up- 

 wards of 1,000/. per mile for a distance of thirty miles. When, 

 therefore, we see that the affairs of the company will be improved by 

 this change of system, and that a million per annum will be saved to 

 the public, now paid to the steam engine builders and to the Marquis 

 of Stafford, for carrying fourteen hundred thousand tons upon the 

 canal, at the rate of twelve shillings per ton ; and when it is re- 

 membered, that not the Directors and the shareholders only, but the 

 public generally, are interested in the most economical management of 

 railways, and the consequent reduction of the rate of carriage, and 



