172 RAILWAYS, HIGHWAYS, AND CANALS. 



1,095,500 tons annually ; in all 2,410,100 tons annually, to be car- 

 ried ; and this, according to the engineers on the railway, was to be 

 done at an annual expense of 20,307/ 18*. 2d., exclusively of the 

 wear and tear, and interest of capital on the rail-road and the 

 machines. 



The actual traffic for and cost of transport have been as follows : 



Thus, in the three years, the traffic is rather less than one-eighth of 

 the estimate, and the cost about 14 per cent. more. Therefore, while 

 the capital expended on the work has been more than double the sum 

 estimated, the traffic amounts to little more than one-ninth. Where- 

 fore, without any reference to errors in the estimates of maintaining 

 the road and the machinery, than in the prime cost and the traffic alone 

 (as founded upon certainty in the one case, and three years' expe- 

 rience in the other), the shareholders' chance of profit is reduced to less 

 than one-eighteenth of that originally held out. 



And when we look at the gross annual receipts and disbursements, 

 we find that the prospects of the concern are far from flattering. 

 Here we must refer the reader to Mr. Grahame for the details, and 

 shortly mention that in J831 and 1832 the gross recipts were nearly 

 the same namely, a little more than 155,000/. ; but in the second of 

 these years, the gross expenditure had increased more than 10,000/., 

 making 60 per cent, of the gross revenue, whereas in 1831 it had 

 been 54 per cent. In 1833, the state of matters was as follows : 



Gross receipts 183,305 



Expenditure 109,250 or 60 per cent. 



Clear revenue 74,055 



Thus, by the shewing of the directors themselves, the railway be- 

 came less valuable that is, yielded 6 per cent, less on the gross re- 

 ceipts in 1832 than in 1831 ; and Mr. Grahame shews that a similar 

 deterioration should have appeared for 1833. There are three items 

 not stated, which account for this ; first, a lowering of the rate of in- 

 terest on loans (apparently from 4J to 3^ per cent.), which makes 

 (say) 1,500/. ; secondly, a relief from the omnibus dues for conducting 

 the passengers to and from the waggons, 4,831 /.; and thirdly, a sur- 

 charge on the tax levied on passengers, amounting to 4,454/. : taking 

 these together, they amount to 10,785/., or very nearly one-tenth 

 of the gross expenditure, thus reducing the clear revenue to 63,270/., 

 or 8,828/. less than it was in 1831, though the weight carried had in- 

 creased 36 per cent. The carriage of passengers had become upon the 

 whole less profitable in 1833 than in 1831 ; for though, by the giving 

 up of the omnibuses and the surcharge on the tax, the receipt from 



