30 TEN YEAES IN SWEDEN. 



To 15,000 standard of timber, at a profit of 1 5s. per 



standard 18,750 



Profit on the Railway 8,700 



On the canals 6,395 



103,095 



Deduct for Expenses. . . . 8,095 



Leaving a yearly income of . . 95,000 



or 19 per cent on the capital with a probable rise in the quantity of ore, and 

 the probability of working bar iron and steel. 



" The yearly interest of 6 per cent, for the first three years is guaranteed to 

 the shareholders on their money invested, by a deposit of 50,000 in the 

 hands of the company." 



Now this all looks well enough on paper, and seems to offer 

 a very good return for the capital invested. As to the last 

 paragraph of guaranteeing 6 per cent, for the first three 

 years ; it appears to me to be much about the same as if I 

 borrow 75 from a man and give him my bill for 100 with 

 which to pay him the interest. 



I have talked this speculation over with many men, com- 

 petent judges, and I never heard but one opinion, which is, 

 that the iron ore in this immense field (we can hardly call 

 it a mine) is nearly inexhaustible, and that it is richer than 

 that of any other mine in Sweden. Yet some how or other, I 

 do not see that any one here appears very anxious to enter 

 into the scheme. The probability of getting nineteen per 

 cent, for their money, would, I am certain, in any ordinary 

 speculation, tempt the Swedes, and although not a rich 

 country, there are many rich iron masters, and merchants 

 with good capital at command. It seems, however, that 

 the whole dependence of the promoters of the speculation 

 is on the support of the English, and if half the shares 

 were taken by Swedes, I do not think there would 

 be much hesitation in English capitalists investing, for I 

 feel certain in my mind that if the project is well managed, 

 and properly carried out, it will be a paying speculation. I 

 do not look so much to the timber, for I heard a very diffe- 

 rent account of this when I was up at Quickiock, in 1862. I 

 do not suppose that there will be any further difficulties 



