PROGRESS AND EXTENT OF RAILWAYS. 



24. Nothing in the progressive development of this vast national 

 enterprise is more surprising than the amount of capital raised 

 and expended upon it, and the rapidity and facility with which it 

 was obtained. 



The following statement, also taken from the official reports, 

 will illustrate this : 



Total capital raised by shares and loans up to 



the end of 1848 200,173058 



Total capital similarly raised in 1849. . . 29,574720 



Ditto. . . 1850. . . 10,522967 



Ditto. . . . 1851. . . 7,970151 



Total capital raised up to the end of 1851 248, 240896 



Of the sum of 248 millions, which had been expended before 

 the 1st January, 1852, a part had been absorbed by the lines 

 which were in process of construction, but had not yet been 

 opened. Against this, however, there remained an amount of 

 capital still to be expended on the lines already open. On most of 

 the more recently opened railways, the stations were still incom- 

 plete ; in some cases, depots, workshops, and other permanent 

 buildings had not even been commenced. The full complement 

 of the locomotive and rolling stock had not been provided. In 

 the absence of exact data then, if these latter expenses be placed 

 against the former, the entire capital of 248 millions may be placed 

 to the account of 7336 miles open for traffic ; which would give an 

 average expense of construction, including the locomotive and 

 carrying stock, and the workshops and depots for its repair, &c., 

 of 33S40Z. per running mile. 



25. The extent to which these enterprises employed the industry 

 of the country may be judged from the following results of the 

 reports : 



It appears that in 1848 a quarter of a million of persons were 

 employed on the railways of the United Kingdom ; and if it be 

 considered that each of these must have contributed to the support, 

 on an average, of one or more other persons, it will follow, that 

 this vast enterprise must have, at that epoch, supplied means of 

 living to at least two per cent, of the entire population of these 

 countries. 



It further appears that, on the 30th June, 1852, there were 

 employed 



On the railways open for traffic 67601 



On the railways in progress of construction . . . 35935 



103536 



It follows, therefore, that from 1848, to June, 1852, about 



31 



