768 EEPORT — 1886. 



but continued to coin silver rupees. With regard to the tendency of the market 

 there was no evidence that the lowest rate for the rupee or silver ounce had been- 

 reached, for the downward influences are still in operation. The chief causes which 

 have operated on the silver market have been, 1st, reduction of cost of metal; 2nd^ 

 over-production of silver ; 3rd, over-coinage of silver ; 4th, over-stock of coin and 

 other silver. 



3. On some Defects in English Railway Administration} By J. S. Jeans. 



One of the most remarkable and serious features of English railway economics 

 was the enormous increase of exj^enditure that hud been incurred within recent 

 years on already existing lines. The average capital outlay per mile of line open in 

 the United Kingdom rose from 35,900^. in 1872, to 42,500/. in 1885. During that 

 interval the mileage of line open had been increased by 3,553 miles, and the capital 

 expenditure by about 247,000,000/., so that we had expended about 73,000/. per 

 mile of new line open. Between 1862 and 1872 the increase of railway mileage 

 was 6,263 miles, and the increase of capital outlay 184,000,000/., representing 

 rather over 43,000/. per mile of new line. In both cases the additional expendi- 

 ture was, however, by no means entirely expended on new mileage, although it was 

 impossible to say how much bad been spent upon that item, and how much had 

 been expended on already existing lines. Since 1872 the average capital expendi- 

 ture on English lines alone bad increased by 7,500Z. per mile ; and as the mileage 

 at the end of 1885 was 13,612 miles, it would appear as if during this interval 

 102,000,000/. had been expended on already existing lines, since the cost of con- 

 structing new mileage in later years could hardly be greater than in the earlier 

 years of the railway system, when prices of materials took a much higher range. 



The author next proceeded to refer to the possible sources of this expenditure, 

 and referred incidentally to the fact that the L. & N. W. Railway Company alone 

 had expended in the ten years ending 1885 something like 4,000,000/. in additions 

 and improvements to their terminal stations at Loudon, Liverpool, Birmingham, 

 and Manchester. It was probable that the cbief source of the increased outlay on 

 existing lines was the furnishing of .additional terminal and other facilities for 

 traffic : and the public, perhaps, required to be reminded that they could scarcely 

 expect to possess at the same time magnificent stations and the same low range of 

 rates and fares as obtained in countries where such facilities were not so abundant. 

 It was time for the British public to determine that their railways should not be 

 encouraged in this prodigal expenditure on lines the capital account of which ought 

 to have been closed many years ago. Such a system of mortgaging the future was 

 not creditable to our appreciation, either of what was best for our present needs or 

 most likely to advance the interests of posterity. 



Remarking on the enormous differences that are found in the construction 

 cost of different English railways, it was remarked that this item varied from a 

 maximum of over 500,000/. to a minimum of less than 2,000/. per mile. Four 

 railways — the Metropolitan, District, North London, and L. C. & D. had each cost 

 over 140,000/. per mile. Seven others— the M. S. & L., L. & Y., S. E., W. Lan- 

 cashire, L. B. & S. C, L. & N. W., and Midland— had cost between 55,000/. and 

 82,000/. per mile, and all the others were under 50,000/. per mile. The cost was 

 increased the nearer the railways approached the metropolis, a fact that might be 

 attributed to the more expensive works involved, and the higher price of the- 

 land required. 



English railways have at command the largest volume of traffic relatively to their 

 extent, and even to their capital expenditure, of any system in the world, so that, 

 notwithstanding their enormous cost, they might and should be worked so as to 

 produce a higher average range of dividends with the same range of rates and fares 

 than the railways of any other country ; but this had not hitherto been the case, in 

 consequence of grave defects in their administration, and especially the cardinal 



' The complete paper has been published as a chapter in a work entitled Railway 

 Problems, published by Longmans. 



