RAILWAY SHAREHOLDER'S MANUAL; OR PRACTICAL GUIDE TO ALL THE RAILWAYS IN THE WORLD, COMPLETED, IN PROGRESS, AND PROJECTED; FORMING AN ENTIRE RAILWAY SYNOPSIS, INDISPENSABLE TO ALL INTERESTED IN RAILWAY TO WHICH IS ADDED A CORRECT LIST OF THE OFFICES AND OFFICERS EIGHTH EDITION. CAREFULLY REVISED AND CORRECTED. BY HENRY TUCK. LONDON: PUBLISHED BY EFFINGHAM WILSON, 11, ROYAL EXCHANGE; AND SOLD BY ALL BOOKSELLERS. 1847. PREFACE TO THE EIGHTH EDITION. THE eventful Railway Session of 1846, has been brought to a close, and out of 561 Bills presented to the House of Commons, 271 only have received the Royal Assent. Of these 24 were for amalgamations and purchase, 7 for new stations and enlargement, 131 for branches to be constructed by old Companies, and 109 for new lines by new Companies, the whole requiring a capital of about 100,000,000l. The total length of these lines is upwards of 4,700 miles, (60 of which is tunnelling,) and will require 55,000 acres of land for their site. The period of time required to complete these trunk lines and branches will be about four years, which gives 25 millions per annum, or two millions per month, as the probable sum required for Railway purposes, and this can be supplied without producing the least effect upon prices or the money-market. In fact, so far from abstracting capital from useful employment, new Railways are absolutely necessary to keep the surplus capital set at liberty by the Railway system, from seeking investment in Mines and Railways in other countries, in which case the capital would really be taken away, and expended, in giving employment to the foreign labourer, for the permanent advantage of a foreign State. It has been shown in evidence before the House of Commons, that since the introduction of Railways, the carriage of goods from Manchester, Liverpool, and the manufacturing districts of the North, to London, has been reduced from 80s. per ton to 40s.; on coal, from Derbyshire to London, from 16s. per ton to 2s.; and on flour, corn, malt, hops, fish, meat, and other necessaries of life, from the ports and agricultural districts, a corresponding reduction has taken place. The sum saved by this reduction on many millions of tons, has been clear gain to the public, amounting to several millions per annum, and forms of itself sufficient capital, to construct all the lines for which Acts were obtained last Session. This the Editor of the "Times," and other enemies, and antagonists, of the Railway system cannot understand; they look at the gross amount of capital required, and, infer that it must all be got together at once, and when paid away, is for ever lost to the community. But it is obvious to every practical and thinking person, that a country, or what is the same thing, the bulk of the merchants, manufacturers, and wholesale dealers of a country, can undertake a great work, costing an enormous sum when finished, with a very small amount of actual capital in hand. If the above data be correct, six millions of money, the sum required for the first three months advance, will suffice for the construction of the entire lines. Calls are not made until wanted, and when paid into the bankers, the money is, weekly, disbursed to labourers, who weekly, expend every shilling with the tradesman, who monthly, remits it to the wholesale dealer or manufacturer, who is thus enabled to meet the next call, and the six millions of capital, works round in a circle, until the entire operation is finished. When we look at the magnitude of commercial, manufacturing, trading and agricultural pursuits in this country, and contemplate for a moment, the gross annual amount of the whole, it is surprising that the addition of another 20 millions to the sum total, for Railway construction, should be deemed an evil, or an amount that could not be raised, without destruction to society. The revenue derived from the Property and Income Tax, may, in round numbers, be stated at 5,000,000l. per annum, this gives the net profits as 100,000,000l. per annum, which is derived from a profit of 5 per cent. on gross returns. By multiplying this last amount by 20, it gives the gross yearly returns of the kingdom as 2,000,000,000l.; and yet we are told, that we cannot add to this total the trifling sum of 20,000,000l. It is true, that a portion of the above revenue is derived from real property, but, on the other hand, the bulk of society, all whose incomes do not exceed 150l. per annum, are not included in the return, nor is any allowance made, for understating the incomes derived from trade, while it is notorious that all our largest commercial, manufacturing, and trading operations, are conducted at a much smaller profit, than 5 per cent. on the gross returns. The amount stated may, |