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Railways in Spain. —The Madrid correspon...
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THE OTTOMAN RAILWAY. The moneyed public ...
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OTTOMAN (SMYRNA TO AIDIN). The annual me...
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Howdkn Horse Fair.—This fair last week w...
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Transcript
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Note: This text has been automatically extracted via Optical Character Recognition (OCR) software. The text has not been manually corrected and should not be relied on to be an accurate representation of the item.
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Railway Intelligence. From The Statement...
Bering , and opened for traffic not later than May ne second meeting in support of the projected railway from Dunmow to Bury St . Edmunds was held at the latter town on Wednesday , when further explanations were given of the details of the scheme . The surveyors of the South-Eastern Company have been employed during the past month in the neighbourhood of Ightham , correcting former surveys of the line proposed for cutting off the Reigate angle , now about to be actively prosecuted by the company , to meet the competition of the East Kent for the direct Dover traffic . „ . , . , has
The judge of the Manchester County Court just riven a decision which , if not reversed , will be important to the public and all railway companies . William Neilson , a commercial man , started from Sheffield for Belfast vid Manchester . The Sheffield and Manchester train started behind time , and arrived an hour after the advertised time . Plaintiff was thus unable to prosecute his journey that day , and was put to charges for hotel , & c , amounting to 11 . 5 s , The defendants pleaded , as usual , that they had advertised their irresponsibility for delay . The judge held this to be futile , and no cause having been shown for the delay , gave the 11 . 5 s . claimed for loss , and 21 . 2 s . for plaintiff ' s expenses in coming from Belfast to attend the hearing . It has long been
subject of remark that certain equity draughtsmen have imported into railway acts and by-laws clauses and provisions at variance with common-sense law , and very closely shaving the positive written law about carriers and passengers . We were once told very confidentially by a smart railway officer , that what with his company ' s acts and by-laws , and regulations manufactured by them under the sanction of acts , he could convince , and if not mistyfy any ordinary bench , perplex almost any county court judge , evade or repel any charge he defended , and secure any penalty he chose to sue for . His may be a singular case , but we do not think it is . If the Manchester , Sheffield , and Lincolnshire Company appeal against the recent decision , we shall have the home-made law of railway companies brought again under review .
Railways In Spain. —The Madrid Correspon...
Railways in Spain . —The Madrid correspondent of a morning contemporary says that the various Spanish railway works are being carried on with great activity . Upwards of 3000 men are at work on the line between Avila and Burgos , to which may be added the number the Credit Mbbilier have on the Madrid and Saragossa line . The Compagnie Ge ' ne ' rale de Credit en Espagne employ 697 workmen on the Mont Blanch and Kens line . On the Seville and Xerez lines , and that of Puerto Heal and Cadiz , there is also much progress being made , and the company expect to open a considerable section of them to the public in the beginning of the spring . The same observations apply to the Almanza and Jateva road , and to that which is to connect San Isidro de Menas to Santander . With respect to the North of Spain Railway , the Credit Mobilier Espagnol , having had the surveys of that line completed , have directed the works to be undertaken on all points at the
6 ame time . Illinois Railway . —The land sales of the Illinois Central Road for August , 1858 , were 58 , 000 dollars . The six months' balance-sheet of this company shows an increase in net profits of 171 , 121 dollars . The construction expenses of the same period are very much reduced . The Illinois Central Railroad Company give notice that they will pay an instalment of 20 per cent , on the outstanding obligations of the company on demand . •—New York Economist . SouTHAMTTON .- ^ -Mr . Bench has been appointed superintendent of the Southampton chief railway station , in the room of Mr . Wntkins , superannuated .
Austrian Railways . —A letter from Vienna says : — " The great railway convention was definitively settled on the 28 rd . The Tyroleso lines already completed cost 8 Q , 000 , OOOf . and not 80 , 000 , 000 fl ., as was said . The public does not know how the shares have boon distributed , but it is supposed that the Rothschilds have got the lion'a share . Great discontent prevails horo , as only throe of the Vienna houses have received allotments , » ad they ore said to bo so small as to be hardly worth the having . ' The Rothschilds are likoly to not 600 , 000 ? . by the job , ' said one of their opponents to mo . By taking the Franoia-Josoph Railroad the Anglo-French Company has rendered ft very great service to tho Trench Orddit MpblUor , and the knowledge that such is the oaee is said \ o disturb the rest of tho houao of Rothschild . "
The Ottoman Railway. The Moneyed Public ...
THE OTTOMAN RAILWAY . The moneyed public appear to havo temporarily lost sight ol some of thoso channels for investment whioh appear to oombino legitimate objeots with sound guarantees and experienced management . But . the low rato which morvoy commands in the market , and tho continuous augmentation of tho masses of unemployed capital , wvU ere long waken tuoin up , and wo shall then seo aa jnuoh aotivity provau to bqouto well-paying inyostnionts , a . s wo
now witness supineness in . respect to undertakings that at any other time would be certain to find a demand at a large premium . We are not generally favourable to the extradition of British capital into foreign countries , knowing as we do that British enterprise in such directions has not been met by corresponding liberality and conGdcnee on the part of foreign authorities , and that the majority of such ventures has resulted in . great pecuniary loss to the British capitalist . But when we see a business undertaking , projected and carried out by British capitalistswhich although located in a
, foreign country is intended eventually to subserve and extend British commerce , our objections vanish , and we feel justified in drawing attention to what we conceive to be an eligible channel for permanent investment . The Ottoman Railway Company have just had their meeting . This railway is a concession of seventy miles from Smyrna to Aidin , with a guarantee of six per cent , from the Turkish Government and other contingent advantages to the constructors . We find that the heavy works are in an advanced state , that part of the first section of the
line is already ballasted and the rails laid , and that every prospect exists , under the present energetic and experienced management , that the main portion of the line will be open for traffic by the next annual meeting . The cost of the line is not expected to exceed one-fourth of the cost of English lines , and the traffic—without taking into account the certain increase consequent on the facilities afforded by railway transit—is calculated to yield a profit much beyond the guarantee of the Turkish Government . Of course investers must be guided by their own judgment , and not depend wholly on the information placed before them .
We know what will be said in opposition to our view—that the Turkish guarantee is not of the soundest character . We admit that the Turkish loans do not afford the best evidence ofTurkish financial credit , but then we must remind our readers that these operations are subject to certain influences Which a railway project would not be exposed to . We believe that the Turkish Government out its
would strain every nerve to carry promises and guarantees in railway concessions , well knowing the incalculable importance of getting the country well covered with railways by the aid of English capital , in order to develop the resources and add to the security and strength of the empire . These are our reasons for thinking well of the Ottoman Railway , and those reasons are greatly strengthened by a refcrenco to the well-known names that appear in the Direction .
Ottoman (Smyrna To Aidin). The Annual Me...
OTTOMAN ( SMYRNA TO AIDIN ) . The annual meeting of this company was held on Monday at the London Taveru ; Sir Macdonald Stephenson , the chairman , presided . Mr . J . L . Elkin , the secretary , read the report , a copy of which has appeared in the Times . The Chairman , in moving the adoption of the report , congratulated tho proprietors on tho favourable position of the company , and on the progress that had been made in carrying out the undertaking . The directors felt the utmost confidence in the success of tho undertaking , and made tho necessary arrangements for constructing the works . They had determined on making the first 40 miles of lino from Smyrna to Ephesus as soon as
possible . The concession was a liberal one , and resembled , iu some respects , that of tho East Indian Railway . The Turkish Government had guaranteed 6 per cent , on tho capital , and should the railway produce a dividend of more thau 7 per cent , por annum tho company would divide tho surplus profits with tho Government . The just mode adopted by tho Turkish Government towards the company had given groat satisfaction . There was no doubt whatever aa to tho soundness of the guarantee for tho not commercial roturns of tho lino would in all probability amount to a much larger sum than the guarantee , which , so for as tho Government was concorned , would bo merely nominal .. Tho importance of tho undertaking could scarcely bo overrated . Smyrna
was a placo of historical and political interest , it was tho anoiont capital of Asia Minor , having a largo export and import tradu . Tho district to tho south-east was Very productive , and thoro was no reason why all the great modern improvements should uot bo introduced , which would have tho effect of greatly facilitating trade , adding to tlio comfort of the people , and decreasing mortality . They had received a report from Mr . Meredith . It stated that tho lino was 70 miles in length , and for convenience of execution , and to make a portion of it availublo for traffic as soon as possible , it was divided iuto threo sections , and determined tp complete tho first soction , 40 miloa in length , from Smyrna to Ephoaua . Tho second section , commenced at Ephoaua , was eight miloa in longtk , and tUo third section , about
22 miles in length , to the city of Aidin . The completion of the first section would enable them to open it for a lucrative traffic . The heaviest works on the first section were on the first 10 miles of it . The earthworks were in an advanced state , and a large quantity of rails and sleepers had been delivered on . the line . It was fully expected that the first section would be completed for traffic by the autumn of next year . There Was a tunnel on the second section , which might be completed in two or three years . The works on the third section were light , and might , if desirable , be completed in 12 months . He said that Mr . Edwin Clarke had made his report , that part of the first section had been ballasted and the permanent rails had been laid for a distance of upwards of two miles . The works on the remaining 32 miles on the first section were generally light , and might be completed by the autumn of next year . A temporary wharf had been constructed at Smyrna for landing materials . Two locomotives had been landed , and were now working on the line . A large proportion of the permanent way was on the ground , and the stores for the construction of the electric telegraph throughout the line were delivered , and a telegraphic communication with the station at Ephesus would be at once established . The next most important thing was the traffic . The law of increasing existing traffic by the construction of railways in Europe would scarcely apply in this case , because the circumstances were different . The facilities of railway communication were so much greater in proportion than the existing modes of conveying traffic , which were the slowest and most inconvenient that could be devised . The concessidnnaires of the line had obtained data in respect of the traffic , which had been afterwards tested and confirmed by Mr . "Wakefield . That gentleman had stated that the price of the carriage of merchandise from the bazaar at Aidin to Smyrna , a distance of 72 miles , was BL 10 s . per ton , or about Is . per ton per mile . He further stated that the means of transport was the sole limit of production , the district being very productive . The imports of Smyrna for one year , 1857 , amounted to 2 , 535 , 000 ? ., and the exports to 2 , 487 , 0007 . The number of vessels that visited the port in that year was 1750 , and the tonnage 437 , 000 tons . ' The population of Smyrna was 160 , 000 , and of the city of Aidin 30 , 000 . The population of the intermediate places was in proportion to their size and extent . The cost of the line would be about one-fourth or onefifth of the cost of railways in England . They intended to introduce the principle of carrying the largest number of passengers they could at the lowest rate . He could not help thinking there was a great analogy between their railway and railways in India . The mode of conveyance was the most costly , tedious , slow , un" certain and unsafe that could be imagined , while railways afforded the inost perfect and the most rapid mode of conveyance . It was difficult to say what effect such a change in the mode of transit would have in developing the traffic and resources of the district . He had no doubt the traffic would increase with . the increased facilities afforded . When the East Indian line was projected it was thought , the trade would be principally in goods and minerals , and that the passengers would be inconsiderable , but after the line was opened for traffic it was found that 1 , 000 , 000 of passengers availed themselves of the facilities of the railway in the course of the year , and the goods and mineral traffic had vastly increased . No one could say what their line from Smyrna to Aidiu would do , but ho knew of no country in which the introduction of English capital would produce better results . Gaptain Warren seconded the motion , which was put and carried unanimously . On Ithe motion of a proprietor , Mr . G . W . Browne was elected auditor , the remuneration being fixed at 50 ? . per annum . The Chairman announced that Mr . G . F . Holroyd and Mr . A . Wilkin , who had given notice of their intention to become candidates for seats at the board , had withdrawn their opposition aa candidates . The meeting was then made special for the purpose of electing six directors , who would continue iu office till March , 18 G 2 , tho present directors being eligible for re-election . Captain Warren said he had much pleasure in proposing tho election of Sir Macdonald Stephenaon as a director of the company , and iu doing so he considered ho was promoting tho best interests of the company . ( Hoar . ) Mr . G . Thomson seconded tho motiou , and it was carried unanimously . The Chairman then proposed that Captain D . Warron , Mr . P . P . Blyth , Mr . E . 0 . Smith , Mr . W . G . Thomson , and Major-Genoral Tremonhocre bo oloctod directors of tho company . Tho motion was seconded and carried unanimously . On tho motion of Mr . A . Boattio , seconded by Mr . Toulon , a vote of thanka was passed Co tho ChaimiMU and directors , and the meeting separated .
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THE LEADER .
"No . 445 , October 2 , 1858 . ]
Howdkn Horse Fair.—This Fair Last Week W...
Howdkn Horse Fair . —This fair last week was attended by all , tho principal dwilora in . tlw country . There waa a scarcity of good animals , And eel era consequently ronllaod high figures , but the aopondury and inferior aorta wore only partially disposed of , buyers supply to ff tUouwelvofl jpwtty newly on tuojr owft wrow .
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Citation
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Leader (1850-1860), Oct. 2, 1858, page 27, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/cld_02101858/page/27/
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