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Leader (1850-1860), 2nd October 1858, Edition 1 of 2, Page 1043

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      Untitled Article

      ing , and opened for traffic not later than May fsecond meeting in support of the projected railrfromDunmowtoBurySt . Edmunds was held lie latter town on Wednesday , when further exnations were given of the details of the scheme . Che surveyors of the South-Eastern Company re been employed during the past month in the ghbourhood of Ightham , correcting former surfs of the line proposed for cutting off thelleigate rle now about to be actively prosecuted bvtne apany , to meet the competition of the East Kent the direct Dover traffic . he judge of the Manchester County Court has just » n a decision which , if not reversed , will be important

      the public and all railway companies . William Lson , a commercial man , started from Sheffield for ast via Manchester . The Sheffield and Manchester a started behind time , and arrived an hour after the jrtised time . Plaintiff was thus unable to prosecute journey that day , and was put to charges for hotel , amounting to 11 . 5 s . The defendants pleaded , as il , that they had advertised their irresponsibility for y . The judge held this to be futile , and no cause fngbeejl shown for the delay , gave the 1 / . 5 s . claimed loss , and HI . 2 s . for plaintiff ' s expenses in coming i Belfast to attend the hearing . It has long been ect of remark that certain equity draughtsmen have

      > rted into railway acts and by-laws clauses and isions at variance with common-sense law , and very jly shaving the positive written law about carriers passengers . We were once told very confidentially i smart railway officer , that what with his company ' s and by-laws , and regulations manufactured by l under the sanction of acts , he could convince , arid ot mistyfy any ordinary bench , perplex almost any ity court judge , evade or repel any charge he deed , and secure any penalty lie chose to sue for . His be a singular case , but we do not think it is . If Manchester , Sheffield , and Lincolnshire Company sal against the recent decision , we shall have the e-made law of railway companies brought again jr review-

      Untitled Article

      A . rLWAYS in Spain . —The Madrid correspondent of orning contemporary says that the various Sparailway works are being carried on with great r ity . Upwards of 3000 men are at work on the line een Avila and Burgos , to which may be added the ber the Cfe'dit Mobilier have on the Madrid and Sassa line . The Compagnie Generate de Credit en igne employ 697 workmen on the Mont Blanch and i line . On the Seville and Xerez lines , and that of to Real and Cadiz , there is also much progress being 8 , and the company expect . to open a considerable on of them to the public in the beginning of the ig . The same observations apply to the Almanza Jateva road , and to that which is to connect San o de Menas to Santander . With respect to the , h of Spain Railway , the Credit Mobilier Espagnol , ng had the surveys of that line completed , have ited the works to be undertaken on all points at the

      > time . linois Katlway . — -The land sales of the Illinois ral Road for August , 1858 , were 58 , 000 dollars , six months' balance-sheet of this company shows an aso in net profits of 171 , 121 dollars . The conition expenses of the same period arc very much ; ed . The Illinois Central Railroad Company give a that they will pay an instalment of 20 per cent , on utstanding obligations of the company on demand . iw York Economist . > ut « ampton . —Mr . Beach has been appointed sutendent of the Southampton chief railway station , e room of Mr . Watkins , superannuated . crsxRiAN Railways .. —A letter from Vienna says : — e groat railway convention was definitively settled le 28 rd . The Tyroleso lines already completed cost 00 , 000 f . ' and not 80 , 000 , 000 fl ., as was said . The ic does not know how the shares have been

      district , but it is supposed that tho Rothschilds have got ion ' s share . Great discontent prevails here , as only » of tho Vienna houses have received allotments , they are said to be bo small as to bo hardly worth laying . * The Rothschilds are likely to not 000 , 000 ? , he job , ' said one of their opponents to mo . By ig the Francis-Josoph Railroad tho Anglo-French pany has rendered a very great service to tho oh Credit Mobilior , and the knowledge that such is case is said to disturb tho rest of tho house of iBcb . ua . "

      Untitled Article

      THE OTTOMAN RAILWAY . i moneyed pubHo appear to have temporarily sight of some of those ohanwels for investment ) h appear to oombino legitimate objects with id guarantees and experienced management , tho low rato which monpy commands iw' tho ket , and tUocoMtinuop . augmentation of "the s&s of unemployed oapitai , will ero long waken n up , and wo shall then soo as much aotivity > MX to seouro woll-paying in . vestinou . ts , as we

      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 lias not been met by corresponding liberality and confidence on the part of foreign authorities , and that the majorit y 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

      liiie 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 tho Turkish Government . Of course investors 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 of Turkish 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 would strain every nerve to carry out its 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 reference to the well-known names that appear in the Direction .

      Untitled Article

      , Howpen Horsk Fair .- —This fair last wook was attended by all tho principal dealers h > tho country . There was a scarcity of good animals , and sobers oonaenuontly realised high iiguros , but tho sooondary and inferior sorts wore only partiall y iliapoaod of , buyors supply lug tueniflelvofl pretty nearly pn tuew own t « row .

      Untitled Article

      ength , city . comption 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 firs t 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 concessionnaires 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 31 . 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 , 4 . 87 , 000 / . The number of vessels that visited the

      port in that year was 1 / 50 , and the tonnage 437 , 000 tons . The population of Smyrna was 160 , 000 , and of the city xrf 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 , uncertain and unsafe that could be imaginod , while railways afforded the most 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 Aidin would do , but he knew of no country in which the introduction of English capital would prpduce better results .

      OTTOMAN ( SMYRNA TO AIDIN ) . The annual meeting of this company was held on Monday at tho London Tavern ; Sir Macdouald Stephenson , the chairman , presided . Mr . J . L . Elkin , the secretary , read the report , a copy of which has appeared in the Times . Tho Chairman , in moving the adoption of the report , congratulated the proprietors on the 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 the undertaking , and made the necessary arrangements for constructing the works . They had determined on , making tho first 40

      miles of lino from Smyrna to Ephesus as soon as possible . The concession was a liberal one , and resembled , in 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 nioro than 7 per cent , per annum tho company would divide tho surplus profits with tho Government . The just modo adopted by tho Turkish Government towards the company had given great satisfaction . There was no doubt whatever as to tho soundness of the guarantee for tho net commercial returns of the lino would in all probability amount to a much larger sum than tho guarantee , which , so far as tho Government was concerned , would bo merely nominal . Tho importance

      of the undertaking could scarcely bo overrated . Smyrna was a place of historical and political interest , it was the ancient capital of Asia Minor , having a large export and import trade . Tho district to the south-east was Very productive , and there was no reason why all tho great modern improvements should uot be introduced , which would have tho effect of greatly facilitating trade , adding to thq comfort ; of tho 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 avallablo for ' traffic aa soon as possiblo , it was dividod into throo sections , and determined to complete the first section , 40 niilos In lougtb , from Smyrna to Ephesus . Tho second section , commenced at Ephesus , was . eight miles iu lougtU and the third section , about

      Captain Warren seconded the motion , which was put and carried unanimously . Onithe motion of a proprietor , Mr . G . W . Browne was elected auditor , the remuneration being fixed at 50 A per annum . Tho 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 as candidates . The meeting was then made special for tho purpose of electing six directors , who would continue in office till March , 1862 , tho present directors being eligible for re-election .

      Captain Warren said ho had much pleasure in proposing the election of Sir Macdonald Stephenson as a director of the company , and in doing so he considered ho was promoting the best intorests of the company . ( Hoar . ) Mr . G . Thomson seconded the motion , and it was carried unanimously . Tho Chairman then proposed that Captain D . Warren , Mr . P . P . Blyth , Mr . E . C . Smith , Mr . W . G . Thomson , and Major-Gcnoral Tremonhoore bo elected directors , of the company . The motion was seconded and carried unanimously .

      On tho motion of Mr . A . Beattlo , seconded by Mr . Toulon , a vote of thanks was paeaed to the Chairman and directors , and tho mooting / separated .

      Untitled Article

      22 miles in l to the of AidinThe le Wo . 448 . October 2 , 1858 . ] THE LEABBK 1043

  • Citation
    • Leader (1850-1860), Oct. 2, 1858, page 1043, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/vm2-ncseproduct2262/page/27/