22 NOVEMBER 1845, Page 17

SALT'S STATISTICS OF RAILWAYS AND CANALS. THE titlepage of this

volume is a tribute to the monomania of the day ; since railways are not more conspicuous in its pages than many other subjects. Mr. Samuel Salt's publication contains a vast mass of statistics on many topics relating to trade and commerce, including some general subjects ; though, perhaps, if the tables were reckoned up, a preponder- ance would be found in reference to raw materials and locomotion—the produce of mines, and the carriage of goods by canal and railway. These facts, tabularly arranged, form the centre as it were of Mr. Salt's force : one wing is a ready reckoner for persons engaged in sending goods by car- riers of any description, exhibiting the toll or freight from 3 cwt. to 20 tons, at various rates of charge; the other support to the main body is a series of statistics in paragraphs, something after the style of the facts in year-books, but mostly limited, like the central tables, to matters of pro- duction, locomotion, or actual speculation. The information as to existing lines is not so full as in The Railway Directory, nor is it brought down to so late a date; but the detailed particulars upon certain railways are much more ample. From a want of classification in the position of the facts, they are not available for purposes of comparison without a great deal of research and trouble ; and then, Mr. Salt not having a very logical or comprehensive mind, they are so incomplete as to be of scant utility for any purposes of deduction, though they look curious till tried. He seems to have taken such tables as he could get, without a thought of the purposes they could be made to serve or the truths which complete statistics may contain. Thus, at page 62, there is a table of the estimated traffic on twenty-five railways, given in evidence by the promoters before obtaining their act. A

thoughtful mind would have prepared a counterpart showing to what ex- tent these predictions were actually fulfilled : which, besides its curiosity, would have enabled an priori opinion to be formed on the success of railways, and a notion to be drawn as to their effect in stimulating traffic, by a comparison of the results, with the statistics and trade of the country adjacent to the lines. Mr. Salt has attempted nothing of this kind, nor even thought of it. Neither can the reader by hunting about the book supply the deficiency to any extent. The most complete account to be found is that of the Birmingham and Gloucester ; whose estimate, from coaches, &c., was 210,000 passengers ; but in the six months ending December 1841 they had carried 193,000,—which would make 386,000 for the year, or very nearly double the expectation. The estimate of goods was 29,000 tons,—which in 1843 had reached 28,000. They gave

w o estimate for coals ; but in the same year they carried 11,600 tons. The percentage which this line pays we do not find either in Mr. Salt or The Railway Directory.

The most curious point in the book is the Canal statistics, and the comparisons they suggest with railways. At page 38, is a table of sixty canals, in which is embarked a capital of 14,362,0004 yielding an average of about 6! per cent. We saw the other day that the average profit on the railways WU under 4 per cent, whilst 10 per oent was the highest return on any. But the Loughborough Canal, in 1841, gave a profit of 84 per cent ! As the capital is only 9,9991. 10s., there is doubtless some peculiarity which causes this enormous gain. The Erewash, however, yielded 62 per cent on a capital of 23,100/.; four other canals between 30 and 40 per cent, six from 20 to 30 per cent, and eleven from 10 to 20 per cent; whilst six yield nothing. Among these last is the Thames and Medway; along one of whose banks is con- structed the Gravesend and Rochester Railway—formed by the Canal Company among themselves for some 80,0001., the return to which is all they are ever likely to see for their 285,000/. and interest. thereon. The Regent's Canal will fare better, if the project of turning their pro- perty into a railway be carried oat : in 1841 they received Ss. 6d. per 1001. on 724,0001.; and they are to be paid a million by the railway— which smacks of a job.

These enormous fluctuations in canal profits may give the railway gamblers hopes of similar prizes : but the returns from existing lines show the highest rate, we fancy, they are ever likely to attain, whilst their average will probably be reduced. Competition can scarcely ope- rate upon a tolerably well-conducted line of canal. Its business is limited to the termini and intermediate places : the great bulk and little value of the heavy goods render land-carriage to any distance so expensive that the canal has a virtual monopoly. Passengers are more moveable articles. Heavy goods cannot be sent to Manchester and travel on by coach to Edinburgh : man can, and did. Neither can goods go round by Birmingham to York, as man can : and, by parity of reasoning, a passenger can go to a point mid-way between, (via' York,) if a more than remmserating fare is levied on the Birmingham line. It is further to be be in mind, that the country was poorer during the Canal tera, and had many other means of employingcapital at a high rate of profit during the war. Every time, too, has its fashion in money-making as in other things ; and the Canal fashion was at its height more than half a century ago—but one year before the long wars of the French Revolution began. a In August 1792, England was in a ferment, created by speculations in canal shares; to promote which, many new canals were projected, and incredible sums subscribed, chiefly in the Midland Counties. On the 18th of August 1792, there appeared in the Gazette nineteen different notices of intended applications to Par- liament respecting internal navigation. The following were current premiums on single shares in those canals for which acts of Parliament had been obtained: Birmingham and Fazeley,1,1701.; Stourbridge, 3501.; Melton, 551.; Grand Trunk, 350L; Coventry, 3501.; Leicester, 1551.; Worcester, 201."

It is curious to follow out the result of these high premiums, so far as we can. The Stottrbridge appears to have paid 20 per cent in 1841: the shares are for 1451.; which, with the 350/. premium added to them, would yield nearly 6 per cent,--not an enormous profit considering how Valuable money soon became after 1792. The Melton paid 10 per cent on 100/. per share; which, with the premium, yielded about 61 per esnt. The Grand Trunk, apparently the Trent and Mersey, pays 32/. 10s. per cent on a SOI. share,—which with the premium of 350/. gives a frac- tion more than 4 per cent. The Coventry paid 20 per cent on shares of 1004—which, with premium of 3501. added, does not yield 5 per ant- The Leicester paid 11 per cent on 140/. per share,—profit like- wise about 5 per cent, adding the premium. There is a difficulty in tracing the Birmingham and Worcester ; but, to interpret what is before us as well as we can, the Worcester, premium added, paid about 4 and the Birmingham 1 per cent. Considering the wildness of the hopes and the little data such dreams of wealth must have proceeded upon, we think the canal people were well out of it if they had patience to wait. A pre- Mium of 1,1701.!—" our army swore terribly in Flanders, but nothing hlte this." "Stags" of 1845, hide your diminished heads : what are year paltry premiums to that of the Birmingham and Fazeley 1 It must, however, be said, that they were bontlfide schemes, and not mere swind- ling adventures. Every one succeeded amply as a speculation—as a re- turn to the actual cost ; and only failed in fulfilling exaggerated hopes.