The Honduras Government has withdrawn its very remarkable proposal for
a loan of 2.15,000,000, asked for for the purpose of constructing a railway to carry ships of large tonnage between the Pacific and Atlantic Oceans. The intention which was stated in the prospectus was to pick a large ship out of the sea on one side of the Isthmus, hoist it on to the railway, and drop it into the sea on the other side. And the enormous profit of £.10,000,000 was counted on, after paying working expenses. Unfortunately the calculation appeared to have been made on very mistaken assumptions as to the tonnage which goes round the Horn. The Economist of last week showed that Great Britain, instead of send- ing a tonnage of 16,000,000 yearly round the Horn, as calculated, does not send a tonnage of 2,000,000 yearly, a rather important difference. Accordingly, on Monday it was announced that "the response of the public" to the prospectus of the Honduras Government for the proposed ship railway across Central America "not being sufficient to justify the continuance of the receipt of applications," the scheme-was withdrawn, " to await a more favour- able opportunity." It is a comfort to know that the British capitalist is occasionally prudent enough to verify the calculations on which such dazzling hopes of profit are formed and held out to him, and did not come forward to support these sanguine antici- pations. After all, we do learn alowly,—though very slowly,—by our commercial experience.
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