THE RAILWAY-EXTENSIONS OF THE WORLD.
Tan intelligence of this week might remind us, if we have for- gotten, that railway-extension is not peculiar La Russia, but is going on more or less actively all over the world, and in some places with rather more certainty for the proprietary than in the realms of the Czar. We have railway-extension in British North America, in British -India, and. in France ; the iron network of Austria iowards the East, we presume, is not standing still ; the Italian papers have lately reported railway-extensions there. In Spain, as in Russia, the rails are still more a project than a fact ; but in the United States again, there is a constant advance. Over the largest part of the civilized world, and that part which may be called the commercial world, railway-extension is the rule, the want of it the exception. But the extensions take place under very different circumstances. It is not everywhere quite so smooth a business as in England. With us, the excessive cost and the doubtful profits are artificial results, brought about by our own peculiar plan of doing business, as if we desired to neu- tralize Our natural advantages. France exhibits the opposite of our ease. The French Government interferes more directly and with a more concentrated authority than the British Government; it is now arranging to expend 14,320,0001. in extensions for 1857, in such a manner as to carry trunk-lines to important districts, to protect existing railways against ruinous competition, and so to secure the most certain returns for shareholders. The adherence to trunk-lines is justified by the fact that the branches have hi- therto rather eaten up the returns of the main lines. The great want in France is the want of iron, which has to be introduced
from England ; but for the contemplated lines the traffic exists, and is only waiting the accommodation.
The opening of the great trunk-railroad at Canada for traffic i throughout its length is said to form " an epoch." The line runs 850 miles, from a point below Quebec to a point above Toronto ; rendering the inhabitants independent of that water-traffic which is closed during the winter. Here again the traffic only awaits its expansion ; but up to this point the railway has not been very productive. The expenditure has been 8,693,0001. ; the revenue for the year has returned a profit of only 25,6321. Yet there can be no comparison between the immediate prospect of returns from a railway in Canada, where there; is intelligence, great activity, rapid progress in population and wealth, security under the law for the capital invested,—and railways in Russia, where these conditions are so far reversed.
Everything has conspired to encourage the extension of rail- ways in British India—with one exception. The great advantage of connecting the main points is obvious. It is found that the facilities of labour and the easy character of a large part of the country contribute to render the construction cheap. The Bombay Bawds Central Company Railway was estimated to cost 70001. per mile, including complete rolling stock for one train each way daily ; but it is ascertained that this cost can be reduced. The average cost of construction is estimated at 52501. per mile. The great difficulty is the want of iron. A considerable portion of the permanent way has been despatched from this country to India, and the bridge materials are following : the cost, therefore, must be very much further reduced if iron could be found on the spot. Now we alluded lately to the inquiries which are carried on under the East India Company for the purpose of ascertaining the pro- ductivity of India. Asyet, perhaps, the exploration had been conducted too hastily, and over too large a space. It is quite cer- tain that iron has been found in many places where fuel also is accessible, and where there are natural facilities for transport. In some districts the iron is reported to be too thin and scattered ; which may be the case, but we must receive these negative con- clusions with caution. How long was it supposed that the yellow ore discovered in Australia was only scattered, and perhaps not so valuable as it looked ? Close investigation has found that some Indian districts are very rich in iron ; and the accounts by the last mail report that a new iron-field has been examined by a Mr. Smith, who had been sent out by the Court of Directors. It is about ten miles beyond Ranee Gungee, the last station on the existing railway. Mr. Smith estimates the quantity at 6,400,000 tons the square mile. In a shallow section of 52 feet there were 38 inches of clay iron-ore, and 52 inches of carboniferous or black sand iron-ore ; and this district is evidently by no means the rich- est that has hitherto been surveyed. Cheap iron for rails is the
i great desideratum of India : iron does exist and extensively ; investigations appear to offer increasing promises, and certainly a strong premium is held out for continuing the explorations.
English capital will no doubt be required for this extension in most parts of the world; but we may make perfectly sure that that system of railways will be the most speedily profitable in which the capital of the speculator is met by local capital, local cooperation, and if possible local raw material, iron and fuel. Railways will flourish best in those tracts of country where the raw material of railways is indigenous, and where the spirit of the people is commercial. This consideration may be a useful guide to those who will be invited to risk their money by tempt- ing terms for the purchase of " shares," in railway schemes where there is as yet neither local material, local traffic, nor local
guarantee of any kind. •
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