From this point the zigzags of ascent commence, and the gradients over a distance of four miles were for the most part one to twelve. Looking down from the train near the summit, as if from a balloon, four of the zigzags were visible at the same instant, to a depth of two thousand feet. The power of the engine was satisfactorily tested in this ascent, and the summit was reached under salvos of artillery from an improvised battery, and amid the cheers of French and Italians who had gathered to welceme the English on the frontier. The engine again came to a stand under a triumphal arch, at an elevation of 6,700 feet above the sea. Flags of the three nations, and a silk flag specially presented by Signor Ginaoli to Mr. Fell, waved over a sumptuous breakfast, also provided by that gentleman. The hospice, the lake, and the plateau of the summit, surrounded by snow-clad peaks and glaciers, rising to an elevation of from 10,000 feet to 13,000 feet were passed, and the portion of the descent commenced from the Grand Croix. The railway here follows the old Napoleon road, which was abandoned long since for diligence traffic on account of the dangers from avalanche. Masonry-covered ways of extraordinary strength had here been specially provided for the railway. The descent to Susa was a series of the sharpest curves and steepest gradients on which the central rail had been continuously laid. The Valley of the Dora, with Susa and the Convent of San Michel, and even the Superga above Turin, visible for thirty miles in the distance, presented a magnificent panorama, as the train wound through a clear atmosphere round the mountain side. The confidence of the party on a trip which would, under ordinary circumstances have been so dangerous, was manifested by their crowding round all parts of the engine, from which, under a feeling of the security afforded by the central rail, they thoroughly enjoyed the ever-changing scenes as they passed round the edges of the various precipices. Susa was entered amid the acclamations of multitudes of spectators, and the party adjourned to dine at the Hotel de France. Thus was completed a journey unexampled in its character both as respects the steepness of gradients, the elevation of the summit level, and the difficulty with which the curves and precipices were overcome. GRENVILLE AND COLUMBIA (S. C.) RAILROAD. The Grenville and Columbia Railroad is constituted as follows: The fiscal is the same as the calendar year. During the early months of 1866 the track was incomplete and remained so until May 31, and it was not until August 31 that the bridge over the Broad River at Alston was restored. In the meantime passengers and goods had been carried on the Broad River between Columbia and Alston. and from May to August had still to be ferried across the river at the latter point. With exception of the newly laid portions the roadway is reported to be still imperfect and needing extensive repairs. The rolling stock at the end of 1866 consisted of 16 freight of 7 passenger locomotives; 5 passenger and 8 2d class and mail cars; and 58 freight cars in order and 3 passenger and 2 mail cars, and 21 freight cars which will be rebuilt. The company at the same time were building 8 new cars. The freight stock requires to be largely increased to meet the business offering. During the year passenger trains had been run 60,598 miles, and freight trains 57,840 miles, carrying 31,326 passengers and with its freight, 11,343 bales of cotton. The gross earnings in the year 1866 Amounted to the sum of $251,931 17 Viz.: from freight $126,3.1 28, passengers $112,917 98, government business $4,859 05, and mails $7,742 88. Ccurrent expenses (including $20,000 extraordinory). 144,730 37 Net income after deducting expenses.. $107,200 82 And there was expended during the year for reconstruction and repairs made necessary by war and freshet $157,686 34. The total receipts and disbursements, from January 1 to December 31, 1866, are thus shown in the statement of the auditor, viz. : The capital account in which is shown the condition of the company at the close of 1866 is as follows: The bonded debt is thus accounted for: 1st Mortgage bonds due in 1862, '63 &'64. Total outstanding Dec. 31, 1866. Coupons and interest to January 1, 1867.... Total bonds, coupons and interest.. .......... $326,000 00 624,000 00 600,000 00 $1,550,000 00 484,295 00 $2,034,295 00 The approximate loss and damage sustained by war and freshet is set down at $323,205 90, and the loss in assets by the collapse of the Confederate government at $925,568 02. DEBT AND FINANCES OF ALBANY. The indebtedness of the City of Albany is arranged under the three heads of "General Debt," "Water Debt,” and “Contingent Debt," the details of each of which, as they stood on the 1st November, 1866, are shown in the following statement: Principal payable. GENERAL DEBT (principal and interest chargeable on taxation). On demand 1867. 20,000 Jan. 1 & July 1. N. York 20,000 .6 66 .... 20,000 10,000 1870. 21,000 21,000 20,000 20.000 1873. 20,000 1874.. 19,000 66 66 66 1,000 20,000 1881. 20,000 20,000 Included in the above are $100,000 6 per cents, due 1880-84, issued for the relief of families of drafted men, and $190,000 6 per cents due 1885-94, issued for the purchase of Congress Hall block. In addition to the foregoing are bonds of the city loaned to the Albany Northern Railroad Company amounting to the sum of $300,000, 6 per cents, principal payable May 1, 1879, and interest May 1 and November 1, in the city of New York. Including this amount the sum total dependent on taxation for principal and interest is $744,500. The sinking fund established for the extinguishment of this debt now holds investments to the amount of $10,000 (city bonds of 1881 and 1882) bearing 6 per cent. interest. Including a balance in the Chamberlain's hands at the com mencement of 1865-66, of $62,420 82; special tax $10,000; rent of New York Central Railroad depot (two years), $12,000, and other income, the total receipts on this account in the year ending November 1st, 1866 was $89,313 22. The disbursements (redemptions) in the same year, amounted to $93,750 00 leaving the fund in debt to the amount of $4,436 88. [On the 1st July, 1867, $20,000 6 per cents became due, for which provision was made by the Chamberlain]. "Water Debt," principal and interest chargeable to City Water Works re The sinking fund for the payment of these bonds, as they become due, is made up chiefly from an annual appropriation of $5,000 by the city and interest on investments. The total income in the year 1865-66, including a balance of $247 50 from previous year amounted to 13,783 95. From this was purchased water bonds $10,000, for $10,109, leaving a balance to credit of $3,674 95. The investments held by the Trustees of the Fund at the close of the year were as follows: 66 Contingent Debt," principal and interest chargeable to corporations: The bonds for the construction of the Albany and West Stockbridge Railroad were issued in accordance with agreements made for $650,000 April 23, 1840, and for $350,000 June 26, 1841, between the city and the Western (Mass.) Railroad Company, the interest payable by the latter, and for the final extinction of the debt the same company contributes towards a sinking fund (originally of $100,000) one per cent on the total amount of the loan over and above the interest. The sinking fund thus established amounted, November 30, 1866, to the sum of $995,841 34, and hence for all practical purposes the city is entirely relieved from the contingency involved in the first issue of the bonds. Included in the sinking fund are $311,000 of the issue, viz.: of bonds payable in 1866, $246,000; in 1870, $38,000; in 1871, $9,000, and in 1876, $18,000. These bonds have since been returned to the city and destroyed, thus reducing the actual outstanding debt to $689,000. The Albany and Susquehanna Railroad loan sy secured by a mortgage on the property of the company, which besides interest will contribute one per cent. annually to a sinking fund established for the final liquidation of the bonds issued. [The first contribution has been paid, and there can be no doubt of the ability of the beneficiary to meet all future demands as they become due.] The loan to the Albany Northern Railroad originally belonged to the category of contingent debt, but on account of the bankruptcy and subsequent sale of this company's property, the city has become liable for both principal and interest, and heuce its transfer to the general debt list. The aggregate debt and liabilities of the city, the sum of the above stated indebtedness at the end of the year 1865-66, amounted to $3,094,500, or less sinking fund, to $1,972,983 71, as shown in the following recapitulation : Debt, less Sink'g F'd $434,500 300,000 300,000 734,325 $3,094,500 $1,121,516 $1,972,984 The total of the income account for the fiscal year ending Nov. 1, 1866, is shown in the following exhibit: The principal sources of income were-taxes, $455,143 11; bonds issued, $190,000; temporary loan, $110,000; water works, $92,729 62; county, $32,981 52; assessments for streets and drains $23,481 69; school fund appropriations, $19,105 96; trustees general debt sinking fund, $12,900, &c, &c. Disbursements were made as follows: Temporary loans, $185,000; Board of Capital Police, $80,123 61; trustees general debtsinking fund, $75,750; Congress Hall block (purchase) $68,858 75; district schools, $64,296 30; water works, $35,084 65, and interest on water bonds $51,000; almshouse, $47,439 16: streets and drains, $34,484 50; contingents, $51,834 09, and street contingents $22,903 17; fire department, $46,622 36; lamps, $44,257 97; poor, $42,612 05; interest, $48,398 45; city hall, $10,256 26; ferry, $10,796 47; salaries, $15,725; county, $16,461 48, &c., &c. The following table shows the amount raised by tax during the past five years |