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The plan of the Emperor was intricate but masterly. He said to the companies: “You must make these lines. The 4,525 miles of railway already made shall be a separate system for the present, under the name of Ancien Reseau, the old lines. You no longer require the guarantee of the State for these lines. But I will give you an extension of the ninety-nine years of your concessions, by allowing them to commence at later dates; beginning with 1852 for the Northern Company, and at various dates for the rest, up to 1862, for the Southern Company. I also engage that £9,000,000 sterling of the net revenue of these old lines shall for ever be divisable among the shareholders, without being liable for any deficit of the extension lines, an amount which will give you a clear and undefeasible dividend of 6 to 8 per cent.; with a strong probability—almost a certainty-of getting much more from surplus traffic."

“ Next the new lines, 5,128 miles in length, shall be a separate system, under the name of Nouveau Reseau, or extension lines. Their estimated cost is £124,000,000, and you, the companies, may raise this sum by debentures, on which the Government will guarantee 4 per cent. interest, and .65 sinking fund for paying them off in fifty years. Any extra cost you must pay yourselves."

These, in their briefest possible form, are the terms on which the Emperor imposed an average of nearly 1,000 miles per company on the six great companies of France. They were accepted with considerable reluctance. Their effect has been to lower the value of the shares of the great companies, for the bargain is considered disadvantageous. The companies cannot borrow at less than 5.75, so losing 1.10 per cent. per annum on every debenture; and as the lines cost more than the £124,000,000., the overplus has been raised by the companies by debentures, for which they alone are responsible. But on the other hand, they get an immense amount of fresh traffic over their old lines, which must ultimately more than repay this loss. English Railways would be thankful if their extensions cost them so little.

In the following years other lines were added, with similar guarantees and with considerable subventions from the State, and in 1863 an additional series of lines, 1,974 miles in length, were imposed on similar terms, but with some modifications of the conventions with two of the weakest companies.

Besides the Government lines, the Emperor encouraged to the utmost the efforts of the departments, and in July, 1865, a law was passed respecting chemins de fer d'interet local, which authorised departments and communes to undertake the construction of local railways at their own expense, or to aid concessionaires with subventions to the extent of onefourth, one-third, or in some cases one-half the expense, not exceeding £240,000.

Not content with passing this law, the minister of public works, in the very next month wrote to the prefets of the 88 departments of France, to acquaint them fully with its provisions, and to invite them to communicate with their councils general, and deliberate upon the subject. The result was that sixteen councils requested their prefets to make surveys and inquiries to ascertain what lines would be advisable. 32 departments authorized their prefets to prepare special plans, and even to make provisiopal agreements with the companies to carry out lines, subject to confir

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mation by the councils. Two of these made immediate votes, viz., the department of Ain, £56,000, and Herault, £260,000 for lines wbich they approved. A third, the department of Calvados, voted subventions amounting to £1,000 per mile for one line, and £2,000 per mile for another line. Besides, these five departments put railroads into immediate execution by contracts with independent companies. Among these were :

Subvention. Saone et Loire.....

£14,000 (besides the land).

40,000 Manche (with an English company, and including land).

40,000 Rhone

240,000 Tarp.....

17!,000 By these measures the Emperor has brought up the concessions to the following total : Ancien Reseau, or old lines ...

5,027 Nouveau or extension lines..

7,565

Miles.

12,592
Being very nearly the length of our constructed lines in 1864.
But of this mileage there has been constructed up to the present time only... 9,134
Leaving still unconstructed..

4,458

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being one-third of the whole concessions. Of this, 1,800 miles are now being constructed, and 1,600 miles are expected to be opened by the end of 1867.

Hence the lines constructed in France up to and including 1865, are 8,134 miles, or about the same length as the lines constructed in the United Kingdom to the end of 1855; so that France is ten years behind England in actual length of railways constructed, and at least fifteen years behind England if her larger territory and population are taken into account; and I must add that France would have been very much farther behind had it not been for the vigorous impulse and the wise measures of the Emperor Napoleon.

The progress of completion from 1837 to the present time is shown in the following table :

MILES CONSTRUCTED.

Year.

1837.....

1840..

1845.....

Average annual Miles open. Increase. 85

84 388

34 508

259 1,807

301 3,815

454 5,586

609 8,134

1850.

1855..

1860.

1865..

This table shows the insignificant rate of progress up to 1845, and the

larger but still slow progress up to 1855. From that time the effect of the Emperor's policy becomes visible in the increased rate of progression. It is is expected that between 1852 and 1872 more than 9,500 miles will have been opened, quadrupling the number constructed in the previous twenty years, and contributing in the highest degree to the prosperity and wealth of the French nation,

Railway history in France may be briefly summed up in four periods : 1. The period of independent companies from 1831 to 1841.

2. The period of joint partnership of the State and the companies from 1842 to 1851.

3. The period of Imperial amalgamations and guarantees from 1852 to 1857.

4. The period of guaranteed extension lines from 1858 to the present time.

[To be Continued.)

CENTRAL RAILROAD OF NEW JERSEY.

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This road extends from Phillipsburg, on the Delaware, to Elizabethport on the waters of the barbor of New York, a distance of 64 miles, with an extension to Jersey City, opposite New York (opened in 1864), a further distance of 10 miles. It is, throughout. a double track road, and a third rail is laid between the junction of the Delaware, Lackawanna and Western Railroad, at Hampton, to Elizabethport, for the accommodation of the wide cars of that line. A third track is about tobe laid between Elizabeth City and Jersey City, the traffic on this portion of the line having increased beyond the capacity of the two existing tracks. During the past year a stock yard and market, covering 40 acres, has been opened at Communipaw, and the new coal depot at Port Johnston has been brought into use. The works of the American Dock and Improvement Company are also being carried on with energy and success. Though the stock yard and dock properties belong to separate organizations, the Central company own the largest interest therein, and exercise full control over both. The improvements made by the company during the past three years bave more than doubled its capital account: but the increase of business in consequence of their completion has been sufficient to ensure the continuance of the usual 10 per cent. dividend. It is not intended to make further new expenses on account of construction, but simply to finish up the work on hand.

The amount of rolling stock owned by the company at the close of each of the last five fiscal years is shown in the following statement:

'62, '63. '64. '65. '66. Engines.....

38 51 69 65 83 Freight cars.. Passenger cars..

20 22 34 62 59 Coal Mail, express, &c., cars.... 7 7 11 17 20 Working "

'62. '63. '64. '65. '16 246 307 313 369 434 200 200 360 461 864

29 30 71 71 71

-the four and six wheel cars being reduced to tlieir equivalent in eiglit wheel cars.

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The receipts and expenses on account of operating the road and ferries of the company for the same years were as follows:

1862.

1863. 1864. .1865. 1866. Passenger earnings..

$230,305 $287,959 $488,224 $688,774 $ 762,471 Merchandize

481,977 605,335 731, 722 898,287 1,099, 239 Coal

661,281 1,021, 152 1,317,954 1,388,493 1,619,744 Mails, express, rents, &c.

24,024

27,530 39,284 60,836 99,790 Total earnings.

$1,397,587 $2,941,976 $2,537,184 $3,036,390 $3,581, 244 Operating expenses.

623,245 814,732 1,231,554 1,748,438 1,963,976 Nett earnings.

$774,342 $1,127, 244 $1,305,630 $1,287,952 $1,617,268

From which were disbursed the following: Taxes–United States.......

$8,263 $21,731 State ..

24,523 24,676 Interest.

142,512 147,712 Renewals, &c

175,723 186,568 Dividends, 10 per cent.

363,000 401,578 Surplus

60,321 365,029

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An extra dividend of 10 per cent was paid from the renewal fund or surplus earnings as found at the end of 1863. This amounted to $515,000, leaving in the fund named $63,255, to which was added $60,000 premium on new stock issued—making the true balance at the end of 1863 $123,255, and with the surplus of 1864 a total of $628,159, at which amount the renewal fund still remains.

The following statements exhibit the operations on the road and ferries for the same five years :

1862.
1863.
1864.

1865. 1866. Miles run by engines hauling trainsPassenger

.201,333 214,483 290,641 431,334 448,547 Merchandize..

146,136 187,159 177,688 230,361 292,110 Coal

.309,363 383,451 415, 742 393,693 496,160 Wood and Gravel........

29,872 26,947 63,949

132,590 140, 210 Total on Central Railroad..

.687,204 812,041 948,218 1,187,978 1,375,025 Total on New Jersey Railroad..

53,684 59,164 (abandoned). Aggregate miles run by trains

.740,788 871,205 948,219 1,187,978 1,375,025 Miles run by ferry boats....

47,656 38,528 39,047 47,072 40,461 Passengers and tonnage carriedPassengers...

.419,803 529,017 698,808 928,806 1,083,592 Merchandize (2,000 lbs).

..196,985 263,625 272, 266 317,181 434,002 Iron (2,240 lbs).

70,202 80,853 69, 225 75,469 103,009 Lackawanna..

.502,375 613,964 675,743 494,687 Coal (2,240 lbs..

778,173 Lehigh

.314,195 433,927 474,221 509,819 511,076

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The gross receipts per mile run by trains and the cost of operating are shown in the following table :

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Passenger trains.
Merch ndize trains
Coal trains...
Average of all trains...
Expenses per mile run.
Profits per mpo run..

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The financial condition of the company as shown on the general balance sheet at the close of each fiscal year reads as follows:

1862. 1863. 1-64. 1865. 1866. Capital stock.

$3,630,000 $4,620,000 $6,500,000 $10,685,940 $13,000,000 Fanded debt..

2,000,000 2,000,000 2,000,000 1,509,000 1,500,000 Dividend payable January 1 proximo 99,750 110,355 159,118 261,711 299,293 Interest accrued.

47,833 47,833 47,833 33,250 33,250 Accounts payable.

320,434 292,277 429,399 543,665 250,400 Renewal fund (balance).

233,176 638,255 628, 159 623, 159 628,159 Total...

$6,322,193 $7,708,880 $9,764,599 $12.661,735 $15,211,192

-accounted for, as shown in the following exhibit: Railroad

. $4,480,897 $4,592,747 $4,832,675 Extension to Jersey City.

252,126

686,336 $6,106,957 $6,794, 306 Port Johnston coal whärves.

187,011 318,377 Stations, shops, &c...

182,000 136,000 167,166 2!8,736 293,421 Lands and works at Elizabethport

302,355 302,476 302,476 801,856 301,976 Eerry interest and boats..

217,050 307,150 654,343 601,587 556,551 Engines..

320,000 467,500 585, 765 685,000 931,000 Passenger cars..............

49,000 52,500 84,450 176,000 199,000 Freight cars

137,678 153,000 196,800 211,250 280,950 Coal cars.

99,861 100,000 211,523 211,523 553,650 Commanipaw filling and bulkheads..

255,273 385,119 Lands, docks, mach'y,&c.... 375,511 820,967 1,405,655 3,845,525

4,427,979 Iron and ties on hand..

32,900 64,228 81,125 59,177 86,411 Materials & fael ou hand.

46,652 85,607 41,525 62, 197 189,787 Cash & acc'ts receivable.

128, 256 424,579 359,497 406,497 787,694 Total

$6,322,193 $7,708,880 $9,764,509 $13,661,735 $15,711,102

66

The following table shows the relation of capital, earnings, &c. :

1862. 1863. 1864. 1865. 1866. Capital per mile of road.

$87,970 $103,437 $114,865 $164,796 $195,946 Karnings

21,837 20,343 34,286 41,032 48,395 Expenses

9,738 12,730 16,612 23,627 26,540 Profits

12,099 17,613 17,644 17,405 21,855 Expenses to earnings, per cent.

44.67 41.95 48.51 57.62 54.84 Profits

55.33 58.05 51.49 42.38

45.16 Profits to capital and debt, p. C....

13.75 17.03 15.35 10.56 11.15 The market value of the company's stock, based on the monthly range of selling prices at New York, is shown in the following statement:

1862. 1869.
1864. 1865.

1866. January 1140119

..

114 @119 February 120@122 1700170 1750175

113 114 March

1750175

104 @107% April

106%@i10 Мау.

110 @117

1154117 July 180@130

116 @120 August.

1650 165

i207,124 120 @128% September

122125 127 129 October 1506150

1220 123% 127%@130 November 150@1504

1200123% 128 @132% December 155155 ...

1180122

121 @127 Year...

114@155 165@175 175@175 1180125 104 @132%

June .....

The sale-prices for the first six months of 1867 have beən as follows: January, 124@125; February, 120@123; March, 116@118; April, 1131@1154; May, 115@1181; June, 1174@120. Half year, 1131@125.

The last notice of this railroad will be found in Vol. LIV.

page 450.

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