The works on the first section is being proceeded with, and those on the second have been commenced. When both are finished there will be complete communication between Puerto Caballo, on the Atlantic side, and Camayagua, the capital of the country. 447.-MEXICAN. Incorporated with limited liability under "The Companies' Act, 1862." From Vera Cruz to Mexico, with branch to Puebla, about 290 miles. Property in perpetuity. A specific sum to be paid for 25 years from 11th November, 1865, as subvention by the Government of Mexico. Share capital, 2,700,000l. in 155,000 shares of 201. each; a similar sum to be raised in bonds or obligations. Of the shares, 40,000 have been reserved for the Mexican Government, and 35,000 (fully paid up) taken in part payment for portions of the line. Opened from Mexico to Puebla in September, 1869. REVENUE.-The receipts on the line from Mexico to Puebla during the year 1869 amounted to 105,699., the working expenses to 69,8137., and net earnings to 35,8861. The receipts on the Vera Cruz line to Paso del Macho (47 miles) in 1869 amounted to 27,6301, the working expenses to 34,6647., and the net loss to 7,0341. The receipts on the Mexico and Puebla section (116 miles in length) from 1st January to end of October, 1870, amounted to 109,0657., the expenses to 59.7241., and the net earnings to 49,3411. The receipts on the railway from Vera Cruz to Paso del Macho (47 miles) amounted for the nine months ending 30th September, 1870, to 28,6417, the working expenses to 27,6747., and the net earnings to 9667. The gross sums received from the Government of Mexico during the year 1869 were 122,8017. from the 15 per cent. duties, and 68,9157. from the 12 per cent. duties, and for the nine months ending 30th September. 1870, to 89,430%. from the 15 per cent. duties, and to 55,2667. from the 12 per cent. duties. DIRECTORS: Chairman-ROBERT WIGRAM CRAWFORD, Esq., M.P. (Crawford, Colvin, & Co.), 71, Old Broad Street, E.C. William Barron, Esq. (Barron, Forbes, George William Campbell, Esq. (Finlay, James Henry Crawford, Esq., White- Antonio Escandon, Esq., Mexico. Henry Göschen, Esq., Tandridge Hall, Joseph H. Gibbs, Esq., Mexico. APPOINTED BY THE GOVERNMENT, Señor Don Antonio Martinez de Castro. Señor Don Juan Múgica y Osorio. Offices-18, New Broad Street, E.C., and 12 Callejon de Bethlemitas, Mexico. 448.-NORTHERN OF BUENOS AYRES. Incorporated with limited liability under the Joint Stock Companies' Acts. Government guarantee 7 per cent. for 20 years on 150,000. In virtue of the law of the State of Buenos Ayres, and a special contract or concession, dated 25th February, 1862, the line and plant remain the property of the company in perpetuity, free from taxation. Length, 19 miles. Opened throughout, 9th January, 1865. REVENUE. The net profit upon the working of the line for the year 1869, was 24,6157., which, added to miscellaneous receipts and the balance brought forward from the 1868 account, made a total of 32,6817. The charge for interest upon loan capital, &c., for 1869, and for some old claims of previous years, was 5,8387., leaving, NORTHERN OF BUENOS AYRES-PANAMA-PERNAMBUCO. 371 after lending to the capital account 10,350. for special expenditure, 16,4917. available for distribution in payment of arrears due to the guaranteed preference shareholders for the eighteen months ending 30th of June, 1867. So soon as these arrears are paid off the company will commence paying half-yearly dividends. The traffic receipts amounted from 1st January to 13th of November, 1870, to 47,0741., and for the same period in 1869 to 43,3334, showing an increase of 3,7411. CAPITAL.-The expenditure on this account to the end of 1869, being the latest published, amounted to 301,1227. The receipts had been as follow: Guaranteed preference shares Deferred preference shares ....£148,012 Ordinary preference shares Debenture bonds.. Debenture stock Carried to balance sheet DIRECTORS: 60,000 25,000 21,690 30,000 £284,702 16,420 £301,122 Chairman-C. SEALE HAYNE, Esq., 3, Eaton Square, S.W. H. D. Browne, Esq., Woodgreen Common, | G. N. Strawbridge, Esq., Matham House, N. East Molesey. Edward Wright, Esq., Clare Hall, South Sir J. C. Lees, 26, Carlisle Terrace, Ken- Offices-16, Throgmorton Street, E.C. 449.-PANAMA. In the year 1866 this railroad carried across from sea to sea 31,700 passengers, $63,114,113 of treasure, 67,262,679lbs. of freight by weight, 2,303,201ft. of freight by measurement, and mails weighing 888,997lbs. In mail matter there is very little variation, averaging about 380 tons annually. Merchandise has steadily increased from 10,658 tons in 1856 to 93,414 tons in 1866; and coal from 8,934 in 1856 to 13,418 tons in 1866. Jewellery has varied from $192,718 to $844,490, but has been gradually declining in amount. The gold transported was $48,047,692 in 1856, and in 1866, $48,234,463, and in no intervening year equalled either of those amounts. Silver shows a gradual increase from $9,439,648 in 1856 to $18,653,239 in 1863, since which it has declined to $14,331,751 in 1866. The passenger traffic does not show any steady or important increase in the ten years. The income in 1866 was $2,424,977, and the expenses $1,205,364, leaving $1,216,613 net proceeds. The total tonnage transported along the road in the year was 106,598; it has almost doubled in every three years. The company obtained a new contract, extending their privileges for 99 years, and giving them the Island of Manzanilla in fee. For this they paid a million of dollars in cash, and a quarter of a million annually thereafter to the termination of the contract, which has been ratified by the Congress of New Granada, and is therefore in all respects valid. 450.-PERNAMBUCO (Brazil). This undertaking is established by Acts of the Brazillian Legislature, and by decree of the Emperor; incorporated in England under 7 and 8 Vic., cap. 110. The company is also established under the Limited Liability Act. The grant of the railway is in perpetuity, with a guaranteed interest at 7 per cent. per annum for 90 years, viz.:5 per cent. by the Imperial Brazilian Government and 2 per cent, by the Provincial Legislature of Pernambuco. Capital, 1,200,0007. in 60,000 shares at 20. each. The line is from the city and port of Pernambuco to the town of Agoa Preta in the interior-a distance of 77 miles. Opened 30th December, 1862. REVENUE.-The receipts for the half-year ending 31st December, 1869, amounted to 44,775, as compared with 29,7197. in 1868, showing an increase of 15,0567. while the expenditure amounted to 26,0257., against 28,4874, showing an increase of only 2,5381. The accounts showed a balance of 19,0861., out of which an interim dividend for the half-year at the rate of 3 per cent. per annum left 1,240l. to credit of next account. The receipts for the year ending 30th June, 1870, amounted to 103,1577, and for the preceding year to 80.0751., showing an increase of 23,0821., or 28 per cent.; while the expenditure, exclusive of exchange differences, had been 54.0861. for the year ending June 30, 1870, and for the preceding year 48,8901., showing au increase of 5,196, or 10 per cent. Dividend at the rate of 3 per cent. per annum. EXTENSION OF GUARANTEE.-It was reported in July that the extension of the company's guarantee had at length been conceded, "under certain conditions," which are as follow: 1. When the net receipts exceed a dividend of 63 per cent. on the guaranteed capital of 1,685,6601. sterling, the excess from 6 to 74 per cent. shall be destined exclusively to form an amortisation fund. The excess from 7 to 12 per cent. shall be divided into three equal parts, one to belong to the Imperial Government, one to the company, and the last to the reserve fund. The excess from 12 per cent. upwards shall belong exclusively to the Imperial Government. 2. When the reserve fund shall have reached the sum of 20,0001. sterling, the third part of the excess from 7 to 12 per cent. treated of in the antecedent clause, and which is destined for the said reserve fund, shall belong to the company. 3. The amortisation fund shall be invested in Brazilian bonds or in shares of the company, and deposited in a house of credit agreed to by both parties, receiving competent interest, which shall be invested every six months in similar bonds or shares. If the Imperial Government decides to redeem the railway, then from the price of the same shall be deducted the amount of the existing amortisation fund. At any time when the amortisation fund shall reach the sum expended in the construction of the railway, this with all its dependencies shall belong to the State without any further indemnification. 4. The reserved fund is destined for extraordinary expenses, such as increase of stations and indispensable new works, increase and renewal of rolling stock. It shall be administered by the company, but they cannot expend any part of it without previous accord with the Imperial Government. Any defalcation shall be replaced in the mode established in the first clause. In case of the Imperial Government redeeming the railway, or its reversion to the State, the reserve fund then existing shall belong to the company. 5. Whilst there is no reserve fund the expenses, specified in the preceding clause. shall be charged to the account of the receipts and expenditure of the railway, if made with the previous approval of the Imperial Government. 6. At all events the working expenses and maintenance of the railway, as well as the repairs of machinery and rolling stock, shall be charged to the account of the receipts and expenditure of the railway. 7. When the Imperial Government shall have approved of a plan for the works of the Recite Harbour, the company, within the space of one year from a given date, shall be obliged to prolong the railway at their own cost, in accordance with the line approved by the Imperial Government from Cinco Pontas to the said harbour. In the meanwhile the company will be obliged to construct, at their own cost, by the 30th June, 1871, a single line of rails from Cinco Pontas to the Largo de Arsenal de Guerra, through the streets Santa Rita and Praia, in accordance with the plan proposed by Mr. G. O. Mann, in 1867. In each case the Imperial Government will facilitate the passage of the railway through the public lands, in accord with the Provincial and Municipal Administration. If the company do not prolong the railway, in the form and within the times above declared, they will lose any right they may have in the object. 8. The company will desist from any reclamation against the decree, No. 1,930, of the 26th April, 1857. 9. The company shall not claim from the Imperial Government at any time, or in any shape, guarantee for the additional capital of 485,6607. sterling, above that fixed in the resolution of the General Assembly, No. 1,767, of the 9th July of the present year. 10. The Imperial Government, without prejudice to stipulations in anterior contracts, will be exonerated from the obligation of the guarantee for the additional capital of 485,6607. sterling at the end of 30 years, reckoned from this date. PERNAMBUCO (brazil)—porto ALEGRE AND NEW HAMBURG. 373 11. The accounts of receipts and expenditure from the opening of the railway to the present time are allowed and liquidated, and shall serve as a basis for classification of the expenditure, that in future is to be charged to traffic account by the dispositions of the clauses 4, 5, and 6. And the said Senhor Conselheiro José Carlos d'Almeida Arêas declared that in virtue of the Aviso No. 44, third section of 22nd July of the present year, from the Minister of Agriculture, Commerce, and Public Works, on the part of the Imperial Government, that he binds himself to comply with the aforesaid clauses. CAPITAL-This account to 30th June, 1870, showed that 1,830,1711. had been expended, leaving a balance of 30,5691. in favour of the company. The receipts have been as under: Shares......... Debentures DIRECTORS: 400,୦୯୯ Chairman-The VISCOUNT GORT, 10, Warwick Square, S.W. E. H. Bramah, Esq., 44, Arundel Gardens, | Major-General G. B. Tremenheere, Spring Hyde Park, S.W. Wm. Gladstone, Esq., Old Broad-st., E.C. W. B. Greenfield, Esq., Porchester Terrace, W. Grove, Isleworth, W. The Minister, or other Brazilian representative in London, for the time being, is a director ex-officio. OFFICERS.-Sec., William Henry Bellamy; Con. Eng., Charles Hutton Gregory, Delahay Street, S.W.; Man. and Eug., G. O. Mann, Pernambuco; Accountant, U. P. Harris; Solicitor, C. H. Collette. Lincoln's Inn Fields, W.C.; Auditors, George Dixon Longstaff, Upper Thames Street, E.C., and Edward Cheshire, 26, Old Broad Street, E.C.; Bankers, Robarts and Co., Lombard Street, E.C. Offices -15, Ol! Jewry Chambers, E.C. 451.-PORTO ALEGRE AND NEW HAMBURG. Incorporated under the Companies' Acts of 1862-67, in December, 1870, to construct a railway from Porto Alegre (capital of the Province of Sao Pedro do Rio Grande do Sul, Brazil) to New Hamburg, at the point where the three main roads from the interior meet, passing through Sao Leopoldo-one of the largest and most important towns in the German colonies of the Province. Length, 27 English miles. CAPITAL.-292,500, in 14,625 shares of 201. each, on which the Government of the Province of Sao Pedro do Rio Grande do Sul have guaranteed 5 per cent., or 14,650. a year for 60 years. Divided into 4,650 ordinary shares and 10,000 7 per cent. preference shares. A concession for its construction has been granted by the Provincial Government, with a guarantee of 5 per cent. for 60 years, on a maximum capital of 292,500l., payable in gold, giving an income of 14,650l. per annum, out of which it is proposed to pay a preference dividend of 7 per cent. per annum upon 200,000. The interest is payable half-yearly from the date of allotment, at the rate 27d. per mil-reis equivalent to sterling money, and may be received in London. The concession, confirmed by Imperial decree, dated 2nd December, 1869, and conferring on this company all the privileges granted to the San Paulo, stipulates that no other railway can be constructed within 20 miles of this line, and that all the necessary machinery, plant, rolling stock, &c., will be admitted free of duty for ten years. Five thousand of the 7 per cent. preference shares were offered for subscription in December, 27. per share to be paid on application and 37. on allotment. Further calls not to exceed 51. per share, nor at less intervals than three months. Power taken in the Articles of Association to issue "share warrants to bearer." DIRECTORS: His Excellency Jose Carlos de Almeida The Right Hon. Lord Claud Hamilton, William Austin, Esq., The Mount, Far- Frederick Furrell, Esq., J.P., Rochester, Captain James Rennie, C.B., 85, Grace- George Sheward, Esq., 17, Leinster Square, OFFICERS.-Sec., Edward J. Randall; Eng.-in-Chief, James Brunlees, M.I.C.E., 5, Victoria Street, Westminster, S.W.; Solicitors, Digby, Sharp, and Large, Clement's Lane, E.C.; Auditors, George Whiffin, Public Accountant, 8, Old Jewry, E.C., and G. A. Hillier, Secretary to the San Paulo. Offices-Ethelburga House, 70, Bishopsgate Street, E. C. 452.-SAN PAULO. Formed under the decrees of the Emperor of Brazil, and the laws of the Imperial Brazilian and Paulo Provincial Legislatures, and incorporated with limited liability, under the Joint Stock Companies' Act, 1856 and 1857. Guaranteed 7 per cent. from dates of payment of calls. Capital, 2,000,000. in 100,000 shares of 201. each. Interest payable half-yearly in London. Length, 86 English miles. Opened 1st October, 1866. REVENUE. The receipts for the half-year ending 31st December, 1869, exhibited a net balance of 45,4167., which, with the sum to be received from the Brazilian Government, enabled the directors to pay a dividend at the rate of 6 per cent. per annum. The same dividend was repeated for the half-year ending 30th June, 1870. The directors have resolved to re-issue the debentures falling due in January, 1871, for a period of seven years at 6 per cent. per annum, but as there might be some who were unable or unwilling to renew, the directors were prepared to receive applications from any shareholders who might be desirous of securing further allotments before offering the remainder to the general public. CAPITAL. The expenditure on this account to 30th June, 1870, amounted to 2,079,7907., and on guaranteed interest to 31st December, 1869, to 651,590., making a total outlay of 2,731,380, and leaving a balance in hand of 18,6197. The receipts have been as under: Chairman-ROBERT A. HEATH, Esq., 31, Old Jewry, E.C. His Excellency the Brazilian Envoy Extraordinary and Minister Plenipotentiary ex-officio. William Bird, Esq., Laurence Pountney | M. B. Sampson, Esq., 1, George Street, One third retire in February of each year. All eligible for re-election. OFFICERS.-Sec., G. A. Hillier; Eng.-in-Chief. James Brunlees, C.E., 5, Victoria Street, Westminster, S. W.; Eng. Referee, John Hawkshaw, C.E., F.R.S.; Auditors, Right Hon. Thomas Dakin, Lord Mayor of London, and E. H. Galsworthy; Solicitor, J. B. Batten, 32, Great George Street, Westminster, S. W.; Bankers, N. M. Rothschild and Sons, London, E.C. Offices-111, Gresham House, Old Broad Street, E.C. UNITED STATES. ABSTRACT OF PROGRESS. In the year 1870 no less than 5.574 miles were opened for traffic in the United States, bringing the total up to 54,435 miles. The average cost per mile of new road is $40,345. The largest increase has been in the States of Illinois, Iowa, Missouri, and Kansas, where construction has been stimulated to the utmost by town and county subscriptions in the form of bonds. In Alabama and Georgia the companies building railroads have been encouraged by State subsidies. The same encouragement has been granted in North Carolina, but in that State with little advantage. The difficulties in Europe, breaking out suddenly in the middle of the year, closed foreign markets against American bonds, and made it impossible for companies in |