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OBSERVATIONS BY DR HANCOCK ON THE TABLES PRINTED) AT PAGE
388, SHOWING THE FINANCIAL CONDITION OF THE IRISH RAILWAYS.
“It appears from these tables, that at present there are in Ireland throe railways bankrupt or winding-up; two at a stand-still; six paying no dividend on the preference stock; ten paying no dividend on the ordinary shares ; seven, the dividends of which were less than those paid on the Government Funds; six paying dividends at a rate less than that of commercial interest; and but one the shares of which were above par. He thought that where lines had become bankrupt, or where works were stopped, Parliament should not give them extensions of time, or try to have them worked on the commercial principle, as he did not think that they would succeed on that principle. He thought that these lines should be examined, and if their traffic would pay for the cost of completing them, supposing the money to be advanced at 31 per cent., then the Government might safely complete those lines. If the traffic would not pay for the cost of completing them at 34 per cent., then, if the localities took such an interest in the matter as that they would guarantee any portion of the cost of either keeping the railways in repair or of making them, so as to reduce to a profitable speculation for the Government to advance money at 3} per cent., then he thought that they might be completed and become public property; and so far as money already advanced was concerned, he would have the lines worked for about seven years, and if they realised any profit beyond what would pay the Government 3} per cent. on what they advanced on them, he would then give the value of that excess as compensation to the existing owners.
He would have the Government take possession of lines either bankrupt or where the works were not proceeding, only on the principle of the general taxes not losing. It was not a question of transference of burden, but simply a question of management. With regard to lines which only paid dividends to preference shareholders, he thought that as the limit of twenty-one years fixed by the Act of 1844 runs out, the Government should take the lines. The traffic should be valued, and the lines purchased by the Government at 3} per cent., and he would do the same with those lines which paid no dividend to their ordinary shareholders. With regard to lines that paid less than the rate of interest in the Funds, he would not interfere with them, unless the companies were anxious to sell. With respect to those lines which paid more than the interest on the Funds, they were, of course, not wholly unsuccessful as commercial speculations, and there would be no occasion, till the experiment of Government management was tried, to interfere with them at all. He thought the Government ought to take contracts for keeping the lines in repair, but the receipts should go to the Government altogether, just as in the case of the Post Office. He thought that all the lines that it would be really profitable to make on the commercial system in Ireland had been made, and that new lines should only be made like country roads—namely, the locality anxious to have them should offer to contribute a part of the expense, whatever would make them profitable; and if the locality guaranteed that, the Government should advance the money, and the railway should become public property.Journal of the Statistical and Social Inquiry Society of Ireland. Part xxxii. Nov. 1866.
THE DRUMMOND SCHOLARSHIP IN THE UNIVERSITY OF EDINBURGH,
MENTIONED AT PAGE 430.
The Deed of Foundation of this Scholarship is printed in the Edinburgh University Calendar for 1865-6, p. 198.
The following summary of its main features appears in the same publication for 1867-8:“This Scholarship was founded in 1865 by Miss Elizabeth
Drummond, in memory of her brother, Captain Druminond, R.E., Under Secretary for Ireland, and for the encouragement and promotion of the study of Mathematics and Natural Philosophy. It is of the annual value of about £100, and is tenable for three years. By the Deed of Foundation it is open to Graduates in Arts of not more than three years' standing, who shall have graduated with Honours in the Department of MATHEMATICS. It is not to be held with any other Bursary, Scholarship, or Fellowship, of any Scottish University; and the holder is recommended to travel for the purpose of inspecting, in this and other countries, remarkable engineering and architectural structures, to extend his knowledge of the practical application of mathematical principles; and, if required by the Senatus Academicus, to deliver reports on the principal structures examined by him, and the mathematical principles exemplified thereby—which reports the Senatus may cause to be publicly read in the University or elsewhere in Edinburgh. The first competition will take place in November 1868, on days to be announced in next Calendar.” The Senatus Academicus are the patrons.
ABERCROMBY, Mr, 180, 182.
Belgian railways, 395; telegraplıs,
Blanchard, Major, 41, 42.
Boroughs, boundaries of, with refer-
ence to the Reform Bill, 138-161 ;
14, 18, 24, 162; letters of Mr Bounties in Ireland, 358, 363.
Brady, Right Hon. Maziere, 251 ; on
Spencer,) 143, 174, 179; Mr Drum- Cblonel Verner, 302, and of the
to Mr Drummond's mother, 427. Drummond's domestic life, 414;
his instructions to the Crown Solici.
tor on challenging jurors, 443.
Brehon laws of Ireland, 192–194.
Brewster, Sir David, 121, 127, 167,
Ordnance Survey, 66, 67, 70, 73, 75, Bridge, floating, over the Medway, 42.
Brighton, Pavilion of, 131.
Brougham, Lord, 135, 142, 143, 167,
Browning, Mr, 337.
Burgoyne, Sir John F., 40, 345, 352,
CARAVATS, Irish insurgents, 233.
Carders, Irish insurgents, 234.
Ordnance Survey, 47, 51, 52, 53, mond, 240.
Catholic Emancipation, 235, 807.
Chadwick, Edwin, on railway refurm,
Charleville, Lord, 326.
Drummond, Mrs Elizabeth, mother of
175, 177 ; letters to her from him,
142, 143, 151, 182, 278, 406, 409,
410, 417, 424, 425; from Mr Robe,
181; from Mr Littleton, 182 ; from
troduction to, 46; his direction of Lord Ebrington, 427; from Lord
measuring bar, 86, 95, 440. Drummond, James, father of Thomas
of the maxim, “ Property has its Drummond, John, 3, 17, 162, 180.
quoted, 6, 8, 17, 30, 114, 152;
letters from Mr Drummond to, 117,
421; the Drummond Scholarship
founded by, 430, 465.
Drummond, 184 ; letters from her
punishment of the murderers, 339. interview with him, 426.
Drummond, Thomas, his birth and
5-8; mechanical ingenuity, 15, 40,
his mother, 8, 185; at school, 9;
a pupil of Professor Jardine, 11;
literary culture, 11, 13, 44; mathe-
ing, 265 sqq., 341, 454, 459; de- 65; at University of Edinburgh, 12,
66; boyish traits, 15; voyage to
43 ; enters the Royal Engineers, 37;
39, 43; visits France, 40; pontoon
invented by, 40; adventure on a
bridge of casks, 42; in Edinburgh,
102, 103, 143 ; his account of the necessary for that career, 45; en-
his services in that department in
247; studies chemistry, 65; his
losophical Transactions," 67, 117,
438; stationed on Slieve Snaght, in
Ireland, 75; injury to his health
from exposure, 75, 78, 81; his at-
tempts to improve the barometer,
80; measurement of the base at
his share in the construction of the
compensation measuring bar, 86, 90,