entire average cost of
American roads for the same number of miles.

For instance, the Southeastern Company paid $20,000; the Manchester and
Leeds Company, $30,750, and the London, Birmingham and Great Western,
$31,500 per mile. The first Eastern Counties line paid even $60,000 per
mile for land through an agricultural district. As nearly as can be
ascertained, the average cost of the right of way of railroads was over
$20,000 for the United Kingdom. In Belgium the average cost of the right
of way was $11,000. It was lower, however, in the other countries of the
European continent.

The topography of the country through which the English railways are
built is such as necessitated enormous expenses for heavy embankments,
cuttings, viaducts, tunnels and bridges, and in some cases increased the
cost of the roads to fabulous sums. The Lancashire and Yorkshire Railway
actually cost $260,000 per mile for the whole of its 403 miles. European
roads have been built in a much more permanent manner and have terminal
facilities whose cost is far beyond any sum paid for such purposes in
this country. In Great Britain, moreover, the expenses of contests and
of procuring charters have been very great and have probably averaged
$3,000 per mile.

English railway men charge Americans with having indulged in
stock-watering to a greater extent than any other people in the world.
This is probably true, yet the English have not been dull students of
this art, and they are far from free of having indulged in this luxury.
Much of their railroad stock was issued in a wasteful manner and
represents no actual investment, and it is safe to say that from 30 to
40 per cent. of their present railroad capitalization is water.

If upon the above basis both European and American railroads are to
yield an interest of 4-1/2 per cent. on the actual investment, the
former will have to earn at least $2,250 per mile more than the latter,
and this difference equals about 50 per cent. of the average operating
expenses of American roads per mile. Labor is cheaper across the
Atlantic, but this difference is more than equalized by the employment
of a much larger number of men per mile, as the following table will
show:

Countries. No. of men employed Average wages Wages paid
per mile. per annum. per mile.

United Kingdom 18 $335 $6,000
Belgium 22