that, in this kind of
stock, there can be no incentive to gambling, because the chances are,
that any new lines which may be started in the vicinity of them shall
be rivals rather than feeders; and if capital were so scarce as in
some quarters it is represented to be, it is scarce possible that
these lines could have remained so firmly held. Let us take the prices
of the principal of these from the Liverpool share-lists as on 27th
September.

Share. Paid. Selling Price.
25 10 BLACKBURN AND PRESTON, 19-3/4 to 20-1/4
50 15 CHESTER AND HOLYHEAD, 20 to 20-1/2
50 25 LANCASTER AND CARLISLE, 53-1/2 to 54-1/2
50 15 LEEDS AND BRADFORD, 61 to 63
25 12-1/2 EAST LANCASHIRE, 22 to 22-1/2
20 9 NORTH WALES MINERAL, 14-3/4 to 15-1/4
10 1 DO. NEW, 5-1/4 to 5-1/2
25 15 NORTH BRITISH, 25 to 26
50 20 SOUTH DEVON, 34 to 36

These lines have, in the language of the Stock Exchange, passed out of
the hands of the jobbers, and most of them are now too heavy in
amount for the operations of the smaller speculators. We therefore
look upon their steadiness as a high proof, not only of their ultimate
value, but of the general abundance of capital.

It is hardly possible as yet to draw any such deduction from the
present prices of the lines which were passed in the course of last
session. Upon many of these no calls have yet been made, and
consequently they are still open to every kind of fluctuation. It
cannot, therefore, be said that they have settled down to their true
estimated value, and, in all probability, erelong some may decline to
a certain degree. Still it is very remarkable, and certainly
corroborative of our view, that the amazing influx of new schemes
during the last few months--which, time and circumstance considered,
may be fairly denominated a craze--has as yet had no effect in
lowering them; more especially when we recollect, that the amount of
deposit now required upon new railways is ten per cent on the whole
capital, or exactly double of the ratio of the former deposits. We
give these facts to the terrorists who opine that our surplus capital
is ere now exhausted, and that deep inroads have been made upon the
illegitimate stores of credit; and we ask them for an explanation
consistent with their timorous theor