0, or about L.5000
per mile. The main line agrees to work it, and before receiving
payment, to allow the shareholders 4-1/2 per cent. for their money;
all further profits to be divided between the two companies, after
paying working expenses. It was opened on the 1st July last, and
hitherto the appearances of success have been most remarkable. On an
assumption that the traffic inwards was equal to that outwards, the
receipts for passengers during each of the first six weeks averaged
L.52, 14s. This was exclusive of excursion trains, of which one
carried 500 persons, another between 500 and 600, a third 1500; and so
on. It was also exclusive of goods and mineral traffic, which are
expected to give at least L.1000 per annum. The result is, that this
railway appears likely to draw not much under L.4000 a year--a sum
sufficient, after expenses are paid, to yield what would at almost any
time be a high rate of percentage to the shareholders, while, in the
present state of the money-market, it will be an unusually ample
remuneration.

We have instanced this economically-constructed line, because we have
seen it in operation, and can place reliance on the facts connected
with its financial affairs. Other lines, however, more or less
advanced, seem to have prospects equally hopeful. A similar branch is
about to be made from the same main line to the town of Leven. One is
projected to branch from the Eskbank station of the North British line
to Peebles--a pretty town on the Tweed, which, up till the present
time, has been secluded from general intercourse, and will now, for
the first time, have its beautiful environs laid open to public
observation. The entire cost of this line, rather more than 18 miles
in length, is to be only L.70,000, or about L.3600 per mile. Another
branch from the same line is projected to go to Lauder. One, of the
same cheap class, is to connect Aberdeen with Banchory on the Dee.
Another will be constructed between Blairgowrie and a point on the
Scottish Midland. For such adventures, St Andrews is a model.[1]

The time is probably not far distant when single branch-lines will
radiate over the country, developing local resources, as well as
uniting the whole people in friendly and profitable intercourse. To be
done rightly, however, rational foresight and the plain principles of
commerce must inspire the projectors. It will be necessary to avoid
all parliamentary contests; to do nothing without a genera