The life of George Stephenson, railway engineer - Lighthouse ...

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CHAP. XVII.] A SAGACIOUS HOESE. I93
nimbly into his place in this wagon, which was usually fitted
with a well-filled hay-rack. Mr. Clephan relates the story of a
sagacious grey horse, which was fertile in expedients when
emergencies arose : f On one occasion, perceiving that a train,
which had run amain, must rush into his dandy-cart, he took a
leap for life over the side, and escaped. In a similar peril, a
leap over the side being impracticable, he sprung on to the coalwagon
in front, and stood like an equestrian statue on a pedestal.
But the time came, at last, when there was no escape ; and the
poor old grey was destroyed."
The details of the working were gradually perfected by
experience, the projectors of the line being at first scarcely
conscious of the importance and significance of the work which
they had taken in hand, and little thinking that they were laying
the foundation of a system which was yet to revolutionize the
internal communications of the world, and confer the greatest
blessings on mankind. It is important to note that the commer-
cial results of the enterprise were considered satisfactory from
the opening of the railway. Besides conferring a great public
benefit upon the inhabitants of the district, and throwing open
entirely new markets for the almost boundless stores of coal
found in the Bishop Auckland district, the profits derived from
the traffic created by the railway, enabled increasing dividends
to be paid to those who had risked their capital in the undertak-
ing, and thus held forth an encouragement to the projectors of
railways generally, which was not without an important effect in
stimulating the projection of similar enterprises in other dis-
tricts.*
* From the minute books of the Stockton and Darlington Company, it ap-
pears that a dividend of 2 J per cent, was paid to the shareholders for the first nine
months after the line was opened, during which period the traffic arrangements
must necessarily have been in a very incomplete state. The Company had all
their experience to gather, having none to fall back upon. Everything was to
organize from the very beginning. Under these circumstances, it was matter of
congratulation to the proprietors that any profit should have been made during
those first nine months. But in the next year ending June, 1827, a dividend of
5 per cent, was paid; and the same rate was maintained until 1831, when it
was increased to 6 per cent., and in 1832 to 8 per cent. It was matter of noto-
riety that 10 per cent, was afterwards paid during many years, which arose in
some measure from the circumstance that the Company were enabled to borrow
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