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

CHAP.xxvm.] NUMEROUS RAILWAYS AUTHORIZED. 349
son in 1838, was a line of comparatively small extent, but of
considerable importance in a local point of view, as connecting
the two principal manufacturing towns of Yorkshire. The
scheme was brought out in the following' year, under very favourable
auspices ; but like most of the railway projects of the same
period, it was suspended in consequence of the financial embarrassment
of the country, which was to some extent caused by
the large investments of capital in railways during the few pre-
ceding years.
The rapidity with which railways had been extended between
the years 1836 and 1839 was extraordinary, although not to be
compared with the railway mania of a subsequent period. There
was quite a rush for railway acts in the sessions of 1836 and
1837. In the former year, thirty-four bills passed the legislature,
authorizing the formation of 994 miles of new railway, at an esti-
mated cost of 17,595,000Z. The traffic cases got up by the
promoters of some of the bills, were very strong. Traffic-taking
had become a lucrative trade ; and ingenious arithmeticians who
devoted themselves to the art of getting up traffic, soon became
able to " prove " whatever the promoters of railways wanted.
Thus, the traffic case of the Eastern Counties Eailway showed
that there would be a clear profit on the outlay of 23^ per cent.
The North Midland " proved " a traffic which would yield them
a profit of 10^ per cent. ;
the York and North Midland, of 13^.
and the London and Cambridge, of 14^ per cent. Other com-
panies made put equally " strong " traffic cases.
In the following session of 1837, not fewer than 118 notices
of new railway bills were given. Seventy-nine of these were
actually introduced to Parliament ; and forty-two acts were ob-
tained, the principal of which, however, were extensions of pre-
vious acts. Fourteen new companies were incorporated, and
authorized to construct 464 miles of railway at a cost of
8,087,000Z. During this session the traffic-takers grew bolder,
and reached their highest flights. Thus, the promottrs of the
Sheffield and Manchester Bill " proved " a traffic which was to
yield a net profit of 18^ per cent, on the outlay. One of the
fortunate shareholders in the company, in a letter to the " Railway
Magazine," even went so far beyond the traffic-taker, as to
caclulate on a dividend of 80 per cent.
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