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 from the published half yearly reports of the Liverpool company. I consider it the more necessary to refer to these reports, and to quote their results, because of the various erroneous statements which have been put into circulation by parties who imagine they have interests counter to railways.

It appears that regular traffic upon the railway commenced on the 16th of September 1830; and a report was published of the operations for 3½ months, up to the 31st of December, 1830. It farther appears, that during that period the profits of the Company amounted to 14,432l. 19s. 5d. Hence, taking the capital invested in this work, and experiments at a million, which is very nearly its amount, the profits during the first 3 months were at the rate of about five per cent. By subsequent reports, it appears, that for the half year ending the 30th of June, 1832, the profits were above six per cent.; and for the half year ending 31st of December, 1831, at the rate of more than eight per cent. The amount of the half year terminating on the 30th of June, 1832. I believe is not yet published; but it appears from the report published in March last, that a considerable increase of trade took place in the coaching department in the twelve weeks ending the 23d of March, as compared with the corresponding period in the last year, and that a like increase was observed in the traffic in merchandise, and traffic increasing every week.

I may therefore fairly assume, that the profits upon this undertaking have not yet attained that limit at which they will probably fix themselves. The rate at which they will increase, must, no doubt, be accelerated by the improvements which are daily in progress in the art of constructing locomotive