The steam engine familiarly explained and illustrated; with an historical sketch of its invention and progressive improvement; its applications to navigation and railways; with plain maxims for railway speculators. By the Rev. Dionysius Lardner ... With additions and notes by James Renwick ...

PLAIN BULES FOR RAILWAY SPECULATORS. 309
any transfer of capital whatever will be necessary. Trade
and manufactures are at the present moment in a highly
flourishing condition; and the annual accumulation of capital
in the country is so great, that the difficulty will probably be,
not to find capital to meet investments, but to find suitable
investments for the increasing capital. In MIanchester alone,
it is said that the annual increment on capital is no less than
three millions. In fifteen years, therefore, this mart alone
would be sufficient to supply all the funds necessary for the
completion of all the proposed railroads, without withdrawing
capital from any other investment.
The facilities which these Joint Stock Companies offer for
the investment of capital, even of the smallest amount, the
temptations which the prospect of large profits hold out, and
the low interest obtained on national stock of every description, have attracted a vast body of capitalists, -small and
great, who have subscribed to these undertakings with the
real intention of investment. But, on the other hand, there
is a very extensive body of speculators who engage in them
upon a large scale, without the most distant intention, and,
indeed, without the ability, of paying up the amount of
their shares. The loss which the latter class of persons
may sustain would, probably, excite little commiseration,
were it not for the consequences which must result to the
former, should a revolution take place, and the market be
inundated with the shares of these gambling speculators,
who buy only to sell again. Effects would be produced
which must be ruinous to a large proportion of the bona'fide
subscribers. It may, therefore, be attended with some advantage to persons who really intend to make permanent investments of this nature, to state, in succinct and intelligible terms,
the principal circumstances on which the efficiency and economy of railroads depend, so as to enable them, in some measure,
to forni a probable conjecture of the prospective advantages
which the various projects hold out. In doing this we
shall endeavour, as much as possible, to confine our state