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1,3124

£

556,703

175,241

118,340

873.500

644,800
350,000

510,000

375,205

4,107,980

129,200

2,157.175
1,000,000
501,513

Market Prices of
Ordinary Stock.

£11,499,657

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1702

69

Increase of
Market Price.

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48 per cent. £5,518,918

The Stock Exchange quotations for these railways being for shares of £50 or under, have been altered to the proportionate

rates for stock of £100.

b The valuation of the stock of these two companies has been arrived at by altering the present price of the Great Northern
Railway stock, in proportion to the discount or premium agreed for when these companies were amalgamated with the
Dublin and Drogheda Company.
Many of

c The lengths are those stated in the Report of the Commission as being the length of the several lines in 1868.
them are now considerably longer. The amount of Ordinary Stock is also taken from the Report of the Commission.
This length includes the branch from Kingstown to Dalkey.

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reported in April, 1868. I have for the purpose of this comparison obtained the Stock Exchange prices of thirteen of the principal lines, in April, 1868, and at the present time, and give herewith a statement of the increased market value of the ordinary share capital of each company. The total result, as respects these thirteen railway companies, then owning 1,312 miles of railway, and of which the ordinary share stock amounted to £11,499,657, gives an increase of market value, since 1868, amounting to £5,518,918. This, at all events, shows that, whatever advantage the country might have derived from the purchase of these railways, the transaction would not have been a profitable one for the shareholders. (See Table, p. 15.)

The increase of trade, as shown by the increase of shipping frequenting the ports of Ireland, is a satisfactory proof of progress. The tabular statement on opposite page shows this increase during the thirty-one years from 1844 to 1875, for each of twelve Irish ports, chosen-three in the north, three in the east, three in the south-east and south, and three in the west. It also gives similar statistics as respects the whole of Ireland, and compares it with Scotland and England. The statistics for 1875 are taken from the report of merchant shipping presented annually to Parliament, and as respects the foreign and colonial trade, include all vessels entered and cleared, whether with cargoes or in ballast, but as respects the coasting trade, refer to those only which carry cargo. The returns for 1844 and 1870 do not state precisely whether or not they include vessels entered and cleared in ballast.

These statistics show that the increase has been greatest in the northern ports, and least in the western. As respects particular ports: Belfast and Waterford have increased the most, both of them having in 1875 entered and cleared more than three times the tonnage which entered and cleared in 1844; Dublin comes next-the increase being somewhat less than three-fold; and then Newry, Cork, and Londonderry, all having increased about two and a quarter fold. The result, as respects the whole of Ireland, is an increase of shipping in the thirty-one years, from 3,903,452 to 10,002,146 tons. This is certainly satisfactory; but we are still behind Scotland, where the increase in the same period of time has been from 4,522, 144 to 12,715,956 tons, which is not only absolutely but proportionately greater than with us. I may remark that the tonnage of ships entering the port of Liverpool is considerably more than that of the ships entering all the ports of Ireland, and very nearly equal to the shipping trade of Scotland.* The great increase in the size of the ships by which trade is now carried on, is worthy of remark. The average tonnage of the vessels which entered and cleared at the port of Dublin in 1875, was more than double the average in 1844-being nearly 258 tons in place of 120. The average for Glasgow was 281 tons, and for Liverpool 471. The great foreign and colonial trade

*In the Parliamentary Return of Shipping for 1875, Liverpool appears to include Birkenhead, but not Runcorn or the other small ports up the estuary of the Mersey. Glasgow does not include Greenock; but it is not clear from the return whether the shipping entering Dumbarton and Port Glasgow are included under Glasgow or Greenock

PART L.

2

COMPARISON OF SHIPS AND TONNAGE ENTERED INWARDS AND OUTWARDS AT THE UNDERMENTIONED PORTS IN THE YEARS 1844, 1870, AND 1875.

1844

1870

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1875

2,378,961 11,326 8,924,814

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Per centage of increase over 1844

1870 1875

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8, 123, 205 46,221 10,002,146 108

3,184,494 70,125 12,715,956 97

121

244

137

96

9,878,657 26,055 12,280,356 118 56,150, 105 345,394 67,177,935

102

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149 233

181

170 141

of Liverpool, being carried on in vessels of large size, raises the average, while the coal and other coasting trade depresses that of Dublin.

I may here be permitted to remark on the great improvement which has been made in the port of Dublin. The bar, which fifty years ago had only about six feet of water over it when the tide was lowest, has been so much reduced that now it has sixteen feet of water on it at the low water of spring tides. The quays have been largely extended; and during the past six years nearly 6,000 feet in length of the quay walls have been rebuilt or extended, and so much deepened that the steamers which use them always lie afloat; and even vessels drawing twenty-two feet of water can always lie afloat alongside of the greater part of these deepened quays. Coasting steamers now enter and leave the port at fixed hours, independently of the tide, and Government troop-ships, as well as large foreign vessels, come up to our quays, and lie afloat at all times.

There are now, owing to these improvements, very few better ports in the United Kingdom; and notwithstanding all that has been done, the accommodation is insufficient for the trade, and further extension is required, and is now being carried out. These works, which have been effected without any Government assistance, by an Irish board independent of the Government, and which have been planned and executed under the care of Irish engineers, show that Irishmen are not deficient in enterprise, and the great improvement of the port, and the consequent extension of the trade, prove the soundness of judgment with which these works have been undertaken and carried out. I have referred particularly to the port of Dublin, because I am best acquainted with its condition. But Dublin does not stand alone; other Irish ports might also be named -and Belfast may especially be noticed as keeping fully up to the requirements of the times as to improvements.

This large increase of trade ought of course to be accompanied by an increase of profit; and I have therefore looked to the returns laid before Parliament, of the amounts assessed for income tax, as being the income derived from trades and professions in Ireland since the tax was extended to this country, and I have obtained similar statistics for Scotland and England. By these returns it appears that the net amount on which the tax was paid in the year ending 5th April, 1854, was £4,558,479; while in the year ending 5th April, 1874, it was £9,777,598. In Scotland the increase was from £6,872,705 to £25,292,175; and in England, from £68,135,456 to £214,808,581. But these figures do not fairly state the comparison, inasmuch as the assessment on railways, mines, ironworks, gas works, and some other profits, were, in 1866, transferred from schedule A to schedule D, amounting in all to £1,250,800 for Ireland, £3,662,925 for Scotland, and £27,090,841 for England and Wales; and these additions account for the large increase which appears in the returns for the year ending 5th April, 1867. The assessments for the same sources of income in the year ending 5th April, 1874, appear to have been nearly as follows, viz. :-Ireland, £1,392,569 Scotland, £6,947,956, and England and Wales, £44,118,077, and if we deduct these sums from the assessments for this year, it leaves

the net increase under schedule D, exclusive of what was transferred
to that schedule in 1866, to have been, between the years 1854 and
1874-for Ireland, £3,826,550, for Scotland, £11,471,514, and for
England and Wales, £102,555,048. Thus the profits from trades
and professions in Ireland appear, from these statistics, to have
nearly doubled; those in Scotland have been nearly trebled; and
those in England and Wales multiplied two and a-half times.*

The increase of deposits in the Irish Joint Stock Banks, from

5,567,851, in 1840, to £31,815,000 in 1875, and the constantly

increasing amount of the payments for the probates of wills and for
legacy duty, tell the same story as the increase of shipping and the
increase of the assessments for income tax, and prove the increased
means of living of the trading and professional classes-while the great
increase in the number of first and second class houses show how these
increased means are expended. As respects the peasantry, artisans,
and other labouring classes in the towns, the improvement as regards
their house accommodation is less marked; but the large and general
advance in the rate of wages, both in town and country, the greatly
lessened proportion of families who are obliged to put up with fourth
class house accommodation, and the diminished number of per-
sons in the receipt of poor relief, show that these classes also

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The Parliamentary returns up to 1868 state the above as the net
amount, giving a larger sum under the head gross amount. After 1868,
only one amount is given. The assessments on mines, iron works, rail-
ways, canals, gas works, quarries, fisheries, and some other property,
were transferred, in 1866, from schedule A to schedule D.

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