wealth of a million and a quarter of inhabitants, and as much more will be required. But it will go through.

The tunnel now in progress under the Alps at Mont Cenis is the bold. est work yet undertaken. Heretofore the iron horse had not been able to emulate Hannibal and scale this barrier, although this may yet be done; but the engineer is fast opening for him a way without filling up the valley or bringing low the mountain. When finished it will be a lasting monument to the statesmanship of Cavour. At the time of the cession of Savoy to France ten million francs had been expended in the work; sixty-five millions being the estimate for the whole. A convention between the Governments of France and Italy reserved the right to the latter country of completing the tunnel, both countries dividing equally the expenditure. In the event of the earlier completion of the work than the time contemplated, France will pay a premium. A short time since it had reached 7,600 feet on the French side and 11,800 on the Italian. A thousand workmen are employed at each end of the perforation, divided into three gangs relieving each other every eight hours. They were making their way through quartz at a very slow rate; but the engineers were hoping to reach gypsum, when the work might go on faster. The entire extent of the proposed tunnel is 12,220 metres, of which on the first day of January last 6,900 remained to be perforated. Unless unforeseen circumstances happen, it is hoped that the entire perforation will be completed in three years more, and that the tunnel will be passable from one end to the other on the 1st day of January, 1870. There lies an obstacle, however, in the way of the construction of these tunnels which bids fair to preclude future undertakings of the sort. They are too costly for private enterprise to undertake them. The tunnel through the Alps would never have been undertaken except for the boldness of Count Cavour, backed by the treasury of the Sardinian, afterward the Italian Government, aided by subventions from France. The Hoosac Tunnel would have been abandoned by the company undertaking it but for the aid granted by the State of Massachusetts. The improvements in the construction of railways and rolling-stock enable the ascent of mountains to be made. A road has already been constructed over Mont Cenis, and is about ready for travel. A part of it which has been already completed on the slope along the carriage road was passed over by a train consisting of several carriages at a rate of 11 miles an hour in ascending, and 9 in coming down. The incline sometimes attains 84 feet in the one hundred, and some of the turnings have a radius of only 133 feet.

Great as the importance of those projections will be to travel and commerce, there is likelihood that future undertakings of this character will be superseded by improvements in railway construction.

It has been suggested by engineers that a railroad over Hoosac Mountain would be feasible, which would, if it did not supersede altogether the occasion for the completing of the tunnel, answer for use till that event should take place. The plan of Mr. Fell for the application of steam traction to ordinary carriage-roads would answer this case admirably. Nevertheless, with all these advantages of economy of construction and earlier completion, our preference remains for the tunnel, wherever it shall be practicable, as being cheaper in the long run, safer to use, and of more permanent benefit.

RAILROAD EARNINGS FOR NOVEMBER.

The gross earnings of the following railroads for the month of November 1865 and 1866 comparatively and the difference (increase or decrease) between the two months are exhibited in the following statement:

Chicago and Alton..

Chicago and Great Eastern..

Chicago and Northwestern.

The earnings of the Erie Railway for November, 1866, do not include those of the Canandaigua & Elmira Railroad which, since November 1, has been operated under contract by the Northern Central Company. Had these been included the decrease would have been much less than

is apparent.

The earnings of the same roads for the eleven past months of the same years, are shown in the following tabulation:

Railroads.

Atlantic & Great Western.

Chicago, Rock Island & Pacific..

Erie (including Buffalo Division).

Illinois Central..

Marietta and Cincinnati..

1,080,357

1,113,851

Dec. 38,494

Michigan Central..

4,175,677

3,851,401 Dec. 824,276

Michigan Southern

1,885,545 Inc.

Total (16 roads)

2*679,655 3,430.234 Inc. 750,579 651,553 759,568 Inc. 103,015 $69,875,011 $67,993,299 Dec. $1,881,712

The aggregate earnings of these sixteen roads for November, as compared with those of the previous month, show the following result:

The net aggregate result of the eleven months shows a falling off from the same months last year of $1,881,712, or 2.66 per cent. The decrease of November, 1866, from November, 1865, is 2.51 per cent.

TRADE OF GREAT BRITAIN AND THE UNITED STATES.

COTTON, BREADSTUFFS, PROVISIONS, ETC.

The British Board of Trade returns for the month of October and the ten months ending October 31, received by the last mail, show more conclusively the effect of the recent panic on the trade of the United Kingdom. A high rate for money is said to stimulate exports and to discourage imports, and the statements now at hand show precisely these results. In the export trade of that country, there is a very large increase this year as compared with 1865, viz.: of about twenty-three millions sterling, and the total for the month of October is £1,600,000 greater than in the corresponding month in 1865. With regard to imports a decline has taken place as the year has progressed, viz., from £23,243,701, the highest point touched in the month of June, to £18,356,015, the total for the month of September. Taking, however, the returns as a whole, the trade for the first ten months was most satisfactory in its extent, but it does not appear to have been so remunerative as in former years. Many branches, however, have evidently been carried on at a considerable profit, for unless large profits had been made we should certainly have heard of more numerous failures from the other side.

The declared value of the exports of British and Irish produce and manufactures during the month of October was £16,895,894, against £15,547,225 in 1865, and £12,871,491 in 1864. For the ten months, the aggregate value of the shipments was £158,832,792, whilst in the corresponding period in 1865, the total shipments were valued at £185,264,602, and in 1864 at £136,275,652. The figures for each month in each of the last three years are subjoined:

The computed real value of the imports of the principal articles of merchandize in the month of September was £10,356,015; against £21,632,731 in 1865; and £19,961,633 in 1864. The total for the nine months is £174,167,605, against £137,303,165 last year, and £160,974,110 in 1864 The following figures show the total value for each of the first nine months of the present and last two years:

With regard to this country, the following is the total value of the exports during the nine months ending Sept. 30:

COTTON.

The imports of cotton in October were 36,000 cwts. less than in 1865, but from the United States, the arrivals showed an increase of 27,000 bales. The arrivals from Mexico and the West Indies have now ceased, and from Egypt only a small quantity of the new crop has as yet been received. Our latest advices from Egypt state that the crop had been overestimated, the total growth being expected to reach a total of 400,000 bales, or 200,000 bales less than the estimates first put forward. In the East Indies the crop is said to be looking well. The import of cotton into the United Kingdom during the ten months ending October 30 was 10.610,271 cwts., against 6,315,565 cwts. in 1865, and 6,146,796 cwts. in 1864. The particulars of these imports are subjoined:

IMPORTS OF COTTON INTO GREAT BRITAIN IN NINE MONTHS.

-and the computed real value of the imports for the nine months is as

The exports of cotton from Great Britain are about 950,000 cwts. in excess of last year, all importing countries having taken an increased supply. The total for the ten months is 3,032,450 cwts. against 2,186,456 cwts. in 1865, and 1,876,040 in 1864. These amounts are thus distributed :

This market has now assumed an important position throughout the world, and a considerable rise has taken place in prices since the 1st of September. In England the rise is as much as 17s. 6d. per quarter of eight bushels, and in other countries the advance is equally important.

In England the crop is somewhat below an average; but a considerable proportion has been harvested in poor condition; hence, the whole of the crop is not immediately available for consumption. In the northern counties this is especially the case, and millers in those districts are therefore compelled to go south to purchase the drier and better harvested wheats produced in that quarter. The French crop is certainly not so deficient as many persons would have led us to expect, and it is now a certainty that not only will the cargoes which had been purchased at Black Sea ports be ordered to England, but that, without these, exports of flour from French to English ports will shortly take place. Large supplies of Russian flour have for the last few weeks been received into the eastern English ports, at the rate of about 25,000 sacks of 280 lbs. weight per week; but as the navigation of the Baltic would shortly close, a termination to these importations would ensue. The Prussian crop of wheat has certainly been injured by the recent war, for although prices are so high in England, the imports from the ports of Dantzic, &c., show a considerable falling off from last year. The accounts we have received from the south of Russia are confirmatory of the excellent crop produced in that quarter. As fair supplies of wheat and large supplies of flour were expected from the Baltic prior to the close of navigation, and as there were about 700,000 quarters of wheat afloat to Great Britain from the south of Russia at the ate of our latest advices, there was a decided pause in the wheat trade, and millers showed no disposition to buy, except at reduced rates. But as the information at hand from this port was to the effect that very little produce was being shipped to Europe, holders of wheat and flour were very firm, and fully the recent advance in prices was demanded. The import of wheat into the United Kingdom in October was 1,830,569 cwts., against 3,058,269 cwts.; and of flour 258,623 cwts., against 295,396 cwts. last year The figures for the ten months are subjoined:

The imports of these during the ten months were not materially in excess