[47] There are some cases in Ireland in which Baronial Guarantees in respect of portions of the capital of railways have been given.
It is remarkable that Sir Bernhard Samuelson’s report gives no information as to the railways of France, though the nearest of the Continental countries, and though many of her products compete with ours. To correct this deficiency, it may be desirable to mention a few facts. The French Government constructed the first railways opened in that country or made advances for that purpose without charging interest; and they have since made or purchased other lines. In aid of the original lines for which concessions for 99 years were granted, the State in France contributed a vast amount, as appears by the following statement:--
Amount contributed by the State as shewn at December 31st, 1882 £66,639,549 Divers contributions also given by towns to the extent of 1,753,992 The Companies have themselves provided 340,421,032 ------------ £408,814,573
Upon the State railways (that is, for lines now worked by the Government) they have expended to December, 1882 33,851,598 In addition to which divers subscriptions were given by towns to the extent of 1,305,334 ------------ £443,971,505
Out of which the State (as shown above) provided £100,491,147 ============ The total amount was thus found in the following proportions:-- A.--By the State on lines worked by the Companies 15 per cent. On lines worked by the State 7·6 per cent. ---- 22·6 Contributions made by towns, &c. 0·7 per cent. B.--Capital provided by the Companies 76·7 per cent.
The total capital expended on French railways up to the end of 1884 had increased to £532,960,000,[48] of which sum the State had provided £148,680,000, or 27·9 per cent.; in addition to which the subscriptions given by towns amounted to ·8 per cent. Thus, up to December 31st, 1884, the capital provided by the companies themselves was not more than 71·3 per cent. of the whole. The French Government have also guaranteed the dividend on four of the great lines at rates varying from 7 to 12 per cent. Two other great companies may pay 11 and 13·5 per cent. dividend respectively before they can be called upon to construct any new lines; while all the six companies may earn dividends varying from 10 to 22 per cent. before they are bound to divide any surplus with the Government.