The provision of capital for early Irish railways, 1830–53

Joseph P. Lee

doi:10.1017/S0021121400021702

The provision of capital for early Irish railways, 1830–53

Published online by Cambridge University Press: 28 July 2016

Joseph P. Lee

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Lack of information about capital investment constitutes a serious gap in our knowledge of the nineteenth-century Irish economy. It is impossible to decide, for instance, how much truth there is in the almost axiomatic assertion that lack of capital was a major obstacle to Irish economic development until such elementary questions as the identity and motives of investors, the actual amount and timing of investment, and the channels of capital supply are examined. This paper considers some of these problems in connection with railways, the largest consumers of fixed capital in the midnineteenth century.

Type: Articles
Information: Irish Historical Studies , Volume 16 , Issue 61 , March 1968 , pp. 33 - 63

DOI: https://doi.org/10.1017/S0021121400021702 [Opens in a new window]
Copyright: Copyright © Irish Historical Studies Publications Ltd 1968

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References

^{page no 34 note 1} Capital authorised for Irish companies (£000,000): 1826, 0.6; 1831, 0.27; 1836, 1.55; 1837, 1.43; 1844, 1.73; 1845, 9.6; 1846, 11.3; 1847, 1.9, 1848, 0.12; 1850, 0.266; 1851, 0.298. These figures are compiled from the following sources : Monies to be raised under the sanction of the acts whereby railroad companies have been incorporated, 1826 to 1843 … H.C. 1844 (159), xli; Amount of money authorised to be raised by acts of parliament passed in 1844, 1845 and 1846 for the construction of railways in Ireland, H.G. 1846 (688), xxxviii; Railways for which acts have been passed … and the capital subscribed for each … H.C.1847-48 (22), lxiii; 1849 (7), li; 1850 (20), liii; 1851 (26), li; 1852 (37), xlviii. For capital authorised for British railways see Gayer, A.D., Rostow, W.W., Schwartz, A.J., The growth and fluctuation of the British economy, 1790–1850 (Oxford, 1953), 1, 437 (hereafter cited as British economy).Google Scholar

^{page no 34 note 2} Ireland did not wholly escape the excesses of the English mania. For especially fraudulent ventures see Lee, J., An economic history of early Irish railways (unpub. M.A. thesis U.G.D. 1965), pp 2–4 (hereafter cited as Irish railways).Google Scholar

^{page no 34 note 3} Pollins, H., ‘The marketing of railway shares in the first half of the nineteenth century’, in Econ. Hist. Rev., 2nd ser., 7 (1954), p. 232 CrossRef Google Scholar (hereafter cited as ‘Railway shares’).

^{page no 34 note 4} For references to proposed Irish schemes in 1825 see Black, R.D.G., Economic thought and the Irish question, 1817–1870 (Cambridge, 1960), p. 191 Google Scholar; Murray, K., The Great Northern Railway (Ireland) (Dublin, 1944), p. 1 Google Scholar; Francis, J., History of the English railway (London, 1851), 1, 140–1Google Scholar; Second report of the commissioners appointed to consider and recommend a general system of railways for Ireland, p. 17, H.C. 1837–8 (145), XXXV (hereafter cited as Drummond report); Prospectus of the Hibernian General Railway Company (London, 1825).

^{page no 35 note 5} The 26 projects are mentioned in the Railways Commission minute book, 20 Oct. 1836-13 Mar. 1839 (P.R.O.I., 2D. 59. 51).

^{page no 35 note 6} The IRG lists 26 schemes on 6 Jan. 1845, p. 76, and a further 122 on 8 Dec. 1845, p. 112, of which only 70 actually applied to parliament. Spackman, W.F., An analysis of the railway interest of the United Kingdom (London, 1845)Google Scholar listed 130 Irish schemes prior to Oct. 1845. 61 of these had London addresses, and 31 had no addresses at all, being described by the Irish Railway Telegraph, 29 Nov. 1845, pp I53–4i as ‘merely … ideas which flitted through the brains of our railway projectors’.

^{page no 35 note 7} Thorn’s Directory, 1851, p. 205.

^{page no 35 note 8} M.G.W. GB, ii, 4 Sept. 1851 (KB).

^{page no 35 note 9} W. & L. Proceedings of the committee, i, 2 May 1849 (KB).

^{page no 35 note 10} Ibid.

^{page no 35 note 11} D. & E. GB, ii, 3 Aug. 1849 (AS).

^{page no 35 note 12} Ibid., 24 Jan. 1851.

^{page no 35 note 13} Bankers’Magazine, iii, May 1845, p. 67.

^{page no 35 note 14} M.G.W. GB, ii, 4 Sept. 1851 (KB).

^{page no 35 note 15} D. & E. Committee book no. 3, 11 May 1848 (AS).

^{page no 36 note 16} Conroy, J.G., A history of railways in Ireland (London, 1928), p. 5 Google Scholar; Black, , Economic thought, p. 193.Google Scholar

^{page no 36 note 17} Drummond report, app. II, pp 30, 33.

^{page no 36 note 18} Railway Times, 12 May 1838, p. 241.

^{page no 36 note 19} Gayer, , Rostow, , Schwartz, , British economy, 1, 375.Google Scholar

^{page no 36 note 20} U.R. Proceedings of the council, i, 14 June 1841 (AS).

^{page no 36 note 21} Railway Times, 19 Jan. 1839, p. 73.

^{page no 36 note 22} IRG, 25 Oct. 1847, p. 450.

^{page no 37 note 23} Prospectus of the Dundalk Western Railway (London, 1837X pp 6–9; Murray, K., The Great Northern Railway (Ireland), p. 44.Google Scholar

^{page no 37 note 24} D. & D. GB, i, 22 Feb. 1836 (AS).

^{page no 37 note 25} Ibid., 23 Mar. 1836.

^{page no 37 note 26} Ibid., 19 Apr. 1836.

^{page no 37 note 27} Gayer, , Rostow, , Schwartz, , British economy, 1, 375.Google Scholar

^{page no 37 note 28} D. & D. GB, i, 2 May 1837.

^{page no 37 note 29} Ibid., 15 Mar. 1837

^{page no 37 note 30} Railway Times, 17 Mar. 1838.

^{page no 37 note 31} Ibid.

^{page no 37 note 32} D. & D. GB, ii, 15 June 1838 (AS).

^{page no 37 note 33} Ibid., 30 Aug. 1839.

^{page no 38 note 34} Ibid., 13 Dec. 1839.

^{page no 38 note 35} W. & L. GB, i, 2 Dec. 1845 (KB).

^{page no 38 note 36} IRG, 25 May 1846, p. 374.

^{page no 38 note 37} I.S.E. Letter book, i, G. Wilson to S. Hardy, 5 Oct. 1847 (KB).

^{page no 38 note 38} G.S. & W. General meetings minute book, i, 15 Mar. 1848 (KB).

^{page no 38 note 39} Gayer, , Rostow, , Schwartz, , British economy, 1, 375.Google Scholar

^{page no 38 note 40} IRG, 4 Nov. 1844, p. 4.

^{page no 39 note 41} IRG, 2 Dec. 1844, p. 36.

^{page no 39 note 42} IRG, 21 Apr. 1845, p. 200.

^{page no 39 note 43} IRG, 15 Dec. 1845, p. 125.

^{page no 39 note 44} IRG, 30 Mar. 1846, p. 306.

^{page no 39 note 45} Report by the lords’select committee on the management of railroads … together with the minutes of evidence, H.G. 1846 (489), xiii, q. 411; see also Porter, J.G.V., Irish railways (Dublin, 1847), p. 8.Google Scholar

^{page no 39 note 46} Vignoles, G.B., ‘Railways in Ireland’ in Dublin University Magazine, 12, Jan. 1842, p. 128.Google Scholar

^{page no 40 note 47} Quoted in IRG, 21 July 1845, p. 515.

^{page no 40 note 48} Thorn’s Directory, 1855, p. 383.

^{page no 40 note 49} List of … all persons subscríbing … to any railway subscription contract … during the present session of parliament, H.C. 1845 (317) (625), xl; H.C. 1846 (473), xxxviii.

^{page no 40 note 50} H.L. 1847 (54), xv.

^{page no 41 note 51} For the calculations on which these figures are based see Lee, , Irish railways, pp 192–201.Google Scholar

^{page no 42 note 52} H.C. 1864 (513), XV, app. no. 4, iii, p. 326.

^{page no 42 note 53} See Disraeli, B., Life of Lord George Bentinck (London, 1852), p. 344 Google Scholar; Holland, B., The story of the Irish railway problem (Dublin, 1899), p. 13 Google Scholar; O’Brien, G., The economic history of Ireland from the union to the famine (London, 1921), p. 566 Google Scholar; Conroy, J.C., A history of railways in Ireland, p. 13 Google Scholar; Lynch, P. & Vaizey, J., Guinness’s brewery in the Irish economy (Cambridge, 1960), p. 172 Google Scholar; Robinson, H.W., A history of accountants in Ireland (Dublin, 1964), p. 72.Google Scholar

^{page no 42 note 54} Second report from the select committee on advances made by the commissioners of public works (Ireland), H.G. 1835 (573), xx q. l498 (hereafter cited as Second report on public works).

^{page no 42 note 55} Ulster Railway, Register of shareholders, 15 Sept. 1836 (AS); Minutes of evidence taken before the committee on the Dublin & Drogheda Railway (London, 1836), pp 13–27 (hereafter cited as Evidence on D.& D.R).

^{page no 42 note 56} G.S. &W. GB, i, 15, 22 Mar. 1844 (KB). Broadbridge, S.A., ‘The early capital market : the Lancashire and Yorkshire Railway’, in Econ. Hist. Rev., 2nd ser., 8 (1955), p. 212 CrossRef Google Scholar, argues that Lancashire remained the key to the railway capital market throughout 1844 and into 1845. It would be interesting to see if the experience of lines in the south of England corresponds to that of the Lanes. & Yorks, or of the G.S. & W in this respect.

^{page no 43 note 57} G.S. & W. Extension, subscription contract, 1845; Great Western, sub. con. 1845 and M.G.W. Extension, sub. con. 1846; B. & CD. sub. con. 1846; W.&K. sub. con. 1845; L. & G. sub. con. (1845) (H.L.R.O.).

^{page no 43 note 58} See the frank admission of William Conquest, in IRG, 5 Oct. 1846, p. 591.

^{page no 43 note 59} Lynch, & Vaizey, , Guinness’s brewery, p. 9.Google Scholar

^{page no 43 note 60} G.S. & W. GB, i, 5 Feb. 1844 (KB).

^{page no 43 note 61} IRG, 28 May 1849, p. 190; Great Western, sub. con. 1845 (H.L.R.O.),

^{page no 43 note 62} Boyd, J.I.G., The Festiniog Railway (London, 1956), 1, 9–11 Google Scholar; Railways commission minute book, 7 Nov. 1837 (PRO.I., 2D. 59. 51); G.S. & W. GB, i, 22 Apr. 1843 (KB).

^{page no 44 note 63} Evidence on D. & D.R. (London, 1836), p. 28; H.G. committee on the Dublin & Belfast Junction railway bill, 21 May 1845, Ρ. 114 (H.L.R.O.); IRG, 1 Sept. 1845, p. 576.

^{page no 44 note 64} Dow, G., Great Central (London, 1959), 1, 39, 61.Google Scholar

^{page no 44 note 65} Roney was a promoter of the Dublin Industrial Exhibition of 1853.

^{page no 44 note 66} Dublin & Kingstown railway bill, H.C. committee on the D. & K.R. (London, 1833), evid. of J. U. Rastrick, q. 78, 20 May 1833.

^{page no 44 note 67} Of the Birmingham shareholders recorded in D. & K. Letter book, i, 19 July 1833 (KB), for instance, Daniel Ledsam became a shareholder in the Ulster, and William Gadbury in the G.S. & W.

^{page no 44 note 68} U.R. sub. con., 1836 (H.L.R.o.); Evidence on D & D.R. (London, 1836), pp 13–27.

^{page no 44 note 69} Evidence on D. & D.R. (London, 1836), p. 413.

^{page no 45 note 70} All references to individuals holding shares are based on the subscription contracts of the specified companies.

^{page no 45 note 71} Extracts from the minutes of evidence given before the committee of the House of Commons on the Great Western Railway bill (Bristol, 1834), p. 14.

^{page no 45 note 72} Ibid.

^{page no 45 note 73} Railway Times, 18 Aug. 1838, p. 451 (p. 449 in fact, but pagination duplicated).

^{page no 45 note 74} W.W.W. & D. GB, i, 3, 18 Dec. 1846 (KB).

^{page no 45 note 75} Pollins, ‘Railway shares’, p. 234.

^{page no 46 note 76} G.S. & W. sub. con. 1844 (H.L.R.O.); IRG, 4 Nov. 1844, p. 4.

^{page no 46 note 77} G.S. & W. GB, i, 15, 22 Mar. 1844 (KB).

^{page no 46 note 78} Ibid., 15 Mar. 1844.

^{page no 46 note 79} Ibid.

^{page no 46 note 80} Ibid.

^{page no 46 note 81} IRG, 3 July 1848, p. 213.

^{page no 46 note 82} G.S. & W. GB, i, 22 Mar. 1844 (KB).

^{page no 47 note 83} IRG, 4 Nov 1844, p. 4.

^{page no 47 note 84} G.S. & W. GB, i, 22 Mar. 1844 (KB).

^{page no 47 note 85} Pollins, ‘Railway shares’, p. 238.

^{page no 47 note 86} Joseph Lawrence to Alderman Boyce (KB, M.G.W. GB, i, 9 Sept. 1844).

^{page no 47 note 87} D. & K. Subscription list, 1831 (H.L.R.O.).

^{page no 48 note 88} Second report on public works, evid. of James Pirn, qs 1498, 1501.

^{page no 48 note 89} List of D. & K. shareholders in Kingstown & Bray, Provisional committee minute book, 12 Feb. 1845 (KB).

^{page no 48 note 90} U.R. Register of shareholders, 15 Sept. 1836, 5 Sept. 1845, 13 Sept. 1849 (AS).

^{page no 48 note 91} IRG, 24 Aug. 1846, p. 510, 4 Jan. 1847, p. 88.

^{page no 48 note 92} D. & B.J. Registry of shareholders, 28 Aug. 1850, 15 Feb. 1854 (AS).

^{page no 48 note 93} Hancock, W.N., Report on the supposed progressive decline of Irish prosperity (Dublin, 1863), p. 55.Google Scholar

^{page no 49 note 94} Ibid.

^{page no 49 note 95} Disraeli, , Life of Lord George Bentinck (London, 1852), p. 344.Google Scholar

^{page no 49 note 96} List of D. & K. shareholders in Kingstown & Bray, Provisional :ommittee minute book, 12 Feb. 1845 (KB).

^{page no 49 note 97} D. & D. Register of shareholders, 18 Feb. 1850 (AS).

^{page no 49 note 98} U.R. Register of shareholders, 15 Sept. 1836, 5 Sept. 1845 (AS). The main factor preventing a precise allocation of subscribers into commercial and non-commercial categories is the tendency of businessmen to describe themselves as gentlemen. The margin of error can be reduced by use of directories, etc., but it cannot be entirely eliminated. It is also impossible to calculate how much of the non-commercial capital may bave been originally acquired in trade. Landed capital is included under non-commercial, but this makes no appreciable difference because very little landed capital found its way into railways at this time. The subscription contracts refute L. H. Jenks’claim that in Ireland ‘capital … deserted agriculture’to invest in railways (The migration of British capital to 1875 (New York, 1927), p. 154).

^{page no 49 note 99} Williams, C.W., Observations on the inland navigation of Ireland (2nd ed, London, 1833), p. 13,Google Scholar n. On the other hand, the subscription contracts for English lines in 1845 include only £168,000 Irish capital (Alphabetical list of the names … of all persons subscribing … to any railway subscription contract … during the present session of parliament, U.C. 1845 (625), xl). It may be, however, that once the companies had filled in England the 75% of the contracts required by parliament, they did not bring them over to Ireland for signature.

^{page no 50 note 1} Pollins, , ‘Railway shares’, p. 234.Google Scholar

^{page no 50 note 2} Second report on public works, H.G. 1835 (573), xx, evid. of John Patterson, qs 1940–42.

^{page no 50 note 3} Gurrie, A.W., The Grand Trunk Railway of Canada (Toronto and London, 1958), p. 77.Google Scholar This may have been due to the influence of Sir Gusack Roney, an Irishman who became secretary of the Grand Trunk.

^{page no 50 note 4} Second report on public works, H.G. 1835 (573)? evid. of James Pirn, q. 1504. When applying for a loan to the Board of Works the D. & K. urged that if the line were successful ‘public undertakings in Ireland will no longer be considered as fit subjects only for derision and discouragement, private capital will be awakened from its torpor and the spirit of enterprise called forth …’(KB, D. K GB, i, 31 Aug. 1832).

^{page no 50 note 5} IRG, 1 Feb. 1847, p. 122.

^{page no 50 note 6} Thom’s Directory, 1855, p. 383.

^{page no 51 note 7} IRG, 26 Mar. 1849, p. 106.

^{page no 51 note 8} D. & K. GB, ii, 30 Jan. 1836 (KB); D. &D. GB, v, 8 Aug. 1845 (AS); M.G.W. GB, ii, 22 Feb. 1846 (KB).

^{page no 51 note 9} IRG, 10 Mar. 1845, p. 151.

^{page no 51 note 10} D. & K. GB, iii, 27 June 1838 (KB).

^{page no 51 note 11} D. & K. GB, ii, 21 Apr. 1836, iii, 27 Apr. 1838 (KB).

^{page no 51 note 12} Hall, F.G., History of the Bank of Ireland (Dublin and Oxford, 1949), p. 223.Google Scholar

^{page no 52 note 13} U.R. Proceedings of the council, i, 4 July 1838, 16 July 1840 (AS); IR G, 29 Nov. 1847, p. 491.

^{page no 52 note 14} IRG, 2 Mar. 1846, p. 255.

^{page no 52 note 15} W. & L. GB, i, 30 Mar., 27 May 1847 (KB). This was procured through C. S. Saunders, secretary of the Great Western (England), whose brother, William, was secretary of the W. & L.

^{page no 52 note 16} D. & D. GB, iii, 20 Oct. 1843, v, l9 Mar- 1847, vi, 18 Jan. 1850 (AS).

^{page no 52 note 17} D. & K. GB, iv, 19, 23, 29 Apr. 1842 (KB); D. & D. GB, vi, 26 Aug. 1853 (AS).

^{page no 52 note 18} U.R. GB, ii, 9 Sept. 1852 (AS).

^{page no 52 note 19} Lee, J., ‘The construction costs of Irish railways 1830–1853’, in Business History, 9 (1967), p. 106.CrossRef Google Scholar

^{page no 52 note 20} M.G.W. Land and works committee, ii, 27 Nov. 1849 (KB). Though the banks’role in railway finance should not be underestimated, they were by no means as important as Milne, K. suggests in history of the Royal Bank of Ireland Limited (Dublin, 1964),Google Scholar where he repeats F.G. Hall’s error in claiming that the lines relied wholly on bank credit during the construction period, and that ‘it was not, generally speaking, until the work had been completed that such ventures were floated as public companies, using their funds from the sale of shares in order to pay off the original1 loan’ (Milne, p. 68; Hall, , Bank of Ireland, pp 222–3).Google Scholar

^{page no 53 note 21} D. & B.J. GB, iii, 26 Oct. 1850 (AS).

^{page no 53 note 22} U.R. Proceedings of the council, ii, 19 Nov. 1846, GB, ii, 14 Jan. 1852 (AS).

^{page no 53 note 23} D. & D. GB, 22 Aug. 1845 (AS).

^{page no 53 note 24} W. & L. Proceedings of the committee, i, 30 Apr. 1847, GB, i, 14 Mar. 1851 ; G.S. & W. GB, v, 15 Feb. 1849 (KB).

^{page no 53 note 25} W. & L. GB, i, 20 Oct. 1846, 24 July 1850; M.G.W. GB, ii, 3 Aug. 1848 (KB); D. & E. GB, i, 16 Dec. 1846, 30 Nov. 1850 (AS).

^{page no 53 note 26} M.G.W. GB, ii, 2 Feb. 1846, 26 Mar. 1847, 3 Aug. 1848, 19, 20, 26 July, 13 Dec. 1849, Finance committee, i, 5 Nov. 1846 (KB).

^{page no 54 note 27} Black, , Economic thought, p. 191.Google Scholar

^{page no 54 note 28} Second report on public works, H.G. 1835 (573), xx, evid. of Dixon Holmes, q. 1315; Railway Times, 11 Aug. 1838, p. 433.

^{page no 54 note 29} Second report on public works, H.G. 1835 (573), xx, evid. of James Pirn, q. 1461. The first year of D. & K. GB, i (KB), is devoted almost solely to correspondence with the board of works.

^{page no 54 note 30} Second report from the select committee of the House of Lords on audit of railway accounts, H.G. 1849 (371), x, evid. of James Pirn, q. 3440.

^{page no 54 note 31} Dublin & Kingstown railway bill, H.C. committee on the Dublin & Kingstown railway (London, 1833), 23 May 1833 p. 9.

^{page no 55 note 32} Ibid., 24 May 1833, p. 2; see also 25 May, p. 9.

^{page no 55 note 33} First report … on … public works (Ireland), p. 21, H.G. 1835 (329, xx.

^{page no 55 note 84} Wrottesley, G., Life and correspondence of Field Marshal Sir John Fox Burgoyne, Bart. (London, 1873), 1, 402–7.Google Scholar

^{page no 55 note 35} D. & D. GB, ii, 17 June 1842 (AS); see also IRG, 10 Mar. 1845, p. 150.

^{page no 55 note 36} The advance came from the exchequer bill loan commissioners, who had been entrusted since 1817 with a limited sum to extend annually to public works without recourse to parliament. Peel was always unwilling to ask parliament to vote advances to railways (Hansard 3, lxxxvi, 7–9, 4 May 1846).

^{page no 56 note 37} The timing of the revival was probably partly determined by Peel’s loan to the D. & D., which must have encouraged Purcell and Perry to hope for aid, and partly by Purcell’s loss of the government mail contract in 1842, a serious blow to his coaching business. On the mail contract question, see Purcell to Peel, 1 Apr., 10 July, 10 Aug. 1843 (B.M., Peel Papers, Add. MS 40527, f.22, 40531, ff.223–31).

^{page no 56 note 38} Peel to Purcell, 10 May 1843 (B.M., Peel Papers, Add. MS 40527, f.381), G.S. & W. GB, i, 27 July 1843, p. 20 (KB).

^{page no 56 note 39} Drummond report, p. 39, H.G. 1837–8 (145), xxxv.

^{page no 56 note 40} Peel intended that the exchequer bill loan commissioners should make an advance when sufficient length of line had been built to be offered as security (Peel to H. Goulborn, 19 Nov. 1843, B.M., Peel Papers, Add. MS 40480, f.306). Goulborn, the chancellor of the exchequer, opposed the advance on laissez faire grounds, and also disliked the idea of a railway through Tipperary 4 for the purpose of quieting a lawless population through employment’(Goulborn to Peel, 6 Dec. 1843, B.M., Peel Papers, Add. MS 40480, fF.313–14).

^{page no 56 note 41} IRG, 3 July 1848, p. 213.

^{page no 56 note 42} Peel to Lord Devon, 15 May 1844 (B.M., Peel Papers, Add. MS 40544, ff 252–3).

^{page no 56 note 43} The Ulster shareholders were reluctant to pay their calls, but not to quite the same extent as those in the D. & D., and the company managed to struggle the 25 miles from Belfast to Portadown between 1836 and 1844.

^{page no 57 note 44} IRG, 215 28 Dec. 1846, pp 72, 80.

^{page no 57 note 45} Hansard 3, lxxxix, 780, 794, 801 (4 Feb. 1847).

^{page no 57 note 46} Ibid., 788–90; Black, , Economic thought, p. 197.Google Scholar

^{page no 57 note 47} Hansard 3, lxxxix, 793 (4 Feb. 1847).

^{page no 57 note 48} Hansard 3, xcii, 286 (30 Apr. 1847).

^{page no 57 note 49} Black, , Economic thought, pp 196–7.Google Scholar

^{page no 58 note 50} Hansard 3, lxxxix, 806 (4 Feb. 1847). Companies did in fact reject the debilitated nominees of the relief committees as labourers (IRG, 14 Dec. 1846, p. 64).

^{page no 58 note 51} Trevelyan to Labouchere, 6 Oct. 1846, Correspondence relating to applications for loans for the construction of railways, pp 27-8, H.C. 1847 (764)5 1 (hereafter cited as Correspondence relating to railways).

^{page no 58 note 52} Hansard 3, xcii, 286 (30 Apr. 1847).

^{page no 58 note 53} Ibid.; see also Hansard 3, xeiii, 983 (28 June 1847).

^{page no 58 note 54} Trevelyan to Labouchere, 6 Oct. 1846, Correspondence relating to railways, pp 27–8, H.C. 1847 (764), 1.

^{page no 59 note 55} Ibid., pp 44–7.

^{page no 59 note 56} Ibid.

^{page no 59 note 57} Jones to Trevelyan, 27 Dec. 1846, ibid., p. 453.

^{page no 59 note 58} L. & E. GB, i, 23 Nov. 1846 (P.R.O.N.I.).

^{page no 59 note 59} Drummond report, pp 30, 33, app. no. 2, H.C. 1837-8 (145), xxxv.

^{page no 59 note 60} Jones to Trevelyan, 27 Dec. 1846, Correspondence relating to railways, p. 453, H.C. 1847 (764), 1.

^{page no 59 note 61} D. & B.J. GB, ii, 2 Sept. 1848 (AS).

^{page no 59 note 62} IRG, 29 Oct. 1849, p. 364.

^{page no 60 note 63} First report of the commissioners appointed to inspect the accounts and examine the works of railways in Ireland, H.G. 1867–8 (4018), xxxii.

^{page no 60 note 64} D. & E. GB, i, 13 June 1846 (AS).

^{page no 60 note 65} D. & D. GB, v, 5 Dec. 1845 (AS).

^{page no 60 note 66} G.B. & P. Incident book, i, 17 Mar. 1846 (KB).

^{page no 60 note 67} G.S. & W. GB, iv, 7 Jan. 1847 (KB).

^{page no 60 note 68} L. & E. GB, i, 14 Dec. 1846 (P.R.O.N.I.).

^{page no 61 note 69} Hansard 3, xcii, 219 (30 Apr. 1847); IRG, 17 Aug. 1846, p. 505.

^{page no 61 note 70} G.S. & W. GB, iv, 16 Mar. 1847 (KB).

^{page no 61 note 71} Saunders News Letter, 30 Sept. 1848.

^{page no 61 note 72} G.S. & W. GB, v, 17 May 1849, pp 64-5; IRG, 1 Oct. 1849.

^{page no 61 note 73} D. & BJ. GB, iii, 31 Mar., 26 June 1852 (AS). The authorities reduced the rate to 4% in 1853 after concerted railway pressure.

^{page no 61 note 74} For land costs see J. Lee, ‘The construction costs of Irish railways 1830-53’, Business History, ix (1967), pp 96–8.

^{page no 62 note 75} MacPherson, W.J., ‘Investment in Indian railways 1845–1875’ in Econ. Hist. Rev., 2nd ser., 8 (1955), p. 180.Google Scholar

^{page no 62 note 76} Muggeridge, R.M., Notes on the Irish difficulty; with remedial suggestions (Dublin, 1849), p. 60.Google Scholar

^{page no 62 note 77} Guinness, A.L.O., Is agitation useful? and when? (Dublin, 1848), p. 27.Google Scholar

^{page no 63 note 78} Hall, F.G., Bank of Ireland, pp 136–8.Google Scholar

^{page no 63 note 79} Dillon, M., The history and development of banking in Ireland (London, 1889), p. 68.Google Scholar

^{page no 63 note 80} Smyth, G.L., Ireland, historical and statistical (London, 1844–9), 3, 366n.Google Scholar

^{page no 63 note 81} In this respect Ireland does not support the belief that ‘foreign investment did not usually join in until comparatively late in the day, lagging behind rather than running in front’( Cairncross, A.K., ‘The contribution of foreign and indigenous capital to economic development’, in Proceedings of the eleventh international conference of agricultural economists (London, 1963), p. 159.Google Scholar

^{page no 63 note 82} Third report … on the state of the poor in Ireland, H.G. 1830 (665), vii, q. 5924.

^{page no 1 note 83} Longfield, M., ‘Address at olose of 2nd session, June 1849’, p. 14 Dublin Statistical Society, i.Google Scholar

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