injure Northern trade; so that although we may escape the impost, yet we do not escape its effects.

That there is real danger of our losing permanently our former ascendency in the cotton trade is evident from a comparison of the imports of American cotton and of that of other countries into Great Britain before the war and since. The following figures will illustrate this point:

For the ten years preceding the war the imports of American cotton amounted to 7,127,500,000 pounds, and of the cotton of other countries to 2,161,000,000 pounds; the proportion of the whole imports consisting of American being 77 per cent., and of all other countries 23 per cent. In 1865, the proportion of American was 14 per cent. and of other countries 86 per cent.; but, owing to the continuance of the war during the first four months of the year, that period must be regarded as exceptional. In 1866, when planting in the South had been resumed, the receipts from the United States were 38 per cent. of the whole, and from other countries 62 per cent. Taking the receipts at Liverpool, for the two last cotton years (ending August 31, 1866 and 1867), we find the proportion in bales has been 37 per cent. of American and 73 per cent. of other countries. These statistics show that we have lost ground immensely, and should be regarded as affording a conclusive reason why the Government should relieve this interest of its burthens.

While we are now raising cotton without profit, India cotton is selling at 7d. per pound at Liverpool, or about 60 per cent. above its value before the war. In other words, the India growers can afford to have the price of their staple reduced 24d. per pound before they are placed in their former position of competition with the United States. Can we afford a proportionate reduction in the priee of our staple? If not, how are we to compete with Eastern cotton? That the planter should be able to pay the tax under such circumstances is clearly impossible.

MOUNT CENIS SUMMIT RAILWAY.

The line of railway which has been in the course of construction for the last eighteen months over this pass, and which follows in the main the great road of the First Napoleon, was successfully traversed on the 21st ultimo over its whole length of 48 miles by a locomotive engine. A train composed of an engine and two carriages left the St. Michel station at 6:30 A. M. There were present the Duke of Vallambrossa; Mr. Fell, the inventor of the system; Mr. Brogden, a director of the company; Mr. Brunlees, the engineer, and his assistant, Mr. Bell; Mr. Blake, the agent of the company; Mr. Alexander and Mr. Barnes, locomotive engineers; Signor Copello, chief engineer for the Modane section of the tunnel; Captain Beaumont, R. E., Mr. James Drogden, Mr. Jopling, Mr. Morris and Captain Tyler, R. E., on the part of the British Government.

Mr. Fell's system consists of the application of a central double-headed rail placed on its side in the middle of the way and elevated about fourteen inches above the ordinary rails. There are four horizontal driving wheels on the engine under the control of the engine driver, which can be made by pressure to grasp the central rail so as to utilize the whole power of the engine, and so enable it to work up incredible gradients without slipping. The carriages, also; have four horizontal wheels underneath, which, with the central rail, form a complete safety guard. In addition to the ordinary break there are breaks upon the central rail. It would appear, therefore, impossible for the engine carriages to leave the rail where the central one is laid.

8

The morning was admirably adapted for the trip, the sun shining with great brilliancy upon the Alpine peaks and the numerous glaciers which are visible in the different parts of the route. After leaving the deep valley in which St. Michel is situated, the line passes by a gradient of one in thirty to the Pont de la Denise, where an iron bridge spans the river Arcq near the site of that which was carried away by the inundations of last year. As the little train passed the village of Fourneau, the workmen of the Grand Tunnel of the Alps turned out en masse, and, as at all other parts of the route, they were observed stooping down, and even endangering their lives for the purpose of inspecting the unusual mechanism of the engine for working on the central rail. The first very steep gradient of one in twelve was seen in passing Modane, and, foreshortened to the view, appeared on the approach as if impossible to surmount; but the engine, the second constructed on this system, had already proved equal to the task on the experimental line, and, clutching the central rail between its horozont a wheels, it glided quickly up, under a pressure of steam not more than 80 lbs. to the square inch, without apparent effort. The progress was purposely slow, because no engine or carriage had previously passed over the line, and also to give opportunity for examining the works. The damages to the road on which the line was chiefly laid were found to be substantially repaired by the French government. The magnificent scenery around, and the waterfall near Fort Sessaillon were much admired, as the sharp curves afforded different views while passing on the edges of the deep ravines. The train entered Lanslebourg station under a triumphal arch, having accomplished 24 miles of distance, and attained an ele vation of 2,100 feet above St. Michel.

From this point the zigzags of ascent commence, and the gradients over a distance of four miles were for the most part one to twelve. Looking down from the train near the summit, as if from a balloon, four of the zigzags were visible at the same instant, to a depth of two thousand feet. The power of the engine was satisfactorily tested in this ascent, and the summit was reached under salvos of artillery from an improvised battery, and amid the cheers of French and Italians who had gathered to welceme the English on the frontier. The engine again came to a stand under a triumphal arch, at an elevation of 6,700 feet above the sea. Flags of the three nations, and a silk flag specially presented by Signor Ginaoli to Mr. Fell, waved over a sumptuous breakfast, also provided by that gentleman. The hospice, the lake, and the plateau of the summit, surrounded by snow-clad peaks and glaciers, rising to an elevation of from 10,000 feet to 13,000 feet were passed, and the portion of the descent commenced from the Grand Croix. The railway here follows the old Napoleon road, which was abandoned long since for diligence traffic on account of the dangers from avalanche. Masonry-covered ways of extraordinary strength had here been specially provided for the railway.

The descent to Susa was a series of the sharpest curves and steepest gradients on which the central rail had been continuously laid. The Valley of the Dora, with Susa and the Convent of San Michel, and even the Superga above Turin, visible for thirty miles in the distance, presented a magnificent panorama, as the train wound through a clear atmosphere round the mountain side. The confidence of the party on a trip which would, under ordinary circumstances have been so dangerous, was manifested by their crowding round all parts of the engine, from which, under a feeling of the security afforded by the central rail, they thoroughly enjoyed the ever-changing scenes as they passed round the edges of the various precipices. Susa was entered amid the acclamations of multitudes of spectators, and the party adjourned to dine at the Hotel de France.

Thus was completed a journey unexampled in its character both as respects the steepness of gradients, the elevation of the summit level, and the difficulty with which the curves and precipices were overcome.

GRENVILLE AND COLUMBIA (S. C.) RAILROAD.

The Grenville and Columbia Railroad is constituted as follows;

The fiscal is the same as the calendar year. During the early months of 1866 the track was incomplete and remained so until May 31, and it was not until August 31 that the bridge over the Broad River at Alston was restored. In the meantime passengers and goods had been carried on the Broad River between

Columbia and Alston. and from May to August had still to be ferried across the river at the latter point. With exception of the newly laid portions the roadway is reported to be still imperfect and needing extensive repairs.

The rolling stock at the end of 1866 consisted of 16 freight of 7 passenger locomotives; 5 passenger and 8 2d class and mail cars; and 58 freight cars in order and 3 passenger and 2 mail cars, and 21 freight cars which will be rebuilt. The company at the same time were building 8 new cars. The freight stock requires to be largely increased to meet the business offering. During the year passenger trains had been run 60,598 miles, and freight trains 57,840 miles, carrying 31,326 passengers and with its freight, 11,343 bales of cotton.

The gross earnings in the year 1866

Amounted to the sum of

Viz.: from freight $126,3.1 28, passengers $112,917 98, government business $4,859 05, and mails $7,42 88.

.$251,931 17

Ccurrent expenses (including $20,000 extraordinory)...

144,730 37

.$107,200 82

Net income after deducting expenses....

And there was expended during the year for reconstruction and repairs made necessary by war and freshet $157,686 34.

The total receipts and disbursements, from January 1 to December 31, 1866, are thus shown in the statement of the auditor, viz. :

The capital account in which is shown the condition of the company at the close of 1866 is as follows:

The approximate loss and damage sustained by war and freshet is set down at $323,205 90, and the loss in assets by the collapse of the Confederate government at $925,568 02.

DEBT AND FINANCES OF ALBANY.

The indebtedness of the City of Albany is arranged under the three heads of "General Debt," "Water Debt," and "Contingent Debt," the details of each of which, as they stood on the 1st November, 1866, are shown in the following statement:

Principal payable.

GENERAL DEBT (principal and interest chargeable on taxation).

On demand

-Amounts outstanding

1868..

20,000

66 66

20,000

21,000

20,000

20.000

1873.

20,000

100,000

20,000

20,000

20,000

20,000

20,000

Feb. 1 & Aug. 1. Boston.

10,000

44

20,000

Included in the above are $100,000 6 per cents, due 1880-84, issued for the relief of families of drafted men, and $190,000 6 per cents due 1885-94, issued for the purchase of Congress Hall block.

In addition to the foregoing are bonds of the city loaned to the Albany Northern Railroad Company amounting to the sum of $300,000, 6 per cents, principal payable May 1, 1879, and interest May 1 and November 1, in the city of New York. Including this amount the sum total dependent on taxation for prin. cipal and interest is $744,500.

The sinking fund established for the extinguishment of this debt now holds investments to the amount of $10,000 (city bonds of 1881 and 1882) bearing 6