We took occasion, twelve months ago, to protest against Shanghai being accused of lack of enterprise because it bad not yet made the Woosung Tramway. The charge of slowness may or may not lie against its residents, in some respects; but it was not fair to charge them with apathy in regard to a scheme that had not yet been laid before them. "Let," we then wrote, "a competent Board of Directors be named, a capital sum fixed, bankers appointed, the whole thing properly advertised, and tenders for scrip invited; and we believe there would be a very good chance of getting the money even in these days of bad silk, inflated teas, depressed shares, smashed piece goods, and general impecuniosity." A Tumour subsequently got abroad that an engineer- had come out from England, and killed the enterprise by an extravagant estimate of cost; and people almost feared the scheme was really dead, and that there would be no tramway during the present genera. tion. Weare glad to learn that this is not the case, but that there is now a better prospect than ever of the idea being carried out. A Board of Direc. tors has been named, a capital sum has been fixed, estimates have been obtained, contractors have been negotiated with—and applications for scrip are now invited, Silk is, if possible, worse, teas are more inflated, shares more depressed, piece goods more systematically smashed, and impecuniosity is more hopelessly general than ever; but we still believe Shanghai will readily give the Ts. 15,000 which, only, we are asked to contribute towards the undertaking, Itis needless to say that the estimates have been framed with a most careful regard to economy; our readers will be convinced of the fact when we say that £50,000 will cover the total outlay, As all are aware, the ground has been purchased and a road partially laid out for a distance of some 94 miles from the Soochow Creek to the Woosung Creek. The original purchasers of this roadway are prepared to make it over to the Tramway Company at cost price, without any claim for profit or interest, and to take payment in shares. Nearly half of the required capital is thus at once provided, and absorbed, On the roadway, it is proposed to lay down a single line of rails of the gauge of 2 ft. 6 in, and to main. tain communication between Shanghai and Woosung by light.trains for both passengers and goods traffic. There will, of course, be terminal stations at these two places, and small calling stations at the half-way town of Kung-wan and at the Woosung Custom House on the main river, The coustruction of the line, the purchase of rolling-stock, erection of premises, and all incidental expenses will cost only £28,000; and this sum, as we said before, has been subscribed within Tls. 15,000 which Shanghai is now asked to contribute. As the Company has been formed in England, the shares have been given a sterling denomination. They are of £20 each, so that no one-need be deterred by fear of loss, even if the enterprise prove unremunerative. This is a point on which we are aware that considerable difference of opinion exists. We are inclined, ourselves, to view the prospect hopefully. It is estimated that the total cost of working will be only £20 -a-day, and that anything taken beyond that {sum will be profit. £20, even at the present rate of exchange, equals only Tls. 72, or about 86,000
Text read from the printed page and cleaned; old type leaves the occasional error.