TRADE AND INDUSTRY.
411
The whole of the Spanish railways belong to private compa- nies, bnt nearly all have obtained guarantees, or subventions, from the Government. All the principal lines have been con- ceded to private individuals, or companies, with large subventions. The concessions, when a ' subvention ' is attached to them, are given by public adjudication. Any one who has made the stipu- lated deposit of ' caution money ' may apply for a concession in sealed tenders, which are opened and read in public on the day of adjudication, and whoever offers to make the railway with the lowest subvention becomes legally entitled to the concession. The subventions are paid by instalments during the construction of the work, in bonds or obligations, bearing 6 per cent, interest, at their market value of the day.
The following table exhibits the amount of capital realised and subventions received by the different railway as well as the canal companies in the kingdom on December 31, 1865 : —
Nominal capital assigned by statutes . Capital represented by shares issued . Subvention assigned by laws of concession Capital in hand from shares Subventions received Nominal value of the shares issued . Nominal value of the shares taken up Net value received .... Total amount of shares and subventions Net produce of traffic for I860 . Estimated amount necessary for the comple tion of all the lines
At the end of 1865 the length of railways at work was, as before stated, 2,902 miles, while there were in course of construction 806, and projected 1,035 miles of lines.
The common roads of Spain are constructed by the Government, the funds for which are obtained by the issue of 6 per cent, state bonds, called ' obligaciones de carreteras.'
The merchant navy of the kingdom consisted, on January 1, 1868, of the following vessels : —
Railways
Canals
£
£
. 39,519.311
2,520.000
. 27,986,074
1,800,000
. 17,361,646
200,000
. 24,397,610
1,444,728
. 11,448,319
200,000
. 61,692,597
520,000
. 54,777.354
520.1)00
. 27,791,977
405. 670
. 62,750.833
2,110,402
2,927,450
476,606
. 31,764,217
118,561
Description
Vessels
Tons
c ., • , 1 Engaged in foreign trade . Sailing vessels ] ° ° 5
I ,, in coasting ,, . . .
0. i f (Horse power 5,185) in foreign trade . oteam vessels j ^ ^^ {q coasting ^ _
Total .
1,446
3,293
36
65
245,312
101.724
12,035
8,719
4,840
367,790
