The Indian railway capital is well diffused all over Great Britain, as, on the 31st December, 1866, there were 34,849 shareholders, and 8,170 debenture holders. In India, there were at that date 816 shareholders, of which 396 were Europeans, and 420 natives. Neither Europeans in, nor natives of India were debenture holders at that date. The total amount of guaranteed interest on railways which has been paid by the Government of India from the year 1849, to the 31st of December, 1866, has been £18,929,576; of course during the early period of the Indian railways, it was all expenditure and no profit, for, although guaranteed interest commenced in 1849, the first length of Indian railways was not opened for traffic until 1853, and then the length was only 22 miles. In 1854, the miles opened were 55; in 1855, 98; in 1856, 102; in 1857, 145; in 1858, 145; in 1859, 75; in 1860, 208. In 1861, 759, which is the largest number of miles opened in any one year; the following year, 1862, was nearly as much, being 747. Since then, the amount has been increased at the average annual rate of about 300 miles, and the total mileage now is 4,070. The companies have repaid to the Government, out of net earnings, about £7,000,000; making the present debt of the railways to the Government nearly £12,000,000. Their net earnings for 1865 were £1,341,550, and for 1866 they were about £2,170,000. The amount paid by the Government for guaranteed interest during 1865 was £2,796,676, consequently the net amount of money which the Government had to find, and to debit against the companies was £1,455,126; but, in 1866, whilst the amount paid in guaranteed interest was £2,964,073, as the net earnings were £2,170,000, the Government had only to debit the companies with about £800,000. It is expected that the sum deficient this year will not be more than £600,000, notwithstanding that the amount of interest for which the Government is responsible will be about £3,300,000.