manufacture of most of the articles of our dress, and of most of the articles we require in our domestic economy. It is by means of the coal that we raise that we are able to manufacture the greater portion of the articles we export to every part of the civilised or uncivilised world. Thanks mainly to disembowelled coal, and to its noble adjunct, iron,[18] combined with the unceasing and undying energy of Englishmen, the money value of our exports has risen from £115,821,092 in 1854, to £188,827,785 in 1866. The returns for the first half of 1867 show a slight falling off as compared with those for the first half of 1856. Nevertheless, they were £88,000,000. Our colonies take between a third and one quarter, and of that proportion India alone takes a quantity approaching to one-half. To be sure, India has a gross area of 1,553,282 square miles, with a population of 193,100,963, of whom 144,674,615 belong to British India, 47,909,199 to native and independent states, 203,887 to France, and 313,262 to Portugal. Australia took from us £13,662,650 in 1866, being an increase of £323,409 over 1865, when her population was 1,599,580, an increase from 1861 of 333,148. In short,—let us say it again,—thanks to coal, energy, and iron, we deal with forty-eight independent states, and twenty-two of our colonies.[19] These seventy countries constitute, with our own little islands, practically every portion of the inhabited globe.[20] The percentage of the working expenses of railways to the receipts was, for 1865, according to the returns of the Board of Trade, 48 per cent.; in 1862 it was the highest of the seven years, 49 per cent. But we fear that these returns are not very strictly accurate; recent inquiries and investigations have tended to show that some of the items charged to capital in the half-yearly accounts should have been debited to revenue. No doubt there has been exaggeration in several of the statements, which professional accountants have submitted to the committee of investigation by whom they have been employed. But whether this be so or not, the time has come when all charges must either be made against revenue or remain unpaid. Capital can no longer lend its friendly aid and assistance; therefore, in a year or so it will be seen how far the percentages hitherto published have been based on fact or on the fictions that have been alleged against them. The subject of working expenses is an important one, as affecting materially the question of dividend to shareholders. We therefore will give more detailed information respecting them when we connect them, in subsequent pages, with receipts and profits. In the meantime, we give, on the over-leaf, a return that has just been prepared from the three last half-yearly reports and statements of accounts published by the twelve following companies. We are aware that as regards one company, the London, Brighton and South Coast, the working expenses have been