We close our recapitulations with the year 1865, the latest to which the published returns of the Board of Trade extend. On the 31st of December of that year the total capital paid up was £455,478,143; the traffic receipts[53] were £35,890,113; the working expenses, £17,149,073; the amount of the debenture capital, taken, as before, at a third of the whole, was £151,826,044, the interest upon it, at five per cent. was £7,591,302. Deducted from £18,602,582 the amount of the total net receipts, £11,011,280 remains for dividend upon the total share capital, which amounted to £303,652,099, equal to £3. 13s. per hundred pounds.[54] But deducting £5,566,900, dividend upon £101,218,000 as preference share capital, 5½ per cent., there remain only £5,444,380 for dividend upon £192,434,000, or at the rate of £2. 16s. 10d. for each £100 invested. What was stated at the conclusion of the calculations of 1863 applies with at least equal force to 1865, very small dividends for a very considerable portion of railway share capital, and none at all for at least an equal amount. On the 31st of March, 1866, the National Debt of the United Kingdom was composed as follows: funded, £773,313,219; the estimated capital of terminable annuities £23,351,043; unfunded, £7,956,800; total, £804,842,949,[55] or only £349,364,806 more than the total of railway investments at that period. The “interest and management” of the national debt in the year ending the 31st March, 1866, was £26,233,288; but as the Banks of England, of Ireland, and of Scotland, are the chief managers of the debt, in exchange for privileges accorded to them, the item for management cannot be great—not sufficient to reduce the average rate of interest below £3. 5s. per £100 invested. The case, therefore, stands thus, if viewed as between the creditors of the British nation and the investors (apart from debenture and preference shareholders) in the railway capital of the United Kingdom: the former receive interest guaranteed on the faith, credit, and honour of the most powerful nation—at all events commercially—in the world, eight shillings per cent. per annum more than those who have embarked their money in commercial enterprises that, in our opinion at all events, have been second only to Free Trade[56] in achieving the present commercial grandeur of England.