(102.) When a very slow rate of travelling is considered, the useful effects of horse-power applied on canals is somewhat greater than the effect of the same power applied on railways; but at all speeds above three miles an hour, the effect on railways is greater; and when the speed is considerable, the canal becomes wholly inapplicable, while the railway loses none of its advantages. At three miles an hour, the performance of a horse on a canal and a railway is in the proportion of four to three to the advantage of the canal; but at four miles an hour his performance on a railway has the advantage in very nearly the same proportion. At six miles an hour, a horse will perform three times more work on a railway than on a canal. At eight miles an hour, he will perform nearly five times more work. But the circumstance which, so far as respects passengers, must give railways, as compared with canals, an advantage which cannot be considered as less than fatal to the latter, is the fact, that the great speed and cheapness of transit attainable upon a railway by the aid of steam-power will always secure to such lines not only a monopoly of the travelling, but will increase the actual amount of that source of profit in an enormous proportion, as has been already made manifest between Liverpool and Manchester. Before the opening of the railway there were about twenty-five coaches daily running between Liverpool and Manchester. If we assume these coaches on the average to take ten persons at each trip, it will follow that the number of persons passing daily between these towns was about 500. Let us, then, assume that 3000 persons passed weekly. This gives in six months 78,000. In the six months which terminated on the 31st of December 1831, the number of passengers between the same towns, exclusive of any taken up on the road, was 256,321; and if some allowance be made for those taken up on the road, the number may be fairly stated at 300,000. At present there is but one coach on the road between Liverpool and Manchester; and it follows, therefore, that, besides taking the monopoly of the transit in travellers, the actual number has been already increased in a fourfold proportion. The monopoly of the transit of passengers thus secured to the line of communication by railroad will always yield so large a profit as to enable merchandise to be carried at a comparatively low rate. In light goods, which require despatch, it is obvious that the railroad will always command the preference; and the question between that mode of communication and canals is circumscribed to the transit of those classes of heavy goods in which even a small saving in the cost of transport is a greater object than despatch.