to the public at large in New England, where acts of incorporation have been freely granted, under such proper restrictions as ought always to be inserted in them. The security of the public against loss, monopoly, or improper conduct of any kind, by the company, should in all cases be most carefully guarded against.

It will be seen by the act of incorporation, and by the statement furnished to the Legislature by the Delaware coal company, in conformity to its provisions, that the holders of four thousand and ten shares of its stock, on which but one-half or twenty-five dollars per share has been paid, are "each in his individual capacity liable for the debts aad performance of all contracts entered into by said corporation, to the amount of the balance unpaid on the stock of such stockholders." This gives to its creditors, personal security to the amount of one hundred thousand two hundred and fifty dollars beyond the capital which has been actually paid in. No kind of monopoly or exclusive privilege has been granted to them, nor has any been attempted to be obtained or exercised, and the legislature reserves to itself the right, as in other cases, of repealing the charters granted, which ought and no doubt would be exercised, in regard to either or all of the companies that should pursue a course of policy injurious to the best interests of the company.

Exclusive of the cost of the coal lands and the sums

per

expended in building miners' houses, wharves, screens, &c., and in opening and preparing the mines for working, laying the necessary lateral rail roads, &c, (together making the preparatory capital invested in real estate,) the amount of capital requisite to a proper and successful prosecution of the coal business, may, in my opinion, "be estimated at an average of at least three dollars ton, on the quantity of coal annually mined and carried to tide water. This estimate includes the outlay of capital in mining tools, mine and rail road wagons, houses, boats, &c., as well as cash capital necessary to mine and transport the coal to market. Whether the land owner mines the coal himself and transports it to market with his own means, or it is done by others, makes no difference in the amount of capital necessary to be employed in the business. It has varied in different years since I have been engaged in it, as the article has been more

or less in demand. The small proportion of the whole quantity mined, which is sold at the landings to consumers, requires but very little cash capital to conduct the business. The larger proportion of the whole quantity mined, is transported to tide water and there sold, and requires the employment of an additional capi tal in boats, and cash necessary to pay boatmen, tolls, and other expenses. The time when sales can be effected, and the terms on which it can be sold, whether on long or on short credits, materially affect the amount of capital necessary to be employed. The credits generally given to cargo purchasers of Schuylkill coal, is from three to four months from the time of delivery, which averages about the middle of the season, say the 1st of August, It frequently happens that good pur chasers cannot be met with at satisfactory prices, par ticularly in the early part of the season, and the owner, to avoid the inconvenience and great expense of either storing it at Philadelphia, or of stopping the transportation of it, ships it coastwise on his own account, and does not get his capital returned until it is purchased by the consumer, which is generally not until after the close of the season, and sometimes until the next, with the additional advance by him of the coastwise freight, &c.

9th Query." Do you consider the means of individual coal dealers in the region competent to supply the market?"

dealers in the region are in my opinion entirely incom To the 9th Query.-The means of individual coal petent to supply the market.

The mining and transportation of coal to market, at tide water, requires the employment of a larger cash capital, in proportion to the amount of the business, than any other I am acquainted with.

10th Query.-"Is not the consumption of coal increased by having a constant supply in the market, and what has been the average rate of increase from the opening of the coal trade to the present time?"

To the 10th Query.-The consumption of coal is much increased, by having a constant supply in the market.