sh bonds' are not in the best favour in England.
Portugal is a terra incognita to railways. It is on the extremest verge of Europe towards the Atlantic; and European civilisation finds entrance there with remarkable slowness. In 1845, the government tried to invite offers from capitalists to construct railways; in 1849, the invitations were renewed; but the moneyed men were coy, and would not be wooed. In 1851, the government appointed a commission to investigate the whole subject. The commission consisted of five persons; and their Report, dated October 20, 1851, contains a large mass of valuable information. It appeared in an English translation in some of the London journals towards the close of the year. The commissioners take for granted that Spain will construct railways from Madrid to the Portuguese frontier at Badajoz on the one side, and to the French frontier, near Bayonne, on the other; and they then inquire how best to reach Badajoz from Lisbon. Three routes present themselves--one
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