The Daily Telegraph. WEDNESDAY, NOVEMBER 28, 1883.

Daily Telegraph (Napier), Issue 3858, 28 November 1883, Page 2

The Daily Telegraph. WEDNESDAY, NOVEMBER 28, 1883.

A very useful lesson is to bo drawn from a return called for by Mr W. Whito last session, " That thero be laid on the table a return showing the loss the colony has sustained for tho financial year ending March 31st last upon account of each railAvay, sections of railway, and branch lines throughout tho colony, as indicated by the difference between the interest upon the cost of each lino as abovo (calculated at 5 per cent.), and tho annual interest derived therefrom after paying working expenses." The return so called for has recently been issued from the GoA'ernment Printing Office, and is as follows, omitting shillings and pence:— \ Wet £ <« Revenue. a" g ««i Ml , • SB§ .S„ : i| Lino o! Railway. 3§ B f £ g y QBiD ' L °ss- ®■ X 5, , ~ *a? *P- »£ •So t. * = « gM 5 v O .5 £££ £ £ Kawakawa .. .. 1330 G2l .. •• 769 Whanearci .. .. 2 907 420 .. •• 2,287 Auckland .. .. 55 035 27,i95 .. •• 28 340 Napier 20.901 14 553 .. •• 0 411 Wellington.. .. 38 243 12.959 .. •• 25 253 Wruisramr. .. .. 40 2 9 11.53* .. •■ 25693 Ne-v Plymouth .. 14,032 3.U03 •• •• 10.0f.0 G-reymouth.. .. 8.154 7 654 .. .. COO Weßtport ... 9 994 4,331 .. .. 5,659 Noleon 7,061 2,400 .. ■• 5,2(0 Plcton 9,440 1140 .. .. 8,299 Waikari-Temuka main lino ... 84.565114.15S .. 29,293 .. Oxtorcl - Eyioton Branch .. .. 5,119 .. 57i .. 5,092 South bridge Bianch .. .. 7,500 4,001 .. ■• 2,905 Sprlncficlil-Whitc-cliffs Branch .. 5177 3,327 .. •• 1,349 Teinuka- Palmcrston mainline.. 47.70!) 32,350 .. .. 15,359 Albury Branch .. 5 924 3 757 .. •• 2,116 Dcnttvon Brand- 3,979 .. 2795 .. 6 774 Ngapara Branch.. 4 531 .. 184 .. 4,710 Palracraton - Clinton main lino.. 71,934 87.729 .. 15,505 .. Walton 1' ark Branch .... 9SI .. 293 .. 1,278 Outram Brunch .. 2,794 .. 018 .. 3.413 T.awrenco Branch 8,435 724 .. .. 7,710 Clinton-Kingston mainline.. _ 50.890 29,003 .. .. 21 BS7 Tapanul Branch.. 4,211 .. 870 .. 5,081 Hiverton-Otautau Branch .. .. 10.902 3 330 ... .. 7,571 Totals .. .. 523 949 305 >02 5330 45.098 208,522 —It will be seen that, with tho exception of two of tho lines, tho railways of this colony do not pay interest on tho cost of construction. Tho knoAvlcdge gained by this return will take many by surprise, and it will afford an explanation of the slow progress being made Avitli the extension of some of the lines. The Ciiristchurcii Press, moralising over this return, says :—" When these results are compared with the glowing anticipations Avith Avhich the Public Works scheme Avas inaugurated thirteen years ago, it Avill be seen lioav completely these visions have failed to be realised. Had the expectations of tho projectors of the scheme come to pass not merely would tho railways have been paying tho interest on the cost hy this time, they would havo been contributing a handsome sum to the consolidated fund. Nor is this tho Avhole of tho evil. When the colony embarked, with a light heart, upon a career of reckless and lavish expenditure, it did not confine its attention to gigantic railway schemes, or CA'en to an indiscriminate addition to the population by means of immigration. BorroAved money was squandered on all sorts of enterprises, on tho ground that if thoy were not directly revenue-producing, they were at least indirectly reproductive ; and that the railways, owing to tho rapid progress which Avould be made by the colony, would make up the total deficiency. The colony since that time has spent over .-£19,000,000 upon public works, immigration, and other works provided out of loan, and during the late session has appropriated £2,091,737 more. The National Debt has been added to, till it noAV amounts to £30,000,000, the aunual charge upon which is over £1,600,000 per annum, of whioh at least £1,000,000 is paid upon money borrowed in pursuance of tho Public Works policy. Towards the payment of this latter amount the railways contributed according to the accounts, last year £300,000 ; Avhile, during the current period, it is calculated that not more than £300,000 will be realised from the same source. In other words the people of NeAV Zealand are now paying annually over £700,000 out of tho general taxation for the indirect advantages of the Public Works scheme. The community are beginning to have some dim idea that those Avho for years past have been urging economy in the public expenditure and a cessation of continued borroAving may have had some reason on their side. If at this period of our history there are only tAvo sections of the entire raihvay system of Ncav Zealand wdiich are other than a serious loss to us, surely this is not tho timo for entering upon new and speculative undertakings. It is quite clear noAV that every fresh million which is borroAved is only increasing tho weight of taxation by the exact amount of interest which has to be paid ; for in the face of the facts now made public it is childish to talk of any future railways that can be constructed in this colony being capable of producing sufficient revenue even to pay working expenses, far less to meet the interest on the cost of their construction.