The Evening Star FRIDAY, NOVEMBER 26, 1869.

Evening Star, Volume VII, Issue 2047, 26 November 1869, Page 2

The Evening Star FRIDAY, NOVEMBER 26, 1869.

The Daily Times, with that prescience for which journals with access to Executive secrets are remarkable, informs Us that the difference between His Honor the Superintendent and his Executive respecting the Clutha Railway question is, that of “ means to securing its immediate construction.” As that point is one of common report *we may accept it as true, and with the reservations necessary to guard against too much gullibility, we may also accept the further information that with the conviction in his mind that seven gentlemen in the City propose forming a Joint-Stock Company for the purpose, and that his Executive, notwithstanding past experience, are for perpetuating present uncertainty, and in all human

probability defeating the scheme entirely, he diflers from their course of 1 action. Until the full development of the difference is before us, we are not prepared to offer approval or condemnation of either policy ; but it strikes us that, with the of past difficulties present in our memories, the determination to throw the matter open to competition _in this and the neighboring Colonies, is but another way of shelving it altogether. The scheme has been open to competition long enough. A special agent was sent to England to negotiate for the construction of the line, but he did not succeed ; it has been known in all the neighboring Colonics that the Bill had passed the Legislature authorising the formation of the line on favorable terms, but none from thence have come forward to undertake the work. It is just possible the Executive may put forth a justifiable excuse for the delay—the terms may seem to them too grasping ; or there may be reasons at the back which the public are not permitted to know. We can scarcely account for the apathy of a population like that of Dunedin, on matters of such importance. In a small and. doubtful affair, like that of cheap gas, the City can be roused from end to end, but on the immeasureably more important question of railway communication with the interior, the Executive may throw away time and opportunity without notice and without remonstrance. It is quite fair to judge of the future by the past. By their works they must be known ] and when their dealing with the provisional committee of the Port Chalmers Railway is considered, it is very natural to doubt whether their views on the Clutha Railway are sounder or more disinterested. Public opinion ought to be vigilantly directed to the doings of public men. They must be held responsible to it for their conduct. Had it been more keenly watchful, the Island Block log-roll could not have been perpetrated. In excuse for their extraordinary proceedings with the Provisional Committee of the Port Chalmers Railway, their organ informed us they were open to modify their proposals, and it is insinuated that the Committee asked terms that they were not prepared to accede to. But the Committee did not ask to be secured interest on a larger amount than the money to be advanced for railway construction ; and what they did ask was what in their minds was necessary to give full security to those who would come forward to invest thenmoney. The Committee did not ask , that a block of land should be made over to them for absolute sale, as additional security with the Jetty dues. What they said was that the Jetty dues did not bring in the amount that would be required to pay eight per cent, interest on the anticipated outlay, and although it seemed certain that the gradual payment of calls during the short time required for the construction of the x-ailway would render such additional 1 security mere surplusage, and that sufficient traffic revenues would be available, before the payment of dividends in the latest advances, to render the jetty dues more than sufficient for the purpose, setting apart a block of land would bo no loss to the Province, and would i give so much confidence in the underi taking, that shares would readily be taken up. His Honor has stated with truth it is a shame that the money has not been subscribed long since. This has been taken exception to on the ground that the capital invested in railway undertakings is so much withdrawn from trade. This, like most general truths is only true within cer- ; tain limitations. In such an undertaking as the Port Chalmers Railway it is not true. That which will be invested in a small undertaking like that will not be withdrawn from capital, : but will consist of savings for which at present those who hold them receive but a very low rate of interest. Even were it not so the small sum requirt d and the short period during which it will be unproductive will be more than compensated by the economy of labor and capital that will almost immediately follow tire opening of the line. With present experience in new, we are not prepar-ed to expect rnoro enlightened policy on the Clutha Railway scheme.