THIS Grey River Argus. TUESDAY, FEBRUARY 12, 1867.

Grey River Argus, Volume III, Issue 169, 12 February 1867, Page 2

THIS Grey River Argus. TUESDAY, FEBRUARY 12, 1867.

The Christcliurch papers arc indus. triously debating the question of the proposed railway to the "West Coast, and after wadinjjftli rough a vast amount of figures, and building conclusions on imaginary foundations, they have arrived at the very sensible opinion that unless the line can be made to pay, it ■would be unwise to attempt its con_ struction under the present financial circumstances of the Province. But still this cautious advice is given 'with so much evident reluctauce *tlut it is e:\sy to see that the p-roat Western Railway scheme is .favorably regarded from a ChrLstclmrch point of view. The "West Coast Times" also, but from '.different motives, is'inclined to favor it, but wont as yet commit itself to any definite expression of opinion. We .•.•have, carefully. "read the articles in the Christchuruh papers, and studied the calculations contained in them,, and we now as unhesitatingly as before state our strong. opposition to the scheme, as being altogether too costly, andunsuited to the requirements of the country. Our 'readers will remember that the Provincial Council placed a sum of £5000 at the Superintendent's disposa for the purpose of acquiring all possible information on the subject of the pro-, posed line, with the view of ultimately inviting its construction by foreign .capital the iuterest on which is to be guaranteed by the Government. "Various rough esjhria'tes of the probable cost of the line have been made, and it seems to be generally agreed that fully half a million would be the lowest, cost of a permanent railway... Now supposing that capitalists can be found to undertake the work on the strength of the Government qua. l-antee, the. charge foi~" interest aud sinkiug fund could not be much less than £40,000 per animni, which*'sum would be a fixed charge on the revenues of the province for a long series of years. But we will suppose that we have got our railway constructed, what is to be' done with it— who is to work it 1 ? Is the Government to undertake this additional risk or is it expected that parties will be found williug to v farm the line 1 or that the construction and working are to be both performed for the Governm ent guarantee 1 Iv auy case it is very essential that the liue^shoukl be able to pay at least the interest oix' its construction. It is the more necessary tliatthe consideration of thisscheme should be subjected to the closest abstract calculations, because it holds out but few indued; advantages, and cannot be regarded as one of those necessities which ought to be supplied even at a heavy annual cost.' The most sensible calculation, because at once tlie most favorable and conclusive one is that given by the " Press."^ Our contempocary assumes \that if the whole of the^ import trade pf the uWest Coast was carried from Lyttelton by mil to "VVTcst. land, aud all the gold-sent by the same route for shipment,, thej^traffic ;roeeipts would fall short of £30,000 per annum. Now the maintenance of the line, and wear and tear, cannot be estimated at less! tliaii ■ .£IO,OOO per aiiiium, so that without taking working expenses into account at all the/ receipts would not

pay half the guaranteed interest. And this result is the best that can be hoped for supposing the railway to cany the - wholeof the traffic— and that thetmdeof Westlancl maintains its present d ; men< sipns. It is not even hejkl out as an inducement that goods can be supplied cheaper than at present. But it is idle to suppose that the Melbourne trade can be diverted to Lyttelton. It could only be done b} r a veiy large recluctiou in the cost of • transit, and this would make the financial prospects of the line worse still, From whichever point we view the scheme we can detect its delusive character; neither directly nor indirectly can we see advantages to be derived sufficient to Wcirrant the price at which the country must pay for themThere are circumstances under which the construction of a trunk railway would be wise, even if heavy taxation were a necessary consequence, but the present scheme does not come "within them. Our contemporary concludes its remarks as follows : — "It may be said that a great par^o it will be paid for out of theXand Fund, But will the province consent *to give up theXaud FuncVfor that purpose? If it does then there is an end to all i*oads and bridges iir the outlying districts. The Land Fund is already heavily laden with debt. If the opening: up of the country districts is not to be abandoned altogether, no more of that Fund can be spared for these great works. They must be done out of borrowed capital* and they must pay the interest on the capital themselves. Unless the province keeps this principle iv view— that works made ©lit of borrowed capital must pay the iuterest on the cost' of their own* construction — nothing "will save the people from 'heavy taxation.' If Aye choose to incur these debts we shall be made -to pay them, and shall be taxed if necessary for the purpose. Therefore it is that we are so* urgent in,.clemanding, that, before any steps are taken to involve the province in fresh 'dpbt for the West Coast railway, it shall be shown on fsjir arid reasonable grounds the 'the work will pay.'" • This, therefore, is the question for the people of Westland to consitler— should they sacrifice the roadsand bridges, so urgently needed all over tlie country, for the sake of a railway to coimect Hokitika and Gveymoutli' with Clnistchurch? We nnliesitatingly siy no, and that they equally decline to be taxed for the' same purpose. ,