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Extrarts.

COLONIAL RAILWAYS AND BRITISH- .'" '/"". '■ ti;ll':l'\ Mr. t Mpntpfiorej a/leading -man, in ,the business circles of Sydney, has/returned from -a ,yisit-to.'.{lie Old '"Gduntry,; where, he employed his, time,5 amongst Other affairs, in discovering the best means of (obtaining,, the! "assistance, of British., capital and en£erprise.,pn ,;behajf jof/ large. pupliCjWprkjS in the: colony." He wrote ajetterb the paper ) .on/the subject oii his retyrq,' upon Aylnchjtiiq''Sydney Morning Heraiavbiises the fdllb wing article, w liich is instruc- \ tiv^to.our.comniunityiarsors—.; I: I Mr. Monteflbre's efforts in England, to,enlist the I sympathies, of. capitalists, in' faypyr/of' railway I enterprise hi;New^ South Wales' were the natural / sequel •of his;^previous labours1 hi' the Legislative I Council,! where, m chairman of >a [select conmiittee, he v e'ndeavaur'ed,to elicit infprniatipn; ( as ,to ; the past ( facts and/future-prospects, of t pur/railways, and to devise a's'^lieiue fdr'tfieic/safe' ap,d'speedy extension.. But tlief.idetW; with which- lie-has returned; frbni London v differ> materiallyi from those ■■, he propounded in the v -Co^ucil. \ His^pjciginaJl;plan,evidently was to< coristruct.railwaysi through, the agency .of■..private". corHpatyes; to whbhi'jgratits/bf waste land should be* given las' an" indemnity foiP the -rislc of their 'outlay/ Butithe.desigri, f drawn:ou I tiirithel6tter.he' published the_other ..day,; i3;simpjy" a continuation; of <the, p.re-^, 1 sent'pla^-bywhich/the.Go.veYnmehtls,to, mak'e..th.e, P- railways' aud'obtaln the,1 money voy/alban.. This' e< change iii the nature of; Mr. -Moritefiore^s views was %t doubtless ;induceaeby:the state in-which, he found j % thecn^oneyj^arkjs^pn.hia/axi^iyaliin} London; The, V failure ( s/ana/^oaurjes/of'sp.many f* paiiib!;had "m^de" capitalists so timid/that no new fi project, howev'er;plarisibleor even uriexceptioriable, IV couldlfiudfavour...' We';obser,vear,strong confirma r ': r tiojiof,this view of,the [ct^e^ in.",the money.article. |'' of /th'e/'•'Tirries'/ of Septemper;.23nd.. The ,writer, l>\ aftfer Remarking oki the1 innumerable/swarms 'of V railway 'c'oribessions that were/bbtairied frdrir fbreigri; t courts, i with; the;customary; guarantee^ of:six ;.per; - cent',: and: on vth,e. ; jobbery.-and} faithJlftSsnes.?,iwliich,. t have mar>ed/{he'conduct ,pf ma^.pf .th^ piromoters^ h of these" e^terpinses; goes^;6n t6"say;':^., " ','.' /,. |! "We* have'therefbre arrived'^,t'f ar:s'tage at which' fe we-cannot, trust, them,: even > if! backed by/as goodIi guarantee,,•;.} 0| cpur^e, : ; eyery <_gu,arantee» ; must.ibe ; | giwn/'upon/cpnditip^K v ari/^^s i ,it„mu^ siillremain. k in tlfecase/of any foreiignjeriterprise for. the English' fi' directors" to'- see fthbie'-conditlbri'sT.worked f publicTwould frathercnoktoueh' ariytbing; in/ which: > even;tl\at, cqnfingepy ris,;,tOjhe ; encountered.., In,; f sucii-matters, QW^distr^sjtT-t^hen onc^ s a^a|?ene^ is jhst 'as"Vblind^as pur '"->_ confidence; "arid^ ! hehc'e' we wi^riess-at* this: moment'-fa? total b,rid llridisbririiiriate: , refusal; rfco: plHce .faith \ ins anything i:where the dis-; bur^em^nti.pf cdpisa) : iSjentru^tfedjtp/B^itish^agency,;[ ;: Foreig^n/^^erß»- acc^^n^ljr, find jthat the, guarantee , sys'teni/instead'of Jof|em in Volvo ?th'em:;iri- 'disMv'aritage f,; '- and- <tHat '■; if-'1 they want to construct i a railwayroriptlier I uridertaking they can^Jjorrowj tho mpneyodjpenlyiln'Jihsrmarket; on. v theiy79^u^Bi™Me. r.eponsib^it^; ■up.qn,.;much j , lower f 'terms/ than if ihey raised it by allowing its; disbursem'eri% rtb"be r:superin^ / Thelmostcomplete' example'Ofvthis; kind is-fiir- / u nishediin,;the,case ,pf Br.azU;-;t7The...Qredit/of.that; J- stat,e^/isjdegeryediy-so^igjithat^hp,can borrow-any reasbriabie'ariipiirit at'a rate ofinterest only alittle above 4J.per cent. Her guarariteec of/7'per ;,c'erit,;: ho wever,: "will; hardly enable "ihe vshares- of: the rail -' *^« ways Itp iflpat:-w : h]ch;,sh,e:ha9.;pla.ced tuhder.London: * * management^rand-no-, weighty or, experience, on the: part'of !ihe^e/bo lards!,is'^umcierit/ip i x public .prejudice;'!f^ne last"company—that'of the' '*. Bahialine^WasHnfroduced'everi uride^the aiispices" ;of Messrs/ißothschildibutdt hasmeveripermanentlyf j?"" risen^.tp,m'9rethan a fraction ab.ove,; pari, and when/ \„ this sis/ considered,/together /wi^\"the fac^that'.jße/Vi \y sides the Tguafanfee!d"7;peP dent t^iere is always the: < ' possibilitytof higher-profitsy arid1 that "the p6ssessibri; $1 of a.irailv^ayilike.sth.afc.of a/.d.efiniteuassjgnmen.t pf: 1 custoais r dutleß, or j.ajtiyj Oifc^er .tangible f jpcurfty, v al- t ; ways jaqds"to/the/valu.e.6f aji^'v^r^menij; pledge^, an • ideav,df the •"state'of?'feelirig/thal;. must I'have/been1 reaehedj'may-p^rhaps- v be'arrived%,'t; r'The truth Js, > thafe-if the! guarantee,] for .instance, is. upon three. A mUlio^^n^-it^ej/prpfe^ed^^ railway. \ can D Je inade^for two, and that .contractpifs are"ready,. t on the' required terms and" with an ample deposit,^ x peoplfeCattaoh 'noWrt ijof importance'whatever to/ l^ such<icstafenaents, J!"and!r-be rlie,vet that/before long / jobhepry/an^djf^ohipaneryiwiU o lead.?,tp.. : endless; waste,.; , \ liti^a|iori;/and^o,^e.rnment r /^^ , Henpe,, xf whatever formI''any coming"'bur^' of/ specuiatibri' *, may-"take V.it" is riot iV!likely?,t6'assuriie; that of'a/re--v< newedjrage ;for guarantees; j Indeed,'there' 'will he - little, opportumty, .since,;,nn t , respectable;:, fofeign; / Stat'e/'jwltf .fiej^jlling/.tp „s'e.e/ its/ pwn./credjt,,.so . * needlessly dairiaged;/' Brazil; it is said/has only one: ,„ outs'tMding'railway con'cessldri, afid'will'never again/ -" granfcanother oh;the',sariiß,pririciple•;s; and;Riissia is h belieyedrtajh^ye taken ajlike'.view^.ana'tp have, j resolved^ that/ her ij,ext /demand^shaU be in the-shape, lr'i of a direct loari/siriee'thei^els np/use iri /offering 6/or' */* 7 pcrr cent^fo^the/pedple whb;;:tb vavbi3; rthe/i?isk of heingicheated/rhy. their -'own;: couritrynien; wbuld" r^< preferjto,accept^ 0r.5.'//r,/'. • - :» - :- The/only- Austialian f ',^ speculation;, to,-which.these.-remarks could appiy.'is the'geelong arid Melbourne" J$C Railway, '''a^d^hat/urilu'cky/1 piece 6f •''mi'saTreeted*' enterprise'thadsnolsnialltshare inOomprdniisirig^thel ,' credit of Australia;, j' H/ojwr{lpng t the moneyed public will/rpniaih ipits,present min^pf /{ course, nb:one,can/ ; .say.' J "Toe a/gradual relapse/from/ • ;' the '"preseriFs'tefh determination, a^'tfie teniptatioii: of high) interest againibegins to opefkte/',7Tlie feeling \ , descri^f d ; appyeiis one of yiolent reaction, and violent reactiqn,^ 'are never permanent. ";;But ri at-,any ; rate > w - this, felelingVwpuld! J seem./' at' /presentr "tp/Z-be very ]j decide Td, ra aria':fhis, .fac/t -^''settles'': Zthp' question": 'as -' to howomonkey,!is:itb ;De-:'oT)t^hea-for^ahy-'4mme-\i diate^:.prose,cutip.n<jpfi;;'railw^^^ ;in.Z these. $ colonies,,. ./^lan,d^nd,, railway .company, howpyer h skillfully "designed," hpwjaver/rXtlpnal. ana/spund'/ita J** basis:inay be,!'/fibwever certaiA its1 prbspects of ulti-1 mate/success;;isfjust"nowrihipracticableV.'^;Ebr' we ■ i „'„ musfjj gp/tp (Great; jßritairi c/br, i the,; capital; to; start. with,and. j ß.rjiiish ! capi|ahsts;will nptdisten for/a mp- > fe ment to any such' proposals. / They/hayeZ bad, apt' pareritly,-enough- of ;them'lately/Zaha Zare'iri the; <>;' humour how to fip'cdntent -with low? -interest" arid* t- 1 safei security; rather; ithan. high;. Speculative profit; JT In order, therefore, to pbtairi,further funds, for/railA «, , way;extehsions,/we/^e-Bh*ut up 'to the' plan of n?ak- . ing them- through;the' ag^ri'cy 'of, the, GoVernriient, -;"«*' for the: Government alone can borrow;5 '"'■"■"•:•;; " i , M BiifZ thpugh;thia[appears; to. be undeniably the case,. hs< it is.n.one.jthe lees, true .that, the,waste. lands;of the gf Crown fd^m the^r^l/fund/out' or whicH the-'cpst. of $i rai I way. |cphstructibn 'should Toe partly; if not wholiyi C reimbursed. is uriavbidably' L to be/thfe;railway/makpr, it. willdbvolve on the Go- \\ vernment to see tlja'l,this. Source pf^reven,ue/is;;not- '? neglecteq/^.h/ateyer/p/bl A may'flow'frbm'tKe-cphstrnction x Of a 'railroad to-the" border; its first ahd^riidst''bßvidus-effect wlll:be that■; t it will; effedt> ari:-enormousi;inbreasevinfthe value of' |f that part of the national estate which it intersects ; m and as the Gpvprnment is tbg landlord that, makes, 1| this 'lnipfoveni^rit5 ih f/it's pfbpert^i/ijlie Gbyprnnieriy H is crititlM^to'take riieasur'es to* secure to-itself'as' «.; much /as;ppssible: Ithis lincrement of wealth,- as"a re- r M; compense for,,its,outlayr;(; How ; this |s.;tp,; ; be-|-.dphe,'."' m : without checking b'riyate, /enterprise, or standing in; M the way b'f i'a^ld-Bet^meht.kridimprovement'of the/ iff land,;is a f qujestibn,J that deserves "close/and careful' it consideration.',;/ffo,what .exteht a.Taiiway t'dtthe' H I Murray, would add'tp itbejjvalue;pf the intermediate/ SI lands, arid' what .th;^ ri adsfitional value: i would bear'.t'rfifie'"flrst >i;cbst bf.'tbe Jiihe;:cannpt^be/ 1[• calculate!/with ariy .Tbliable:apprpabh ip'accuracy/; 1| t iluch would depend; on .the ratei at' which the' work's Jjf were carrie^, on, and.fthe.cpnse^quppt^rate at wbicli m- improved /lands were'brought lptOjinarketj-bn the,. m. increase of population—and''bn 'the openings for the, M profitable cultivation of tliesoil. But, there can, b'b !«|. no doubt thatHhe Increased 7Value given-to the'land m would be cpn^iderable^ and if, it; could, be, laid hold of m would he, ii great help .'towards 'dimiriishing" the cost. j|. of the works], i.l %'^''-'l-"{i -v; l" ■ v'; r'V" •'■••-'."' ; US. c observed ■it receptly stated -in a Melbourne, M journal that-the!Minister of l^andand;Public Wbrk3 m in victorsa-had withdrawn-from sale all,' lands sur-; mi veycd' adjacent "to iliegreHi trunk lines of railway

' I .--W •:■'' !-.•.,-,<1..r~ „,,U-f „...,■ ..:<v .„.., . —~ - now;in course of construction hi, thatcolony,reserv- ; ing them;till;the 'opening of tlielihe shall, give them. ;their/fuU/riilue;;/The/biilypbjectibn to this/.course' ,is 'that: it' somewhat/postpones, fhb actual bccupatiori ,pf the;land, arid;' as a cpnsbqupnce, dhiihiis'hes?' 1 trivtfip on' the line -on/it's first opening. ..; Biit on 'the;' otlier hand,'"there be no' dbulit "that if the land' j were; freely • sold at flic pfespht timpiit. would all be snapped up: by; speculators,/wh^ in two or three.' 'years would trebleor? quadruplethe value.'of theirV' 'investments without /any; cost to'themselves./ '"

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Lyttelton Times, Volume XI, Issue 651, 2 February 1859, Page 3

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1,257

Extrarts. Lyttelton Times, Volume XI, Issue 651, 2 February 1859, Page 3

Extrarts. Lyttelton Times, Volume XI, Issue 651, 2 February 1859, Page 3

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