MR TRAVERS, SPEECH ON THE WEST COAST RAILWAY.

Wairarapa Daily Times, Volume 3, Issue 666, 13 January 1881, Page 2

MR TRAVERS, SPEECH ON THE WEST COAST RAILWAY.

" From the N.Z; Times.'... !'■', Mr Travers; I think, asl took an aotivepart in the matter, the meeting might be interested to hear what occurred' in our different interviews with the Government. The sub-committee were impressed with the extreme importance of carrying on the work, and therefore, urged thematterupon the Government as stronply as possible. But in reply to the suggestion that the Government- should undertake thYwork, gut of money now in hand or yet to be raised, the Government said firmly., they

could not ."entertain the proposal, ..They ■ :'■' were not prepared at present to ehteririto . any arrangement by which the line should ; bo constructed out of borrowed money ; ' and they suggested, in effect, 'Hint if the liiiej>;.to'be'constructed it must bo byi private enterprise, ' The Government , pointed out that if the work were of thV ; advantage it was assumed it would be to the city and 'districts, we■"'should be pre- , pared to put our' shoulders to The wheel if ■ we waut it carried ont. My own 1 opinion is that; the Government recognise the importance of the woik, Mauy, of; the ■ Ministers are by no means hostile to the undertaking, but that in the present ■ financial state of the country they cannot 'themselves hold out any hope of making ! the line. They have no disinclination to the line, but cannot see their way to take it'"' up. Although much pressed by the sub-committee, and although we pointed out that the work waß one which had been , sanctioned by.Government and Parlia- • ;' inent—provision for beginning the work ; having been made by the Legislature- ■ ; although the work had actually beeu begun, it being due of the linesbegun by the Minister of Public ;Works in the late Government, /nevertheless the Govern- ; ment were firm- in saying it was in*B> Bible to .entertain any proposal to constifttct ; the line out of 'publio;money. -The subcommittee then, having exhausted every ; argument which could be applied in their interviews,.were obliged to recognise the ~ fact that the Government were immovable in that direotion, and that anything ; to be done rested entirely upon ithe , people of Wellington and the district, and that if the lirieis wanted it must be made by other than Government money; I feel there will be Bbme diffiouity in the mat- • ! ter. Ido not think at present there is ;' sufficient capital available 'amongst"' the , people of Wellmgtonto:ca'rry out the line , but a substantial sum may be inscribed in ■■ shares-such a aiim raay.be subscribed as ! will show our earnestness in the matter j , therecan.be.no question,', "ths't-the-line will be beneficial to-, the district-and the ~ colony generally ;?and'.there will be ao difficulty in obtaining the rest of the money from London. The committee ; felt perfectly sure that there wbuld : be no difficulty with English capitalists if.'" the , Governmentwould.haye.madea'grantof , ,' !and._ But it was obviously useless to urge it upon the Government any further, , because to comply would have involved a reconsideration of the whole system of theoolony, and would'involve a grave .alteration of the public:. works • policy ! whichi may or may.fiot'be adoptedbythe .Legislature, but whidh,.it any "rate, Government are not at present prepared toreconiinend,.and therefore they did'not consider themselvesjustifie" din making any protnue, It has been suggested we Bhould takeadyantage.of tlieprese'nca'in ' the polony of Mr Alexander Brogden, in connection with this, wor]j. I- think it unquestionably desirable'to "interest that gentleman in it. Thefirra.'as contract , tors of large experience/have the ear. of Engllßh capitalists;-but. they-muat be able to show the schema •■• to be one whioh would be likely to be profitable. ■ Capitalists would be" content"; probably, ,?* W: rate «»; first, ",with" a' tdoder^te return, aiy of. three or:fourper cent.l'and would caloulate upon natural growth lor -.it to be increased, afterward, but .they ;mußt be satisfied. there.TOuldbea return ;to .the money., : l.entertain'.very'little doubt if theline.were carefully and economically constructed, that it.would make a fair return upon, the cost 'of construe ,hon; but before-we can ask English capitalists to subscribe," we must' make an .effort to supplement'their money'out of ..the fundß of the colony." : If " a sub- . £4o,ooo..were subscribed.in-the'colony, my impression.is this.that" it 'would very materially tend togivecdnfidenoe to those at Home who might be asked to-be-come interested in the'work,-It may bedesirable in that view that further steps' WflJ?? Men to organise i proyii sional directory,. pndeaypr Jo get a portion of the capital subscribed in the colony, and shonld be empowered to do all that niightrbe neoessafyin order to promote the cpnstructibn of the line, and should ,be prepared to goto Parliament next session to obtain any further concessions which any jilteratibn of polioy may render it expedient to be aiTordy. If that m r should bpendorsedby thenieetIshould be.happy to renderany assistance in my power, But unless somethiugof that kind is done.unlesa there is something to show our earnestness in the scheme in the form of 4 part of the capital—it wouldnot all have to be paid-up at-:bnce ) the payment would probably extend over three or four years-I certainly'do lodk'atuny attempt to carry out thb'lirie as: absolutely hopcloss. The concessions offered by Government are valued at between £4O 000 and £60,000 and would afford very materia aid to any company whioh might undertake the work; but! do not think these concessions would alone be sufficient inducement to English capitalists. I think the public of tins provincial district should be prepared to subscribe a reasonable proportion of the capital.and should be prepared also to urge upon their members in the House to obtain, aqy concessions that may legitimately—J mean polititally legitimately-obtainable. ;.Any conces-. aions to be obtained; by :hdnest means means not averse to the interests of the colony at large, should be'" secured. I shou d deprecate any attempt,at what is called log-rolling, or the obtaining of anything by sacrifice of .principle, or that would causey risk of. imposing'charges upon the colony, which it should not be called upon to bear. The undertaking can go.upon. its merits; it will opeifup a very large extent of country,, and B ive a fair return.up.oD,the money spent"on it; and unquestionably.the indirect.advantages of its construction.would be -very large. Then I apprehend we should be jpstified in urging-.upon the Government .to-do what might-be considered-desirable to facilitate our object/But I am- convinced that unless "those interested are prepared to take an/'actiyo the undertaking, then the whole thing U-likely to be a very hopeless affair.. • ■.:■■: .'.-> '•