The Waikato Times AND THAMES VALLEY GAZETTE.
TUESDAY, DEC. 8, 1891.
inual ;tnd ex;ic.t justice to all men, )t wharsocver surr or persuasion, religious or politic.it - >
[t is curious to note the readiness with which some local bodies are prepared oft haud to ex press their n, union upon any ami ev.orv public question. We notice that some four or five of these Ix/tlios have r-nliud in the auinuatlvo to Mr Withofovd's t'iriu ar asking their opinion as to the sale (>t the railways of the colony to it syndicate, which he states could bo formed, iMady to enter into the transaction. The idea of the men who have expressed this opinion must be limited to tiio power of grasping the one palpable fact that selling the lines and redeeming tho public debt with tho money would reduce the amount of interest payable to the public creditor, and thus lessen the ■ ! 1 1 • , • ■! !!•• 1 • r •—mri'MS i.f li<1 to tlio fact time tlio
capital wotiH 1)0 founfl by )ionri.'siilcnts in the eolou)- who would of course oxpi-ft good interest for the moruiv invested. This interest would be drawn from the people and the colony would be financially weakened to unequal if not creator degree than in now the c.ise, by payment of interest on the portion of the consolidated debt which would be thus liquidated. As reLrurds our financial position we should bo very much whom wo aro. In the hands of a syndic-ate our railways would be treated simply as profit yielding concerns, and the interests of the settlers wboau lands ihey tapped bo a secondary consideration. It may be that the Commissioners are far from perfect as managers of railways,_ but they have no interest in extorting highei rates than the financial necessities of the colony compel. Unfortunately ivu are not in a sufficiently flourishing condition to forego present profits in order to secure prospective advantages in the shape of increased settlement and a greater volume of exports. These are the lines upon which our railways should have been run in the early days. If the money which has been, fooled away in making artißcial harbours had been applied to making up a deficiency consequent on a low and temporarily unrcmunerative railway tariff" the country would be much more densely populated than we find it to-day. For whose benefit was the construction of these harbours undertaken ? Certainly not that of the settlers, although they ware cajoled into thinking so and voluntarily submitted to a heavy tax, for the benefit of those only who had vested interests, either in the shape of property at the ports or lucrative businesses, which could only remain so by the improvement or construction of harbours. Ibis, however, is all spilt milk which it is useless to weep over. lhere is fortunately not the slightest chance of our placing any more cans on the baiance by selling our railways, notwithstanding the desire of Mr Witheford to earn a large commission as an intermediary or the shallow-mindedness of small men, members of small elective bodies. We have the example of America before us where the railway companies have become vast political run in the interests of the companies, and to the detriment of the Republic. So much has this been the case that the question has been more than once mooted of the compulsory purchase by the Government of all the lines. Switzerland at the present time is arranging for the purchase of the railways within her territory, on the grounds, mainly, that they aro being worked in the interests of shareholders, and to the detriment of the public weal. It is_ true that our railways are not directly profitable concerns at the present time, but as settlement and the volume of production increases the tide will turn in our favour. A syndicate would unquestionably take advantage of our progress to earn and pay large dividends to shareholders without the colony. On the other hand, so long as the railways belong to the colony, public opinion will compel their being worked for its advancement, which can only bo brought about by our exp n'ts being increased. If this is to be, the cost of transit to ports of shipment must be regulated so as to yield only interest, cost of maintenance and working oxpenses. No more suicidal course could be pursued than attempting to make them directly profityielding. This a company would unquestionably do, because it would be the only courso open to it to secure a profit on investment.
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Waikato Times, Volume XXXVII, Issue 3027, 8 December 1891, Page 2
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755The Waikato Times AND THAMES VALLEY GAZETTE. TUESDAY, DEC. 8, 1891. Waikato Times, Volume XXXVII, Issue 3027, 8 December 1891, Page 2
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