COST OF OUR RAILWAYS.

Lyttelton Times, Volume CXIX, Issue 14609, 17 February 1908, Page 5

COST OF OUR RAILWAYS.

TO THE EDITOX. Sir,—ln your article on the above in this morning's issue, are you not making an assumption of a character so generous as to play 1 into the hands or our detractors. Speaking of the capital cost, £25,500,000, you say: "If we assume that we are paying 44 per cent for this money, while the railways are returning only 3 per cent." etc. If you look up the article on the public debt in the Year Book (p. 535) you will note that thirty-nine millions of our debt is at 4 per cent, fourteen million at 3£ per cent and ten million at 3 per cent, with some smaller sums of little influence on the total. The actual average rate on the whole debt is £3 14s lOd per £IOO, 'sslereais seventeen years ago it ■was over £4 lOrc. lam not contending that the railways pay the full inintere&t on all the money spent on them (they do not), but the assumption of 44 per cent is not borne out by the Accounts —I am, etc..— accounts. TANNER. M.P. Linwocd. February 15. 1908.