SALE OF THE COLONIAL RAILWAYS.

North Otago Times, Volume XXVIII, Issue 2468, 15 April 1880, Page 2

SALE OF THE COLONIAL RAILWAYS.

The Wellington Ohroniole in treating of a subject whioh was canvassed in our loading column* on the 20th of last month— namely, the sale of the New Zealand railways, whioh we adocatod, says : " Tqere is no denying the fact that there will bo a very largo deficiency in the revenue of the current financial year, whioh closes with the present month. How is this deficiency to be met 1 Surely not by additional taxation. It cannot be grappled with by a new loan, for we are bound not to go on the London market within three years of the floating of the last loan. We are told, on the authority of the Colonial Treasurer, that only a million and a half sterling of the five million loan remain* unexpended. We must haye mone,y from somewhere. It cannot come from additional taxation, for the people would

not stand tuoh. Wo are already the heaviest laden peoplo on the faco of the earth, although we are one of the youngest. Whence then is the oash to como, oiuco we cannot raise it either from additional taxes or fresh loans ? ft has occurred to us that one of the best means of honestly " raising tho wind " would bo to soil our constructed railways. The question is certainly a large one. The proposition may at first sight appear somewhat startling, we feel sure that it is worthy of earnost consideration on tho part of New Zealand statesmen. All the railways in England have boon constructed and are worked by private en'erprise, that is, enterprise apart from the State. These railways are of the highest class, and they pay well, whilst the oharges for freight, and.travelling are by no moans extortionate. Why could we not in New Zealand, to some uxtent, follow the example of the mother country ? The sale of our railways, on fair terms, would realise not ouly a sufficient sum to pay off our deficit for the current year, but would give us money onough to carry on with for many years without resorting to the borrowing policy which has already so heavily burdened New Zealand. In Victoria the Hobnnn's Bay Company for many yoari > conducted their railways at large profit to the shareholders, and with every convenience to the public They were ultimately bought out by the State, but this was bocauso tho Hobson's Bay lines wore the only ones not owned by the State. Wo see no valid reason why a lino of railway should not be run by a Company any more than a line of coaches or a line of steamers. Certainly tho capital andHhe skill required to wort several of the interooeanio line of steamers are far groatnr than are nocussary for the working of any system of railways in tho Australian Colonies, Even our own local lino of steamers are an example of what enterprise and industry o.vn achieve. The capital invested in the Union Steam Shipping Company is far greater than would bo sufficient to carry on any one of our main trunk linos of railway. The question which we have raised is to our mind an exceedingly important one. It must, of course, be viewed from all sides. It would not be prudent to deal with a matter of much comparatively gigantic importance hastily. But wo do think that it should receive tho earnest and maturo consideration of the Government. la default of tho Ministry taking it up, wo trust that soino able and industrious mombor of Parliament will introduoo it oaily next session."