A NEW DEPARTURE IN RAILWAYS.

New Zealand Times, Volume LXXV, Issue 5118, 10 November 1903, Page 4

A NEW DEPARTURE IN RAILWAYS.

Tho discussion got up on Friday afternoon by Sir 'William Russell on tho Paeroa-Waihi railway was in every way correct. It was also much needed. That, of course, does not derogate from tho excellence of the project. Tho project is one of tho host that has ever been brought forward for railway construction in New Zealand. If more such could ho made it would bo a very good thing for tho colony. Unfortunately, tiie position of Wailii is exceptional, inasmuch as tho Waihi mino, which is finding tho money for tho construction, being 'The finest mine south of tho lino,” is exceptional itself; therefore tho necessity for caution in regard to what is a new and a good departure. By all moans let us help thoso who help themselves, encouraging enterprise and independence. At the same time, let it ho quite certain that the people who ODine forward with schemes of this kind are in tho position which they represent. Tho need for prudence in this question was demonstrated within ten 'minutes after Sir William Russell had drawn attention to it, by two members who declared that there are any number of districts equally fit for the principle followed in tho Paerotr-Waihi case. Of course, ono of these members was Mr E. M. Smith; the other was Mr T. Mackenzie, who is not usually so sanguine as the 'member fox Taranaki. Ho had only ono in his eye, hut Mr Smith had the indefinite number with which he so often dazzles himself and tries to dazzle everybody else. Wo have no intention of saying a word against tho localities advocated by these gentlemen. Wo have on tho contrary no doubt that they would he able at tho proper time to support their proposals with, perhaps, overwhelming evidence. Wo mention them only for the purpose of reminding tho public that where two men make prompt assertion in these matters, there must ho many hiding their time. There is one safeguard which perhaps may ho said to he sufficient. It is that the Waihi people are finding tho money. Delighted as wo should be to see others able to do tho same thing, we fear that any expectation of a largo number of cases would ho disappointed. But as tho country is progressing so fast, there may bo more ground for hope later on; for wo must bear in mind that, as was said by Mr W. Fraser in tho discussion, the land is better than, any gold mine. This brings us hack to tho starting point, viz., the sufficiency of the guarantee. It is true that tho Waihi mino is one of the best in the world, and that it would ho able to find money in any quantity for the making of railways or any other works. But tho Waihi company is under the agreement committed to no responsibility. Whether tho railway pays or does not pay, the company’s money is perfectly safe. It has the Government security behind it, whatever happens, and its interest will be paid every hajlf year on the duo date. A much poorer district than Waihi could do likewise, with a little financing, or a guarantee spread lightly over the district area, so as to secure to an accommodating lender something better than the interest given by tho Government. Now, a railway to such a district might never pay for the railway grease. It comes to this, then, that no matter how much money is found for such projects, they must he examined on their merits, and so decided. It is impossible to dissent from the view of the Minister of Railways that tho Waihi goldfield is to he depended upon. For years to come there is no doubt that tho proposed railway will pay handsomely. That consideration ought, in tho case of a district like Waihi, to be sufficient. There is every reason to expect more rich ground to bo opened in this district. Whether 1 that will last, as tho Minister surmised, for a thousand years, we need not step to conjecture. It is a safe rule that when a district offers good prospects of large development, and can show a certainty of substantial and profitable traffic for a railway, that railway should be constructed, as tho most probable method of bringing forward the ultimate district development. One or two members sneered at the mining character of the country in question—notably that distinguished Professor of Things in General, Mr Eli, who showed a prudence which he forgets when he deals with tho currency. In his case we can only regret that prudence so rare should have been misdirected. Ho and his brother sneerers forgot that the best paying railways in New Zealand by far are the mining railways, viz., the Westport and the Brunnerton lines. Wo congratulate the Government on the arrangement it has made, and we hope that in the event of future applications it will satisfy itself ..that tho prospects are as good as those at Waihi. It need never look for anything better.