HOKITIKA AND GREYMOUTH RAILWAY.

West Coast Times, Issue 201, 11 May 1866, Page 2

HOKITIKA AND GREYMOUTH RAILWAY.

(From The Despatch, May 10.) The prospectus has been issued of a new company that promises to do a work useful to the district and profitable to itself, if its design is carried out with promptitude and spirit. The establishment of direct railway communication between Hokitika and Greymouth, with stations connecting with the various diggings contiguous to the line, is one of those undertakings which may properly be left in the hands of private enterprise, but which, at thesame time, deserve the utmost assistance and encouragement from the Government. Whilst the latter are employed in opening up tracks into the back country, and increasing the facilities for miners and packers to reach the several diggings without reference to actual money returns, save those which accrue indirectly from the development of the resources of the country and the increase of its trade, it may be expected that private capital will be forthcoming for the oon- • struction of works like railways, certain to yield a large profit. It is somewhat surprising that an attempt thus to connect Greymouth with Hokitika has not been made before this, considering the very considerable passenger and the still larger goods traffic which have long existed between the two towns. The scheme now propounded is one that belongs to the category of certain successes, if, as wo have said, it is carried out with spirit aud promptitude. In many cases it is easy to put forth a prospectus showing the semblance of a good case, and promising large returns to the confiding investor, when in point of fact, the speculation is a most hazardous one. In this case there is an assured basis of calculation to go upon. In the first place, the cost of constructing the line can be estimated with certainty, and that is a very important point indeed for shareholders, It is the enormous excess of expenditure over the original estimate that ha 3 been t found necessary in the construction of [ so many English lines which has crip- [ pled their finances from the outset, and reduced their dividends far below the expectations entertained. Here the character of the country is known with . accuracy: the nature "and cost of the necessary engineering works can be ascertained almost to a pound. At the same time exact estimates can bo formed of the charges for purchase of rolling stock, and for working the lino. On the other hand, positive statistics are available of the actual present traffic between the two terminuses of the proposed line, and between each and the outlying stations nearest to it. The public have the assurance of business men — and the list of directors named is certainly one of the best that could be i selected— that a capital of £30,000 will be sufficient to construct the line, to purchase rolling stock, and to place the management in a position to open the line of traffic ; and they have their further assurance that within a year after the line is in full working order it will enable a dividend to be paid of " at least 20 Jper cent." This is 6urely a satisfactory return upon capital invested in a safe and permanent undertaking even in a country where such large rates of profit prevail as Westland. And wo may bo certain that the gentlemen who make this announcement " from careful calculations based upon the best statistics obtainable of the present passenger and goods traffic between the two townships and intermediate diggings,' know pre* cisely what they are saying, and do not invite the public to invest in an undertaking in whioh they have not them- • selves the most well founded confidence. The general advantage to the community that will result from this work when completed wo need not enlarge upon, It will effect; a vast Baying in.

he carriage of goods, and afford the eople an easy, speedy and cheap means of travel. To the miners located on the several diggings it will be of infinite service in lessening the cost and aoreasing tho regularity of their supplies ; and it will lead to the exploration and industrial settlement of large districts of country. In addition it may he looked to as a permanent bond of connection between the Grey and Hokitika. The wish now displayed by our friends to the north for separation from Canterbury and annexation to Nelson will be no longer expressed with a work of this kind once fairly commenced under auspices that promiso its early completion. We trust, therefore, on all grounds that the directors of the company will be earnest in prosecuting their undertaking, and that the share list will be speedily filled up.

The " Groy Hirer Argus" states, "on gooi authority, that many men are making good wages — in somo some instances £10 por weok . by re-working the tailings and othor debris of the terrace claims."