30 STATE BORROWING. 



From such considerations the writer is of opinion 

 that the State Taxpayers of the day stand, in relation 

 to ever-changing individuality of the State Taxpayers 

 of the past and the future, in exactly the same ethical 

 and economical relation as do the existing Shareholders 

 of a Private Railway Corporation to past and future 

 Shareholders of the same concern; and, consequently 

 (apart from the lack of any necessity to do so), there are 

 neither moral nor economical grounds why either State 

 Taxpayer or Shareholder of the day should, in addition 

 to their own equitable share of burden mulct them- 

 selves in additional expense as by Sinking Funds for 

 the purpose of relieving their future representatives of 

 a portion of their own fair and equitable share of bur- 

 dens. The latter, too, from increasing value of Loans, 

 Assets, increasing number and financial ability, should 

 be in a stronger position than their representatives of 

 to-day to fully discharge all reasonable obligation falling 

 naturally upon them. 



In conclusion, I am strongly of opinion that Sinking 

 Funds for the absolute redemption of Loans invested 

 in Railways, Harbours, and other Public Works should 

 be restricted to the portions of such Loans whose 

 Assets are short-lived and, like the terminable life of 

 Marine Vessels, cannot be permanently preserved in 

 original pristine value and utility by the proper yearly 

 contributions to Maintenance, Renewals, and Repairs 

 from current revenue, by which means the whole Per- 

 manent Way, Machinery, and Equipment of Railways 

 are ever kept up to their pristine value as State Assets. 



