Railways and the State 283 



giving former applicants time to complete their engagements 

 so that they might be able, at the proper time, to exhibit 

 their ability and their willingness to consider the wants of 

 the public as well as their proper remuneration." 



The memorialists mention the fact that in 1853 several 

 new lines were sanctioned, the period fixed for their com- 

 pletion being 1858, and they proceed : 



" Already, however, before these lines are opened, others 

 are promoted in competition with them promoted, not by a 

 complaining locality, but in some cases by existing companies, 

 in others by persons whose only apparent object is to sell the 

 schemes to advantage when Parliament has sanctioned their 

 construction. In such instances as these we humbly submit 

 that the Legislature should not permit the introduction of 

 new lines until it has seen whether or not the company in 

 possession can fulfil its engagements, and whether, also, such 

 company should not be permitted an opportunity of electing 

 to extend its undertaking, or to leave further effort to the 

 discretion of the Legislature." 



Whilst the State was thus maintaining its own policy of 

 competition, the railway companies were equally persistent in 

 keeping to their policy of amalgamation ; so that, as the Joint 

 Committee of 1872 remarked, " A new line was sure sooner 

 or later to join the combination of existing railways, and to 

 make common cause with them." 



Practical railway experience was showing that the ordinary 

 ideas of competition, as regarded commercial undertakings 

 in general, did not and could not be made to apply to railways 

 beyond a certain point. The capital sunk alike in obtaining 

 a railway Act, in acquiring and adapting land, with provision 

 of embankments, cuttings, viaducts, bridges, tunnels, etc., 

 for the railway lines, and in supplying the various necessary 

 appurtenances, railway stations, and so on, was irredeemable, 

 since, in the case of failure of the line, due to competition or 

 otherwise, the capital invested could not be realised again, 

 the land, rails, buildings, etc., on which it had been spent being 

 of little or no value for other than railway purposes. There 

 could thus be no transfer of capital from one undertaking to 

 another, as in ordinary commercial affairs. 



In addition to this it might be that interest would have to be 

 paid on two lots of railway capital in a district where the 



