ADDRESS. XCIU 



railway, and on the difference between the railway rate of charge and the 

 charges by the modes of conveyance anterior to railways. No credit what- 

 ever was taken for the saving of time, though in England preeminently time 

 is money. 



Considering that railway charges on many items have been considerably re- 

 duced since that day, it may be safely assumed that the railways in the 

 British Islands now produce, or rather save the nation, a much larger sum 

 annually than the gross amount of all the dividends payable to the proprietors, 

 without at all taking into account the benefit arising from the saving in 

 time. The benefits under that head defy calculation, and cannot, with any 

 accuracy, be put into money ; but it would not be at all over-estimating this 

 question to say that in time and money the nation gains at least what is 

 equivalent to 10 per cent, on all the caj^ital expended on railways. I do 

 not urge this on the part of railway proprietors, for they did not embark in 

 these undertakings with a view to the national gain, but for the expected 

 profit to themselves. Yet it is as well it should be noted ; for railway pro- 

 prietors appear sometimes by some people to be regarded in the light of 

 public enemies. 



It follows from these facts that whenever a railway can be made at a cost 

 to yield the ordinary interest of money, it is in the national interest that it 

 should be made. Further, that thoiigh its cost might be such as to leave a 

 smaller dividend than that to its proprietors, the loss of wealth to so small a 

 section of the community will be more than supplemented by the national 

 gain, and therefore there may be cases where a government may wisely con- 

 tribute in some form to undertakings which, without such aid, would fail to 

 obtain the necessary support. 



And so some countries, Russia for instance, to which improved means of 

 transport are of vital importance, have wisely, in my opinion, caused lines to 

 be made which, having regard to their own expenditure and receipts, would 

 be unprofitable works, but in a national point of view are or speedily will bo 

 highly advantageous. 



The empire of Brazil also, which I have lately visited, is arriving at the 

 conclusion, which I think not an unwise one, that the State can afford and 

 will be benefited in the end by guaranteeing 7 per cent, upon any railway that 

 can of itself be shown to produce a net income of 4 per cent., on the assump- 

 tion that the nation wiU be benefited at least to the extent of the difference. 



A question more important probably in the eyes of many — safety of railway 

 travelling — may not be inappropriate. At all events, it is well that the 

 elements on which it depends should be clearly understood. It will be thought 

 that longer experience in the management of railways should go to ensure 

 greater safety ; but there are other elements of the question which go to 

 counteract this in some degree. 



Tlie safety of railway travelling depends on the perfection of the machine 



