188 Timehri. 



3. The Railway Company to assign the reduced shares or otherwise 

 to assign for the same period the control of the Company to the Govern- 

 ment. 



4. The Government to lease the Railway to the Company for work- 

 ing purposes under a Board of five Directors containing representatives 

 of both the colony and the shareholders. 



5. All revenues over and above working expenses to be paid to the 

 Government on terms to be agreed upon. 



(a) towards the cost of the guarantee ; 



(b) towards development expenditure. 



6. Additional development capital to be provided by the Government 

 as required on a basis to be agreed upon. 



7. At the end of the period of present subsidy (say thirty years) the 

 railway to revert to the Company or to be taken over by the Govern- 

 ment on terms to be provided for. Extensions at Government expense to 

 be leased to the Company or to be retained by the Government. 



Interest Guaranteed on Proper Capital. 



Under this outline, it will appear that no large amount by way of 

 purchase money would have to be raised by the Government ; the Com- 

 pany, relieved of any dilution of stock or share values, will have an 

 interest guaranteed on its proper capital. The management would be 

 free, subject to Government control, to incur expenditure for develop- 

 ment purposes, instead of having to devote all revenue over lowest 

 possible running charges to the more or less hopeless work of paying a 

 dividend on a capitalization based partly upon the values of 1846. 

 Recent American and Canadian experience in consolidating or taking 

 over railways including the taking over of the Canadian Northern and 

 Quebec Railways by the Canadian Government, and British war experi- 

 ence in State control of private railways will be useful in working out 

 this scheme. 



APPENDIX IV. 



ROMAN-DUTCH LAW IN BRITISH GUIANA AND 

 A WEST INDIAN COURT OF APPEAL. 



From the Journal of the Society of Comparative Legislation, 

 November, 1917. 



[Contributed by J. C. Ledlie, Esq.] 



On January 1, 1917, the Civil Law of British Guiana Ordinance, 

 1916 (which was passed on September 2, 1916), came into operation 



