XIU-\SA.CTIONS OF SECTIOX F. 737 



Present imporlance of our industries illustrated by statistics. 



The mere loss of capital, thoug-h serious, will not be of prime importance to 

 future generations, but outlay, for the redemption of which no provision has been 

 made during the period of continuous prosperity, and on which interest must be 

 paid, will be a crushing burden. 



This will especially apply to — 



1. The National Debt. 



2. Our railways and doclvs. 



3. Our municipal debts. 



4. Our water and lighting works. 



The interest upon this capital, with continued bad trade, must inevitably ulti- 

 mately lead to national bankruptcy, and probably fundamental social changes, 

 unless the capital is paid oft". 



It is o])Yiously the duty of this, and the next, generation to devise means, if 

 possible, of repaying the great e.xpenditure incurred in the development of our 

 resources; before these exceptional resources are e.xhausted the expenditure would 

 never have been necessary in a purely agricultural country or in a country in which 

 the coal resources were inferior in quality or costly to work. 



Memedy. 



The writer suggests that the remedy is the acquirement by the State of the 

 railways, docks, municipal and other loans, and of all lighting and water works, 

 and the liquidation of the National Debt. 



By this means the cost of carriage of coal, of passengers, and goods, could ulti- 

 mately bo reduced to the mere cost of maintenance and working, the total amount 

 of the purchase by the State being gradually extinguished by the operation of a 

 sinking-fund. 



The total charge for the National Debt is at the present moment 25,000,OOOZ.; the 

 profits on railways, docks, and canals are about 30,817,000Z. per annum, and should 

 it be possible to purchase for the nation all the above, and to extinguish the capital 

 by the operation of a sinking fund, the total gain to the nation would ultimately 

 be 60,000,000^. per annum. This sum would cover a very large increa-ed cost in 

 the price of coal, and go a great way towards enabling the nation to maintain its 

 commercial position, so long as our coal resources endure. 



The paper further discussed the probable mode in which the nation could 

 acquire the railways without involving a large annual outlay, and winds up with 

 Pome general observations upon the whole question, and points out that the time 

 lias arrived when the subject requires serious legislative investigation. 



FRIDAY, AUGUST 21. 



The following Papers were read :— 



1 . ' Miners' Thrift and Employers' Liabilitij : a RemarJcahle Experience.* 

 By George L. Campbell, Secretary of the Central Association for 

 Eealing with Distress caused by Mininrj Accidents. 



The thrift dealt with in Mr. Campbell's paper was that embodied in the 

 system of miners' permanent societies, which was commenced about thirty years 

 ago in the north of England, and has steadily grown until it now represents the 

 chief voluntary endeavour to meet the distress arising from the dangerous vocation 

 of mining. The liability of employers was chiefly that set up by the Employers' 

 Liability Act of 1880 ; and the principal question submitted to the section was as 

 to the desirableness on grounds of public policy of legislation suggested for the 

 Durpose of hindering miners and their eniplovers entering into arrangements 

 1891. ■ 3b 



