618 KEPORT— 1898. 



to public bodies had been repaid. If this were so the State could reduce 

 the cost of carrying minerals, goods, and passengers nearly 50 per cent., 

 the rates and taxes would be lessened, and the cost of living greatly 

 reduced, lessening the cost of labour, and making this kingdom from its 

 temperate climate perhaps one of the pleasantest and most economical of 

 residential countries in the world. 



The reductions in the rates of carriage of minerals and goods, and in 

 dock dues and terminal charges, and in rates and taxes, would with 

 mechanical and mining improvements probably so neutralise the gradual 

 increase of the cost of our coal as to enable our coalfields to maintain 

 their position as competitors with the Western Hemisphere for probably 

 another two and a half centuries. We should be able also to maintain 

 our Army and Navy, and the cheap living cost would facilitate the 

 gradual and successful introduction of industries requiring much labour, 

 and the nation would have that long period in which to complete the 

 repayment of the National Debt. 



The paying oflF of the National Debt now in progress is undoubtedly 

 a commendable operation of itself, but if we are to suffer collapse com- 

 mercially in half a century, or thereabouts, if the whole debt were paid off 

 in the meantime the relief would only be temporary, but if on the other 

 hand a similar annual sum to that applied to the repayment of this debt, 

 or more, if required, were set apart for purchasing the reversion of the 

 railways, <kc., and providing legislative means of checking and raising of 

 capital for public purposes, except with stringent provisions for repayment, 

 then the nation would have ample opportunities left of paying off the 

 National Debt in the future, after these other and more imperative 

 economies have been provided for. 



If we look for a moment at the reverse side of the picture, and assume 

 that the nation will do nothing to guard against the danger of commercial 

 collapse which will take place upon the exhaustion of our cheaply -worked 

 coal resources, we shall be in the position of being saddled with the large 

 amount of capital invested in railways, docks, and public works, amount- 

 ing, it is estimated at the present time, to approaching 1,500 millions of 

 money, with no opportunity of paying off this capital 



The cost of our manufactures will rise, our foreign markets will in 

 consequence be curtailed, resulting in a large proportion of our population 

 being thrown out of employment, our income and means of supporting our 

 Army and Navy will rapidly decrease, and Great Britain must gradually 

 sink to the position of a secondary power. 



Existing and immediately succeeding generations, therefore, cannot be 

 justified, under the circumstances of the enormous advantages they are 

 receiving, and will for half a century yet receive, from the working of the 

 most valuable portion of our coal resources, in neglecting to adopt some 

 well-considered and comprehensive scheme for dealing successfully with 

 the inevitable future difficulties indicated with the great object of extend- 

 ing the duration of the prosperity of this nation far into futurity. 



