Excerpt from Remunerative Railways for New Countries: With Some Account of the First Railway in China

The practice of relying on guarantees, for the interest of capital, has to answer for much of the present stagnation and difficulty in introducing new works. In proposed railways abroad, it has only been too common, for a State to be asked to guarantee a dividend, upon as large a capital as the authorities could be induced to sanction. Large capital powers, fortified by a Government guarantee, are pretty sure to be exercised; and thus, in many cases, the expenditure has been quite out of proportion to the needs of the locality. AS a natural Consequence, the earnings of such railways have not been equal to the guarantee; and States, like individuals, soon become tired of guarantees when they are called on to pay them.

It seems probable that the next stage of railway development, throughout the world, will have to depend on the intrinsic merits of the undertakings, and their prospects of being able to earn their own living, rather than on any artificial support. It is therefore particularly opportune to inquire as to the practicability of introducing Cheaper railways.

There is always considerable unwillingness to deviate from established types, and the desire to have as big and as good railways as anyone else, has led many into extravagance and mischief, both in this and in other countries.

During the last few years, much has been done towards facilitating the introduction of railways in the Colonies, and other distant countries, at greatly reduced cost as compared with the earlier railways. Not only has experience brought about the natural result of improved production, but a new departure altogether has been taken in constructing railways of a lighter calibre, than was formerly deemed practicable.

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