This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1883 Excerpt: ...upon well-selected lines. The State lines already made by Government are in fact as much guaranteed lines as those termed "guaranteed," for they are made with borrowed money for which the Government must pay interest. A better policy might be to induce capitalists to take this business into their own hands by offering ...
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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1883 Excerpt: ...upon well-selected lines. The State lines already made by Government are in fact as much guaranteed lines as those termed "guaranteed," for they are made with borrowed money for which the Government must pay interest. A better policy might be to induce capitalists to take this business into their own hands by offering a partial guarantee, on a specified expenditure, sufficient to give a basis of security, without lulling that activity and care which are necessary to the complete success of such an enterprise. Three per cent. consols are now almost at par, and while money is so cheap it seems not improbable that an offer of a three per cent. guarantee by Government would induce capitalists in this country to come forward, provided, under proper restrictions as to rates, the entire profit beyond the guarantee were left to them. Lines of railway made in this way through tracts of country as fertile as those to which, without any guarantee, British capital is sent in America, and with the great advantage over America of an abundant population fond of moving about, could hardly fail of success. The Government would be relieved of details for which it is not well adapted, while continuous work of construction would be secured, and men thoroughly trained in the business of transport and traffic management would be substituted for officers without such training. In front of the railway station at Derbunga on the morning we left, the 20th of December, we were fortunate in getting a fine view of Mount Everest, 29,000 feet, the highest of the Himalayan range, 180 miles distant. Two grand snowy peaks were distinctly visible by the eye, and plainer still by the aid of a glass. The sky was cloudless. On returning to the Ganges from Derbunga a branch of new rail...
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