It follows that the Unionist Party must oppose any plan for
"nationalising" the Irish railways, whether by the credit of the United
Kingdom, or otherwise. The policy we advocate is to be found in the
Minority Report of the Viceregal Commission, signed by Sir Herbert
Jekyll, Mr. W.M. Acworth, and Mr. John Aspinall, not as politicians, but
experts; and in the Report of the Royal Commission on Canals and Inland
Navigation dealing with the question of canals and water transport in
Ireland.
In the case of railways, the aim should be to amalgamate them into two
or three large companies to standardise as far as possible the light
railways, and level them in respect of gauge, gradients, works, and
rolling stock with the larger companies. Unquestionably many of the
smaller railways to be amalgamated, though not light railways, need
large expenditure for the purpose of duplication of running lines,
straightening of curves, stations, stores, and conveniences, and many
extensions and cross-lines will also be needed to connect them with the
trunk lines, and to open out districts now unprovided with railway
facilities. Many of these projects, though industrially remunerative to
Ireland and advantageous to England also as tapping new sources of food
supply, would not be, in strictness, commercially remunerative in the
sense of giving fair return on capital over working expenses, and it is
idle to expect that private capital will ever be subscribed for these
purposes. They can only be undertaken either directly by State funds, or
by money provided by the State, and lent to the large amalgamated lines
at low interest. This is the policy inaugurated by Mr. Arthur Balfour,
which has been of untold benefit to many districts in Ireland. Probably
a public grant of, say, £2,000,000, and loanable money available to the
extent of £8,000,000, would largely solve the problem. For the reasons
already given it is only by Imperial credit, and under the ægis of a
united Parliament and Government, that capital on this large scale can
be available for these purposes.