Facsimile PDF - Online Library of Liberty

358 dfETH0D.S OF SOCIAL REFORM.
was obtsincil from Government. Generally speaking, tho
holders of telegraph shares received twice as much as the
commercial value at which their shares had been previously
rated.
In February, 1868, after the telcgrapl~ shares had somewhat
risen, Mr. Scudamore estimated, in his official report
upon the projected purchase, that the property and business
of the telegraph companies would cost, at the most,, three
millions, and, adding _tlOO,OOO for the intended extensions, he
nnmetl L3,100,OOO as tho reciuirctl capitill of tlle Department at
the outset. 1x1 April, 1867, IJeforc the shares had risen, 1 had
eutin~nted the p~rcht~~e-monry as not likely much to esceed
two null IL half millious, to wllicll I added an equal sum for
the extension of the propcrtg. l'lle actual cost of thc scheme
us yct cttnnot be strlted at less than three times Jir. Scudamore's
estimnte, or nearly twice my own.
If wo overlook the gipntic blunclers made by the Department
in conducting thc purchnse, nnd pay regard merely to
the subsequent. finrtnciul manngcruent of the telegraphs, me
find little to give us cmficlence. Twicc has the department
defied the Treasury and tllc House of Commons by spending
money without nuthority"tl1c first time to the extent of
I€61U,000, tho sckcoarl timc to that of W893,OOO; thesc great
sums being drawn from the general balances in the hands of
tho tlc~pnrtment., illvolving :t distinct bx*cach of irust as regards
tlie Savings Bank balance. I need hardly rneution the details
of tllcsc cxtraordinary transactions, which will LC familiar to
nmny of my renders. Tho public seem to hare condoned these
irrcgulnrities with n facility which it is difficult to account for
or to acquiesce in. The newspapers said that, if we are to
have State telegraphs, we must find bold energeticiofficers,
mho will mnnnge them with independence for the good of
the public, and will not allow slight difficulties to hamper
them. To put forward such a plea is to condemn State control
altogether. If thc circurnlocution inherent in the relations of
the Government offices, and the slowness of action of parliamentary
Government be such, that the officers of an industrial
department cannot successfully carry it on without defying all