"It is not our desire that the railway system should be legislatively restricted within its present limits, or that existing shareholders should by any process whatever be nominally or practically gifted with a monopoly of the means of railway transit. We should submit to the introduction of new lines of railway wherever called for by absolute public necessity.... In such cases, however, we consider that the Legislature would only be doing justice to its previous enactments in {283}giving former applicants time to complete their engagements so that they might be able, at the proper time, to exhibit their ability and their willingness to consider the wants of the public as well as their proper remuneration." The memorialists mention the fact that in 1853 several new lines were sanctioned, the period fixed for their completion being 1858, and they proceed:-- "Already, however, before these lines are opened, others are promoted in competition with them--promoted, not by a complaining locality, but in some cases by existing companies, in others by persons whose only apparent object is to sell the schemes to advantage when Parliament has sanctioned their construction. In such instances as these we humbly submit that the Legislature should not permit the introduction of new lines until it has seen whether or not the company in possession can fulfil its engagements, and whether, also, such company should not be permitted an opportunity of electing to extend its undertaking, or to leave further effort to the discretion of the Legislature." Whilst the State was thus maintaining its own policy of competition, the railway companies were equally persistent in keeping to their policy of amalgamation; so that, as the Joint Committee of 1872 remarked, "A new line was sure sooner or later to join the combination of existing railways, and to make common cause with them." Practical railway experience was showing that the ordinary ideas of competition, as regarded commercial undertakings in general, did not and could not be made to apply to railways beyond a certain point. The capital sunk alike in obtaining a railway Act, in acquiring and adapting land, with provision of embankments, cuttings, viaducts, bridges, tunnels, etc., for the railway lines, and in supplying the various necessary appurtenances, railway stations, and so on, was irredeemable, since, in the case of failure of the line, due to competition or otherwise, the capital invested could not be realised again, the land, rails, buildings, etc., on which it had been spent being of little or no value for other than railway purposes. There could thus be no transfer of capital from one undertaking to another, as in ordinary commercial affairs.