After many years of familiarity with the turgid and obscure statements issued by American railway corporations, and which are usually of such a character that the more they are studied the less the shareholder knows of the affairs of the corporation, it is very refreshing to read the report of the Railway Commissioners of any one of the Australasian colonies, where every item of expenditure is made clear, and where words are not used for the purpose of misleading. The last Victorian report shows this new and sparsely settled country as able to borrow money with which to build national railways, at three and one half per cent. per annum. How many American corporations are able to borrow money at such a rate? This saving in the interest charge directly benefits the public, and is due to national ownership, and a like saving will be made by the nationalization of American railways. This report also shows that while the country is so rugged that in many cases the gradients are as great as one hundred and thirty feet per mile, and the cost of labor and supplies more than here, the roads are operated at less cost, as measured by the expense per train mile, than in the favored regions of the United States. The Kansas City, Fort Scott, and Memphis Railway is, admittedly, one of the best managed and most economically operated railways in the West, and with an abundance of very cheap coal;[11] low gradients and running more trains than do the Victorian railways should be operated much more cheaply, yet the cost of operating this road, as measured by the cost per train mile,--and this is the best possible criterion of economy in operation,--is one third greater than on the government owned railways of Victoria. [11] Coal on the line named is worth about $1.50 per ton at the mines, while inferior coal is worth $3.75 per ton at the mines in Victoria. An excellent measure of the efficiency of the management is the number of casualties, as proportioned to the number of passengers carried and men employed, which is very great in such countries as Russia, Roumania, and Portugal; but in Victoria, and other Australian colonies, the proportion is far less than in the United States, more attention being given to the adoption of such safety devices as interlocking switches, etc., and all the stations and crossings are provided with gates, and otherwise better guarded than with us, where the corporations are much more intent upon paying dividends than in serving the public, or in saving life and limb, while on the government-operated railways of Victoria, the management devotes its attention--with a due regard to economy,--to the convenience, comfort, and safety of railway users, and employees having no bond or share holders to provide for. In the United States one of the useless traffic associations pays its chief umpire nearly as much as Victoria pays her entire commission.