Excerpt from Railway and Government Guarantee, Which Is Preferable?: Facts and Arguments to Shew Tiiat Guaranteed Railway Stock Offers a Better Investment Than Do Government Securities
That almost every railway which, to the present time, has received the sanction of the Legi... slature, will sooner or later prove to be a fair and remunerative property, there can be little if any doubt. Many possess, of course, very superior merits over others, and I feel persuaded that, with care in the selection, purchases made in the present depressed state of the money market, would ultimately turn out very well; but my present purpose is not to dwell upon this, which may be termed the speculative class of Railway Stocks: I shall confine myself here to the guaranteed lines, the non-guaranteed, though otherwise od'ering ample scope for favourable observation, being foreign to the object of these pages.
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