CONCLUSION.
The conclusion is in fact inevitable. Ireland cannot have it both ways. She cannot have financial independence and financial dependence at the same time. No Colony has ever claimed or been granted these inconsistent conditions. If Colonial precedents are cited, their essential limitations should also be borne in mind. Colonial loans are not charged on the Consolidated Fund. Nor have Colonial railways been nationalised with the money and credit of the United Kingdom, in order to favour local exports at the expense of imports from England.
Our examination of the question brings us to the clear conclusion that it is only under the existing system of a single Parliament and Executive for the United Kingdom that the problems of transit and transport in Ireland, or between Great Britain and Ireland, can be satisfactorily solved, whether from the point of view of finance, justice to shareholders, or advantage to the trade and convenience of both countries.
NOTE.—It has been suggested, since the above was written, that the balance in the Irish Post Office Savings Banks (now about £12,500,000) might be available to the new Irish Government, for advances to farmers and other public purposes. The suggestion involves the applicability of such advances for the purchase or amalgamation of the Irish railways under an Irish public authority. Such a proposal will not bear close examination.
It is an essential condition of the existence of Savings Bank deposits that the deposits should be always available on the call of depositors; and this condition would no longer be fulfilled if the balances were locked up in Irish railways. In fact, if there was any suggestion that these balances should be used for the purpose of enabling the Irish Government to run the railways on uncommercial principles, the deposits would very soon diminish or disappear—and this apart from the question whether under Home Rule, the deposits would in any event remain at anything like their present high figure.