From the Kearney Files
Manly (Sydney) May 1930.
Address by Mr. Swann, representative of the Kearney High Speed Railway Company.
Mr. Swann said that the proposed line would, if approved, be financed by the share capital of the company, and by a debenture issue. The proportions would range from 75% debenture, 25% share capital in the inner areas to 90% , debenture and 10% share capital in the outer areas with small capital. The question of the route was entirely a matter for the Government to decide, but the company would stipulate that the first tracks be laid through populated areas at a cost of not more than £4,700,000, the estimated cost of a Government line via Mosman. Freights and fares would not exceed those of the average suburban line over the same distance. The line would be electrified throughout, and the first section to be laid would probably be that from Manly to Newport, fringing the beaches throughout. The line would connect with the Government lines at Blue - Street station, North Sydney. The line would confirm as to the guage etc, with conditions obtaining Government lines.
Mr. Swann replied to a question regarding the existing Tramways, instead of the company compensating the Government by it driving the Tramways off the road, the Government should grant the company a bonus for relieving it of the Tramways that were run at a steady and increasingly financial loss.
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