If undertaken by the Provincial Government, it would be safe to multiply both the one and the other by two, and if by the General Government they might multiply by four.—(Laughter.) It was said by several that the railway to the Ocean Beach would not pay, but it had also been said that the Port Chalmers Railway would never pay. That line cost the Government about six times as much per mile as the pre sent projected railway was likely to do ; but he had good reason to believe that the nett earnings of the Port Chalmers Railway during the present month would be at the rate of very nearly twenty per cent, per annum. If he had several thousand pounds to spare he would be glad to in vest the amount in this undertaking. He believed that he would then have sufficient to live upon from the interest during his lifetime. One great advantage would accrue from this line to the Government. They would save several thousand pounds in reclaiming the mud flat at the head of the bay ; in fact, the construction of the rail way would itself go far to reclaim a portion of the flat. B-.-fore many years, they would find the whole of that magnificent block covered with warehouses, ship Imildui" yards, and all that sort of thing. He, how ever, supposed there were some practical speakers bursting to address them. (Laugh ter.) He then called for three cheers for Her Majesty the Queen, and a similar com pliment to the Dunedin, Portobello, and Ocean Beach Railway Company, which were heartily responded to. Mr G. W. Eliott said he had been se lected from amongst the Directors to return thanks to hi3 Honour for proposing then health— (laughter)—or, rather, proposing three cheers for them. The Superintendent had left him nothing to say about the rail way, of which he had spoken in a sanguine manner, and he (Mr Eliott) hoped that they would be able to carry on the work expe ditiously. The Ocean Beach line would no doubt pay handsomely, and they would shortly introduce the riilway to Portobello. As His Honour the Superintendent had remarked, the inhabit ants would then be able to bask in the sunshine on the pleasant slopes.—(Laughter.) Three hearty cheers were then given for the Superintendent, and three for Mr Proud foot. 