E&N a losing proposition
As Mr. Ridgway clearly noted in his letter of a few weeks ago the Island Corridor Foundation gets its funding from the various levels of government who pay for crossings — in essence dollars from taxpayers. So it is totally dependent on the taxpayers. Clearly the taxpayers get no benefits whatsoever from this organization.
It is interesting to note that the E&N rail line was “donated” by CPR to the province and they were given a $770,000,000 plus tax credit or equivalent. CPR knew what is was doing divesting a losing proposition. In that interval while the E&N has been under various regimes and during the time they have not raised any capital, done any work, or expanded the business. It is no more than a failing enterprise generating studies etc.
Meanwhile CPR share price has tripled and has grown a viable robust business that has paid taxes, wages and purchased goods and services.
I think the message is clear this organization cannot make a profit for the government and after over 10 years of continuous failed efforts it’s time to make the rail bed into a useful and functioning trail to bring tourists and such to our communities. That will provide a much greater benefit than anything the E&N has done in the past 10-plus years.
Glenn White
Shawnigan Lake