E & N a loser as a rail line
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.
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 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 (Graham Bruce appointed when he retired as minister of labour and now the new president) and during the time they have not raised any capital done any work or expanded the business. 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