Financial Notes
SOUTHERN RAILWAY MEETLNG.
THERE is one charge which certainly cannot be made against the Railway managements during recent years, namely, a lack of energy in meeting the fall in gross revenues by carefully conceived economies. In every Railway Report during recent years this has been very clearly demonstrated, and at the recent meeting of the Southern Railway the chairman, Mr. Gerald W. E. Loder, was able to state that while the fall of over £2,000,000 in gross revenue in 1932 was the most serious experienced since the company was formed in 1923, economies had been effected on a scale bringing the decrease in net revenue to only £713,000. That sum, the chairman pointed out, was practically equivalent to the falling off in net revenue from the Continental traffic, for it must be noted that in addition to the general adverse influences, including the trade depression, the Southern Railway was hit severely last year by the decrearie in Conti- nental traffic resulting from the fall in the value of the 5. On this matter, however, the chairman was able to point to signs of Continental traffics.
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