TALKING TO A Conservative businessman a few weeks ago I
was interested to hear him assert that the Government had now only one thing to worry about : not the gold reserves nor the summit, but the railways. His argument was that in, its desire to put the railways 'on a business footing'—i.e., subsidy-free—the Government would be tempted to allow an increase in fares and freight rates which, apart from their un- popularity, would open the door to inflation again, on a scale just sufficient to tip the electoral balance. To talk of 'a business footing' is on the face of it absurd : the railways are a dying method of transport, and there is not the least chance of their ever again being made to pay' their way, however much capital is poured into them. Their collapse will, of course, be delayed by the expedi- ents now being adopted, dieseling and electrifica- tion; but the money would be far better spent on the roads, and with brighter prospect of a profit —in the shape of saved time and fuel.
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