The Railway Pool The many people whose little all is
invested in railway stock, once thought to be " as safe as the Bank," and now sadly depreciated, will welcome the news that the L.M.S. and the L.N.E. railway companies may carry out their pooling arrangements with official sanction. The com- panies have already done much to effect economies in working. But the new plan for co-operating instead of competing should enable them to save still more, and also to offer new facilities to passengers as well as for goods traffic. It will be a convenience, for example, to be able to travel to Scotland by the east coast and return by the west coast with a return ticket issued by either company. The Railway Pool Committee observes very justly that the rejection of the scheme would leave this vital national industry in its desperate position, whereas the scheme now approved holds good promise of relief. Traders are exposed to some slight risk of higher rates, but it is not a serious danger from their point of view. As for the staffs, the companies have agreed that every employee shall be " secured of a job," though it may not be precisely the kind of job on which he has hitherto been engaged. More than this cannot fairly be demanded, though the railway unions are still discussing the question.
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