Drain runs away
ONE CATCH in Mr MacGregor's offer showed up this week, when British Rail parted with its Waterloo and City line, fondly (well, fairly) known as the Drain. I have always thought it a natural test-bed for the City's financing techniques, and was disappointed to see it pass along the public sector into London Underground, or, as it thinks of itself, Underfund. I now learn that the Corporation of London looked at the idea of taking it over — no doubt offering premium services in Alderman Class or in the Lord Mayor's Coach. What proved fatal was the mere thought of the railway- men's union. Guildhall has troubles enough of its own without having to negotiate with Jimmy Knapp. My proposal for the Under- fund is entirely simple. It should put an extra pound on each fare and hypothecate the proceeds to pay interest on an issue of Capital Investment Bonds. Before that, though, Mr MacGregor will have to fran- chise his harrumphing countryman off.
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