TRANSPORT CHARGES
SIR,--The increase in railway freights has already been brought to our hearths and homes by the rise in coal costs. The Trans- port Commission's accounts could have been balanced by a much less painful expedient. It is common knowledge that the Railways arc hopelessly over-capitalised. Roughly 4s. in every t, of their earnings is lopped off to pay interest on capital. That staggering handicap could be removed by accepting Transport Stock as part of the National Debt. Payment of interest charges would then be made by the Treasury, and the Transport Commission would be freed from their crippling handicap. The nation has to pay the interest on the Transport Stock anyway. It would be more realistic to pay the interest out of general taxation than as a specific levy on rail transport.
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