6 JULY 1934, Page 36

THE RAILWAY OUTLOOK.

Home Railway Ordinary Stocks, however, remain somewhat dull under the influence of the wages question, and although gross Traffic Receipts for the half-year, which has just closed, have been most encouraging, all interested in Railway Stocks are now anxiously waiting the half-yearly statements indi- cating what may have been the growth in working expenses during the half-year. For it seems almost impossible that so great an increase of Receipts can have been achieved without some increase in Expenditure, and this seems the more probable in view of the fact that the bulk of the growth has been under the head of Goods.

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