It must be added that Sir Eric Geddes's figures have
been subjected to severe criticism. Mr. J. M. Fells pointed out in Tuesday's Times that the expenditure for 1914-18 included a sum of no loss than £33,482,262 assigned for future maintenance. In 1919 £2,417,492 has been set aside for this purpose, but only £178,799 has been spent. The result is that £35,720,955 has been charged to expenditure, but is, in fact, a reserve fund. Unless Mr. Fells is mistaken, the official return appears to be needlessly pessimistic to the extent of thirty-five millions. He contended, moreover, that Sir Eric Geddes had greatly under- rated the net revenue to be expected this year. The matter is of the utmost importance, because the official demand for an increase in the goods rates rests upon the. assumption of a heavy deficit. Higher goods rates will of course mean dearer food and clothes, and will retard the revival of industry. It is essential that the rates should not be raised by a penny more than is absolutely necessary to make the railways self-supporting
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