delivered at the recent meeting of the Southern Railway Company
by the chairman, Brigadier-General the Hon. Everard Baring, was his reference to the good financial results which had followed upon the electrification of a certain portion of the company's system. He stated that in the electrified area passenger journeys increased by no fewer than 6,000,000 and receipts -by £218,000. Outside the electrified area, in spite of an increase of nearly 2,000,000 passengers, there was a decline in revenue of about £200,000. General Baring was very modest in his reference to the economies established during the year, but, as a matter of fact, they have been very remarkable, a decrease in expendi- ture of 1763,000 being set over a reduction in receipts of 1556,000, so that the company actually gained in its net revenue—no mean feat in these days of railway depression.
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