RECEIPTS FALLING.
Moreover, the outlook from the shareholders' point of view is rendered the more depressing by the fact, that traffic receipts are still falling heavily. Only last week Sir Ralph Wedgewood, the Chief General Manager of the London and • North-Eastern Railway, in giving evidence before the Railway Rates Tribunal, stated that during the current year the receipts of the four trunk companies showed a decrease of roughly £5,750,000 on last year ; and he added : " I do not think there is anything to show that there is a revival of trade in prospect."". I am afraid that there are many indications' that our revenues will fall below last year. It -would be actually optimistic to say that the falls which have taken place up to the present moment will be substantially reduced.. Not unnaturally, how- ever, the 'announcement was - also made that the com- panies, despite the falling off in . revenue, had decided for the present to make no increase in railway rates. This, of course, is in a sense quite logical, inasmuch as an increase in rates might accentuate the depression and further stimulate motor competition.
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