RAILWAYS AND THE INVESTOR
[To the Editor of the SPECTATOR.]
Sni,—The writer on this subject in your issue of January 14th confesses to a somewhat sombre view in regard to English Railway Stocks, whereas there is every reason for optimism.
For the first time since the War ended the companies are free to devote the whole of their attention to the development of their services and the salesmanship side of their business. The long period of transition since the ending of Government control and the prolonged proceedings before -the Railway Rates Tribunal have come to an end, and simultaneously the coming into force of the new system of rates and charges, with the recognition of the principle that the capital invested in British railways is entitled to a return, will have, it- is hoped, the effect of stabilizing the railway position for some time to come. The National Wages Board has not seen its way materially to modify in favour of the companies the burden of post-War conditions of employment. It is claimed, however, that, in spite of unwonted post-War difficulties, the railway companies have endeavoured in a very practical manner to assist trade and to restore pre-War services. The grouping system was none of their seeking, nor did they hope by this means to impose their will on the public. The circumstances in which the new groups were introduced were adverse in the extreme, but to-day the inducements to the holiday-maker to travel by. rail are greater than any previously offered. Train services have been improved ; trains are more frequent and more con- venient to the public and are composed of heavier, more comfortable, and more modern stock. Complaint is made that pre-War facilities were not at once restored, but the extent to which cheap travel has been fostered may be gathered from the fact that some 50 per cent. of the total passenger traffic now travels at cheap fares. The practice complained of that a season ticket holder who has forgotten his ticket must purchase an ordinary ticket and thereby lose his train is more honoured in the breach than in the observance. A regulation made to safeguard the companies' revenue and prevent the use of a season ticket by more than one person is never allowed to act to the prejudice of a regular and well-known customer.
There need be no fear that the railway companies are not adapting their methods to modern transport require-, ments. The new move towards co-operation with the railway staff is fraught with great possibilities, and the full implication, of the Railways Act, by creating a co-partnership with traders, and the public, will, with the anticipated settlement of the anomaly in regard to road transport and a hoped-for revival in trade, go a long way towards restoring railway ordinary stocks to their former popularity.—I am, Sir, &c.,
A. W. ARTHURTON.
Railways Information Bureau, Westminster, S.W. 1.
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