BRITISH RAILWAYS.

Otago Daily Times, Issue 20522, 25 September 1928, Page 12

BRITISH RAILWAYS.

LOSSES FROM MOTOR COMPETITION. The railways system of Great Britain » losing revenue at the rate of £9,000,000 • year owing to a fall in traffic receipts, chiefly from goods traffic, states the London correspondent of the Melbourne Argus. As a result the stocks of the leading companies have fallen sharply. Earlier iu the year Great Western stock was quoted at 103, it is now 89; London and North-Eastern deferred stock was 17f, it is now five points lower at 12|; London, Midland, and Scottish “ ordinaries,” which were 76J a few months ago, are now quoted at 62J. If the position of stockholders is threatened,' so is the. well-being of the 1,000,000 men employed by the railways. On the Great Western system a four days a week shift has been instituted in some of the repairing shops, which thus close from Friday to Tuesday morning each week, with disastrous results to the pay-sheets of the employees. The trade union leaders are as pertui’bed as the railways directors. Mr J. H. Thomas, secretary of the National Union of Railwaymeu. Las already told his men that a stern effort must be made to ensure the utmost efficiency on the railways if wages reductions are to be avoided. Already many active men are being dismissed on reaching the age of 65 years. An old-age pension of 10s a week is a poor substitute for a working wage. Railway directors and trade union leaders alike arc anxious to avoid a drastic reduction of personnel, and it may be that concessions of Sunday pay and overtime will have to be made by the men. Fortunately the spirit of co-opera-tion between the railways management and its employees is at work. Mr J. H. Thomas has been as active as any member in piloting through Parliament the Railways Bills, which will enable the companies to meet the competition of motor bus companies.