BRITISH RAILWAYS

Wairarapa Age, Volume XXXI, Issue 9124, 25 June 1908, Page 4

BRITISH RAILWAYS

The cablegram which a few days ago stated that there were rumours that the Midland, the London and Northwestern, and the Lancashire and Yorkshire Railway Companies had agreed upon a common working arrangement is now officially denied. In order to avoid excessive cornpetition the Great Northern and the Great Central Railway Companies agreed upon a pooling arrangement, but in March last the Court of Appeal refused to sanction it on the ground that the companies had not the requisite statutory poWc:r. The arrangement -(which wis to be for a period of 999 years) was to the effect that the management of the two railways should be undertaken by a joint committee of J3 directors of tne Great Northern and 12 directors of the Great Central, the committee being free to collect all tolls and rates. The receipts were to be pooled, and, after making provision for a first charge of 3ft per cent, on the present or future capital of the two companies, they were to divide the balance of net profit in the proportion of 57 per cent, to the Great Northern and 43 to the Great Central. Obviously the matter affected many interests, and it especially concerned other companies having agreements with the two which asked the approval of the court. The Board of Trade objected to the scheme. At the beginning of this month the British Railway News announced that the Great Central, Great Northeri:, and Great Eastern Railway Companies, with a capital of 1 GO millions, and owning 2,408 miles of railways, proposed to introduce in Parliament a bill providing for ths joint working of their railway systems. It was reported that the Board of Trade did " not object to the scheme. j