THE RAILWAYS AND THE ROAD FUND
[To the Editor of the SPECTATOR.] SIR, —All holders of railway stock must have a keen personal interest in any proposals the Chancellor of the Exchequer may bring forward for the diversion of the Road Fund from its original purpose. Roads and railways are commonly supposed to be in keen competition with each other. They are. For each passenger and each ton carried by road is, potentially at least, one passenger fewer and one ton less carried by rail.
At the same time, however, each feeds the other. Were there fewer train services there would be fewer road services ; were there fewer ears on the road there would be fewer trains on the lines. For the interesting point emerges from the present discussion on the Road Fund, that the roads are actually the second biggest users of railway trucks in the country at the present time. Coal comes first. But the roads are not far behind. For their construction and repair are required a multitude of things like stones and sand, granite chips and asphalt. The transport of these road materials from one part of the country to another makes a big difference to the railway companies' schedule of work.
It appears to me, therefore, that in the storm which seems likely to arise over Mr. Churchill's novel proposal the railway
shareholder ought to take the long view and fight the raid.—
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