POSTSCRIPT.
SATURDAY..
At the half-yearly meeting of the North-western Railway Company; yesterday, the Chairman, Mr. Glyn, M.P., made this declaration on the subject of competition-
" Every year's experience, more especially in cases where the capital ac- count is closed, leads to the development of the fact that competition i8 false as regards railway fares ; and that a close and intimate connexion between companies occupying the same districts, each being allowed to do its best for the development of the general traffic, and to pocket fair receipts under the regulation of Parliament, is the only plan which can give the slightest chance of a railway system being properly supported in this country. It is in vain to talk of competition. Look at the competition which is at present going on between the Great Northern, the Midland, and ourselves. Only think of 5s. and 4s. 6d. from Leeds to London and back again 1 It is positive folly. It can't go on, and must and will lead to an arrangement for an equitable division of the whole territory among the different companies. In the mean time, I don't hesitate to say—for I told you that there should be no reserve between us—that I believe we shall have to go through a serious race of competition. I know also what the effect will be : the effect sill be great misery and great ruin. The public will be extremely ill-served. We shall have a repetition of horrible accidents, until at last the public will be- come awake to the real position of affairs, and insist upon Parliament doing that which it ought to have done-seven years ago—put the whole system upon a footing of territorial arrangement."
Mr. Glyn seemed, as a matter of policy, to paint his company's pros- pects in very subdued colours ; but the dividend was maintained at the rate of five-and-a-half per cent, and it appeared that there is accruing from the Exhibition traffic a large addition to the reserved fund. Mr. Locke, M.P., referred to his Railway Audit Bill, which he said had been defeated by the attornies because it attacked their costs ; and he declared himself ready again to respond to the calls of the railway proprietaries, if they thought it right that the bill should be again taken up.
We are happy to state that Sir George Grey continues to improve in health. The Right Honourable Baronet took a drive yesterday.— Globe, Aug. 16.
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