RAILWAY SINKING FUNDS
[To the Editor of THE SPECTATOR.] SIB,—Mr. Crampton opens his letter in last week's issue with the words, " Answering Mr. Keen "—should he not rather say, • " Replying to " My questions (2) and (3) he replies to by describing them as " irrelevant " and " not germane," re- spectively—evasion only ! In reply to my first, does lie not give his case away by his admission, if there should be any deficiency it becomes a charge on municipal rates " ? Is not that the difference, as I pointed out, between municipal and company trading; and the reason for the imposition of
• sinking funds on municipal trading capital ?
Years ago the L.C.C. invested a large amount in Thames steamboats, butting immediate great losses by scrapping the lot for a song. Had the venture been that of a company the capital lost would have disappeared. What has happened to the loss on the sale of the steamboats ? Is it, perhaps, still being met through sinking funds by a generation that has not seen
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