7 JULY 1928, Page 6

We have written in a leading article about the important

good news that the Railway Bills have been approved by the Joint Select Committee, and the bad news that the revenues of the railway companies are so disappointing that railway stocks are being heavily " marked down." The reasons have become stronger than ever for urging Mr. Churchill to consider the desirability of reducing the burden of rates on the railway companies without waiting for the general operation of the Budget scheme. But quite apart from the rates and from the just expec- tation which the companies have of making some money on the roads when the Railway Bills become law, we wonder whether the companies are doing all they can to stop the. rot in passenger traffic.