Ditto per passenger train, 20,000,000 at 10s 10,000,000 Live Stock, as now 1,500,000 ----------- £50,800,000 Increased tonnage required to make up present revenue, 48,000,000 tons at 10s. 24,000,000 ----------- £74,800,000 =========== which is £800,000 more than present total receipts from goods per passenger and goods trains, and requires an increase of under 10 per cent. in tonnage. =Reasons for anticipating increase=:-- =(_a_) Of Passengers.= Long distance journeys now restricted by expense.--Through tickets now counted as one journey will, under new scheme, be sometimes two or three, _e.g._, London to Londonderry would be three tickets--Every single journey taken, usually means also return journey home. =(_b_) Of Goods.= Example of Post Office--Before Penny Post, average price per letter 7d., and letters carried 76,000,000. After Penny Post, first year number doubled; in twenty years, increased by eight times; about doubled every twenty years since. Before three letters per head of population, now 72 per head. Goods now sent by road motors will, with cheaper rates, go by rail--perishable articles, now not sent at all by fast train owing to expense, will be sent when rates cheaper. CHAPTER VI. =Working Expenses.= Page 53. =If increase= of traffic no more than above, increase of working expenses negligible, apart from economies made by unification. Expense of carrying 200 passengers no more than 20. If increase of traffic more, then revenue increases, but working expenses only by about 50 per cent., as expenses of permanent way, stations, signal boxes, and establishment charges but little affected. Expenses of Post Office and Railways to be lumped together. CHAPTER VII. =Terms of Purchase.= Page 56. =Present total market price= of all Railway Stock and shares about £1,350,000,000 Debentures and Loans ” 350,000,000 -------------- Total about £1,700,000,000 =Estimate of annual sum= required according to precedent of purchase of the East Indian Railway Company, namely, by annuities for 73 years, equal to 4¼ per cent. per annum on market value, plus liability for Loans and Debentures with interest at 3 per cent. 4¼ per cent. on £1,350,000,000 £57,375,000