Railway Rates Up B.T.C. Raises £60m.
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THE Government is closely and urgently examining the present structure of the country's transport system and its efficiency, with which it is dissatisfied.
Mr. J. S. Maclay, Minister of Transport, made this statement in the House of Commons last week, when he ' announced that railway freight, canal and dock charges will be raised by 10 per cent, as from December '31. This increase is subject to a maximum addition of 10s. a ton for merchandise by goods train and perishable traffic. Rates for small parcels and returned empties will rise by 10 per cent., although the British Transport Commission sought greater increases.
These advances are expected to bring in £21m, a ,year. The B.T.C.'s annual working expenses have this year risen by at least 140m., and it is expected that they will increase next year by another £11m. The deficit in 1952 is expected. at the present level ,of charges, to be £39.1m., to be added to an accumulated loss of £40m.
For the first time since its formation. the Commission is to raise new capital by the issue of £60m. British Transport One-year 1.1 per cent. Guaranteed Sttazk at par.