It is, of course, necessary, in order to carry so important a scheme into effect to negotiate with all the various railway companies interested, as well as to obtain an Act of Parliament. Besides this, a large amount of capital is required for the acquisition of the site, the construction of the connecting lines, installation of the machinery, etc.
Notwithstanding the large cost, estimated by Mr. Edgar Harper, F.S.S., late Statistical Officer of the London County Council, at £14,000,000, he shows that such a system would more than pay for itself in a year by the economies in transport which it would effect directly or indirectly.
No estimate, however, is given, nor probably can be given by anyone, of the time that will be occupied in carrying such a scheme into effect, so long as this present system of numerous companies and conflicting interests continues. Five years have already gone by since the Company was registered.
If, however, the scheme of nationalisation and amalgamation with the Post Office be adopted, there should be no difficulty in providing as part of such scheme for the system and machinery of the New Transport Company already referred to, not only in London but in every other traffic centre. It might also be possible to avoid the expense of acquiring a new site for a “Goods Clearing House” by utilising some portion of the large area occupied by the three large termini and approaches thereto of King’s Cross, St. Pancras and Euston.
There will then be no conflicting interests, no multiplicity of companies, and no difficulty in raising the necessary capital for establishing the system, and what is still more important, no difficulty, as will be shown hereafter under the heading of “Finance,” in producing the necessary revenue to repay the capital and interest, by reason of the progressively increasing traffic which will result from the adoption of the small uniform average rates advocated.
The following, then, are some of the very substantial economies which will be effected by my scheme:—
I. Expenditure which would be entirely abolished:—
(a) The Railway Clearing House, the sole object of which is to apportion receipts and payments between the various companies, about 217 in number, and requiring for its work a large and expensive staff, not only of clerks, but also of inspectors at every junction, and a large establishment at Seymour Street, Euston.
(b) The separate Boards of Directors, officers, and clerical staff of all the separate companies.