At this season of the year freight traffic on the Home railways is approaching its peak. Unfortunately, business at the moment is by no means good, for while six months ago receipts were rising by leaps and bounds, recent returns tell of a decided slump in business. For the first half of the year Home railway traffic receipts were some £2,000,000 less than the corresponding period of 1937, and interim dividends have been severely cut. Increased wages costs and expenditure on materials, are two items the railways are up against, while there has also been a general falling-off in trade thoughout the country. It may be, of course, the present setback will prove only of a temporary nature. In any event, the general feeling is that the railways have emerged successfully from hard times before, and there is every reason to believe they will do so again.