Financial Results.

When considering this portion of the question it is necessary to bear in mind that, although the proposed stage fares are only 4d. and 2d., that charge is made for the whole or any portion of a stage, and thus, although the through fare from London to Manchester would only be, first class, 7s. 4d., and second class, 3s. 8d., yet as there are forty-six stopping stations on that portion of the line, it is possible, by a change of passengers from station to station for each first class seat to earn, for the through journey, 15s. 4d., and each second class seat 7s. 8d. On an even mileage rate the through fare is all that can be earned.

I am not aware of what is the average distance travelled by passengers on this line, but think it safe to assume that, under the proposed fares, it would extend to at least such a distance as would pass three stages and enter upon a fourth. This, I estimate, would yield an average fare of elevenpence (11d.), so that we should require to increase the number of fares taken by from 30 to 33 per cent., in order to get the same gross financial result that was obtained in 1882, when the average fare was a fraction over one shilling and twopence (1s. 2d.). I think there can be doubt about this result being very largely exceeded. Since the above calculations were made and sent to England for publication, the Hungarian Zone system has come into force. Viewed in the light of that experiment I should expect the proposed new system to fully double the gross revenue, and probably at no increase of cost.

Great as I confidently expect the financial success of the new system will be, I yet believe, it will be but as 'the small dust of the balance' compared with the social revolution it will bring about, and it is for this that I have worked.