The Railway System To-day 377 



he naturally dealt with in his book. Much, however, has 

 happened since the first edition of that book was published, 

 in 1889, and some of the details given are not applicable to 

 present conditions. I do not propose to bring them all up to 

 date, but it may be of advantage if I attempt to convey to 

 the reader a general idea of the basis on which the London 

 and North- Western, as a typical English railway, is organised 

 and managed, leaving aside the technical data concerning 

 construction and operation with which, although they occupy 

 a considerable space in Sir George Findlay's book, I have here 

 no direct concern. 



The London and North- Western Railway had, on Decem- 

 ber 31, 1910, a total length of line of 1966 miles, of which 

 380 miles were single track and 1586 double or more. The 

 total length of track, including sidings, in equivalent of 

 single track, was 5490 miles. The authorised capital was 

 133,989,000 and the paid-up capital 125,038,000. The 

 magnitude of the company's operations is indicated by the 

 following figures in regard to traffic, etc., in 1910 : Number of 

 passengers carried (exclusive of season - ticket holders), 

 83,589,000 ; minerals, 43,384,000 tons ; general merchandise, 

 10,511,000 tons; number of miles travelled by trains, 

 47,463,000 ; receipts (gross) from passenger traffic, 6,699,000 ; 

 receipts (gross) from goods traffic, 8,900,000 ; total working 

 expenditure, 9,937,000. 



The supreme control is exercised by a board of twenty 

 directors, including a chairman and a deputy chairman. 

 Four retire annually, and are eligible for re-election. The 

 directors are appointed by the shareholders, all of whom have 

 the right to express their views thereon at the half-yearly 

 meetings of the company ; and when it is stated that the 

 number of shareholders -debenture, preferred and ordinary 

 in the North- Western is 100,000, representing 90,000 holdings, 

 and that in 45,000 cases the holding is 500 or under, it will 

 be seen that an English railway company is a far more demo- 

 cratic institution than one of those great railroad systems in 

 the United States which may be completely dominated by a 

 single individual. Any shareholder in the London and North- 

 Western who possesses the necessary qualification, by being 

 the owner of ordinary stock to the value of 1,000, is eligible for 

 appointment on the board. 



