This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1901 Excerpt: ...explicitly the reasons which influenced them in recommending the change. "The charge," he stated, "has been freely made that we are abolishing second-class carriages and reducing first-class fares with the object of injuring adjoining companies and entering upon a course of new and ruinous competition which deserves ...
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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1901 Excerpt: ...explicitly the reasons which influenced them in recommending the change. "The charge," he stated, "has been freely made that we are abolishing second-class carriages and reducing first-class fares with the object of injuring adjoining companies and entering upon a course of new and ruinous competition which deserves reprisals at their hands. This charge is totally unfounded. Our only objects are to increase the profits of the Midland Company by reducing the cost of working the passenger service, and by obtaining a greater number of passengers at lower first-class fares. It is to the encouragement and increase of the local traffic on our own system that we look for a return, not to the abstraction of traffic from other companies. A change of this character may prove less beneficial to other companies than to us--that it will prove injurious to any, your directors do not believe--but we hold ourselves responsible in the conduct of affairs of this Company to Midland proprietors alone, and we are not justified in rejecting a change which will be beneficial to them because it may not suit one or more neighbouring companies, the circumstances of whose traffic may be widely different, and who, after all, are keen competitors with the Midland, not mindful, as the last few years have shown, of the interests of the Midland shareholders." He also reviewed the policy of extension, which had been miscalled aggression, which had been forced upon the Midland, and added, "No one who has watched the subsequent development of the districts traversed by the Midland can doubt the enormous advantages which the public have derived." With the object of increasing the passenger receipts pro rata with the increasing goods traffic, the experiment was tr...
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