Page:The Economic Journal Volume 1.djvu/381

 ENGLISH RAILWAY PROBLEHS OF THE NEXT DECADE The labour troubles of to-day however raise too large a question to be discussed here. They seem to be growing more bitter, perhaps owing to the fact hat the enormous extension of joint stock business has made the personal contact of masters and men almost impossible, and there is no reason why the Board of a Joint Stock Company should be philanthropic, if the members are not large minded enough to see that it is to their interest to have a contented staff. I do not, myself, see how any profit-sharing scheme can be applied to railroads, though the practice of facili- tating investment in railway stocks by employees is largely increas- ing. I believe that the management of the staff must more nearly approach that of the Post Office, or the Army, than of a societ e commandite, since the capital invested is too enormous for he employees to own any considerable share. In concluding this section of our subject, one cannot but feel that railway men are now so well paid, and their position is so well assured, that some modus vivendi ought to be found which would prevent disastrous strikes. It has been suggested that a court of arbitration might be instituted, two of whose members should be government officials, to be called in as assessors on the request of either party. To sum up, we may admit that as our private railway system was the first to be constructed, so was it the first to lead the world, in speed, in accommodation, and in cheapness. To keep this proud position it is in need of constant criticism, and the publicity necessary to such criticism, and moreover, of in- telligence to enable us to keep a foremost place in technical matters. From the age of construction we are are moving into an age. when working, or what the French call 'exploitation' will be more important: and how far our system will meet this change remains to be-seen. But as government purchase is out of the question, and as the change has to be met, it will be for the public to demand what they need, and to call attention to improvements in the methods of other nations; and these our companies, if their future is at all like their past, should assuredly not be slow to introduce. T. C.