Page:The Economic Journal Volume 1.djvu/850

 828 THE ECONOMIC JOURNAL totals of the expenditure of 1889, namely, the increase in the prices of materials and the advance in the amount of wages paid. These causes have operated to a much greater extent in 1890 than in 1889, and so far affected the final result that instead of a large increase in net earnings which might have been looked for had wages and materials remained at their former level, an actual decrease is to be observed, though a comparatively small one. In connection with this point, an examination of the accounts of fifteen of the principal railway com- panies shows that had wages and the price of coal remained at their former level, the increase in the total working expenditure of the year would have been much less than it actually was; and making all allowance for increased work done and excluding any increase in the price of materials other than coal from consideration, instead of the slight decrease in the net earnings which actually occurred, an addition of at least 1,000,000 might have been looked for. Such an addition would have been sufficient to nullify the effect of the new investments in the railway undertakings, and to have kept the proportion of net earnings to total paid up capital at the same figure as in 1889. The result of the increase in wages and prices, referred to above, was to augment the total expenses of working to the extent of double the rate of the increase in the revenue, the latter showing an increase of 3'8 per cent. over 1889, and the former of 7'7 per cent. From a table attached to the report it appears that the total paid up capital of the railways of the United Kingdom in 1890 reached the sum of 897 millions of pounds, the receipts from passengers amounted to over 34 millions and from goods to 42 millions, and the miscellaneous receipts exceeded 3 millions, making a total of over 79 millions. The working expenditure was rather more than 43 millions, leaving a sum of 36 millions as representing the net earnings. The percentage of net earnings on capital was 4'10 in 1890 and 4'21 in 1389. Railway Servants (Hours of Labour). Report, together with the Proceedings of the Committee, Minutes of Evidence, Appendix, and Index. 267. THIS is an interim report of the Select Committee appointed to inquire whether, and if so in what way, the hours worked by railway servants should be restricted by legislation. The Committee now state that owing to the late period of the session it is not in their power to conclude their inquiry; they have therefore agreed to report the evidence already taken to the House, and to recommend that a Committee on the same subject be appointed in the next session of Parliament. The report is dated July 16, 1891. Town Holdings. le2ort. 325. THIS is an interim report by the Select Committee inquire into "the question of a direct appointed to on the