Excerpt from Elements of Railway Economics

For the last nine years, during which I have lectured on Railway Economics at the London School of Economics, I have been constantly hampered by the want of an English text-book of the subject. Having waited long in the hope that some one else would fill the gap, I have in the end reluctantly attempted to fill it myself. Circumstances have, however, prevented me from completing the book which I had planned, and the pages that follow are only an instalment. My apology for publishing an incomplete fragment lies in the hope that to my own students, and perhaps also to the students in classes that have recently been established in Manchester and elsewhere, half a loaf, and that but indifferently baked, may be better than no bread.

I shall be grateful for any correction in matters of fact, or criticism on matters of opinion, that may be sent to me, and trust that the complete work, when published, will benefit by them.

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