a reduction of rates, and to obviate the
objections of monopoly by the offer of reasonable guarantees, it might
perhaps have become necessary, notwithstanding the disadvantages of the
Great Western scheme, in respect of the gauge and other points, to adopt
this alternative.

This is, however, by no means the case; but, on the contrary, the London
and Birmingham Company have come forward voluntarily to offer guarantees
and conditions of a very advantageous character.

They offer, on condition of their Worcester scheme being sanctioned, at
once to meet the objections of monopoly, by inserting in their Act the
following provisions:

1. The whole of the Railways under their control, including the existing
London and Birmingham Railway, to become subject to the options of
revision and purchase contained in the Act of last year: the option of
revision, however, at 10 per cent. to accrue at an earlier period than
that of 20 years, specified in the Act.

2. A revised tariff to be framed for the whole of the said Railways,
including the London and Birmingham Railway, upon the principle of fixing
_maximum_ rates for passengers and goods lower than those at present
charged, and at as low a level as those charged upon any of the principal
Northern Railways.

3. One article of such tariff to be, that coals and iron are to be
carried at rates not exceeding 1_d._ per ton per mile, including toll and
locomotive power.

4. All differences with other Railway Companies, by which the public
safety or convenience are affected, to be referred to the Board of Trade,
or other competent authority for that purpose established by Parliament.

6. The London and Birmingham Company to pledge the whole revenue of
their existing line for the completion of the proposed undertaking within
a reasonable time.

It appears to us that these guarantees hold out for the Public a prospect
of permanent and certain advantage greatly beyond anything that could be
expected from the competition of two great Companies, who would be urged
by every motive of interest to combine.

We attach the greatest importance to the security obtained for the cheap
transit of coals and minerals. Not only will a great benefit be thereby,
as we believe, secured for the important mineral districts of
Staffordshire and the Midland Counties, but also a still more important
benefit for the poorer and industrious classes, and for the consumers of
coals generally throughou