ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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In Defence of Forward Trading

the railways' role. The Railways Minister refers to the fall in ratio of overheads to capital-at-charge from 1.13 per cent in 1951 to 0,88 per cent in 1968. But he docs not relate it to the fact that railways' capital-at-charge has trebled over the period. He does not refer at all to the various manufacturing enterprises (locomotives, coaches) now owned and operated by railways, or to their efficiency. Nor does he refer to advances in management practices in railways. It has now become common practice to refer to statistical improvements in various ratios as indices of increasing efficiency. Yet such improvement is inevitable, given the constant rise in traffic. Moreover, these are post facto happenings

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