Excerpt from Railway Accounts and Finance: An Exposition of the Principles and Practice of Railway Accounting in All Its Branches
IT has not been thought necessary to make many alterations in the text of this edition. Variations in form and detail, connected with the compilation of statistical and other returns, have been made since the publication of the Second Edition ; but the principles of Railway Accountancy involved in recording and controlling expenditure and receipts, and in effecting periodical settlements between companies through the Railway Clearing House and otherwise, remain unaltered.
These principles have now, however, a far wider application than formerly. This is due not only to natural expansion and development, but to the larger acquisition by Railway Companies of subsidiary services such as steamboats, harbours, docks, highway motors, hotels, &c., and to requirements in consequence of closer co-operation between rival companies.
One of the great essentials of any system of Railway Accounts is its adaptability to the varied and ever-extending operations which expansion, rivalry, and co-operation are continuously and increasingly bringing about.
Without perfect organisation, and a system of accounts both sound in principle and elastic in working, arrangements for the interchange of traffic, through bookings of passengers and merchandise, pooling and equitable division of receipts and apportionment of expenditure would be impossible, because, short of complete amalgamation, they would lead to hopeless confusion and litigation.
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