Its functions have been defined thus: "To
settle and adjust the receipts arising from railway traffic within, or
partly within, the United Kingdom, and passing over more than one railway
within the United Kingdom, booked or invoiced at throughout rates of
fares." The system had then been in existence, in a more or less
informal way, for about eight years. Mr. Allport, on one occasion, said
that whilst he was with the Birmingham and Derby railway (before he
became general manager of the Midland) the process of settlement of
receipts for through traffic was tedious and difficult, and it occurred
to him that a system should be adopted similar to that which existed in
London and was known as the Bankers' Clearing House. It was also said
that Mr. Kenneth Morrison, Auditor of the London and Birmingham line, was
the first to see and proclaim the necessity for a Clearing House. Be
that as it may, the Railway Clearing House, as a practical entity, came
into being in 1842. In the beginning it only embraced nine companies,
and six people were enough to do its work. The companies were:--
London and Birmingham, Midland Counties, Birmingham and Derby, North
Midland, Leeds and Selby, York and North Midland, Hull and Selby,
Great North of England, Manchester and Leeds.
Pages:
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38