The form of half-yearly accounts prescribed by the _Regulation of
Railways Act_, 1868, admirable as they were, in course of time were found
to be insufficient and unsatisfactory. They failed to secure, in
practice, such uniformity as was necessary to enable comparisons to be
made between the various companies, and in 1903 a Committee of Railway
Accountants was appointed by the Railway Companies' Association to study
the subject, with the view of securing uniformity of practice amongst
British railways in preparing and publishing their accounts. This
Committee, after an expenditure of much time and trouble, prepared a
revised form, but the companies failed to agree to their general
adoption, and without legislation, compulsion could not of course be
applied. This led to the Board of Trade, who were keen on uniformity,
appointing, in 1906, a Departmental Committee on the subject. On this
Committee sat my friend Walter Bailey. The Committee heard much
evidence, considered the subject very thoroughly, and recommended new
forms of Accounts and Statistical Returns, which were (practically as
drawn up) embodied in the Act of 1911, and are now the law of the land.
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