UNDERGROUND ELECTRIC RAILWAYS COM PANY OF LONDON LIMITED. This company was incor porated in April 1902, and had for its object the construction of new Underground Railways in London and the electrification of the Metropolitan District Railway. In 1914, the Underground Company changed its constitution and became a share and securi ties holding company, mainly in companies concerned in London passenger transport. The transport operating companies which it controls by its holdings of companies' stocks and shares are (I) the Metropolitan District Railway Company; (2) the London Electric Railway Company (comprising the Great Northern, Pic cadilly and Brompton ; the Baker Street and Waterloo; and the Hampstead and Highgate Railways) ; (3) the City and South London Railway Company; and (4) the London General Omni bus Company Limited. It also controls the Central London Railway Company in consideration of its dividend guarantee. These five companies are under one control with a common man agement, and in pursuance of an Act of Parliament secured in 1915 they participate in a Common Fund and are collectively described as the Common Fund Companies. This Common Fund consists of the balance of the revenue of the several companies after providing for their revenue liabilities : viz., working ex penses, rent, rent charges, interest on loans, debenture, guaran teed and preference stocks and reserves for depreciation and obsolescence. The balance is applied half yearly, first in meeting the deficiency of any of the constituent companies which may have been unable to discharge its revenue liabilities, and then in distribution among the constituent companies in agreed pro portions. The common fund and common management secure (I) that the several undertakings are treated as one traffic unit, and clearance of traffic between them is avoided; (2) increased through-booking facilities ; (3) standardization of fares ; (4) the elimination of wasteful competition as between the companies involved; (5) stabilization of financial results; (6) the pooling of resources for improvement and extension of the system of transport in London. These advantages are further enhanced by
the fact that the Underground Company by its holding of shares has a substantial interest in the London and Suburban Traction Company Limited, which in turn controls (I) the Metropolitan Electric Tramways Limited; (2) the London United Tramways Limited; (3) the South Metropolitan Electric Tramways and Lighting Company Limited; and (4) the Tramways (M.E.T.) Omnibus Company Limited.
The capital of the Underground Electric Railways Company of London Limited issued and outstanding at December 31st, 1928, was L16,574,510. The capital outstanding of the Common Fund Companies at that date was £62,622,013 of which £54,241, 364 was attributable to the railways. The railway system, entirely electrified, covered 114 route miles, including the lines of other companies over which it had running powers. In 1928, over 81 million car miles were operated and over 368 million passengers were carried by these railways.
The London General Omnibus Company in 1928 covered 1,029 road miles with its omnibuses, of which the average number worked daily was 4,328. During that year over 205 million service car miles were operated and over 1,834 million passengers carried.
The three Tramways undertakings named above owned, in 1928, 68.63 miles of track, and leased from the Middlesex and Hertfordshire County Councils a further 44.28 miles—a total of 112.91 track miles. With an aggregate fleet of 553 tramcars, over 20 million car miles were worked and over 192 million passengers were carried. See also LONDON, Communications. (J. C. MO