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LT financial aid 'not a subsidy'
Page 63
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• "The management of London Transport is perfectly capable of running a public transport system on a strictly commercial basis. But I very much doubt whether, in the eyes of the two parties at County Hall, it would be the sort of public transport system which they could regard as adequate for the greatest city in the world", Sir Richard Way, chairman of LTE told a conference of 100 union and management officials of London Transport on Tuesday.
Sir Richard continued by stating that if LT was to concentrate wholly on those parts of the system which could bring them a. profit, very many people in London would find themselves with no public transport at all. On the other hand, if they were required to run a transport system which was not wholly profit-making, then someone had to pay them for doing so. "I do not regard such a payment as a subsidy", he said.