IT is with interest that I observe the present situation with Railtrack. Consider the following facts.

In the past, after two World Wars and lack of private investment in the railways, they were run down and the money was not forthcoming.

There was a make do and mend attitude.

The nation stepped in and nationalised the railways. The Government and taxpayers provided the capital for an essential public service.

The Conservatives closed railways, dismantled and sold off many assets until the skeleton was left.

The railways were again privatised, but with a difference, the companies still expected the Government and taxpayers to supply the finance whilst allowing the investors to gain benefits without the risk element that goes with other businesses.

I have advised people to stay well clear of investing in railways. The ones who listened are OK, the others have got their fingers burned. They would have been better off investing in National Savings. Shares can go up and shares can go down, there are no guarantees.

The privatisation of British Rail and Railtrack was in my opinion a "con" from the start.

GORDON TAYLOR, Mayfield Road, Ramsgreave, Blackburn.