HEADLINE NEWS - Nightstar IS to be axed; New stock ordered for Gatwick Express; Massive plans for rebuilding the line through the Peak; Tay Bridge closed to freight traffic; Fire risk season comes early for main line steam; Stations hit by explosions and security alerts; £7m Severn Valley heritage project unveiled; Channel Tunnel fire report published; Steamport Southport to close and relocate to Preston; plus the 'Fight for Freight'.

STEAM NEWS - Thompson B1's hesitant comeback; Future of City of Birmingham in the balance; East Somerset to pull out of 'unhelpful' AIRPS; Gwili in Welsh coal trials; Steam plan for Trawsfynydd line; Boom time on the Battlefield; 'Castle' to become an oil-burner; 92 Squadron to steam in June.
NARROW GAUGE NEWS - Isle of Man Railways accepts society's boiler offer; Ffestiniog launches credit card; 'Lyd miles' help L&B loco project - Plus your regular update on the Welsh Highland rebuilding project.
NETWORK NEWS    54-56
Moorswater clay line mothballed; Paddington
property boom; Eurostar increases Eurodisney
services; All the rail route changes.

TRACTION & ROLLING STOCK NEWS - EWS chief names new-liveried Class 86; Debut for Regency Rail Cruises train; Class 92 railtour sells out; Le Shuttle loco twinned with Swiss tunnel - ftJ list of Tri-Bo loco names; ADtranz Derby gets Newton Abbot crash repair contract- Plus an update on the latest new passenger rolling stock ordters.
OPERATIONS NEWS - Our regular monthly round-up of news from the train operating companies, freight hauliers and workshops.
TRACTION UPDATE - The hottest news on all the transfers, withdrawals and other stock changes.
PRESERVED TRACTION NEWS - 'Peak' vandalised at Hull; Class SO Thunderer sale falls through; 18 more 'Cromptons' bought from EWS; Devon Diesel Group signs ten-year contract; Big plans for Llangollen diesel gala.

SPECIALS:
PANORAMA - Britain's top railway cameramen display examples of their work in our regular pictorial showcase, sponsored by Fuji.
THE SHINKANSEN GOES FASTER STILL - In 'Practice & Performance', Peter Semmens reports from the Japanese Shinkansen system, where another high-speed record has fallen to mark the 25th anniversary of the opening of the first second
RAILTOUR GUIDE AND 'SWISS 150' REVIEW - Get some ideas from our railtour guiae for places to visit during the autumn and winter period, or alternatively find out what's on offer during this summer's 'Swiss 150'.

STEAM:
RULE BRITANNIAS - The glorious days of 'Brits' on the West Coast Main Line during their final years are recalled by a man who both fired them and admired them - former railwayman Peter Cooper.
THE LAST ALL-STEAM NATIONAL RAILWAY IS NO MORE - It's the end of an era not only for Paraguay, but for the world, as Ray Schofield reports.
ONE MAN'S RAILWAY FACES UP TO THE REAL WORLD - Following David Shepherd's decision to step down as chairman of the East Somerset Railway, Chris Milner talks exclusively to ESR managing director Steve McColl and finds out how the railway intends to survive.

TRACTION:
COATS OF MANY COLOURS - Following our photographic summary of Class 31 liveries last year, we now present - for what is belived to be the first time in publishing history - the complete livery record of the ubiquitous Class 47s.
SOUTH WALES & WEST - John Heaton concludes the Prism Rail story with a look at the South Wales & West franchise.

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FRONT COVER: The loco they said would never steam again - LNER B1 No.1264 - defies its critics as it hauls a special for 300 members, shareholders and guests of the Thompson B1 Locomotive Society during its first day in traffic on March 28. The 4-6-0, seen passing Kinchley Lane with the 14.05 Loughborough-Leicester, was taken out of service later that week for attention. See Steam News.
Inset: Just one of some 70-odd varieties of livery which have adorned members of Class 47. In this issue, for what is believed to be the first time ever, The Railway Magazine presents the definitive livery history of this popular class. No. 47163 - complete with silver fuel tanks - is seen at Liverpool Street in July 1977 decorated for the Silver Jubilee. Turn to pages 49-53 for the full story.