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The report gives a summary account of a cost/benefit analysis of several hyphotetical fixed track automatic passenger transport systems in an urban scenario based on the West Midlands. The report includes a brief description of the methodology used, with particular reference to the problems of estimating modal split to a new mode when two or more existing modes are present. The main conclusion reached from the study was that a suitable Minitram network is likely to produce sufficient social benefit to give an internal rate of return of more than 10 per cent on its capital cost. However the capital cost of the infrastructure is too great for capital charges to be paid out of net revenue, and a substantial capital grant would be required as an initial subsidy. The report stresses the improtance of selecting appropriate economic criteria for optimisation before a valid economic comparison can be made with other systems.