Step 1: Concept
$\text{Speed} = \frac{\text{Distance}}{\text{Time}}$.
Step 2: Analysis of Statement I
$\text{Distance} = 240$ km, $\text{Time} = 4$ hours.
$\text{Speed} = \frac{240}{4} = 60$ km/hr.
Statement I alone is sufficient to calculate the speed.
Step 3: Analysis of Statement II
Direction (North) does not provide information to calculate numerical speed. Not sufficient.
Step 4: Conclusion
Statement I alone is sufficient, so the answer is (1).
Final Answer: (1)