13 DECEMBER 1946, Page 5

I can hardly imagine that when the Treasury and the

Ministry of Transport between them decided to compensate railway stock- holders on the basis of alleged capital value, irrespective of yield, they realised the effect their action would have on a diversity of educational, ecclesiastical and other institutions. The clergy, through the fall in the revenue of the Ecclesiastical Commissioners and other endowments, look like suffering most, but missionary societies are in the same boat, and so are a variety of " seminaries of sound learning and religious education." Cambridge University, for example, will lose some £8,000 a year—which the Government itself will pre- sumably have to make up through the University Grants Committee if its demands on the University for increasing services are to continue.

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