The companies consider that in the circumstances they even stretched
a point to help the trader. An increase of 100 per cent. over pre-War rates was per- mitted by the National Tribunal, and the companies brought that increase down gradually to 50 per cent. above pre-War rates. At first the reductions justified themselves but latterly they did not and the companies now prefer a cautious withdrawal to plunging further as an act of faith. As Sir Josiah Stamp points out, the interests of the shareholders as well as those of the traders have to be considered. For any new development the capital provided by shareholders is essential. The only fair conclusion seems to be that there is no ground for public complaint, though it may, of course, be found that the companies have acted unwisely. The root cause of the trouble -is that the grouped companies have lost much of their old pride, esprit de corps and alertness.
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