Hama 'Rams REaVr. ' -
Notwithstanding the -great increase in the Houle' Railway traffic returns for the first half of the current year, and npt- withstanding also the reports of continued trade activity throughout the country, Home Railways have been a dull market during the week. Nor is the reason far to seek. I referred last week in these columns to the favourable estimates of future railway profits, based very-largely upon the expected increase in railway passenger and freight rates. The decision of the,Railway Tribunal on this matter. hasnot yet been given, but it is generally expected to be favourable to the railways. Nevertheless, and although the gains in revenue should be considerable, assuming that trade activity continues, the staggering character of the claims which have now been put forward by various unions of railway workers would, if con- ceded, not merely swallow up all such additional revenues, but practically all profits of any kind available for Ordinary share- holders. There is, of course, no likelihood that the whole of -these claims will be conceded, but that they should- have been put forward seriously is responsible for the setback in prices during the past week.
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