VICKERS SCIIEXE APPROVED.
Not the least interesting feature of markets has been the better tendency displayed in some of the shares of the iron and steel companies. It not infrequently happens that when a company frankly faces the position, as was done in the case of the Vickers Reorganization scheme to which I referred last week, the effect is reassuring both as regards the shares of the particular company and those of kindred concerns. At the meeting of Vickers Limited held last week, there was, of course, an active discussion and a good deal of criticism, but the general temper of the gathering was excellent and the exceptional circumstances responsible in part for the position resulting in the drastic writing down of capital were recognized. Moreover, in a forceful and lucid speech, Mr. Reginald McKenna, who, with Sir William Pleader and Mr. Dudley Docker, had investigated the company's affairs previous to the issue of the scheme, was able not only to recommend its acceptance by the shareholders, but to speak cheerfully with regard to the outlook. * * * *
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