A DISQUIETING SUGGESTION.
Undoubtedly the position is one which gives concern to the Railway workers themselves as well as to stockholders, and this fact . is .perhaps responsible in part for the suggestion which is being put forward to the effect that no time should be lost in recognizing the present deplorable situation by a drastic reorganization of railway capital. In other words, as I understand it, the suggestion is that stockholders should be called upon to accept the present situation as a permanent one and that by some drastic reduction both in Ordinary and Prior Charge capital the Railways should be made to appear• `, to pay." In my judgement stockholders should resolutely. oppose any such suggestion at the present time. After all, it is only some two or three years since the four trunk railways were paying dividends on their Ordinary stocks, and while it is possible that we may come to a time when- ; reorganization of capital is inevitable, it should be the task of stockholders at the moment stoutly to resist any attempt to camoufler the situation by any writing down Of capital. If the Railways are not run on an economic -basis, let the fact be clearly revealed, as it is at present tiy the absenee of dividends; - • • (For Financial-Notes see page-30.) "
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