UNDERGROUND INCOMES.
I am not surprised that the directors of the Underground Electric Railways of London should have carried their proposed modification of terms of the 6 per cent. Income Bonds. At the extraordinary general meeting last week, when proposals were definitely carried by a considerable majority, Lord Ashfield had an easy task in demonstrating the complete equity of the directors' proposals, of which, indeed, previous confirmation had been amply afforded by the fact of the bonds themselves being quoted in the market at a substantial premium. More- over, unless there should be untoward happeningsand in the railway market one never knows what may be the outcome of Labour disputes—I consider that the option rights given to the Income Bondholders to convert into ordinary shares during the next three years at the price of 21s. may easily become valuable. The ordinary shareholders of the company have had to wait for over a quarter of a century before receiving a penny of interest on the millions invested, but there would now seem to be some fair prospect of a well-merited reward being obtained within the next few years.
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