5 MARCH 1932, Page 48


. Having in an article above espoused the cause of those railway stockholders who are suffering from what is alleged to be unfair road competition. I could certainly be accused of bias if I failed to record the fact that at the recent meeting of the Underground Electric Railway group Lord Ashfield protested against the heavy charge involved to the L.G.O. 'buses by the enormous cost of petrol. Without pursuing this particular grievance too closely, I have once again to express unstinted admiration of the manner in which the affairs of the Underground group are conducted by Lord Ashfield and his fellow directors. It must also be remembered that while in days gone by railway stockholders concerned in the fortunes of the Main Trunk Lines have received some satisfactory dividends, it is only in quite recent years that Ordinary shareholders of the concerns connected with the Underground group have received any reward at all for the huge outlays of capital. Meanwhile, no matter how great the growth in the travelling population of inner and outer London, the efficiency of the 'bus and Tube systems may be said to have kept step with the requirements, and Lord Ashfield will always be honourably associated with one of the greatest enterprises connected with the transport in the, metropolis, while shareholders will recall with gratitude that he has at one and the same time been mindful of their right ultimately to reap some reward for the risks deliberately. incurred in the investment of their savings.