HOME RAILS RALLY.
The moderate rally in Home Railway Ordinary stocks has probably been due, in part, to the announcement that the Minister of Transport had given his consent to certain prOposed arrangements between the L.M. & S. and the L. ifc N.E.R. to pool competitive traffic receipts. Under this arrangement it is understood that further important economies can be effected. Unquestionably the railways stand in need of every possible assistance that can be rendered at the present time, though I am bound to say that I do not think that the stockholders can hope for very much in the way of improve- ment so long as the railway industry is so completely " sheltered " in the matter of wages and conditions of working, &c., and so long also as conditions continue which .amount almost to a subsidizing of road competition.
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