FALL IN CAPITAL VALUES.
And that railway shareholders have suffered terribly in recent years both as regards dividend and capital depre- ciation there can be no question. Next week I expect to be referring to the improvement which has taken place in the market value of many securities during the-past year. In that increase, however, Home Railways will certainly not be included. Speaking somewhat at random I think it will be found that whereas ten years ago the market value of Home Railway Ordinary stocks, with a nominal capital value of little over /300,000,000 was about £250,000,000, it is to-day under £50,000,000. And what is true of the Ordinary stocks is true of the _prior charge stocks,-especially the Preference issues, while by reason of the absence of dividends on the Ordinary stocks it looks as though ere long there might be none of the prior charge stocks even of the big English railways left in the list of securities available for trustees.
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