RAILWAYS AND THE INVESTOR.
The British Railway Stockholders' Union is undoubtedly justifying its existence by the ability with which it is placing at the disposal of its members salient points in the railway problem of vital interest to the railway investor. The third annual general meeting was held recently and the Chairman, Sir Charles Stuart-Williams, referred to several points of vital interest to the stockholders. Dealing with the question of the restoration Of wages cuts, he urged the need for the posi- tion of the stockholder being considered, especially in .connexion with the very large sums which they have lost, applying the criterion of the "Standard Revenue" laid down in the Act of 1921. Sir. Charles said : "We have had prepared by our Chartered Accountants a detailed and accurate statement of these losses and they amount to the astonishing total of 197,000,000. That is to say, the difference between the amounts received in dividends by the stockholders of the four systems during the five years ended December 81st, 1934, and that which they would have .received had the 'Standard Revenue' been attained amounts to £31.80 millions in respect of Preference and Preferred Stocks and £65.9 millions in respect of Ordinary and Deferred Stock, a total of over £97,000,000 altogether. We can only hope that the Wages Tribunal will take these facts into consideration."
(Continued on page. 1086.)
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