A SHIPPING EXPERT ON TRADE.
If, however, as an outcome of recent events, we should get peace in the industrial world for a prolonged period, railway stockholders will probably feel it has been worth paying the price of a temporary reduction in dividends, for it has been the perpetual labour nightmare which has driven railway stocks down in spite of fairly steady dividends. A real trade revival would, however, put fresh heart into the railway market and it may be that we shall get our impetus in that direction from the very realization of the lessons of the past month. Cer- tainly Lord Kylsant at the recent meeting of the Royal Mail Steam Packet Company indulged in no pessimistic utterances concerning the future. Towards the close of his speech he said : " I personally take a hopeful view of the future and feel confident that a general revival of trade and commerce cannot be long delayed. And he added : " If present difficulties about b.ours and wages in the coal mining industry can be adjusted on an economic and commercial basis, it may result— much quicker than most people anticipate—in a period of general trade prosperity in this country, coupled with a higher level of wages."
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