RISING ELECTRICAL SHARES.
After the first effect of the outline of the London traffic development, electrical manufacturing shares of all descriptions advanced strongly, and many other leading industrials were given a definitely firmer tone. There was very good reason for the rise in electrical shares, for the new orders connected with the scheme will go directly to leading companies engaged in the electrical industry. It is conceivable that prices have in some cases been hoisted rather too rapidly, in view of the time which must elapse before transport improvement plans can be translated into actual profits of the companies making equipment. At the same time, the scheme does represent so much more prospective work, and it is always customary for sediuity prices to anticipate events rather than reflect them. The movement is also justified to the extent that, the majority'; of big electrical undertakings are soundly. financed and well- managed concerns, whose dividend records, even in' cases where they have left something to be desired in recent/years, have not been entirely spoiled by trade depression. The moderate response to the traffic development proposals on the part of the industrial market generally was perfectly logical, for, apart from the subsidiary orders which will undoubtedly accrue to a wide range of industry through electrical• mann= facturing activity, the considerable sums which those orders will put into circulation should provide an additional stimulus to British industry as a whole.
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