A correspondent last week made the observation that in our
recent article on " Railway Investments" we had taken the figures for the first half-year, which is always the worst half. This is quite true, but practically it does not make any difference in our general conclusions as to the profit on the original invest- ment in railways, and the profit to be obtained by investing at present prices. Our correspondent was in error again in suppos- ing us to assert that the London and North-Western Company only pays 4 per cent. to investors in its ordinary shares. What we pointed out was that though it yielded over 5 per cent., the price of its shares was considerably above par. The difference between 51 per cent., the dividend for the half-year, and si per cent., the average for the year, was not in this sense of much con- sequence.
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