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ANTICIPATED ECONOMIES.
The sponsors of the scheme have expressed the view that there is no case of over-capitalization and that the new figure is likely to be justified by the annual earnings. That may easily be, though I am unable to speak with the inside knowledge of figures at the disposal of the directors. It is quite clear, however, that the new capitalization is a good deal in excess of the combined nominal capital of the four undertakings, while, similarly, the estimated annual profits of over £4,000,000 would seem to be based either upon more favourable results' than those actually disclosed in the Reports of the respective companies, or upon anticipations of important economies or new revenues to be achieved under the auspices of the combine. That such economies are possible can, of course, be admitted, while it is also, no dOubt, a fact that we have to consider now- adays the competition of huge combines in the United States and on the Continent.
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