There has been a steady improve ment during the last two years the London Stock Exchange quotations of prices of the various Chinese Government Railway loans, and 00d profits have been made by those who "bought at low prices, but in. some cases the market is very obviously a speculative one and in view of the losses suffered by bond holders in the past, future fetations will have to be made very attractive meet with success. At the same time conditions on the railways have of course improved and freight and Passenger revenues have on many Nines shown good increases. Tt is, however, a regrettable fact that in many cases the bondholder has failed to benefit to the extent that he should. Tt is true that various Railway Administrations have expended ¢on-siderable sums to put their rolling stock and roadways into better condition after years of steady deprecia: lon. but it is doubtful wisdom—to pay so little regard to the just claims of bondholders and to the formal guarantee given by their Govern-Ment, Moreover, the Ministry of Railways has been able to find funds to put under way 'a considerable amount of ambitious new work. extending existing systems and commencing new lines.
Text read from the printed page and cleaned; old type leaves the occasional error.