It Is satisfactory to find that progress is being made in Shanghai with, the organization of a Shareholders' Protection Association. Such an en-Jdeavour Is long overdue, as indeed will be admitted by those who re the thoughtful) letter contributed to this journal to-day. Times of depression lead naturally to severe scrutiny of managements and direc torates and shareholders sometimes fall into the error of turning from [complacent apathy to petulant eriticlam. Tt Is conceivable that prosperity produces more administrative faults than are actually committed in adversity. So often directorates escape censure when they really deserve and fail to receive credit for their prudent handling of awkward crises. In other Jwords the criticism develops in_inverse ratio to the profits distributed, /An organization such as Is now proposed should correct these asperities. It should provide shareholders with 1 firmer authority in the management of affairs and it should enable them to maintain tu their concerns that sustained interest which alone can keep directors and managements. on the alert.
Text read from the printed page and cleaned; old type leaves the occasional error.