Excerpt from Railway and Government Guarantee, Which Is Preferable?: Facts and Arguments to Shew Tiiat Guaranteed Railway Stock Offers a Better Investment Than Do Government Securities

It will scarcely be credited, in times like the present, that such a work as that from which these extracts are taken could have had any cir culation. Through two editions, however, it certam did pass, and no doubt assisted to foster, if not to create, some of that prejudice which subsequent experience, aided by the Railway Press - right hard workers in the cause - is hourly dispersing.

That almost every railway which, to the present time, has received the sanction of the Legislature, will sooner or later prove to be a fair and remunerative property, there can be little if any doubt. Many possess, of course, very superior merits over others, and I feel persuaded that, with care in the selection, purchases made in the present depressed state of the money market, would ultimately turn out very well; but my present purpose is not to dwell upon this, which may be termed the speculative class of Railway Stocks: I shall confine myself here to the guaranteed lines, the non-guaranteed, though otherwise od'ering ample scope for favourable observation, being foreign to the object of thwe pages.

There are two classes of Guaranteed Stocks, the one partaking of a fixed unalterable dividend, or per centage; the other having a minimum interest guaranteed, and participation in surplus profitsadded. In some cases, this prospective advantage will prove of much worth; in others, of little value, possibly of none at all. As a general rule, however, the reversion is by no means to be despised.

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