Show Hellish h an III Investments New York Aug 20 The question of ot the position lIon and prospects of ot British railways as ns Investments Is exercising tile the minds of ot many people In this coun courm country countr try tr just now nos says sa the London corres Carrel correspondent of the Tribune he Import Importance taco ance of at the tho cannot well veil be ex cx exaggerated for tor the time capital Involved amounts to something like six billion dollars collars Investors are arc naturally dis with the reduction In their di dl dividends and one solution of ot the dill difficulty culty cult ClIt which has hall commended Itself to toman many man stockholders In is the proposed rais rals raising lag ing In of or fares and rates rate At a time however when cheap transit Is III admit admittedly admittedlY admittedly one of the he first necessities of ot commercial co progress such n a reaction cry nry ar policy Is I riot not likely like to be he adopted Possibly the most t urgent t reform re required reQuired r In the railway system of at the United Kingdom Is the lie replacement of at ofa ofa a large larse pro proportion of at the lie present boards by br thoroughly competent com tent business men The rhe Pall laii Mall Gazette Guette points out that while the time average capi capitalization per mile Is now for tor every cir mile con ted during the last two years has hns be been n added to th tl the capital It H U Is ii Impossible to Justify such mich n a proceeding but the lie boards of ot as at constituted can cannot canno cannot not no be expected to draw a it t ugh rigid dis distinction between capital anti and revenue expenditure |