The Growth of Capital

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The next item to comment upon is that of " other public companies, " which shows a remarkable increase of 3. 3 "6 percent, in the income and of 81 per cent, in the capital, the change in the income being from £25, 647, 000 to £34, 789, 000, and in the capital from £384, 705, 000 to £095, 780, 000. The change in the capital is, of course, largely due to the increased number of years' purchase, but taking the increase on the income only it is still immense. Part of it, we may believe, is due not ...only to the continuous creation of public companies for new enterprise, which is a process constantly going on, but to the conversion of private firms into limited companies, which has been a marked feature of Stock Exchange business in recent years, and which may help to account, there- fore, for the slow increase in " Trades and Profes- sions " to be presently noticed. 9. The next item is that of Ilailways in the United Kingdom, which show an increase in income in the ten years from £26, 215, 000 to £33, 270, 000, and in capital from £G55 millions to £931 millions.

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