396 THE ECONOMIC JOURNAL lishments had abandoned Portugal, they would not rest until Portu- guese 3 per cents. which were over 60 not very long ago, had dropped to 15. Having been used to leaning on foreign loans, the Government of Portugal cannot walk without its accustomed crutches. It seems to be worth the while of the French banks and others to advance money for the payment of some Portuguese coupons, meanwhile 'unloading' their stock on the markets. If not, Portugal must make a composi- tion. Unluckily, Spain found her creditors so ready to accept (say) 10s. in the pound that Portugal is too likely to propose similar terms. ' ARTHUR ELLIS THE RAILWAY RATES COMMITTEE THE preparation of the new statutory classification and schedule of maximum rates and charges of railway companies still goes on before the Joint Parliamentary Committee of which the Duke of Richmond is chairman. A few facts and figures will show the magnitude of the task and the slow pace at which it is being performed. The Railway and Canal Traffic Act giving power to alter the charging powers of 976 railway companies under some 900 Acts was passed in August 1888; tinm for the companies to send in their proposed classifications and schedules was extended to June 1889; an inquiry in?o the pro- posals and the objections of the traders by Lord Balfour of Burleigh and Mr. Courtenay Boyle began October 1889, lasting for several months, and ending in a report declaring in favour of basing the new maxima, not on the old statutory maxima, but on the actual rates. This inquiry satisfied no one. The traders presented alarming calcu- lations founded on a comparison of the present rates with the new maxima. The Lancashire and Cheshire Conference, which has fought the battle of the traders, pressed for further reductions. The opinions of the Railway Cmnpanies were expressed in the complaint to the Board of Trade of the London and North Western Railway: ' The adoption of figures such as those proposed would diminish the present aunual re?'e?u?e of the Compauy by so large a sum as to render it quite impossible for the directors to submit to the proposal, except under the compulsion of Parliament. Apart, however, from the precise result of the figures there seems to have been in the settlement of the proposed rates a total departure from the principle upon which railway shareholders have hitherto understood that the revision of the existing statutory powers was to be conducted.' Then came negotiations, resulting in changes chiefly in favour of the traders, and a further inquiry by a Joint Committee of both Houses of Parliament into the Bills embodying the Provisional Orders of the Board of Trade--an inquiry which threatens to equal in length that conducted at the instance of the Board of Trade. The longer the investigation lasts the wider becomes the impression that the endeavour to find 'just and reasonable' maxima for thml- sands of articles of connnerce of course must be futile labour.
