Publisher's Synopsis
Excerpt from English Railways
These irregularities might have been corrected, to some extent, by the companies applying premiums they had received on issuing new stocks, towards the reduction or elimination of the outstanding items in their property or con struction accounts; but no such course has apparently ever been adopted by the companies.
Without receiving. Any consideration for doing so, the companies, quite voluntarily, increased the amount of their liabilities by 44 millions so manipulating their accounts, that debenture holders were credited with about £20, in addition to every £100, which had been advanced by them. The ordinary stockholders, moreover, agreed between themselves, by a process known as duplication, to make it appear to the world, that, additional sums had been paid in cash, upon every £100, which had been originally paid, or credited, on their stocks. This watering process.
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