BY R. M. JOHNSTON, I.S.O., F.S.S. 23 



of Directors who were mad enough to move such a pro- 

 posal. When, in the United Kingdom, persons are 

 found guilty of deceiving the shareholders and the in- 

 vesting public by secretly appropriating Capital, Loans, 

 Money for new works of original construction, to credit 

 of ordinary working revenue, and so doing a gross 

 wrong to the unsuspecting investors ; or, on the other 

 hand, secretly charging working expenditure with the 

 principal of new costly works of construction, and so 

 robbing the shareholder of the year, the acts of such 

 persons would be deemed by English law to be of the 

 nature of high misdemeanour, and there are instances 

 where guilty directors and guilty chief accountants of 

 Railways have received sentences of 16 years' imprison- 

 ment for such an ofTence against law and justice. 



