Stockholders Back B.E.T.'s Struggle
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A PPLAUSE greeted the call of Mr. nil, C. Drayton, chairman of the British Electric Traction Co., Ltd., for an overwhelming vote of confidence in the board's attitude towards nationalization. He was speaking at the annual general meeting, last week, at which a vote or thanks to the directors and an expression of confidence in them were passed.
Mr. Drayton had refuted a suggestion by at least one stockholder that the company should open negotiations with the British Transport Commission. I-le reiterated the board's decision to fight nationalization.
The question whether the company should collabbrate with the Socialist Government. said Mr. Drayton, had two aspects, one financial and the other principle.
The profits on the undertaking had been-greater than the amount of interest that would have been received on the purchase price if it were sold to the B.T.C.. Therefore, deferred shareholders had gained by independent enterprise.
• On the matter of -principle, the company believed nationalization to be wrong. He could not imagine anyone investing in the company as a deferred stockholder unless he believed in private enterprise.
He called for an overwhelming vote of confidence so that executives and operatives could feel that they had the wholehearted backing of the proprietors.
Mr. Drayton pointed out that, so far, the B.T.C. had acquired only about 20
per cent. of the road passenger transport industry.
It had been said that politics should not be allowed to enter into business, but Mr. Drayton asserted that if fighting nationalization was politics, it was impossible to separate politics from business.