On May 29, 7:59*am, (Mark Brader) wrote:
Last week, I (Mark Brader) wrote:

The distinction is meaningful because from 1933 until 1947,
although London Transport had been forcibly unified and brought
under public control, its ownership was still private.

And Charles Ellson responded:

There was no ownership, it was a statutary corporation.

It was a statutory corporation, but it issued dividend-paying stock,
and the owners of the previous private transport companies received
shares of LPTB stock in place of their shares in their former
companies. *There were several classes of preference shares and then
there were the ordinary or "C" shares, which were intended to pay 5%
for the first 2 years and then 5.5 %. *If this was not met over a
three-year period, the stockholders had the right to put the
corporation into receivership#. *To me that adds up to ownership
even if they didn't have the right to control the LPTB's actions.

#-It wasn't, but they didn't. *The full dividends on the preference
shares were paid, but after that there was only enough to pay
dividends of 3.5 %, 4%, 4%, 4 %, 4%, and 1 % on C shares in the
6 years 1933-34 through 1938-39. *The stockholders held a meeting
but there was no consensus that a receiver was warranted. *And then
the war came and the government took control.

See "A History of London Transport", vol. 2, chapters 15-16, and
"Rails Through the Clay", 1993 edition, chapter 11.

Thank you, that was VERY informative. It filled a gap in my
understanding of the LTPB.