"And am I to understand that you have made
in your statement a proper allowance for depreciation of values in
buildings and machinery, also for all losses and cost of insurance, and
that after these deductions are made the company's net profits annually
amounted to an average of over one hundred thousand pounds, or a half
million dollars?"
"Yes," replied the colonel.
And Mr. Searles remarked, "Colonel Harris, if your arguments last evening
did not fully convert me to the decided advantage which Americans gain by
protection, this statement of the Harrisville Iron & Steel Co. does. A
year ago, some Americans in London called our attention to your
profitable plant, hence our first letter of inquiries. Your replies
confirmed the report and so we cabled for this initial meeting between
us.
"Messrs. Guerney & Barring have been most successful in financiering some
of the largest business interests in the world, and thus they have
achieved a splendid reputation. It was their wish that I should secure
for them your most favorable terms with an option of purchase of your
plant, the same to hold good for two months, or for a sufficient length
of time to allow them to organize a syndicate, and float necessary
debentures to buy the stock, or a controlling interest in your company,
and so continue the business.
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