Par value of shares L20 or $100
Number of shares 70,000
"When our experts shall have verified your statements at Harrisville,
then the option of purchase is to be signed by us and forwarded to
London, where it will be signed by Messrs. Guerney & Barring, the first
payment made, and the contract underwritten or guaranteed by the
Guardian, Executor & Trust Association, Limited, of London, whose capital
is $5,000,000. The association will also underwrite the bonds and
preference shares. This will practically complete the purchase."
"But what about the last one-fourth payment in preferred shares of
$1,250,000?"
"Pardon me, Colonel Harris, that is just what I desire to explain
further. The new company will issue debentures or bonds, running 30
years, at 4%, for L800,000 or $4,000,000; preference shares L400,000 or
$2,000,000; with dividends 6% guaranteed, and a preference in
distribution of property, if company is dissolved. Ordinary shares
L1,200,000 or $6,000,000. And our London prospects will show that the
ordinary shares can earn at least 5%. For the last one-fourth we wish you
to take 12,500 preferred shares, or $1,250,000.
"London holders, of course, will elect all the officers, a managing board
of directors, with general office in London.
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