13 MAY 1938, Page 43

BUILDING COMPANY'S BORROWING POWERS At special meetings on Tuesday, the

Ideal Building and Land Development Company took powers to increase its borrowing by a further £500,000 up to £700,000, giving the preference shareholders participating rights in an additional

per cent. dividend as a make-weight for the concession. Sir Thomas Keens, the chairman, explained that it was with the intention of letting some of the properties at weekly rentals that the additional capital was needed. The experience of letting on a small scale had proved very satisfactory, but the cotnpany had been unable to do it on any extensive scale owing to lack of cash. Sir Thomas also indicated that the company had started-a policy of tendering for public works, and had been successful in securing contracts to the value of about £160,000.

J. D. M.