* * * * ADVICE AT ELEVENTH norm.
And again, while it would obviously be unfair, with the Amall amount of information available, to place the blame indiscriminately upon each member of the old Board of Armstrongs, the comment must be made that the Board as a 'whole proved to be inefficient when it came to be a question of dealing with the admittedly difficult situation arising after the War and for these shortcomings the shareholders have now to bear the penalty. At the eleventh hour skilled financial advice has been sought and a searching investigation has followed, but the advice should have been sought earlier, for there comes a time when even the most skilful advisers and the most able of administrators cannot entirely replace losses sustained when they are on such a scale as that of Armstrong, Whitworth.
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