Financial Notes
ARMSTRONG, WHITWORTH.
IT is not often, fortunately, that'shareholders of big industrial concerns are presented with so disastrous a statement as, that recently' issued by the nevi. 'Maid Of Aniiiitroni; Whitworth
and Co. To some extent, of course, .shareholders were pre- pared for the statement, in view of the Report of a few months back, followed by a somewhat drastic rearrangement of the Board. Moreover, it was announced still more recently that an important Advisory Committee had been formed which was investigating the affairs of the company with a view to placing certain proposals before the shareholders and stock- Atolders. Briefly, this statement consists in proposals to the - Second Mortgage Debenture Stock, the 51 per cent. three-year ..Notes and the 61 per cent. Consolidated Mortgage Debenture Stock for a five-years' moratorium to the extent that profits :during the next five years shall be insufficient for the proposed :service of the obligations on those securities.
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