23 JULY 1927, Page 44


In future these Income Bonds will be subject to British Income Tax, but, on the other hand, the company will have no right of redemption until June, 1929, after which they will be redeemable at the Company's option at par, the definite date of final redemption remaining January 1st, 1948, as before. A further important concession, however, to the British holders of these bonds is the right of converting them into Ordinary Shares at 22s., until the 30th June, 1929. While, therefore, under the scheme the company will effect an annual Saving of little short of £100,000, the option rights seem likely to be valuable, the more so as under them the bondholders have the opportunity of reaping, as shareholders, the advantage of

the saving. * * *