IMPERIAL CHEMICALS.
At all times in the past those concerned with the chemical industry have had excellent opportunities for forming an opinion with regard to the trade outlook, and now that Imperial Chemical Industries, Limited, has become such a huge concern, the opinions of those connected with the management are all the more worthy of attention. Moreover, Lord Melchett has other opportunities even than those connected with this particular company for forming opinions with regard to the outlook for industry, and, therefore, it is satisfactory to note that at the recent meeting of the Company
- he" was able to make some encouraging references with regard to the general position and outlook. Interest, however, at the meeting naturally centred largely in the terms of the new issue of capital, and while-the Company is not issuing any further deferred capital, the market was pleased to find that the de- ferred shares were to participate to some extent in the new issue of ordinary shares. Of the new capital, 7 per cent. Cumulative Preference shares are being issued to the amount of £4,410,590, in the ratio of one new Preference for every existing 4 per cent. Preference share. The amount of new ordinary shares is to be £6,016,857, in the ratio of one new ordinary share for every existing eight ordinary, the deferred shareholders also to have the right of application for one new ordinary for every existing sixteen deferred shares. The shareholders of all classes are in addition to be allowed to apply for any surplus shares—preference or ordinary—not taken up in the exercise of the rights.
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