BALDWINS RECONSTRUCTION.
Although the scheme for reconstructing Baldwin Limited is very drastic on the financial side, it seems not only to be
nq More drastic than called-for-by-the conditions to be dealt with, but is probably not more severe than, had been expected in, the Market. The 7i per cent. debentures have fallen very heavily; hilt the first debentures have actually risen on their impending repayment at par. The entire capital of the company now standing in the books at 110,265,330 is to 'be reduced to £6,476,353. It is, of course, the ordinary capital which suffers most severely, being reduced from £4,154,155 to, £1,189,570. Even on the proposed new 'basis of capital it:is evident that the ordinary shareholders will have to wait soine time before a return on capital, though that view is -based perhaps on the fear that the recovery in trade itself Will be sloW. Any appreciably quick recovery in industry its a whole would make all the difference.
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