- • - - • - • FINANCIAL -NOTES Railway
have acceded to the .request, at the recent General Meeting to put. forward a.- scheme for fusing the
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Deferred Ordinary, the,Ordinary " A " and the Ordinary " stocks. The last-named stock represents over '£6;000,000 of Capital on which, with the exception of. a 'paltry payment few years ago, no dividends haye ever been paid._ -Briefly, the position is that- after Ihe Preferred Ordinary—which is entitled to a fixed maximum dividend of 5 per cent. per annum before anything is paid on the other Ordinary Stock—there is Deferred Ordinary stock amounting to £27,606,867, and Ordinary " A " stock amounting to £2,480,198, both of which are entitled. to receive 31. per . cent. before anything paid
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upon the B " stock. - -In 'the ease of -the .0rflinary " A ''' stock, 3} per -tent. is the minimum dividend, 'brit after' that has been paid the Deferred Ordinary and the ". B " -share equally in the remaining profits. ' Owing, however, to the fairly large amount of B that has meant;as already stated, that- nothing - has 'hitherto' been -available with the exception of one abnormal -year. _
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