AUSTIN MOTORS.
It will be recalled that when the scheme for reconstructing the Austin Motor Company was submitted last year it proved abortive, owing to opposition of certain groups of share- holders. It is, therefore, satisfactory to note that at last not only has a definite scheme been put forward, but it is one which has obtained the consent of the various groups concerned. The capital is, in the first place, to be reduced by £1,200,000, but although in that connexion the preferred ordinary shares will be cut from £1 to 10s., there will be no change in income rights, the nominal rate of dividend being raised from 10 to 20 per cent., while the preferred ordinary shares are also to be given certain voting rights. After the proposed formal reduction of capital has been accomplished, proposals will be put before the extraordinary meeting called for the 27th instant which will include the raising of
the capital afresh to the former level of £5,000,000 by the eteation of 1,200,000 new shareS of £1 each. Judging from the proposals themselves, which appear to be fair, and from support given by the various groups of shareholders,
there should be little doubt that the scheme will go through.
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