FAIL IN THE SECURITIES.
Moreover, the need for some such arrangement is clear from the fact that the statement is made that the company .has approximately £10,000,000 invested in undertakings foreign to the original business, on which no return is being made, or is likely to be made for some time to come. On the 'other hand, that the company is still a going concern, making s certain amount of gross profit, is shown from the fact that there appears to be no difficulty in meeting fully the obligations -on the First Debenture Stock. For the moment the Preference and Ordinary Shares, aggregating some £14,000,000, are left .undisturbed as regards the amount outstandiqg, but it is not surprising that following the disclosure of the position, a heavy slump should have occurred, for it is quite clear -that a very long time must elapse before shareholders can receive anything in the way of dividends, while sooner or later a drastic cutting of the Ordinary and Preference capital would seem to be
inevitable. * * * *
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