IMPERIAL AIRWAYS ISSUE.
Not the least interesting event of the week has been the issue by the Imperial Airways of z,000,000 new shares of £r each at 3os. per share. Inasmuch as the price of these shares has quite recently been as high as 45s. a share, a protest was made by a company holding a block of the existing shares against existing shareholders being promised only preferential consideration instead of having been given actual rights in the new issue. An agreement was ultimately reached whereby it was arranged that existing shareholders who applied for the new shares should have the right of receiving one new share for each old share held, and this reduced the actual issue available for the public to about £350,000 shares. The lists were closed shortly after the opening, and it is generally believed that the issue must have been covered very many times.
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