The Bank's reply is as follows Messrs. Stokes, Platt and Teesdale, Secs.
Dean: Sirs,—We are in receipt of your letter of the 14th instant, and in reply beg to state that there would be no objection on the part of the Bank to postpone payment of the overdraft until the $10 call on the 3,777 Preference Shares is due, provided that the securities already deposited with the Bank are not withdrawn, and the "call" payments are to be applied only in reduction of the overdraft, which of course must not be increased meantime.
P. S.—This arrangement would release our lien on the property, i.e. land, houses, and machinery (int) J. K. M.
Yours faithfully, (Signed) Jouy K. Marr, Manager. and which we have confirmed."
Now it seems to us the only proposal we can offer you is to issue debentures in accordance with Sections 55 & 56 of the Articles of Association. We propose therefore to issue debentures to the amount of Tls. 100,000, secured on the mine and mill, Tls. 50,000 to be issued uow, and the balance later on if necessary, interest to be 8 per cent per annum. Debentures to be paid off in not less than two years and not more than seven years. If this meets with your approval I shall be glad to receive the names of those willing to
Text read from the printed page and cleaned; old type leaves the occasional error.