An extraordinary general meeting followed. The chairman said:—The circular convening—this meeting has been in.your hands for some time and explains the object for which this meeting is called. Yor some considerable time, the directors have felt that the activities and expansion of the company have to some extent been limited, owing to the lack of sufficient funds to acquire further properties. It not infrequently happens that opportunities to buy good properties and to make remunera tive loans are lost, owing to restrictions placed on our borrowing power.
Our Articles of Association provide that money may be borrowed, but that the total sum at any one time shall not exceed half the nominal capital of the company, niz., Tls. 900,000. As you will have seen from the accounts which I have just dealt with, our debenture issue amounts to Tls 550,000 and cur overdraft to Ts. 122,000; therefore we have only a balance of
Text read from the printed page and cleaned; old type leaves the occasional error.