UPROARIOUS MEETING
ARMSTRONG, WHITWORTH'S ' AFFAIRS. :
(Received 23rd' December, 2.30. p.a.)
LONDON, 22nd December,
The shareholders in Sir W. G. .Armstrong, Whitworth, and Co. accepted the proposals to save thefiTm. It was an uproarious meeting. Some of. the shareholders declared that the directors had achieveda masterpiece of commercial and. financial ineptitude, resnlting in thousands of shareholders losing their savings.'
Lord Southborough, the chairman, admitted that the old management deserved the majority of the strictures, and assured the'shareholders that there would not be any question of compensasating those directors losing their seats. Debenture-holders also agreed to. a moratorium. ■ .
An expert committee's recommendations to save the firm of Armstrong, Whitworth, which is unable to pay its debenture-holders, included a request that holders of 6 J per cent, second .mortgage debentures, holders of three years'--5i per cent, notes, and holders; of 6$ per cent, consolidated mortgage debentures should grant a five-year moratorium, profits in the interval paying interest on securities, in which connection, holders give the company time to recover. The company pays no dividends until all interest under the scheme is paid.' ,
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Bibliographic details
Evening Post, Volume CXII, Issue 151, 23 December 1926, Page 12
Word Count
179UPROARIOUS MEETING Evening Post, Volume CXII, Issue 151, 23 December 1926, Page 12
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