THE MARCONI COMPANY
PROPOSAL TO REDUCE CAPITAL. OPPOSED BY. ENGLISH SHAREHOLDERS. (Press Association—By Telegraphy-Copyright ) LONDON, April 7. The Marconi English Shareholders’ Association has decided to oppose the proposals for a reduction of the capital when they came before the court.—A. and N.Z. Cable. The Marconi’s board recommended the reduction of the capital by 10s per share, the capital to be increased later to £4,000,000 by the issue of 3,250,000 shares of 10s each. The report of the Nordon Committee stated that Sir Gilbert Garnsey’s investigation revealed that large sums were lost in foreign bank shares, timber forests, a State quarry, tinplates, and carbon syndicates, all of which were outside the company’s general objects. A fourth writing down of capital was recommended, making the total writing down £6,321,000. 'A turbulent meeting of Marconi’s shareholders was subsequently held in London to consider the reorganisation scheme. Ultimately after much wrangling it was announced that the poll bad adopted the report by 1,586,000 to 320,000 votes. Motions were carried reducing the capital.
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Otago Daily Times, Issue 20070, 9 April 1927, Page 13
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168THE MARCONI COMPANY Otago Daily Times, Issue 20070, 9 April 1927, Page 13
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