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.*******************! | SWANSEA…

"CHAPERONES."

Improvemsnt of Gower Ponies.

Snub for Winston Churchill,…

"FEAR THE WORST."

Japan's Finances Healthy.

HOW ENGLAND HELPED JAPAN.

Not Just Yet!

Swansea Assessments; Litigation…

Morriston Quoiters* Annual…

,-SWANSEA EMBEZZLEMENT CHARGE.{

English Ex-M.P.'s Queer Death.

End of "John of Cowers

Swansea Salisbury Money Club.

[No title]

- ANTHRACITE TRUST PROSPECTUS,

WHAT SAYS BILL ADAMS?

MESSRS VIVIAN'S CAPITAL

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MESSRS VIVIAN'S CAPITAL Chancery Division Sanctions a Reduction. The action re II. H. Vivian and Co. (Limited) came before Justice Buckley in the Chancery Division of the High Court, on Saturday. Mr. Buckmaster, K.C., said it was a peti- tion by the company for the ) educ- tion of its capital. The necessary resolutions had been passed. As the reduction affected ¡ the liability of the shareholders in respect of the shares they held, it was pointed out by his lordship when the matter was previ- ously before the court that the consent of those shareholders was necessary in order to get the scheme through. The matter accord- ingly stood over, though a huge majority of the sliareholders had expressed their assent and none had dissented. They now had the assent of all the shareholders with the < xcep- tion of such as it was proposed to redeem, and all those had assented to the redemption with the exception of three, whom thev had been unable to see. Under these circum- stances, he thought the court had jurisdiction to sanction the scheme. The company was incorporated on the 28th of July, 1897, with a capital of £140.()()(), divided into 24,000 r re- ference and 116,000 ordinary shares of jEl each. The whole of the ordinary shires had been issued and 9,187 preference. All those issued were fully paid up. The proposed reduction was in consequence of a loss on the company's capital to the amount of £85,067. There was evidence that there had been a con- siderable loss on the sale of the compinv's Swansea business, which consisted of smelting and refining. There was another business at Birmingham, which consisted of the rnanu Tacture of German silver goods. The Swansea business was sold for £75.0D0 on the 30th of May, 1900, to an Anglo-French company for 50.000 £1 shares and 25.000 debentures. In October, 1901, an arrangement was made with a. number of steel companies for the sale of those sliares and debentures. There was tvi- dence that both businesses had been over- valued, as were also the flock and material, leases, and buildings at Birmingham. The Birmingham property \>S ongirally vained at £50.000, and, although £7,000 had suice been spent upon it, it was said it was now worth only £ 51,000. His Loidship pointed out that tlie reduc- tions proposed would create a liability on cer- tain of the shares of 4s. a share—that was to say, that they were to lie £1 shares with only 16s. paid up. and this, he thought could not be done without ',he formal assent cf such shareholders. He accordingly sanctioned the proposed reduction rpon the production of a document signed by the shareholders that th-fy held such shares under this new liability of 4s. per share. j «=====.

Executed at Nineteen. !

Garrison Tragedy at Sheerness.

[No title]

---THAT FAMOUS DOCK,

i CHRISTMASTIDE.

-----:::: I NEATH NOTES. *

Cwmbwrla Character's Tragic…

IFISCAL MEETING IN BRYNMELIlf

Dumping on a Big Scale.

|Sudden Death in the Market.

[No title]