HEAVY EXPENDITURE.
The scheme and proposals are recommended to the Deben- ture and Noteholders' acceptance by the Advisory Committee 'Already referred to, the standing of- which is of a character to ensure that the recommendation will be very earnestly considered. There is also every disposition to recognize the 'exceptional nature of the difficulties with which Armstrong, .Whitworth and Co. were confronted after the War in having suddenly to divert machinery and the general policy of activity from the making of armaments to other activities in harmony from conditions of peace. Nevertheless, the attempts made to alter and enlarge the sphere of activities seem to have been either of an amateurish or thoroughly reckless character, involving, moreover, within the last few years, extraordinarily large flotations of prior charge capital, which are now swamping the Ordinary and Preference shareholders.
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