The London County Council, according to the statement of its comptroller, was disturbed by the hope expressed by the manager of the company, that the holders of the company's ordinary shares would obtain the par value of their shares in 1911.
In the case of all quasi-public corporations rigid laws exist prohibiting the issue of stock or bonds unless the par value is first paid in; prohibiting the declaration of any stock or scrip dividend, and requiring that new stock shall be offered to stockholders at not less than its market value, to be determined by the proper state officials, any shares not so subscribed for to be sold by public auction.
Every stockholder in a bank is made individually liable to the amount of his stock at its par value in addition to the said stock.
According to its par value 25-225 pesetas are about equal to Li, but the actual value of the peseta is about 74d.
