The business subsequently proved profitable, good dividends were paid, and the securities for the most part commanded a premium in the market.
No securities, however, could bind John.
Inasmuch as the debenture stocks and preference shares would have to be redeemed in 1911 at premiums ranging from 3 to 5 per cent., the state would have to pay the company £253,000 in excess of the total of the outstanding securities in order to enable the ordinary shares to receive par, and in the council's view this payment would diminish the p robability of the Post Office being able to afford a substantial reduction in the telephone charges.
The revenue from stamps includes as its chief items the returns from stamped paper, stamps on goods traffic, securities and share certificates and receipts and cheques..
The attitude of several of his colleagues was more equivocal, but though they coquetted with French financiers in the hope of obtaining the support of the Paris Bourse for Italian securities, the precipitate renewal of the alliance destroyed all probability of a close understanding with France.