Council did not think it necessary to put them to so expensive a process.
The sine of additional shares would not have relieved the company as the difficulty is caused by the size not the number of the shares.
5. The Company has been fairly prosperous, and the shares when offered for sale are saleable at a premium; but they would be more marketable, and the body of shareholders would be increased in number, with a corresponding increase of business to the Company, if the shares were reduced to a smaller nominal amount.
4.5. It would seem rather that the interests of the public are protected, when they have three persons to look to each responsible for $166, than when they have only one person with a liability of $3500. The nominal value of a share is no guarantee for the solvency of its holder.
6. The creditors, if affected at all, would seem to be better protected, as the same amount of liability would be spread over three times the number of shareholders, and it cannot be assumed that two thirds of the shares will be held by persons who are not worth £300. The presumption is rather the other way, as the Directors have control of the transfers, and the fresh shareholders who are likely to be brought in...
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