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3
W
24
franchise and that if circumstances arise which necessitate
larger annual appropriations in order to achieve this, no
objection should be raised. That argument is not, however,
valid as regards any increase in capital but we are rather
handicapped as we do not know why the principle that the
Company's capital should be amortized was originally
conceded.
Any informacion which you could give me on this
point will be of great assistance.
Yours sincerely,