BOND CIRCULARS 337 



Offer of £1,000,000 five per cent, first mortgage bonds, 

 forming part of an authorized issue (closed mortgage) 

 of £1, 232,870 14s. 3d., being the sterling equivalent at 

 4.86 2-3 of $6,000,000. Dated 1st November, 1910. Due 

 1st November, 1940. Interest payable May 1st, No- 

 vember 1st. 

 The bonds will be issued to bearer in denominations of 

 £200, £100, and £20; and are exchangeable for bonds in 

 currency denominations of $1,000, $500 and $100. Ex- 

 changes will be computed at the fixed rate of $4.86 2-3 per 

 £1, fractions adjusted in scrip. Bonds may be registered 

 as to principal. 



The Bonds are redeemable at the company's option (as 

 to the whole issue) at 102i/(> and accrued interest, before 

 maturity, on November 1st, 1915, or on any interest date 

 thereafter on three months' notice. The bonds may also 

 be drawn at the same price on any interest date by the 

 operation of the sinking fund. Principal and interest are 

 payable in London, England, in sterling, and also in Mon- 

 treal, Quebec and New York at the fixed rate of exchange 

 of $4.86 2-3 to the £1. 



Royal Securities Corporation, Limited (of Canada), 

 offer for sale £1,000,000 of the above bonds, at the price 

 of 86 per cent., payable as follows, per £100 bond: 



£ 5 per cent $ 24.33 On application 



i21 " " 102.20 On 1st December, 1910 



£30 " " 146.00 On 1st February, 1911 



£30 " " 146.00 On 1st May, 1911 



£86@$4.86 2-3 $418.53 



Payment in full may be made on allotment under dis- 

 count at the rate of 4 per cent, per annum. 



Subscriptions for bonds to be delivered in London 

 (stamped), will be at the price of 87 and accrued interest. 



After payment of the installment due on allotment, 

 Allotment Letters will be exchangeable for Provisional 

 Script Certificates, bearing a coupon payable on May 1st, 

 1911, representing interest at 5 per cent, to that date from 

 the due dates of the installments. Notice will be given 

 when Script Certificates may be exchanged for Definitive 

 Bonds bearing coupon due November 1st, 1911. 



The accompanying letter from Mr. William Price, the 

 President, gives particulars of the Company, of the security 

 for the bonds, and the object of the issue. The more sali- 

 ent points of the letter may be summarized at follows: 



1. First Mortgage covering all fixed assets owned by 

 the company. 



