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   If your calculations are exact, and no doubt they are, the capital required is not very large after all and will be quickly subscribed, I think, provided the perfect safety of the operation be set off to the best advantage in a good prospectus (i).
   As to the two ways you have just mentioned of raising the money, I should rather stand for the latter, seeing that an increase of capital is preferably to be resorted to when a company intend to enlarge their range of business permanently, while in this case the operation is but temporary.
   D.  That's just my opinion, considering besides that the outcast (2) of profits to be derived will more than cover the original cost of the whole plant (3) within a lapse of twenty years at most, even allowing a reasonable interest to the capital invested; after which time the whole benefit will be divided among the present limited number of shares, which will then yield very large dividends indeed.
   (1) Per sollecitare la sottoscrizione pubblica di azioni, odi obbligazioni, una Società anonima suol pubblicare un programma indicante le modalità ed i vantaggi dell'operazione. Questo avviso dicesi prospectus.
   (2) Outcast  Ciò che si prevede a previsioni».
   (3) Plant  L'impianto, cioè l'insieme delle cose occorrenti pen 1' esercizio di una data industria.
    i S3 
   B.  How long is the concession to last ?
   D. Fifty years; after which period the whole plant existing will pass into the government's property.
   B.  Very well; but suppose a more convenient means of locomotion should be invented and applied, or, better still, should the government resolve upon laying a system of railways (1) through either a part or the whole of the district now in the Comsany's gift, what would be the consequence?
   D.  Both cases have been duly considered  and sajtable, provisions (2) inserted in the agreement, viz: The Company is to be quite free to adopt any different means of conveyance that might eventually be found more convenient, provided that the service be carried on conformably to the provisions of the contract.
   Should any alteration be deemed nocessary or advisable, the same to be subject to the Government's approval  As to the case of
   (1) Gli Inglesi chiamano system quell'insieme di linee ferroviarie, che in Italia dicesi rete, quindi a system of railways significa « una rete di ferrovie»,
   (2) Come termine legale la parola provisions corrisponde j « disposizioni».