152 
   railways being built to supersede conveyance by motor-car, the Company is to receive a compensation at so much per mile, to cover ten per cent interest for the remaining part of the period of concession, on the proportional cost of the line thus suppressed.
   B.  - That's reasonable enough, the Company having thus a good interest secured throughout 'the whole period on the capital invested, and this is, in my opinion, a further reason in favour of the issue of bonds.
   f>H»J,
   D.  Well, that's one point settled then. I'm glad to see that you share my views on the matter, and hope that my motion in that direction will be carried by a good majority of votes in the Board. Now, the question I've to ask you is, whether you would be disposed to take up the loan (1) for your own account.
   B.  I thought this was the drift of your visit from the very beginning of our interview, and in reply to your query I'm willing to state that, on the whole, I feel disposed to take the matter in consideration, and hope we may
   (1) to Take up a loan  Assumere un prestito. Quell'ope-perazione per la quale una o più banche si obbligano di versare all'emittente 1' ammontare del prestito, incaricandosi di farlo sottoscrivere.
    i S3 
   cometoasatisfactoryunderstanding.Meanwhille however I have on my turn some questions, to ask, in order to lay down the foundatioa stone of the operation.
   D.  And here I am quite willing to give any information or explanation you may tink if fit to require.
   B.  First of all ; what security would the Company give for the faithful reimbursement of the capital invested? You know that bonds are generally guaranteed, otherwise it would be very difficult to find subscribers for them.
   D.  We should be disposed to grant the bondholders (1) a lien of hypothecation (2) on both the real estate (3) and the personal property (4) to be employed in the working of the whole system, such as lands, buildings, rolling stock (5), machinery (6), spare gear (7)
   (1) Bondholders  I detentori delle obbligazioni.
   (2) Lien of hypothecation  Privilegio d'ipoteca.
   (3) Real estate  Termine tecnico legale per «proprietà fondiaria » cioè, terreni, fabbricati ed altri immobili.
   (4) Personal property  Termine tecnico legale per «proprietà mobile », cioè oggetti mobili di qualunque specie,
   (5) Rolling Stock  11 materiale rotabile.
   (6) Machinery  Il macchinario, cioè l'insieme delle macchine e meccanismi.
   (7) Spare gear  Macchinario ed utensili di ricambio. Col vocabolo gear si indica qualunque combinazione meccanica.