152   i S3 
   to keep a part of the capital idle for some time, your proposal would, no doubt, be worthy of consideration; I shall have an estimate (1) drawn up on that basis, to be laid before the Board.
   B.  Summing up the leading points now argued between us, the operation would therefore turn out as follows:
   First  The issue by the Bristol Investment Company « Limited » of guaranteed redeemable bonds for the sum of X pounds, bearing interest at the rate of four and a half per cent.
   Second  The taking up of the whole issue by one or more banks at a certain percentage below the nominal value of the bonds.
   Third - Payment in cash of the whole amount into the Company's hands, against delivery of the certificates (2) to the contracting bank or banks.
   Fourth  " Reimbursement of capital through five drawings, respectively on maturity of the
   (ij Dicesi estimate qu<.-l conto anticipato delle probabili attività e passività di un'azitnda 0 di ura operazione commerciale o industriale. 11 termine corrispondente italiano è « preventivo ».
   (2) I documenti rappresentanti di azioni, obbligazioni, rendita, buoni e titoli finanziari di qualsiasi specie chiamansi certificates, quindi: « Share certificates - titoli di anioni» -« Bond certifiâtes - titoli d obbligazioni» ecc.
   5.'1, io.'1, 15-*'', 20.,h and 25.th years after the issue.
   D. Yes, that is it; but mind I do not engage at all to have ail such conditions accepted.
   B.  Nor did I ever mean jrou should, as I also intend not to be bound in any way as yet by my proposals; which are, so far, only conversational. I must lay the matter before some other banks and share the operation with them.
   What I bind myself to is to let you have within a fortnight the full scheme of a compromise of agreement (1), on which you will challenge the resolutions of the Board and of the General assembly of shareholders (2).
   D.  Let it be thus understood then. I recommend that you should try to keep your claims within the narrowest limits; there will be no lack of competitors, you may be sure of that. I assure you however that, on equal terms, you shall have our preference.
   (1) Compromise of agreement  Quel patto preventivo col quale le parti si obbligano a stipulare un dato contratto « il Compromesso ».
   (2) Shareholder   % Chi possiede azi oni di una Società anonima « azionista ».