To a full understanding of the subject it is proper to say that after
using all other earnings on hand at the usual time for declaring a
dividend to meet losses the whole or any part of the surplus may be used
if the losses exceed the amount of the earnings other than surplus, and
then at the end of another six months a dividend may be made if the
earnings will admit of it, one-tenth of the earnings being first carried
to surplus and the re-accumulation of the fund thus begun.
This is because the law has been complied with by charging the losses
against the "undivided profits," as far as they will go, and it is
impossible to do more, or require more to be done, for the
re-establishment of the state of things that existed prior to losses
having been sustained than to do what the law requires shall be done to
originally establish that state of things.
* * * * *
CONCORD, N.H.
* * * * *
IMPRESSIONS D'UN FRANCAIS.
* * * * *
Par le Professeur Emile Pingault.
Quand les Francais, les Francais de France, comme disent leurs cousins
canadiens, parlent de l'Amerique ou pensent a cette reine des
republiques, ils n'ont en vue que les grandes villes.
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