A letter from D'Arcy Cooper to Leverhulme at Stornoway.

Discussing the pros and cons of the shares issue and the conditions that Lazard would require. If the issue goes to the extent of three million this year, Lazards should be able to dispose of the balance of ten million before the end of December. This should help to take some steps to reduce the overdraft of the Niger Company. Lazards have been promised that if five million are sold, Lever will do what they can to reduce the overdraft. "r "nThey have fear of the price dropping. The price will be maintained if handled by Lazard and the underwriters. If not underwritten the danger is that old stock will be sold to buy the new and the price may drop to 20 shillings and make the proposed issue a failure. May 15 1924

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