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factory ^[[proves satisfactory]] was [[underlined]] willing to [[/underlined]] make [[underlined]] agreement similar to German [[/underlined]] agreement we getting 51% [[strikethrough]] of [[/strikethrough]] and they 49% of common stock
or: Agreement similar to British. = They to take inventory of [[underlined]] real tangible assets (not [[/underlined]] including intangible assets as good-will, patents etc) deduct their liability and thus arrive to cash ^[[net]] value. We would be willing to at least double this by paying cash. Consulted him about French taxes. I understand him to say that at present the maximum [[underlined]] Surtax. [[/underlined]] has been lowered to 30%. Private [[underlined]] normal [[/underlined]] income tax is 10%. There is a 2% gross sales tax and an additional tax of 8% to 12% on net profits (or is it on dividends?)
[[underlined]] Actif [[/underlined]] means assets.
Passif means Indebteness or Debits
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Their real [[underlined]] assets amount to about [[/underlined]] 1,500,000 francs, or about [[underlined]] $60000 [[/underlined]] not counting in raw and manufactured materials. They owe no money to banks or anybody outside small running accounts. No obligations except with [[underlined]] Bakelite Gesellschaft [[/underlined]] which has received 5% of their stock and receives 10% of their net profits before distributing dividends. He is going to try to remove this 10% agreement by talking it over with [[underlined]] Sachs.  All confidential employes are under  contract. [[/underlined]] 
Ln Bakelite owns or controls M.A.X.E.I which sells and installs impregnating plants for [[underlined]] armatures of motors  or dynamos. 
Diamond fibre is [[underlined]] one of their best customers but they have [[/underlined]] no objection nor ties against [[underlined]] entering laminated field [[/underlined]]