English Translation

%640 - 40 - 2.) The discussion of the financial situation of the two groups Göding and Tobitschau-Zentralmährische Zuckerfabrik has shown that the own funds for the size and the expansion of the groups are far too small. In 2 ways a reinforcement of the liquid funds can be achieved. a) By issuing new shares. With regard to the minimum volume, it will be necessary to require that the share capital of both groups be increased to such an extent that the own funds shown in a group balance sheet at least correspond to the balance sheet value of the investments. Gödinger Group is a capital increase of approximately 5o to 6o million Kc. For the Tobitschau-Zentralmährische Zuckerfabrik group, a capi- tal increase of about 3o million Kc. could be considered. The new shares should only be accommodated in circles of farmers and their organizations. A involvement of capitalist groups, even capitalist banks, should be avoided under all circumstances, since the interests of self-help peasant shareholders are incompatible with those of the capi-talist shareholders. When determining the profits of the enterprises, opinions would always differ. As a result of the improvement in beet prices, it is not likely that it will be difficult to place large shares in farmers' holdings and their organization. This view is also expressed by Mr Stoupal. b) By rejecting non-profit-making assets. The groups have extensive land ownership, about 3.oo ha of land, at - 41,-