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A HUGE PURCHASE.

Meantime the chief rivals of the new combine had formed the Central Thread Agency, which 'took over the products of four great mills: Jonas Brook and Company, of Meltham, founded in 1810; James Chadwick and Company, of Bolton.. founded 1820; Clarke and Company, of Paisley; and Ken* and Company, of Paisley. In 1895 and'lß96 J. and P. Coats purchased all these concerns, and thereby became owners oi mills in Canada, Russia, France, England, and Scotland. ' They had 60 ibranch establishments, 150 warehouses, and employed 5000 people. Soon after this the Coats' concern { .!, acquired an interest in the Fine Cotton Spinners and Doublers Association, composed of ■50 or more firms spinning Sea Island cotton, with a capital of more than £7,400,000. It virtually controls "the fine cotton -supply. At this time J. and P. Coats raised their capital to £12,000,000, and on this amount they have faithfully paid dividends ranging from .20 per cent, to 30 per cent. .This was the prosperous condition of the Coats syndicate when the concerns that had been' left out were prompted to form a combination of their own. In 1897 14 of these organised the English Sewing' „ Cotton Company ' with £2,500,000 capital, and mills in Canada, France; and Great Britain. In , 1898, the American Thread Company was organised with about -'£3,600,000 capital, absorbing 13 concerns. Here, then, are three combines of manufacturers, nearly all English,. controlling the thread Tmsinessipf. .the world. Their inter-re-lation iSmade plain when- it is known that J. and P. Coats took £200,000 of ••stock -'in the English Sewing Cotton Company, 'that the English Sewing Cotton 'Company took the majority stock in "the\ American Thread Company, tha/t J. and P. Coats took £100,000 worth of, preferred, shares in the American Company, and that the American Company took 125,000 shares of", the English Sewing Cotton Company's re-issue of 1899.

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https://paperspast.natlib.govt.nz/newspapers/AG19140205.2.60.3

Bibliographic details

A HUGE PURCHASE., Ashburton Guardian, Volume XXXIII, Issue 8786, 5 February 1914

Word Count
309

A HUGE PURCHASE. Ashburton Guardian, Volume XXXIII, Issue 8786, 5 February 1914

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