TICKERS ARMSTRONG AMALGAMATION.

Press, Volume LXIV, Issue 19201, 6 January 1928, Page 8

TICKERS ARMSTRONG AMALGAMATION.

CAPITAL OF £21.000.000.

CO-OPERATION INSTEAD OF COMPETITION.

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LONDON. November

A scheme has been proposed for the fusion of some of the principal interests of Vickers, Limited, and Sir "W. G. Whit worth and Co., Limited. Both these firms sustained severe losses arising out of the conditions following upon the war. In the case oi' Vickers, these losses were faced some time since by a drastic writing down of capital. The losses sustained by Armstrongs were also 011 a scale which the scheme, now puulislieu, shows to have been iiiily as sev ere as had been anticipated. These are matters winch form the basis ut the adjustment 111 capital arrangement 5. J'lie conclusion has been reached that 111 certain of their leading activities there should be co-operation and even fusion, instead oi; competition.

Accordingly, a new company is to be formed entitled Vickers-Armstrongs, Limited, and Vickers and Armstrongs respectively transfer to it certain fixed assets, plant, shipyards, etc., and also certain floating assets. The detailed scheme of agreement also delines clearly the respective spheres of operation. It should, however t be noted that the existing companies of Vickers and Armstrongs retain their separate identities, both of them holding blocks of shares in the new concern. The initial share capital of the new company will not exceed £21,000,000, and the proportionate allotment of it to Armstrongs and Vickers will He based upon the valuation of the assets contributed by eacli company. The distribution sliows the greater proportion to have been contributed by Vickers. and accordingly a greater number of directors on the new Board are being nominated by that company, the proportions being seven and four.

A Strong Board. ■The chairman of.the company will be General Sir Herbert Lawrence, and in the nominations by Armstrongs occur the names of Sir Otto E. Niemeyer, of the Bank of England, and Mr E. It. Peacock, of Mossrs Baring Brothers. The Board of the new company is, therefore, a strong one, calculated to ensure financial and administrative stability. The transfer of certain assets to the new company affects certain debenture rights, and consent on the part of debenture-holders and shareholders is necessary for the carrying out of the provisional agreement.

FARM IMPLEMENTS.

BRITISH GOODS

COMBINED MARKETING SUGGESTED.

(I'PvO.U OUR OWN CORRESPOKDEMT.)

LONDON, November 30,

"Wo have been approached by a gentleman resident iu New Zealand," says' the "Implement and Machinery Be view," in its editorial columns, "who has had extensive, experience in the implement and machinery trade in that country, with the object of bringing before British agricultural engineers both the opportunity and the need there is for them to be adequately represented in the Dominion. Our informant is confident that with efficient representation British firms have now an excellent chance to get more of the New Zealand trade in farm implements and machinery, especially as there is an agitation on the part of manufacturers in the Dominion which may lead to a tariff being placed against farm implements and machinery of foreign origin. "The suggestion is therefore made that leading British firms should combine for marketing purposes and establish their own depot iu New Zealand, and so get in direct touch with the country; if this suggestion were carried out, it is tho opinion of our informant that a strong - footing in the country would soon be obtained. Factors in favour of the scheme are the strong support given to preference for Britishmade goods, and the equally strong feeling against the United States, whose action in shutting New Zealand primary producers out of her market has aroused considerable resentment, and made American goods unpopular in the Dominion.

"Should the suggestion appeal to British firms, we shall be pleased to put them in communication with our correspondent, who feels confident that combined marketing of the following lines would meet with great success:— Ploughs, disc harrows, tine harrows, cultivators, drills, binders, side delivery reapers, mowers, rakes, threshers, potato diggers, sorters, planters, road graders, stone crushers, etc."

AUSTRALIAN MARKETS

(BT CABLK—PRISS ASSOCIATIOX—COHBIGfIT.) (ACSTEAT.IAK AXB *-Z CAELX ASSOCIATION.) (Koceived January- sth, 9.5 p.m.) SYDNEY, January 5. Wheat —-At- country stations, 4s 9id a bushel: ex truck Sydney, 5s Ed. Flour —Local £l3 13s a ton. 'J Tie export trade is lifeless. Bran—£6 a ton. Pollard—£7 a ton. Maize—4s 3d to 4s 4d a bushel. Oats—Tasmanian Algerian 5s 3d a bushel, white 4s 9d. _ Potatoes —Tasmanian new. £o to lus a ton, old £5: local £4 to £» a tun. Onions—Victorian, £7 a ton. ADELAIDE, January 5. "Wheat—Growers' lots, 5s Ijd to 5s 2d a bushel; parcels, 5s Old. Klour —Bakers' lots, £l3 10s a ton. Bran —£6 5s a ton.. Pollard —£6 17s 6d a ton. Oats —3s 7d io 3s 9d a bushel.

LONDON PRODUCE MARKETS

The following' cabled advice h-.i? been received by the Bank of Ne-.v South Wales from its London office, dated December 30th:— "Wool —Market firm.

"Mutton —Ewes 4d, sd. Improved: short, supplies. Wethers 4jjd, 63d. Demand good; likely to continue. Lambs Hid, 12d. . Expected decline, owing high prices checking demand. "Beef—3d, 4ld. Depressed. "Pork—7Jd. BJd. "Butter —J<iOs, 16is. Steady "Cheese—92s, 91s. Firm.'

geraldine stock sale

There was a email yarding of sheep at the Geraldine live stock £3le on 'Wednesday. Prices were as follows: — Fat Ewes —12 at 18s 6d. o at l.s. Fat 'Wether;—l at C6s «jd. _ _ Fat I-ambs—47 at Sif 3d, at ;jj> vd. «f» 3? -7f>, *S ilt -OS wd, -JJ t»U' yc> ;i: 51* M 265. . , . g-orcs—C ; 3 u-o-tootU *'• lud -