ARMAMENT MANUFACTURE

Dominion, Volume 30, Issue 189, 7 May 1937, Page 13

ARMAMENT MANUFACTURE

Government Takes Over Huge French Concern Paris, April 10. A decree affecting an important part of the armaments trade of the world is published in the French “Journal Officiel.” By this the Government nationalises all armament branches of the huge Schneider-Creusot organisation, in accordance with the Popular Front programme to take over the French armaments industry. Only those sections of the SchneiderCreusot firm which manufacture artillery, torpedoes, armour plating and munitions are being nationalised. Those sections manufacturing locomotives, bridges, construction steel, turbines, boilers, ships and other heavy steel material, will not be interfered with. The importance of the Government’s action lies in the fact that the Schnei-der-Creusot manufacture armaments for Russia, Japan, Czechoslovakia, Rumania, Yugoslavia and other countries. It is believed, however, that any big foreign orders to Schneider-Creusot will be switched to Skoda Works in Czechoslovakia, which are controlled by the big French firm. The Schneider-Creusot firm has a capital of 100.000,009 francs (£1,000,000), but last year it distributed 20.000,000 francs (£200,000) in dividends. It is the biggest organisation of its kind on the Continent.