MAKING TYRE FABRICS

Dominion, Volume 33, Issue 98, 19 January 1940, Page 12

MAKING TYRE FABRICS

New Australian Company A new company, with a nominal capital of £250,000, is. it is reported, about to be formed in Australia by Olympic Tyre and Rubber Co., Ltd., and Davies Co-operative. Limited, for the purpose of twisting and weaving tyre cord. Olympic Tyre Company uses tyre cord and tyre cord fabric to the value of £400,000 annually, all of which has up to the present been imported. It is understood that capital to be paid up initially will be £160,000, contributed in equal shares by Olympic Tyre and Davies Co-operative. The latter, which will supply the yarn. has already acquired much of the necessary machinery. which will be transferred to the new company. Shareholders of Olympic Tyre and Rubber Company will be asked to confirm resolutions that the nominal capital of the company should be increased from £500,000 to £1.000,000. and that a new issue of 162,000 shares of £1 each be made on a two for five basis. Directors of Olympic Tyre anil Rubber Co., Ltd., had had preliminary discussions with Davies Co-op.. Ltd., on twisting and weaving trye cord, and although various avenues of possible action had been considered, finality had not been reached, said the chairman of Olympic Tyre, 'Mr. F. J. E. Beaurepaire. at an extraordinary meeting of the company in Melbourne on January 10. The meeting was called to obtain shareholders’ sanction, which was given, to proposals to increase the nominal capital of the company from £500,000 to £1.000,000. and the issue of 162,000 shares of £1 each to shareholders in the proportion of two shares lor each live shares held.