FINANCIAL COMBINE

Evening Star, Issue 19841, 14 April 1928, Page 4

FINANCIAL COMBINE

m BRITISH-AMERICAN COMPANY CLOSER CO-OPERATION BETWEEN TWO COUNTRIES. Press Association—By Telegraph-' Copyright, LONDON, April 13. The American Committee formed of the big combine of British and American financiers and industrialists includes Mr Albert Wiggin (chairman), Sir Alfred Mond, Sir Harry M‘Go wan, Mr Robert Clarkson (president of the Chase Bank), Mr Halstead Freeman (president of the Chase Corporation), Air Aldred Sloan (president of General Motors Corporation), Mr John Rascob (vice-president of General Motors), Mr Frederick Ecker (vice-president of the Metropolitan Life Insurance Company, New York), Mr Charles Schwab (chairman of the Bethlehem Steel Company), Mr A. Graustier (president of the International Paper Company), and the heads of other outstanding American companies. Sir Alfred Aloud and Sir Harry M'Gowan are included to provide a liaison between the directors and the American Committee. It is claimed that the personnel of the committee is unique in the history of financial corporations, because it includes important leaders in United States financial industry. Sir Alfred Aloud, explaining the formation of the company, says that leading business men of both countries have long felt the need of closer cooperation in industry and commerce between Britain and the United. States. The increasing volume of American investments outside America is likely to continue, and a large number of American financial institutions have been opening their own offices in London. The new corporation supplies consultation and co-operation between the two countries and their leading financial and industrial brains. Facilities will be provided for financing industrial undertakings in the British Empire, Europe, and the _ United States. The corporation will also finance contracts for international industrial development, and will be prepared to develop any worthy business anywhere in the world. Sir Alfred Monel claims that British industry never before had such powerful backing. Both the board and the ‘American Committee possess unique authority for industry, commerce, arid finance, as almost unlimited suras will to available. Co-operation between the two aides of the Atlantic will be practically daily, and there will probably he extensions to other countries. There v&i no public issue of shares. (—Australian Press Association-United Service.