AMERICAN MONEY

Feilding Star, Volume 7, Issue 2137, 16 February 1929, Page 5

AMERICAN MONEY

FOR BRITISH CONCERN 'BIRKENHEAD GETS 810 BILLET By Telegraph-Press Assn-Copyrigbt (Auati. and N.Z. Cafela*. (Received Fell. 10, 11.30 ami.) New York, Feb. 15. Air Ha rvey Clarke. President of an American Company named the Utilities, Power and Light Company, announced the purchase of seven large British Power Companies with assets of 30 million sterling. Ah* Clarke used the trans-Atlantic telephone in most .of L|is negotiations to buy tlie entire common stock of the Creator London and Counties Trust, Ltd., which controls these seven companies.

This is the first time an American Company has taken over British public utilities serving localities in the British Isles.

Earl Birkenhead has been named as Chairman of tlie Greater London and Counties Trust. The seven companies serve 05 cities and towns in England and Scotland with light and power.

“People are wrong to-day when they .say American money means American control,” says Mr'Alassingberd Rogers. Deputy Chairman of the Greater London and Counties Trust. “Earl Birenhend will be the supreme head of an all-British concern under entirely British control working entirely to Britain’s advantage. We are getting American money because we need a lot to develop the scheme of electrification throughout the country through 60 companies, probably necessitating 10 million sterling, hut we are ready to accept finance from Britain or anywhere else,”

Air Rogers decided not to reveal Earl Birkenl Gad’s salary, adding it was nothing like the huge figure some imagined. Indeed, he refused two offers of 50 per cent. and. one of 40 per cent, greater.