CHANGING TASTE IN MUSIC

Greymouth Evening Star, 9 August 1935, Page 8

CHANGING TASTE IN MUSIC

PUBLIC’FAVOURING THE EXOTIC. LONDON. June 24. Changing public taste in music was discussed in the Chancery Division yesterday, when Mr. Justice Eve agreed to a reduction of the capital of Chappell and Co., Ltd., music publishers, from £300,000 to £ 100,000. “Music,” ho commented, “goes out of fashion sometimes.” MrGover, K.C., for the company, replied that it was exotic music which ; was in favour now. The music publishing business in recent years had suffered in part from world trade depression, but to a greater 'extent from a change in public taste. Tho music now sold, he added, was of a very ephemeral character and now copyrights had to be purchased frequently. Tho company, he stated, proposed to write off £27,500 Ordinary capital, which was lost or unrepresented by available assets, and they were repaying 150,000 7i p.c. Preference shares and converting them into 5 per cent. Debenture stock.

As to the Ordinary shares, they were repaying 3s per share, involving £22,500, and utilising that sum to satisfy arrears of dividends on the Preference shares. Preference shareholders were thus being given their arrears at the expense of tho Ordinary shareholders.

The capital of the companv would in future be in £1 Ordinary shares, and it would bo increased to the former amount of £300,000 by the creation of new.shares.