FINANCING INDUSTRIES

Greymouth Evening Star, 25 July 1945, Page 8

FINANCING INDUSTRIES

BRITAIN’S HUGE CONCERNS RUGBY, July 23. Industrial and Commercial Finance Corporation—the smaller of the two bodies to finance industry formed under Government auspices by leading financial inustitutions —has now been registered as a private company. The directors are: William Piercy, Edward de Sten, W. H. .Fraser, Lord Dudley Gordon, Earl of Limerick, Colonel the Hon. Glyn Keith Murray Mason, R. H. Roberts and C. M. Skinner. The capital is £15,000,000 in shares of £l,OOO. which were taken up as follows: The Bank of England 500, the Bank of Scotland 205, Barclay s Bank 2638, British Linen Bank 165, Clydesdale Bank 190, the Commercial Bank of Scotland 254, Coutts and Company 119, District Bank 509, Glyn Mills 173, Lloyds Bank 2,338, Martin’s Bank 580, Midland Bank 2,761, National Bank 100, Bank of Scotland 195, National Provincial Bank 1.674, North of Scotland 1.25, Royal Bank of Scotland 333, Union Bank of Scotland 162, Westminster Bank 1,740, and William Deacon’s Bank 239. That is £30,000,000.' making the total resources £45,000,000. The Company is established to provide credit and finance by means of loans or share capital for industrial and commercial business for enterprise in Britain, particularly in cases where the existing facilities provided by banking institutions and stock exchange are not readily or easily available. The Company is intended to supplement but not to supersede the activities of other lenders and financial institutions. It is not the intention of the banks subscribing to the capital to interfere with the conduct of the business of the Company by the Board. The larger of the two new finance companies—the Finance Corporation for Industry—which was formed earlier this year to help the reconstruction of industry after the war, has a capital of £25,000,000 and borrowing powers of £100,000,000. The capital was subscribed by a consortium of insurance companies and investment trusts and the Bank of England.