BIG BRITISH CONCERNS

Grey River Argus, 18 March 1941, Page 5

BIG BRITISH CONCERNS

Sold to Americans TO MEET WAR DEBT ‘Aus. & N.Z. Cable Assn.] (Received March 17, 9.30 p.m.) NEW YORK, March 16. The British Treasury representative in the United States, Sir Edward Peacock, has announced that he has sold the 125-million-dollars American Viscose Corporation to United States interests. This sale is the completing of the first step in a billion dollar liquidation programme to finance the war. More Large Coys. TO BE ALSO SOLD (Received March 17, 9.15 p.m.) ’ LONDON, March 17. The “Daily Telegraph” comments on the sale of the British-owned company “America Viscose Corporation, reported earlier. It says: “This is one of the most drastic steps which Britain has yet taken to obtain dollar exchange by the direct sale of British assets. The Viscose Corporation probably is Britain s most valuable single hofding in the United States The “Daily Telegraph's” City cor- , respondent adds: “It can now be taken I for granted that the sale of several other British investments in the United States will follow. Among the most important are those of Lever Brothers, of Massachusetts, belonging to the Lever Group; secondly, the Royal Dutch Shell Group’s controlling interest in the Shell-Union Oil Corporation; thirdly, the Imperial Chemical Trust’s investments in General Motors and in Duponts; also the American interests of Dunlop Rubber, Turner and Newall, and Borax Consolidated. Britain’s direct investments in America are estimated in value at 330 millions sterling.” To be Resold Later BY U.S.A. CAPITALISTS (Received March 17 9.30 p.m.) NEW YORK, March 17. The Viscose Corporation is being purchased by a syndicate which is headed by Morgan, Stanley and Company, Dillon Reed and Coy., and seventeen other firms. These purchasers will resell the properties to the public later. The price is not disclosed, but it is stated that forty million has already been paid, on account.