SALE OF ASSETS

Grey River Argus, 19 March 1941, Page 6

SALE OF ASSETS

IN UNITED STATES To Pay British Debts [British Official Wirelessl RUGBY, March 17. The first fruits of Sir Edward Peacock’s mission to the United States on behalf of the Treasury, to exam- , ine the possibility of obtaining dollar exchange by the sale of British assets, is seen in the. Treasury announcement that the bulk of the holding of Courtauld’s, Limited, _ in the American Viscoso Corporation, has been sold on the Treasury behalf, to a syndicate of United States investment bankers The holding amounts to 448,00'J shares of the Corporation, “'The purchase price,” states the Treasury, “will be 90 per cent, of the proceeds of the public issue which it is intended to make shortly in the United States, and an immediate minimum payment of 40,000,000 dollars (about £10,000,000) will be made on account of the purchase.” The sale of this valuable holding to American interests is evidence of the determination of the British Government to use every possible means for self-help, at a time when it is receiving from the Government of the United States measures of assistance set out in Mr Roosevelt's great speech last Saturday. In arriving at this transaction, Sir Edward Peacock acted with the full knowledge of the United States Administration. Courtauld Shareholders TO GET BRITISH BONDS SHARES RISE IN ENGLAND (Received March 18, 6.40 p.m.) LONDON, March 17. The “Daily Express” says: The market has responded to the news of the Courtauld firm’s loss of their most valuable asset, namely American sterling funds to the value of Courtauld’s Ltd. shares in the America Viscosa Corporation, which have been sold to secure dollar exchange, through the Agency of the British Treasury. The value of shares in Courtaulds Ltd. in Britain have leapt up to twenty-nine shillings. This is an increase of 25i pence. It is expected that Courtaulds Coy. will receive twenty-four millions sterling for the America Viscosa Corporation, or one pound sterling for each of Courtaulds ordinary shares. The market believes that, if this amount is returned to the shareholders, Courtaulds shares will be decidedly cheap at twenty-nine shillings. It is unlikely, however, that there will be any early payment made. The shareholders of Courtaulds Ltd. will probably take British Government securities in payment for the America Viscosa Corporation.