BRITISH INDUSTRIES

Manawatu Standard, Volume L, Issue 119, 16 April 1930, Page 9

BRITISH INDUSTRIES

DEVELOPMENT SCHEME, * INFLUENTIAL COMPANY, CAPITAL OF SIX MILLIONS. (United Press Association—By Electric Telegraph—Copyright), • (British Official Wireless.) Received April 16, 11.0. a.m. RUGBY. April 15. Mr J. H. Thomas, Minister in Chargp of - Unemployment, announced in the House of Commons to-day that a company had been registered under the name of the. Bankers’ Industrial Development Company, with a nominul capital of £6,000,000, divided into 45 A shares and 15 B shares of £IO,OOO each. The company had the support of a very considerable proportion of the most influential banking and financial institutions of the country. Mr Montague Norman, Governor of the Bank of England, W’ould be chairman. In addition to a board of directors, the company would have the services of an advisory council, whereon a number of influential persons engaged in financial business would be invited to serve.

The object of the company was to consider schemes submitted by basic industries for'the purpose of their nationalisation. In the case of schemes which might be approved of arrangements would be made for the provision of such money ns might be essential. In reply to a question Mr Thomas said that it was not intended that the state should be involved. He had said in a recent speech at Manchester that money could be found for the reorganisation -of industries, and the formation of the company was a sequel.