Britain To Nationalise Airways
(Received 1.30 p.m.) LONDON, May 12
Sir Kingsley Wood, Secretary for Air, announced in the House of Commons that the Government is prepared to take over the assets and liabilites of Imperial Airways on the basis of paying shareholders 32/9 for each ordinary £1 share, amounting to £2,659,000, on which interest will be .allowed at 4 per cent to March 31. Similarly, the Government is prepared to take over the assets and liabilities of British Airways on the basis of approximately 15/9 per £1 share. Amalgamation will follow the shareholders’ .acceptance of the terms.
Mr E. .Shinwell (Labour, Seaham) criticised the offer on the grounds that it was too generous to Imerial Airways, which was quoted yesterday at 29/3, while British Airways was not quoted. ' An extraordinary general meeting will be held on May 22 to approve the Government’s offer. It is stated that the year’s x-esults do not permit of a dividend exceeding 4 per cent.
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https://paperspast.natlib.govt.nz/newspapers/NA19390513.2.96
Bibliographic details
Northern Advocate, 13 May 1939, Page 8
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161Britain To Nationalise Airways Northern Advocate, 13 May 1939, Page 8
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