HUGE COMBINE

Nelson Evening Mail, Volume LXI, 14 April 1928, Page 7

HUGE COMBINE

BRITISH AND AMERICAN UNIQUE PERSONNEL LEADERS OP FINANCK AND INDUSTRY (Tnitetl Press Association—lJ.v Klectrie Telegraph—Copyright. LONDON,. 13th *pril. The formation of a gigantic new financial combine and private limited company called the Finance Company of Groat Britain and America is announced, with a nominal capital of two millinns. Ordinary shares are 20s each, and I here, will be 800.000 deferred shares at urn! shilling. The ordinary shares are held equally between ihe Imperial Chemical Industries, Limited, and the Chase Securities Corporation of New York. The hoard includes Sir Alfred Moud (chairman). Sir Harry McGowan (deputy-chair-man). Lords Heading and Colwyn. and Albert Wiggin, who is chairman of the Chase National Lank ami the Chase Securities Corporation. There are two joint managing directors, one of whom, James Cannon, is vice-president of the Chase Hank. For the purposes of close consultation with the corporation on both sides of Ihe Atlantic an American committee has been forme.! which includes Mr Wiggin (chairman), Sir Alfred .Mosul, Sir Harry McGowan, Robert Clarkson (president of the Chase Bank), llalstead Freeman (president of the Chase Corporation!. Aid red Sloan (president of'the General -Motors Corporation). John Rascob (vice-presi-dent of General Motors). Frederick F.cker (vice-president of the Metropolitan Life, New York), Charles Schwab chairman of the Bethlehem Steel Company), A. omustier (president of the International Paper Company), and heads of other outstanding American companies. Sir Alfred Mond and Sir Harry McGowan are included to provide a liaison between the directors and the American committee. It js claimed that the personnel of this committee is unique in the history of financial corporations, because it includes important, leaders in the United States' finance and industry.

STATEMENT BY SIR ALFRED MOND Sir Alfred Mond. explaining the formation of the Company, says t hat- the leading business men of both countries have long felt the need of closer cooperation in industry and commerce between Britain and the United States. The increasing volume, of American investments outside America has been a new and striking financial development after the war. and is likely to continue. A large number of American financial institutions have been opening their own oflices in London. The new corporation supplies a consultation and co-operation between the two countries and their leading financial and industrial brains. Facilities will be. provided for financing industrial undertakings in the British Empire. Europe, and United Slates. The corporation will also finance contracts for international industrial development and will be prepared to develop any worthy business anvwhere in the world. Sir Alfred Mond claims that British industry lias never before had such a powerful backing. Both the board and the American committee possess unique authority for industry, commerce and finance.'and almost unlimited sums will be available. Co-operation between the two sides nf the Atlantic will be practically dailv. and there will probably be extensions to other countries. There will be no public issue of shares.