WEEKLY NEWSPAPERS.

New Zealand Herald, Volume LXIII, Issue 19510, 14 December 1926, Page 13

WEEKLY NEWSPAPERS.

RECENT LONDON SALE. PURCHASE OF PREMISES. A. and N.Z. LONDON. Dec. 12. Mr. William Harrison, chairman of the Inveresk Paper Company, Ltd., who was the purchaser of the Sketch, the Tatler, the London Illustrated News, ajid other weekly papers, has bought the Morning Post building to house his newspaper interests.

The Inveresk Paper Company, which holds a controlling interest in four other paper-making companies, recently purchased from Sir John Ellermaii a controlling interest in this important group of London weekly papers. Speaking at a special meeting of the company on October 15, Mr. Harrison, explaining the reason for the purchase, said: "It has been our settled policy. to acquire on advantageous terms a group o.f leading paper mills, and to safeguard their position with assured supplies of raw materials produced under our own control. Similarly, it was always in my mind that an indispensable adjunct to this policy was an assured market for a large output of our manufactured goods, also under our control." Ho added that the combined profits of the papers purchased for the past three years averaged about £300,000 a year, which he anticipated would increase to £350,000. A new company has been formed to control tho papers, called Illustrated Newspapers, Ltd. The share capital of the new company is 1,800,000 £1 seven per cent, preference shares and 1,400,000 £1 ordinary shares.