WELSH STEEL WORKS
REMOVAL PLAN DROPPED \ (British Official Wireless) RUGBY, October 30. (Received Oct. 31, at 5.5 p.m.) The anxiety which existed in South Wales for many months regarding the proposal of Richard Thomas and Co., steel and tinplate manufacturers, to transfer their business to new works in Lincolnshire, estimated to cost £2,000,000, has been allayed by the announcement that, subject to the approval of certain groups of shareholders, the plan will not be proceeded with, as a result of negotiations between Sir William Firth, chairman of Richard Thomas, and Sir John Beynon, chairman of the Ebbw Vale Steel, Iron, and Coal Company, as well as the Lancaster Steam Coal Collieries. A sum of between £1,500,000 and £2,00,000 is said to be involved. If the scheme comes to maturity the whole of the big development which was planned for Lincolnshire may be confined to the South Wales area, which will not only enjoy a considerable increase in prosperity in consequence, but be relieved of the serious loss of trade additional to the existing depression threatened by the proposed move. The authorised capita! of Richard Thomas is £9.000,000 and the Ebbw Vale Company £3,700,000.
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Otago Daily Times, Issue 22717, 1 November 1935, Page 9
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193WELSH STEEL WORKS Otago Daily Times, Issue 22717, 1 November 1935, Page 9
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