ANGLO-U.S. COMBINE

Poverty Bay Herald, Volume LIV, Issue 16622, 14 April 1928, Page 14

ANGLO-U.S. COMBINE

A GIGANTIC CONCERN , STIMULATION OF TRADE (Australian Psv>sn Assn.—United Service. LONDON, April 13. The formation of a gigantic new financial combine private limited company, called "The Finance Com paiiy of Great Britain and America,' is announced. The luminal capital i.< £2,000,000. Ordinary shares are 20s cadi, and there arc 800,000 deferred* at Is. The ordinary shares arc held equally between Imperial Chemical In dustries, Ltd., and the,Chase Securi ties Corporation of New York. The board includes Sir Alfred Monrl (chairman), Lord Reading. Lore Colwyn, Mr. Albert Wiggin, who was chairman of the Chase National Banl; and Chase Securities Corporation There are two .joint managing directors, one of whom, Mr, James Gannon, is vice-president of the Chase Bank, for the purposes of close con sulfation with the corporation on both sides of the Atlantic. 'The American committee formed includes Mr. Wiggin (chairman), Sir Alfred Mond, Sii Harry McGowan, Mr. Robert. Clarksor ("president of the Chase Bank), Mr, Halsted Freeman (president of the Chase Corporation), Mr. Aldred Sloan (president of General Motors Corporalion), Mr. John Raseob (vice-president of General Motors), Mr. Frederick Ecker (vice-president of the Metropolitan Life Co., New York), Mr, Charles' Schwab (chairman' of. the Betheliem Steel Co.), Mr. A. G.ra'nstier (president of the International Paper Co.), r\n<] the heads of other outstanding American companies. Sir Alfred Mond and Sir Harry McGowan are included to provide n liaison between the directors and the American committee. It is claimed that the personnel of the committee is unique in the history of financial corporations, because it includes important leaders in the United States financial industry. Sir Alfred Mond, explaining the formation of the company, says the leading businessmen 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 offices in London. The new corporation supplies consultation co-operation between the two countries and their leading financial and industrial brains. Facilities will be provided for financing industrial development and will be prepared to develop any worthy business inywhere in the world. Sir Alfred Mond claims that British industry never before had such a powerful backing. Both the board and the American committee possess unique luthority for industry, commerce, and finance. Almost unlimited sums will he available. Co-operation between the two sides of the Atlantic will be practically daily, and there probably will be extensions to other countries. There will be uo public, issue of shares.