BRITISH INDUSTRIES

Poverty Bay Herald, Volume LV, Issue 17236, 16 April 1930, Page 5

BRITISH INDUSTRIES

NEW FINANCIAL SCHEME A £6,000,000 COMPANY (British Official Wireless.) Bee. noon. RUGBY, April 15. Air J. 11. Thomas, Minister in charge of unemployment, announced in the House of Commons that a company had been registered under the name of Bankers’ Industrial Development Co., with a nominal capital of £0,000,000, divided into 45 A shares and 15 B shares of £IOOO each. The company had the support of a very considerable proportion of the most influential banking and financial institutions of the country. Mr. M out ague Norman, governor of the Bank of England, would be chairman. In addition to a board of directors, the company would have the services of an advisory council whereon a number of influential persons engaged in financial business would be invited to serve. The object of the company was to consider schemes submitted by basic industries for the purpose of their rationalisation, either by industries or by units. In the case of schemes which might he approved, arrangements would 1)0 made for the provision of such money as might be essential. In reply to a question, Mr. Thomas said it was not intended that the State should be involved. He had said in a recent speech at Manchester that money could be found for the reorganisation and rationalisation of industries, and the formation of the company was a sequel.