INVESTMENT DISPUTE

Wairarapa Age, 19 March 1929, Page 5

INVESTMENT DISPUTE

; GENERAL ELECTRIC COMPANY’S SHARES. BRITISH ISSUE HELD UP AMERICAN PROTESTS United Press Association. —By Electric Telegraph--Copyright-LONDON, March 17. . Surprise is expressed at the announcement, signed by Sir Hugo Hirst, that the General Electric Company issue of 1,500,000 British ordinary £1 shares at 43s on Monday is postponed. Sir Hugo Hirst’s announcement about the General Electric shares is a sequel to a cable from the New York ' committee stating that it is' proposed to protect the right of the American 'shareholders and suggesting the possi- ■ bility of prejudicing the good relation- ’ ships of the respective money markets by the action contemplated in Britain. 1 Sir Hugo Hirst replied, holding up ! the issue pending a discussion. The “Sunday Express” says that 1 the feeling in the city is so intense ' that representations have been made 'from many interests to Sir Hugo Hirst ' Who, however, continued to express '.his determination to carry out the scheme to reserve the issue for British 1 holders. It is understood that a spe>cial meeting of the Landon Stock E'x--1 change Committee brought influence to ■ bear on the company and its financial advisers. It is stated that one firm doing business with N'ew York, receiving no orders, inquired telephonically. The reply was that they need not expect more orders for British shares until the General Electric changed the terms of its issue.—(Australian Press Association—United Service.) ((Epithets like ‘ ‘ Plunder, ’ ‘ ‘ Not playing the game, ” “ Bobbery, ”' “ Inf ertial 'proposal,” and “Dishonesty” were employed when shareholders of the General Electric Company met to consider a proposal to issue new capital restricted to British holders, but the restriction was approved by a large majority. Sir Hugo Hirst said that the directors had been dismayed at finding the kerb market in New York Hearing with the company’s shares and ' raising the price abnormally. Steps were immediately taken to prevent any attempt zo secure foreign control. Ho had returned from Australia to find that over half of the ordinary capital had wandered across the Atlantic. It always had been his ideal that the company should mean the same tiring in Britain as the General Electric ampanies in America and 'Germany meant in those eoiftitries.)