STEEL TO BE “TAKEN OVER GENTLY” IN BRITAIN, SAYS PAPER

Wanganui Chronicle, 1 November 1948, Page 5

STEEL TO BE “TAKEN OVER GENTLY” IN BRITAIN, SAYS PAPER

LONDON, Oct. 30 (Rec. 7.15 p.m.) —The “Manchester Guardian” editorially states: "Steel is to be taken over gently. The thin edge of the wedge has been carefully filed down so that its insertion will cause no pain. At first sight this looks like a compromise which ought to satisfy both the socialists, who believe in public ownership as a matter of doctrine and the more practical Government supporters who consider that this industry could be better left in private hands provided the State genuine* power to control backed by ownership. The Government is going about the nationalisation in the least harmful way.

Unless vesting-day is fixed deliberately fo« the eve of the general election, the fate of the steel industry will be decided by the electors.” The "Manchester Guardian’s” Financial correspondent states: "Shareholders will undoubtedly lose a large portion of their income. At present dividend rates are under a compensation scheme. Ordinary shares of most companies yield between 46 per cent. Steel stock is to be paid in compensation and can hardly yield more than three per cent.”