BRITAIN'S INDUSTRIES

Waikato Times, Volume 107, Issue 17997, 16 April 1930, Page 5

BRITAIN'S INDUSTRIES

RATIONALISATION SCHEME BANKERS’ COMPANY FORMED. CAPITAL OF £6,000,000. (Official Wireless.) RUGBY, April 15.. Mr J. H. Thomas, Minister in Charge of unemployment, announced in the House of Commons that a company had been registered, under the name of the Bankers’ Industrial Development Company, with a nominal capital of £6,000,000, 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. Right Hon. Montagu Norman, Governor of the Bank of England would he chairman. In addition to the 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 the basic industries for the purpose of their rationalisation, either by the industries or by units. In the case of schemes which might be approved arrangements would be 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 at a recent speech at Manchester that money could he found for the reorganisation and rationalisation of industries, and the formation of the company was the sequel.