HEAVY LOSSES.

Press, Volume LXI, Issue 18366, 27 April 1925, Page 11

HEAVY LOSSES.

♦ J MELBOURNE "SUN" SELLS OUT. | (BT CABLE—PHISS ASSOCIATION—COrrRIGHT.) j (AUSTRALIAN* AND N.Z. CABLE ASSOCIATION.) | (Received April 5.5 p.m.) MELBOUBXE, April 23. i The >Sun Newspaper Company of Mol- j bourno has decided to cease publication j of the evening "Sun," and has sold ! the "Sun Pictorial" to the proprietors of the Melbourne "Herald." j Two hundred journalists, compositors, and other newspaper employees will be idle as a result of the closing down of tho paper. It is stated that tho loss incurred by the proprietor since the paper was first published amounts to between £120,000 and £150,000. [A recent message said: Sun Newspapers (Melbourne) have decided to increase their capital from £400.000 to 500,000. Sir Hugh Denison, presiding at an extraordinary general meeting of shareholders, saidr .lt is obvious-that we would not have asked you to sanction this increase unless wo felt that the money was required, and unless we felt that we could use it in tho best interests of the company. The main point is that we mußt have adequate capital for our two papers. In Sydney we had to increase our capital to £1,000,000. "With rising costs the I call is for more capital all tho time. I We find that with our two papers wo need moro capital than we originally ! outlined, if wo are to meet with that ; success which we all desire. The motion [ was carried unanimously.]