£59,000 RICHER THAN HE THOUGHT

Chronicle (Levin), 17 January 1947, Page 4

£59,000 RICHER THAN HE THOUGHT

' REPORTED PROFITS FROM GLAXO TO EX-NEW ZEALANDER A Press Association cable message from London yesterday disclosed that Mr. Alex.. Nathan, a brother of the late Mr. Fred. Nathan, one time Mayor of Palmerston North and a well-known personality in the Manawaru district, had suddenly become iicher by £58,1762. Mr. Nathan retired a year ago from the chairmanship of Joseph Nathan and Company whi.eh owns the Q-laxo Company, but, aceording to the cable-. he kept 5018 ten Shilling shares. . These shares have jumped from £8 15s each to £22 10s because a week ago the directors revealed for the first time that -profits of the subsidiary Glaxo Laboratories represented 925 per eent. on Joseph Nathan and Company 's ordinary capital. Glaxo Laboratories (N.Z.) Ltd., which are located at Bunnythorpe, aTe a subsidiary of Glaxo Laboratories (England) Ltd. Some years ago the bulk of the share capital in-the Joseph Nathan Company was pnt into the laboratories which then were a subsubsidiary organisation, but recently the laboratories absorbed the parent body. , Inquiries made of Glaxo ' Laboratories (N.Z.) Ltd. last night failed to reveal any reason for. the extraordinary inerease in the price of- shares from T 75 . 'shillings each to . 450 : shillings, • It was stated that ev'en at tli i s - new 'price there were many buyers but' no sollers. Glaxo Laboratories in England' are now the biggest manufacturers * of the world-famous penicillin drug. They also manufacture vaccines, specialised medicinal prodncls, foodstuffs andwltamin products. Mr. Alex. Nathan, who is now aged 71, carried on farming in Now Zealand many years ago. Mrs. F. J. Nathan, of Palmerston North, is a sisler-iri-law.