£109,000,000 STEEL COMBINE.

Hokitika Guardian, 10 July 1920, Page 4

£109,000,000 STEEL COMBINE.

GREAT ANGLO-CANADIAN VENTURE. LONDON, May 3. A great steel and shipbuilding “ combine ” of British and Canadian interests —the British Empire Steel Corporation —lias been formed at Ottawa, and is to have a capital of $500,000,000 (nominally £100,000,000), of which £40,000,000 will be common stock, £30,000,000 7 per cent cumulative first preference, £20,000,000 6 per cent cumulative second preference, and £10,000,000 6 per cent participating third preference. Colonel Grant Morden, who is described as the chief mover in the adventure, states that this “ co-operation of interests within the Empire ” in so basic an industry will probably form the first great Empire industrial partnership and lead to many other such associations in other lines of endeavour. “ Such developments,” he adds, will not only consolidate the Empire but will enable each | part to develop to the fullest extent its national resources, putting the Empire as a whole in a position successfully to compete for trade in tlie world’s market.”

The principal undertakings in the combination and those best known in this country are the Dominion Steel Corporation, with offices at Sydney, Cape Breton, and an issued capital of £1,400,000 iiT 6 per cent cumulative preference shares and £7,419,500 in common shares; the Nova Scotia Steel and Coal Company, office in New Glasgow, N.S., with a capital of £200,000 in 8 per cent cumulative preference shares, £3,000,000 in common shades, and £1,124,000 in 5 per cent first mortgage bonds ; and the Canada Steamship Lines, Ltd., whose head office is at Montreal, with a paid up capital of £2,500,000 in 7 per cent cumulative preference shares and £2,500,000 in common shares. In both classes Vickers, Ltd., Furness, Withy and Co., Ltd., and the British Maritime Trust, Ltd., have substantial holdings. ,

The London Advisory Committee consists of Sir Trevor Dawson, Bart., Lt.Col. Grant Morden, M.P., for Brentford, Lt.-Col. O. G. Bryan, and Sir Vincent Caillard.

THE ABSORBED COMPANIES. MONTREAL, May 3. The directors of the Dominion- Steel Corporation, the Nova Scotia Steel Company, and the Canada Steamship Lines have ratified the teians of absorption into the British Empire Steel Corj poration subject to the approval of the shareholders. In addition to the above companies the combination will include the l Halifax I Shipping Co., the Davis Shipbuilding I Co. (and Kingston subsidiary), the Mari. J time Mail Co. of St...Tohn, and probably |

Boveral other allied industrial concerns, including the Montreal Transportation Co., which is expected to be absorbed by the Canada Steamship Lines.