GREAT MONEY TRUST

Hokitika Guardian, 14 April 1928, Page 3

GREAT MONEY TRUST

WORLD-WIDE ATMS. (United Press Association.— By Electric Telegraph.—Copyright.) LONDON, April 13. The formation of a gigantic new financial combine, in the form, of a private limited liability company, called ‘•The Finance Company of Great Britain and America.” is announced. Its nominal capital is to he two millions. The ordinary .shares are to lie 20s each. T here are to he eight hundred thousand deferred shares at one shilling. The ordinary shares are to he held equally between the Limited Chemical Industries Limited, and the Chase Securities Corporation of New York. The Board includes Sir Alfred Mond who is Chairman. AH' Harry McGowan. who is deputy-Chairman : IVird ■ Reading (ex-Viceruy of India). Baron C'oiwyn and Air Albert AViggin, who is the Chairman of the Chase National Bank and the Chase Securities Corporation of New York. There are two managing directors, one of whom is Alt' James Gannon, lie is A'ice-President of the Chase Bank. There are two managing directors f ir the purpose ot close consultation with the corporation on both sides of the At Innt io.

The American Committee has been fonuetl. which includes Air A) iggius (who is Chairman), Sir Allred Aloud, Air AliGowan, Air Robert Clarkson (the President of the Chase Bank), Air Daisied Freeman (the President of the Chase Corporation). Air Allred Sloan (the President of the General Afotors Corporation). Mr John Baseoh (A ieePresidcnt of the General .Motors). AH' Frederick Ecker (Vice President ol the Metropolitan Life Coy. New York). Air t'hnrles Schwab (tbe Chairman of the Bethlehem Steel Coy). Air A. Gmustier (the President of the International Paper Cov.). and also the heads of other outstanding American conipan-

Sir Alfred Aloud and Air AleGnwan (of Britain litre included in the American Committee so as to provide a liasoii between the Directors and the American committee. It is claimed that the personnel of the committee is unique in the history of financial corporations, because it includes important leaders in I nited States fiiitinte and industry. (sir Alfred Aloud, in explaining the formation of the Company, says:--“Leading business men of both countries have long felt a need of closer co-operation ill industry and commerce between Britain and the United States. The increasing volume of the American investments outside of A morion has been a new and striking finneial development after the war. and it is likely to continue. A large number of American financial institutions have been opening their own offices in London. This new corporation will supply consultation and co-operation between the two ommtricu and their leading financial and industrial brains. Facilities will be provided for the linaliving of industrial undertakings in the British Empire, and in Europe and the United States. The Corporation will a'sn finance contracts lor international i till list rial development. and will lie prepared to develop any worthy business anywhere ill the world.” Sir Alfred Mond claims that British industry never helore Inis had such a powerful backing as this. He says llial Hot'll the Board and the American CmmiUee possess unique authority lor industry, common e. and finance. Almost unlimited sums will he available. This eo-npera t ion between the two sides uf the Atlantic will lie practically daily, anil there probably will be extensions to oilier countries. There will bn no public issue ol shares.