BRITISH ELECTRICITY

Hokitika Guardian, 18 February 1929, Page 6

BRITISH ELECTRICITY

A HUGE CONCERN. (United Press Association—By Electric Telegraph—Copyright). NEW YORK, Feb. Ij. Mr Hardy Clarke, President oi.a.'i American company naaud the Utilities Power and Light Company, announced the purchase of seven large British power companies with assets of thirty million sterling. Mr Clarke used the irans-Altantie telephone in most of Ids nogotations to buy the entire common stork of Greater London and Countries trust which controls .those seven companies This is the first time an American company has taken over British publice utilities serving localities in British Isles. Earl Birkenhead lias been named as the Chairman of the Greater Louden and Countries Trust. The seven companies serve ninety five cities and towns in England and Scotland with light power. The people are wrong when tiny say American money means American toaitrol, says Air Massiugbc-d. Rogers, deputy Chairman of the Gieater l.u don Countries 'Trust. Earl Birkenhead will he the supreme lieu; oi the all British concern under out v!y British eon ml, working entirely to Britain s advantage. Me are getting American money because we need a lor to develop the scheme of electrification throughout the country through sixty companies pi'obaely uecesiLuting many millions sterling but we are ready to accept the finance iron) Bi itain or anywhere else.

Mr Rogers decided not to ’ oveal Lord Birkenhead's sal-trv muling it was nothing like the huge figure some imagine. Indeed, lie rouced two oiler, of fifty per cent, .and one of lorty l<r cent, greater. BIRKENHEAD’S BIG TRUST. LON!)AN, Feb. 16. The Daily News understands that Lord Birkenhead late Lord Chancellor) is receiving a salary of luteer. thousand sterling per year as Cluur man of the new Anglo-American Electrical Combine. The Financial News, relerring to criticism of the American controlling interest in seven British Power Companies says: “Oil the same arguments, all international investments would be barred. If the United States is to be invited to take its money home again because the natives preter to grow cabbages, so may Great Britain.”

Interviewed by the Financial Times, Mr V. M. Rogers, the Deputy Chairman of the Greater London and Counties 'Trust, insisted that the American control of the.power companies is due to the policy of the Trust, being to obtain money at the cheapest source. Tim Anglo-American Trust had obtained the money at a rate which the'British “Big Five” Banks never dreamt of accepting. lie said that Lord Birkenhead’s salary was nothing like the. huge amount which some people imagined.