CABLE AND WIRELESS MERGER WELCOMED

Sun (Auckland), Volume I, Issue 305, 16 March 1928, Page 1

CABLE AND WIRELESS MERGER WELCOMED

MARCONI SHARES RISE boom on wall street Cable. — Press Association. — Copyright. Reed. 9.45 a.nri. NEW YORK, Thurs. In one of the largest turnovers •n a single day ever seen on Wall Street the shares of the Canadian Marconi Company rose to a new n'9h level on the curb market. In five hours the transactions totalled 557,300 shares, or more than half the total sales on the curb market. *K Ac .?£r din S to a message from London e *’ Fina ncial Times’* says that acorchng to City rumour, the amalgamaon of the wireless and cable compantake the forn of a pool of the taL- 61 ** 3, ie Marconi Company will Ke 60 per cent, of the net revenue and ‘■ae associated cable companies 40 per <*nt. between them. Another story is that the Marconi winK ß * 3 in the new holding company o be equivalent to £4 per share. members of the Imperial Wire--j 88 Cable Conference confessed at they were pleasantly surprised at W JHHp'Uncement of the agreement, tt declined to comment upon it in the j ®. ence of the terms of the proposed and also because of the secrecy officially imposed. w. , can » however, be assumed that the c Presented by the proposed fw7. ation have to be most carecc,nf Consic *€red by the delegates to the sm as u Pon them rests the rePOnsibility for framing recommonda- ‘ ns to their respective Governments. lh a bearded as a hopeful augury that a ® c °mpanies were able to reach an * foment while the conference was in \? s * * )eca use that is likely to assist difficult task of reconciling the Ukerests of all parties. th n tile Stock Exchange this morning r dotation for shares in the Marconi topany opened at 61s 3d *and •». all day. closing at 68s. There xrr 16 exc ited and heavy dealings in the aCter the Exchange closed, when **2 rea ched 70s. e a r- e J London Chamber of Commerce in a resolution to the effect that Q . lts opinion the public interest relu™ both cable and wireless services, tb healthy competition between vital to needs of commerce, anil * that the extra-European telegraph . Vlces should be left to private enrprise, the duty of the Government ft., 1 , 0 .? limited to the protection of the to ti a * ainst excessive charges, ami . the taking of measures necessary the national safety.—A. and N.Z.-

Car and Bus Collide. —A car proceeding toward Auckland and a motor-bus owned by W. J. Wheeler and Son, which was travelling in the other direction, collided on Great South Road at Ellersile about 7.30 last evening. The running board and petrol tank of the bus were damaged. Xone of the six nussengers was inim-eu