DOLLAR TALKS

Sun (Auckland), Volume II, Issue 590, 16 February 1929, Page 1

DOLLAR TALKS

American Company Takes Over Big British Electrical Concern

A JOB FOR BIRKENHEAD

(United P.A. — Bi/ Telegraph — Co.osij.gktt (United Service) Received 10.5 a.m. XKIV YORK, Friday. HARLEY CLARKE, president of an American company named the Utilities Power and Light Company, ha> announced the purchase of seven large Rritisit power companies, with assets of £30,000,000.

"YTR. CLARKE used the transatlantic < telephone for most of his negotia- ' tions to buy the entire common stock j: of the Greater London and Counties ; < Trust, Ltd., which controls these seven ’ ' companies. This is the first time i an American company has taken over j British public utilities serving loeali- j 1 ties in the British Isles. ! i The Earl of Birkenhead has been j < named as chairman of the Greater ; London and Counties Trust. The seven companies serve 95 cities and towns in England and Scotland with light and power. ANOTHER STORY ALL-BRITISH CONTROL I MONEY WAS NEEDED (Australian and N.Z. Press Association) (United Service) Reed. 10.5 a.m. LONDON, Friday. “People are wrong when they say American money means American control,” says Mr. Massingberd Rogers, deputy-chairman of the

Greater London Counties Trust. “The Earl of Birkenhead will be he supreme head of an all-British concern, under entirely British control, working entirely to Britain’s advantage. “We are getting American money because we need a lot to develop a scheme of electrification all over the country, through 60 companies, probably necessitating £, 10,000,000,

but we are ready to accept finance from Britain or anywhere else.” Mr. Rogers decided not to reveal Lord Birkenhead’s salary, adding: “It is nothing like the huge figure some imagine. Indeed, he refused two offers of 50 per cent, and one of 40 per cent, greater.” Commenting to-day upon the scheme, Lord Birkenhead said it was clear that industrial prosperity bore; a, definite relation to the cost of electrical energy. He proposed to make a complete analysis of the Acts of Parliament pertaining to the electrical industry with a view to simplifying the conditions relating to the supply of energy on uniform standard. lines throughout the country. The organisation with which ho had now associated himself was British, said Lord Birkenhead, although, it was associated with interests in America through the Utility Power and. Light Corporation.