A Helping Hand

Sun (Auckland), Volume IV, Issue 949, 16 April 1930, Page 11

A Helping Hand

BIG NEW COMPANY FORMED British Industry Overhaul STATE KEEPS OUT—BANKS ASSIST THE formation of a huge company, with a nominal capital of £6,000,000, and embracing some of the most influential financial interests in England has been announced. The concern will work for the reorganisation of industrial Home.

United P.A.—By Telegraph—Copyright Reed. 11.50 a.m. RUGBY, Tuesday. Mr. J. H. Thomas, Minister in Charge of Unemployment, announced in the House of Commons that a company has been registered under the name of Bankers Industrial Development Company, with a nominal capital of £6,000,000, divided into 4,500 A shares and 1,500 B shares of £I,OOO each. The company, he said, had the support of a very considerable proportion of the most influential banking and financial institutions of the country. Mr. Montague Norman, governor of the Bank of England, would be chairman, and in addition to a board of directors, the company would have the services of an advisory council on

which a number of influential persons now engaged in financial business would be invited to serve. The object of the company was to consider cheques submitted by basic industries for the purpose of the rationalisation either by industries or by units. . In the case of schemes which mignt be approved, arrangements would be made for the provision of such money as might be essential. In reply to a question, Mr. Thomas said it was not intended the State should be involved. He had said in a recent speech at Manchester that the money could be found for the reorganisation and rationalisation of industries, and the formation of the company was the sequel.