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THE HONGKONG TELEGRAPH,
SATURDAY, MARCH 17, 1928.
FINANCE OF THE OIL SHARES DISPUTE.
PAPER TRUSTS.
RAMIFICATIONS OF
'GROUPS.
LORD ROTHERMERE'S CHAIN OF EVENING JOURNALS,
M.Ps APPEAL TO THE HOUSE
OF LORDS.
Judgment was given by the House of Lords in the appeal of Sir Harry Seymour, Foster, M.P., which arose out of the action by
Mr William Guy-Pell to recover £3,165, which in February, 1922, he subscribed for. Debentures Issued by the Standard Petroloum Exploration Company, Li He
mant at the instance of Bir Harry Seymour Foster, the chairman of the company, who indemnified him against loss...
SECRETS OF "CONTROL. | alleged that he made the invest-
The challenge which Viscount Rothermere has thrown at the provincial Press by his project for establishing à chain of even-
The Debentures were sold by ing papers throughout Great Bri- public auction in July, 1926, and tain provides an opportunity for realised £25. The company owned reviewing modern journalism and valuable oil-bearing properties the position which has developed, in Roumanto, which were de- as a result of the fusing of num-stroyed in 1916, by the British bern of newspapers into combines. Mission under -Sir John Norton The Morning Post Special Cor-Griffiths, and the Debentures in respondent reveals below, In a question were part of an issue to compressed form, the ramifica enable, the resumption of work tions of those trusts, especially pending the determination of a from the financial angle, and ex- claim against the Crown for hibits thoir personnel and some- £241,085. thing of their control.
The Lord Chancellor, said that' In view of the announcement upon the whole matter it appear- that new provincial eveninged to him that the time for ascer- papers are to be established by taining the plaintiff'a loss upon the the Northelio House
groups, First Debentures had not yet ur- Bomo account
of newspaper rived, and accordingly that the finance in general may be of in-plaintiff's claim in respect of those Debentures could not be sustained.
terest.
The method of financing these new papers is to ask the public to take up debentures to the ex- tent of £5,000,000. Then Lord Rothermere himself will apply for 500,000 of the Ordinary shares. One million of the Ordinary shares are to be taken by the As soclated Newspapers, Ltd., and the Dally Mirror Newspapers, Ltd., this priority being, given to them in consideration of their guarantee for the debentures.
The remaining million shares are to be on option for five years to the two companies mentioned. It will be noted that the public Are to have no opportunity of taking up the Ordinary shares, but are limited to debentures.
Trust's Control.
With regard to the second contract of indemnity, relating to the Prior Lien and First Debentures, the principle to be applied was the same, but the result was different.
His Lordship was of opinion that the appeal should succeed as to the first contract of indemnity, but should fall as to the second contract, and accordingly that the order of the Court of Appeal should be varied by reducing, the amount for which judgment was given for the plaintiff to £780.
Viscount Dunedin and Lords Shaw, Carson, and Warrington concurred.
time ago was floated by the Berry group, and is controlled by them.
This
The Associated Newspapers, Ltd., controls, among other things, the Daily Mail, the Illustrated Mait,
The main newspaper interests the Overseas Daily Mail, the Even of the Berrya, apart from the ing News, and the Weekly Dia Amalgamated Press, are controlled patch. In should be noted, how by Allied Newspapers, Ltd., and ever, that, the controlling Intercat Allied Northern Newspapers, Ltd., Newspapers, Ltd., is held by the Recently they also acquired and Dail Mail Trust, Ltd., which was floated the Financial Times. Allled formed in 1922 to acquire the Newspapers, Ltd., has an authoria 400,000 Deferred shares of Ased and issued capital of £6,750,000, sociated Newspapers, Ltd., former divided into £4,750,000 8. per Cent. ly held by Viscount Northcliffe. Cumulativo Preference share and Associated Newspapers, Ltd., also 2,000,000 Ordinary shares. controls the Anglo-Newfounland company owns, among other things, Development Co.
all the shares in Allied Northern Newspapers, Ltd., the Sunday Times, the Daily Dispatch, the The Daily Mail Trust, therefore, Evening Chronicle, the Sporting is the controlling voice in the Chronicle, the Sunday Chronicle, Northcliffe group. Its authorised the Empire News, the Athletic capital is £2,500,000 in £1 share, News, &c. Last year it paid 6 per with 15s, paid up, including a bonus cent. Intercat. The company last of 6s. per share. Last year it de-year bought all the Ordinary sharca clared a dividend of 3s. per share, in the Daily Sketch am Sunday. free of tax.
Heroid (now Sunday Graphic), Liď. Allled Northern Newspapers, Ltd., was formed in 1925 to acquiro all the share capital of the An- sociated Scottish Newspapers, Ltd., and other Northern newspapers. Its capital in £1 shares is £1,000,-- 000, but there is authorised 61⁄2 per Gent. First Mortgage Guaranteed Debenture Stock to the amount of £3,000,000, of which £2,300,000 has been issued.
Associated Newspapera has an authorised capital of £4,100,000. Of this £500,000 is in 6 per Cent. Cumulative Preference shares and 2000,000 in 7 per Cent., Cumula- tive Ordinary shares, both of which are fully paid up, and 3,000,000 Deferred shares, on which $2,260,000 has been paid. The dividend on the Deferred shares Is 40 per cent, less tax.
The Daily Mirror Newspapers, Ltd., Daily Mirror and Sunday Pictorial) has an authorised capital of £2,200,000. Of this £800,000 | (of which £360,000 has been issued and paid) is in 8 per Cont. Cumula- tive Preference shares and £1,400,- 000 in Ordinary shares, including bonus shares. The dividend is usually 30 per cent, less tax, and there have been two bonuses.
In recording the Rothermere in- terests it should not be forgotten that Lord Rothermere owns 49 per cent. of the Evening Standard ander arrangement made when the Hulton properties were divided up.
The Daily Chronicle Investment Corporation, Ltd. was formed in 1927, with a capital of £3,050,000. Thin, was made up thus:
£800,000 in 7% First Cum.
Pref. Shares. 700,000 in 8% Second Cum Pref. Shares, 1,400,000 in Ordinary Shares,
150,000 in 3,000,000 Deferred Shares of 'la.
£3,050,000
to
This company was formed purchase from Mr. Lloyd George the whole, or at least 610,000 of the Ordinary Shares of United The Berry Group,
Newspapers, Limited. The pur- Another group, controlled by the chase price was £2,900,000, pay. Berry brothers, has been acquiring able nu to £1,750,000 in cash and newspapers at a great rate of late as to £1,150,000 in Ordinary years. The Berry brothers and Sir Shares. The papers controlled are Eliffe recently bought the Daily the Daily Chronicle, the Sunday
the Edinburgh. News,
Evening Telegraph for a figure that has not been made publice. Other papers News, and the Yorkshire Evening
News. in which the Berry group have an interest are:
The Daily Sketch, The Financial Times. The Daily Disputch
chester).
The Sporting Chronicle. Glasgow Daily Record and Mail. North Mail.
Newcastle Daily Chronice," Newcastle Weekly Chronicle.. North-Eastern Daily Gazette (Middlesbrough.)
The London Express Newspaper, Limited, lins an authorised capital 01. £1,000,000, divided into £500,000 (Man-in 7 per Cent, Cumulative Pro- ference Shares, of which £177,500, has been issued and 'paid, and 500,000 Ordinary Shares of £1, of which £297,000 has been issued and paid. After payment of 2 per cent. on Ordinary Shares 90 per cont. of the profits are, applied in redemption of Debentures. Of 5 per. Cent. First Debentures £44,226 are outstanding. Of the 8 per Cent. Debentures £160,700,- are outstanding. The London Express Newspaper, Limited, holds a con- trolling interest in the Sunday Ex press, Limited, and guarantees the principal and interest of the. £260,000 8 per Cent. Debentures of the Sunday Express
Northern Weekly Gazette. Ters-side Weekly Herald, The Western Mail (Cardiff),* Manchester Evening Chronicle. Glasgow Evening News. Newcastle Evening Chronicle. South Wales Evening Express, Sunday Times. Sunday Graphic. Empire Newe (Manchester). Weekly Mail (Cardiff).
Sundles Mail (Glasgow). Sunday Sun (Newenstle). Innumerable weekly publications
In the list of directors of these various companies. given below it. may come as a surprise to see that. Lord Beaverbrook is not a direc must be added to the above list, tor of the Express. He is, how many of them published by the ever, the biggest shareholder, and Amalgamated Press, which some exercises a commensurate influence,
de), makes sit pou
the Lilme p
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