New company to be Known As Br. Overseas Airways London, June 12.
A law authorizing the amalgamation of Britain's two great air corporations—Imperial Airways and British Airways—is published today. The new company will be known as "British Overseas Airways Corporation."
The law envisages payment of government subsidies to the new concern until and including the year 1953, it being provided, however, that the total subsidy payable in any one year shall not exceed £4,000,000 sterling, of which amount £100,000 sterling shall be earmarked for support of Britain's domestic airways.
The Board of Directors of the new corporation is to consist of a chaire man, vice-chairman and up to 15 directors, all appointed by the Minister for Air.
Specific authorization is given to the Corporation to raise loans up to £10,000,000 stering for extension of its lines and services, but this total amount must not be exceeded at any one time.
Additionally, the formation of a committee to advise British Overseas Airways in matters relating to competition with foreign corporations as contemplated.
The cost to the new corporation of taking over the two big air concerns now operating will run into about British Rubber Stocks London, June 12.
The stock of rubber in Great Britain on June 10, were estimated at 65,433 tons, compared with 65,508 tons last week, London stocks on that day totalled 43,625 tons, representing an increase of 341 tons, while Liverpool stocks, with a total of 21,808 tons, showed a decrease of 416 tons from the previous week.
British rubber deliveries during the week ended June 10, totalled 1549 tons, compared with 1,031 tons during the preceding week.
Deliveries in London during this period amounted to 943 tons, showing an increase of 331 tons over last week, while Liverpool deliveries, with a total of 606 tons, revealed an advance of 187 tons.—Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.