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Haulage Merger—Railways Object

22nd April 1938, Page 36
22nd April 1938
Page 36
Page 36, 22nd April 1938 — Haulage Merger—Railways Object
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Which of the following most accurately describes the problem?

Keywords : Business / Finance

"THERE was oppositiou by railway 1 companies, before Mr. J. Farndale, Yorkshire Licensing Authority, at Leeds, last week, to an application for the transfer of the A licences of five independent hauliers to a new company, registered as affiliated Transports, Ltd. The five vendors were:— Mr. Hettert Fallas, Grove Hall Drive, Leeds; Carlton Haulage Co., Earby, Skipton; Mr. Tom Cooling, Gelderd Road, Leeds; Mr. Joseph Cooling, Heckmondwike; and Mr. Horace Sbuttleworth, Heckmondxvike Bradford.

Mr. W. R. Hargrave, representing the applicantsfor the transfer, said the vendors had carried on business as hauliers for some years. Recently, their business, in the Main, had been on behalf of the clearing house of Archibald and Co., and the vendors were now desirous of merging into a limited company. This company would be independent of Archibald B2 and Co., but there would be certain financial arrangements between them. Agreements had been signed for the purchase of the vendors' vehicles by the new company, and there would be an allotment of shares in consideration of the purchase price. An independent management would look after the vendors' interests as shareholders, and security of employment was to be given to the vendors for a period of two years. Archibald and Co. was undertaking to give to the new company an amount of work not less than it had given to each vendor previously Answering Mr. E. P.. Merritt. representing the railway companies, Mr. J. F. Archibald, of Archibald and Co., said that at the moment his company was not to have any financial interest in the new company.

The case was adjourned to a date not announced, pending the production of certain accounts and drivers' records.

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