LAIRD AND CAMMELL AMALGAMATION.
At a special meeting of the preference shareholders of Messrs LAIRD Bros., on Monday the proposal to amalgamate with Messrs CAMMELLs, the big steel firm, of Sheffield and Workington, was adopted.
There was a large attendance, Mr J. M. LAIRD presiding, and we understand that he explained the agreement proposed, which has already appeared in our columns. He said it would be a distinct advantage to both firms. Messrs CAMMELL with mines in Spain and foundries in Workington, could produce the raw material at the lowest possible cost for their great steel works at Sheffield, so that shipbuilding could be engaged in under the most favourable conditions. By this economy work could be turned out more economically, and both sides of the new firm would profit from the increased work as well as by a certain market for the raw material and a sureness in obtaining supplies for shipbuilding, this latter being a very important point in fulfilling contracts and completing large jobs well within time. Amalgamations of kindred firms was a modern movement, which was noticeable all over the world. Messrs CAMMELL had made an average profit of £165,000 a year for the last fiftee!
The resolutions for amalgamation were unanimously adopted, and were also confirmed at a subsequent statutory meeting.
We understand ( says the "LIVERPOOL POST" ) that the first proposals for amalgamation were made at the instance of Messrs CAMMELL.
The capital of CAMMELL and Co is to be increased by 150,000. shares of £5 each for the purpose of the amalgamation with LAIRD's